Quanterix (QTRX) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity Registrant Name	Quanterix Corp
Entity File Number	001-38319
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8957988
Entity Address, Address Line One	900 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	301-9400
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	QTRX
Security Exchange Name	NASDAQ
Entity 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
Entity Common Stock, Shares Outstanding		37,552,586
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 329,525	$ 338,740
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	24,423	19,017
Inventory	18,156	16,786
Prepaid expenses and other current assets	6,954	6,860
Total current assets	379,058	381,403
Restricted cash	2,686	2,597
Property and equipment, net	18,328	20,162
Intangible assets, net	6,476	7,516
Operating lease right-of-use assets	20,380	21,223
Other non-current assets	2,282	1,298
Total assets	429,210	434,199
Current liabilities:
Accounts payable	3,238	3,836
Accrued compensation and benefits	7,525	10,658
Accrued expenses and other current liabilities	6,777	5,133
Deferred revenue	10,421	8,644
Operating lease liabilities	3,986	2,687
Total current liabilities	31,947	30,958
Deferred revenue, net of current portion	1,304	1,415
Lease liabilities, net of current portion	39,378	41,417
Other non-current liabilities	1,225	1,469
Total liabilities	73,854	75,259
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized shares: 120,000; Issued and outstanding: 37,566 and 37,280 shares at June 30, 2023 and December 31, 2022, respectively	37	37
Additional paid-in capital	772,473	763,688
Accumulated other comprehensive loss	(2,825)	(2,623)
Accumulated deficit	(414,329)	(402,162)
Total stockholders' equity	355,356	358,940
Total liabilities and stockholders' equity	$ 429,210	$ 434,199

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, reserve for doubtful accounts	$ 442	$ 118
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000	120,000
Common stock, shares issued	37,566	37,280
Common stock, shares outstanding	37,566	37,280

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 31,029	$ 23,500	$ 59,485	$ 53,052
Costs of goods sold and services:
Total costs of goods sold and services	11,891	14,789	23,421	29,782
Gross profit	19,138	8,711	36,064	23,270
Operating expenses:
Research and development	5,946	6,625	10,666	13,659
Selling, general, and administrative	21,591	27,045	42,474	52,757
Other lease costs	1,162		1,938
Restructuring			(33)
Total operating expenses	28,699	33,670	55,045	66,416
Loss from operations	(9,561)	(24,959)	(18,981)	(43,146)
Interest income, net	3,886	552	7,335	604
Other expense, net	(154)	(358)	(146)	(575)
Loss before income taxes	(5,829)	(24,765)	(11,792)	(43,117)
Income tax (expense) benefit	(235)	(137)	(375)	62
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Net loss per common share, basic (in dollars per share)	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Net loss per common share, diluted (in dollars per share)	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Weighted-average common shares outstanding, basic (in shares)	37,494	36,922	37,411	36,887
Weighted-average common shares outstanding, diluted (in shares)	37,494	36,922	37,411	36,887
Product revenue
Revenues:
Total revenues	$ 19,692	$ 14,785	$ 38,979	$ 35,441
Costs of goods sold and services:
Total costs of goods sold and services	7,236	9,921	14,269	20,667
Service revenue
Revenues:
Total revenues	10,552	8,548	19,131	17,358
Service revenue.
Costs of goods sold and services:
Total costs of goods sold and services	4,655	4,868	9,152	9,115
Collaboration and license revenue
Revenues:
Total revenues	629	92	997	178
Grant revenue
Revenues:
Total revenues	$ 156	$ 75	$ 378	$ 75

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Other comprehensive loss:
Foreign currency translation	(244)	(1,447)	(202)	(2,644)
Total other comprehensive loss	(244)	(1,447)	(202)	(2,644)
Comprehensive loss	$ (6,308)	$ (26,349)	$ (12,369)	$ (45,699)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Total
Beginning Balance at Dec. 31, 2021	$ 37	$ 745,936	$ 441	$ (305,462)	$ 440,952
Beginning balance (in shares) at Dec. 31, 2021	36,768
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		1,190			1,190
Issuance of common stock under stock plans, including tax effects (in shares)	207
Stock-based compensation expense		9,013			9,013
Foreign currency translation			(2,644)		(2,644)
Net loss				(43,055)	(43,055)
Ending Balance at Jun. 30, 2022	$ 37	756,139	(2,203)	(348,517)	405,456
Ending Balance (in shares) at Jun. 30, 2022	36,975
Beginning Balance at Mar. 31, 2022	$ 37	750,742	(756)	(323,615)	426,408
Beginning balance (in shares) at Mar. 31, 2022	36,899
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		211			211
Issuance of common stock under stock plans, including tax effects (in shares)	76
Stock-based compensation expense		5,186			5,186
Foreign currency translation			(1,447)		(1,447)
Net loss				(24,902)	(24,902)
Ending Balance at Jun. 30, 2022	$ 37	756,139	(2,203)	(348,517)	405,456
Ending Balance (in shares) at Jun. 30, 2022	36,975
Beginning Balance at Dec. 31, 2022	$ 37	763,688	(2,623)	(402,162)	358,940
Beginning balance (in shares) at Dec. 31, 2022	37,280
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		690			690
Issuance of common stock under stock plans, including tax effects (in shares)	286
Stock-based compensation expense		8,095			8,095
Foreign currency translation			(202)		(202)
Net loss				(12,167)	(12,167)
Ending Balance at Jun. 30, 2023	$ 37	772,473	(2,825)	(414,329)	355,356
Ending Balance (in shares) at Jun. 30, 2023	37,566
Beginning Balance at Mar. 31, 2023	$ 37	768,141	(2,581)	(408,265)	357,332
Beginning balance (in shares) at Mar. 31, 2023	37,424
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		139			139
Issuance of common stock under stock plans, including tax effects (in shares)	142
Stock-based compensation expense		4,193			4,193
Foreign currency translation			(244)		(244)
Net loss				(6,064)	(6,064)
Ending Balance at Jun. 30, 2023	$ 37	$ 772,473	$ (2,825)	$ (414,329)	$ 355,356
Ending Balance (in shares) at Jun. 30, 2023	37,566

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (12,167)	$ (43,055)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,845	2,790
Credit losses on accounts receivable	324	581
Foreign currency losses	205
Operating lease right-of-use asset amortization	1,002	925
Stock-based compensation expense	8,095	9,013
Deferred income taxes	343
Loss on disposal of fixed assets		6
Changes in assets and liabilities:
Accounts receivable	(5,750)	3,479
Inventory	(1,181)	180
Prepaid expenses and other assets	(527)	960
Other non-current assets	(965)	2
Accounts payable	(631)	(3,220)
Accrued compensation and benefits, accrued expenses and other current liabilities	(1,326)	(4,387)
Deferred revenue	1,666	6,228
Operating lease liabilities	(730)	(3,128)
Other non-current liabilities	(72)	(9)
Net cash used in operating activities	(8,869)	(29,635)
Cash flows from investing activities:
Purchases of property and equipment	(784)	(6,454)
Proceeds from RADx grant on assets purchased		520
Net cash used in investing activities	(784)	(5,934)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	777	1,190
Payments for employee taxes on units withheld	(87)
Net cash provided by financing activities	690	1,190
Net decrease in cash, cash equivalents, and restricted cash	(8,963)	(34,379)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(163)	(776)
Cash, cash equivalents, and restricted cash at beginning of period	341,337	399,042
Cash, cash equivalents, and restricted cash at end of period	332,211	363,887
Supplemental disclosure of cash flow information:
Cash paid for taxes	502
Operating lease right-of-use assets obtained in exchange for lease liabilities		$ 22,376
Shares received in exchange for license of intellectual property (Note 3)	$ 1,000

