Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity Registrant Name | Quanterix Corp | ||
Entity File Number | 001-38319 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8957988 | ||
Entity Address, Address Line One | 900 Middlesex Turnpike | ||
Entity Address, City or Town | Billerica | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01821 | ||
City Area Code | 617 | ||
Local Phone Number | 301-9400 | ||
Title of 12(g) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | QTRX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 2.1 | ||
Entity Common Stock, Shares Outstanding | 36,847,340 | ||
Entity Central Index Key | 0001503274 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 396,465 | $ 181,584 |
Accounts receivable (less allowance for credit losses of $419 and $370 as of December 31, 2021 and December 31, 2020, respectively; including $200 and $172 due from related parties as of December 31, 2021 and December 31, 2020, respectively) | 23,786 | 17,184 |
Inventory | 22,190 | 14,856 |
Prepaid expenses and other current assets | 6,514 | 5,981 |
Total current assets | 448,955 | 219,605 |
Restricted cash | 2,577 | 1,000 |
Property and equipment, net | 17,960 | 13,912 |
Intangible assets, net | 10,534 | 13,716 |
Goodwill | 9,632 | 10,460 |
Right-of-use assets | 11,491 | 11,995 |
Other non-current assets | 378 | 357 |
Total assets | 501,527 | 271,045 |
Current liabilities: | ||
Accounts payable (including $42 and $14 to related parties as of December 31, 2021 and December 31, 2020, respectively) | 9,209 | 6,799 |
Accrued compensation and benefits | 13,252 | 10,777 |
Other accrued expenses (including $0 and $1,377 to related parties as of December 31, 2021 and December 31, 2020, respectively) | 6,486 | 4,845 |
Deferred revenue (including $54 and $90 with related parties as of December 31, 2021 and December 31, 2020, respectively) | 6,361 | 5,421 |
Current portion of long term debt | 7,673 | |
Short term lease liabilities | 1,428 | 1,234 |
Other current liabilities | 241 | 3,054 |
Total current liabilities | 36,977 | 39,803 |
Deferred revenue, net of current portion | 1,099 | 577 |
Long term lease liabilities | 20,464 | 21,891 |
Deferred tax liabilities | 2,035 | 2,649 |
Total liabilities | 60,575 | 64,920 |
Stockholders' equity: | ||
Common stock, $0.001 par value: Authorized-120,000,000 shares as of December 31, 2021 and December 31, 2020; issued and outstanding - 36,768,035 and 31,796,544 shares as of December 31, 2021 and December 31, 2020, respectively | 37 | 32 |
Additional paid-in capital | 745,936 | 451,433 |
Accumulated other comprehensive income | 441 | 2,434 |
Accumulated deficit | (305,462) | (247,774) |
Total stockholders' equity | 440,952 | 206,125 |
Total liabilities and stockholders' equity | $ 501,527 | $ 271,045 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||
Accounts receivable, reserve for doubtful accounts | $ 419 | $ 370 |
Accounts receivable, related parties | 200 | 172 |
Accounts payable, related parties | 42 | 14 |
Other accrued expenses, related parties | 0 | 1,377 |
Deferred revenue, current, related parties | $ 54 | $ 90 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 120,000,000 | 120,000,000 |
Common stock, shares issued | 36,768,035 | 31,796,544 |
Common stock, shares outstanding | 36,768,035 | 31,796,544 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 110,556 | $ 86,377 | $ 56,734 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 48,828 | 38,195 | 29,898 |
Gross profit | 61,728 | 48,182 | 26,836 |
Operating expenses: | |||
Research and development (including related party activity of $565, $235, and $152 for the years ended December 31, 2021, 2020, and 2019, respectively) | 27,978 | 20,174 | 16,190 |
Selling, general and administrative (including related party activity of $89, $37, and $180 for the years ended December 31, 2021, 2020, and 2019, respectively) | 92,336 | 59,592 | 52,246 |
Total operating expenses | 120,314 | 79,766 | 68,436 |
Loss from operations | (58,586) | (31,584) | (41,600) |
Interest (expense) income, net | (403) | (273) | 627 |
Other income (expense), net | 1,265 | (49) | (10) |
Loss before income taxes | (57,724) | (31,906) | (40,983) |
Income tax benefit | 36 | 376 | 187 |
Net loss | $ (57,688) | $ (31,530) | $ (40,796) |
Net loss per share, basic | $ (1.60) | $ (1.07) | $ (1.63) |
Net loss per share, diluted | $ (1.60) | $ (1.07) | $ (1.63) |
Weighted-average common shares outstanding, basic | 35,997,473 | 29,589,132 | 25,090,708 |
Weighted-average common shares outstanding, diluted | 35,997,473 | 29,589,132 | 25,090,708 |
Product revenue | |||
Total revenue | $ 81,062 | $ 44,017 | $ 40,491 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 34,149 | 25,950 | 20,900 |
Service and other revenue | |||
Total revenue | 23,629 | 24,129 | 16,059 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 14,679 | 11,245 | 8,998 |
Collaboration and license revenue | |||
Total revenue | 648 | 11,809 | $ 184 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 1,000 | ||
Grant revenue | |||
Total revenue | $ 5,217 | $ 6,422 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party activity research and development expenses | $ 565 | $ 235 | $ 152 |
Related party activity in selling, general and administrative expenses | 89 | 37 | 180 |
Product revenue | |||
Related party revenue | 505 | 580 | 720 |
Cost of revenue, related party activity | 1,936 | 205 | 234 |
Service and other revenue | |||
Related party revenue | 114 | 202 | 118 |
Cost of revenue, related party activity | 74 | 52 | 0 |
Collaboration and license revenue | |||
Cost of revenue, related party activity | $ 0 | $ 1,000 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Loss | |||
Net loss | $ (57,688) | $ (31,530) | $ (40,796) |
Other comprehensive (loss) income: | |||
Cumulative translation adjustment | (1,993) | 2,587 | (153) |
Total other comprehensive (loss) income | (1,993) | 2,587 | (153) |
Comprehensive loss | $ (59,681) | $ (28,943) | $ (40,949) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net loss | $ (57,688) | $ (31,530) | $ (40,796) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization expense | 4,851 | 4,312 | 3,009 |
Inventory step-up amortization | 275 | 722 | 611 |
Credit loss expense on accounts receivable | 213 | 493 | 160 |
Reduction in the carrying amounts of right-of-use assets | 499 | 245 | |
Stock-based compensation expense | 15,975 | 10,099 | 6,388 |
Non-cash interest expense | 65 | 86 | 89 |
Loss on disposal of fixed assets | 89 | 171 | 140 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,853) | (6,733) | (3,525) |
Prepaid expenses and other assets | (393) | (3,927) | 289 |
Inventory | (8,090) | (5,119) | (3,447) |
Other non-current assets | (2) | 198 | (21) |
Accounts payable | 2,414 | 649 | 621 |
Accrued compensation and benefits, other accrued expenses and other current liabilities | 1,061 | 6,219 | 822 |
Contract acquisition costs | (192) | 87 | 336 |
Operating lease liabilities | (1,230) | 316 | |
Other non-current liabilities | (363) | (488) | 9,845 |
Deferred revenue | 1,462 | 835 | (708) |
Net cash used in operating activities | (47,907) | (23,365) | (26,187) |
Investing activities | |||
Purchases of property and equipment | (13,616) | (3,930) | (10,847) |
Acquisitions, net of cash acquired | (14,529) | ||
Proceeds from RADx grant on assets purchased | 7,278 | 3,304 | |
Net cash used in investing activities | (6,338) | (626) | (25,376) |
Financing activities | |||
Proceeds from stock options exercised | 7,750 | 4,019 | 2,820 |
Proceeds from ESPP purchase | 1,065 | 888 | 879 |
Payments on notes payable | (7,738) | (75) | (50) |
Net cash provided by financing activities | 270,795 | 96,236 | 116,197 |
Net increase in cash and cash equivalents | 216,550 | 72,245 | 64,634 |
Effect of foreign currency exchange rate on cash | (92) | 158 | 118 |
Cash, restricted cash, and cash equivalents at beginning of period | 182,584 | 110,181 | 45,429 |
Cash, restricted cash, and cash equivalents at end of period | 399,042 | 182,584 | 110,181 |
Supplemental cash flow information | |||
Cash paid for interest | 389 | 625 | 656 |
Purchases of property and equipment included in accounts payable and other accrued expenses | 229 | 1,029 | 164 |
Purchase of property and equipment included in other non-current liabilities | 7,572 | ||
Common stock issued in connection with the acquisition of UmanDiagnostics AB | 5,468 | ||
At-the-market offering. | |||
Financing activities | |||
Sale of common stock | 48,019 | ||
Underwritten public offering | |||
Financing activities | |||
Sale of common stock | $ 269,718 | $ 91,404 | $ 64,529 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||||
Cash and cash equivalents | $ 396,465 | $ 181,584 | $ 109,155 | |
Restricted cash | 2,577 | 1,000 | 1,026 | |
Total cash, cash equivalents, and restricted cash | $ 399,042 | $ 182,584 | $ 110,181 | $ 45,429 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common stockUnderwritten public offering | Common stockAt-the-market offering. | Common stock | Additional paid-in capitalUnderwritten public offering | Additional paid-in capitalAt-the-market offering. | Additional paid-in capital | Accumulated other comprehensive income (loss) [Member] | Accumulated deficit | Underwritten public offering | At-the-market offering. | Total |
Beginning Balance at Dec. 31, 2018 | $ 22 | $ 216,931 | $ (175,888) | $ 41,065 | |||||||
Beginning balance (in shares) at Dec. 31, 2018 | 22,369,036 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Exercise of common stock warrants (in shares) | 45,690 | ||||||||||
Exercise of common stock options and vesting of restricted stock | 2,820 | 2,820 | |||||||||
Exercise of common stock options and vesting of restricted stock (in shares) | 550,734 | ||||||||||
Sale of common stock | $ 3 | $ 2 | $ 64,526 | $ 48,017 | $ 64,529 | $ 48,019 | |||||
Sale of common stock (in shares) | 2,732,673 | 2,186,163 | |||||||||
Cumulative effect of adoption of Accounting Standards Codification Topic 606 | 440 | 440 | |||||||||
Issuance of shares for the acquisition of UmanDiagnostics AB | $ 1 | 5,467 | 5,468 | ||||||||
Issuance of shares for the acquisition of UmanDiagnostics AB (in shares) | 191,152 | ||||||||||
ESPP stock purchase | 878 | 878 | |||||||||
ESPP stock purchase (in shares) | 36,753 | ||||||||||
Stock-based compensation expense | 6,388 | 6,388 | |||||||||
Cumulative translation adjustment | (153) | ||||||||||
Net loss | (40,796) | (40,796) | |||||||||
Ending Balance at Dec. 31, 2019 | $ 28 | 345,027 | $ (153) | (216,244) | 128,658 | ||||||
Ending Balance (in shares) at Dec. 31, 2019 | 28,112,201 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Accumulated other comprehensive income | (153) | (153) | |||||||||
Exercise of common stock options and vesting of restricted stock | $ 1 | 4,018 | 4,019 | ||||||||
Exercise of common stock options and vesting of restricted stock (in shares) | 589,723 | ||||||||||
Sale of common stock | $ 3 | 91,401 | 91,404 | ||||||||
Sale of common stock (in shares) | 3,048,774 | ||||||||||
ESPP stock purchase | 888 | 888 | |||||||||
ESPP stock purchase (in shares) | 45,846 | ||||||||||
Stock-based compensation expense | 10,099 | 10,099 | |||||||||
Cumulative translation adjustment | 2,587 | 2,587 | |||||||||
Net loss | (31,530) | (31,530) | |||||||||
Ending Balance at Dec. 31, 2020 | $ 32 | 451,433 | 2,434 | (247,774) | 206,125 | ||||||
Ending Balance (in shares) at Dec. 31, 2020 | 31,796,544 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Accumulated other comprehensive income | 2,434 | ||||||||||
Exercise of common stock warrants (in shares) | 7,347 | ||||||||||
Exercise of common stock options and vesting of restricted stock | $ 1 | 7,749 | 7,750 | ||||||||
Exercise of common stock options and vesting of restricted stock (in shares) | 823,796 | ||||||||||
Sale of common stock | $ 4 | $ 269,714 | $ 269,718 | ||||||||
Sale of common stock (in shares) | 4,107,142 | 4,169 | |||||||||
ESPP stock purchase | 1,065 | 1,065 | |||||||||
ESPP stock purchase (in shares) | 29,037 | ||||||||||
Stock-based compensation expense | 15,975 | 15,975 | |||||||||
Cumulative translation adjustment | (1,993) | (1,993) | |||||||||
Net loss | (57,688) | (57,688) | |||||||||
Ending Balance at Dec. 31, 2021 | $ 37 | $ 745,936 | $ 441 | $ (305,462) | 440,952 | ||||||
Ending Balance (in shares) at Dec. 31, 2021 | 36,768,035 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Accumulated other comprehensive income | $ 441 |
Organization and operations
Organization and operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization and operations | |
Organization and operations | 1. Organization and operations Quanterix Corporation (Nasdaq: QTRX) (the Company) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance precision health for life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology. The Company’s Simoa bead-based and planar array platforms enable customers to reliably detect protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies, and also allow researchers to define and validate the function of novel protein biomarkers that are only present in very low concentrations and have been discovered using technologies such as mass spectrometry. These capabilities provide the Company’s customers with insight into the role of protein biomarkers in human health that has not been possible with other existing technologies and enable researchers to unlock unique insights into the continuum between health and disease. The Company is currently focusing on protein detection, but the Company’s Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules. The Company launched its first immunoassay platform, the Simoa HD-1, in 2014. The HD-1 is a fully automated immunoassay bead-based platform with multiplexing and custom assay capability, and related assay test kits and consumable materials. The Company launched a second bead-based immunoassay platform (SR-X) in the fourth quarter of 2017 with a more compact footprint than the Simoa HD-1 and less automation designed for lower volume requirements while still allowing multiplexing and custom assay capability. The Company initiated an early-access program for its third instrument (SP-X) on the new Simoa planar array platform in January 2019, with the full commercial launch commencing in April 2019. In July 2019, the Company launched the Simoa HD-X, an upgraded version of the Simoa HD-1 which replaces the HD-1. The HD-X has been designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The Company began shipping and installing HD-X instruments at customer locations in the third quarter of 2019. The Company also performs research services on behalf of customers to apply the Simoa technology to specific customer needs. The Company's customers are primarily in the research use only market, which includes academic and governmental research institutions, the research and development laboratories of pharmaceutical manufacturers, contract research organizations, and specialty research laboratories. The Company acquired UmanDiagnostics AB (Uman), a Swedish company located in Umeå, Sweden, in August 2019. The acquisition closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology. “At-the-market offering” On March 19, 2019, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent. On June 5, 2019, the Company issued approximately 2.2 million shares of common stock at an average stock price of $22.73 per share pursuant to the terms of the Sales Agreement. The “at-the-market” offering resulted in gross proceeds of $49.7 million. The Company incurred $1.7 million in issuance costs associated with the “at-the-market” offering, resulting in net proceeds to the Company of $48.0 million. On August 6, 2020, the Company delivered written notice to Cowen to terminate the Sales Agreement, which termination the parties agreed to make immediately effective. Underwritten public offering On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC (J.P. Morgan) and SVB Securities LLC (f/k/a SVB Leerink) (Leerink), as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million. On August 6, 2020, the Company entered into an underwriting agreement with Leerink and Cowen and Company, LLC (Cowen), as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million. On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC (Goldman Sachs), Leerink, and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4.1 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $287.5 million. The Company incurred $17.8 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.7 million. Liquidity The Company has recognized annual losses from operations since inception and has an accumulated deficit of $305.5 million at December 31, 2021 and the Company incurred a net loss of $57.7 million, $31.5 million, and $40.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, the Company had $396.5 million of unrestricted cash and cash equivalents. The Company expects the current cash balance will be sufficient to fund operations for a period of at least one year from the date the consolidated financial statements are issued. There can be no assurances, however, that no additional funding will be required or that additional funding will be available on terms acceptable to the Company, or at all. