Quanterix (QTRX) 10-K 6 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 558
Entity Common Stock, Shares Outstanding		37,248,605
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 338,740	$ 396,465
Accounts receivable (less allowance for credit losses of $118 and $419 as of December 31, 2022 and December 31, 2021, respectively; including $89 and $200 due from related parties as of December 31, 2022 and December 31, 2021, respectively)	19,017	23,786
Inventory	16,786	22,190
Prepaid expenses and other current assets	6,860	6,514
Total current assets	381,403	448,955
Restricted cash	2,597	2,577
Property and equipment, net	20,162	17,960
Intangible assets, net	7,516	10,534
Goodwill		9,632
Right-of-use assets	21,223	11,491
Other non-current assets	1,298	378
Total assets	434,199	501,527
Current liabilities:
Accounts payable (including $0 and $42 to related parties as of December 31, 2022 and December 31, 2021, respectively)	3,836	9,209
Accrued compensation and benefits	10,658	13,252
Other accrued expenses	4,747	6,486
Deferred revenue (including $69 and $54 with related parties as of December 31, 2022 and December 31, 2021, respectively)	8,644	6,361
Short term lease liabilities	2,687	1,428
Other current liabilities	386	241
Total current liabilities	30,958	36,977
Deferred revenue, net of current portion	1,415	1,099
Long term lease liabilities	41,417	20,464
Other non-current liabilities	1,469	2,035
Total liabilities	75,259	60,575
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.001 par value: Authorized shares: 120,000,000 at December 31, 2022 and December 31, 2021, respectively; Issued and outstanding: 37,279,994 shares and 36,768,035 shares at December 31, 2022 and December 31, 2021, respectively	37	37
Additional paid-in capital	763,688	745,936
Accumulated other comprehensive income	(2,623)	441
Accumulated deficit	(402,162)	(305,462)
Total stockholders' equity	358,940	440,952
Total liabilities and stockholders' equity	$ 434,199	$ 501,527

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Accounts receivable, reserve for doubtful accounts	$ 118	$ 419
Accounts receivable, related parties	89	200
Accounts payable, related parties	0	42
Deferred revenue, related parties	$ 69	$ 54
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	37,279,994	36,768,035
Common stock, shares outstanding	37,279,994	36,768,035

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 105,522	$ 110,556	$ 86,377
Costs of goods sold:
Total costs of goods sold, services, and licenses	58,716	48,828	38,195
Gross profit	46,806	61,728	48,182
Operating expenses:
Research and Development Expense (including related party activity of $696, $565, and $235 for the years ended December 31, 2022, 2021, and 2020 respectively)	25,890	27,978	20,174
Selling, general and administrative (including related party activity of $41, $89, and $37 for the years ended December 31, 2022, 2021, and 2020 respectively)	91,995	92,336	59,592
Other lease costs	1,278
Restructuring	3,755
Goodwill impairment	8,220
Impairment expense	17,372	0	0
Total operating expenses	148,510	120,314	79,766
Loss from operations	(101,704)	(58,586)	(31,584)
Interest income (expense), net	5,131	(403)	(273)
Other (expense) income, net	(62)	1,265	(49)
Loss before income taxes	(96,635)	(57,724)	(31,906)
Income tax (expense) benefit	(65)	36	376
Net loss	$ (96,700)	$ (57,688)	$ (31,530)
Net loss per share, basic (in dollars per share)	$ (2.61)	$ (1.60)	$ (1.07)
Net loss per share, diluted (in dollars per share)	$ (2.61)	$ (1.60)	$ (1.07)
Weighted-average common shares outstanding, basic (in shares)	36,990,965	35,997,473	29,589,132
Weighted-average common shares outstanding, diluted (in shares)	36,990,965	35,997,473	29,589,132
Product revenue
Total revenue	$ 69,808	$ 81,062	$ 44,017
Costs of goods sold:
Total costs of goods sold, services, and licenses	40,809	34,149	25,950
Service and other revenue
Total revenue	34,495	23,629	24,129
Costs of goods sold:
Total costs of goods sold, services, and licenses	17,907	14,679	11,245
Collaboration and license revenue
Total revenue	649	648	11,809
Costs of goods sold:
Total costs of goods sold, services, and licenses			1,000
Grant revenue
Total revenue	$ 570	$ 5,217	$ 6,422

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party activity research and development expenses	$ 696	$ 565	$ 235
Related party activity in selling, general and administrative expenses	41	89	37
Product revenue
Related party revenue	2,634	505	580
Cost of revenue, related party activity	154	1,936	205
Service and other revenue
Related party revenue	11	114	202
Cost of revenue, related party activity	87	74	52
Collaboration and license revenue
Cost of revenue, related party activity	$ 0	$ 0	$ 1,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Loss
Net loss	$ (96,700)	$ (57,688)	$ (31,530)
Other comprehensive loss:
Foreign currency translation adjustment	(3,064)	(1,993)	2,587
Total other comprehensive loss	(3,064)	(1,993)	2,587
Comprehensive loss	$ (99,764)	$ (59,681)	$ (28,943)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (96,700)	$ (57,688)	$ (31,530)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	5,349	4,851	4,312
Inventory step-up amortization		275	722
Credit (income) loss expense on accounts receivable	(301)	213	493
Unrealized losses (gains) on foreign currency transactions	(219)	263	(20)
Non-cash lease expense	715	499	245
Stock-based compensation expense	15,442	15,975	10,099
Goodwill impairment	8,220
Impairment of long-lived assets	17,372	0	0
Non-cash interest expense		65	86
Deferred taxes	(226)
Loss on disposal of fixed assets	6	89	171
Changes in operating assets and liabilities:
Accounts receivable	5,156	(6,853)	(6,733)
Prepaid expenses and other assets	(568)	(393)	(3,927)
Inventory	5,386	(8,090)	(5,119)
Other non-current assets	(909)	(2)	198
Accounts payable	(5,362)	2,414	649
Accrued compensation and benefits, other accrued expenses and other current liabilities	(3,976)	606	6,326
Operating lease liabilities	(266)	(1,230)	316
Other non-current liabilities	10	(363)	(488)
Deferred revenue	2,599	1,462	835
Net cash used in operating activities	(48,272)	(47,907)	(23,365)
Investing activities
Purchases of property and equipment	(11,726)	(13,616)	(3,930)
Proceeds from RADx grant on assets purchased	520	7,278	3,304
Net cash used in investing activities	(11,206)	(6,338)	(626)
Financing activities
Proceeds from stock options exercised	1,430	7,750	4,019
Proceeds from ESPP purchase	881	1,065	888
Payments on notes payable		(7,738)	(75)
Net cash provided by financing activities	2,311	270,795	96,236
Net increase in cash and cash equivalents	(57,167)	216,550	72,245
Effect of foreign currency exchange rate on cash	(538)	(92)	158
Cash, restricted cash, and cash equivalents at beginning of period	399,042	182,584	110,181
Cash, restricted cash, and cash equivalents at end of period	341,337	399,042	182,584
Supplemental cash flow information
Cash paid for interest		389	625
Cash paid for taxes	684
Noncash transactions:
Purchases of property and equipment included in accounts payable and other accrued expenses	152	229	1,029
Right-of-use asset obtained in exchange for lease liabilities	$ 22,494
Underwritten public offering
Financing activities
Sale of common stock in underwritten public offering, net		$ 269,718	$ 91,404

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$ 338,740	$ 396,465	$ 181,584
Restricted cash	2,597	2,577	1,000
Total cash, cash equivalents, and restricted cash	$ 341,337	$ 399,042	$ 182,584	$ 110,181

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Total
Beginning Balance at Dec. 31, 2019	$ 28	$ 345,027	$ (153)	$ (216,244)	$ 128,658
Beginning balance (in shares) at Dec. 31, 2019	28,112,201
Increase (Decrease) in Stockholders' Equity
Exercised stock options	$ 1	4,018			4,019
Exercised stock options (in shares)	407,687
Restricted units converted (in shares)	182,036
ESPP stock purchase		888			888
ESPP stock purchase (in shares)	45,846
Sale of common stock in underwritten public offering, net	$ 3	91,401			91,404
Sale of common stock in underwritten public offering, net (in shares)	3,048,774
Stock-based compensation expense		10,099			10,099
Foreign currency 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
Exercised warrants (in shares)	7,347
Exercised stock options	$ 1	7,749			7,750
Exercised stock options (in shares)	516,792
Restricted units converted (in shares)	307,004
ESPP stock purchase		1,065			1,065
ESPP stock purchase (in shares)	29,037
Issuance of common stock (in shares)	4,169
Sale of common stock in underwritten public offering, net	$ 4	269,714			269,718
Sale of common stock in underwritten public offering, net (in shares)	4,107,142
Stock-based compensation expense		15,975			15,975
Foreign currency 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
Exercised stock options		1,430			1,430
Exercised stock options (in shares)	243,792
Restricted units converted		(1)			(1)
Restricted units converted (in shares)	199,938
ESPP stock purchase		881			881
ESPP stock purchase (in shares)	57,485
Issuance of common stock (in shares)	10,744
Stock-based compensation expense		15,442			15,442
Foreign currency translation adjustment			(3,064)		(3,064)
Net loss				(96,700)	(96,700)
Ending Balance at Dec. 31, 2022	$ 37	$ 763,688	$ (2,623)	$ (402,162)	$ 358,940
Ending Balance (in shares) at Dec. 31, 2022	37,279,994

