Quanterix (QTRX) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38319
Entity Registrant Name	Quanterix Corp
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,270,088
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,281	$ 174,422
Marketable securities	256,640	146,902
Accounts receivable, net of allowance for expected credit losses	29,276	25,414
Inventory	26,015	22,365
Prepaid expenses and other current assets	9,551	9,291
Total current assets	366,763	378,394
Restricted cash	2,605	2,604
Property and equipment, net	17,492	17,926
Intangible assets, net	5,339	6,034
Operating lease right-of-use assets	17,748	18,251
Other non-current assets	1,802	1,802
Total assets	411,749	425,011
Current liabilities:
Accounts payable	3,914	5,048
Accrued compensation and benefits	6,706	13,659
Accrued expenses and other current liabilities	7,021	6,041
Deferred revenue	10,234	9,468
Short-term operating lease liabilities	4,366	4,241
Total current liabilities	32,241	38,457
Deferred revenue, net of current portion	933	1,227
Non-current operating lease liabilities	36,084	37,223
Other non-current liabilities	1,053	1,177
Total liabilities	70,311	78,084
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	38	38
Additional paid-in capital	789,006	783,142
Accumulated other comprehensive loss	(3,038)	(1,757)
Accumulated deficit	(444,568)	(434,496)
Total stockholders' equity	341,438	346,927
Total liabilities and stockholders' equity	$ 411,749	$ 425,011

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000	120,000
Common stock, shares issued	38,353	38,014
Common stock, shares outstanding	38,353	38,014

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 32,066	$ 28,456
Costs of goods sold and services:
Total costs of goods sold and services	12,440	11,530
Gross profit	19,626	16,926
Operating expenses:
Research and development	6,675	4,720
Selling, general and administrative	25,993	20,850
Other lease costs	924	776
Total operating expenses	33,592	26,346
Loss from operations	(13,966)	(9,420)
Interest income (expense), net	3,948	3,449
Other income (expense), net	206	8
Loss before income taxes	(9,812)	(5,963)
Income tax (expense) benefit	(260)	(140)
Net loss	$ (10,072)	$ (6,103)
Net loss per common share, basic (in dollars per share)	$ (0.26)	$ (0.16)
Net loss per common share, diluted (in dollars per share)	$ (0.26)	$ (0.16)
Weighted-average common shares outstanding, basic (in shares)	38,126	37,327
Weighted-average common shares outstanding, diluted (in shares)	38,126	37,327
Product revenue
Revenues:
Total revenues	$ 19,670	$ 19,287
Costs of goods sold and services:
Total costs of goods sold and services	7,145	7,033
Service revenue
Revenues:
Total revenues	11,967	8,579
Service and other revenue.
Costs of goods sold and services:
Total costs of goods sold and services	5,295	4,497
Collaboration and license revenue
Revenues:
Total revenues	155	368
Grant revenue
Revenues:
Total revenues	$ 274	$ 222

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (10,072)	$ (6,103)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	(607)
Foreign currency translation	(674)	42
Total other comprehensive loss	(1,281)	42
Comprehensive loss	$ (11,353)	$ (6,061)

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, 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		551			551
Issuance of common stock under stock plans, including tax effects (in shares)	144
Stock-based compensation expense		3,902			3,902
Foreign currency translation			42		42
Net loss				(6,103)	(6,103)
Ending Balance at Mar. 31, 2023	$ 37	768,141	(2,581)	(408,265)	357,332
Ending Balance (in shares) at Mar. 31, 2023	37,424
Beginning Balance at Dec. 31, 2023	$ 38	783,142	(1,757)	(434,496)	346,927
Beginning balance (in shares) at Dec. 31, 2023	38,014
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		599			599
Issuance of common stock under stock plans, including tax effects (in shares)	274
Stock-based compensation expense		5,265			5,265
Unrealized loss on marketable securities, net of tax			(607)		(607)
Foreign currency translation			(674)		(674)
Net loss				(10,072)	(10,072)
Ending Balance at Mar. 31, 2024	$ 38	$ 789,006	$ (3,038)	$ (444,568)	$ 341,438
Ending Balance (in shares) at Mar. 31, 2024	38,288

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (10,072)	$ (6,103)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,523	1,439
Credit losses (gains) on accounts receivable	176	178
Amortization of (discount) premium on marketable securities	(1,657)
Operating lease right-of-use asset amortization	478	334
Stock-based compensation expense	5,265	3,902
Other operating activity	55	270
Changes in assets and liabilities:
Accounts receivable	(4,233)	(3,741)
Inventory	(3,670)	(89)
Prepaid expenses and other current assets	(254)	(422)
Other non-current assets	(21)	(33)
Accounts payable	(1,122)	(1,271)
Accrued compensation and benefits, accrued expenses, and other current liabilities	(6,126)	(5,983)
Deferred revenue	472	2,041
Operating lease liabilities	(988)	179
Other non-current liabilities	10	(203)
Net cash used in operating activities	(20,164)	(9,502)
Cash flows from investing activities:
Purchases of marketable securities	(137,889)
Proceeds from maturities of marketable debt securities	29,200
Purchases of property and equipment	(506)	(136)
Net cash used in investing activities	(109,195)	(136)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,037	564
Payments for employee taxes withheld on stock-based compensation awards	(1,438)	(13)
Net cash provided by financing activities	599	551
Net increase (decrease) in cash, cash equivalents, and restricted cash	(128,760)	(9,087)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(380)	24
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	47,886	332,274
Supplemental disclosure of cash flow information:
Cash paid for taxes	175	246
Purchases of property and equipment in accounts payable and accruals	$ 222	$ 147