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2023
Organization and Nature of Business
Organization and Nature of Business	QUANTERIX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) ​ Note 1. Organization and Nature of Business ​ Quanterix Corporation (“Quanterix” or 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. The Company is currently focusing on protein detection, but its Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules. ​ The Company also provides contract research services for customers through its CLIA-certified Accelerator Laboratory. The Accelerator Laboratory provides customers with access to Simoa technology and supports multiple projects and services, including sample testing, homebrew assay development, and custom assay development. To date, the Company has completed over 2,000 projects for more than 450 customers from all over the world using its Simoa platforms. ​

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation ​ These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 6, 2023. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below. ​ The Company’s fiscal year is the twelve-month period from January 1 through December 31. ​ Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenues, and expenses reported and disclosures in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation of intangible and other long-lived assets, recoverability of deferred tax assets, ongoing impairment reviews, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, market specific information, or other relevant factors it believes to be reasonable. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results may differ from these estimates. Foreign Currency The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive loss within stockholders’ equity on the Consolidated Balance Sheets. Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations. Foreign exchange losses were not material during the six months ended June 30, 2023, and were $0.4 million during the six months ended 2022. Principles of Consolidation The Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation Variable Interest Entities Presentation of Restricted Cash The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2023 2022 Cash and cash equivalents $ 329,525 ​ $ 361,293 Restricted cash (1) ​ 2,686 ​ ​ 2,594 Cash, cash equivalents, and restricted cash $ 332,211 ​ $ 363,887 ​ (1) Restricted cash consists of collateral for a letter of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security. Recent Accounting Pronouncements There are no new accounting pronouncements issued or effective in the current or future periods that are expected to have a material impact on the Company’s Consolidated Financial Statements or accompanying notes.

Revenue and Related Matters

Revenue and Related Matters	6 Months Ended
	Jun. 30, 2023
Revenue and Related Matters
Revenue and Related Matters	Note 3. Revenue and Related Matters Disaggregated Revenue The following tables disaggregate the Company’s revenue from contracts with customers by revenue type and geography (based on the location products and services are consumed) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 1,042 ​ $ 971 ​ $ 1,473 ​ $ 3,486 ​ $ 2,473 ​ $ 2,127 ​ $ 1,004 $ 5,604 Consumable and other products ​ 9,811 ​ ​ 4,547 ​ ​ 1,848 ​ ​ 16,206 ​ ​ 4,719 ​ ​ 3,588 ​ ​ 874 ​ 9,181 Total $ 10,853 ​ $ 5,518 ​ $ 3,321 ​ $ 19,692 ​ $ 7,192 $ 5,715 $ 1,878 $ 14,785 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 1,559 ​ $ 753 ​ $ 153 ​ $ 2,465 ​ $ 1,320 ​ $ 688 ​ $ 124 $ 2,132 Research services ​ 6,321 ​ ​ 711 ​ ​ 453 ​ 7,485 ​ ​ 5,511 ​ ​ 316 ​ ​ 8 ​ 5,835 Other services ​ 372 ​ ​ 219 ​ ​ 11 ​ ​ 602 ​ ​ 317 ​ ​ 237 ​ ​ 27 ​ 581 Total $ 8,252 ​ $ 1,683 ​ $ 617 ​ $ 10,552 ​ $ 7,148 ​ $ 1,241 ​ $ 159 ​ $ 8,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 629 ​ $ — ​ $ — ​ $ 629 ​ $ 43 ​ $ 49 ​ $ — ​ $ 92 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant revenue $ 156 ​ $ — ​ $ — ​ $ 156 ​ $ 75 ​ $ — ​ $ — ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ 19,890 $ 7,201 $ 3,938 $ 31,029 ​ $ 14,458 $ 7,005 $ 2,037 $ 23,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 3,186 ​ $ 2,952 ​ $ 2,607 ​ $ 8,745 ​ $ 4,638 ​ $ 4,173 ​ $ 3,015 ​ $ 11,826 Consumable and other products ​ 17,268 ​ ​ 9,487 ​ ​ 3,479 ​ ​ 30,234 ​ ​ 13,552 ​ ​ 8,014 ​ ​ 2,049 ​ ​ 23,615 Total $ 20,454 $ 12,439 $ 6,086 $ 38,979 ​ $ 18,190 $ 12,187 $ 5,064 $ 35,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 3,116 ​ $ 1,459 ​ $ 288 ​ $ 4,863 ​ $ 2,603 ​ $ 1,347 ​ $ 216 ​ $ 4,166 Research services ​ 11,510 ​ ​ 945 ​ ​ 568 ​ 13,023 ​ ​ 11,607 ​ ​ 447 ​ ​ 21 ​ 12,075 Other services ​ 754 ​ ​ 476 ​ ​ 15 ​ ​ 1,245 ​ ​ 601 ​ ​ 448 ​ ​ 68 ​ ​ 1,117 Total $ 15,380 ​ $ 2,880 ​ $ 871 ​ $ 19,131 ​ $ 14,811 ​ $ 2,242 ​ $ 305 ​ $ 17,358 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 997 ​ $ — ​ $ — ​ $ 997 ​ $ 43 ​ $ 83 ​ $ 52 ​ $ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant revenue $ 378 ​ $ — ​ $ — ​ $ 378 ​ $ 75 ​ $ — ​ $ — ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ 37,209 $ 15,319 $ 6,957 $ 59,485 ​ $ 33,119 $ 14,512 $ 5,421 $ 53,052 ​ For each of the three and six months ended June 30, 2023, one customer accounted for more than 10% of the Company’s total revenues. At June 30, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable. Product Revenue UltraDx On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize, HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market. Refer to Note 13 – Related Party Transactions The Company determined that the instruments, components, and licenses formed a single, combined performance obligation. The consideration due to the Company included (1) cash proceeds of $1.9 million, which was received and recognized as revenue in the third quarter of 2022 when the instruments, components, and licenses were delivered to and paid by UltraDx, and (2) contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of the preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception. During the three months ended June 30, 2023, UltraDx completed the qualified preferred share financing and issued to the Company one million ordinary shares with a total fair value of $1.0 million. Refer to Note 5 – Fair Value of Financial Instruments Variable Interest Entities for additional information on the Company’s investment interests in UltraDx as a result of the share issuance. During the three and six months ended June 30, 2023, the Company recognized $1.4 million of revenue, which includes the one-time revenue from the receipt of the UltraDx shares. During the three and six months ended June 30, 2022, no revenue was recognized under the UltraDx Agreement. Service Revenue Eli Lilly and Company On February 25, 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, which was recognized over a one-year period. In addition, under the statement of work, the Company receives $1.5 million per calendar quarter, which began in the first quarter of 2022. The statement of work automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement. As of June 30, 2023, the Lilly Collaboration Agreement and the statement of work were still in effect. ​ Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted the Company a non-exclusive license to Lilly’s proprietary pTau217 antibody technology for 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 Lilly 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 royalties on net sales of licensed products. ​ The Company recognized revenue from the Lilly Collaboration Agreement of $1.5 million and $3.0 million during the three and six months ended June 30, 2023, respectively, and $2.7 million and $5.4 million during the three and six months ended June 30, 2022, respectively. Collaboration and License Revenue Abbott Laboratories On September 29, 2020, the Company and Abbott Laboratories (“Abbott”) entered into a Non-Exclusive License Agreement (the “Abbott License Agreement”). Under 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 patent (the “Licensed Patents”) in the field of in vitro diagnostics. Abbott agreed to pay the Company an initial license fee of $10.0 million in connection with the execution of the Abbott License Agreement, which was recognized as license revenue during 2020. Abbott also agreed to pay the Company milestone fees, subject to the achievement by Abbott of certain development, regulatory, and commercialization milestones and low single-digit royalties on net sales of licensed products. The Abbott License Agreement 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 three and six months ended June 30, 2023, the Company recognized $0.5 million of one-time revenue related to the expiration of a previously paid for option to expand the scope of the Abbott License Agreement. Grant Revenue The Company recognizes grant revenue after funding is committed and as each grant’s related activities are performed. The timing of revenue recognition and receipt of funding varies by grant and can be independent from performance of the related activities, such as an upfront payment of the award value, or subsequent to the Company’s requests for reimbursement for already performed activities (subject to the approval of the granting organization), as further described below. NIH Grant On September 21, 2022, the Company and the National Institutes of Health (the “NIH”) entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH is an agency of the U.S. Department of Health and Human Services and granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of June 30, 2023, the Company had not received any of the award value. During the three and six months ended June 30, 2023, grant revenue recognized and research and development expenses incurred were immaterial. ADDF Grant On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an in vitro diagnostic test for early detection of Alzheimer's disease. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through June 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of June 30, 2023, the Company had received the total funding value of $2.3 million. During the three and six months ended June 30, 2023 and 2022, grant revenue recognized and research and development expenses incurred were immaterial. RADx Grant On September 29, 2020, the Company entered into a contract with the NIH under its Rapid Acceleration of Diagnostics (“RADx”) program (the “RADx Grant”), with a total award value of $18.2 million. The RADx Grant was to accelerate the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. Grant funding was used to expand assay kit manufacturing capacity and commercial deployment readiness, and the contract ran through the final milestone on May 31, 2022. Receipt of the award value occurred throughout the term of the contract period and after the Company submitted for reimbursement of activities related to the grant. During the three months ended June 30, 2022, the Company received $0.5 million which represented the final and total funding value of the $18.2 million award. During both the three and six months ended June 30, 2022, the Company recognized no grant revenue and incurred no research and development expenses. As of June 30, 2022, the Company had no future obligations under the RADx Grant. Contract Assets and Liabilities ​ There were no contract assets of as June 30, 2023 or December 31, 2022. ​ Deferred Revenue ​ The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets . Remaining Performance Obligations ​ As of June 30, 2023, the aggregate amount of transaction price allocated to performance obligations that have not yet been satisfied, or are partially satisfied, was $11.7 million. Of the performance obligations not yet satisfied or partially satisfied, $10.4 million is expected to be recognized as revenue in the next 12 months, with the remainder Costs to Obtain a Contract ​ The Company capitalizes commissions paid to its sales representatives and related fringe benefits costs that are incremental to obtaining customer contracts. These costs are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Changes in costs to obtain a contract were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at December 31 of prior year $ 377 ​ $ 440 Deferral of costs to obtain a contract 335 ​ 632 Amortization of costs to obtain a contract (333) ​ (662) Balance at June 30 $ 379 ​ $ 410 ​ Costs to obtain a contract are amortized to earnings over the estimated life of the contract and are recorded in cost of goods sold and selling, general, and administrative expense on the Consolidated Statements of Operations. The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the six months ended June 30, 2023 or 2022.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2023
Allowance for Credit Losses
Allowance for Credit Losses	Note 4. Allowance for Credit Losses The Company is exposed to credit losses primarily through accounts receivable from sales of its products and services. The Company’s expected credit loss allowance methodology is developed using historical collection experience, current and future economic and market conditions, and a review of the status of customers’ accounts receivable. Customers are assessed for credit worthiness upfront through a credit review, which includes analysis of customers’ financial statements when a credit rating is not available. The allowance for credit losses on accounts receivable is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at December 31 of prior year $ 118 ​ $ 419 Provision for expected credit losses ​ 516 ​ ​ 581 Write-offs and recoveries collected ​ (192) ​ ​ — Balance at June 30 $ 442 ​ $ 1,000 ​