Organization and operations

Organization and operations	12 Months Ended
	Dec. 31, 2022
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’s wholly owned subsidiary UmanDiagnostics AB (Uman), a Swedish company located in Umeå, Sweden, 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. Underwritten public offerings On August 6, 2020, the Company entered into an underwriting agreement with SVB Leerink LLC 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, 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 $402.2 million as of December 31, 2022. The Company incurred net losses of $96.7 million, $57.7 million, and $31.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company had $338.7 million and $396.5 million of unrestricted cash and cash equivalents for the years ended December 31, 2022 and 2021, respectively. The Company expects that its cash and cash equivalents, as of December 31, 2022, will be sufficient to fund its 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, 2022
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 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. Cost of revenue Cost of goods sold for products consists of HD-X, HD-1, and SR-X instrument costs from the manufacturer and related reagents and other consumables. Cost of goods sold for SP-X consists of costs based on the internal assembly of this item. Raw material part costs; inbound freight, shipping and handling costs associated with purchased goods; contract manufacturer costs; personnel costs; royalties; overhead and other direct costs related to those sales are classified as cost of goods sold for products. Cost of service and other revenue consists of raw materials, personnel costs, royalties as well as overhead and other direct costs associated with operating the Accelerator Laboratory on behalf of customers, in addition to costs related to warranties and other costs of servicing equipment at customer sites. ​ 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 consist primarily of personnel costs for the Company’s sales and marketing, finance, legal, human resources and general management, costs associated with shipping and handling for product sales, other general and administrative costs, as well as professional services costs, such as marketing, advertising, legal and accounting services in addition to allocated overhead costs that include facility and other overhead costs. The classification of shipping and handling costs for product sales as selling, general, and administrative expenses varies from company to company with some companies recording these as selling, general and administrative expenses and others recording such expenses within costs of goods sold for products. To the extent the classification of these shipping and handling costs differs from the reporting approach used by other companies, the Company’s gross margins may not be comparable with those reported by such other companies. Shipping and handling costs for product sales included within selling, general and administrative expenses were $7.2 million, $6.9 million and $4.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. 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. 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, ​ 2022 2021 Cash ​ $ 32,643 ​ $ 64,372 Money market funds invested in U.S. Treasury obligations ​ 306,097 ​ 332,093 Total cash and cash equivalents ​ $ 338,740 ​ $ 396,465 ​ 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, 2022. 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. The Company recorded impairment expenses during the year-end December 31, 2022. Refer to Note 7 for additional details. 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 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 some of its instruments. 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 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. Fair value measurements are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs December 31, 2022 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 306,097 $ 306,097 ​ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ Significant ​ ​ ​ ​ ​ in active ​ other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 332,093 $ 332,093 ​ $ — $ — ​ 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 United States represented 41% and 39% of the Company’s gross trade accounts receivable balance as of December 31, 2022, and 2021, respectively. For the year ended December 31, 2022, one customer of approximately $13.7 million revenue accounted for 13% of the Company’s total revenue. For the year ended December 31, 2021, no customers individually accounted for more than 10% of the Company’s total revenue. Stock-based compensation The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation options and restricted stock units. Stock-based compensation costs for employees are recognized as expense over the requisite service period, which is generally the vesting period of the respective awards. 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 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, ​ 2022 ​ 2021 ​ 2020 Risk-free interest rate 1.4% - 4.1% ​ 0.4% - 1.3% ​ 0.4% - 1.7% Expected dividend yield None ​ None ​ None Expected term (in years) 5.0 - 5.8 ​ 6.0 ​ 6.0 Expected volatility 55.0% - 70.8% ​ 49.2% - 55.6% ​ 43.9% - 49.2% Weighted-average grant date fair value $ 9.88 ​ $ 29.96 ​ $ 12.66 ​ The Company uses its historical volatility and implied volatility as a basis to estimate expected volatility in the Company’s valuation of stock options. 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 used 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 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 12 removes certain exceptions for performing intra period tax allocations and calculating income taxes in interim periods. The guidance also simplifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the effect of enacted changes in tax laws or rates in interim periods. The Company early adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue
Revenue	3. Revenue 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. 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 generally 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. For contract research services recognized over time, the Company uses the output method to measure the progress toward the complete satisfaction of the performance obligations. Revenues from other services are immaterial. During the first quarter of 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (Lilly) establishing a framework for future projects focused on the development of Simoa immunoassays (the Lilly Collaboration Agreement). The Company also entered into a Statement of Work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. In connection with the Lilly Collaboration Agreement, the Company received a non-refundable up-front payment of $5.0 million during the first quarter of 2022, and under the Statement of Work received $1.5 million per calendar quarter during 2022, beginning with the first quarter of 2022. The revenue has been recognized over a one-year period. The Lilly Collaboration Agreement automatically renews on a quarterly basis unless Lilly provides 100 days’ termination notice. Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the Lilly License) under which Lilly granted to the Company a non-exclusive license to Lilly’s proprietary P-tau217 antibody technology for potential near-term use in research use only products and services and future in vitro diagnostics applications within the field of Alzheimer’s disease. In consideration of the license, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay a royalty on net sales of licensed products. The Company concluded that the Lilly Collaboration Agreement (including the Statement of Work) and the Lilly License represented a single contract with a customer and we are accounting for the agreements as service revenue recognized over time as the services are delivered. The transaction price for the Lilly Collaboration Agreement is $10.9 million. Contingent amounts due to Lilly, under the Lilly License, represent variable consideration payable to a customer and will be recognized as reductions to service revenue up to the amount of the transaction price recognized, when probable. The Company is utilizing an input method to measure the delivery of services by calculating costs incurred at each period end relative to total costs expected to be incurred. During the year ended December 31, 2022, the Company recognized approximately $10.9 million of revenue from the Lilly Collaboration Agreement. Collaboration and license revenue The Company may enter into agreements to license the intellectual property and know-how associated with its instruments and certain antibodies 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. Payment terms The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation. The Company does not provide financing arrangements to its customers. 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 by revenue type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 (in thousands) ​ North America EMEA Asia Pacific Total Product revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments ​ $ 9,254 ​ ​ 8,362 ​ ​ 7,388 ​ $ 25,004 Consumable and other products ​ ​ 25,894 ​ ​ 14,514 ​ ​ 4,396 ​ ​ 44,804 Total ​ $ 35,148 $ 22,876 $ 11,784 $ 69,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties ​ $ 5,581 ​ $ 2,779 ​ $ 480 ​ $ 8,840 Research services ​ ​ 22,493 ​ ​ 1,013 ​ ​ 147 ​ 23,653 Other services ​ ​ 1,144 ​ ​ 722 ​ ​ 136 ​ ​ 2,002 Total ​ $ 29,218 ​ $ 4,514 ​ $ 763 ​ $ 34,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ $ 274 ​ $ 323 ​ $ 52 ​ $ 649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 (in thousands) ​ North America 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 (in thousands) ​ North America 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 ​ 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. Accounting Standard Codification (ASC) Topic 606, Revenue from Contracts with Customers Changes in deferred revenue from contracts with customers were as follows (in thousands): ​ ​ ​ ​ ​ Year Ended December 31, 2022 Balance at December 31, 2021 $ 7,460 Deferral of revenue ​ 11,444 Recognition of deferred revenue ​ (8,845) Balance at December 31, 2022 $ 10,059 ​ 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, 2022 is $10.1 million. Of the performance obligations not yet satisfied or that are partially satisfied, $8.6 million is expected to be recognized as revenue in the next 12 months, with the remainder amounts Costs to obtain a contract The Company’s sales commissions are generally based on bookings 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 change in the balance of costs to obtain a contract are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 Balance at January 1 $ 440 Deferral of costs to obtain a contract ​ 1,387 Recognition of costs to obtain a contract ​ (1,450) Balance at December 31 $ 377 ​ The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets and will subsequently amortize 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 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. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. 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 as of December 31, 2022, and 2021, respectively. The Company has elected to account for the 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. Grant revenue The Company recognizes grant revenue as the Company 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 grants to for profit business entities from government entities, the Company has accounted for grants obtained with the National Institute of Health (NIH) under its Rapid Acceleration of Diagnostics (RADx) program by analogy to International Accounting Standards Topic 20, Accounting for Government Grants and Disclosure of Government Assistance Not for-Profit Entities 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. Under ASC 958, 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 ASC 958. 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. RADx grant On September 29, 2020, the Company entered into WP2 with the NIH under its RADx program. The contract, which had a total award value of $18.2 million, accelerated the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The contract provided funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under WP2 was 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. The Company has received the full $18.2 million under WP2. During the year ended December 31, 2022, the Company recognized no grant revenue and incurred no research and development expense related to WP2. During the year ended December 31, 2021, the Company recognized $5.2 million in grant revenue and incurred $3.4 million in research and development expense related to WP2. During the year ended December 31, 2020, the Company recognized $4.4 million in grant revenue and incurred $2.6 million in research and development expense related to WP2. The RADx Grant contains 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. The following table summarizes the cumulative activity under the RADx Grant (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ December 31, 2020 Total grant revenue from research and development activities $ 9,576 ​ $ 9,576 ​ $ 4,362 Total proceeds used for assets ​ 8,624 ​ ​ 8,104 ​ ​ 826 Total deferred proceeds for assets ​ — ​ ​ — ​ ​ 2,478 Total deferred grant revenue ​ — ​ ​ — ​ ​ 304 Total recognized $ 18,200 ​ $ 17,680 ​ $ 7,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recognized $ 18,200 ​ $ 17,680 ​ $ 7,970 Total amount accrued ​ — ​ ​ — ​ ​ (2,968) Total cash received $ 18,200 ​ $ 17,680 ​ $ 5,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total proceeds received $ 18,200 ​ $ 17,680 ​ $ 5,002 Total proceeds reasonably assured ​ — ​ ​ 520 ​ ​ 13,198 Total RADx Grant amount $ 18,200 ​ $ 18,200 ​ $ 18,200 ​ ADDF On March 24, 2022, the Company entered into a contract with the Alzheimer’s Drug Discovery Foundation (ADDF) (the ADDF Grant). ADDF is a charitable venture philanthropy entity that has granted the Company funding in support of certain activities for the development of an in vitro diagnostic (IVD) test for early detection of Alzheimer's disease. The ADDF Grant, which has a total funding value of $2.3 million, restricts the Company’s use of the granted funds to be used solely for activities related to the Alzheimer’s diagnostic test development project. Contract funding is subject to achievement of these pre-defined milestones and the contract period runs through June 2024. The Company recognizes revenue over time as the related services are performed. As of December 31, 2022, the Company had received $1.3 million of the total funding value of $2.3 million under the ADDF Grant. During the year ended December 31, 2022, the Company recognized $0.6 million in grant revenue and incurred $0.6 million in research and development expense related to the ADDF Grant. No such activities occurred in the years ended December 31, 2021 and 2020.