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2024
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 life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. ​ The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its CLIA-certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to its Simoa technology and its Lucent Diagnostics clinical testing services (launched in July 2023) and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing. To date, the Company has completed over 2,300 projects for more than 480 customers from all over the world using its Simoa platforms.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023, as filed with the SEC on February 29, 2024. 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, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted. Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements and Notes to 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 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 income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets. Foreign currency transaction gains (losses) are included in other income, net on the Consolidated Statements of Operations and were not material for the three months ended March 31, 2024 and 2023. 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 March 31, ​ 2024 2023 Cash and cash equivalents $ 45,281 ​ $ 329,354 Restricted cash ​ 2,605 ​ ​ 2,920 Cash, cash equivalents, and restricted cash $ 47,886 ​ $ 332,274 ​ Restricted cash consists of collateral for a letter of credit issued as security for two 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. Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Recent Accounting Standards to be Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue and Related Matters
Revenue and Related Matters	Note 3. Revenue and Related Matters Revenue from Contracts with Customers The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, infectious disease, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions. Disaggregated Revenue When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 408 ​ $ 1,269 ​ $ 869 ​ $ 2,546 ​ $ 2,144 ​ $ 1,981 ​ $ 1,135 $ 5,260 Consumable and other products ​ 10,242 ​ ​ 4,041 ​ ​ 2,841 ​ ​ 17,124 ​ ​ 7,457 ​ ​ 4,940 ​ ​ 1,630 ​ 14,027 Total $ 10,650 ​ $ 5,310 ​ $ 3,710 ​ $ 19,670 ​ $ 9,601 $ 6,921 $ 2,765 $ 19,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 1,637 ​ $ 852 ​ $ 194 ​ $ 2,683 ​ $ 1,557 ​ $ 706 ​ $ 135 $ 2,398 Research services ​ 5,762 ​ ​ 2,802 ​ ​ 127 ​ 8,691 ​ ​ 5,190 ​ ​ 234 ​ ​ 115 ​ 5,539 Other services ​ 318 ​ ​ 248 ​ ​ 27 ​ ​ 593 ​ ​ 381 ​ ​ 257 ​ ​ 4 ​ 642 Total $ 7,717 ​ $ 3,902 ​ $ 348 ​ $ 11,967 ​ $ 7,128 ​ $ 1,197 ​ $ 254 ​ $ 8,579 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ 67 ​ $ 88 ​ $ — ​ $ 155 ​ $ 368 ​ $ — ​ $ — ​ $ 368 ​ For the three months ended March 31, 2024, no customer accounted for more than 10% of the Company’s total revenues and for the three months ended March 31, 2023, one customer accounted for more than 10% of the Company’s total revenues. At March 31, 2024 and December 31, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable. Eli Lilly and Company Service Revenue Agreements 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. 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 March 31, 2024, 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 p-Tau 217 antibody technology for use in research use only products and services and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease. In consideration of the Lilly License, the Company paid an upfront fee , ​ The Company recognized $1.5 million of revenue from the Lilly Collaboration Agreement during the three months ended March 31, 2024 and 2023. Contract Assets There were no contract assets as of March 31, 2024 or December 31, 2023. Deferred Revenue Remaining Performance Obligations As of March 31, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $11.2 million. Of this amount, $10.2 million is expected to be recognized as revenue in the next 12 months, with the remainder thereafter. Costs to Obtain a Contract ​ Changes in costs to obtain a contract were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at December 31 of prior year $ 288 ​ $ 377 Capitalization of costs to obtain a contract 97 ​ 197 Recognition of costs to obtain a contract (95) ​ (191) Balance at March 31 $ 290 ​ $ 383 ​ The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the three months ended March 31, 2024 and 2023. Grant Revenue All of the Company's grant revenue is generated within North America. NIH Grant On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH 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 March 31, 2024, the Company had received $0.8 million of the total award value. During the three months ended March 31, 2024 and 2023, grant revenue recognized and research and development expenses incurred were not material. 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 IVD 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 December 31, 2023, the Company had received the total funding value of $2.3 million. During the three months ended March 31, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material. As of March 31, 2024, the Company had $1.0 million of deferred revenue related to the ADDF Grant.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Allowance for Credit Losses
Allowance for Credit Losses	Note 4. Allowance for Credit Losses The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at December 31 of prior year $ 454 ​ $ 118 Provision for expected credit losses ​ 176 ​ ​ 178 Write-offs and recoveries collected ​ (103) ​ ​ (74) Balance at March 31 $ 527 ​ $ 222 ​

Marketable Debt Securities

Marketable Debt Securities	3 Months Ended
	Mar. 31, 2024
INVESTMENT SECURITIES
Marketable Debt Securities	​ ​ Note 5. Marketable Securities The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper ​ $ 42,947 ​ $ — ​ $ (40) ​ $ 42,907 U.S. Treasuries ​ ​ 73,033 ​ ​ — ​ ​ (23) ​ ​ 73,010 U.S. Government agency bonds ​ ​ 78,389 ​ ​ 10 ​ ​ (149) ​ ​ 78,250 Corporate bonds ​ ​ 79,012 ​ ​ 55 ​ ​ (136) ​ ​ 78,931 Total marketable securities ​ $ 273,381 ​ $ 65 ​ $ (348) ​ $ 273,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,458 Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 256,640 Total marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 273,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper ​ $ 53,482 ​ $ 23 ​ $ (12) ​ $ 53,493 U.S. Treasuries ​ ​ 4,896 ​ ​ 1 ​ ​ — ​ ​ 4,897 U.S. Government agency bonds ​ ​ 28,366 ​ ​ 39 ​ ​ (7) ​ ​ 28,398 Corporate bonds ​ ​ 66,726 ​ ​ 289 ​ ​ (8) ​ ​ 67,007 Total marketable securities ​ $ 153,470 ​ $ 352 ​ $ (27) ​ $ 153,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,893 Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 146,902 Total marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 153,795 ​ The following tables show the fair value and gross unrealized losses of the Company’s available-for-sale securities, with unrealized losses that are not deemed to be other-than-temporary aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months As of March 31, 2024 ​ Fair Value Unrealized Losses Commercial paper ​ $ 38,497 ​ $ (40) U.S. Treasuries ​ ​ 73,010 ​ ​ (23) U.S. Government agency bonds ​ ​ 69,825 ​ ​ (149) Corporate bonds ​ ​ 48,629 ​ ​ (136) Total ​ $ 229,961 ​ $ (348) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months As of December 31, 2023 ​ Fair Value Unrealized Losses Commercial paper ​ $ 32,137 ​ $ (12) U.S. Government agency bonds ​ ​ 15,861 ​ ​ (7) Corporate bonds ​ ​ 8,367 ​ ​ (8) Total ​ $ 56,365 ​ $ (27) ​ The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of March 31, 2024. For marketable securities in an unrealized loss position, the Company does not intend to sell them before recovery of their amortized cost bases, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance. The Company did not sell any marketable securities or record any realized gains or losses for the three months ended March 31, 2024. At March 31, 2024 and December 31, 2023, the Company had $1.2 million and $1.0 million, respectively, of accrued interest receivable on its marketable securities, which was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets. The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 ​ ​ Amortized Cost ​ Fair Value ​ Amortized Cost ​ Fair Value Due within one year ​ $ 209,554 ​ $ 209,378 ​ $ 95,188 ​ $ 95,232 Due in one to two years ​ ​ 63,827 ​ ​ 63,720 ​ ​ 58,282 ​ ​ 58,563 Total ​ $ 273,381 ​ $ 273,098 ​ $ 153,470 ​ $ 153,795 ​