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Jun. 30, 2023
Fair value of financial instruments
Fair value of financial instruments	Note 5. Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 312,986 $ 312,986 ​ $ — $ — Total Financial Assets $ 312,986 ​ $ 312,986 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 306,097 $ 306,097 ​ $ — $ — Total Financial Assets $ 306,097 ​ $ 306,097 ​ $ — ​ $ — ​ ​ Nonrecurring Fair Value Measurements On June 26, 2023, the Company received ordinary shares in UltraDx (refer to Note 3 – Revenue and Related Matters million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing event that closed in the second quarter of 2023. As UltraDx is a recently formed, privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement. Pursuant to ASC 321 – Investments – Equity Securities , the Company has elected the measurement alternative for equity investments without readily determinable fair values and will continue to recognize the UltraDx shares at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. As of June 30, 2023 and December 31, 2022, the carrying value of the Company’s Level 3 financial assets was $1.3 million and $0.3 million, respectively. There were no changes in the carrying value of these assets during the three and six months ended June 30, 2023 and 2022. These assets are included in other non-current assets on the Consolidated Balance Sheets. Refer to Note 15 – Variable Interest Entities Other Fair Value Disclosures

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory
Inventory	Note 6. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Raw materials $ 4,966 ​ $ 5,509 Work in process 5,520 ​ 3,362 Finished goods 7,670 ​ 7,915 Total inventory $ 18,156 ​ $ 16,786 ​