Allowance for credit Losses

Allowance for credit Losses	12 Months Ended
	Dec. 31, 2022
Allowance for credit Losses
Allowance for credit Losses	4. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Balance at January 1 $ 419 ​ $ 370 ​ $ 162 Provision charges ​ 752 ​ ​ 213 ​ ​ 493 Deductions ​ (1,053) ​ ​ (164) ​ ​ (285) Balance at December 31 $ 118 ​ $ 419 ​ $ 370 ​

Collaboration and license arran

Collaboration and license arrangements	12 Months Ended
	Dec. 31, 2022
Collaboration and license arrangements
Collaboration and license arrangements	5. 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. As of December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021, the Company recognized no revenue, respectively, within collaboration and license revenue related to the initial license fee under the Abbott License Agreement. ​

Inventory

Inventory	12 Months Ended
	Dec. 31, 2022
Inventory
Inventory	6. Inventory Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Raw materials ​ $ 5,509 ​ $ 7,892 Work in process ​ 3,362 ​ 4,923 Finished goods ​ 7,915 ​ 9,375 Total ​ $ 16,786 ​ $ 22,190 ​ Inventory comprises commercial instruments, assays, and the materials required to manufacture assays.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2022
Property and equipment
Property and equipment	7. Property and equipment Property and equipment consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Laboratory and manufacturing equipment ​ $ 11,806 ​ $ 9,742 Office furniture and equipment ​ 1,798 ​ 1,617 Computers and software ​ 3,831 ​ 3,893 Leasehold improvements ​ 13,688 ​ 10,413 Total cost ​ $ 31,123 ​ $ 25,665 Less: accumulated depreciation ​ (10,961) ​ (7,705) Property and equipment, net ​ $ 20,162 ​ $ 17,960 ​ The Company incurred depreciation expense of $3.5 million, $2.8 million and $2.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company has instruments included in laboratory and manufacturing equipment, which are used internally by the Company. As of December 31, 2022, the laboratory and manufacturing equipment balance includes $7.5 million of cost and $3.2 million of accumulated depreciation related to these instruments. 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. ​ For the year ended December 31, 2022, the Company recorded $4.3 million of impairment expense to leasehold improvements and other assets associated with the Bedford, Massachusetts leased office and laboratory space not being utilized by the Company. The Company decided not to utilize the space as part of the Restructuring Plan and intends to sublease the vacant space to recover a portion of the total cost. The Company’s decision to not utilize, and sublease, the leased asset triggered an impairment event. The impairment testing deemed all assets associated with the leased assets as one asset group. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under the sublease to identify the impairment amount. The impairment assessment considered all industry and economic factors such as rental rates, interest rates and recent real estate activities to estimate the net cash flows analysis and impairment amount. ​ The Company recorded $1.1 million of impairment expense to Computers and software for the year ended December 31, 2022. A change in the scope of the intended use of these assets was considered to be the triggering event for the impairment assessment and expense. ​ No such impairment expenses were recognized for the years ended December 31, 2021 and 2020.

Other accrued expenses

Other accrued expenses	12 Months Ended
	Dec. 31, 2022
Other accrued expenses
Other accrued expenses	8. Other accrued expenses Other accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Royalties $ 815 ​ $ 1,250 Professional and outside services ​ 1,409 ​ ​ 2,126 Tax liabilities 172 ​ 430 Other 2,351 ​ 2,680 Total accrued expenses $ 4,747 ​ $ 6,486 ​

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2022
Income taxes
Income taxes	9. Income taxes The following table presents the components of loss before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 2020 United States ​ $ (89,590) ​ $ (56,554) ​ $ (29,896) Foreign ​ (7,045) ​ (1,170) ​ (2,010) Total loss before income taxes ​ $ (96,635) ​ $ (57,724) ​ $ (31,906) ​ The following table summarizes income tax (expense) benefit (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ Federal $ — $ — $ — State ​ (77) ​ ​ (30) ​ ​ (13) Foreign ​ (368) ​ ​ (342) ​ ​ (102) Total current income tax provision ​ (445) ​ ​ (372) ​ ​ (115) Deferred ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 10 ​ ​ 5 ​ ​ (8) State ​ 13 ​ ​ (6) ​ ​ (3) Foreign ​ 357 ​ ​ 409 ​ ​ 502 Total deferred income tax benefit ​ 380 ​ ​ 408 ​ ​ 491 Total income tax (expense) benefit $ (65) ​ $ 36 ​ $ 376 ​ A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential — % — % 0.30 % State taxes, net of federal benefit 2.7 % 6.5 % 2.5 % Tax credits 1.4 % 2.0 % 1.6 % Share-based compensation (2.5) % 7.4 % 5.2 % Permanent items (0.3) % (1.8) % (0.4) % Deferred tax rate change — % 0.2 % 0.3 % Change in valuation allowance (20.8) % (34.8) % (29.7) % Impairment of goodwill (1.7) % — % — % Other 0.0 % (0.4) % 0.4 % Effective income tax rate (0.2) % 0.1 % 1.2 % ​ The effective income tax rate 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. 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, ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforwards $ 78,191 ​ $ 67,543 Tax credits 7,407 ​ 6,113 Deferred revenue ​ 2,385 ​ ​ 1,862 Amortization ​ 847 ​ ​ 962 Stock-based compensation 2,773 ​ 3,138 Inventory ​ 1,507 ​ ​ 686 Capitalized R&D Costs ​ 5,680 ​ ​ — Lease liability ​ 10,856 ​ ​ 5,464 Other deferred tax assets ​ 1,370 ​ ​ 2,340 Total deferred tax assets 111,016 ​ 88,108 Less: valuation allowances ​ (103,243) ​ ​ (83,121) Net deferred tax assets ​ 7,773 ​ ​ 4,987 Deferred tax liabilities: ​ ​ ​ ​ ​ Right-of-Use Assets ​ (5,219) ​ ​ (2,867) Depreciation ​ (2,244) ​ ​ (1,752) Amortization acquired intangibles ​ (1,570) ​ ​ (2,208) Goodwill ​ — ​ ​ (66) Other deferred tax liabilities ​ (209) ​ ​ (129) Net deferred tax (liability) asset $ (1,469) ​ $ (2,035) ​ The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance, beginning of year $ 83,121 ​ $ 63,609 Change in valuation allowance ​ 20,122 ​ ​ 19,512 Balance, end of year $ 103,243 ​ $ 83,121 ​ The valuation allowance increased during the year ended December 31, 2022 primarily as a result of the U.S. operating losses incurred 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, 2022, the Company maintains a full valuation allowance against its worldwide net deferred tax assets. As of December 31, 2022, the Company had U.S. federal NOLs of approximately $309.7 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 $201.2 million do not expire. As of December 31, 2022, the Company had $207.4 million of state NOLs, approximately $197.4 million expire at various dates through 2042, and certain state NOLs of approximately $10.0 million do not expire. As of December 31, 2022, the Company had U.S. federal tax credit carryforwards of approximately $5.8 million that expire at various dates through 2042. As of December 31, 2022, the Company had U.S. state tax credit carryforwards of approximately $2.0 million that expire at various dates through 2037. 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 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, 2022, 2021, and 2020, 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, 2022, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2019. However, NOLs and tax 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 2013 onward. As of December 31, 2022, the Company’s foreign subsidiaries had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	10. Stock-Based Compensation Stock-based compensation Stock-based compensation expense for all stock awards consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 2020 Cost of product revenue $ 608 ​ $ 471 ​ $ 189 Cost of service and other revenue 819 ​ 403 ​ 311 Research and development 1,639 ​ 1,807 ​ 1,129 Selling, general, and administrative 12,376 ​ 13,294 ​ 8,470 Total stock-based compensation $ 15,442 ​ $ 15,975 ​ $ 10,099 ​ At December 31, 2022, there was $33.9 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 Company’s IPO, the Company terminated the 2007 Plan. As of December 31, 2022, 207,464 shares were outstanding under the 2007 Plan, and no shares are 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, 2022, 3,168,278 shares were outstanding and there were 1,847,643 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: (i) 4% of the number of shares of common stock outstanding as of such date and (ii) an amount determined by the Company’s Board of Directors or Compensation Committee. On January 3, 2023, the number of shares of common stock available for issuance under the 2017 plan was increased by 1,488,696 shares in accordance with the 2017 Plan’s evergreen provision. In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the 2017 ESPP). As of December 31, 2019, the 2017 ESPP allowed for the issuance of up to 612,572 shares of common stock. As of December 31, 2022, 1,447,467 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: (i) 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (ii) an amount determined by the Company’s Board of Directors or Compensation Committee. On January 3, 2023, the number of shares of common stock available for issuance under the 2017 ESPP was increased by 372,174 shares in accordance with the 2017 ESPP’s evergreen 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. Stock options Under the 2017 Plan, 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 ​ Aggregate intrinsic value ​ Options exercise price life (in years) (in thousands) Outstanding at December 31, 2021 2,204,813 $ 25.36 ​ 6.8 ​ $ 44,813 Granted 1,507,452 ​ $ 18.07 ​ ​ ​ ​ ​ Exercised (243,792) ​ $ 5.10 ​ ​ ​ ​ ​ Cancelled (1,280,825) ​ $ 28.63 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 2,187,648 ​ $ 20.69 ​ 8.1 ​ ​ 4,273 Exercisable at December 31, 2022 820,868 ​ $ 22.92 ​ 5.8 ​ ​ 1,566 Vested and expected to vest at December 31, 2022 2,187,648 ​ $ 20.69 ​ 8.1 ​ ​ 4,273 ​ 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, 2021 529,871 $ 49.32 ​ 9.7 ​ $ 22,467 Granted 1,273,807 ​ $ 18.32 ​ ​ ​ ​ ​ Vested (200,078) ​ $ 48.93 ​ ​ ​ ​ ​ Cancelled (415,506) ​ $ 34.94 ​ ​ ​ ​ ​ Unvested RSUs as of December 31, 2022 1,188,094 ​ ​ 21.18 ​ 9.6 ​ $ 16,455 Expected to convert at December 31, 2022 1,188,094 ​ $ 21.18 ​ ​ ​ $ 16,455 ​

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings (Loss) Per Share
Earnings (Loss) Per Share	11. Earnings (Loss) Per Share The following table presents the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ (in thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ Net loss attributable to Quanterix Corporation ($ 96,700) ​ ($ 57,688) ​ ($ 31,530) ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding, basic and diluted 36,990,965 ​ 35,997,473 ​ 29,589,132 ​ ​ ​ ​ ​ ​ Net loss per share attributable to Quanterix Corporation, basic and diluted ($ 2.61) ​ ($ 1.60) ​ ($ 1.07) ​ In periods when the Company is in a net loss position, dilutive securities are excluded from the computation of diluted earnings per share because their inclusion would have an anti-dilutive effect. Thus, basic net loss per share is the same as diluted net loss per share. The following common share equivalents have been excluded from the calculation of diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Unvested restricted common stock and restricted stock units 701,707 531,473 518,387 Outstanding stock options 446,180 2,304,543 2,494,045 Outstanding common stock warrants — — 10,000 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	12. Leases Bedford Lease eight years and nine months In applying the ASC 842 transition guidance, the Bedford Lease has been assessed as an operating lease and the Company recorded ROU assets of $18.2 million and lease liability of $23.7 million on the effective date. The difference between the ROU and the lease liability was driven by the lease obligation incentive of $5.5 million. As part of the Restructuring Plan, the Company decided not to utilize these facilities as part of its own operations and intends to sublease the vacant space to recover a portion of the total cost. The Company’s decision to not utilize, and sublease, the leased asset triggered an impairment event. The impairment testing deemed all assets associated with the leased assets as one asset group. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under the sublease to identify the impairment amount. The impairment assessment considered all industry and economic factors such as rental rates, interest rates and recent real estate activities to estimate the net cash flows analysis and impairment amount. ​ For the year ended December 31, 2022, the Company recorded an impairment of $12.0 million to the right-of-use assets related to the Bedford facilities. ​ No such impairment expenses were recognized for the years ended December 31, 2021 and 2020. ​ Summary of all lease costs recognized under ASC 842 Total operating lease costs were $8.9 million, which includes $3.4 million of short term and variable lease costs for the year ended December 31, 2022. Total operating lease costs were $5.4 million and $4.8 million for the years ended December 31, 2021 and 2020, respectively. The fixed lease costs were $5.5 million, $5.4 million and $4.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Short-term lease costs and variable lease costs incurred by the Company for the years ended December 31, 2021 and 2020 were considered immaterial. Refer to table below for additional information related to operating leases under ASC 842: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Operating leases (in thousands) ​ 2022 ​ 2021 Supplemental balance sheet information: ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ 7.8 ​ ​ 8.6 Weighted average discount rate ​ ​ 7.83% ​ ​ 9.73% ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 6,539 ​ $ 3,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future minimum commitments under ASC 842 under the Company’s operating leases in effect at December 31, 2022 were as follows: ​ ​ ​ ​ Maturity of lease liabilities (in thousands) ​ As of December 31, 2022 2023 ​ $ 6,707 2024 ​ ​ 7,064 2025 ​ ​ 7,228 2026 ​ ​ 7,408 2027 ​ ​ 7,641 thereafter ​ ​ 23,621 Total lease payments ​ $ 59,669 Less: imputed interest and lease incentive reimbursements ​ ​ 15,565 Total operating lease liabilities ​ $ 44,104 ​