Fair value of financial instrum

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2024
Fair value of financial instruments
Fair value of financial instruments	Note 6. 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 March 31, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds $ 19,792 $ 19,792 ​ $ — $ — U.S. Treasuries ​ 16,458 ​ ​ — ​ ​ 16,458 ​ ​ — Total cash equivalents ​ 36,250 ​ ​ 19,792 ​ ​ 16,458 ​ ​ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ 42,907 ​ ​ — ​ ​ 42,907 ​ ​ — U.S. Treasuries ​ 56,552 ​ ​ — ​ ​ 56,552 ​ ​ — U.S. Government agency bonds ​ 78,250 ​ ​ — ​ ​ 78,250 ​ ​ — Corporate bonds ​ 78,931 ​ ​ — ​ ​ 78,931 ​ ​ — Total marketable securities ​ 256,640 ​ ​ — ​ ​ 256,640 ​ ​ — Total financial assets $ 292,890 ​ $ 19,792 ​ $ 273,098 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds $ 155,367 $ 155,367 ​ $ — $ — Commercial paper ​ 1,996 ​ ​ — ​ ​ 1,996 ​ ​ — U.S. Treasuries ​ 4,897 ​ ​ — ​ ​ 4,897 ​ ​ — Total cash equivalents ​ 162,260 ​ ​ 155,367 ​ ​ 6,893 ​ ​ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ 51,498 ​ ​ — ​ ​ 51,498 ​ ​ — U.S. Government agency bonds ​ 28,398 ​ ​ — ​ ​ 28,398 ​ ​ — Corporate bonds ​ 67,006 ​ ​ — ​ ​ 67,006 ​ ​ — Total marketable securities ​ 146,902 ​ ​ — ​ ​ 146,902 ​ ​ — Total financial assets $ 309,162 ​ $ 155,367 ​ $ 153,795 ​ $ — ​ (1) Included in cash and cash equivalents on the Consolidated Balance Sheets. ​ Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events. Nonrecurring Fair Value Measurements The Company has a non-marketable equity investment in an entity that is evaluated under the VIE guidance (refer to Note 14 - Variable Interest Entities Investments – Equity Securities The Company’s non-marketable equity investment contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024. During the three months ended March 31, 2024 and 2023, the Company did not record any fair value adjustments to its non-marketable equity investment and to date, the cumulative fair value adjustments have not been material. As of March 31, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets. Other Fair Value Disclosures During the three months ended March 31, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory
Inventory	Note 7. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Raw materials $ 6,369 ​ $ 5,114 Work in process 7,371 ​ 4,466 Finished goods 12,275 ​ 12,785 Total inventory $ 26,015 ​ $ 22,365 ​