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Accrued professional services $ 1,853 ​ $ 1,409 Accrued royalties ​ 1,167 ​ ​ 815 Accrued tax liabilities ​ 918 ​ ​ 172 Accrued in-transit inventory ​ 594 ​ ​ 21 Other accrued expenses 2,245 ​ 2,716 Total accrued expenses and other current liabilities $ 6,777 ​ $ 5,133 ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 8. Stock-Based Compensation Stock Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average remaining ​ Aggregate ​ Number of shares exercise price per share contractual life (in years) intrinsic value Outstanding at December 31, 2022 2,188 $ 20.69 ​ 8.1 ​ $ 4,273 Granted 1,006 ​ ​ 14.91 ​ ​ ​ ​ ​ Exercised (44) ​ ​ 6.74 ​ ​ ​ ​ ​ Cancelled (355) ​ ​ 17.11 ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,795 ​ $ 19.28 ​ 8.2 ​ $ 18,118 Exercisable at June 30, 2023 918 ​ $ 24.67 ​ 6.0 ​ $ 3,740 Vested and expected to vest at June 30, 2023 2,795 ​ $ 19.28 ​ 8.2 ​ $ 18,118 ​ Restricted Stock Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average ​ ​ ​ ​ ​ ​ grant date fair ​ remaining contractual ​ Aggregate ​ Number of shares value per share ​ life (in years) ​ intrinsic value Unvested RSUs at December 31, 2022 1,188 $ 21.18 ​ 9.6 ​ $ 16,455 Granted 737 ​ ​ 14.58 ​ ​ ​ ​ ​ Vested (171) ​ ​ 30.87 ​ ​ ​ ​ ​ Cancelled (223) ​ ​ 17.37 ​ ​ ​ ​ ​ Unvested RSUs at June 30, 2023 1,531 ​ $ 17.47 ​ 9.3 ​ $ 34,515 Expected to convert at June 30, 2023 1,531 ​ $ 17.47 ​ 9.3 ​ $ 34,515 ​ Employee Stock Purchase Plan (“ESPP”) ​ In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP contains an “evergreen” provision, which allows for an increase in the number of shares under the plan on the first day of each fiscal year beginning with fiscal year 2018. The increase is 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 thousand shares. ​ The 2017 ESPP provides for six-month offering periods commencing and ending as follows: March 1 through August 31, and September 1 through February 28. During the six months ended June 30, 2023, employees purchased 70 thousand shares of the Company’s common stock pursuant to the 2017 ESPP. ​ Stock-Based Compensation Expense ​ Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Cost of product revenue $ 200 ​ $ 137 ​ $ 387 ​ $ 225 Cost of service and other revenue 258 ​ 205 ​ 608 ​ 371 Research and development 405 ​ 482 ​ 775 ​ 880 Selling, general, and administrative 3,330 ​ 4,362 ​ 6,325 ​ 7,537 Total stock-based compensation $ 4,193 ​ $ 5,186 ​ $ 8,095 ​ $ 9,013 ​ As of June 30, 2023, there was $39.8 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years. The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 Stock Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ 3.5% - 4.2% ​ ​ 2.7% - 3.2% ​ ​ 3.5% - 4.2% ​ ​ 1.4% - 3.2% Expected dividend yield ​ — ​ ​ — ​ ​ — ​ ​ — Expected term (in years) ​ 5.0 - 5.1 ​ ​ 5.7 - 5.8 ​ ​ 5.0 - 5.1 ​ ​ 5.7 - 5.8 Expected volatility ​ 80.9% - 82.1% ​ ​ 55.1% - 56.2% ​ ​ 71.1% - 82.1% ​ ​ 55.0% - 56.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average grant date fair value $ 11.95 ​ $ 13.47 ​ $ 9.62 ​ $ 14.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee Stock Purchase Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ 5.2% ​ ​ 1.1% ​ ​ 5.2% ​ ​ 0.7% - 1.1% Expected dividend yield ​ — ​ ​ — ​ ​ — ​ ​ — Expected term (in years) ​ 0.5 ​ ​ 0.5 ​ ​ 0.5 ​ ​ 0.5 Expected volatility ​ 72.8% ​ ​ 55.7% ​ ​ 72.8% - 82.5% ​ ​ 51.9% - 55.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average grant date fair value $ 2.25 ​ $ 4.62 ​ $ 2.24 ​ $ 4.76 ​

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Net Loss Per Share	Note 9. Net Loss Per Share The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ (6,064) ​ $ (24,902) ​ $ (12,167) ​ $ (43,055) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 37,494 ​ ​ 36,922 ​ ​ 37,411 ​ ​ 36,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted $ (0.16) ​ $ (0.67) ​ $ (0.33) ​ $ (1.17) ​ 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. Therefore, 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 ​ 2023 2022 Common stock and RSUs 1,607 928 ​ ​ 1,557 759 Stock options 2,891 2,578 ​ ​ 2,810 2,383 Total anti-dilutive shares 4,498 ​ 3,506 ​ ​ 4,367 ​ 3,142 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	Note 10. Income Taxes The Company’s effective tax rates were 4.0% and 3.2% for the three and six months ended June 30, 2023, respectively, and 0.0% for each of the three and six months ended June 30, 2022. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. ​ The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2023
Goodwill.
Goodwill	Note 11. Goodwill During the third quarter of 2022, the Company identified certain indicators of impairment, including a significant decline in the Company’s stock price, actions taken under the Restructuring Plan (refer to Note 14 - Restructuring ), and a reduction of forecasted sales and profitability. As a result, the Company performed a goodwill impairment test and determined its goodwill was impaired as the carrying amount of the Company’s sole reporting unit exceeded its estimated fair value. The Company concluded that its entire goodwill balance was impaired and recognized an $8.2 million non-cash impairment charge during the third quarter of 2022. As of June 30, 2023 and December 31, 2022, the Company had no remaining goodwill balance.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 12. Commitments and Contingencies Purchase Commitments Stratec During the year ended December 31, 2022, the Company and Stratec Consumables GmbH (“Stratec”) entered into an amendment to the supply agreement with Stratec (as amended, the “Stratec Supply Agreement”), related to the supply of discs used in Simoa bead-based instruments. As part of the Stratec Supply Agreement, the Company agreed to purchase a total of 515,000 discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc. In 2022, Stratec shipped 75,000 discs to the Company and Stratec is required to ship no less than 220,000 discs in 2023. The total purchase commitment under the Stratec Supply Agreement is $3.7 million. Other Purchase Commitments The Company purchases raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. Additionally, the Company enters into annual agreements for other parts of its operations. The Company’s total purchase commitments under these agreements as of June 30, 2023 was $2.6 million. License Agreements Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into a license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under this license, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the three and six months ended June 30, 2023, and 2022. Refer to Note 13 – Related Party Transactions Tufts University In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts 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 contractually obligated to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income. The Company recorded royalty expense related to the Tufts License Agreement of $0.4 million and $0.8 million during the three and six months ended June 30, 2023, respectively and $0.4 million and $0.7 million during the three and six months ended June 30, 2022, respectively. This royalty expense is recorded in cost of product revenue on the Consolidated Statements of Operations. Refer to Note 13 – Related Party Transactions 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 results of operations. The Company accrues for contingent liabilities when losses are probable and estimable. If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company accrues the minimum amount of the range. Leases Future minimum lease payments under non-cancellable operating leases were as follows (in thousands): ​ ​ ​ ​ ​ Maturity of lease liabilities ​ As of June 30, 2023 2023 (remainder) ​ $ 3,487 2024 ​ ​ 7,064 2025 ​ ​ 7,228 2026 ​ ​ 7,408 2027 ​ ​ 7,641 2028 ​ ​ 7,880 Thereafter ​ ​ 15,741 Total lease payments ​ $ 56,449 Less: imputed interest ​ ​ 13,085 Total operating lease liabilities ​ $ 43,364 ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	Note 13. Related Party Transactions ​ In June 2007, the Company and Tufts entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 12 - Commitments and Contingencies ​ A member of the Company’s Board of Directors is affiliated with Harvard and Mass General Brigham. Revenue recorded from sales of products and services to Harvard and its affiliates and to Mass General Brigham and its affiliates totaled $0.5 million and $0.7 million for the three and six months ended June 30, 2023, respectively, and was immaterial for the three and six months ended June 30, 2022. ​ Additionally, in August 2022, the Company and Harvard entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 12 – Commitments and Contingencies ​ Cost of product revenue and operating expenses with Harvard and its affiliates and Mass General Brigham and its affiliates for the three and six months ended June 30, 2023 and 2022 was immaterial. At June 30, 2023 and December 31, 2022, open payables to and receivable balances from Harvard and Mass General Brigham were immaterial. ​ As discussed in Note 3 – Revenue and Related Matters