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies Principles of consolidation The consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation, and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of assets acquired and liabilities assumed in acquisitions, and valuation of inventory. Actual results could differ from those estimates. Reclassifications Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company and the Company's chief operating decision-maker reviews the Company's operations and manages its business as a single operating segment. Revenue recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services, incentives, and taxes collected from customers that are subsequently remitted to governmental authorities. The Company adopted Accounting Standards Codification (ASC) Topic 606 Revenue from Contracts with Customers For the Year Ended December 31, 2019 Under ASC Under ASC 606 Adjustment 605 Product revenue $ 40,491 $ 55 $ 40,546 Service revenue 16,059 273 16,332 Costs of goods sold and services 29,898 1 29,899 Gross profit 26,836 327 27,163 Selling general and administrative expenses 52,246 27 52,273 Net loss $ (40,796) $ 300 $ (40,496) Customers The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets. Product revenue The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is upon installation for instruments sold to direct customers, and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery). Service and other revenue Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. Revenues from other services are immaterial. Collaboration and license revenue The Company may enter into agreements to license the intellectual property and know-how associated with its instruments in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property. The Company has recognized revenues from sales- or usage based royalties related to the Company’s licensing technology and intellectual property. ASC 606 provides for an exception to estimating the variable consideration for sales- and usage-based royalties related to the license of intellectual property, such that the sales- or usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- or usage-based royalty revenue for the years ended December 31, 2021, 2020, and 2019 related to the intellectual property licensed by Uman. The Company recognizes revenues from sales- or usage based royalty revenue at the later of when the sales or usage occurs; and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. Payment terms The Company’s payment terms vary by the type and location of customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 Disaggregated revenue When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company's revenue from contracts with customers based on their location by revenue type: Year Ended December 31, 2021 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 12,138 $ 8,178 $ 5,657 $ 25,973 Consumable and other products 34,997 16,122 3,970 55,089 Total $ 47,135 $ 24,300 $ 9,627 $ 81,062 Service and other revenues: Service-type warranties $ 4,334 $ 2,039 $ 255 $ 6,628 Research services 12,101 2,600 124 14,825 Other services 1,372 695 109 2,176 Total $ 17,807 $ 5,334 $ 488 $ 23,629 Collaboration and license revenue: Collaboration and license revenue $ 360 $ 288 $ — $ 648 Total $ 360 $ 288 $ — $ 648 Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Total $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues: Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Total $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue: Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Total $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Total $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues: Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Total $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue: Collaboration and license revenue $ 167 $ 17 $ — $ 184 Total $ 167 $ 17 $ — $ 184 The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions, and uses a range of amounts to estimate standalone selling prices for each performance obligation. The Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes. Variable consideration in the Company’s contracts primarily relates to (i) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (ii) certain non-fixed fee research services contracts. The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or that are partially satisfied as of December 31, 2021 is $7.5 million. Of the performance obligations not yet satisfied or that are partially satisfied, $6.4 million is expected to be recognized as revenue in the next 12 months, with the remainder amounts Changes in deferred revenue from contracts with customers were as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 5,998 Deferral of revenue 8,090 Recognition of deferred revenue (6,628) Balance at December 31, 2021 $ 7,460 Costs to obtain a contract The Company’s sales commissions are generally based on revenues of the Company. The Company has determined that certain commissions paid under its sales incentive programs meet the requirements to be capitalized as they are incremental and would not have occurred absent a customer contract. The changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 248 Deferral of costs to obtain a contract 905 Recognition of costs to obtain a contract (713) Balance at December 31, 2021 $ 440 The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets as of December 31, 2021 and classifies the expense as a component of cost of goods sold and selling, general and administrative expense over the estimated life of the contract. The Company considers potential impairment in these amounts each period. ASC 606 provides entities with certain practical expedients and accounting policy elections to minimize the cost and burden of adoption. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. The Company has elected to account for shipping and handling as an activity to fulfill the promise to transfer the product, and therefore will not evaluate whether shipping and handling activities are promised services to its customers. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component for the years ended December 31, 2021, 2020 and 2019. Grant revenue The Company recognizes grant revenue as it performs services under the arrangement when the funding is committed. Revenues and related research and development expenses are presented gross in the consolidated statements of operations as the Company has determined it is the primary obligor under the arrangement relative to the research and development services. Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company has accounted for grants by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance Grants to the Company contain both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs. Under IAS 20, grants related to assets shall be presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset. Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses. On June 22, 2020, the Company entered into a workplan 1 award (WP1) with the National Institute of Health (NIH), under the Rapid Acceleration of Diagnostics (RADx) program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. WP1 was complete as of December 31, 2020. On September 29, 2020, the Company entered into WP2 with the NIH under its RADx program. The contract, which has a total award value of $18.2 million, accelerates the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The contract provides funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under WP2 is based on the achievement of certain milestones. Contract funding was subject to achievement of these pre-defined milestones and the contract period ran through September 2021, with one milestone extended to March 31, 2022. As of December 31, 2021, the Company had received $17.7 million out of the full $18.2 million under WP2 The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Total grant revenue from research and development activities $ 9,576 $ 4,362 Total proceeds used for assets 8,104 826 Total deferred proceeds for assets — 2,478 Total deferred grant revenue — 304 Total recognized $ 17,680 $ 7,970 Total recognized $ 17,680 $ 7,970 Total amount accrued — (2,968) Total cash received $ 17,680 $ 5,002 Total proceeds received $ 17,680 $ 5,002 Total proceeds reasonably assured 520 13,198 Total WP2 grant amount $ 18,200 $ 18,200 Business combinations Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values recognized, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of acquired tangible and intangible assets, net of liabilities recognized, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets. The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed. Cost of revenue Cost of product revenue consists of raw materials, parts costs and associated freight, shipping and handling costs, contract manufacturer costs, personnel costs, yield loss, in-license payments and royalties, stock-based compensation, other direct costs and overhead. Cost of service and other revenue consists of personnel, facility costs associated with operating the Accelerator Laboratory on behalf of the customers, costs related to instrument maintenance and servicing equipment at customer sites, other direct and overhead. Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements. Research and development expenses Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Expenses incurred related to grant funded activities are recorded in research and development expense. Selling, general, and administrative expenses Selling, general, and administrative expenses are primarily composed of compensation and benefits associated with sales and marketing, finance, human resources, and other administrative personnel, outside marketing, advertising, allocated facilities costs, legal expenses, and other general and administrative costs. Net loss per share Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares. For purposes of the diluted net loss per share calculations, unvested restricted common stock, restricted stock units, common stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended December 31, 2021 2020 2019 Unvested restricted common stock and restricted stock units 531,473 518,387 409,929 Outstanding stock options 2,304,543 2,494,045 2,507,062 Outstanding common stock warrants — 10,000 10,000 Cash and cash equivalents Cash and cash equivalents consist of cash deposits and short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are carried at fair value based on quoted prices for identical assets. Cash and cash equivalents consist of the following (in thousands): As of December 31, 2021 2020 Cash $ 64,372 $ 19,535 Money market funds invested in U.S. Treasury obligations 332,093 162,049 Total cash and cash equivalents $ 396,465 $ 181,584 Restricted cash and deposits Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts, and additional space in Bedford, Massachusetts, and to secure the Company’s corporate credit card program. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from December 31, 2021. Allowance for credit losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances. Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on the Company’s analysis of customers’ financial statements when a credit rating is not available. The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted. Inventory Inventory is stated at the lower of cost or market on a first-in, first-out (FIFO) basis. The Company analyzes its inventory levels on each reporting date and writes down inventory that is expected to expire prior to being sold and inventory in excess of expected sales requirements. In the event that the Company identifies these conditions exist in its inventory, the carrying value is reduced to its estimated net realizable value. Property and equipment Property and equipment, including leasehold improvements, are stated at cost and are depreciated, or amortized in the case of leasehold improvements, over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Depreciation is calculated based upon the following estimated useful lives of the assets: Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease Leases The Company accounts for leases in accordance with ASC Topic 842, Leases Leases ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. Lessees are differentiated between finance leases and operating leases, and classification impacts expense recognition. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (ROU) assets and short-term and long-term lease liabilities, as applicable. The Company does not recognize leases on the balance sheet with a term of twelve months or less. The Company’s leases consist of office and lab space and office equipment. All of the Company’s leases are classified as operating, and options to renew a lease are only included in the lease term to the extent those options are reasonably certain to be exercised. Additionally, the Company does not separate lease and non-lease components for all leases. Operating lease liabilities and their corresponding ROU assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The rate implicit in lease contracts is typically not readily determinable and, as a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. Software development costs The Company develops and modifies software related to the operation of the instrument. Software development costs are expensed as incurred until the point the Company establishes technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. The Company does not incur material costs between the completion of the working model and the point at which the product is ready for release. Therefore, software development costs are charged to the statement of operations as incurred as research and development expense. Fair value of financial instruments ASC Topic 820, Fair Value Measurement inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amount reflected on the balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their fair values, due to the short-term nature of these instruments. The carrying value of the long-term debt approximates its fair value as the debt arrangement is based on interest rates the Company believes it could obtain for borrowings with similar terms. Fair value measurements are as follows (in thousands): Quoted prices Significant in active Significant other unobservable markets observable inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 332,093 $ 332,093 $ — $ — $ 332,093 $ 332,093 $ — $ — Quoted prices Significant Significant in active other unobservable markets observable inputs December 31, 2020 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 162,049 $ 162,049 $ — $ — $ 162,049 $ 162,049 $ — $ — Warranties The Company provides a one-year warranty and maintenance service related to its instruments and sells extended warranty contracts for additional periods. The Company defers revenue associated with these services and recognizes them on a pro-rata basis over the period of service. Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 Income Taxes Credit, product, and supplier concentrations and off-balance-sheet risk The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and a cost method investment. The Company places its cash and cash equivalents principally in depository accounts with a bank. The Company is also subject to supply chain risks related to the outsourcing of the manufacturing of its instruments. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourcing the manufacturing of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers. Customers outside the Unit |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventory | |
Inventory | 3. Inventory Inventory consists of the following (in thousands): As of December 31, 2021 2020 Raw materials $ 7,892 $ 5,265 Work in process 4,923 3,306 Finished goods 9,375 6,285 Total $ 22,190 $ 14,856 Inventory comprises commercial instruments, assays, and the materials required to manufacture assays. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment | |
Property and equipment | 4. Property and equipment Property and equipment consists of the following (in thousands): As of December 31, 2021 2020 Laboratory and manufacturing equipment $ 9,742 $ 8,523 Office furniture and equipment 1,617 1,556 Computers and software 3,893 1,504 Leasehold improvements 10,413 8,765 Total cost $ 25,665 $ 20,348 Less: accumulated depreciation (7,705) (6,436) Property and equipment, net $ 17,960 $ 13,912 The Company incurred depreciation expense of $2.8 million, $2.2 million and $1.6 million for the years ended December 31, 2021 2020, and 2019, respectively. The Company has instruments included in laboratory and manufacturing equipment, which are used internally by the Company. As of December 31, 2021, the laboratory and manufacturing equipment balance includes $3.9 million of cost and $1.5 million of accumulated depreciation related to these instruments. As of December 31, 2020, the laboratory and manufacturing equipment balance includes $3.4 million of cost and $1.8 million of accumulated depreciation related to these instruments. |