Other Accrued Expenses

Other Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Accrued professional services $ 1,947 ​ $ 1,596 Accrued royalties ​ 1,631 ​ ​ 1,689 Accrued tax liabilities ​ 1,485 ​ ​ 808 Other accrued expenses 1,958 ​ 1,948 Total accrued expenses and other current liabilities $ 7,021 ​ $ 6,041 ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	Note 9. Stock-Based Compensation Stock Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ Weighted-average ​ remaining contractual ​ Aggregate ​ Number of options exercise price per share life (in years) intrinsic value Outstanding at December 31, 2023 2,774 $ 19.62 ​ 7.9 ​ $ 26,941 Granted 1,179 ​ ​ 22.74 ​ ​ ​ ​ ​ Exercised (104) ​ ​ 12.34 ​ ​ ​ ​ ​ Forfeited/expired (181) ​ ​ 20.24 ​ ​ ​ ​ ​ Outstanding at March 31, 2024 3,668 ​ $ 20.80 ​ 8.3 ​ $ 17,741 Exercisable at March 31, 2024 1,297 ​ $ 22.24 ​ 6.6 ​ $ 7,615 Vested and expected to vest at March 31, 2024 3,668 ​ $ 20.80 ​ 8.3 ​ $ 17,741 Restricted Stock Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ grant date fair ​ Number of shares value per share Unvested at December 31, 2023 1,328 ​ $ 17.87 Granted 446 ​ ​ 24.40 Vested (197) ​ ​ 17.57 Forfeited (96) ​ ​ 20.52 Unvested at March 31, 2024 1,481 ​ $ 19.71 ​ Employee Stock Purchase Plan (“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 March 31, ​ 2024 2023 Cost of product revenue $ 281 ​ $ 187 Cost of service and other revenue 308 ​ 350 Research and development 543 ​ 370 Selling, general and administrative 4,133 ​ 2,995 Total stock-based compensation expense $ 5,265 ​ $ 3,902 ​ As of March 31, 2024, there was $56.0 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 3.1 years.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Net Loss Per Share	Note 10. 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 March 31, ​ ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ ​ Net loss $ (10,072) ​ $ (6,103) Denominator: ​ ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 38,126 ​ ​ 37,327 ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted $ (0.26) ​ $ (0.16) ​ As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Stock options ​ 3,520 ​ 2,720 Common stock and RSUs ​ 1,497 ​ 1,489 Estimated ESPP purchases ​ 19 ​ ​ 26 Total dilutive shares ​ 5,036 ​ ​ 4,235 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	Note 11. Income Taxes The Company’s effective tax rates were (2.6)% and (2.4)% for the three months ended March 31, 2024 and 2023, respectively. 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.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and contingencies	Note 12. Commitments and Contingencies Purchase Commitments STRATEC During 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 thousand discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc. The total purchase commitment under the STRATEC Supply Agreement is $3.7 million, of which $2.1 million has been paid, and $1.6 million is due within one year from March 31, 2024. During the three months ended March 31, 2024 and 2023, STRATEC shipped 35 thousand and 75 thousand discs, respectively, to the Company. The Company recorded cost of product revenue related to these shipments of $0.3 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. During 2024, STRATEC is required to ship 222 thousand discs to the Company. During the three months ended March 31, 2024, 35 thousand discs were shipped. Other Purchase Commitments The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. As of March 31, 2024, the Company’s total purchase commitments under these agreements were $3.8 million, most of which the Company expects to incur in the year ending December 31, 2024. License Agreements Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive 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 months ended March 31, 2024 and 2023. 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 required 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 incurred royalty expenses related to the Tufts License Agreement of $0.5 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively, which was 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 records 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 records the minimum amount of the range. Leases The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): ​ ​ ​ ​ ​ Maturity of lease liabilities ​ As of March 31, 2024 2024 (remainder) ​ $ 5,340 2025 ​ ​ 7,254 2026 ​ ​ 7,408 2027 ​ ​ 7,641 2028 ​ ​ 7,880 2029 ​ ​ 8,126 Thereafter ​ ​ 7,612 Total lease payments ​ ​ 51,261 Less: imputed interest ​ ​ 10,811 Total operating lease liabilities ​ $ 40,450 ​

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions
Related Party Transactions	Note 13. Related Party Transactions In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 12 − Commitments and Contingencies In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 12 − Commitments and Contingencies In May 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 IVD market. At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx. As of June 7, 2023, this individual was no longer a member of the Company’s Board of Directors. Revenue recorded from sales of products and services to UltraDx totaled $1.1 million for the three months ended March 31, 2024. Cost of product revenue and services was not material for the three months ended March 31, 2024. At March 31, 2024 there was $1.2 million in open receivable balances and no open payable balances to UltraDx. Revenue and cost of product revenue and services for three months ended March 31, 2023 were not material. At December 31, 2023, there were no open payable balances to UltraDx and open receivable balances from UltraDx were not material.

Investments in Variable Interes

Investments in Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities
Variable Interest Entities	Note 14. 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. ​ Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three months ended March 31, 2024 and 2023. ​ As of March 31, 2024 and December 31, 2023, the carrying value of the Company’s investment in VIEs was $0.8 million, which was recorded in other non-current assets on the Consolidated Balance Sheets. Fair Value of Financial Instruments Maximum exposure to losses related to the VIE is limited to its carrying value and the Company does not have any future funding commitments to any VIE.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023, as filed with the SEC on February 29, 2024. 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, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements and Notes to 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
Foreign Currency	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 income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets. Foreign currency transaction gains (losses) are included in other income, net on the Consolidated Statements of Operations and were not material for the three months ended March 31, 2024 and 2023.
Restricted Cash	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 March 31, ​ 2024 2023 Cash and cash equivalents $ 45,281 ​ $ 329,354 Restricted cash ​ 2,605 ​ ​ 2,920 Cash, cash equivalents, and restricted cash $ 47,886 ​ $ 332,274 ​ Restricted cash consists of collateral for a letter of credit issued as security for two 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	Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Recent Accounting Standards to be Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies
Schedule of restricted 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 March 31, ​ 2024 2023 Cash and cash equivalents $ 45,281 ​ $ 329,354 Restricted cash ​ 2,605 ​ ​ 2,920 Cash, cash equivalents, and restricted cash $ 47,886 ​ $ 332,274 ​ Restricted cash consists of collateral for a letter of credit issued as security for two 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 Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue and Related Matters
Schedule of disaggregated revenue	When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 ​ North America EMEA Asia Pacific Total ​ North America EMEA Asia Pacific Total Product revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 408 ​ $ 1,269 ​ $ 869 ​ $ 2,546 ​ $ 2,144 ​ $ 1,981 ​ $ 1,135 $ 5,260 Consumable and other products ​ 10,242 ​ ​ 4,041 ​ ​ 2,841 ​ ​ 17,124 ​ ​ 7,457 ​ ​ 4,940 ​ ​ 1,630 ​ 14,027 Total $ 10,650 ​ $ 5,310 ​ $ 3,710 ​ $ 19,670 ​ $ 9,601 $ 6,921 $ 2,765 $ 19,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 1,637 ​ $ 852 ​ $ 194 ​ $ 2,683 ​ $ 1,557 ​ $ 706 ​ $ 135 $ 2,398 Research services ​ 5,762 ​ ​ 2,802 ​ ​ 127 ​ 8,691 ​ ​ 5,190 ​ ​ 234 ​ ​ 115 ​ 5,539 Other services ​ 318 ​ ​ 248 ​ ​ 27 ​ ​ 593 ​ ​ 381 ​ ​ 257 ​ ​ 4 ​ 642 Total $ 7,717 ​ $ 3,902 ​ $ 348 ​ $ 11,967 ​ $ 7,128 ​ $ 1,197 ​ $ 254 ​ $ 8,579 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ 67 ​ $ 88 ​ $ — ​ $ 155 ​ $ 368 ​ $ — ​ $ — ​ $ 368 ​
Schedule of costs to obtain a contract	Changes in costs to obtain a contract were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at December 31 of prior year $ 288 ​ $ 377 Capitalization of costs to obtain a contract 97 ​ 197 Recognition of costs to obtain a contract (95) ​ (191) Balance at March 31 $ 290 ​ $ 383