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2023
Restructuring
Restructuring	Note 14. Restructuring ​ Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a restructuring and strategic re-alignment plan (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. The Restructuring Plan aligns the Company’s investments to best serve the needs of its customers, focuses the Company’s innovation efforts on key platforms, and provides a foundation for the Company’s entry into translational pharma and clinical markets, which it believes will be required to access new growth categories. 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 Restructuring Plan included the elimination of 119 positions and other cost-saving measures. As a result of the Restructuring Plan, the Company performed an impairment assessment of its goodwill, long-lived assets, including operating lease right-of-use assets, and intangibles. The assessments resulted in the Company recording an impairment charge of $25.6 million during the year ended December 31, 2022. The impairment charge included (1) $16.3 million associated with the operating lease right-of-use asset and related property and equipment at leased facilities, (2) $8.2 million of goodwill (refer to Note 11 – Goodwill The following table presents the restructuring reserve and provision activity for the six months ended June 30, 2023 (in thousands): ​ ​ ​ ​ ​ Severance and Employee Benefit Costs Balance at December 31, 2022 $ 328 Accrual adjustments ​ (33) Cash payments ​ (16) Foreign currency translation ​ 5 Balance at June 30, 2023 $ 284 ​ The Company did not have any restructuring activities during the six months ended June 30, 2022.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Variable Interest Entities
Variable Interest Entities	Note 15. Variable Interest Entities ​ The Company enters into relationships with or has investments in other entities that may be VIEs. The Company assesses the criteria in ASC 810 – Consolidation to determine if any of these entities meet the definition of a VIE and require consolidation into its financial statements. ​ As discussed in Note 3 – Revenue and Related Matters ​ Based on the Company’s assessments, it does not have any controlling financial interests in any VIEs, and therefore did not consolidate any VIEs into its Consolidated Financial Statements during the three and six months ended June 30, 2023 and 2022. ​ As of June 30, 2023 and December 31, 2022, the carrying value of the Company’s investment interests in VIEs was $1.3 million and $0.3 million, respectively, which are recorded in other non-current assets on the Consolidated Balance Sheets. Fair Value of Financial Instruments Maximum exposure to losses related to these VIEs is limited to their carrying value and the Company does not have any future funding commitments to these VIEs.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 6, 2023. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below. ​ The Company’s fiscal year is the twelve-month period from January 1 through December 31.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenues, and expenses reported and disclosures in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation of intangible and other long-lived assets, recoverability of deferred tax assets, ongoing impairment reviews, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, market specific information, or other relevant factors it believes to be reasonable. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results may differ from these estimates.
Presentation of Restricted Cash	Presentation of Restricted Cash The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2023 2022 Cash and cash equivalents $ 329,525 ​ $ 361,293 Restricted cash (1) ​ 2,686 ​ ​ 2,594 Cash, cash equivalents, and restricted cash $ 332,211 ​ $ 363,887 ​ (1) Restricted cash consists of collateral for a letter of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are no new accounting pronouncements issued or effective in the current or future periods that are expected to have a material impact on the Company’s Consolidated Financial Statements or accompanying notes.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Schedule of cash and cash equivalents	The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2023 2022 Cash and cash equivalents $ 329,525 ​ $ 361,293 Restricted cash (1) ​ 2,686 ​ ​ 2,594 Cash, cash equivalents, and restricted cash $ 332,211 ​ $ 363,887 ​ (1) Restricted cash consists of collateral for a letter of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.

Revenue and Related Matters (Ta

Revenue and Related Matters (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue and Related Matters
Schedule of disaggregated revenue	The following tables disaggregate the Company’s revenue from contracts with customers by revenue type and geography (based on the location products and services are consumed) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 1,042 ​ $ 971 ​ $ 1,473 ​ $ 3,486 ​ $ 2,473 ​ $ 2,127 ​ $ 1,004 $ 5,604 Consumable and other products ​ 9,811 ​ ​ 4,547 ​ ​ 1,848 ​ ​ 16,206 ​ ​ 4,719 ​ ​ 3,588 ​ ​ 874 ​ 9,181 Total $ 10,853 ​ $ 5,518 ​ $ 3,321 ​ $ 19,692 ​ $ 7,192 $ 5,715 $ 1,878 $ 14,785 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 1,559 ​ $ 753 ​ $ 153 ​ $ 2,465 ​ $ 1,320 ​ $ 688 ​ $ 124 $ 2,132 Research services ​ 6,321 ​ ​ 711 ​ ​ 453 ​ 7,485 ​ ​ 5,511 ​ ​ 316 ​ ​ 8 ​ 5,835 Other services ​ 372 ​ ​ 219 ​ ​ 11 ​ ​ 602 ​ ​ 317 ​ ​ 237 ​ ​ 27 ​ 581 Total $ 8,252 ​ $ 1,683 ​ $ 617 ​ $ 10,552 ​ $ 7,148 ​ $ 1,241 ​ $ 159 ​ $ 8,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 629 ​ $ — ​ $ — ​ $ 629 ​ $ 43 ​ $ 49 ​ $ — ​ $ 92 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant revenue $ 156 ​ $ — ​ $ — ​ $ 156 ​ $ 75 ​ $ — ​ $ — ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ 19,890 $ 7,201 $ 3,938 $ 31,029 ​ $ 14,458 $ 7,005 $ 2,037 $ 23,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 3,186 ​ $ 2,952 ​ $ 2,607 ​ $ 8,745 ​ $ 4,638 ​ $ 4,173 ​ $ 3,015 ​ $ 11,826 Consumable and other products ​ 17,268 ​ ​ 9,487 ​ ​ 3,479 ​ ​ 30,234 ​ ​ 13,552 ​ ​ 8,014 ​ ​ 2,049 ​ ​ 23,615 Total $ 20,454 $ 12,439 $ 6,086 $ 38,979 ​ $ 18,190 $ 12,187 $ 5,064 $ 35,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 3,116 ​ $ 1,459 ​ $ 288 ​ $ 4,863 ​ $ 2,603 ​ $ 1,347 ​ $ 216 ​ $ 4,166 Research services ​ 11,510 ​ ​ 945 ​ ​ 568 ​ 13,023 ​ ​ 11,607 ​ ​ 447 ​ ​ 21 ​ 12,075 Other services ​ 754 ​ ​ 476 ​ ​ 15 ​ ​ 1,245 ​ ​ 601 ​ ​ 448 ​ ​ 68 ​ ​ 1,117 Total $ 15,380 ​ $ 2,880 ​ $ 871 ​ $ 19,131 ​ $ 14,811 ​ $ 2,242 ​ $ 305 ​ $ 17,358 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 997 ​ $ — ​ $ — ​ $ 997 ​ $ 43 ​ $ 83 ​ $ 52 ​ $ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant revenue $ 378 ​ $ — ​ $ — ​ $ 378 ​ $ 75 ​ $ — ​ $ — ​ $ 75 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues $ 37,209 $ 15,319 $ 6,957 $ 59,485 ​ $ 33,119 $ 14,512 $ 5,421 $ 53,052 ​
Schedule of changes in deferred revenue from contracts with customers	.
Schedule of costs to obtain a contract	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at December 31 of prior year $ 377 ​ $ 440 Deferral of costs to obtain a contract 335 ​ 632 Amortization of costs to obtain a contract (333) ​ (662) Balance at June 30 $ 379 ​ $ 410

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Allowance for Credit Losses
Schedule of the allowance for credit losses	The allowance for credit losses on accounts receivable is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at December 31 of prior year $ 118 ​ $ 419 Provision for expected credit losses ​ 516 ​ ​ 581 Write-offs and recoveries collected ​ (192) ​ ​ — Balance at June 30 $ 442 ​ $ 1,000

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair value of financial instruments
Schedule of fair value measurements	Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 312,986 $ 312,986 ​ $ — $ — Total Financial Assets $ 312,986 ​ $ 312,986 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents - money market funds $ 306,097 $ 306,097 ​ $ — $ — Total Financial Assets $ 306,097 ​ $ 306,097 ​ $ — ​ $ —