Other accrued expenses
Other accrued expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other accrued expenses | |
Other accrued expenses | 5. Other accrued expenses Other accrued expenses consist of the following (in thousands): As of December 31, 2021 2020 Accrued inventory purchases $ 568 $ 527 Accrued property and equipment purchases 229 670 Accrued royalties 1,250 1,845 Accrued professional services 2,126 797 Accrued development costs 566 323 Accrued tax liabilities 430 156 Accrued other 1,317 527 Total accrued expenses $ 6,486 $ 4,845 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income taxes | 6. Income taxes The following table presents the components of loss before income taxes (in thousands): Year Ended December 31, 2021 2020 2019 United States $ (56,554) $ (29,896) $ (40,010) Foreign (1,170) (2,010) (973) Total loss before income taxes $ (57,724) $ (31,906) $ (40,983) The following table summarizes income tax benefit (in thousands): Year Ended December 31, 2021 2020 2019 Current: United States Federal $ — $ — $ — State (30) (13) (20) Foreign (342) (102) (93) Total current income tax provision (372) (115) (113) Deferred United States Federal 5 (8) (3) State (6) (3) (1) Foreign 409 502 304 Total deferred income tax benefit 408 491 300 Total income tax benefit $ 36 $ 376 $ 187 A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential — % 0.30 % — % State taxes, net of federal benefit 6.5 % 2.5 % 3.2 % Tax credits 2.0 % 1.6 % 2.3 % Share-based compensation 7.4 % 5.2 % 2.3 % Permanent items (1.8) % (0.4) % (0.9) % Deferred tax rate change 0.2 % 0.3 % (1.4) % Change in valuation allowance (34.8) % (29.7) % (24.6) % Other (0.4) % 0.4 % (1.4) % Effective income tax rate 0.1 % 1.2 % 0.5 % The effective income tax rate of differs from the U.S. Federal statutory rate of 21.0% primarily as a result of the valuation allowance maintained against the Company’s net deferred tax assets. During 2019, the Company acquired Uman, a Swedish entity. The Company analyzed the transaction from an income tax perspective and found that there was no tax deductible goodwill or other identifiable intangible assets related to the transaction. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 67,543 $ 50,233 Tax credits 6,113 5,101 Deferred revenue 1,862 2,167 Amortization 962 1,054 Stock-based compensation 3,138 1,956 Inventory 686 — Lease liability 5,464 5,703 Other deferred tax assets 2,340 2,533 Total deferred tax assets 88,108 68,747 Less: valuation allowances (83,121) (63,609) Net deferred tax assets 4,987 5,138 Deferred tax liabilities: Right-of-Use Assets (2,867) (2,957) Depreciation (1,752) (1,775) Amortization acquired intangibles (2,208) (2,880) Inventory — (64) Goodwill (66) (49) Other deferred tax liabilities (129) (61) Net deferred tax liabilities $ (2,035) $ (2,648) The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands): 2021 2020 Balance, beginning of year $ 63,609 $ 54,137 Change in valuation allowance 19,512 9,472 Balance, end of year $ 83,121 $ 63,609 The valuation allowance increased during the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily as a result of the U.S. operating losses incurred, stock-based compensation windfall benefits and research and development tax credit carryforwards generated during the year. In determining the need for a valuation allowance, the Company has given consideration to the cumulative book income and loss positions of each of its entities as well as its worldwide cumulative book loss position. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carryback net operating losses (NOLs), the existence of reversing taxable temporary differences, the availability of tax planning strategies, and forecasted future taxable income. At December 31, 2021, the Company maintains a full valuation allowance against its worldwide net deferred tax assets. As of December 31, 2021, the Company had U.S. federal NOLs of approximately $267.2 million. U.S. federal NOLs generated through December 31, 2017, of approximately $108.5 million expire at various dates through 2037, and U.S. federal NOLs generated in the tax years beginning after December 31, 2017 of approximately $158.7 million do not expire. As of December 31, 2021, the Company had $178.8 million of state NOLs, approximately $168.8 million expire at various dates through 2041, and certain state NOLs of approximately $10.0 million do not expire. As of December 31, 2021, the Company had U.S. federal tax credit carryforwards of approximately $5.1 million that expire at various dates through 2041. As of December 31, 2021, the Company had U.S. state tax credit carryforwards of approximately $1.3 million that expire at various dates through 2036. Under Sections 382 and 383 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-change NOLs and other pre-change tax attributes, such as research tax credits, to offset its post-change income and taxes may be limited. In general, an ownership change generally occurs if there is a cumulative change in its ownership by 5% stockholders that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under U.S. state tax laws. Under the Tax Cuts and Jobs Act of 2017 (TCJA), the use of federal NOLs arising in taxable years beginning after December 31, 2017 is limited to 80% of current year taxable income and NOLs arising in taxable years ending after December 31, 2017 may not be carried back (though any such NOLs may be carried forward indefinitely). The Company may have experienced an ownership change in the past and may experience ownership changes in the future as a result of future transactions in its share capital, some of which may be outside of the control of the Company. As a result, if the Company earns net taxable income, its ability to use its pre-change NOLs, or other pre-change tax attributes, to offset U.S. federal and state taxable income and taxes may be subject to significant limitations. The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was enacted in the United States on March 27, 2020. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. While the CARES Act provides extensive tax changes in response to the COVID-19 pandemic, the provisions do not have a significant impact on the Company’s financial results. In July 2021, the Company filed for a $2.1 million refund under the CARES Act relating to an employee retention credit (ERC). The ERC is a refundable payroll tax credit. The Company expects receipt of the ERC refund during the first half of 2022, and this amount is included in prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2021. The Company accounts for uncertain tax positions using a more likely than not threshold for recognizing uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on an ongoing basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The Company accounts for interest and penalties related to uncertain tax positions as a component of its benefit (provision) for income taxes. For the years ended December 31, 2021, 2020, and 2019, the Company had no tax reserves accrued for uncertain tax positions and there were no accrued interest or penalties in the consolidated statements of operations. The Company is subject to taxation in the United States as well as the Netherlands, Sweden, and China. At December 31, 2021, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2018. However, NOLs and credits in the United States may be subject to adjustments by taxing authorities in future years in which they are utilized. The Company’s foreign subsidiaries remain open to examination by taxing authorities from 2016 onward. As of December 31, 2021, the Company’s foreign subsidiaries had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial. |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Stockholders' equity | 7. Stockholders’ equity Stock-based compensation Stock-based compensation expense for all stock awards consists of the following (in thousands): December 31, 2021 2020 2019 Cost of product revenue $ 471 $ 189 $ 86 Cost of service and other revenue 403 311 238 Research and development 1,807 1,129 718 Selling, general, and administrative 13,294 8,470 5,346 Total stock-based compensation $ 15,975 $ 10,099 $ 6,388 At December 31, 2021, there was $35.8 million of total unrecognized compensation cost related to unvested stock options and restricted stock units which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years. Stock-based compensation plans In June 2007, the Company adopted the 2007 Stock Option and Grant Plan (the 2007 Plan), under which it could grant incentive stock options, non-qualified options, restricted stock, and stock grants. In connection with the completion of the IPO, the Company terminated the 2007 Plan. As of December 31, 2021, 709,772 shares were outstanding. No shares were available for future grant under the 2007 Plan. In December 2017, the Company adopted the 2017 Employee, Director and Consultant Equity Incentive Plan (the 2017 Plan), under which it may grant incentive stock options, non-qualified stock options, restricted stock, and other stock-based awards. As of December 31, 2017, the 2017 Plan allowed for the issuance of up to 1,042,314 shares of common stock plus up to 2,490,290 shares of common stock represented by awards granted under the 2007 Plan that are forfeited, expired, or are cancelled without delivery of shares or which result in the forfeiture of shares of common stock back to the Company on or after the date the 2017 Plan became effective. As of December 31, 2021, 2,026,021 shares were outstanding and there were 1,434,072 shares available for grant under the 2017 Plan. In addition, the 2017 Plan contains an "evergreen" provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2017 Plan on the first day of each fiscal year during the period beginning in fiscal year 2019 and ending in fiscal year 2027. The annual increase in the number of shares shall be equal to the lowest of: 4% of the number of shares of common stock outstanding as of such date; and an amount determined by the Company’s Board of Directors or Compensation Committee. On January 3, 2022, the number of shares of common stock available for issuance under the 2017 plan was automatically increased by 1,469,428 shares. In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the 2017 ESPP). As December 31, 2019, the 2017 ESPP allowed for the issuance of up to 612,572 shares of common stock. As of December 31, 2021, 1,137,595 shares were available for grant under the 2017 ESPP. In addition, the 2017 ESPP contains an "evergreen" provision, which allows for an increase on the first day of each fiscal year beginning with fiscal year 2018. The increase in the number of shares shall be equal to the lowest of: 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year or an amount determined by the Company’s Board of Directors or Compensation Committee. The number of shares available for grant under the 2017 ESPP increased by 367,357 shares on January 3, 2022 due to this provision. The 2017 ESPP provides for six-month option periods commencing on March 1 and ending August 31 and commencing September 1 and ending February 28 of each calendar year. Warrants The following table summarizes the Company’s outstanding warrants: Weighted Issued and Average exercisable Exercise Price As of December 31, 2020 10,000 $ 21.00 Issued — — Exercised (10,000) 21.00 Cancelled — — As of December 31, 2021 — $ — Stock options Under the 2007 and 2017 Plans, stock options may not be granted with exercise prices of less than fair market value on the date of the grant. Options generally vest ratably over a four-year period with 25% vesting on the first anniversary and the remaining 75% vesting ratably on a monthly basis over the remaining three years. These options expire ten years after the grant date. Option activity is as follows: Weighted-average Remaining contractual intrinsic value Options exercise price life (in years) (in thousands) Outstanding at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Granted 439,209 $ 62.06 Exercised (516,804) $ 15.24 Cancelled (211,637) $ 36.32 Outstanding at December 31, 2021 2,204,813 $ 25.36 6.76 $ 44,813 Exercisable at December 31, 2021 1,493,289 $ 16.34 5.90 $ 39,191 Vested and expected to vest at December 31, 2021 2,204,813 $ 25.36 6.76 $ 44,813 Restricted stock awards In January 2015, the Company issued 781,060 shares of restricted common stock to an executive of the Company under the 2007 Plan. The majority of these shares were issued subject to a four-year vesting schedule with 25% vesting on the first anniversary and the remaining vesting 75% ratably on a monthly basis over the remaining three years , while another portion was issued subject to performance-based vesting. The vesting of performance-based awards is dependent upon achievement of specified financial targets of the Company. The majority of the performance criteria were achieved during the years ended December 31, 2016 and 2015 and the remaining unvested awards with performance conditions are not material. No restricted stock awards were granted during the years ended December 31, 2021, 2020, or 2019. As of December 31, 2021, the Company had 39,803 shares of unvested restricted common stock with a weighted average grant date fair value of $3.12 per share. Restricted stock units Restricted stock units (RSUs) represent the right to receive shares of common stock upon meeting specified vesting requirements. A summary of RSU activity is as follows: Weighted-average Weighted-average Aggregate grant date fair remaining contractual intrinsic value Shares value per share life (in years) (in thousands) Unvested RSUs as of December 31, 2020 478,581 $ 28.08 8.83 $ 22,254 Granted 428,235 $ 58.20 Vested (267,189) $ 27.31 Cancelled (109,756) $ 44.64 Unvested RSUs as of December 31, 2021 529,871 49.32 9.68 $ 22,467 Expected to convert at December 31, 2021 529,871 $ 49.32 $ 22,467 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 8. Leases The Company is a lessee under leases of offices, lab spaces, and certain office equipment. Some of the Company’s leases include options to extend the lease, and these options are included in the lease term to the extent they are reasonably certain to be exercised. 900 Middlesex Turnpike Lease The Company’s primary lease is the 900 Middlesex Turnpike Lease. On October 2, 2018, the Company entered into a 137-month operating lease for the Company’s new headquarters in Billerica, Massachusetts. The lease is for approximately 92,000 square feet of office and laboratory space and commenced on April 1, 2019. The lease contains a period of free rent and escalating monthly rent payments. As part of the lease, the Company was required to enter into a $1.0 million Letter of Credit drawable by the lessor under specifically outlined conditions, which will be subsequently reduced throughout the lease term. Pursuant to a work letter entered into in connection with the 900 Middlesex Turnpike Lease, the landlord contributed an aggregate of $8.2 million toward the cost of construction and tenant improvements for the building. Under the lease, the Company has the option to extend the lease for two successive five-year terms, and the renewal options are not reasonably certain to be exercised. In applying the ASC 842 transition guidance, the 900 Middlesex Turnpike Lease remained classified as an operating lease and the Company recorded ROU assets of $12.2 million and lease liability of $22.7 million on the effective date. The difference between the ROU and the lease liability was driven by the Company derecognizing deferred rent of $3.0 million and the lease obligation incentive of $7.6 million. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases. 48 Tvistevägen The Company has multiple leases at 48 Tvistevägen Umeå, Sweden for laboratory spaces, manufacturing spaces, and office space (the Uman leases). All of these Uman leases have been assessed as operating leases. In applying the ASC 842 transition guidance, the Uman leases remained classified as operating leases and the Company recorded ROU assets of less than $0.1 million and lease liability of less than $0.1 million on the effective date. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases. Summary of all lease costs recognized under ASC 842 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases: Year Ended December 31, Operating leases (in thousands) 2021 2020 Lease costs (1) Operating lease costs $ 2,660 $ 2,663 Total lease cost $ 2,660 $ 2,663 Other information Operating cash flows used for operating leases $ 3,388 $ 2,108 Weighted average remaining lease term (years) 8.6 9.8 Weighted average discount rate 9.73% 9.73% (1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2021 were considered immaterial. Rent expense is calculated on a straight-line basis over the term of the lease. Rent expense recognized under all leases was $5.4 million, $4.8 million, and $3.