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Allowance for Credit Losses
Schedule of the allowance for credit losses	The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at December 31 of prior year $ 454 ​ $ 118 Provision for expected credit losses ​ 176 ​ ​ 178 Write-offs and recoveries collected ​ (103) ​ ​ (74) Balance at March 31 $ 527 ​ $ 222

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
INVESTMENT SECURITIES
Debt Securities, Available-for-Sale	The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper ​ $ 42,947 ​ $ — ​ $ (40) ​ $ 42,907 U.S. Treasuries ​ ​ 73,033 ​ ​ — ​ ​ (23) ​ ​ 73,010 U.S. Government agency bonds ​ ​ 78,389 ​ ​ 10 ​ ​ (149) ​ ​ 78,250 Corporate bonds ​ ​ 79,012 ​ ​ 55 ​ ​ (136) ​ ​ 78,931 Total marketable securities ​ $ 273,381 ​ $ 65 ​ $ (348) ​ $ 273,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,458 Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 256,640 Total marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 273,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper ​ $ 53,482 ​ $ 23 ​ $ (12) ​ $ 53,493 U.S. Treasuries ​ ​ 4,896 ​ ​ 1 ​ ​ — ​ ​ 4,897 U.S. Government agency bonds ​ ​ 28,366 ​ ​ 39 ​ ​ (7) ​ ​ 28,398 Corporate bonds ​ ​ 66,726 ​ ​ 289 ​ ​ (8) ​ ​ 67,007 Total marketable securities ​ $ 153,470 ​ $ 352 ​ $ (27) ​ $ 153,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,893 Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 146,902 Total marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 153,795
Unrealized Gain (Loss) on Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper ​ $ 53,482 ​ $ 23 ​ $ (12) ​ $ 53,493 U.S. Treasuries ​ ​ 4,896 ​ ​ 1 ​ ​ — ​ ​ 4,897 U.S. Government agency bonds ​ ​ 28,366 ​ ​ 39 ​ ​ (7) ​ ​ 28,398 Corporate bonds ​ ​ 66,726 ​ ​ 289 ​ ​ (8) ​ ​ 67,007 Total marketable securities ​ $ 153,470 ​ $ 352 ​ $ (27) ​ $ 153,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,893 Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 146,902 Total marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 153,795
Investments Classified by Contractual Maturity Date	The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 ​ ​ Amortized Cost ​ Fair Value ​ Amortized Cost ​ Fair Value Due within one year ​ $ 209,554 ​ $ 209,378 ​ $ 95,188 ​ $ 95,232 Due in one to two years ​ ​ 63,827 ​ ​ 63,720 ​ ​ 58,282 ​ ​ 58,563 Total ​ $ 273,381 ​ $ 273,098 ​ $ 153,470 ​ $ 153,795

Fair value of financial instr_2

Fair value of financial instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds $ 19,792 $ 19,792 ​ $ — $ — U.S. Treasuries ​ 16,458 ​ ​ — ​ ​ 16,458 ​ ​ — Total cash equivalents ​ 36,250 ​ ​ 19,792 ​ ​ 16,458 ​ ​ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ 42,907 ​ ​ — ​ ​ 42,907 ​ ​ — U.S. Treasuries ​ 56,552 ​ ​ — ​ ​ 56,552 ​ ​ — U.S. Government agency bonds ​ 78,250 ​ ​ — ​ ​ 78,250 ​ ​ — Corporate bonds ​ 78,931 ​ ​ — ​ ​ 78,931 ​ ​ — Total marketable securities ​ 256,640 ​ ​ — ​ ​ 256,640 ​ ​ — Total financial assets $ 292,890 ​ $ 19,792 ​ $ 273,098 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: ​ ​ ​ ​ ​ Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds $ 155,367 $ 155,367 ​ $ — $ — Commercial paper ​ 1,996 ​ ​ — ​ ​ 1,996 ​ ​ — U.S. Treasuries ​ 4,897 ​ ​ — ​ ​ 4,897 ​ ​ — Total cash equivalents ​ 162,260 ​ ​ 155,367 ​ ​ 6,893 ​ ​ — Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ 51,498 ​ ​ — ​ ​ 51,498 ​ ​ — U.S. Government agency bonds ​ 28,398 ​ ​ — ​ ​ 28,398 ​ ​ — Corporate bonds ​ 67,006 ​ ​ — ​ ​ 67,006 ​ ​ — Total marketable securities ​ 146,902 ​ ​ — ​ ​ 146,902 ​ ​ — Total financial assets $ 309,162 ​ $ 155,367 ​ $ 153,795 ​ $ —

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory
Summary of inventory	Inventory, net of inventory reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Raw materials $ 6,369 ​ $ 5,114 Work in process 7,371 ​ 4,466 Finished goods 12,275 ​ 12,785 Total inventory $ 26,015 ​ $ 22,365 ​

