Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Personalis, Inc. | ||
Entity Central Index Key | 0001527753 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 900,300,019 | ||
Entity Common Stock, Shares Outstanding | 44,950,109 | ||
Entity Current Reporting Status | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity File Number | 001-38943 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-5411038 | ||
Entity Address, Address Line One | 1330 O’Brien Drive | ||
Entity Address, City or Town | Menlo Park | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94025 | ||
City Area Code | 650 | ||
Local Phone Number | 752-1300 | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | San Francisco, California, U.S. | ||
Title of 12(b) Security | Common Stock, par value $0.0001 | ||
Trading Symbol | PSNL | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Part III incorporates information by reference from the Registrant’s definitive proxy statement to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, in connection with the Registrant’s 2022 annual meeting of stockholders (the “2022 Proxy Statement”). |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 105,585 | $ 68,525 |
Short-term investments | 181,479 | 134,765 |
Accounts receivable, net | 18,468 | 6,349 |
Inventory and other deferred costs | 5,610 | 5,639 |
Prepaid expenses and other current assets | 7,089 | 5,441 |
Total current assets | 318,231 | 220,719 |
Property and equipment, net | 19,650 | 11,834 |
Operating lease right-of-use assets | 53,822 | 10,271 |
Other long-term assets | 4,825 | 2,018 |
Total assets | 396,528 | 244,842 |
Current liabilities | ||
Accounts payable | 9,221 | 8,301 |
Accrued and other current liabilities | 18,110 | 11,301 |
Contract liabilities | 3,982 | 21,034 |
Total current liabilities | 31,313 | 40,636 |
Long-term operating lease liabilities | 52,797 | 8,541 |
Other long-term liabilities | 2,117 | 720 |
Total liabilities | 86,227 | 49,897 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value — 200,000,000 shares authorized; 44,904,512 and 39,105,548 shares issued and outstanding at December 31, 2021 and 2020, respectively | 4 | 4 |
Additional paid-in capital | 557,558 | 376,788 |
Accumulated other comprehensive income (loss) | (166) | 22 |
Accumulated deficit | (247,095) | (181,869) |
Total stockholders’ equity | 310,301 | 194,945 |
Total liabilities and stockholders’ equity | $ 396,528 | $ 244,842 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 44,904,512 | 39,105,548 |
Common stock, shares, outstanding | 44,904,512 | 39,105,548 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 85,494 | $ 78,648 | $ 65,207 |
Costs and expenses | |||
Cost of revenue | 53,837 | 58,534 | 43,127 |
Research and development | 49,312 | 28,568 | 22,418 |
Selling, general and administrative | 47,698 | 33,692 | 22,080 |
Total costs and expenses | 150,847 | 120,794 | 87,625 |
Loss from operations | (65,353) | (42,146) | (22,418) |
Interest income | 367 | 949 | 1,620 |
Interest expense | (184) | (2) | (1,133) |
Loss on debt extinguishment | (1,704) | ||
Other expense, net | (42) | (24) | (1,440) |
Loss before income taxes | (65,212) | (41,223) | (25,075) |
Provision for income taxes | 14 | 57 | 9 |
Net loss | $ (65,226) | $ (41,280) | $ (25,084) |
Net loss per share, basic and diluted | $ (1.49) | $ (1.20) | $ (1.39) |
Weighted-average shares outstanding, basic and diluted | 43,886,730 | 34,374,903 | 18,011,470 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (65,226) | $ (41,280) | $ (25,084) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustment | 49 | 12 | 3 |
Change in unrealized gain (loss) on available-for-sale debt securities | (237) | 16 | 6 |
Comprehensive loss | $ (65,414) | $ (41,252) | $ (25,075) |
CONSOLIDATED STATEMENTS OF REDE
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Redeemable Convertible Preferred Stock |
Beginning balance at Dec. 31, 2018 | $ (106,388) | $ 1 | $ 9,131 | $ (15) | $ (115,505) | |
Redeemable convertible preferred stock at Dec. 31, 2018 | 18,474,742 | 18,474,742 | ||||
Redeemable convertible preferred stock at Dec. 31, 2018 | $ 89,404 | $ 89,404 | ||||
Beginning balance, shares at Dec. 31, 2018 | 3,085,307 | |||||
Issuance of common stock warrants | 572 | 572 | ||||
Elimination of fractional shares upon reverse stock split (see Note 8) | $ (1) | 1 | ||||
Redeemable convertible preferred stock, Elimination of fractional shares upon reverse stock split (see Notes 2 and 8) | (39) | |||||
Elimination of fractional shares upon reverse stock split (see Notes 2 and 8) | (34) | |||||
Exercise of common stock warrants | 8 | 8 | ||||
Exercise of common stock warrants, shares | 207,712 | |||||
Conversion of Series A, B and C redeemable convertible preferred stock to common stock | 89,404 | $ 2 | 89,402 | |||
Redeemable convertible preferred stock, Conversion of Series A, B and C redeemable convertible preferred stock to common stock, shares | (18,474,703) | |||||
Redeemable convertible preferred stock, Conversion of Series A, B and C redeemable convertible preferred stock to common stock | $ (89,404) | |||||
Conversion of Series A, B and C redeemable convertible preferred stock to common stock, shares | 18,474,703 | |||||
Conversion of redeemable convertible preferred stock warrants to common stock warrants | 2,086 | 2,086 | ||||
Proceeds from initial public offering, net of offering costs | 139,828 | $ 1 | 139,827 | |||
Proceeds from initial public offering, net of offering costs, shares | 9,109,725 | |||||
Proceeds from exercise of stock options | 713 | 713 | ||||
Proceeds from exercise of stock options, shares | 287,932 | |||||
Proceeds from ESPP purchases | 684 | 684 | ||||
Proceeds from ESPP purchases, shares | 77,684 | |||||
Stock-based compensation | 4,858 | 4,858 | ||||
Foreign currency translation adjustment | 3 | 3 | ||||
Unrealized gain (loss) on available-for-sale debt securities | 6 | 6 | ||||
Net loss | (25,084) | (25,084) | ||||
Ending balance at Dec. 31, 2019 | 106,690 | $ 3 | 247,282 | (6) | (140,589) | |
Ending balance, shares at Dec. 31, 2019 | 31,243,029 | |||||
Exercise of common stock warrants, shares | 79,772 | |||||
Proceeds from initial public offering, net of offering costs | 117,065 | $ 1 | 117,064 | |||
Proceeds from initial public offering, net of offering costs, shares | 6,578,947 | |||||
Proceeds from exercise of stock options | 2,789 | 2,789 | ||||
Proceeds from exercise of stock options, shares | 908,691 | |||||
Proceeds from ESPP purchases | 1,415 | 1,415 | ||||