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. Note that the Company adopted ASC 842 effective January 1, 2020 using the required modified retrospective approach and utilizing the effective date as its date of initial application. Therefore, the amount disclosed pertaining to the year ended December 31, 2019 is presented under previous accounting guidance and is not comparable to the amounts recorded in the 2021 and 2020 periods under ASC 842. Future minimum commitments under ASC 842 under the Company’s operating leases in effect at December 31, 2021 were as follows: Maturity of lease liabilities (in thousands) As of December 31, 2021 2022 $ 3,466 2023 3,515 2024 3,557 2025 3,655 2026 3,765 thereafter 14,782 Total lease payments $ 32,740 Less: imputed interest 10,850 Total operating lease liabilities $ 21,890 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | 9. Commitments and contingencies License agreements Tufts University In June 2007, the Company entered into a license agreement (the License Agreement) for certain intellectual property with Tufts University (Tufts). Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. The License Agreement, which was subsequently amended, is exclusive and sub licensable, and will continue in effect on a country by country basis as long as there is a valid claim of a licensed patent in a country. The Company is committed to pay license and maintenance fees, prior to commercialization, in addition to low single digit royalties on direct sales and services and a royalty on sublicense income. During the years ended December 31, 2021, 2020, and 2019, the Company recorded royalty expense of $1.6 million, $1.1 million and $1.0 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 2020, the Company incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott Laboratories (Abbott) (see Note 13). Other licenses During the year ended December 31, 2012, the Company entered into a license agreement for certain intellectual property with a third party. The non-exclusive, non-sublicensable third party’s license provides the Company access to certain patents specifically for protein detection and shall be in effect until the expiration of the last licensed patent. In consideration for these rights, the Company committed to certain license fees, milestone payments, minimum annual royalties and a mid-single digit royalty. The Company is required to make mid-single digit royalty payments on net sales of products and services which utilize the licensed technology. The Company must pay the greater of calculated royalties on net sales or an annual minimum royalty of $50 thousand. In September 2019, all remaining patents related to the intellectual property expired and the license agreement terminated. As this agreement was terminated in 2019, the Company recorded no royalty expense during the years ended December 31, 2021 and 2020. During the Legal contingencies The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or the results of its operations. The Company accrues for contingent liabilities to the extent that the liability is probable and estimable. |
Notes payable
Notes payable | 12 Months Ended |
Dec. 31, 2021 | |
Notes payable | |
Notes payable | 10. Notes payable Loan agreement On April 14, 2014, the Company executed a loan agreement with a lender, as subsequently amended. As of December 31, 2021, there were no additional amounts available to borrow under the debt facility. The interest rate on this term loan is variable based on the greater of 8% or 8% plus the prime rate less 5.25%. Interest is paid monthly beginning the month following the borrowing date. At loan inception and in connection with the amendments, the Company issued the lender warrants to purchase shares of stock. The loan agreement also contains prepayment penalties and an end of term charge. Fees incurred upon execution of the agreements, and the fair value of warrants on the date of grant were accounted for as a reduction in the book value of debt and accreted through interest expense, using the effective interest rate method, over the term of the debt. Under the amended agreement, the Company was required to pay the loan principal in four equal installments starting July 1, 2021, with the final payment and end of term charge to be made on October 1, 2021. On October 1, 2021, the Company made the final principal payment, including end of term fees, of $2.0 million related to the loan agreement. |
At-the-market offering
At-the-market offering | 12 Months Ended |
Dec. 31, 2021 | |
At-the-market offering | |
At-the-market offering | 11. “At-the-market offering” On March 19, 2019, the Company entered into the Sales Agreement with Cowen with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent. On June 5, 2019, the Company issued approximately 2.2 million shares of common stock at an average stock price of $22.73 per share pursuant to the terms of the Sales Agreement. The “at-the-market” offering resulted in gross proceeds of $49.7 million. The Company incurred $1.7 million in issuance costs associated with the “at-the-market” offering, resulting in net proceeds to the Company of $48.0 million. On August 6, 2020, the Company delivered written notice to Cowen to terminate the Sales Agreement, which termination the parties agreed to make immediately effective. |
Underwritten public offerings
Underwritten public offerings | 12 Months Ended |
Dec. 31, 2021 | |
Underwritten public offerings | |
Underwritten public offerings | 12. Underwritten public offerings On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan and Leerink, as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million. On August 6, 2020, the Company entered into an underwriting agreement with Leerink and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million. On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs, Leerink, and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4.1 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $287.5 million. The Company incurred $17.8 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.7 million. |
Collaboration and license arran
Collaboration and license arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Collaboration and license arrangements | |
Collaboration and license arrangements | 13. Collaboration and license arrangements The Company has entered into certain licenses with other companies for use of the Company’s technology. These licenses have royalty components which the Company earns and recognizes as collaboration and license revenue throughout the year. The Company recognized revenue of less than $0.1 million for the years ended December 31, 2021, 2020, and 2019 associated with these licenses. During the year ended December 31, 2020, the Company recognized $1.2 million of previously deferred revenue as a result of entering into a license agreement with a diagnostics company. As of December 31, 2021 and 2020, the Company had $0.5 million of deferred revenue related to ongoing negotiations with a diagnostics company. Abbott Laboratories On September 29, 2020, the Company entered into a Non-Exclusive License Agreement (the Abbott License Agreement) with Abbott. Pursuant to the terms of the Abbott License Agreement, the Company granted Abbott a non-exclusive, worldwide, royalty-bearing license, without the right to sublicense, under the Company’s bead-based single molecule detection patents (Licensed Patents) in the field of in vitro The Abbott License Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Abbot License Agreement became effective upon signing and will continue until expiration of the last-to-expire Licensed Patent, or the agreement is earlier terminated. Under the terms of the Abbott License Agreement, the Company and Abbott each have the right to terminate the agreement for uncured material breach by, or insolvency of, the other party. Abbott may also terminate the Abbott License Agreement at any time without cause upon 60 days’ notice. During the year ended December 31, 2021 and 2020, the Company recognized no revenue and $10.0 million, respectively, within collaboration and license revenue related to the initial license fee under the Abbott License Agreement. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee benefit plans | |
Employee benefit plans | 14. Employee benefit plans The Company sponsors a 401(k) savings plan for employees. The Company may make discretionary contributions for each 401(k) plan year. During the years ended December 31, 2021, 2020, and 2019, the Company made contributions of $1.1 million, $0.7 million, and $0.5 million, respectively. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business combinations | |
Business combinations | 15. Business combinations UmanDiagnostics AB On August 1, 2019, the Company completed its acquisition of Uman for an aggregate purchase price of $21.2 million, comprised of (i) $15.7 million in cash plus (ii) 191,152 shares of common stock (representing $5.5 million based on the closing prices of the Company’s common stock on the Nasdaq Global Market on July 1, 2019 and August 1, 2019, the dates of issuance). The acquisition of Uman closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies Nf-L antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology. This acquisition was considered a business acquisition for accounting purposes. The Company has accounted for the acquisition of Uman as a purchase of a business under U.S. GAAP. Under the acquisition method of accounting, the assets and liabilities of Uman are recorded as of the acquisition date of July 1, 2019, at their respective fair values, and consolidated with those of the Company. Purchase consideration in excess of the amounts recognized for the net assets acquired was recognized as goodwill and is not expected to be tax deductible in any taxing jurisdiction. The following table summarizes the acquisition accounting, net of $1.2 million in cash and cash equivalents acquired (in thousands): Purchase price: Cash and stock paid $ 21,217 Cash and cash equivalents acquired 1,221 Purchase price, net 19,996 Assets (liabilities) acquired: Accounts receivable $ 638 Inventory 1,680 Prepaids and other current assets 114 Property and equipment 33 Intangibles 13,450 Goodwill 8,111 Accounts payable (20) Accrued expense and other current liabilities (871) Deferred tax liabilities (3,139) Total $ 19,996 Revenue and net income related to Uman’s operations were $1.8 million and $0.1 million, respectively for the year ended December 31, 2021, and is included in the Company’s consolidated statement of operations. Revenue and net loss related to Uman’s operations were $1.5 million and $0.1 million, respectively, for the year ended December 31, 2020, and is included in the Company’s consolidated statement of operations. Revenue and net income related to Uman’s operations were $1.1 million and less than $0.1 million, respectively, for the six months following the July 1, 2019 acquisition date, and is included in the Company’s consolidated statements of operations for the year ended December 31, 2019. The following unaudited pro forma information presents the condensed consolidated results of operations of the Company and Uman for the year ended December 31, 2019, as if the acquisition of Uman had been completed on January 1, 2018. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments that reflect pro forma results of operations, such as increased amortization for the fair value of acquired intangible assets, increased cost of sales related to the inventory valuation adjustment, and adjustments relating to the tax effect of combining the Company and Uman businesses. The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings which may result from the consolidation of the operations of the Company and Uman. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of the results of operations that actually would have been achieved had the acquisition occurred as of January 1, 2018, nor are they intended to represent or be indicative of future results of operations (in thousands): Year Ended December 31, 2019 Revenue (unaudited) $ 57,597 Pre-tax loss (unaudited) $ (38,636) During the year ended December 31, 2021 and 2020, the Company incurred no costs associated with the acquisition of Uman. During the year ended December 31, 2019, the Company incurred $1.9 million in costs associated with the acquisition of Uman. Costs associated with the acquisition of Uman are recorded as selling, general, and administrative expenses within the consolidated statements of operations. |
Goodwill and acquired intangibl
Goodwill and acquired intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and acquired intangible assets | |
Goodwill and acquired intangible assets | 16. Goodwill and intangible assets The changes in the carrying amount of goodwill are as follows (in thousands): Goodwill Balance as of December 31, 2020 $ 10,460 Cumulative translation adjustment (828) Balance as of December 31, 2021 $ 9,632 Acquired intangible assets consist of the following (dollars in thousands): December 31, 2021 Estimated Cumulative Useful Gross Carrying Accumulated Translation Net Carrying Weighted Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (3,825) $ 241 $ 9,416 6.0 Developed technology 7 1,650 (1,277) — 373 3.1 Customer relationships 8.5 - 10 1,360 (792) 2 570 6.1 Non-compete agreements 5.5 340 (170) 5 175 3.0 Trade names 3 50 (50) — — — Total $ 16,400 $ (6,114) $ 248 $ 10,534 December 31, 2020 Estimated Cumulative Useful Gross Carrying Accumulated Translation Net Carrying Weighted Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (2,296) $ 1,374 $ 12,078 7.0 Developed technology 7 1,650 (1,036) — 614 4.1 Customer relationships 8.5 - 10 1,360 (618) 12 754 7.1 Non-compete agreements 5.5 340 (102) 31 269 4.0 Trade names 3 50 (49) — 1 0.1 Total $ 16,400 $ (4,101) $ 1,417 $ 13,716 The Company recorded amortization expense of $2.0 million, $2.1 million, and $1.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Amortization of developed technology is recorded within research and development expenses, amortization of customer relationships is recorded within selling, general, and administrative expenses, amortization of trade names is recorded within selling, general, and administrative expenses, amortization of non-compete agreements is recorded within selling, general, and administrative expenses, and amortization of know-how is recorded within cost of goods sold. Future estimated amortization expense of acquired intangible assets as of December 31, 2021 is as follows (amounts in thousands): As of December 31, 2021 2022 $ 1,930 2023 1,848 2024 1,733 2025 1,618 2026 1,589 Thereafter 1,816 Total amortization expense $ 10,534 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | 17. Related party transactions As described in Note 9, in June 2007, the Company entered into a license agreement for certain intellectual property with Tufts. Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. During the years ended December 31, 2021, 2020, and 2019, the Company recorded royalty expense of $1.6 million, $1.1 million, and $1.0 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 2020, the Company also incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott. During the year ended December 31, 2017, Harvard University became a related party because a member of the Company’s Board of Directors is affiliated with Harvard University. Revenue recorded from sales to Harvard University was $0.2 million, $0.1 million, and $0.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. On November 28, 2018, the Company entered into a sponsor agreement with Powering Precision Health (PPH), a 501(c)(6) not-for-profit entity of which an executive of the Company is a board member, through December 31, 2018. The agreement committed a maximum of $120,000 in funds and services to be provided to PPH for the term of the agreement. On November 14, 2019, the Company entered into the first amendment to the PPH sponsorship agreement. The agreement amended the $120,000 annual committed maximum amount to $200,000 for the annual committed amount. The agreement is terminable by either party and does not bind the Company to beyond the term of the agreement. For the years ended December 31, 2021 and 2020, the Company did not make any contributions. For the year ended December 31, 2019, the Company had total contributions of $0.1 million. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | 18. Subsequent events On January 28, 2022, the Company entered into a multi-year lease agreement for approximately 53,000 square feet of new principal office space and approximately 32,770 square feet of new laboratory space in Bedford, Massachusetts. The initial lease term is eight years and nine months beginning on the earlier of the Company occupancy, or May 1, 2022. The Company was required to provide an initial security deposit of $0.9 million, which was provided in a form of a letter of credit to the landlord during 2021, and is included in the Company’s restricted cash balance as of December 31, 2021. The security deposit is scheduled to be reduced to $0.5 million after 60 months . |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Principles of consolidation | Principles of consolidation The consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation, and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of assets acquired and liabilities assumed in acquisitions, and valuation of inventory. Actual results could differ from those estimates. |