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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): ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Accrued professional services $ 1,947 ​ $ 1,596 Accrued royalties ​ 1,631 ​ ​ 1,689 Accrued tax liabilities ​ 1,485 ​ ​ 808 Other accrued expenses 1,958 ​ 1,948 Total accrued expenses and other current liabilities $ 7,021 ​ $ 6,041 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Summary of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ Weighted-average ​ remaining contractual ​ Aggregate ​ Number of options exercise price per share life (in years) intrinsic value Outstanding at December 31, 2023 2,774 $ 19.62 ​ 7.9 ​ $ 26,941 Granted 1,179 ​ ​ 22.74 ​ ​ ​ ​ ​ Exercised (104) ​ ​ 12.34 ​ ​ ​ ​ ​ Forfeited/expired (181) ​ ​ 20.24 ​ ​ ​ ​ ​ Outstanding at March 31, 2024 3,668 ​ $ 20.80 ​ 8.3 ​ $ 17,741 Exercisable at March 31, 2024 1,297 ​ $ 22.24 ​ 6.6 ​ $ 7,615 Vested and expected to vest at March 31, 2024 3,668 ​ $ 20.80 ​ 8.3 ​ $ 17,741 Restricted Stock Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ grant date fair ​ Number of shares value per share Unvested at December 31, 2023 1,328 ​ $ 17.87 Granted 446 ​ ​ 24.40 Vested (197) ​ ​ 17.57 Forfeited (96) ​ ​ 20.52 Unvested at March 31, 2024 1,481 ​ $ 19.71
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 March 31, ​ 2024 2023 Cost of product revenue $ 281 ​ $ 187 Cost of service and other revenue 308 ​ 350 Research and development 543 ​ 370 Selling, general and administrative 4,133 ​ 2,995 Total stock-based compensation expense $ 5,265 ​ $ 3,902

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Net Loss Per Share
Schedule of basic and diluted shares	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ ​ Net loss $ (10,072) ​ $ (6,103) Denominator: ​ ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 38,126 ​ ​ 37,327 ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted $ (0.26) ​ $ (0.16)
Schedule of common share equivalents have been excluded from the calculation of diluted net loss per share	As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Stock options ​ 3,520 ​ 2,720 Common stock and RSUs ​ 1,497 ​ 1,489 Estimated ESPP purchases ​ 19 ​ ​ 26 Total dilutive shares ​ 5,036 ​ ​ 4,235 ​

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Schedule of future minimum lease payments	The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): ​ ​ ​ ​ ​ Maturity of lease liabilities ​ As of March 31, 2024 2024 (remainder) ​ $ 5,340 2025 ​ ​ 7,254 2026 ​ ​ 7,408 2027 ​ ​ 7,641 2028 ​ ​ 7,880 2029 ​ ​ 8,126 Thereafter ​ ​ 7,612 Total lease payments ​ ​ 51,261 Less: imputed interest ​ ​ 10,811 Total operating lease liabilities ​ $ 40,450

Organization and Nature of Bu_2

Organization and Nature of Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) project	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization and Nature of Business
Number of projects completed | project	2,300
Net loss	$ (10,072)	$ (6,103)
Accumulated deficit	(444,568)		$ (434,496)
Cash and cash equivalents	45,281	$ 329,354	174,422
Marketable securities	$ 256,640		$ 146,902

Significant Accounting Polici_4

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Significant Accounting Policies
Total cash and cash equivalents	$ 45,281	$ 174,422	$ 329,354

Significant Accounting Polici_5

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash equivalents
Cash and cash equivalents	$ 45,281	$ 174,422	$ 329,354
Restricted cash	2,605		2,920
Cash, cash equivalents, and restricted cash	$ 47,886	$ 177,026	$ 332,274	$ 341,337

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Service Revenue
Total revenues	$ 32,066	$ 28,456
Product revenue
Service Revenue
Total revenues	19,670	19,287
Product revenue | NA
Service Revenue
Total revenues	10,650	9,601
Product revenue | EMEA
Service Revenue
Total revenues	5,310	6,921
Product revenue | Asia Pacific
Service Revenue
Total revenues	3,710	2,765
Instruments
Service Revenue
Total revenues	2,546	5,260
Instruments | NA
Service Revenue
Total revenues	408	2,144
Instruments | EMEA
Service Revenue
Total revenues	1,269	1,981
Instruments | Asia Pacific
Service Revenue
Total revenues	869	1,135
Consumable and other products
Service Revenue
Total revenues	17,124	14,027
Consumable and other products | NA
Service Revenue
Total revenues	10,242	7,457
Consumable and other products | EMEA
Service Revenue
Total revenues	4,041	4,940
Consumable and other products | Asia Pacific
Service Revenue
Total revenues	2,841	1,630
Service revenue
Service Revenue
Total revenues	11,967	8,579
Service revenue | NA
Service Revenue
Total revenues	7,717	7,128
Service revenue | EMEA
Service Revenue
Total revenues	3,902	1,197
Service revenue | Asia Pacific
Service Revenue
Total revenues	348	254
Research services
Service Revenue
Total revenues	8,691	5,539
Research services | NA
Service Revenue
Total revenues	5,762	5,190
Research services | EMEA
Service Revenue
Total revenues	2,802	234
Research services | Asia Pacific
Service Revenue
Total revenues	127	115
Other services
Service Revenue
Total revenues	593	642
Other services | NA
Service Revenue
Total revenues	318	381
Other services | EMEA
Service Revenue
Total revenues	248	257
Other services | Asia Pacific
Service Revenue
Total revenues	27	4
Service-type warranties
Service Revenue
Total revenues	2,683	2,398
Service-type warranties | NA
Service Revenue
Total revenues	1,637	1,557
Service-type warranties | EMEA
Service Revenue
Total revenues	852	706
Service-type warranties | Asia Pacific
Service Revenue
Total revenues	194	135
Collaboration and license revenue
Service Revenue
Total revenues	155	368
Collaboration and license revenue | NA
Service Revenue
Total revenues	67	368
Collaboration and license revenue | EMEA
Service Revenue
Total revenues	88
Grant revenue
Service Revenue
Total revenues	$ 274	$ 222