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and contingencies
Commitments and contingencies	13. Commitments and contingencies Purchase Commitments Stratec Other Purchase Commitments 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, 2022, 2021, and 2020, the Company recorded royalty expense of $1.4 million, $1.6 million and $1.1 million, respectively, related to Tufts. This royalty expense is recorded 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), refer to Note 5 for additional details. 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.

Restructuring and Other Charges

Restructuring and Other Charges	12 Months Ended
	Dec. 31, 2022
Restructuring and Other Charges
Restructuring and Other Charges	14. Restructuring and Other Charges Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a plan of restructuring and strategic re-alignment (the Restructuring Plan). As part of the Restructuring Plan, the Company began an assay redevelopment program with the ultimate objective of improving its ability to manufacture and deliver high-quality assays at scale. In accordance with the Restructuring Plan, the Company implemented a workforce reduction, which was substantially completed by the end of the third quarter of 2022. The Company recorded charges during the year ended December 31, 2022, consisting of one-time termination benefits for employee severance, benefits and related costs, all of which were cash expenditures. The following shows the number of positions by function and by location eliminated in connection with the Restructuring Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ EMEA ​ Asia Pacific ​ Total Cost of goods sold 21 ​ — ​ — ​ 21 Research and development 34 ​ 1 ​ — ​ 35 Selling, general and administrative 50 ​ 9 ​ 4 ​ 63 Total headcount 105 ​ 10 ​ 4 ​ 119 ​ As part of the Restructuring Plan, the Company also performed an assessment of impairment for long-lived assets, including right-of-use assets, and recorded an impairment charge of $17.4 million. The impairment expense includes $16.3 million associated with the right-of-use and property and equipment at the Bedford facilities and $1.1 million for software costs related to projects that have been rationalized as part of the Restructuring Plan. Refer to Note 7 and Note 12 for further information. The following table presents the restructuring reserve and provision activity for the year ended December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance and Employee Benefit Costs ​ Other Restructuring Charges ​ Total Balance at January 1, 2022 $ — ​ $ — ​ $ — Charges ​ 3,634 ​ ​ 121 ​ ​ 3,755 Cash payments ​ (3,288) ​ ​ (121) ​ ​ (3,409) Foreign exchange ​ (18) ​ ​ — ​ ​ (18) Balance at December 31, 2022 $ 328 ​ $ — ​ $ 328 ​ No such restructuring activities existed for the years ended December 31, 2021 and 2020.

Notes payable

Notes payable	12 Months Ended
	Dec. 31, 2022
Notes payable
Notes payable	15. 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 the term loan was variable based on the greater of 8% or 8% plus the prime rate less 5.25%. Interest was 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 contained 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. The Company has not executed any subsequent loan agreements and there were no outstanding loan balances during the year ended December 31, 2022.

Employee benefit plans

Employee benefit plans	12 Months Ended
	Dec. 31, 2022
Employee benefit plans
Employee benefit plans	16. 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, 2022, 2021, and 2020, the Company made contributions of $1.2 million, $1.1 million, and $0.7 million, respectively.

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Dec. 31, 2022
Goodwill and intangible assets
Goodwill and intangible assets	17. Goodwill and intangible assets During the third quarter of 2022, the Company identified certain indicators of impairment, including the significant decline in the Company’s stock price, actions taken under the Restructuring Plan and the reduction of forecasted sales and profitability. As a result, the Company performed an interim goodwill impairment test. It was determined that the Company’s goodwill was impaired as the carrying amount of the Company’s sole reporting unit exceeded the estimated fair value. The Company concluded that the entire goodwill balance was impaired and recognized a non-cash impairment charge during the third quarter of 2022. ​ The changes in the carrying amount of goodwill are as follows (in thousands): ​ ​ ​ ​ ​ Goodwill Balance as of December 31, 2021 $ 9,632 Impairment losses (8,220) Foreign exchange adjustments ​ (1,412) Balance as of December 31, 2022 $ — ​ Acquired intangible assets, principally originating from the acquisition of Uman, consist of the following (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ 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 ​ $ (4,763) ​ $ (1,433) ​ $ 6,804 ​ 5.0 Developed technology 7 ​ ​ 1,650 ​ ​ (1,458) ​ ​ — ​ ​ 192 ​ 2.1 Customer relationships 8.5 - 10 ​ 1,360 ​ (938) ​ ​ (12) ​ 410 ​ 5.1 Non-compete agreements 5.5 ​ ​ 340 ​ ​ (193) ​ ​ (37) ​ ​ 110 ​ 2.0 Trade names 3 ​ 50 ​ (50) ​ ​ — ​ — ​ — Total ​ ​ $ 16,400 ​ $ (7,402) ​ $ (1,482) ​ $ 7,516 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ The Company recorded amortization expense of $1.8 million, $2.0 million, and $2.1 million for the years ended December 31, 2022, 2021, and 2020, 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, 2022 is as follows (amounts in thousands): ​ ​ ​ ​ ​ As of December 31, 2022 2023 $ 1,665 2024 ​ 1,584 2025 ​ 1,447 2026 ​ 1,420 2027 ​ 1,398 Thereafter ​ 2 Total amortization expense $ 7,516 ​

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions
Related party transactions	18. Related party transactions As described in Note 13, 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 one of the Company’s directors was affiliated with Tufts. During the years ended December 31, 2022, 2021, and 2020, the Company recorded royalty expense of $1.4 million, $1.6 million and $1.1 million, respectively, related to Tufts. This royalty expense is recorded 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, refer to 5 for additional details. One of the Company’s directors is affiliated with Harvard University and Mass General Brigham. Revenue recorded from sales to Harvard University and its affiliates and to Mass General Brigham and its affiliates totaled $0.7 million, $0.2 million, $0.1 million for the years ended December 31, 2022, 2021, and 2020 respectively. The Company recorded cost of goods sold of $0.1 million for the year ended December 31, 2022 related to Harvard University and its affiliates and to Mass General Brigham and its affiliates, with immaterial cost of goods sold recorded for years ended December 31, 2021 and 2020. The Company also incurred research and development expenses of $0.6 million with Harvard University and its affiliates for the year ended December 31, 2022, with immaterial research and development expenses incurred for years ended December 31, 2021 and 2020. The Company had $0.1 million and $0.2 million in accounts receivable from Harvard University and its affiliates and Mass General Brigham and its affiliates at December 31, 2022 and 2021, respectively. Deferred revenue from Harvard University and its affiliates and Mass General Brigham and its affiliates was $0.1 million at both December 31, 2022 and 2021. On May 26, 2022, the Company entered into an agreement (the UltraDx Agreement) with UltraDx Limited (UltraDx), a new company formed by ARCH Venture Partners (ARCH). Under the UltraDx Agreement, the Company will supply HD-X instruments (both fully assembled and disassembled) as well as assays and assay components to UltraDx, and UltraDx has the non-exclusive right to seek Chinese regulatory approval of and to commercialize the HD-X instrument and related assays in the Chinese neurological in vitro diagnostic market. The Company has determined that UltraDx is a related party because one of the Company’s directors is affiliated with ARCH and UltraDx. Under the terms of the UltraDx Agreement, the Company shipped a total of ten fully assembled and disassembled HD-X instruments to UltraDx on June 30, 2022 at a purchase price of approximately $1.9 million. The Company recognized revenue on these shipments upon receipt of payment during the year ended December 31, 2022. No such activities occurred in the years ended December 31, 2021 and 2020.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 and valuation of inventory. Actual results could differ from those estimates.
Reclassifications	Reclassifications
Segment information	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.
Cost of revenue	Cost of revenue Cost of goods sold for products consists of HD-X, HD-1, and SR-X instrument costs from the manufacturer and related reagents and other consumables. Cost of goods sold for SP-X consists of costs based on the internal assembly of this item. Raw material part costs; inbound freight, shipping and handling costs associated with purchased goods; contract manufacturer costs; personnel costs; royalties; overhead and other direct costs related to those sales are classified as cost of goods sold for products. Cost of service and other revenue consists of raw materials, personnel costs, royalties as well as overhead and other direct costs associated with operating the Accelerator Laboratory on behalf of customers, in addition to costs related to warranties and other costs of servicing equipment at customer sites. ​ 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 consist primarily of personnel costs for the Company’s sales and marketing, finance, legal, human resources and general management, costs associated with shipping and handling for product sales, other general and administrative costs, as well as professional services costs, such as marketing, advertising, legal and accounting services in addition to allocated overhead costs that include facility and other overhead costs. The classification of shipping and handling costs for product sales as selling, general, and administrative expenses varies from company to company with some companies recording these as selling, general and administrative expenses and others recording such expenses within costs of goods sold for products. To the extent the classification of these shipping and handling costs differs from the reporting approach used by other companies, the Company’s gross margins may not be comparable with those reported by such other companies. Shipping and handling costs for product sales included within selling, general and administrative expenses were $7.2 million, $6.9 million and $4.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.
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.
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, ​ 2022 2021 Cash ​ $ 32,643 ​ $ 64,372 Money market funds invested in U.S. Treasury obligations ​ 306,097 ​ 332,093 Total cash and cash equivalents ​ $ 338,740 ​ $ 396,465 ​
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, 2022.
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. The Company recorded impairment expenses during the year-end December 31, 2022. Refer to Note 7 for additional details. 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 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 some of its instruments. 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 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. Fair value measurements are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs December 31, 2022 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 306,097 $ 306,097 ​ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ Significant ​ ​ ​ ​ ​ in active ​ other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 332,093 $ 332,093 ​ $ — $ — ​
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 41% and 39% of the Company’s gross trade accounts receivable balance as of December 31, 2022, and 2021, respectively. For the year ended December 31, 2022, one customer of approximately $13.7 million revenue accounted for 13% of the Company’s total revenue. For the year ended December 31, 2021, no customers individually accounted for more than 10% 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 options and restricted stock units. Stock-based compensation costs for employees are recognized as expense over the requisite service period, which is generally the vesting period of the respective awards. 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 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, ​ 2022 ​ 2021 ​ 2020 Risk-free interest rate 1.4% - 4.1% ​ 0.4% - 1.3% ​ 0.4% - 1.7% Expected dividend yield None ​ None ​ None Expected term (in years) 5.0 - 5.8 ​ 6.0 ​ 6.0 Expected volatility 55.0% - 70.8% ​ 49.2% - 55.6% ​ 43.9% - 49.2% Weighted-average grant date fair value $ 9.88 ​ $ 29.96 ​ $ 12.66 ​ The Company uses its historical volatility and implied volatility as a basis to estimate expected volatility in the Company’s valuation of stock options. 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 used 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.
Recently Issued 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 12 removes certain exceptions for performing intra period tax allocations and calculating income taxes in interim periods. The guidance also simplifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the effect of enacted changes in tax laws or rates in interim periods. The Company early adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2022
Significant accounting policies
Schedule of cash and cash equivalents	Cash and cash equivalents consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ 2022 2021 Cash ​ $ 32,643 ​ $ 64,372 Money market funds invested in U.S. Treasury obligations ​ 306,097 ​ 332,093 Total cash and cash equivalents ​ $ 338,740 ​ $ 396,465 ​
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, 2022 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 306,097 $ 306,097 ​ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ Significant ​ ​ ​ ​ ​ in active ​ other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs December 31, 2021 Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 332,093 $ 332,093 ​ $ — $ —
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, ​ 2022 ​ 2021 ​ 2020 Risk-free interest rate 1.4% - 4.1% ​ 0.4% - 1.3% ​ 0.4% - 1.7% Expected dividend yield None ​ None ​ None Expected term (in years) 5.0 - 5.8 ​ 6.0 ​ 6.0 Expected volatility 55.0% - 70.8% ​ 49.2% - 55.6% ​ 43.9% - 49.2% Weighted-average grant date fair value $ 9.88 ​ $ 29.96 ​ $ 12.66 ​