Reclassifications | Reclassifications |
Revenue recognition | Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company and the Company's chief operating decision-maker reviews the Company's operations and manages its business as a single operating segment. Revenue recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services, incentives, and taxes collected from customers that are subsequently remitted to governmental authorities. The Company adopted Accounting Standards Codification (ASC) Topic 606 Revenue from Contracts with Customers For the Year Ended December 31, 2019 Under ASC Under ASC 606 Adjustment 605 Product revenue $ 40,491 $ 55 $ 40,546 Service revenue 16,059 273 16,332 Costs of goods sold and services 29,898 1 29,899 Gross profit 26,836 327 27,163 Selling general and administrative expenses 52,246 27 52,273 Net loss $ (40,796) $ 300 $ (40,496) Customers The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets. Product revenue The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is upon installation for instruments sold to direct customers, and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery). Service and other revenue Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. Revenues from other services are immaterial. Collaboration and license revenue The Company may enter into agreements to license the intellectual property and know-how associated with its instruments in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property. The Company has recognized revenues from sales- or usage based royalties related to the Company’s licensing technology and intellectual property. ASC 606 provides for an exception to estimating the variable consideration for sales- and usage-based royalties related to the license of intellectual property, such that the sales- or usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- or usage-based royalty revenue for the years ended December 31, 2021, 2020, and 2019 related to the intellectual property licensed by Uman. The Company recognizes revenues from sales- or usage based royalty revenue at the later of when the sales or usage occurs; and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. Payment terms The Company’s payment terms vary by the type and location of customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 Disaggregated revenue When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company's revenue from contracts with customers based on their location by revenue type: Year Ended December 31, 2021 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 12,138 $ 8,178 $ 5,657 $ 25,973 Consumable and other products 34,997 16,122 3,970 55,089 Total $ 47,135 $ 24,300 $ 9,627 $ 81,062 Service and other revenues: Service-type warranties $ 4,334 $ 2,039 $ 255 $ 6,628 Research services 12,101 2,600 124 14,825 Other services 1,372 695 109 2,176 Total $ 17,807 $ 5,334 $ 488 $ 23,629 Collaboration and license revenue: Collaboration and license revenue $ 360 $ 288 $ — $ 648 Total $ 360 $ 288 $ — $ 648 Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Total $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues: Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Total $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue: Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Total $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Total $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues: Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Total $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue: Collaboration and license revenue $ 167 $ 17 $ — $ 184 Total $ 167 $ 17 $ — $ 184 The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions, and uses a range of amounts to estimate standalone selling prices for each performance obligation. The Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes. Variable consideration in the Company’s contracts primarily relates to (i) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (ii) certain non-fixed fee research services contracts. The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or that are partially satisfied as of December 31, 2021 is $7.5 million. Of the performance obligations not yet satisfied or that are partially satisfied, $6.4 million is expected to be recognized as revenue in the next 12 months, with the remainder amounts Changes in deferred revenue from contracts with customers were as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 5,998 Deferral of revenue 8,090 Recognition of deferred revenue (6,628) Balance at December 31, 2021 $ 7,460 Costs to obtain a contract The Company’s sales commissions are generally based on revenues of the Company. The Company has determined that certain commissions paid under its sales incentive programs meet the requirements to be capitalized as they are incremental and would not have occurred absent a customer contract. The changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 248 Deferral of costs to obtain a contract 905 Recognition of costs to obtain a contract (713) Balance at December 31, 2021 $ 440 The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets as of December 31, 2021 and classifies the expense as a component of cost of goods sold and selling, general and administrative expense over the estimated life of the contract. The Company considers potential impairment in these amounts each period. ASC 606 provides entities with certain practical expedients and accounting policy elections to minimize the cost and burden of adoption. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. The Company has elected to account for shipping and handling as an activity to fulfill the promise to transfer the product, and therefore will not evaluate whether shipping and handling activities are promised services to its customers. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component for the years ended December 31, 2021, 2020 and 2019. Grant revenue The Company recognizes grant revenue as it performs services under the arrangement when the funding is committed. Revenues and related research and development expenses are presented gross in the consolidated statements of operations as the Company has determined it is the primary obligor under the arrangement relative to the research and development services. Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company has accounted for grants by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance Grants to the Company contain both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs. Under IAS 20, grants related to assets shall be presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset. Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses. On June 22, 2020, the Company entered into a workplan 1 award (WP1) with the National Institute of Health (NIH), under the Rapid Acceleration of Diagnostics (RADx) program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. WP1 was complete as of December 31, 2020. On September 29, 2020, the Company entered into WP2 with the NIH under its RADx program. The contract, which has a total award value of $18.2 million, accelerates the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The contract provides funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under WP2 is based on the achievement of certain milestones. Contract funding was subject to achievement of these pre-defined milestones and the contract period ran through September 2021, with one milestone extended to March 31, 2022. As of December 31, 2021, the Company had received $17.7 million out of the full $18.2 million under WP2 The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Total grant revenue from research and development activities $ 9,576 $ 4,362 Total proceeds used for assets 8,104 826 Total deferred proceeds for assets — 2,478 Total deferred grant revenue — 304 Total recognized $ 17,680 $ 7,970 Total recognized $ 17,680 $ 7,970 Total amount accrued — (2,968) Total cash received $ 17,680 $ 5,002 Total proceeds received $ 17,680 $ 5,002 Total proceeds reasonably assured 520 13,198 Total WP2 grant amount $ 18,200 $ 18,200 |
Business combinations | Business combinations Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values recognized, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of acquired tangible and intangible assets, net of liabilities recognized, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets. The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed. |
Cost of revenue | Cost of revenue Cost of product revenue consists of raw materials, parts costs and associated freight, shipping and handling costs, contract manufacturer costs, personnel costs, yield loss, in-license payments and royalties, stock-based compensation, other direct costs and overhead. Cost of service and other revenue consists of personnel, facility costs associated with operating the Accelerator Laboratory on behalf of the customers, costs related to instrument maintenance and servicing equipment at customer sites, other direct and overhead. Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements. |
Research and development expenses | Research and development expenses Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Expenses incurred related to grant funded activities are recorded in research and development expense. |
Selling, general, and administrative expenses | Selling, general, and administrative expenses Selling, general, and administrative expenses are primarily composed of compensation and benefits associated with sales and marketing, finance, human resources, and other administrative personnel, outside marketing, advertising, allocated facilities costs, legal expenses, and other general and administrative costs. |
Net loss per share | Net loss per share Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares. For purposes of the diluted net loss per share calculations, unvested restricted common stock, restricted stock units, common stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended December 31, 2021 2020 2019 Unvested restricted common stock and restricted stock units 531,473 518,387 409,929 Outstanding stock options 2,304,543 2,494,045 2,507,062 Outstanding common stock warrants — 10,000 10,000 |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash deposits and short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are carried at fair value based on quoted prices for identical assets. Cash and cash equivalents consist of the following (in thousands): As of December 31, 2021 2020 Cash $ 64,372 $ 19,535 Money market funds invested in U.S. Treasury obligations 332,093 162,049 Total cash and cash equivalents $ 396,465 $ 181,584 |
Restricted cash and deposits | Restricted cash and deposits Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts, and additional space in Bedford, Massachusetts, and to secure the Company’s corporate credit card program. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from December 31, 2021. |
Allowance for credit losses | Allowance for credit losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances. Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on the Company’s analysis of customers’ financial statements when a credit rating is not available. The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted. |
Inventory | Inventory Inventory is stated at the lower of cost or market on a first-in, first-out (FIFO) basis. The Company analyzes its inventory levels on each reporting date and writes down inventory that is expected to expire prior to being sold and inventory in excess of expected sales requirements. In the event that the Company identifies these conditions exist in its inventory, the carrying value is reduced to its estimated net realizable value. |
Property and equipment | Property and equipment Property and equipment, including leasehold improvements, are stated at cost and are depreciated, or amortized in the case of leasehold improvements, over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Depreciation is calculated based upon the following estimated useful lives of the assets: Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease |
Leases | Leases The Company accounts for leases in accordance with ASC Topic 842, Leases Leases ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. Lessees are differentiated between finance leases and operating leases, and classification impacts expense recognition. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (ROU) assets and short-term and long-term lease liabilities, as applicable. The Company does not recognize leases on the balance sheet with a term of twelve months or less. The Company’s leases consist of office and lab space and office equipment. All of the Company’s leases are classified as operating, and options to renew a lease are only included in the lease term to the extent those options are reasonably certain to be exercised. Additionally, the Company does not separate lease and non-lease components for all leases. Operating lease liabilities and their corresponding ROU assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The rate implicit in lease contracts is typically not readily determinable and, as a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. |
Software development costs | Software development costs The Company develops and modifies software related to the operation of the instrument. Software development costs are expensed as incurred until the point the Company establishes technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. The Company does not incur material costs between the completion of the working model and the point at which the product is ready for release. Therefore, software development costs are charged to the statement of operations as incurred as research and development expense. |
Fair value of financial instruments | ASC Topic 820, Fair Value Measurement inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amount reflected on the balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their fair values, due to the short-term nature of these instruments. The carrying value of the long-term debt approximates its fair value as the debt arrangement is based on interest rates the Company believes it could obtain for borrowings with similar terms. Fair value measurements are as follows (in thousands): Quoted prices Significant in active Significant other unobservable markets observable inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 332,093 $ 332,093 $ — $ — $ 332,093 $ 332,093 $ — $ — Quoted prices Significant Significant in active other unobservable markets observable inputs December 31, 2020 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 162,049 $ 162,049 $ — $ — $ 162,049 $ 162,049 $ — $ — |
Warranties | Warranties The Company provides a one-year warranty and maintenance service related to its instruments and sells extended warranty contracts for additional periods. The Company defers revenue associated with these services and recognizes them on a pro-rata basis over the period of service. |
Income taxes | Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 Income Taxes |
Credit, product, and supplier concentrations and off-balance-sheet risk | Credit, product, and supplier concentrations and off-balance-sheet risk The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and a cost method investment. The Company places its cash and cash equivalents principally in depository accounts with a bank. The Company is also subject to supply chain risks related to the outsourcing of the manufacturing of its instruments. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourcing the manufacturing of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers. Customers outside the United States represented 39% and 29% of the Company’s gross trade accounts receivable balance as of December 31, 2021 and 2020, respectively. As of December 31, 2021, one customer represented 18% of the Company’s aggregate accounts receivable. As of December 31, 2020, one customer represented 19% of the Company’s aggregate accounts receivable. During the years ended December 31, 2021 and 2019, no individual customer represented 10% of the Company’s total revenue. During the year ended December 31, 2020, one company represented 13% of the Company’s total revenue. |