Revenue Recognition - Service R

Revenue Recognition - Service Revenue (Details) $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($) customer	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) customer
Service Revenue
Revenue	$ 32,066	$ 28,456
Customer Concentration Risk | Revenue.
Service Revenue
Number Of Customers With High Percent Of Total Revenue | customer	0
Concentration Risk Percentage	10%			10%
One customer | Customer Concentration Risk | Revenue.
Service Revenue
Number Of Customers With High Percent Of Total Revenue | customer		1
Concentration Risk Percentage		10%
One customer | Customer Concentration Risk | Accounts Receivable
Service Revenue
Number Of Customers With High Percent Of Gross Accounts Receivable | customer	1			1
Concentration Risk Percentage	10%			10%
Service revenue
Service Revenue
Revenue	$ 11,967	$ 8,579
Collaboration agreement | Eli Lilly
Service Revenue
Revenue				$ 1,500
Statement of works agreement | Eli Lilly
Service Revenue
Collaborative arrangement payment received per quarter			$ 1,500

Revenue Recognition - Collabora

Revenue Recognition - Collaboration and license arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Collaboration and license arrangements
Revenue	$ 32,066	$ 28,456
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 155	$ 368

Revenue Recognition - Grant rev

Revenue Recognition - Grant revenue (Details) - USD ($) $ in Thousands			3 Months Ended
	Sep. 21, 2022	Mar. 24, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total revenues			$ 32,066	$ 28,456
Research and Development Expense			6,675	4,720
Deferred revenue			(472)	(2,041)
Commitments and Contingencies.
ADDF
Contract value		$ 2,300	2,300
National Institutes of Health
Contract value	$ 1,700
Grants Received			800
Grant revenue
Total revenues			274	$ 222
Grant revenue | ADDF
Deferred revenue			$ 1,000

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue and Related Matters
Contract with Customer, Asset, after Allowance for Credit Loss	$ 0	$ 0

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue and Related Matters
Deferred Revenue, Revenue Recognized	$ 2.7	$ 2.4

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 11.2
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	11.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.2
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1
Performance obligation satisfaction period	15 months

Revenue Recognition - Costs to

Revenue Recognition - Costs to obtain a contract (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 288	$ 377
Deferral of costs to obtain a contract	97	197
Amortization of costs to obtain a contract	(95)	(191)
Balance at end of period	290	383
Impairment loss	$ 0	$ 0

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for Credit Losses
Beginning Balance	$ 454	$ 118
Provision for expected credit losses	176	178
Write-offs and recoveries collected	(103)	(74)
Ending Balance	$ 527	$ 222

Marketable Debt Securities (Det

Marketable Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 273,381	$ 153,470
Unrealized Gains	65	352
Unrealized Losses	(348)	(27)
Fair Value	273,098	153,795
Marketable securities	256,640	146,902
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	229,961	56,365
Unrealized Loses	(348)	(27)
Amortized cost due within one year	209,554	95,188
Fair value due within one year	209,378	95,232
Amortized cost due in one to two years	63,827	58,282
Fair value due in one to two years	63,720	58,563
Accrued interest receivable	1,200	1,000
Commercial paper
Marketable Securities [Line Items]
Amortized cost	42,947		$ 53,482
Unrealized Gains			23
Unrealized Losses	(40)		(12)
Fair Value	42,907		$ 53,493
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	38,497	32,137
Unrealized Loses	(40)	(12)
U.S. Treasuries
Marketable Securities [Line Items]
Amortized cost	73,033	4,896
Unrealized Gains		1
Unrealized Losses	(23)
Fair Value	73,010	4,897
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	73,010
Unrealized Loses	(23)
U.S. Government agencies
Marketable Securities [Line Items]
Amortized cost	78,389	28,366
Unrealized Gains	10	39
Unrealized Losses	(149)	(7)
Fair Value	78,250	28,398
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	69,825	15,861
Unrealized Loses	(149)	(7)
Corporate bonds
Marketable Securities [Line Items]
Amortized cost	79,012	66,726
Unrealized Gains	55	289
Unrealized Losses	(136)	(8)
Fair Value	78,931	67,007
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	48,629	8,367
Unrealized Loses	(136)	(8)
Cash and cash equivalents
Marketable Securities [Line Items]
Fair Value	$ 16,458	$ 6,893

Fair value of financial instr_3

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	$ 36,250	$ 162,260
Marketable securities	256,640	146,902
Total Financial Assets	292,890	309,162
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds		1,996
Marketable securities	42,907	51,498
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	4,897
Marketable securities	56,552
U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,250	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,931	67,006
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Total Financial Assets	19,792	155,367
Level 1 | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	6,893
Marketable securities	256,640	146,902
Total Financial Assets	273,098	153,795
Level 2 | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds		1,996
Marketable securities	42,907	51,498
Level 2 | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	4,897
Marketable securities	56,552
Level 2 | U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,250	28,398
Level 2 | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	$ 78,931	$ 67,006

Fair value of financial instr_4

Fair value of financial instruments - Changes in Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the Company's Level 3 financial assets	$ 292,890	$ 309,162
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the Company's Level 3 financial assets	$ 800	$ 800

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory
Raw Materials	$ 6,369	$ 5,114
Work in process	7,371	4,466
Finished goods	12,275	12,785
Total inventory	$ 26,015	$ 22,365

Other Accrued Expenses (Details

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 1,947	$ 1,596
Accrued royalties	1,631	1,689
Accrued tax liabilities	1,485	808
Other accrued expenses	1,958	1,948
Total accrued expenses and other current liabilities	$ 7,021	$ 6,041