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory
Summary of inventory	Inventory, net of inventory reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Raw materials $ 4,966 ​ $ 5,509 Work in process 5,520 ​ 3,362 Finished goods 7,670 ​ 7,915 Total inventory $ 18,156 ​ $ 16,786

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses and Other Current Liabilities
Summary of Accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ December 31, 2022 Accrued professional services $ 1,853 ​ $ 1,409 Accrued royalties ​ 1,167 ​ ​ 815 Accrued tax liabilities ​ 918 ​ ​ 172 Accrued in-transit inventory ​ 594 ​ ​ 21 Other accrued expenses 2,245 ​ 2,716 Total accrued expenses and other current liabilities $ 6,777 ​ $ 5,133

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Summary of share-based compensation expense for all stock awards	Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Cost of product revenue $ 200 ​ $ 137 ​ $ 387 ​ $ 225 Cost of service and other revenue 258 ​ 205 ​ 608 ​ 371 Research and development 405 ​ 482 ​ 775 ​ 880 Selling, general, and administrative 3,330 ​ 4,362 ​ 6,325 ​ 7,537 Total stock-based compensation $ 4,193 ​ $ 5,186 ​ $ 8,095 ​ $ 9,013
Summary of stock option activity	Stock Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average remaining ​ Aggregate ​ Number of shares exercise price per share contractual life (in years) intrinsic value Outstanding at December 31, 2022 2,188 $ 20.69 ​ 8.1 ​ $ 4,273 Granted 1,006 ​ ​ 14.91 ​ ​ ​ ​ ​ Exercised (44) ​ ​ 6.74 ​ ​ ​ ​ ​ Cancelled (355) ​ ​ 17.11 ​ ​ ​ ​ ​ Outstanding at June 30, 2023 2,795 ​ $ 19.28 ​ 8.2 ​ $ 18,118 Exercisable at June 30, 2023 918 ​ $ 24.67 ​ 6.0 ​ $ 3,740 Vested and expected to vest at June 30, 2023 2,795 ​ $ 19.28 ​ 8.2 ​ $ 18,118
Summary of restricted stock units activity	Restricted Stock Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Weighted-average ​ ​ ​ ​ ​ ​ grant date fair ​ remaining contractual ​ Aggregate ​ Number of shares value per share ​ life (in years) ​ intrinsic value Unvested RSUs at December 31, 2022 1,188 $ 21.18 ​ 9.6 ​ $ 16,455 Granted 737 ​ ​ 14.58 ​ ​ ​ ​ ​ Vested (171) ​ ​ 30.87 ​ ​ ​ ​ ​ Cancelled (223) ​ ​ 17.37 ​ ​ ​ ​ ​ Unvested RSUs at June 30, 2023 1,531 ​ $ 17.47 ​ 9.3 ​ $ 34,515 Expected to convert at June 30, 2023 1,531 ​ $ 17.47 ​ 9.3 ​ $ 34,515
Summary of fair value of the Company's stock options granted and purchase rights to the ESPP	The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 Stock Options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ 3.5% - 4.2% ​ ​ 2.7% - 3.2% ​ ​ 3.5% - 4.2% ​ ​ 1.4% - 3.2% Expected dividend yield ​ — ​ ​ — ​ ​ — ​ ​ — Expected term (in years) ​ 5.0 - 5.1 ​ ​ 5.7 - 5.8 ​ ​ 5.0 - 5.1 ​ ​ 5.7 - 5.8 Expected volatility ​ 80.9% - 82.1% ​ ​ 55.1% - 56.2% ​ ​ 71.1% - 82.1% ​ ​ 55.0% - 56.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average grant date fair value $ 11.95 ​ $ 13.47 ​ $ 9.62 ​ $ 14.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee Stock Purchase Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ 5.2% ​ ​ 1.1% ​ ​ 5.2% ​ ​ 0.7% - 1.1% Expected dividend yield ​ — ​ ​ — ​ ​ — ​ ​ — Expected term (in years) ​ 0.5 ​ ​ 0.5 ​ ​ 0.5 ​ ​ 0.5 Expected volatility ​ 72.8% ​ ​ 55.7% ​ ​ 72.8% - 82.5% ​ ​ 51.9% - 55.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average grant date fair value $ 2.25 ​ $ 4.62 ​ $ 2.24 ​ $ 4.76

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Schedule of basic and diluted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ (6,064) ​ $ (24,902) ​ $ (12,167) ​ $ (43,055) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 37,494 ​ ​ 36,922 ​ ​ 37,411 ​ ​ 36,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted $ (0.16) ​ $ (0.67) ​ $ (0.33) ​ $ (1.17)
Schedule of common share equivalents have been excluded from the calculation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 ​ 2023 2022 Common stock and RSUs 1,607 928 ​ ​ 1,557 759 Stock options 2,891 2,578 ​ ​ 2,810 2,383 Total anti-dilutive shares 4,498 ​ 3,506 ​ ​ 4,367 ​ 3,142

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Schedule of future minimum lease payments	​ ​ ​ ​ ​ Maturity of lease liabilities ​ As of June 30, 2023 2023 (remainder) ​ $ 3,487 2024 ​ ​ 7,064 2025 ​ ​ 7,228 2026 ​ ​ 7,408 2027 ​ ​ 7,641 2028 ​ ​ 7,880 Thereafter ​ ​ 15,741 Total lease payments ​ $ 56,449 Less: imputed interest ​ ​ 13,085 Total operating lease liabilities ​ $ 43,364

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring
Schedule of rollforward of the restructuring reserve and provision activity	The following table presents the restructuring reserve and provision activity for the six months ended June 30, 2023 (in thousands): ​ ​ ​ ​ ​ Severance and Employee Benefit Costs Balance at December 31, 2022 $ 328 Accrual adjustments ​ (33) Cash payments ​ (16) Foreign currency translation ​ 5 Balance at June 30, 2023 $ 284

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	Jun. 30, 2023 project customer
Organization and Nature of Business
Entity Number of Projected completed | project	2,000
Minimum
Organization and Nature of Business
Entity Number of Customers Served | customer	450

Significant Accounting Polici_4

Significant Accounting Policies - Presentation of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash equivalents
Cash and cash equivalents	$ 329,525	$ 338,740
Restricted cash (1)	2,686
Cash, cash equivalents, and restricted cash	$ 332,211	$ 341,337	$ 363,887	$ 399,042