Stock-based compensation | Stock-based compensation The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation Prior to the adoption of Accounting Standards Update (ASU) No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting The Company recognizes forfeitures as they occur. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model, based on the assumptions noted in the following table: Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.4% - 1.3% 0.4% - 1.7% 1.4% - 2.6% Expected dividend yield None None None Expected term (in years) 6.0 6.0 6.0 Expected volatility 49.2% - 55.6% 43.9% - 49.2% 33.5% - 39.7% Weighted-average grant date fair value $ 29.96 $ 12.66 $ 9.09 Expected volatility was calculated based a proportional weighting of reported volatility data for a representative group of guideline publicly traded companies for which historical information was available, as well as the Company’s stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected term assumption. The Company estimates the expected term of options granted to employees utilizing the simplified method which calculates the expected term of an option as the average of the time to vesting and contractual life of the options. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. The Company uses the simplified method due to the lack of historical exercise data and the plain nature of the stock options. The Company uses the remaining contractual term for the expected term of non-employee awards. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock. |
Recent accounting pronouncements | Recent accounting pronouncements Adopted In June 2016, the Financial Accounting Standards Board (FASB) established Topic 326 , Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software. The Company adopted ASU 2018-15 on January 1, 2021 using the prospective method. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue recognition | |
Schedule of disaggregated revenue | Year Ended December 31, 2021 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 12,138 $ 8,178 $ 5,657 $ 25,973 Consumable and other products 34,997 16,122 3,970 55,089 Total $ 47,135 $ 24,300 $ 9,627 $ 81,062 Service and other revenues: Service-type warranties $ 4,334 $ 2,039 $ 255 $ 6,628 Research services 12,101 2,600 124 14,825 Other services 1,372 695 109 2,176 Total $ 17,807 $ 5,334 $ 488 $ 23,629 Collaboration and license revenue: Collaboration and license revenue $ 360 $ 288 $ — $ 648 Total $ 360 $ 288 $ — $ 648 Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Total $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues: Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Total $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue: Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Total $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues: Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Total $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues: Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Total $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue: Collaboration and license revenue $ 167 $ 17 $ — $ 184 Total $ 167 $ 17 $ — $ 184 |
Schedule of changes in deferred revenue from contracts with customers | Changes in deferred revenue from contracts with customers were as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 5,998 Deferral of revenue 8,090 Recognition of deferred revenue (6,628) Balance at December 31, 2021 $ 7,460 |
Schedule of costs to obtain a contract | The changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2021 Balance at December 31, 2020 $ 248 Deferral of costs to obtain a contract 905 Recognition of costs to obtain a contract (713) Balance at December 31, 2021 $ 440 |
Schedule of summary of the activity under WP2 | The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Total grant revenue from research and development activities $ 9,576 $ 4,362 Total proceeds used for assets 8,104 826 Total deferred proceeds for assets — 2,478 Total deferred grant revenue — 304 Total recognized $ 17,680 $ 7,970 Total recognized $ 17,680 $ 7,970 Total amount accrued — (2,968) Total cash received $ 17,680 $ 5,002 Total proceeds received $ 17,680 $ 5,002 Total proceeds reasonably assured 520 13,198 Total WP2 grant amount $ 18,200 $ 18,200 |
Schedule of outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | Year Ended December 31, 2021 2020 2019 Unvested restricted common stock and restricted stock units 531,473 518,387 409,929 Outstanding stock options 2,304,543 2,494,045 2,507,062 Outstanding common stock warrants — 10,000 10,000 |
Schedule of cash and cash equivalents | Cash and cash equivalents consist of the following (in thousands): As of December 31, 2021 2020 Cash $ 64,372 $ 19,535 Money market funds invested in U.S. Treasury obligations 332,093 162,049 Total cash and cash equivalents $ 396,465 $ 181,584 |
Schedule of estimated useful lives | Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease |
Schedule of fair value measurements | Fair value measurements are as follows (in thousands): Quoted prices Significant in active Significant other unobservable markets observable inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 332,093 $ 332,093 $ — $ — $ 332,093 $ 332,093 $ — $ — Quoted prices Significant Significant in active other unobservable markets observable inputs December 31, 2020 Total (Level 1) inputs (Level 2) (Level 3) Financial assets Cash equivalents $ 162,049 $ 162,049 $ — $ — $ 162,049 $ 162,049 $ — $ — |
Summary of fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model | Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.4% - 1.3% 0.4% - 1.7% 1.4% - 2.6% Expected dividend yield None None None Expected term (in years) 6.0 6.0 6.0 Expected volatility 49.2% - 55.6% 43.9% - 49.2% 33.5% - 39.7% Weighted-average grant date fair value $ 29.96 $ 12.66 $ 9.09 |
ASU 2014-09 | |
Revenue recognition | |
Schedule of impact on consolidated statement of operations due to adoption of ASU 606 | In accordance with the reporting requirements of ASC 606, the disclosure of the impact on the Company’s consolidated statement of operations, as a result of adopting the provisions of ASC 606, was as follows (in thousands): |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory | |
Summary of inventory | Inventory consists of the following (in thousands): As of December 31, 2021 2020 Raw materials $ 7,892 $ 5,265 Work in process 4,923 3,306 Finished goods 9,375 6,285 Total $ 22,190 $ 14,856 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment | |
Schedule of Property and equipment | Property and equipment consists of the following (in thousands): As of December 31, 2021 2020 Laboratory and manufacturing equipment $ 9,742 $ 8,523 Office furniture and equipment 1,617 1,556 Computers and software 3,893 1,504 Leasehold improvements 10,413 8,765 Total cost $ 25,665 $ 20,348 Less: accumulated depreciation (7,705) (6,436) Property and equipment, net $ 17,960 $ 13,912 |
Other accrued expenses (Tables)
Other accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other accrued expenses | |
Summary of other accrued expenses | Other accrued expenses consist of the following (in thousands): As of December 31, 2021 2020 Accrued inventory purchases $ 568 $ 527 Accrued property and equipment purchases 229 670 Accrued royalties 1,250 1,845 Accrued professional services 2,126 797 Accrued development costs 566 323 Accrued tax liabilities 430 156 Accrued other 1,317 527 Total accrued expenses $ 6,486 $ 4,845 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Schedule of components of loss before income taxes | The following table presents the components of loss before income taxes (in thousands): Year Ended December 31, 2021 2020 2019 United States $ (56,554) $ (29,896) $ (40,010) Foreign (1,170) (2,010) (973) Total loss before income taxes $ (57,724) $ (31,906) $ (40,983) |
Schedule of provision for (benefit from) income taxes | Year Ended December 31, 2021 2020 2019 United States $ (56,554) $ (29,896) $ (40,010) Foreign (1,170) (2,010) (973) Total loss before income taxes $ (57,724) $ (31,906) $ (40,983) |
Schedule of reconciliation of the federal statutory income tax rate to the effective tax rate | Year Ended December 31, 2021 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential — % 0.30 % — % State taxes, net of federal benefit 6.5 % 2.5 % 3.2 % Tax credits 2.0 % 1.6 % 2.3 % Share-based compensation 7.4 % 5.2 % 2.3 % Permanent items (1.8) % (0.4) % (0.9) % Deferred tax rate change 0.2 % 0.3 % (1.4) % Change in valuation allowance (34.8) % (29.7) % (24.6) % Other (0.4) % 0.4 % (1.4) % Effective income tax rate 0.1 % 1.2 % 0.5 % |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 67,543 $ 50,233 Tax credits 6,113 5,101 Deferred revenue 1,862 2,167 Amortization 962 1,054 Stock-based compensation 3,138 1,956 Inventory 686 — Lease liability 5,464 5,703 Other deferred tax assets 2,340 2,533 Total deferred tax assets 88,108 68,747 Less: valuation allowances (83,121) (63,609) Net deferred tax assets 4,987 5,138 Deferred tax liabilities: Right-of-Use Assets (2,867) (2,957) Depreciation (1,752) (1,775) Amortization acquired intangibles (2,208) (2,880) Inventory — (64) Goodwill (66) (49) Other deferred tax liabilities (129) (61) Net deferred tax liabilities $ (2,035) $ (2,648) |
Summary of Valuation Allowance | December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 67,543 $ 50,233 Tax credits 6,113 5,101 Deferred revenue 1,862 2,167 Amortization 962 1,054 Stock-based compensation 3,138 1,956 Inventory 686 — Lease liability 5,464 5,703 Other deferred tax assets 2,340 2,533 Total deferred tax assets 88,108 68,747 Less: valuation allowances (83,121) (63,609) Net deferred tax assets 4,987 5,138 Deferred tax liabilities: Right-of-Use Assets (2,867) (2,957) Depreciation (1,752) (1,775) Amortization acquired intangibles (2,208) (2,880) Inventory — (64) Goodwill (66) (49) Other deferred tax liabilities (129) (61) Net deferred tax liabilities $ (2,035) $ (2,648) The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands): 2021 2020 Balance, beginning of year $ 63,609 $ 54,137 Change in valuation allowance 19,512 9,472 Balance, end of year $ 83,121 $ 63,609 |
Stockholders' equity (Tables)
Stockholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Summary of share-based compensation expense for all stock awards | Stock-based compensation expense for all stock awards consists of the following (in thousands): December 31, 2021 2020 2019 Cost of product revenue $ 471 $ 189 $ 86 Cost of service and other revenue 403 311 238 Research and development 1,807 1,129 718 Selling, general, and administrative 13,294 8,470 5,346 Total stock-based compensation $ 15,975 $ 10,099 $ 6,388 |
Summary of warrant activity | The following table summarizes the Company’s outstanding warrants: Weighted Issued and Average exercisable Exercise Price As of December 31, 2020 10,000 $ 21.00 Issued — — Exercised (10,000) 21.00 Cancelled — — As of December 31, 2021 — $ — |
Summary of stock option activity | Weighted-average Remaining contractual intrinsic value Options exercise price life (in years) (in thousands) Outstanding at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Granted 439,209 $ 62.06 Exercised (516,804) $ 15.24 Cancelled (211,637) $ 36.32 Outstanding at December 31, 2021 2,204,813 $ 25.36 6.76 $ 44,813 Exercisable at December 31, 2021 1,493,289 $ 16.34 5.90 $ 39,191 Vested and expected to vest at December 31, 2021 2,204,813 $ 25.36 6.76 $ 44,813 |
Summary of restricted stock units activity | Weighted-average Weighted-average Aggregate grant date fair remaining contractual intrinsic value Shares value per share life (in years) (in thousands) Unvested RSUs as of December 31, 2020 478,581 $ 28.08 8.83 $ 22,254 Granted 428,235 $ 58.20 Vested (267,189) $ 27.31 Cancelled (109,756) $ 44.64 Unvested RSUs as of December 31, 2021 529,871 49.32 9.68 $ 22,467 Expected to convert at December 31, 2021 529,871 $ 49.32 $ 22,467 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Summary of the lease costs recognized under ASC 842 | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases: Year Ended December 31, Operating leases (in thousands) 2021 2020 Lease costs (1) Operating lease costs $ 2,660 $ 2,663 Total lease cost $ 2,660 $ 2,663 Other information Operating cash flows used for operating leases $ 3,388 $ 2,108 Weighted average remaining lease term (years) 8.6 9.8 Weighted average discount rate 9.73% 9.73% (1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2021 were considered immaterial. |
Schedule of future minimum commitments under ASC 842 | Future minimum commitments under ASC 842 under the Company’s operating leases in effect at December 31, 2021 were as follows: Maturity of lease liabilities (in thousands) As of December 31, 2021 2022 $ 3,466 2023 3,515 2024 3,557 2025 3,655 2026 3,765 thereafter 14,782 Total lease payments $ 32,740 Less: imputed interest 10,850 Total operating lease liabilities $ 21,890 |
Business combinations (Tables)
Business combinations (Tables) - UmanDiagnostics AB Acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of fair value of consideration transferred | The following table summarizes the acquisition accounting, net of $1.2 million in cash and cash equivalents acquired (in thousands): Purchase price: Cash and stock paid $ 21,217 Cash and cash equivalents acquired 1,221 Purchase price, net 19,996 Assets (liabilities) acquired: Accounts receivable $ 638 Inventory 1,680 Prepaids and other current assets 114 Property and equipment 33 Intangibles 13,450 Goodwill 8,111 Accounts payable (20) Accrued expense and other current liabilities (871) Deferred tax liabilities (3,139) Total $ 19,996 |
Schedule of fair value of assets acquired and liabilities assumed | Year Ended December 31, 2019 Revenue (unaudited) $ 57,597 Pre-tax loss (unaudited) $ (38,636) |
Goodwill and acquired intangi_2
Goodwill and acquired intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and acquired intangible assets | |
Rollforward of goodwill balance | Goodwill Balance as of December 31, 2020 $ 10,460 Cumulative translation adjustment (828) Balance as of December 31, 2021 $ 9,632 |
Summary of intangible assets | Acquired intangible assets consist of the following (dollars in thousands): December 31, 2021 Estimated Cumulative Useful Gross Carrying Accumulated Translation Net Carrying Weighted Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (3,825) $ 241 $ 9,416 6.0 Developed technology 7 1,650 (1,277) — 373 3.1 Customer relationships 8.5 - 10 1,360 (792) 2 570 6.1 Non-compete agreements 5.5 340 (170) 5 175 3.0 Trade names 3 50 (50) — — — Total $ 16,400 $ (6,114) $ 248 $ 10,534 December 31, 2020 Estimated Cumulative Useful Gross Carrying Accumulated Translation Net Carrying Weighted Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (2,296) $ 1,374 $ 12,078 7.0 Developed technology 7 1,650 (1,036) — 614 4.1 Customer relationships 8.5 - 10 1,360 (618) 12 754 7.1 Non-compete agreements 5.5 340 (102) 31 269 4.0 Trade names 3 50 (49) — 1 0.1 Total $ 16,400 $ (4,101) $ 1,417 $ 13,716 |
Schedule of future estimated amortization expense of acquired intangible assets | Future estimated amortization expense of acquired intangible assets as of December 31, 2021 is as follows (amounts in thousands): As of December 31, 2021 2022 $ 1,930 2023 1,848 2024 1,733 2025 1,618 2026 1,589 Thereafter 1,816 Total amortization expense $ 10,534 |
Organization and operations (De
Organization and operations (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 03, 2021 | Aug. 06, 2020 | Aug. 08, 2019 | Jun. 05, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 01, 2019 | Jul. 01, 2019 | Mar. 19, 2019 |
Initial Public Offering | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||
Common stock, aggregate offering price | $ 37 | $ 32 | |||||||||
Sale of common stock (in shares) | 2.7 | ||||||||||
Accumulated deficit | (305,462) | (247,774) | |||||||||
Net loss | (57,688) | (31,530) | $ (40,796) | ||||||||
Unrestricted cash and cash equivalents | $ 109,155 | 396,465 | 181,584 | 109,155 | |||||||
Underwritten public offering | |||||||||||
Initial Public Offering | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Sale of common stock (in shares) | 4.1 | 3 | 2.7 | ||||||||
Gross proceeds | $ 287,500 | $ 97,600 | $ 69,000 | ||||||||
Stock issuance cost | 17,800 | 6,200 | 4,500 | ||||||||
Sale of common stock | $ 269,700 | $ 91,400 | $ 64,500 | 269,718 | 91,404 | 64,529 | |||||
At-the-market offering. | |||||||||||
Initial Public Offering | |||||||||||
Common stock, par value | $ 0.001 | ||||||||||
Sale of common stock (in shares) | 2.2 | ||||||||||
Shares issued price (in dollars per share) | $ 22.73 | ||||||||||
Gross proceeds | $ 49,700 | ||||||||||
Stock issuance cost | 1,700 | ||||||||||
Sale of common stock | $ 48,000 | $ 48,019 | |||||||||
At-the-market offering. | Maximum | |||||||||||
Initial Public Offering | |||||||||||
Common stock, aggregate offering price | $ 50,000 | ||||||||||
UmanDiagnostics AB Acquisition | |||||||||||
Initial Public Offering | |||||||||||
Capital stock shares outstanding, percent | 95.00% | 5.00% | |||||||||
Net loss | $ 100 | $ 100 | |||||||||
UmanDiagnostics AB Acquisition | Maximum | |||||||||||
Initial Public Offering | |||||||||||
Net loss | $ 100 |
Significant accounting polici_4
Significant accounting policies - Impact on the Company's consolidated statement of operations, as a result of adopting the provisions of ASC 606 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accumulated deficit | $ (305,462) | $ (247,774) | ||
Total revenue | 110,556 | 86,377 | $ 56,734 | |
Total costs of goods sold, services, and licenses | 48,828 | 38,195 | 29,898 | |
Gross Profit | 61,728 | 48,182 | 26,836 | |