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 (in thousands) ​ North America EMEA Asia Pacific Total Product revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments ​ $ 9,254 ​ ​ 8,362 ​ ​ 7,388 ​ $ 25,004 Consumable and other products ​ ​ 25,894 ​ ​ 14,514 ​ ​ 4,396 ​ ​ 44,804 Total ​ $ 35,148 $ 22,876 $ 11,784 $ 69,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties ​ $ 5,581 ​ $ 2,779 ​ $ 480 ​ $ 8,840 Research services ​ ​ 22,493 ​ ​ 1,013 ​ ​ 147 ​ 23,653 Other services ​ ​ 1,144 ​ ​ 722 ​ ​ 136 ​ ​ 2,002 Total ​ $ 29,218 ​ $ 4,514 ​ $ 763 ​ $ 34,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ $ 274 ​ $ 323 ​ $ 52 ​ $ 649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 (in thousands) ​ North America 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 (in thousands) ​ North America 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 ​
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, 2022 Balance at December 31, 2021 $ 7,460 Deferral of revenue ​ 11,444 Recognition of deferred revenue ​ (8,845) Balance at December 31, 2022 $ 10,059 ​
Schedule of costs to obtain a contract	​ ​ ​ ​ ​ ​ 2022 Balance at January 1 $ 440 Deferral of costs to obtain a contract ​ 1,387 Recognition of costs to obtain a contract ​ (1,450) Balance at December 31 $ 377 ​
Schedule of summary of the activity under WP2	The following table summarizes the cumulative activity under the RADx Grant (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ December 31, 2020 Total grant revenue from research and development activities $ 9,576 ​ $ 9,576 ​ $ 4,362 Total proceeds used for assets ​ 8,624 ​ ​ 8,104 ​ ​ 826 Total deferred proceeds for assets ​ — ​ ​ — ​ ​ 2,478 Total deferred grant revenue ​ — ​ ​ — ​ ​ 304 Total recognized $ 18,200 ​ $ 17,680 ​ $ 7,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recognized $ 18,200 ​ $ 17,680 ​ $ 7,970 Total amount accrued ​ — ​ ​ — ​ ​ (2,968) Total cash received $ 18,200 ​ $ 17,680 ​ $ 5,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total proceeds received $ 18,200 ​ $ 17,680 ​ $ 5,002 Total proceeds reasonably assured ​ — ​ ​ 520 ​ ​ 13,198 Total RADx Grant amount $ 18,200 ​ $ 18,200 ​ $ 18,200 ​

Allowance for credit Losses (Ta

Allowance for credit Losses (Tables)	12 Months Ended
	Dec. 31, 2022
Allowance for credit Losses
Schedule of the allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Balance at January 1 $ 419 ​ $ 370 ​ $ 162 Provision charges ​ 752 ​ ​ 213 ​ ​ 493 Deductions ​ (1,053) ​ ​ (164) ​ ​ (285) Balance at December 31 $ 118 ​ $ 419 ​ $ 370

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory
Summary of inventory	Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Raw materials ​ $ 5,509 ​ $ 7,892 Work in process ​ 3,362 ​ 4,923 Finished goods ​ 7,915 ​ 9,375 Total ​ $ 16,786 ​ $ 22,190

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property and equipment
Schedule of Property and equipment	Property and equipment consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Laboratory and manufacturing equipment ​ $ 11,806 ​ $ 9,742 Office furniture and equipment ​ 1,798 ​ 1,617 Computers and software ​ 3,831 ​ 3,893 Leasehold improvements ​ 13,688 ​ 10,413 Total cost ​ $ 31,123 ​ $ 25,665 Less: accumulated depreciation ​ (10,961) ​ (7,705) Property and equipment, net ​ $ 20,162 ​ $ 17,960 ​

Other accrued expenses (Tables)

Other accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Other accrued expenses
Summary of other accrued expenses	Other accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Royalties $ 815 ​ $ 1,250 Professional and outside services ​ 1,409 ​ ​ 2,126 Tax liabilities 172 ​ 430 Other 2,351 ​ 2,680 Total accrued expenses $ 4,747 ​ $ 6,486

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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, ​ ​ 2022 ​ 2021 2020 United States ​ $ (89,590) ​ $ (56,554) ​ $ (29,896) Foreign ​ (7,045) ​ (1,170) ​ (2,010) Total loss before income taxes ​ $ (96,635) ​ $ (57,724) ​ $ (31,906) ​
Schedule of provision for (benefit from) income taxes	The following table summarizes income tax (expense) benefit (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ Federal $ — $ — $ — State ​ (77) ​ ​ (30) ​ ​ (13) Foreign ​ (368) ​ ​ (342) ​ ​ (102) Total current income tax provision ​ (445) ​ ​ (372) ​ ​ (115) Deferred ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 10 ​ ​ 5 ​ ​ (8) State ​ 13 ​ ​ (6) ​ ​ (3) Foreign ​ 357 ​ ​ 409 ​ ​ 502 Total deferred income tax benefit ​ 380 ​ ​ 408 ​ ​ 491 Total income tax (expense) benefit $ (65) ​ $ 36 ​ $ 376 ​
Schedule of reconciliation of the federal statutory income tax rate to the effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential — % — % 0.30 % State taxes, net of federal benefit 2.7 % 6.5 % 2.5 % Tax credits 1.4 % 2.0 % 1.6 % Share-based compensation (2.5) % 7.4 % 5.2 % Permanent items (0.3) % (1.8) % (0.4) % Deferred tax rate change — % 0.2 % 0.3 % Change in valuation allowance (20.8) % (34.8) % (29.7) % Impairment of goodwill (1.7) % — % — % Other 0.0 % (0.4) % 0.4 % Effective income tax rate (0.2) % 0.1 % 1.2 % ​
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, ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforwards $ 78,191 ​ $ 67,543 Tax credits 7,407 ​ 6,113 Deferred revenue ​ 2,385 ​ ​ 1,862 Amortization ​ 847 ​ ​ 962 Stock-based compensation 2,773 ​ 3,138 Inventory ​ 1,507 ​ ​ 686 Capitalized R&D Costs ​ 5,680 ​ ​ — Lease liability ​ 10,856 ​ ​ 5,464 Other deferred tax assets ​ 1,370 ​ ​ 2,340 Total deferred tax assets 111,016 ​ 88,108 Less: valuation allowances ​ (103,243) ​ ​ (83,121) Net deferred tax assets ​ 7,773 ​ ​ 4,987 Deferred tax liabilities: ​ ​ ​ ​ ​ Right-of-Use Assets ​ (5,219) ​ ​ (2,867) Depreciation ​ (2,244) ​ ​ (1,752) Amortization acquired intangibles ​ (1,570) ​ ​ (2,208) Goodwill ​ — ​ ​ (66) Other deferred tax liabilities ​ (209) ​ ​ (129) Net deferred tax (liability) asset $ (1,469) ​ $ (2,035) ​
Summary of Valuation Allowance	The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance, beginning of year $ 83,121 ​ $ 63,609 Change in valuation allowance ​ 20,122 ​ ​ 19,512 Balance, end of year $ 103,243 ​ $ 83,121 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
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, ​ 2022 2021 2020 Cost of product revenue $ 608 ​ $ 471 ​ $ 189 Cost of service and other revenue 819 ​ 403 ​ 311 Research and development 1,639 ​ 1,807 ​ 1,129 Selling, general, and administrative 12,376 ​ 13,294 ​ 8,470 Total stock-based compensation $ 15,442 ​ $ 15,975 ​ $ 10,099 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Remaining contractual ​ Aggregate intrinsic value ​ Options exercise price life (in years) (in thousands) Outstanding at December 31, 2021 2,204,813 $ 25.36 ​ 6.8 ​ $ 44,813 Granted 1,507,452 ​ $ 18.07 ​ ​ ​ ​ ​ Exercised (243,792) ​ $ 5.10 ​ ​ ​ ​ ​ Cancelled (1,280,825) ​ $ 28.63 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 2,187,648 ​ $ 20.69 ​ 8.1 ​ ​ 4,273 Exercisable at December 31, 2022 820,868 ​ $ 22.92 ​ 5.8 ​ ​ 1,566 Vested and expected to vest at December 31, 2022 2,187,648 ​ $ 20.69 ​ 8.1 ​ ​ 4,273 ​
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, 2021 529,871 $ 49.32 ​ 9.7 ​ $ 22,467 Granted 1,273,807 ​ $ 18.32 ​ ​ ​ ​ ​ Vested (200,078) ​ $ 48.93 ​ ​ ​ ​ ​ Cancelled (415,506) ​ $ 34.94 ​ ​ ​ ​ ​ Unvested RSUs as of December 31, 2022 1,188,094 ​ ​ 21.18 ​ 9.6 ​ $ 16,455 Expected to convert at December 31, 2022 1,188,094 ​ $ 21.18 ​ ​ ​ $ 16,455