Proceeds from ESPP purchases, shares | 164,164 | |||||
Restricted stock units vested, shares | 130,945 | |||||
Stock-based compensation | 8,238 | 8,238 | ||||
Foreign currency translation adjustment | 12 | 12 | ||||
Unrealized gain (loss) on available-for-sale debt securities | 16 | 16 | ||||
Net loss | (41,280) | (41,280) | ||||
Ending balance at Dec. 31, 2020 | 194,945 | $ 4 | 376,788 | 22 | (181,869) | |
Ending balance, shares at Dec. 31, 2020 | 39,105,548 | |||||
Proceeds from initial public offering, net of offering costs | 161,916 | 161,916 | ||||
Proceeds from initial public offering, net of offering costs, shares | 4,542,500 | |||||
Proceeds from exercise of stock options | 2,096 | 2,096 | ||||
Proceeds from exercise of stock options, shares | 862,056 | |||||
Proceeds from ESPP purchases | 2,380 | 2,380 | ||||
Proceeds from ESPP purchases, shares | 128,289 | |||||
Restricted stock units vested, shares | 266,119 | |||||
Stock-based compensation | 14,378 | 14,378 | ||||
Foreign currency translation adjustment | 49 | 49 | ||||
Unrealized gain (loss) on available-for-sale debt securities | (237) | (237) | ||||
Net loss | (65,226) | (65,226) | ||||
Ending balance at Dec. 31, 2021 | $ 310,301 | $ 4 | $ 557,558 | $ (166) | $ (247,095) | |
Ending balance, shares at Dec. 31, 2021 | 44,904,512 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (65,226) | $ (41,280) | $ (25,084) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Stock-based compensation expense | 14,378 | 8,238 | 4,858 |
Depreciation and amortization | 6,014 | 5,758 | 4,748 |
Noncash operating lease cost | 2,950 | 1,409 | 982 |
Amortization of premium (discount) on short-term investments | 2,031 | 391 | (39) |
Loss on debt extinguishment | 1,704 | ||
Change in fair value of convertible preferred stock warrant liability | 1,403 | ||
Other | 169 | 60 | 622 |
Changes in operating assets and liabilities | |||
Accounts receivable | (12,118) | (3,049) | 1,069 |
Inventory and other deferred costs | 29 | (1,076) | (1,174) |
Prepaid expenses and other assets | (2,658) | (2,312) | (2,559) |
Accounts payable | (1,457) | 751 | 1,398 |
Accrued and other current liabilities | 3,365 | 3,529 | 1,971 |
Contract liabilities | (17,052) | (14,942) | (6,920) |
Operating lease liabilities | (962) | (850) | (1,048) |
Other long-term liabilities | (291) | 720 | |
Net cash used in operating activities | (70,828) | (42,653) | (18,069) |
Cash flows from investing activities: | |||
Purchases of available-for-sale debt securities | (267,128) | (161,775) | (78,897) |
Proceeds from maturities of available-for-sale debt securities | 213,083 | 99,878 | 5,700 |
Proceeds from sales of available-for-sale debt securities | 5,059 | ||
Purchases of property and equipment | (11,083) | (3,246) | (8,382) |
Net cash used in investing activities | (60,069) | (65,143) | (81,579) |
Cash flows from financing activities: | |||
Proceeds from public offerings, net of underwriting discounts and commissions | 162,258 | 117,500 | 144,025 |
Payments of costs related to public offerings | (342) | (435) | (4,197) |
Proceeds from loans | 5,167 | 20,000 | |
Repayments of loans | (1,857) | (25,000) | |
Payments of loan costs | (490) | ||
Debt extinguishment costs | (794) | ||
Proceeds from exercise of equity awards | 4,474 | 4,203 | 1,396 |
Other | 8 | ||
Net cash provided by financing activities | 169,700 | 121,268 | 134,948 |
Effect of exchange rates on cash, cash equivalents and restricted cash | 47 | 7 | 2 |
Net change in cash, cash equivalents and restricted cash | 38,850 | 13,479 | 35,302 |
Cash and cash equivalents, beginning of period | 68,525 | 55,046 | 19,744 |
Cash, cash equivalents and restricted cash, end of period | 107,375 | 68,525 | 55,046 |
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | |||
Cash and cash equivalents | 105,585 | 68,525 | 55,046 |
Restricted cash, included in other long-term assets | 1,790 | ||
Total cash, cash equivalents and restricted cash | 107,375 | 68,525 | 55,046 |
Supplemental cash flow information: | |||
Cash paid for interest | 1,257 | ||
Cash paid for income taxes, net of refunds | 39 | 35 | 6 |
Acquisition of property and equipment included in accounts payable and accrued liabilities | $ 3,006 | $ 282 | $ 41 |
Company and Nature of Business
Company and Nature of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company and Nature of Business | Note 1. Company and Nature of Business Personalis, Inc. (the “Company”) was incorporated in Delaware on February 21, 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. The Company is a provider of advanced genetic tests for cancer. The Company also provides sequencing and data analysis services to support population sequencing initiatives, which accounts for the majority of its revenue. The Company’s genetic tests for cancer are sold primarily to pharmaceutical companies, biopharmaceutical companies, universities, non-profits, and government entities, while services for population sequencing initiatives are sold primarily to government entities. The principal markets for the Company’s services are in the United States and Europe. In June 2020, the Company began partnering with a clinical genomics and life sciences company headquartered in China to expand business operations into China . The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of its equity securities and cash from operations . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual reporting. The consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of stock-based awards, and provisions for income taxes and contingencies. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. Reverse Stock Split On June 4, 2019, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a four-for-one basis (the “Reverse Stock Split”). The par value of the common stock and redeemable convertible preferred stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, share data, per share data, redeemable convertible preferred stock and related information contained in these consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Initial Public Offering On June 24, 2019, the Company completed an initial public offering (“IPO”) in which it issued and sold 9,109,725 shares of its common stock at a public offering price of $17.00 per share. The Company received net proceeds of $139.8 million after deducting underwriting discounts, commissions and offering expenses. Offering expenses were $4.2 million and consisted of fees and expenses incurred in connection with the sale of the Company’s common stock in the IPO, including legal, accounting, printing, and other IPO-related costs. A warrant to purchase 188,643 shares of our common stock was exercised prior to completion of the IPO. In addition, in connection with the IPO, all shares of the Company’s then-outstanding redeemable convertible preferred stock were automatically converted into 18,474,703 shares of the Company’s common stock, and all then-outstanding warrants to purchase the Company’s convertible preferred stock were automatically converted into warrants to purchase 84,585 shares of the Company’s common stock, all of which were exercised as of December 31, 2020 (see Note 10). Follow-On and At-the-Market Equity Offerings On August 14, 2020, the Company completed a follow-on equity offering in which it issued and sold 6,578,947 shares of its common stock at a public offering price of $19.00 per share. The Company received net proceeds of $117.5 million after deducting underwriting discounts, commissions. The Company also incurred $0.4 million of offering costs, including legal, accounting, printing and other offering-related costs. On January 29, 2021, the Company completed a follow-on equity offering in which it issued and sold 3,950,000 shares of its common stock at a public offering price of $38.00 per share. The Company received net proceeds of $141.1 million after deducting underwriting discounts and commissions. The underwriters of the offering exercised their option to purchase an additional 592,500 shares shortly thereafter, resulting in additional net proceeds of $21.2 million after deducting underwriting discounts and commissions. The Company also incurred $0.3 million of offering costs, including legal, accounting, printing and other offering-related costs. On December 30, 2021, the Company entered into an At-the-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) under which it may offer and sell its common stock having aggregate sales proceeds of up to $100.0 million from time to time through BTIG as its sales agent. BTIG will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay BTIG a commission of up to 3% of the gross sales proceeds of any common stock sold through BTIC under the Sales Agreement. The Company is not obligated to make any sales of common stock under the Sales Agreement. No shares of the Company’s common stock have been offered or sold under the Sales Agreement. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment ‑ ‑ The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company maintains an allowance for doubtful accounts, which was $0.1 million as of December 31, 2021 and 2020. The Company had no bad debt expense in 2021 and 2020. During the year ended December 31, 2019, bad debt expense was $0.1 million and included in selling, general and administrative expenses. Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable balance at each respective balance sheet date. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows: Revenue Accounts Receivable Year Ended December 31, December 31, 2021 2020 2019 2021 2020 VA MVP 53% 71% 67% * * Natera, Inc. 10% * * 39% * Pfizer Inc. * * 13% * * AbbVie Inc. * * * 18% * Merck & Co., Inc. * * * 15% 59% * Less than 10% of revenue or accounts receivable Revenue Recognition The Company applies the revenue recognition guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Revenue Recognition The revenue guidance provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of Topic 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. At contract inception, once a contract is determined to be within the scope of the new revenue standard, the Company assesses whether individual goods or services promised within each contract are distinct and, therefore, represent separate performance obligations. The Company derives revenue from sequencing and data analysis services to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies, as well as to support population sequencing initiatives. The Company’s contracts are in the form of a combination of signed agreements, statements of work, and/or purchase orders. Under Topic 606, the Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it will be entitled. The sequencing and data analysis services are the only distinct services that meet the definition of a performance obligation and are accounted for as one performance obligation under Topic 606. The Company recognizes revenue from such services at the point in time when control of the test results is transferred to the customer. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. Sequencing and data analysis services are based on a fixed price per test. Payment terms and conditions vary by contract and customer. The Company’s standard payment terms are less than 90 days from the invoice date. In instances where the timing of the Company’s revenue recognition differs from the timing of its invoicing, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised services to the customer will be one year or less. After assessing each of its revenue-generating arrangements to determine whether a significant financing component exists, the Company concluded that a significant financing component does not exist in any of its arrangements. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s services and to provide payment protection for the Company. Practical Expedients and Exemptions As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the consolidated statements of operations. Cost of Revenue Cost of revenue consists of raw materials costs, personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation), laboratory supplies and consumables, depreciation and maintenance on equipment, and allocated facilities and information technology (“IT”) costs. Research and Development Expenses The Company charges research and development costs to expenses as incurred, including lab and automation development costs. The expenses primarily consist of personnel costs (salaries, bonuses, stock-based compensation, payroll taxes, and benefits), laboratory supplies and consumables, costs of processing samples for research purposes, depreciation and maintenance on equipment, and allocated facilities and IT costs. Stock-Based Compensation For options granted to employees, non-employees, and directors, stock-based compensation is measured at grant date based on the fair value of the award. The Company determines the grant-date fair value of options using the Black-Scholes option-pricing model, except for certain performance-based awards for which an alternative valuation method may be used. The Company determines the fair value of restricted stock unit awards using the closing market price of the Company’s common stock on the date of grant. The grant-date fair value of awards is amortized over the employees’ requisite service period on a straight-line basis, or the non-employees’ vesting period as the goods are received or services rendered. Forfeitures are accounted for as they occur. Additionally, the Company’s 2019 Employee Stock Purchase Plan (the “ESPP”) is deemed to be a compensatory plan and therefore is included in stock-based compensation expense. Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows: Expected Term. The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the assumed period for each tranche is computed separately and then averaged together to determine the expected term for the award. Expected Volatility. The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have sufficient trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be zero. Foreign Currency Translation The Company considers the functional currencies of its foreign subsidiaries to be the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate as of the balance sheet date, and costs and expenses are translated at average exchange rates in effect during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets. Comprehensive Loss Comprehensive loss includes all changes in equity (net assets) during the period from nonowner sources. The Company’s comprehensive loss consists of its net loss, its cumulative translation adjustments, and its unrealized gains or losses on available-for-sale debt securities. Income Taxes The Company uses the asset and liability method under ASC Topic 740, Income Taxes, in accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expenses or benefits are the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where it is more likely than not that the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC Topic 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon audit, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. ASC Topic 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related liability line in the consolidated balance sheets. The Company considers undistributed earnings of its foreign subsidiaries to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon. Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock, convertible preferred stock warrants, common stock warrants, common stock subject to repurchase, and equity awards are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders. Because the Company has reported a net loss for the reporting periods presented, the diluted net loss per common share is the same as basic net loss per common share for those periods. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities at the time of purchase of three months or less. Cash equivalents include bank demand deposits and money market accounts that invest primarily in cash, U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. Cash equivalents also include commercial paper, which are marketable debt securities recorded at fair value and accounted for in the same manner as other marketable debt securities described below. Short-term Investments The Company’s investments in marketable debt securities are classified as available-for-sale and recorded at fair value. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Short-term investments primarily consist of U.S. agency bonds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasuries. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Any discount or premium arising at purchase is accreted or amortized to interest income or expense. Realized gains and losses and declines in fair value, if any, judged to be other than temporary are reported in other income (expense), net. When securities are sold, any associated unrealized gain or loss initially recorded as a separate component of stockholders’ equity is reclassified out of stockholders’ equity on a specific-identification basis and recorded in earnings for the period. The Company periodically evaluates whether declines in fair values of its investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. Fair Value Measurements Financial assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets and liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in markets that are not active. • Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals). • Inputs that are derived principally from or are corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs for the assets or liabilities (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Accounts Receivable, Net Trade accounts receivable are recorded at the invoiced amount and are noninterest bearing. At each reporting period, management reviews all outstanding customer balances to determine if the facts and circumstances of each customer relationship indicate the need for a reserve. A reserve is recorded when it is probable that a loss has been incurred based on past events and conditions existing at the date of the financial statements, and the loss is reasonably estimated. Inventory and Other Deferred Costs Inventory, consisting of supplies used in the Company’s genomic analysis contracts, are valued at the lower of cost or net realizable value. Cost is determined using actual costs, on a first-in, first-out basis. Other deferred costs relate to work in process for costs incurred on genomic analysis contracts that have not been completed or recognized as revenue. Other deferred costs represent materials used in sequencing services, labor, and overhead allocations. Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years for computer equipment, two years for software, three years for furniture and equipment, and five years for machinery and equipment. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet, and the resulting gain or loss is reflected in the consolidated statements of operations. Maintenance and repairs that are not considered improvements and do not extend the useful lives of the assets are charged to expense as incurred. Construction-in-process assets consist primarily of computer equipment and machinery and equipment that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once the assets are placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Leases The Company categorizes leases with contractual terms longer than twelve months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. As of December 31, 2021, the Company had no finance leases. Certain lease contracts include obligations to pay for other services, such as maintenance. The Company elected to account for these other services as a component of the lease (i.e., the Company elected the practical expedient not to separate lease and non-lease components). Lease liabilities are recognized at the present value of the fixed lease payments using a discount rate based on the Company’s current borrowing rate at the lease commencement date, adjusted for various factors including level of collateralization and term (the “incremental borrowing rate”), unless the rate implicit in the lease is readily determinable. The current portion of lease liabilities is included in “Accrued and other current liabilities.” Lease assets are recognized based on the initial present value of the fixed lease payments plus any direct costs from executing the leases or lease prepayments reclassified from “Other long-term assets” upon lease commencement. Lease assets are presented as “Operating lease right-of-use assets” as a long-term asset. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from leases with a term of 12 months or less. Lease payments are recognized as an expense on a straight-line basis over the lease term. The Company has also elected to include expenses related to leases with a term of one month or less in the short-term lease cost disclosure. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifies and amends the existing guidance. The new standard is effective January 1, 2021 and the Company has adopted it effective December 31, 2020. The new standard did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The accounting update also made minor changes to the impairment model for available-for-sale debt securities. In November 2019, the FASB delayed the effective date for Topic 326 as applicable to smaller reporting companies to the first quarter of 2023. While the Company will no longer qualify as a smaller reporting company starting in the first quarter of 2022, the delayed effective date still applies to the Company. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. The Company will apply the new guidance by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. JOBS Act Accounting Election Prior to December 31, 2021, the Company was an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company had irrevocably elected not to avail itself of this exemption from new or revised accounting standards, and therefore, the Company was subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 3. Revenue The following table presents the Company’s revenue disaggregated by customer type (in thousands): Year Ended December 31, 2021 2020 2019 VA MVP $ 45,671 $ 56,154 $ 43,545 All other customers 39,823 22,494 21,662 Total $ 85,494 $ 78,648 $ 65,207 Revenue from countries outside of the United States, based on the billing addresses of customers, represented Contract Assets and Liabilities Contract assets as of December 31, 2021 and 2020 were immaterial. The Company's contract liabilities consist of consideration received from customers in excess of revenue recognized and are presented as current liabilities in the consolidated balance sheets. The balance of contract liabilities was $4.0 million and $21.0 million as of December 31, 2021 and 2020, respectively. Revenue recognized in 2021, 2020, and 2019 that were included in the contract liability balance at the beginning of each reporting period were $19.1 million, $33.8 million, and $35.4 million, respectively. Revenue allocated to remaining performance obligations represent contracted revenue that has not yet been recognized (“contracted not recognized revenue”), which include VA MVP contract liabilities and amounts that will be invoiced and recognized as revenue in future periods. Contracted not recognized revenue was $7.6 million as of December 31, 2021, which the Company expects to recognize as revenue within the next three quarters. The Company has elected the optional exemption that allows for the exclusion of contracts with an original expected duration of one year or less. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Details | Note 4. Balance Sheet Details Inventory and other deferred costs consist of the following (in thousands): December 31, 2021 2020 Raw materials $ 4,081 $ 2,675 Other deferred costs 1,529 2,964 Total inventory and other deferred costs $ 5,610 $ 5,639 Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Machinery and equipment $ 15,877 $ 13,854 Computer equipment 13,286 10,467 Construction in progress 5,393 322 Computer software costs 2,213 278 Leasehold improvements 1,357 987 Furniture and fixtures 517 440 Total 38,643 26,348 Less: accumulated depreciation and amortization (18,993 ) (14,514 ) Property and equipment, net $ 19,650 $ 11,834 Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 was $6.0 million, $5.8 million, and $4.7 million, respectively. Accrued and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Accrued compensation $ 10,673 $ 8,041 Operating lease liabilities 3,728 2,445 Loans—current portion (Note 6) 1,806 — Accrued liabilities 883 313 Employee ESPP contributions 517 407 Customer deposits 382 — Accrued taxes 121 95 Total accrued and other current liabilities $ 18,110 $ 11,301 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements The following tables show the Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 6,094 $ — $ — $ 6,094 Money market funds 49,488 — — 49,488 Level 1 Commercial paper 50,005 — (2 ) 50,003 Level 2 Total cash and cash equivalents 105,587 — (2 ) 105,585 Short-term investments: Commercial paper 18,068 — (2 ) 18,066 Level 2 U.S. government securities 50,040 — (15 ) 50,025 Level 2 Corporate debt securities 18,059 — (7 ) 18,052 Level 2 U.S. agency securities 19,738 — (35 ) 19,703 Level 2 Asset-backed securities 75,787 — (154 ) 75,633 Level 2 Total short-term investments 181,692 — (213 ) 181,479 Total assets measured at fair value $ 287,279 $ — $ (215 ) $ 287,064 December 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 4,767 $ — $ — $ 4,767 Money market funds 22,614 — — 22,614 Level 1 Commercial paper 41,145 — (1 ) 41,144 Level 2 Total cash and cash equivalents 68,526 — (1 ) 68,525 Short-term investments: Commercial paper 25,470 — — 25,470 Level 2 U.S. government securities 18,260 1 — 18,261 Level 2 Corporate debt securities 29,576 — (8 ) 29,568 Level 2 U.S. agency securities 61,436 31 (1 ) 61,466 Level 2 Total short-term