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	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number outstanding
Outstanding at the beginning of the period (in shares)	2,774
Granted (in shares)	1,179
Exercised (in shares)	(104)
Cancelled (in shares)	(181)
Outstanding at the end of the period (in shares)	3,668	2,774
Exercisable at the end of the period (in shares)	1,297
Vested and expected to vest at the end of the period (in shares)	3,668
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 19.62
Granted (in dollars per share)	22.74
Exercised (in dollars per share)	12.34
Cancelled (in dollars per share)	20.24
Outstanding at the end of the period (in dollars per share)	20.80	$ 19.62
Exercisable at the end of the period (in dollars per share)	22.24
Vested and expected to vest at the end of the period (in dollars per share)	$ 20.80
Weighted-average remaining contractual life
Outstanding (in years)	8 years 3 months 18 days	7 years 10 months 24 days
Exercisable at the end of the period (in years)	6 years 7 months 6 days
Vested and expected to vest at the end of the period (in years)	8 years 3 months 18 days
Aggregate intrinsic value
Outstanding	$ 17,741	$ 26,941
Exercisable at the end of the period	7,615
Vested and expected to vest at the end of the period	$ 17,741

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted stock units (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares) | shares	1,328
Granted (in shares) | shares	446
Vested (in shares) | shares	(197)
Cancelled (in shares) | shares	(96)
Unvested restricted common stock at the end of the period (in shares) | shares	1,481
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share) | $ / shares	$ 17.87
Granted (in dollars per share) | $ / shares	24.40
Vested (in dollars per share) | $ / shares	17.57
Cancelled (in dollars per share) | $ / shares	20.52
Unvested restricted common stock at the end of the period (in dollars per share) | $ / shares	$ 19.71

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Share-based compensation expense	$ 5,265	$ 3,902
Cost of product revenue
Stock-based compensation
Share-based compensation expense	281	187
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	308	350
Research and development
Stock-based compensation
Share-based compensation expense	543	370
Selling, general, and administrative
Stock-based compensation
Share-based compensation expense	4,133	$ 2,995
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 56,000
Period of recognition of unrecognized compensation cost	3 years 1 month 6 days

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Loss Per Share
Net loss	$ (10,072)	$ (6,103)
Basic weighted average common shares outstanding	38,126	37,327
Weighted average common equivalent shares	38,126	37,327
Diluted weighted average common shares outstanding	38,126	37,327
Basic net (loss) income per share	$ (0.26)	$ (0.16)
Diluted net (loss) income per share	$ (0.26)	$ (0.16)

Net Income (Loss) Per Share - C

Net Income (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
	Mar. 31, 2024	Mar. 31, 2023
Common stock and RSUs
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	1,497	1,489
Estimated ESPP purchases
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	19	26
Employee Stock Option [Member]
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	3,520	2,720
Outstanding common stock warrants
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	5,036	4,235

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments (Details) item in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($) item	Dec. 31, 2024 USD ($) item
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Tenant improvements allowances		$ 900
Cost of revenue	$ 12,440	11,530
Increase (Decrease) in Accounts Payable, Trade	$ (1,122)	$ (1,271)
Stratec Supply Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped | item	35	75
Purchase commitments expects to incur in next year	$ 1,600
Other Commitment	3,700
Cost of revenue	300	$ 500
Increase (Decrease) in Accounts Payable, Trade	$ 2,100
Stratec Supply Agreement | Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped | item			222
Purchase commitments expects to incur in next year			$ 3,800
Stratec Supply Agreement | Forecast 2022 Through 2024 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs purchased | item	515

Commitments and Contingencies_2

Commitments and Contingencies - License agreements and Lease commitments (Details) - License agreements - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
License agreements
Royalty expense		$ 0	$ 0
Tufts
License agreements
Royalty expense		$ 0.5	$ 0.4
Harvard University
License agreements
Upfront Fee	$ 0.6

Commitments and Contingencies_3

Commitments and Contingencies - Undiscounted future lease payments for non-cancelable operating leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Maturity of lease liabilities
2024 (remainder)	$ 5,340
2025	7,254
2026	7,408
2027	7,641
2028	7,880
2029	8,126
Thereafter	7,612
Total lease payments	51,261
Less: imputed interest	10,811
Total operating lease liabilities	$ 40,450

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related party transactions
Cost of revenue	$ 12,440	$ 11,530
Accounts receivable	29,276		$ 25,414
Accounts payable	3,914		5,048
Selling, General and Administrative Expense	25,993	20,850
Commitment to sponsor agreement
Product revenue
Related party transactions
Cost of revenue	7,145	7,033
Service revenue.
Related party transactions
Cost of revenue	5,295	$ 4,497
Harvard University
Related party transactions
Related party revenue	$ 300

Investment in Variable Interest

Investment in Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other non-current assets	$ 1,802	$ 1,802
Variable Interest Entity, Not Primary Beneficiary
Other non-current assets	$ 800

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of undiscounted future lease payments for non-cancelable operating leases	The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): ​ ​ ​ ​ ​ Maturity of lease liabilities ​ As of March 31, 2024 2024 (remainder) ​ $ 5,340 2025 ​ ​ 7,254 2026 ​ ​ 7,408 2027 ​ ​ 7,641 2028 ​ ​ 7,880 2029 ​ ​ 8,126 Thereafter ​ ​ 7,612 Total lease payments ​ ​ 51,261 Less: imputed interest ​ ​ 10,811 Total operating lease liabilities ​ $ 40,450

Income Taxes (Details) (10Q)

Income Taxes (Details) (10Q)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Effective Income Tax Rate Reconciliation, Percent	(2.60%)	(2.40%)

Leases - Balance Sheet informat

Leases - Balance Sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating lease ROU assets	$ 17,748	$ 18,251
Short-term operating lease liabilities	4,366	4,241
Non-current operating lease liabilities	36,084	$ 37,223
Total operating lease liabilities	$ 40,450

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,072)	$ (6,103)

Insider Trading Arrangements

Insider Trading Arrangements - Martin Madaus [Member]	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Name	Martin Madaus
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2024
Aggregate Available	82,500