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings (Loss) Per Share
Schedule of basic and diluted shares	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ (in thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ Net loss attributable to Quanterix Corporation ($ 96,700) ​ ($ 57,688) ​ ($ 31,530) ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding, basic and diluted 36,990,965 ​ 35,997,473 ​ 29,589,132 ​ ​ ​ ​ ​ ​ Net loss per share attributable to Quanterix Corporation, basic and diluted ($ 2.61) ​ ($ 1.60) ​ ($ 1.07) ​
Schedule of common share equivalents have been excluded from the calculation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Unvested restricted common stock and restricted stock units 701,707 531,473 518,387 Outstanding stock options 446,180 2,304,543 2,494,045 Outstanding common stock warrants — — 10,000

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of the lease costs recognized under ASC 842	Refer to table below for additional information related to operating leases under ASC 842: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Operating leases (in thousands) ​ 2022 ​ 2021 Supplemental balance sheet information: ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ ​ 7.8 ​ ​ 8.6 Weighted average discount rate ​ ​ 7.83% ​ ​ 9.73% ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 6,539 ​ $ 3,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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, 2022 were as follows: ​ ​ ​ ​ Maturity of lease liabilities (in thousands) ​ As of December 31, 2022 2023 ​ $ 6,707 2024 ​ ​ 7,064 2025 ​ ​ 7,228 2026 ​ ​ 7,408 2027 ​ ​ 7,641 thereafter ​ ​ 23,621 Total lease payments ​ $ 59,669 Less: imputed interest and lease incentive reimbursements ​ ​ 15,565 Total operating lease liabilities ​ $ 44,104

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Other Charges
Schedule of number of positions by function and by location eliminated by the Restructuring	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ EMEA ​ Asia Pacific ​ Total Cost of goods sold 21 ​ — ​ — ​ 21 Research and development 34 ​ 1 ​ — ​ 35 Selling, general and administrative 50 ​ 9 ​ 4 ​ 63 Total headcount 105 ​ 10 ​ 4 ​ 119 ​
Schedule of rollforward of the restructuring reserve and provision activity	The following table presents the restructuring reserve and provision activity for the year ended December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance and Employee Benefit Costs ​ Other Restructuring Charges ​ Total Balance at January 1, 2022 $ — ​ $ — ​ $ — Charges ​ 3,634 ​ ​ 121 ​ ​ 3,755 Cash payments ​ (3,288) ​ ​ (121) ​ ​ (3,409) Foreign exchange ​ (18) ​ ​ — ​ ​ (18) Balance at December 31, 2022 $ 328 ​ $ — ​ $ 328 ​

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and intangible assets
Rollforward of goodwill balance	​ ​ ​ ​ ​ Goodwill Balance as of December 31, 2021 $ 9,632 Impairment losses (8,220) Foreign exchange adjustments ​ (1,412) Balance as of December 31, 2022 $ —
Summary of intangible assets	Acquired intangible assets, principally originating from the acquisition of Uman, consist of the following (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ 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 ​ $ (4,763) ​ $ (1,433) ​ $ 6,804 ​ 5.0 Developed technology 7 ​ ​ 1,650 ​ ​ (1,458) ​ ​ — ​ ​ 192 ​ 2.1 Customer relationships 8.5 - 10 ​ 1,360 ​ (938) ​ ​ (12) ​ 410 ​ 5.1 Non-compete agreements 5.5 ​ ​ 340 ​ ​ (193) ​ ​ (37) ​ ​ 110 ​ 2.0 Trade names 3 ​ 50 ​ (50) ​ ​ — ​ — ​ — Total ​ ​ $ 16,400 ​ $ (7,402) ​ $ (1,482) ​ $ 7,516 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​
Schedule of future estimated amortization expense of acquired intangible assets	Future estimated amortization expense of acquired intangible assets as of December 31, 2022 is as follows (amounts in thousands): ​ ​ ​ ​ ​ As of December 31, 2022 2023 $ 1,665 2024 ​ 1,584 2025 ​ 1,447 2026 ​ 1,420 2027 ​ 1,398 Thereafter ​ 2 Total amortization expense $ 7,516

Organization and operations (De

Organization and operations (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			12 Months Ended
	Feb. 03, 2021	Aug. 06, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Initial Public Offering
Common stock, par value			$ 0.001	$ 0.001
Accumulated deficit			$ (402,162)	$ (305,462)
Net loss			(96,700)	(57,688)	$ (31,530)
Unrestricted cash and cash equivalents			$ 338,740	396,465	181,584
Underwritten public offering
Initial Public Offering
Issuance of common stock (in shares)	4.1	3
Common stock, par value	$ 0.001	$ 0.001
Gross proceeds	$ 287,500	$ 97,600
Stock issuance cost	17,800	6,200
Sale of common stock in underwritten public offering, net	$ 269,700	$ 91,400		$ 269,718	$ 91,404

Significant accounting polici_4

Significant accounting policies - Selling, general, and administrative expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant accounting policies
Selling, general and administrative expenses	$ 7.2	$ 6.9	$ 4.8

Significant accounting polici_5

Significant accounting policies - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash equivalents
Cash	$ 32,643	$ 64,372
Money market funds invested in U.S. Treasury obligations	306,097	332,093
Total cash and cash equivalents	$ 338,740	$ 396,465	$ 181,584

Significant accounting polici_6

Significant accounting policies - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2022
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 polici_7

Significant accounting policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value of financial instruments
Cash equivalents - money market funds	$ 306,097	$ 332,093
Level 1
Fair value of financial instruments
Cash equivalents - money market funds	$ 306,097	$ 332,093

Significant accounting polici_8

Significant accounting policies - Warranties (Details)	12 Months Ended
	Dec. 31, 2022
Significant accounting policies
Warranty period (in years)	1 year

Significant accounting polici_9

Significant accounting policies - Credit, product and supplier concentrations and off-balance-sheet risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk
Revenue	$ 105,522	$ 110,556	$ 86,377
Accounts Receivable | Customer Concentration Risk | Customers outside the United States
Concentration Risk
Concentration risk (in percent)	41%	39%
Revenue. | Customer Concentration Risk | One customer
Concentration Risk
Concentration risk (in percent)	13%
Revenue	$ 13,700
Revenue. | Customer Concentration Risk | Customer
Concentration Risk
Concentration risk (in percent)		10%

Significant accounting polic_10

Significant accounting policies - Stock-based compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncement, Early Adoption
Expected dividend yield	0%	0%	0%
Expected term (in years)		6 years	6 years
Weighted-average grant date fair value	$ 9.88	$ 29.96	$ 12.66
Minimum
New Accounting Pronouncement, Early Adoption
Risk-free interest rate	1.40%	0.40%	0.40%
Expected term (in years)	5 years
Expected volatility	55%	49.20%	43.90%
Maximum
New Accounting Pronouncement, Early Adoption
Risk-free interest rate	4.10%	1.30%	1.70%
Expected term (in years)	5 years 9 months 18 days
Expected volatility	70.80%	55.60%	49.20%

Revenue - Customers and service

Revenue - Customers and service and other revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue recognition
Service type warranties term		1 year
Revenue		$ 105,522	$ 110,556	$ 86,377
Service and other revenue
Revenue recognition
Revenue		34,495	23,629	24,129
Service-type warranties
Revenue recognition
Revenue		8,840	6,628	4,921
Research services
Revenue recognition
Revenue		23,653	14,825	17,973
Other services
Revenue recognition
Revenue		2,002	$ 2,176	$ 1,235
Collaboration agreement | Service and other revenue
Revenue recognition
Revenue		10,900
Collaboration agreement | Eli Lilly
Revenue recognition
Termination notice	100 days
Transaction price due		10,900
Master collaboration agreement | Eli Lilly
Revenue recognition
Non-refundable up-front payment received	$ 5,000
Statement of works agreement | Eli Lilly
Revenue recognition
Collaborative arrangement payment received per quarter		$ 1,500
Minimum
Revenue recognition
Period of payment		30 days
Maximum
Revenue recognition
Period of payment		45 days

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue recognition
Total revenue	$ 105,522	$ 110,556	$ 86,377
Product revenue
Revenue recognition
Total revenue	69,808	81,062	44,017
Product revenue | NA
Revenue recognition
Total revenue	35,148	47,135	22,985
Product revenue | EMEA
Revenue recognition
Total revenue	22,876	24,300	15,186
Product revenue | Asia Pacific
Revenue recognition
Total revenue	11,784	9,627	5,846
Instruments
Revenue recognition
Total revenue	25,004	25,973	16,606
Instruments | NA
Revenue recognition
Total revenue	9,254	12,138	8,680
Instruments | EMEA
Revenue recognition
Total revenue	8,362	8,178	4,332
Instruments | Asia Pacific
Revenue recognition
Total revenue	7,388	5,657	3,594
Consumable and other products
Revenue recognition
Total revenue	44,804	55,089	27,411
Consumable and other products | NA
Revenue recognition
Total revenue	25,894	34,997	14,305
Consumable and other products | EMEA
Revenue recognition
Total revenue	14,514	16,122	10,854
Consumable and other products | Asia Pacific
Revenue recognition
Total revenue	4,396	3,970	2,252
Service and other revenue
Revenue recognition
Total revenue	34,495	23,629	24,129
Service and other revenue | NA
Revenue recognition
Total revenue	29,218	17,807	18,882
Service and other revenue | EMEA
Revenue recognition
Total revenue	4,514	5,334	4,203
Service and other revenue | Asia Pacific
Revenue recognition
Total revenue	763	488	1,044
Service-type warranties
Revenue recognition
Total revenue	8,840	6,628	4,921
Service-type warranties | NA
Revenue recognition
Total revenue	5,581	4,334	3,171
Service-type warranties | EMEA
Revenue recognition
Total revenue	2,779	2,039	1,543
Service-type warranties | Asia Pacific
Revenue recognition
Total revenue	480	255	207
Research services
Revenue recognition
Total revenue	23,653	14,825	17,973
Research services | NA
Revenue recognition
Total revenue	22,493	12,101	15,011
Research services | EMEA
Revenue recognition
Total revenue	1,013	2,600	2,225
Research services | Asia Pacific
Revenue recognition
Total revenue	147	124	737
Other services
Revenue recognition
Total revenue	2,002	2,176	1,235
Other services | NA
Revenue recognition
Total revenue	1,144	1,372	700
Other services | EMEA
Revenue recognition
Total revenue	722	695	435
Other services | Asia Pacific
Revenue recognition
Total revenue	136	109	100
Collaboration and license revenue
Revenue recognition
Total revenue	649	648	11,809
Collaboration and license revenue | NA
Revenue recognition
Total revenue	274	360	11,685
Collaboration and license revenue | EMEA
Revenue recognition
Total revenue	323	$ 288	$ 124
Collaboration and license revenue | Asia Pacific
Revenue recognition
Total revenue	$ 52