Revenue and Related Matters - D

Revenue and Related Matters - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Service Revenue
Total revenues	$ 31,029	$ 23,500	$ 59,485	$ 53,052
NA
Service Revenue
Total revenues	19,890	14,458	37,209	33,119
EMEA
Service Revenue
Total revenues	7,201	7,005	15,319	14,512
Asia Pacific
Service Revenue
Total revenues	3,938	2,037	6,957	5,421
Product revenue
Service Revenue
Total revenues	19,692	14,785	38,979	35,441
Product revenue | NA
Service Revenue
Total revenues	10,853	7,192	20,454	18,190
Product revenue | EMEA
Service Revenue
Total revenues	5,518	5,715	12,439	12,187
Product revenue | Asia Pacific
Service Revenue
Total revenues	3,321	1,878	6,086	5,064
Instruments
Service Revenue
Total revenues	3,486	5,604	8,745	11,826
Instruments | NA
Service Revenue
Total revenues	1,042	2,473	3,186	4,638
Instruments | EMEA
Service Revenue
Total revenues	971	2,127	2,952	4,173
Instruments | Asia Pacific
Service Revenue
Total revenues	1,473	1,004	2,607	3,015
Consumable and other products
Service Revenue
Total revenues	16,206	9,181	30,234	23,615
Consumable and other products | NA
Service Revenue
Total revenues	9,811	4,719	17,268	13,552
Consumable and other products | EMEA
Service Revenue
Total revenues	4,547	3,588	9,487	8,014
Consumable and other products | Asia Pacific
Service Revenue
Total revenues	1,848	874	3,479	2,049
Service revenue
Service Revenue
Total revenues	10,552	8,548	19,131	17,358
Service revenue | NA
Service Revenue
Total revenues	8,252	7,148	15,380	14,811
Service revenue | EMEA
Service Revenue
Total revenues	1,683	1,241	2,880	2,242
Service revenue | Asia Pacific
Service Revenue
Total revenues	617	159	871	305
Research services
Service Revenue
Total revenues	7,485	5,835	13,023	12,075
Research services | NA
Service Revenue
Total revenues	6,321	5,511	11,510	11,607
Research services | EMEA
Service Revenue
Total revenues	711	316	945	447
Research services | Asia Pacific
Service Revenue
Total revenues	453	8	568	21
Other services
Service Revenue
Total revenues	602	581	1,245	1,117
Other services | NA
Service Revenue
Total revenues	372	317	754	601
Other services | EMEA
Service Revenue
Total revenues	219	237	476	448
Other services | Asia Pacific
Service Revenue
Total revenues	11	27	15	68
Service-type warranties
Service Revenue
Total revenues	2,465	2,132	4,863	4,166
Service-type warranties | NA
Service Revenue
Total revenues	1,559	1,320	3,116	2,603
Service-type warranties | EMEA
Service Revenue
Total revenues	753	688	1,459	1,347
Service-type warranties | Asia Pacific
Service Revenue
Total revenues	153	124	288	216
Collaboration and license revenue
Service Revenue
Total revenues	629	92	997	178
Collaboration and license revenue | NA
Service Revenue
Total revenues	629	43	997	43
Collaboration and license revenue | EMEA
Service Revenue
Total revenues		49		83
Collaboration and license revenue | Asia Pacific
Service Revenue
Total revenues				52
Grant revenue
Service Revenue
Total revenues	156	75	378	75
Grant revenue | NA
Service Revenue
Total revenues	$ 156	$ 75	$ 378	$ 75

Revenue and Related Matters - S

Revenue and Related Matters - Service Revenue (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Service Revenue
Revenue	$ 31,029	$ 23,500		$ 59,485	$ 53,052
Accounts Receivable
Service Revenue
Number Of Customers With High Percent Of Gross Accounts Receivable | customer	1			1
Customer Concentration Risk
Service Revenue
Threshold limit used for calculating concentration risk percentage				10%
Customer Concentration Risk | Revenue.
Service Revenue
Number Of Customers With High Percent Of Total Revenue | customer	1			1
Threshold limit used for calculating concentration risk percentage	10%			10%
Service revenue
Service Revenue
Revenue	$ 10,552	8,548		$ 19,131	17,358
Collaboration agreement | Service revenue
Service Revenue
Revenue	$ 1,500	$ 2,700		$ 3,000	$ 5,400
Master collaboration agreement | Eli Lilly
Service Revenue
Non-refundable up-front payment received			$ 5,000
Statement of works agreement | Eli Lilly
Service Revenue
Collaborative arrangement payment received per quarter						$ 1,500

Revenue and Related Matters - C

Revenue and Related Matters - Collaboration and license arrangements (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Collaboration and license arrangements
Revenue	$ 31,029		$ 23,500	$ 59,485	$ 53,052
UltraDx
Collaboration and license arrangements
Revenue	$ 1,400		0	$ 1,400	0
Consideration on collaboration activities		$ 1,900
Shares amount received		$ 1,000
Number of contingent consideration collaboration	1
Total fair value	$ 1,000
Abbot license agreement
Collaboration and license arrangements
Number of days notice to terminate agreement				60 days
Initial license fee receivable						$ 10,000
Revenue	500			$ 500
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 629		$ 92	$ 997	$ 178

Revenue and Related Matters - G

Revenue and Related Matters - Grant revenue (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Sep. 21, 2022	Mar. 24, 2022	Sep. 29, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenues				$ 31,029	$ 23,500	$ 59,485	$ 53,052
Research and Development Expense				5,946	6,625	10,666	13,659
Deferred revenue						(1,666)	(6,228)
RADx WP2
Contract value			$ 18,200		18,200
Contract Payment Received					500
Research and Development Expense					0		0
ADDF
Contract value		$ 2,300				2,300
National Institutes of Health
Contract value	$ 1,700
Grant revenue
Total revenues				$ 156	75	378	75
Grant revenue | RADx WP2
Total revenues					$ 0	$ 0	$ 0

Revenue and Related Matters -_2

Revenue and Related Matters - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue and Related Matters
Contract with Customer, Asset, after Allowance for Credit Loss	$ 0	$ 0

Revenue and Related Matters -_3

Revenue and Related Matters - Deferred Revenue (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue and Related Matters
Deferred Revenue, Revenue Recognized	$ 4.9	$ 3.6

Revenue and Related Matters - R

Revenue and Related Matters - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 11.7
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	10.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.4
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1.3
Performance obligation satisfaction period	24 months

Revenue and Related Matters -_4

Revenue and Related Matters - Costs to obtain a contract (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 377	$ 440
Deferral of costs to obtain a contract	335	632
Amortization of costs to obtain a contract	(333)	(662)
Balance at end of period	379	410
Impairment loss	$ 0	$ 0

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Allowance for Credit Losses
Beginning Balance	$ 118	$ 419
Provision for expected credit losses	516	581
Write-offs and recoveries collected	(192)
Ending Balance	$ 442	$ 1,000

Fair value of financial instr_3

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Financial Assets	$ 312,986	$ 306,097
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	312,986	306,097
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Financial Assets	312,986	306,097
Level 1 | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	$ 312,986	$ 306,097

Fair value of financial instr_4

Fair value of financial instruments - Changes in Level 3 Financial Instruments (Details) - USD ($) $ in Millions	Jun. 23, 2023	Jun. 30, 2023	Dec. 31, 2022
Changes in the Company's Level 3 financial instruments
Receipt of ordinary shares of UltraDx (Note 13)	$ 1
Fair value		$ 1.3	$ 0.3

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory
Raw Materials	$ 4,966	$ 5,509
Work in process	5,520	3,362
Finished goods	7,670	7,915
Total inventory	$ 18,156	$ 16,786

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 1,853	$ 1,409
Accrued royalties	1,167	815
Accrued tax liabilities	918	172
Accrued in-transit inventory	594	21
Other accrued expenses	2,245	2,716
Total accrued expenses and other current liabilities	$ 6,777	$ 5,133

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number outstanding
Outstanding at the beginning of the period (in shares)			2,188
Granted (in shares)			1,006
Exercised (in shares)			(44)
Cancelled (in shares)			(355)
Outstanding at the end of the period (in shares)	2,795		2,795		2,188
Exercisable at the end of the period (in shares)	918		918
Vested and expected to vest at the end of the period (in shares)	2,795		2,795
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)			$ 20.69
Granted (in dollars per share)			14.91
Exercised (in dollars per share)			6.74
Cancelled (in dollars per share)			17.11
Outstanding at the end of the period (in dollars per share)	$ 19.28		19.28		$ 20.69
Exercisable at the end of the period (in dollars per share)	24.67		24.67
Vested and expected to vest at the end of the period (in dollars per share)	$ 19.28		$ 19.28
Weighted-average remaining contractual life
Outstanding (in years)			8 years 2 months 12 days		8 years 1 month 6 days
Exercisable at the end of the period (in years)			6 years
Vested and expected to vest at the end of the period (in years)			8 years 2 months 12 days
Aggregate intrinsic value
Outstanding	$ 18,118		$ 18,118		$ 4,273
Exercisable at the end of the period	3,740		3,740
Vested and expected to vest at the end of the period	$ 18,118		$ 18,118
Weighted-average fair value of options granted	$ 11.95	$ 13.47	$ 9.62	$ 14.11