investments 134,742 32 (9 ) 134,765 Total assets measured at fair value $ 203,268 $ 32 $ (10 ) $ 203,290 Realized gains or losses on marketable debt securities are immaterial for the periods presented. No security has been in an unrealized loss position for 12 months or greater. The Company determined that it did have the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. As of December 31, 2021, the Company does not consider any of its marketable debt securities to be other-than-temporarily impaired. The Company’s marketable debt securities at December 31, 2021 have maturities due in one year or less, except for debt securities with an aggregate cost basis of $40.5 million and fair value of $40.3 million that have maturities ranging from 13 months to 21 months. The Black-Scholes option-pricing model was used to estimate the fair value of the convertible preferred stock warrants at the date of issuance and at each subsequent consolidated balance sheet date. The fair value of the convertible preferred stock warrants was also estimated at the time of conversion to common stock warrants (see Note 10). Under this option-pricing model, convertible preferred stock warrants were valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class. The values of the redeemable convertible preferred stock and common stock are inferred by analyzing these options. The fair value of each convertible preferred stock warrant was estimated using the Black-Scholes option-pricing model with the assumptions described below. Upon conversion to common stock warrants in the second quarter of 2019 (see Note 10), no further fair value measurements were made. Therefore, there is no activity with respect to periods after the second quarter of 2019. For the periods indicated, the Company has limited historical volatility information available, and the expected volatility was based on actual volatility for comparable public companies projected over the expected terms of the warrants. The Company did not apply a forfeiture rate to the warrants as there is not enough historical information available to estimate such a rate. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Period Ended June 24, 2019 Expected term (in years) 5.01 - 5.26 Volatility 57.20% - 57.24% Risk-free interest rate 1.75% Dividend yield –% The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Warrant Liability Balance — December 31, 2018 $ 683 Change in fair value 1,403 Reclassification of warrant liability to additional paid-in capital on conversion (2,086 ) Balance — December 31, 2019 $ — |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Loans | Note 6. Loans Revolving Loan In June 2017, the Company entered into a $10.0 million revolving loan and security agreement (the “Revolving Loan”) with TriplePoint Capital LLC (“TriplePoint”). The Company borrowed $5.0 million under the Revolving Loan. Borrowings under the Revolving Loan bore an interest rate of prime, plus 6.75%. The Revolving Loan also had a 5.5% end of term loan payment on the highest outstanding principal amount. The Revolving Loan required monthly interest-only payments until the maturity date. The Revolving Loan’s original maturity date was December 31, 2018, and in December 2018 the maturity date was further extended until March 22, 2019. Upon determining that the change in cash flows between the previous and revised credit facility was not greater than 10%, the Company accounted for the transaction as a debt modification. In connection with the Revolving Loan, the Company issued to TriplePoint a warrant to purchase up to 62,096 shares of the Company’s Series C redeemable convertible preferred stock at an exercise price of $8.052 per share, which was exercised in August 2020 (see Note 10). The estimated fair value of the warrant upon draw down of $0.1 million was based on the Black-Scholes option-pricing model. The Company recorded the fair value of the warrant at issuance as a reduction in the debt-carrying value and as a warrant liability. The debt-carrying value reduction was accreted using the effective interest method as additional interest expense over the contractual period of 1.5 years for the Revolving Loan. The Revolving Loan had an effective interest rate of 19.22% per year. Interest expense for the year ended December 31, 2019 was $0.2 million. On March 22, 2019, this Revolving Loan was repaid in full. Growth Capital Loan On March 22, 2019, the Company entered into a growth capital loan (the “Growth Capital Loan”) with TriplePoint to provide for a $20.0 million growth capital loan facility and had drawn down the full $20.0 million available under the facility. The Company used $5.1 million of the Growth Capital Loan to repay, in its entirety, all amounts outstanding under the Revolving Loan. Borrowings under the Growth Capital Loan bore interest at a floating rate of prime, plus 5.00% for borrowings up to $15.0 million and the prime rate plus 6.50% for borrowings greater than $15.0 million. Under the agreement, the Company was required to make monthly interest-only payments through April 1, 2020 and was required to make 36 equal monthly payments of principal, plus accrued interest, from April 1, 2020 through March 1, 2023, when all unpaid principal and interest was to become due and payable. The agreement allowed voluntary prepayment of all, but not part, of the outstanding principal at any time prior to the maturity date, subject to a prepayment fee of 1.00% of the outstanding balance if prepaid in months one through 12 of the loan term. In addition to the final payment, the Company paid an amount equal to 2.75% of each principal amount drawn under this Growth Capital Loan facility. In connection with the Growth Capital Loan, the Company issued a warrant to purchase 65,502 shares of common stock to TriplePoint at an exercise price of $ 9.16 per share , which was exercised in August 2020 (see Note 11) . The Company recorded the issuance-date fair value of the warrant of $ 0.6 million and fees paid to TriplePoint of $ 0.3 million as a debt discount, which was amortized over the term of the Growth Capital Loan using the effective interest rate method. Upon issuance, the Growth Capital Loan had an effective interest rate of 15.23% per year. Interest expense for the year ended December 31, 2019 was $1.0 million. On August 14, 2019, the Company paid off the Growth Capital Loan in its entirety. In connection with this debt repayment, the Company recorded a $1.7 million loss on extinguishment of debt in the consolidated