Selling, General and Administrative Expense | 92,336 | 59,592 | 52,246 | |
Net loss | (57,688) | (31,530) | (40,796) | |
Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accumulated deficit | $ 400 | |||
Total costs of goods sold, services, and licenses | 1 | |||
Gross Profit | 327 | |||
Selling, General and Administrative Expense | 27 | |||
Net loss | 300 | |||
Balances without adoption of ASU 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total costs of goods sold, services, and licenses | 29,899 | |||
Gross Profit | 27,163 | |||
Selling, General and Administrative Expense | 52,273 | |||
Net loss | (40,496) | |||
Product revenue | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 81,062 | 44,017 | 40,491 | |
Total costs of goods sold, services, and licenses | 34,149 | 25,950 | 20,900 | |
Product revenue | Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 55 | |||
Product revenue | Balances without adoption of ASU 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 40,546 | |||
Service and other revenue | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 23,629 | 24,129 | 16,059 | |
Total costs of goods sold, services, and licenses | $ 14,679 | $ 11,245 | 8,998 | |
Service and other revenue | Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 273 | |||
Service and other revenue | Balances without adoption of ASU 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | $ 16,332 |
Significant accounting polici_5
Significant accounting policies - Payment terms (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Revenue recognition | |
Period of payment | 30 days |
Maximum | |
Revenue recognition | |
Period of payment | 45 days |
Significant accounting polici_6
Significant accounting policies - Disaggregated revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue recognition | |||
Total revenue | $ 110,556 | $ 86,377 | $ 56,734 |
Product revenue | |||
Revenue recognition | |||
Total revenue | 81,062 | 44,017 | 40,491 |
Product revenue | NA | |||
Revenue recognition | |||
Total revenue | 47,135 | 22,985 | 20,398 |
Product revenue | EMEA | |||
Revenue recognition | |||
Total revenue | 24,300 | 15,186 | 14,917 |
Product revenue | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 9,627 | 5,846 | 5,176 |
Instruments | |||
Revenue recognition | |||
Total revenue | 25,973 | 16,606 | 14,886 |
Instruments | NA | |||
Revenue recognition | |||
Total revenue | 12,138 | 8,680 | 6,250 |
Instruments | EMEA | |||
Revenue recognition | |||
Total revenue | 8,178 | 4,332 | 5,243 |
Instruments | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 5,657 | 3,594 | 3,393 |
Consumable and other products | |||
Revenue recognition | |||
Total revenue | 55,089 | 27,411 | 25,605 |
Consumable and other products | NA | |||
Revenue recognition | |||
Total revenue | 34,997 | 14,305 | 14,148 |
Consumable and other products | EMEA | |||
Revenue recognition | |||
Total revenue | 16,122 | 10,854 | 9,674 |
Consumable and other products | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 3,970 | 2,252 | 1,783 |
Service and other revenue | |||
Revenue recognition | |||
Total revenue | 23,629 | 24,129 | 16,059 |
Service and other revenue | NA | |||
Revenue recognition | |||
Total revenue | 17,807 | 18,882 | 12,809 |
Service and other revenue | EMEA | |||
Revenue recognition | |||
Total revenue | 5,334 | 4,203 | 2,592 |
Service and other revenue | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 488 | 1,044 | 658 |
Service-type warranties | |||
Revenue recognition | |||
Total revenue | 6,628 | 4,921 | 4,633 |
Service-type warranties | NA | |||
Revenue recognition | |||
Total revenue | 4,334 | 3,171 | 3,139 |
Service-type warranties | EMEA | |||
Revenue recognition | |||
Total revenue | 2,039 | 1,543 | 1,323 |
Service-type warranties | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 255 | 207 | 171 |
Research services | |||
Revenue recognition | |||
Total revenue | 14,825 | 17,973 | 10,005 |
Research services | NA | |||
Revenue recognition | |||
Total revenue | 12,101 | 15,011 | 8,845 |
Research services | EMEA | |||
Revenue recognition | |||
Total revenue | 2,600 | 2,225 | 704 |
Research services | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 124 | 737 | 456 |
Other services | |||
Revenue recognition | |||
Total revenue | 2,176 | 1,235 | 1,421 |
Other services | NA | |||
Revenue recognition | |||
Total revenue | 1,372 | 700 | 825 |
Other services | EMEA | |||
Revenue recognition | |||
Total revenue | 695 | 435 | 565 |
Other services | Asia Pacific | |||
Revenue recognition | |||
Total revenue | 109 | 100 | 31 |
Collaboration and license revenue | |||
Revenue recognition | |||
Total revenue | 648 | 11,809 | 184 |
Collaboration and license revenue | NA | |||
Revenue recognition | |||
Total revenue | 360 | 11,685 | 167 |
Collaboration and license revenue | EMEA | |||
Revenue recognition | |||
Total revenue | 288 | 124 | $ 17 |
Grant revenue | |||
Revenue recognition | |||
Total revenue | $ 5,217 | $ 6,422 |
Significant accounting polici_7
Significant accounting policies - Performance obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 7.5 |
Service-type warranties and research services | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 7 |
Undelivered licenses of intellectual property | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 6.4 |
Performance obligation satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 1.1 |
Performance obligation satisfaction period | 24 months |
Significant accounting polici_8
Significant accounting policies - Changes in deferred revenue from contracts with customers (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Changes in deferred revenue from contracts with customers | |
Balance at beginning of period | $ 5,998 |
Deferral of revenue | 8,090 |
Recognition of deferred revenue | (6,628) |
Balance at end of period | $ 7,460 |
Significant accounting polici_9
Significant accounting policies - Costs to obtain a contract (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Change in the balance of costs to obtain a contract | |
Balance at beginning of period | $ 248 |
Deferral of costs to obtain a contract | 905 |
Recognition of costs to obtain a contract | (713) |
Balance at end of period | $ 440 |
Significant accounting polic_10
Significant accounting policies - Practical expedients (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue recognition | |
Revenue, Practical Expedient, Financing Component [true false] | true |
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true |
Significant accounting polic_11
Significant accounting policies - Grant revenue (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total revenue | $ 110,556 | $ 86,377 | $ 56,734 | |
Research and Development Expense | 27,978 | 20,174 | $ 16,190 | |
RADx WP2 | ||||
Total revenue | 17,700 | |||
Contract value | $ 18,200 | |||
Research and Development Expense | 3,400 | 2,600 | ||
Grant revenue | ||||
Total revenue | 5,217 | 6,422 | ||
Grant revenue | RADx WP2 | ||||
Total revenue | 9,576 | 4,362 | ||
Contract value | $ 18,200 | $ 18,200 |
Significant accounting polic_12
Significant accounting policies - Summarizes the activity under WP2 (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 110,556 | $ 86,377 | $ 56,734 | |
Grant revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,217 | 6,422 | ||
RADx WP2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,700 | |||
Total WP2 grant amount | $ 18,200 | |||
RADx WP2 | Grant revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,576 | 4,362 | ||
Total proceeds used for assets | 8,104 | 826 | ||
Total deferred proceeds for assets | 2,478 | |||
Total deferred grant revenue | 304 | |||
Total recognized | 17,680 | 7,970 | ||
Total amount accrued | (2,968) | |||
Total cash received | 17,680 | 5,002 | ||
Total proceeds received | 17,680 | 5,002 | ||
Total proceeds reasonably assured | 520 | 13,198 | ||
Total WP2 grant amount | $ 18,200 | $ 18,200 |
Significant accounting polic_13
Significant accounting policies - Net loss per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested restricted common stock and restricted stock units | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share | 531,473 | 518,387 | 409,929 |
Outstanding stock options | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share | 2,304,543 | 2,494,045 | 2,507,062 |
Common stock | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share | 10,000 | 10,000 |
Significant accounting polic_14
Significant accounting policies - Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash equivalents | |||
Cash | $ 64,372 | $ 19,535 | |
Money Market funds invested in U.S. Treasury obligations | 332,093 | 162,049 | |
Cash and cash equivalents | $ 396,465 | $ 181,584 | $ 109,155 |
Significant accounting polic_15
Significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Laboratory and manufacturing equipment | |
Property and equipment | |
Estimated useful life (in years) | 5 years |
Computers and software | |
Property and equipment | |
Estimated useful life (in years) | 3 years |
Office furniture and equipment | |
Property and equipment | |
Estimated useful life (in years) | 7 years |
Significant accounting polic_16
Significant accounting policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of financial instruments | ||
Cash equivalents | $ 332,093 | $ 162,049 |
Total | 332,093 | 162,049 |
Level 1 | ||
Fair value of financial instruments | ||
Cash equivalents | 332,093 | 162,049 |
Total | $ 332,093 | $ 162,049 |
Significant accounting polic_17
Significant accounting policies - Warranties (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Warranty period (in years) | 1 year |
Significant accounting polic_18
Significant accounting policies - Credit, product and supplier concentrations and off-balance-sheet risk (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable | Customers outside the United States | |||
Concentration Risk | |||
Concentration risk (in percent) | 39.00% | 29.00% | |
Accounts Receivable | One customer | |||
Concentration Risk | |||
Concentration risk (in percent) | 18.00% | 19.00% | |
Revenue | One customer | |||
Concentration Risk | |||
Concentration risk (in percent) | 13.00% | ||
Revenue | Customer | |||
Concentration Risk | |||
Concentration risk (in percent) | 10.00% | 10.00% |
Significant accounting polic_19
Significant accounting policies - Stock-based compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncement, Early Adoption | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 6 years | 6 years | 6 years |
Weighted-average grant date fair value | $ 29.96 | $ 12.66 | $ 9.09 |
Minimum | |||
New Accounting Pronouncement, Early Adoption | |||
Risk-free interest rate | 0.40% | 0.40% | 1.40% |
Expected volatility | 49.20% | 43.90% | 33.50% |
Maximum | |||
New Accounting Pronouncement, Early Adoption | |||
Risk-free interest rate | 1.30% | 1.70% | 2.60% |
Expected volatility | 55.60% | 49.20% | 39.70% |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory | ||
Raw Materials | $ 7,892 | $ 5,265 |
Work in process | 4,923 | 3,306 |
Finished goods | 9,375 | 6,285 |
Total | $ 22,190 | $ 14,856 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment | |||
Property and equipment, gross | $ 25,665 | $ 20,348 | |
Less: accumulated depreciation | (7,705) | (6,436) | |
Total | 17,960 | 13,912 | |
Depreciation expense | 2,800 | 2,200 | $ 1,600 |
Laboratory and manufacturing equipment | |||
Property and equipment | |||
Property and equipment, gross | 9,742 | 8,523 | |
Laboratory and manufacturing instruments used internally | |||
Property and equipment | |||
Property and equipment, gross | 3,900 | 3,400 | |
Less: accumulated depreciation | (1,500) | (1,800) | |
Office furniture and equipment. | |||
Property and equipment | |||
Property and equipment, gross | 1,617 | 1,556 | |
Computers and software | |||
Property and equipment | |||
Property and equipment, gross | 3,893 | 1,504 | |
Leasehold improvements | |||
Property and equipment | |||
Property and equipment, gross | $ 10,413 | $ 8,765 |
Other accrued expenses (Details
Other accrued expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other accrued expenses | ||
Accrued inventory purchases | $ 568 | $ 527 |
Accrued property and equipment purchases | 229 | 670 |
Accrued royalties | 1,250 | 1,845 |
Accrued professional services | 2,126 | 797 |
Accrued development costs | 566 | 323 |
Accrued tax liabilities | 430 | 156 |
Accrued other | 1,317 | 527 |
Total accrued expenses | $ 6,486 | $ 4,845 |
Income taxes - Components of lo
Income taxes - Components of loss before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of loss before income taxes | |||
United States | $ (56,554) | $ (29,896) | $ (40,010) |
Foreign | (1,170) | (2,010) | (973) |
Loss before income taxes | $ (57,724) | $ (31,906) | $ (40,983) |
Income taxes - Provision for in
Income taxes - Provision for income tax benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
State | $ (30) | $ (13) | $ (20) |
Foreign | (342) | (102) | (93) |
Total deferred income tax benefit | (372) | (115) | (113) |
Deferred | |||
Federal | 5 | (8) | (3) |
State | (6) | (3) | (1) |
Foreign | 409 | 502 | 304 |
Total deferred income tax benefit (provision) | 408 | 491 | 300 |
Total income tax benefit | $ 36 | $ 376 | $ 187 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the federal statutory income tax rate to the effective tax rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Taxable goodwill or intangible assets | $ 66,000 | $ 49,000 | |
Reconciliation of the federal statutory income tax rate to the effective tax rate | |||
Federal statutory income tax rate (in percent) | 21.00% | 21.00% | 21.00% |
Foreign tax rate differential (in percent) | 0.30% | ||
State taxes, net of federal benefit (in percent) | 6.50% | 2.50% | 3.20% |
Tax credits (in percent) | 2.00% | 1.60% | 2.30% |
Share-based compensation (in percent) | 7.40% | 5.20% | 2.30% |
Permanent items (in percent) | (1.80%) | (0.40%) | (0.90%) |
Deferred tax rate change (in percent) | 0.20% | 0.30% | (1.40%) |
Change in valuation allowance (in percent) | (34.80%) | (29.70%) | (24.60%) |
Other (in percent) | (0.40%) | 0.40% | (1.40%) |
Effective income tax rate (in percent) | 0.10% | 1.20% | 0.50% |
Impact of Acquisition (in percent) | 21.00% | ||
UmanDiagnostics AB Acquisition | |||
Income Taxes | |||
Taxable goodwill or intangible assets | $ 0 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 67,543 | $ 50,233 | |
Tax credits | 6,113 | 5,101 | |
Deferred revenue | 1,862 | 2,167 | |
Amortization | 962 | 1,054 | |
Stock-based compensation | 3,138 | 1,956 | |
Inventory | 686 | ||
Lease liability | 5,464 | 5,703 | |
Other deferred tax assets | 2,340 | 2,533 | |
Total deferred tax assets | 88,108 | 68,747 | |
Less: valuation allowances | (83,121) | (63,609) | $ (54,137) |
Net deferred tax assets | 4,987 | 5,138 | |
Right-of-Use Assets | (2,867) | (2,957) | |
Depreciation | (1,752) | (1,775) | |
Amortization acquired intangibles | (2,208) | (2,880) | |
Inventory | (64) | ||
Goodwill | (66) | (49) | |
Other deferred tax liabilities | (129) | (61) | |
Net deferred tax liabilities | $ (2,035) | $ (2,648) |
Income taxes - Valuation allowa
Income taxes - Valuation allowance deferred tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes | ||
Balance, beginning of year | $ 63,609 | $ 54,137 |
Change in valuation allowance | 19,512 | 9,472 |
Balance, end of year | $ 83,121 | $ 63,609 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||||
Cumulative change in ownership related to percentage points | 5.00% | ||||
Percentage Points Related To Ownership Change | 50.00% | ||||
Rolling Period Duration Of Ownership Change | 3 years | ||||
Filed for refund under the CARES Act relating to ERC | $ 2,100 | ||||
Accrued interest or penalties | $ 0 | $ 0 | $ 0 | ||
Federal | |||||
Income Taxes | |||||
Net operating loss (NOL) carryforwards | 267,200 | ||||
Federal | Through Tax Year 2037 | |||||
Income Taxes | |||||
Operating Loss Carryforwards, Subject To Expiry | $ 108,500 | ||||
Operating Loss Carryforwards, Not Subject To Expiry | $ 158,700 | ||||
Federal | Through Tax Year 2041 | |||||
Income Taxes | |||||
Tax credit carryforwards | 5,100 | ||||
State | Through Tax Year 2041 | |||||
Income Taxes | |||||
Net operating loss (NOL) carryforwards | 17,000 | ||||
Tax credit carryforwards | $ 1,300 |
Stockholders' equity - Share-ba
Stockholders' equity - Share-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | |||
Share-based compensation expense | $ 15,975 | $ 10,099 | $ 6,388 |
Cost of product revenue | |||
Stock-based compensation | |||
Share-based compensation expense | 471 | 189 | 86 |
Cost of service and other revenue | |||
Stock-based compensation | |||
Share-based compensation expense | 403 | 311 | 238 |
Research and development | |||
Stock-based compensation | |||
Share-based compensation expense | 1,807 | 1,129 | 718 |
General and administrative | |||
Stock-based compensation | |||
Share-based compensation expense | 13,294 | $ 8,470 | $ 5,346 |
Restricted stock units and stock options | |||
Stock-based compensation | |||
Total unrecognized compensation cost related to unvested stock awards | $ 35,800 | ||