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)	1,188
Granted (in shares)	737
Vested (in shares)	(171)
Cancelled (in shares)	(223)
Unvested restricted common stock at the end of the period (in shares)	1,531	1,188
Expected to convert	1,531
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share)	$ 21.18
Granted (in dollars per share)	14.58
Vested (in dollars per share)	30.87
Cancelled (in dollars per share)	17.37
Unvested restricted common stock at the end of the period (in dollars per share)	17.47	$ 21.18
Expected to convert (in dollars per share)	$ 17.47
Unvested, Weighted-average remaining contractual life (in years)	9 years 3 months 18 days	9 years 7 months 6 days
Expected to Convert, Weighted-average Remaining Contractual Life (in years)	9 years 3 months 18 days
Unvested, Aggregate intrinsic value	$ 34,515	$ 16,455
Expected to convert, Aggregate intrinsic value	$ 34,515

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-based compensation plans (Details) - 2017 ESPP - shares shares in Thousands		6 Months Ended
	Jan. 03, 2023	Jun. 30, 2023	Dec. 31, 2021
Stock-based compensation
Employee stock purchase plan (in shares)		70
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

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Share-based compensation expense	$ 4,193	$ 5,186	$ 8,095	$ 9,013
Cost of product revenue
Stock-based compensation
Share-based compensation expense	200	137	387	225
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	258	205	608	371
Research and development
Stock-based compensation
Share-based compensation expense	405	482	775	880
Selling, general, and administrative
Stock-based compensation
Share-based compensation expense	3,330	$ 4,362	6,325	$ 7,537
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 39,800		$ 39,800
Period of recognition of unrecognized compensation cost			2 years 10 months 24 days

Stock-Based Compensation - Blac

Stock-Based Compensation - Black-Scholes valuation model Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Stock Option [Member]
Fair value assumptions:
Risk-free interest rate, Minimum	3.50%	2.70%	3.50%	1.40%
Risk-free interest rate, Maximum	4.20%	3.20%	4.20%	3.20%
Expected volatility, Minimum	80.90%	55.10%	71.10%	55%
Expected volatility, Maximum	82.10%	56.20%	82.10%	56.20%
Weighted-average grant date fair value	$ 11.95	$ 13.47	$ 9.62	$ 14.11
Employee Stock Option [Member] | Minimum
Fair value assumptions:
Expected term (in years)	5 years	5 years 8 months 12 days	5 years	5 years 8 months 12 days
Employee Stock Option [Member] | Maximum
Fair value assumptions:
Expected term (in years)	5 years 1 month 6 days	5 years 9 months 18 days	5 years 1 month 6 days	5 years 9 months 18 days
Employee Stock Purchase Plan
Fair value assumptions:
Risk-free interest rate	5.20%	1.10%	5.20%
Expected term (in years)	6 months	6 months	6 months	6 months
Expected volatility	72.80%	55.70%
Weighted-average grant date fair value	$ 2.25	$ 4.62	$ 2.24	$ 4.76
Employee Stock Purchase Plan | Minimum
Fair value assumptions:
Risk-free interest rate				0.70%
Expected volatility			72.80%	51.90%
Employee Stock Purchase Plan | Maximum
Fair value assumptions:
Risk-free interest rate				1.10%
Expected volatility			82.50%	55.70%

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Loss Per Share
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Basic weighted average common shares outstanding	37,494	36,922	37,411	36,887
Diluted weighted average common shares outstanding	37,494	36,922	37,411	36,887
Basic net (loss) income per share	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Diluted net (loss) income per share	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)

Net Loss Per Share - Common sha

Net Loss Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	4,498	3,506	4,367	3,142
Common stock and RSUs
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	1,607	928	1,557	759
Employee Stock Option [Member]
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	2,891	2,578	2,810	2,383

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Effective Income Tax Rate Reconciliation, Percent	4%	0%	3.20%	0%

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Changes in the carrying value of goodwill
Goodwill impairment	$ 8.2
Goodwill		$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	3 Months Ended	12 Months Ended		36 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 item	Dec. 31, 2022 item	Dec. 31, 2024 item	Jun. 30, 2023 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Tenant improvements allowances | $	$ 0.9
Stratec Supply Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped | item			75,000
Revenue from open purchase orders | $					$ 3.7
Purchase commitments expects to incur in next year | $					$ 2.6
Stratec Supply Agreement | Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs purchased | item				515,000
Number of discs shipped | item		220,000

Commitments and Contingencies_2

Commitments and Contingencies - License agreements and Lease commitments (Details) - License agreements - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
License agreements
Royalty expense		$ 0	$ 0	$ 0	$ 0
Tufts
License agreements
Royalty expense		$ 0.4	$ 0.4	$ 0.8	$ 0.7
Harvard University
License agreements
Upfront Fee	$ 0.6

Commitments and Contingencies_3

Commitments and Contingencies - Future minimum commitments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies
2023 (remainder)	$ 3,487
2024	7,064
2025	7,228
2026	7,408
2027	7,641
2028	7,880
Thereafter	15,741
Total lease payments	56,449
Less: imputed interest	13,085
Total operating lease liabilities	$ 43,364

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related party transactions
Cost of revenue	$ 11,891	$ 14,789	$ 23,421	$ 29,782
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	24,423		24,423		$ 19,017
Accounts payable	3,238		3,238		3,836
Selling, General and Administrative Expense	21,591	27,045	42,474	52,757
Commitment to sponsor agreement
Product revenue
Related party transactions
Cost of revenue	7,236	9,921	14,269	20,667
Service revenue.
Related party transactions
Cost of revenue	4,655	$ 4,868	9,152	$ 9,115
Harvard University
Related party transactions
Related party revenue	500		700
UltraDx
Related party transactions
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	400		400		0
Accounts payable	$ 0		$ 0		$ 0

Restructuring (Details)

Restructuring (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) position	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring
Total headcount | position		119
Goodwill impairment		$ 8.2
Impairment of long-lived assets	$ 0		$ 0	$ 25.6
Property And Equipment [Member]
Restructuring
Impairment of long-lived assets			16.3
Software and Software Development Costs [Member]
Restructuring
Impairment of long-lived assets			1.1
Goodwill [Member]
Restructuring
Goodwill impairment			$ 8.2

Restructuring - Roll forward (D

Restructuring - Roll forward (Details) - Severance and Employee Benefit Costs $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring
Balance at Beginning of period	$ 328
Accrual adjustments	(33)
Cash payments	(16)
Foreign currency translation	5
Balance at End of period	$ 284

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Other non-current assets	$ 2,282	$ 1,298
UltraDx Limited Company
Number of contingent consideration collaboration	1
Variable Interest Entity, Not Primary Beneficiary
Other non-current assets	$ 1,300	$ 300
Variable Interest Entity, Not Primary Beneficiary | UltraDx Limited Company
Number of contingent consideration collaboration	1
Ownership interest	5%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false