Revenue - Changes in deferred r

Revenue - Changes in deferred revenue from contracts with customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Changes in deferred revenue from contracts with customers
Balance at beginning of period	$ 7,460
Deferral of revenue	11,444
Recognition of deferred revenue	(8,845)
Balance at end of period	$ 10,059

Revenue - Future performance ob

Revenue - Future performance obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.1
Service-type warranties and research services
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	9.6
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]: 2023-01-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 8.6
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1.5
Performance obligation satisfaction period	24 months

Revenue - Costs to obtain a con

Revenue - Costs to obtain a contract (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 440
Deferral of costs to obtain a contract	1,387
Recognition of costs to obtain a contract	(1,450)
Balance at end of period	$ 377

Revenue - Practical expedients

Revenue - Practical expedients (Details)	12 Months Ended
	Dec. 31, 2022
Revenue
Revenue, Practical Expedient, Financing Component [true false]	true
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true

Revenue - Grant revenue (Detail

Revenue - Grant revenue (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 24, 2022	Sep. 29, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total revenue			$ 105,522	$ 110,556	$ 86,377
Research and Development Expense			25,890	27,978	20,174
Proceeds from RADx grant on assets purchased			520	7,278	3,304
RADx WP2
Total revenue			0		4,400
Contract value		$ 18,200	18,200
Research and Development Expense			0	3,400	2,600
ADDF
Contract value	$ 2,300		2,300
Proceeds from RADx grant on assets purchased			1,300
Grant revenue
Total revenue			570	5,217	6,422
Grant revenue | RADx WP2
Total revenue			9,576	9,576	4,362
Contract value			18,200	$ 18,200	$ 18,200
Grant revenue | ADDF
Total revenue			600
Research and Development Expense			$ 600

Revenue - Summarizes the activi

Revenue - Summarizes the activity under WP2 (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue recognition
Total revenue		$ 105,522	$ 110,556	$ 86,377
Grant revenue
Revenue recognition
Total revenue		570	5,217	6,422
RADx WP2
Revenue recognition
Total revenue		0		4,400
Total RADx Grant amount	$ 18,200	18,200
RADx WP2 | Grant revenue
Revenue recognition
Total revenue		9,576	9,576	4,362
Total proceeds used for assets		8,624	8,104	826
Total deferred proceeds for assets				2,478
Total deferred grant revenue				304
Total recognized		18,200	17,680	7,970
Total amount accrued				(2,968)
Total cash received		18,200	17,680	5,002
Total cash received		18,200	17,680	5,002
Total proceeds received		18,200	17,680	5,002
Total proceeds reasonably assured			520	13,198
Total RADx Grant amount		$ 18,200	$ 18,200	$ 18,200

Allowance for credit Losses (De

Allowance for credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit Losses
Beginning Balance	$ 419	$ 370	$ 162
Provision charges	752	213	493
Deductions	(1,053)	(164)	(285)
Ending Balance	$ 118	$ 419	$ 370

Collaboration and license arr_2

Collaboration and license arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Collaboration and license arrangements
Deferred revenue	$ 500	$ 500
Revenue	$ 105,522	110,556	$ 86,377
Abbot license agreement
Collaboration and license arrangements
Number of days notice to terminate agreement	60 days
Initial license fee receivable			10,000
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 649	648	$ 11,809
Collaboration and license revenue | Abbot license agreement
Collaboration and license arrangements
Revenue	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory
Raw Materials	$ 5,509	$ 7,892
Work in process	3,362	4,923
Finished goods	7,915	9,375
Total net inventory	$ 16,786	$ 22,190

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Property and equipment, gross	$ 31,123	$ 25,665
Less: accumulated depreciation	(10,961)	(7,705)
Total	20,162	17,960
Depreciation expense	3,500	2,800	$ 2,200
Impairment expense	17,372	0	$ 0
Laboratory and manufacturing equipment
Property and equipment
Property and equipment, gross	11,806	9,742
Laboratory and manufacturing instruments used internally
Property and equipment
Property and equipment, gross	7,500	3,900
Less: accumulated depreciation	(3,200)	(1,500)
Office furniture and equipment.
Property and equipment
Property and equipment, gross	1,798	1,617
Computers and software
Property and equipment
Property and equipment, gross	3,831	3,893
Impairment expense	1,100
Leasehold improvements
Property and equipment
Property and equipment, gross	13,688	$ 10,413
Impairment expense	$ 4,300

Other accrued expenses (Details

Other accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other accrued expenses
Royalties	$ 815	$ 1,250
Professional and outside services	1,409	2,126
Tax liabilities	172	430
Other	2,351	2,680
Total accrued expenses	$ 4,747	$ 6,486

Income taxes - Components of lo

Income taxes - Components of loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of loss before income taxes
United States	$ (89,590)	$ (56,554)	$ (29,896)
Foreign	(7,045)	(1,170)	(2,010)
Loss before income taxes	$ (96,635)	$ (57,724)	$ (31,906)

Income taxes - Provision for in

Income taxes - Provision for income tax benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
State	$ (77)	$ (30)	$ (13)
Foreign	(368)	(342)	(102)
Total deferred income tax benefit	(445)	(372)	(115)
Deferred
Federal	10	5	(8)
State	13	(6)	(3)
Foreign	357	409	502
Total deferred income tax benefit (provision)	380	408	491
Income tax (expense) benefit	$ (65)	$ 36	$ 376

Income taxes - Reconciliation o

Income taxes - Reconciliation of the federal statutory income tax rate to the effective tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Taxable goodwill or intangible assets		$ 66
Reconciliation of the federal statutory income tax rate to the effective tax rate
Federal statutory income tax rate (in percent)	21%	21%	21%
Foreign tax rate differential (in percent)			0.30%
State taxes, net of federal benefit (in percent)	2.70%	6.50%	2.50%
Tax credits (in percent)	1.40%	2%	1.60%
Share-based compensation (in percent)	(2.50%)	7.40%	5.20%
Permanent items (in percent)	(0.30%)	(1.80%)	(0.40%)
Deferred tax rate change (in percent)		0.20%	0.30%
Change in valuation allowance (in percent)	(20.80%)	(34.80%)	(29.70%)
Impairment of goodwill	(1.70%)
Other (in percent)	0%	(0.40%)	0.40%
Effective income tax rate (in percent)	(0.20%)	0.10%	1.20%
Impact of Acquisition (in percent)	21%

Income taxes - Deferred tax ass

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 78,191	$ 67,543
Tax credits	7,407	6,113
Deferred revenue	2,385	1,862
Amortization	847	962
Stock-based compensation	2,773	3,138
Inventory	1,507	686
Capitalized R&D Costs	5,680
Lease liability	10,856	5,464
Other deferred tax assets	1,370	2,340
Total deferred tax assets	111,016	88,108
Less: valuation allowances	(103,243)	(83,121)	$ (63,609)
Net deferred tax assets	7,773	4,987
Right-of-Use Assets	(5,219)	(2,867)
Depreciation	(2,244)	(1,752)
Amortization acquired intangibles	(1,570)	(2,208)
Goodwill		(66)
Other deferred tax liabilities	(209)	(129)
Net deferred tax liabilities	$ (1,469)	$ (2,035)

Income taxes - Valuation allowa

Income taxes - Valuation allowance deferred tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Balance, beginning of year	$ 83,121	$ 63,609
Change in valuation allowance	20,122	19,512
Balance, end of year	$ 103,243	$ 83,121

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Cumulative change in ownership related to percentage points	5%
Percentage related to ownership change	50%
Rolling period duration of ownership change	3 years
Capitalized R&D Costs	$ 5,680
Accrued interest or penalties	0	$ 0	$ 0
Federal
Income Taxes
Net operating loss (NOL) carryforwards	309,700
Operating loss carryforwards, not subject to expiry				$ 201,200
Federal | Through Tax Year 2037
Income Taxes
Operating loss carryforwards, subject to expiry					$ 108,500
Federal | Through Tax Year 2042
Income Taxes
Tax credit carryforwards	5,800
State
Income Taxes
Operating loss carryforwards, not subject to expiry	10,000
State | Through Tax Year 2037
Income Taxes
Operating loss carryforwards, subject to expiry	2,000
State | Through Tax Year 2042
Income Taxes
Net operating loss (NOL) carryforwards	207,400
Operating loss carryforwards, subject to expiry	$ 197,400

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Share-based compensation expense	$ 15,442	$ 15,975	$ 10,099
Cost of product revenue
Stock-based compensation
Share-based compensation expense	608	471	189
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	819	403	311
Research and development
Stock-based compensation
Share-based compensation expense	1,639	1,807	1,129
Selling, general, and administrative
Stock-based compensation
Share-based compensation expense	12,376	$ 13,294	$ 8,470
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 33,900
Period of recognition of unrecognized compensation cost	2 years 10 months 24 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation plans (Details) - shares		12 Months Ended
	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2017
2007 Plan
Stock-based compensation
Shares available for grant under the plan (in shares)		0
2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					1,042,314
Shares outstanding (in shares)		3,168,278
Shares available for grant under the plan (in shares)		1,847,643
Additional shares authorized	1,488,696
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)		4%
2017 ESPP
Stock-based compensation
Shares authorized under the plan (in shares)				612,572
Shares available for grant under the plan (in shares)		1,447,467
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)			1%
Increase in the shares available for grant under the plan (in shares)	372,174
Outstanding stock options
Stock-based compensation
Options outstanding (in shares)		2,187,648	2,204,813
Outstanding stock options | 2007 Plan
Stock-based compensation
Options outstanding (in shares)		207,464
Outstanding stock options | 2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					2,490,290