Period of recognition of unrecognized compensation cost | 2 years 10 months 24 days |
Stockholders' equity - Stock-ba
Stockholders' equity - Stock-based compensation plans (Details) - shares | Jan. 03, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
2007 Plan | |||||
Stock-based compensation | |||||
Shares available for grant under the plan (in shares) | 0 | ||||
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding) | 4.00% | ||||
2017 Plan | |||||
Stock-based compensation | |||||
Shares authorized under the plan (in shares) | 1,042,314 | ||||
Shares outstanding (in shares) | 2,026,021 | ||||
Shares available for grant under the plan (in shares) | 1,434,072 | ||||
2017 ESPP | |||||
Stock-based compensation | |||||
Shares authorized under the plan (in shares) | 612,572 | ||||
Shares available for grant under the plan (in shares) | 1,137,595 | ||||
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding) | 1.00% | ||||
Increase in the shares available for grant under the plan (in shares) | 367,357 | ||||
Outstanding stock options | |||||
Stock-based compensation | |||||
Options outstanding (in shares) | 2,204,813 | 2,494,045 | |||
Outstanding stock options | 2007 Plan | |||||
Stock-based compensation | |||||
Options outstanding (in shares) | 709,772 | ||||
Shares authorized under the plan (in shares) | 2,490,290 |
Stockholders' equity - Warrants
Stockholders' equity - Warrants (Details) - Warrants | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number outstanding | |
Outstanding at the beginning of the period (in shares) | shares | 10,000 |
Exercised (in shares) | shares | (10,000) |
Outstanding at the end of the period (in shares) | shares | |
Weighted Average Exercise Price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 21 |
Exercised (in dollars per share) | $ / shares | 21 |
Outstanding at the end of the period (in dollars per share) | $ / shares |
Stockholders' equity - Stock op
Stockholders' equity - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Aggregate intrinsic value | |||
Weighted-average fair value of options granted | $ 29.96 | $ 12.66 | $ 9.09 |
Share-based compensation expense | $ 15,975 | $ 10,099 | $ 6,388 |
Outstanding stock options | |||
Stock-based compensation | |||
Options expiration period (in years) | 10 years | ||
Number outstanding | |||
Outstanding at the beginning of the period (in shares) | 2,494,045 | ||
Granted (in shares) | 439,209 | ||
Exercised (in shares) | (516,804) | ||
Cancelled or forfeited (in shares) | (211,637) | ||
Outstanding at the end of the period (in shares) | 2,204,813 | 2,494,045 | |
Vested and expected to vest at the end of the period (in shares) | 1,493,289 | ||
Exercisable at the end of the period (in shares) | 2,204,813 | ||
Weighted-average exercise price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 17.73 | ||
Granted (in dollars per share) | 62.06 | ||
Exercised (in dollars per share) | 15.24 | ||
Cancelled or forfeited (in dollars per share) | 36.32 | ||
Outstanding at the end of the period (in dollars per share) | 25.36 | $ 17.73 | |
Vested and expected to vest at the end of the period (in dollars per share) | 16.34 | ||
Exercisable at the end of the period (in dollars per share) | $ 25.36 | ||
Remaining contractual life | |||
Outstanding (in years) | 6 years 9 months 3 days | 7 years 3 months 7 days | |
Vested and expected to vest at the end of the period (in years) | 5 years 10 months 24 days | ||
Exercisable at the end of the period (in years) | 6 years 9 months 3 days | ||
Aggregate intrinsic value | |||
Outstanding at the beginning of the period | $ 71,760 | ||
Outstanding at the end of the period | 44,813 | $ 71,760 | |
Vested and expected to vest at the end of the period | 39,191 | ||
Exercisable at the end of the period | $ 44,813 | ||
Outstanding stock options | Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years | |||
Stock-based compensation | |||
Vesting period (in years) | 4 years | ||
Vesting percentage 1 (as a percent) | 25.00% | ||
Outstanding stock options | Remaining 75% vesting ratably on a monthly basis over the remaining three years | |||
Stock-based compensation | |||
Vesting period (in years) | 3 years | ||
Vesting percentage 1 (as a percent) | 75.00% |
Stockholders' equity - Restrict
Stockholders' equity - Restricted stock (Details) - Restricted stock - shares | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | 0 | 0 | ||
2007 Plan | Executive | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 781,060 | ||||
Vesting period (in years) | 4 years | ||||
2007 Plan | Executive | Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage 1 (as a percent) | 25.00% | ||||
2007 Plan | Executive | Remaining 75% vesting ratably on a monthly basis over the remaining three years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 3 years | ||||
Vesting percentage 1 (as a percent) | 75.00% |
Stockholders' equity - Restri_2
Stockholders' equity - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted-average grant date fair value per share | |||
Share-based compensation expense | $ 15,975 | $ 10,099 | $ 6,388 |
Restricted stock units | |||
Number of restricted stock units | |||
Unvested restricted common stock at the beginning of the period (in shares) | 478,581 | ||
Granted (in shares) | 428,235 | ||
Vested (in shares) | (267,189) | ||
Cancelled (in shares) | (109,756) | ||
Unvested restricted common stock at the end of the period (in shares) | 529,871 | 478,581 | |
Expected to convert | 529,871 | ||
Weighted-average grant date fair value per share | |||
Unvested restricted common stock at the beginning of the period (in dollars per share) | $ 28.08 | ||
Granted (in dollars per share) | 58.20 | ||
Vested (in dollars per share) | 27.31 | ||
Cancelled (in dollars per share) | 44.64 | ||
Unvested restricted common stock at the end of the period (in dollars per share) | 49.32 | $ 28.08 | |
Expected to convert (in dollars per share) | $ 49.32 | ||
Unvested, Weighted-average remaining contractual life (in years) | 9 years 8 months 4 days | 8 years 9 months 29 days | |
Unvested, Aggregate intrinsic value | $ 22,467 | $ 22,254 | |
Restricted stock | |||
Number of restricted stock units | |||
Granted (in shares) | 0 | 0 | 0 |
Unvested restricted common stock at the end of the period (in shares) | 39,803 | ||
Weighted-average grant date fair value per share | |||
Unvested restricted common stock at the end of the period (in dollars per share) | $ 3.12 |
Leases (Details)
Leases (Details) $ in Thousands | Apr. 01, 2019USD ($)itemft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) |
Right-of-use assets | $ 11,491 | $ 11,995 | |||
Long term lease liabilities | 20,464 | 21,891 | |||
Rent expense | 5,400 | $ 4,800 | $ 3,300 | ||
Lease for facilities in Billerica, Massachusetts | |||||
Term of operating lease | 137 months | ||||
Square footage of office and laboratory space | ft² | 92,000 | ||||
Drawing capacity | $ 1,000 | ||||
Landlord Contribution Towards Tenant Improvements | $ 8,200 | ||||
Lease agreement number of options to extend | item | 2 | ||||
Lease agreement lease extension term | 5 years | ||||
Right-of-use assets | $ 12,200 | ||||
Long term lease liabilities | 22,700 | ||||
Deferred rent expense | 3,000 | ||||
Lease obligation incentive | $ 7,600 | ||||
Tristeyagen Umea Lease | Maximum | |||||
Right-of-use assets | 100 | ||||
Long term lease liabilities | $ 100 |
Leases - Lease costs recognized
Leases - Lease costs recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease costs | ||
Operating lease costs | $ 2,660 | $ 2,663 |
Total lease cost | 2,660 | 2,663 |
Operating cash flows used for operating leases | $ 3,388 | $ 2,108 |
Weighted average remaining lease term | 8 years 7 months 6 days | 9 years 9 months 18 days |
Weighted average discount rate | 9.73% | 9.73% |
Leases - Future minimum commitm
Leases - Future minimum commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases | |
2022 | $ 3,466 |
2023 | 3,515 |
2024 | 3,557 |
2025 | 3,655 |
2026 | 3,765 |
thereafter | 14,782 |
Total lease payments | 32,740 |
Less: imputed interest | 10,850 |
Operating Lease, Liability | $ 21,890 |
Commitments and contingencies -
Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
License agreements | |||
Cost of Revenue | $ 48,828 | $ 38,195 | $ 29,898 |
Other licenses | |||
License agreements | |||
Royalty expense | 0 | 0 | 800 |
Annual minimum royalty to be paid under the license agreement | 50 | ||
Tufts | License agreements | |||
License agreements | |||
Royalty expense | $ 1,600 | 1,100 | $ 1,000 |
Collaboration and license revenue | |||
License agreements | |||
Cost of Revenue | 1,000 | ||
Collaboration and license revenue | Tufts | |||
License agreements | |||
Cost of Revenue | $ 1,000 |
Notes payable (Details)
Notes payable (Details) - Loan agreement $ in Millions | Oct. 01, 2021USD ($) | Jul. 01, 2021installment | Apr. 14, 2014 | Dec. 31, 2021USD ($) |
Long Term Debt | ||||
Additional amounts available to borrow | $ 0 | |||
Interest rate (as a percent) | 8.00% | |||
Final principal payment, including end of term fees | $ 2 | |||
Loan principal payment installment | installment | 4 | |||
Prime rate | ||||
Long Term Debt | ||||
Margin on variable interest rate (as a percent) | 5.25% |
At-the-market offering (Details
At-the-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 08, 2019 | Jun. 05, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 19, 2019 |
Common stock, aggregate offering price | $ 37 | $ 32 | ||||
Sale of common stock (in shares) | 2.7 | |||||
At-the-market offering. | ||||||
Sale of common stock (in shares) | 2.2 | |||||
Shares issued price (in dollars per share) | $ 22.73 | |||||
Gross proceeds | $ 49,700 | |||||
Stock issuance cost | 1,700 | |||||
Sale of common stock | $ 48,000 | $ 48,019 | ||||
At-the-market offering. | Maximum | ||||||
Common stock, aggregate offering price | $ 50,000 |
Underwritten public offerings (
Underwritten public offerings (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 03, 2021 | Aug. 06, 2020 | Aug. 08, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Sale of common stock in underwritten public offering, net (in shares) | 2.7 | |||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Underwritten public offering | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Sale of common stock in underwritten public offering, net (in shares) | 4.1 | 3 | 2.7 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Gross proceeds | $ 287,500 | $ 97,600 | $ 69,000 | |||
Stock issuance cost | 17,800 | 6,200 | 4,500 | |||
Proceeds from sale of common stock, net of issuance costs | $ 269,700 | $ 91,400 | $ 64,500 | $ 269,718 | $ 91,404 | $ 64,529 |
Collaboration and license arr_2
Collaboration and license arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Collaboration and license arrangements | |||
Revenue | $ 110,556 | $ 86,377 | $ 56,734 |
Previously deferred revenue | 1,200 | ||
Deferred revenue | 500 | 500 | |
Joint development and license agreement | Maximum | |||
Collaboration and license arrangements | |||
Revenue | 100 | 100 | 100 |
Abbot license agreement | |||
Collaboration and license arrangements | |||
Initial license fee receivable | $ 10,000 | ||
Number of days notice to terminate agreement | 60 days | ||
Collaboration and license revenue | |||
Collaboration and license arrangements | |||
Revenue | $ 648 | 11,809 | $ 184 |
Collaboration and license revenue | Abbot license agreement | |||
Collaboration and license arrangements | |||
Revenue | $ 0 | $ 10,000 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefit plans | |||
Contribution made to the 401 (k) Plan | $ 1.1 | $ 0.7 | $ 0.5 |
Business combinations (Details)
Business combinations (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 |
Assets (liabilities) acquired: | ||||||
Goodwill | $ 9,632 | $ 10,460 | ||||
Total revenue | 110,556 | 86,377 | $ 56,734 | |||
Net loss | (57,688) | (31,530) | (40,796) | |||
Revenue (unaudited) | 57,597 | |||||
Pre-tax loss (unaudited) | (38,636) | |||||
UmanDiagnostics AB Acquisition | ||||||
Fair value of consideration transferred: | ||||||
Common stock shares consideration | 191,152 | |||||
Common stock | $ 5,500 | |||||
Capital stock shares outstanding, percent | 95.00% | 5.00% | ||||
Cash and stock paid | $ 21,217 | |||||
Cash and cash equivalents acquired | 1,221 | |||||
Cash | 15,700 | |||||
Purchase price, net | 19,996 | |||||
Assets (liabilities) acquired: | ||||||
Accounts receivable | 638 | |||||
Inventory | 1,680 | |||||
Prepaids and other current assets | 114 | |||||
Property and equipment | 33 | |||||
Intangibles | 13,450 | |||||
Goodwill | 8,111 | |||||
Accounts payable | (20) | |||||
Accrued expense and other current liabilities | (871) | |||||
Deferred tax liabilities | (3,139) | |||||
Total | $ 19,996 | |||||
Total revenue | $ 1,100 | 1,800 | 1,500 | |||
Net loss | 100 | 100 | ||||
Transaction costs | $ 0 | $ 0 | $ 1,900 | |||
UmanDiagnostics AB Acquisition | Maximum | ||||||
Assets (liabilities) acquired: | ||||||
Net loss | $ 100 |
Goodwill and acquired intangi_3
Goodwill and acquired intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rollforward of goodwill balance | |||
Balance as of beginning of period | $ 10,460 | ||
Cumulative translation adjustment | (828) | ||
Balance as of end of period | 9,632 | $ 10,460 | |
Purchased intangible assets | |||
Gross Carrying Value | 16,400 | 16,400 | |
Accumulated Amortization | (6,114) | (4,101) | |
Cumulative Translation Adjustment | 248 | 1,417 | |
Net Carrying Value | 10,534 | 13,716 | |
Amortization expense | 2,000 | $ 2,100 | $ 1,400 |
Estimated amortization expense | |||
2022 | 1,930 | ||
2023 | 1,848 | ||
2024 | 1,733 | ||
2025 | 1,618 | ||
2026 | 1,589 | ||
Thereafter | 1,816 | ||
Estimated Amortization Expenses | $ 10,534 | ||
Know How | |||
Purchased intangible assets | |||
Estimated Useful Life | 8 years 6 months | 8 years 6 months | |
Gross Carrying Value | $ 13,000 | $ 13,000 | |
Accumulated Amortization | (3,825) | (2,296) | |
Cumulative Translation Adjustment | 241 | 1,374 | |
Net Carrying Value | $ 9,416 | $ 12,078 | |
Weighted average life remaining | 6 years | 7 years | |
Developed technology | |||
Purchased intangible assets | |||
Estimated Useful Life | 7 years | 7 years | |
Gross Carrying Value | $ 1,650 | $ 1,650 | |
Accumulated Amortization | (1,277) | (1,036) | |
Net Carrying Value | $ 373 | $ 614 | |
Weighted average life remaining | 3 years 1 month 6 days | 4 years 1 month 6 days | |
Customer relationships | |||
Purchased intangible assets | |||
Gross Carrying Value | $ 1,360 | $ 1,360 | |
Accumulated Amortization | (792) | (618) | |
Cumulative Translation Adjustment | 2 | 12 | |
Net Carrying Value | $ 570 | $ 754 | |
Weighted average life remaining | 6 years 1 month 6 days | 7 years 1 month 6 days | |
Noncompete Agreements | |||
Purchased intangible assets | |||
Estimated Useful Life | 5 years 6 months | 5 years 6 months | |
Gross Carrying Value | $ 340 | $ 340 | |
Accumulated Amortization | (170) | (102) | |
Cumulative Translation Adjustment | 5 | 31 | |
Net Carrying Value | $ 175 | $ 269 | |
Weighted average life remaining | 3 years | 4 years | |
Trade names | |||
Purchased intangible assets | |||
Estimated Useful Life | 3 years | 3 years | |
Gross Carrying Value | $ 50 | $ 50 | |
Accumulated Amortization | $ (50) | (49) | |
Net Carrying Value | $ 1 | ||
Weighted average life remaining | 1 month 6 days | ||
Minimum | Customer relationships | |||
Purchased intangible assets | |||
Estimated Useful Life | 8 years 6 months | 8 years 6 months | |
Maximum | Customer relationships | |||
Purchased intangible assets | |||
Estimated Useful Life | 10 years | 10 years |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 14, 2019 | Nov. 13, 2019 | Nov. 28, 2018 | |
Related party transactions | ||||||
Cost of revenue | $ 48,828,000 | $ 38,195,000 | $ 29,898,000 | |||
Collaboration and license revenue | ||||||
Related party transactions | ||||||
Cost of revenue | 1,000,000 | |||||
Tufts | Collaboration and license revenue | ||||||
Related party transactions | ||||||
Cost of revenue | 1,000,000 | |||||
Tufts | License Agreement | ||||||
Related party transactions | ||||||
Royalty Expense | 1,600,000 | 1,100,000 | 1,000,000 | |||
Harvard University | ||||||
Related party transactions | ||||||
Related party revenue | 200,000 | $ 100,000 | $ 100,000 | |||
PPH | Maximum | ||||||
Related party transactions | ||||||
Commitment to sponsor agreement | $ 200,000 | $ 120,000 | $ 120,000 | |||
Total contributions to sponsor agreement | $ 100,000 |
Subsequent events (Details)
Subsequent events (Details) | Jan. 28, 2022USD ($) | Dec. 31, 2021USD ($) |
Subsequent events | ||
Security deposit | $ 900,000 | |
Subsequent event | ||
Subsequent events | ||
Term of operating lease | 8 years 9 months | |
Security deposit | $ 500,000 | |
Security deposit reduction term | 60 months | |
Subsequent event | Office Space in Bedford, Massachusetts | ||
Subsequent events | ||
Square footage of office and laboratory space | 53,000 | |
Subsequent event | Laboratory Space in Bedford, Massachusetts | ||
Subsequent events | ||
Square footage of office and laboratory space | 32,770 |