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Aggregate intrinsic value
Weighted-average fair value of options granted	$ 9.88	$ 29.96	$ 12.66
Share-based compensation expense	$ 15,442	$ 15,975	$ 10,099
Outstanding stock options
Stock-based compensation
Options expiration period (in years)	10 years
Number outstanding
Outstanding at the beginning of the period (in shares)	2,204,813
Granted (in shares)	1,507,452
Exercised (in shares)	(243,792)
Cancelled or forfeited (in shares)	(1,280,825)
Outstanding at the end of the period (in shares)	2,187,648	2,204,813
Exercisable at the end of the period (in shares)	820,868
Vested and expected to vest at the end of the period (in shares)	2,187,648
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 25.36
Granted (in dollars per share)	18.07
Exercised (in dollars per share)	5.10
Cancelled or forfeited (in dollars per share)	28.63
Outstanding at the end of the period (in dollars per share)	20.69	$ 25.36
Exercisable at the end of the period (in dollars per share)	22.92
Vested and expected to vest at the end of the period (in dollars per share)	$ 20.69
Remaining contractual life
Outstanding (in years)	8 years 1 month 6 days	6 years 9 months 18 days
Exercisable at the end of the period (in years)	5 years 9 months 18 days
Vested and expected to vest at the end of the period (in years)	8 years 1 month 6 days
Aggregate intrinsic value
Outstanding	$ 4,273	$ 44,813
Exercisable at the end of the period	1,566
Vested and expected to vest at the end of the period	$ 4,273
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%
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%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average grant date fair value per share
Share-based compensation expense	$ 15,442	$ 15,975	$ 10,099
Restricted stock units
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)	529,871
Granted (in shares)	1,273,807
Vested (in shares)	(200,078)
Cancelled (in shares)	(415,506)
Unvested restricted common stock at the end of the period (in shares)	1,188,094	529,871
Expected to convert	1,188,094
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share)	$ 49.32
Granted (in dollars per share)	18.32
Vested (in dollars per share)	48.93
Cancelled (in dollars per share)	34.94
Unvested restricted common stock at the end of the period (in dollars per share)	21.18	$ 49.32
Expected to convert (in dollars per share)	$ 21.18
Unvested, Weighted-average remaining contractual life (in years)	9 years 7 months 6 days	9 years 8 months 12 days
Unvested, Aggregate intrinsic value	$ 16,455	$ 22,467
Expected to convert, Aggregate intrinsic value	$ 16,455

Earnings (Loss) Per Share - Bas

Earnings (Loss) Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings (Loss) Per Share
Net loss	$ (96,700)	$ (57,688)	$ (31,530)
Basic weighted average common shares outstanding	36,990,965	35,997,473	29,589,132
Diluted weighted average common shares outstanding	36,990,965	35,997,473	29,589,132
Basic net (loss) income per share	$ (2.61)	$ (1.60)	$ (1.07)
Diluted net (loss) income per share	$ (2.61)	$ (1.60)	$ (1.07)

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested restricted common stock and restricted stock units
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	701,707	531,473	518,387
Outstanding stock options
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	446,180	2,304,543	2,494,045
Outstanding common stock warrants
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share			10,000

Leases (Details)

Leases (Details)		12 Months Ended
	Feb. 01, 2022 item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 28, 2022 USD ($)	Jan. 01, 2020 USD ($)
Leases
Right-of-use assets		$ 21,223,000	$ 11,491,000
Long term lease liabilities		41,417,000	20,464,000
Short term and variable lease cost		3,400,000
Fixed lease costs		5,500,000	5,400,000	$ 4,800,000
Operating lease costs		8,900,000	5,400,000	4,800,000
Impairment expense		17,372,000	$ 0	$ 0
Office and Laboratory Space in Bedford, Massachusetts
Leases
Square footage of office and laboratory space					85,800
Term of operating lease	8 years 9 months
Lease agreement number of options to extend | item	2
Lease agreement lease extension term	5 years
Impairment related to restructuring		12,000,000
Right-of-use assets						$ 18,200,000
Long term lease liabilities						$ 23,700,000
Lease obligation incentive		$ 5,500,000

Leases - Lease costs recognized

Leases - Lease costs recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted average remaining lease term (years)	7 years 9 months 18 days	8 years 7 months 6 days
Weighted average discount rate	7.83%	9.73%
Operating cash flows used for operating leases	$ 6,539	$ 3,388

Leases - Future minimum commitm

Leases - Future minimum commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
2023	$ 6,707
2024	7,064
2025	7,228
2026	7,408
2027	7,641
thereafter	23,621
Total lease payments	59,669
Less: imputed interest and lease incentive reimbursements	15,565
Total operating lease liabilities	$ 44,104

Commitments and contingencies -

Commitments and contingencies - Purchase Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of revenue			$ 58,716	$ 48,828	$ 38,195
Stratec Supply Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs purchased | item			375,000
Number of discs shipped | item			75,000
Cost of revenue			$ 500
Revenue from open purchase orders			900
Purchase commitments expects to incur in next year			$ 3,100
Stratec Supply Agreement | Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped | item	80,000	220,000
Cost of revenue	$ 600	$ 1,600

Commitments and contingencies_2

Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
License agreements
Cost of revenue	$ 58,716	$ 48,828	$ 38,195
Tufts | License agreements
License agreements
Royalty expense	$ 1,400	$ 1,600	1,100
Collaboration and license revenue
License agreements
Cost of revenue			1,000
Collaboration and license revenue | Tufts
License agreements
Cost of revenue			$ 1,000

Restructuring and Other Charg_3

Restructuring and Other Charges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restructuring
Total headcount	119
Impairment of long-lived assets | $	$ 17,372	$ 0	$ 0
Property And Equipment [Member]
Restructuring
Impairment of long-lived assets | $	16,300
Software and Software Development Costs [Member]
Restructuring
Impairment of long-lived assets | $	$ 1,100
North America
Restructuring
Total headcount	105
EMEA
Restructuring
Total headcount	10
Asia Pacific
Restructuring
Total headcount	4
Cost of goods sold
Restructuring
Total headcount	21
Cost of goods sold | North America
Restructuring
Total headcount	21
Research and development
Restructuring
Total headcount	35
Research and development | North America
Restructuring
Total headcount	34
Research and development | EMEA
Restructuring
Total headcount	1
Selling, general and administrative
Restructuring
Total headcount	63
Selling, general and administrative | North America
Restructuring
Total headcount	50
Selling, general and administrative | EMEA
Restructuring
Total headcount	9
Selling, general and administrative | Asia Pacific
Restructuring
Total headcount	4

Restructuring and Other Charg_4

Restructuring and Other Charges - Roll forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Restructuring
Charges	$ 3,755
Cash payments	(3,409)
Foreign exchange	(18)
Balance at End of period	328
Severance and Employee Benefit Costs
Restructuring
Charges	3,634
Cash payments	(3,288)
Foreign exchange	(18)
Balance at End of period	328
Other Restructuring Charges
Restructuring
Charges	121
Cash payments	$ (121)

Notes payable (Details)

Notes payable (Details) - Loan agreement $ in Millions	Oct. 01, 2021 USD ($)	Jul. 01, 2021 installment	Apr. 14, 2014	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long Term Debt
Additional amounts available to borrow					$ 0
Interest rate (as a percent)			8%
Final principal payment, including end of term fees	$ 2
Outstanding loan balances				$ 0
Loan principal payment installment | installment		4
Prime rate
Long Term Debt
Margin on variable interest rate (as a percent)			5.25%

Employee benefit plans (Details

Employee benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee benefit plans
Contribution made to the 401 (k) Plan	$ 1.2	$ 1.1	$ 0.7

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Rollforward of goodwill balance
Balance as of beginning of period	$ 9,632
Impairment losses	(8,220)
Foreign exchange adjustments	(1,412)
Balance as of end of period		$ 9,632
Purchased intangible assets
Gross Carrying Value	16,400	16,400
Accumulated Amortization	(7,402)	(6,114)
Cumulative Translation Adjustment	(1,482)	248
Net Carrying Value	7,516	10,534
Amortization expense	1,800	$ 2,000	$ 2,100
Estimated amortization expense
2023	1,665
2024	1,584
2025	1,447
2026	1,420
2027	1,398
Thereafter	2
Total amortization expense	$ 7,516
Know How
Purchased intangible assets
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Gross Carrying Value	$ 13,000	$ 13,000
Accumulated Amortization	(4,763)	(3,825)
Cumulative Translation Adjustment	(1,433)	241
Net Carrying Value	$ 6,804	$ 9,416
Weighted Average Life Remaining (in years)	5 years	6 years
Developed technology
Purchased intangible assets
Estimated Useful Life (in years)	7 years	7 years
Gross Carrying Value	$ 1,650	$ 1,650
Accumulated Amortization	(1,458)	(1,277)
Net Carrying Value	$ 192	$ 373
Weighted Average Life Remaining (in years)	2 years 1 month 6 days	3 years 1 month 6 days
Customer relationships
Purchased intangible assets
Gross Carrying Value	$ 1,360	$ 1,360
Accumulated Amortization	(938)	(792)
Cumulative Translation Adjustment	(12)	2
Net Carrying Value	$ 410	$ 570
Weighted Average Life Remaining (in years)	5 years 1 month 6 days	6 years 1 month 6 days
Non-compete agreements
Purchased intangible assets
Estimated Useful Life (in years)	5 years 6 months	5 years 6 months
Gross Carrying Value	$ 340	$ 340
Accumulated Amortization	(193)	(170)
Cumulative Translation Adjustment	(37)	5
Net Carrying Value	$ 110	$ 175
Weighted Average Life Remaining (in years)	2 years	3 years
Trade names
Purchased intangible assets
Estimated Useful Life (in years)	3 years	3 years
Gross Carrying Value	$ 50	$ 50
Accumulated Amortization	$ (50)	$ (50)
Minimum | Customer relationships
Purchased intangible assets
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Maximum | Customer relationships
Purchased intangible assets
Estimated Useful Life (in years)	10 years	10 years

Related party transactions (Det

Related party transactions (Details) $ in Thousands		12 Months Ended
	Jun. 30, 2022 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related party transactions
Cost of revenue		$ 58,716	$ 48,828	$ 38,195
Research and development		25,890	27,978	20,174
Accounts receivable, related parties		89	200
Accounts payable, related parties		0	42
Related party activity research and development expenses		696	565	235
Related party activity in selling, general and administrative expenses		41	89	37
Commitment to sponsor agreement
Collaboration and license revenue
Related party transactions
Cost of revenue				1,000
Cost of revenue, related party activity		0	0	1,000
Product revenue
Related party transactions
Cost of revenue		40,809	34,149	25,950
Related party revenue		2,634	505	580
Cost of revenue, related party activity		154	1,936	205
Service and other revenue
Related party transactions
Cost of revenue		17,907	14,679	11,245
Related party revenue		11	114	202
Cost of revenue, related party activity		87	74	52
Tufts | Collaboration and license revenue
Related party transactions
Cost of revenue				1,000
Tufts | License Agreement
Related party transactions
Royalty expense		1,400	1,600	1,100
Harvard University
Related party transactions
Related party revenue		700	200	$ 100
Research and development		600
Accounts receivable, related parties		100	200
Deferred revenue from related parties		100	$ 100
Cost of revenue, related party activity		$ 100
UltraDx
Related party transactions
Purchase price	$ 1,900
Number Of Manufacturing Instruments | item	10