statements of operations. Equipment and Software Loans In April 2021, the Company entered into a payment agreement with a financing entity to finance the purchase of $2.4 million of certain internal use software licenses and related software maintenance from a vendor. The financing entity and vendor are not related. The Company is obligated to repay the financed amount in three equal payments of $0.8 million in May 2021, May 2022, and May 2023. The payment agreement is noninterest bearing and the Company concluded that such interest rate (zero) did not represent fair and adequate compensation to the financing entity for the use of the related funds. Accordingly, the Company approximated the rate at which it could obtain financing of a similar nature from other sources at the date of the transaction. The resulting imputed interest rate was 7% and was used to establish the present value of the payment agreement. The discount is recognized as interest expense in the consolidated statements of operations over the life of the payment agreement. In April 2021, the Company entered into another payment agreement, with the same financing entity, to finance the purchase of $3.1 million of certain computer hardware and related hardware maintenance. The Company is required to pay three equal payments of $1.0 million in July 2021, June 2022, and June 2023. The nature of this agreement and resulting accounting treatment are the same as the payment agreement described in the preceding paragraph. The total initial present value of the payment agreements was $5.2 million and presented as proceeds from loans in the consolidated statements of cash flows. Such proceeds were used to purchase equipment, software, and related maintenance and are reflected as cash outflows in the investing and operating activities sections in the consolidated statements of cash flows. Repayments are presented as financing cash outflows in the consolidated statements of cash flows. Interest expense for the year ended December 31, 2021 was $0.2 million. Amounts outstanding under the payment agreements are as follows (in thousands): December 31, 2021 2020 Principal $ 3,714 $ — Less: unamortized discount (220 ) — Total carrying amount 3,494 — Less: current portion (included in accrued and other current liabilities) (1,806 ) — Long-term portion (included in other long-term liabilities) $ 1,688 $ — |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 7. Leases In February 2015, the Company entered into a noncancelable operating lease for approximately 31,280 square feet of space used for its current laboratory and corporate headquarters. In April 2020, the Company extended the term of the lease through November 30, 2027. The lease includes an option to extend the term for a period of three years with rent payments equal to then current fair market rent for the space. The Company determined the extension option is not reasonably certain to be exercised. The lease contains a leasehold improvement incentive and escalating rent payments. In May 2021, the Company amended the lease to expand the premises subject to the lease to include an additional 14,710 square feet of space (the “Expansion Lease”). The Expansion Lease expires on December 31, 2022 and has no option to extend the term. In August 2019, the Company entered into a noncancelable operating lease for a co-located data center space. The lease expires on August 31, 2022 and includes an option to extend the term for a period of three years immediately following the expiration of the term with rent payments to be negotiated upon such a renewal. The Company determined the extension option is not reasonably certain to be exercised. In April 2020, the lease was modified to increase the data center space available for the Company’s use for the remainder of the lease term. In August 2021, the Company entered into a noncancelable operating lease for approximately 100,000 square feet of space in Fremont, California to be used as the Company’s future corporate headquarters and expanded laboratory facility. The lease term is 13.5 years and commences in June 2022. The Company gained early access to the premises upon entering the lease for the purpose of constructing and installing tenant improvements, for which the landlord has agreed to contribute up to approximately $15.5 million. Such contributions become payable only upon approval by the landlord of applications for payment and are accounted for as lease incentives once the Company has incurred costs and the amounts qualify for reimbursement by the landlord. The lease incentives are then recognized prospectively over the remainder of the lease term. The lease expires on November 30, 2035 and includes two options to extend the term for a period of five-years Company determined the extension options are not reasonably certain to be exercised. The lease also contains escalating rent payments. The Company also has a noncancelable operating lease for approximately 5,100 square feet of space in Shanghai, China used for its China operations, which expires on June 30, 2024, as well as various other short-term leases. Components of lease cost were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Lease cost Operating lease cost $ 5,009 $ 2,295 $ 1,120 Short-term lease cost 364 227 64 Variable lease cost 1,152 748 794 Total lease cost $ 6,525 $ 3,270 $ 1,978 As of December 31, 2021, the Company’s operating leases had a weighted-average remaining lease term of 12.2 years and a weighted-average discount rate of 6.6%. The Company’s discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the Company’s lease cannot be readily determined. Future lease payments under operating leases as of December 31, 2021 were as follows (in thousands): Amount 2022 $ 3,879 2023 6,196 2024 6,803 2025 7,001 2026 7,217 2027 and thereafter 53,526 Total future minimum lease payments 84,622 Less: imputed interest (28,097 ) Present value of future minimum lease payments 56,525 Less: current portion of operating lease liability (3,728 ) Long-term operating lease liabilities $ 52,797 Cash paid for operating lease liabilities, included in cash flows from operating activities in the consolidated statements of cash flows, for the years ended December 31, 2021, 2020 and 2019, was $3.3 million, $1.7 million and $1.2 million, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities, during 2021, 2020 and 2019, were $46.5 million, $9.8 million and $2.8 million, respectively. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | Note 8. Redeemable Convertible Preferred Stock Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, and Series C redeemable convertible preferred stock (collectively the “Redeemable Convertible Preferred Stock”) previously outstanding consisted of the following as of December 31, 2018 and as of immediately prior to the automatic conversion of the Redeemable Convertible Preferred Stock into common stock: December 31, 2018 Shares Authorized Shares Issued and Outstanding Aggregate Liquidation Preference Net Carrying Value (in thousands) Series A 31,250,000 7,812,497 $ 20,500 $ 20,261 Series B 19,288,150 4,799,548 22,078 22,047 Series C 24,700,000 5,862,697 47,206 47,096 Total redeemable convertible preferred stock 75,238,150 18,474,742 $ 89,784 $ 89,404 Immediately prior to the closing of the Company’s IPO, all shares of the Company’s then-outstanding Redeemable Convertible Preferred Stock, as shown in the table above, automatically converted on a one-for-one basis into an aggregate of 18,474,703 shares of common stock. The Reverse Stock Split was effected on a holder-by-holder basis with no fractional shares issued, which resulted in 39 fewer shares of common stock issued as compared to the amounts shown in the above table. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 9. Stock-Based Compensation 2011 Equity Incentive Plan In 2011, the Company established its 2011 Equity Incentive Plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company. Under the 2011 Plan, the Company had the ability to issue incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, and restricted stock unit awards (“RSUs”). Options under the 2011 Plan could be granted for periods of up to 10 years. The ISOs could be granted at a price per share not less than the fair value at the date of grant. 2019 Equity Incentive Plan The Company’s board of directors adopted and the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) in May 2019 and June 2019, respectively. The 2019 Plan became effective in June 2019 in connection with the Company’s IPO, and no further grants will be made under the 2011 Plan. Shares reserved and remaining available for issuance under the 2011 Plan were added to the 2019 Plan reserve upon its effectiveness . The 2019 Plan provides for the grant of ISOs, NSOs, stock appreciation rights, restricted stock awards, RSUs, performance-based stock awards, and other forms of equity compensation. Additionally, the 2019 Plan provides for the grant of performance cash awards. ISOs may be granted only to the Company’s employees and to any of the Company’s parent or subsidiary corporation’s employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants of the Company and any of the Company’s affiliates. The exercise price of a stock option generally cannot be less than 100% of the fair market value of the Company’s common stock on the date of grant. Options under the 2019 Plan may be granted for periods of up to 10 years. 2020 Inducement Plan The Compensation Committee of the Company’s board of directors adopted the 2020 Inducement Plan (the “Inducement Plan”) in May 2020, which became effective upon adoption. The Inducement Plan was adopted without stockholder approval, as permitted by the Nasdaq Stock Market rules. The Inducement Plan provides for the grant of equity-based awards, including NSOs, stock appreciation rights, restricted stock awards, RSUs, performance-based stock awards, and other forms of equity compensation, and its terms are substantially similar to the stockholder-approved 2019 Plan. In accordance with relevant Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals entry into employment with the Company. 2019 Employee Stock Purchase Plan The Company’s board of directors adopted and the Company’s stockholders approved the 2019 Employee Stock Purchase Plan (the “ESPP”) in May 2019 and June 2019, respectively. Subject to any plan limitations, the ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of the Company’s common stock on the first or last day of the offering period, whichever is lower. The ESPP provides for separate six-month offering periods beginning on May 1 and November 1 of each year. Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2021 and December 31, 2020 were as follows: December 31, 2021 2020 Reserved for issuance upon exercise of options outstanding under the 2011 Plan 2,573,020 3,389,711 Reserved for issuance upon exercise or settlement of awards outstanding under the 2019 Plan 4,358,820 2,399,513 Reserved and available for issuance under the 2019 Plan 1,684,213 1,977,069 Reserved for issuance upon exercise or settlement of awards outstanding under the Inducement Plan 171,275 199,300 Reserved and available for issuance under the Inducement Plan 806,067 800,700 Reserved and available for issuance under the ESPP 583,348 320,582 Total number of shares reserved 10,176,743 9,086,875 Stock Option Activity A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) under the 2011 Plan, 2019 Plan, and Inducement Plan for the years ended December 31, 2021, 2020, and 2019 is as follows: Outstanding Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2018 4,110,130 $ 3.16 6.94 $ 24,716 Options granted 988,913 11.81 Options exercised (287,932 ) 2.47 Options cancelled (79,676 ) 6.61 Balance—December 31, 2019 4,731,435 $ 4.94 6.60 $ 29,730 Options granted 1,357,741 12.05 Options exercised (908,691 ) 3.07 Options cancelled (232,179 ) 7.87 Balance—December 31, 2020 4,948,306 $ 7.10 6.71 $ 146,044 Options granted 1,026,276 21.26 Options exercised (862,056 ) 2.43 Options cancelled (110,107 ) 13.88 Balance—December 31, 2021 5,002,419 $ 10.66 6.89 $ 28,308 Options vested and exercisable as of December 31, 2021 3,062,512 $ 6.67 5.78 $ 24,149 Options granted to new hires generally vest over a four-year four-year The aggregate intrinsic value of unexercised stock options is calculated as the difference between the closing price of the Company’s common stock of $14.27 on December 31, 2021 and the exercise prices of the underlying stock options. Out-of-the money stock options are excluded from the aggregate intrinsic value. The weighted-average grant date fair value of options granted was $13.14, $7.17, and $8.00 per share for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the unrecognized stock-based compensation of unvested options was $18.1 million, which is expected to be recognized over a weighted-average period of 2.3 years. Valuation of Stock Options The Company estimated the fair value of stock options (excluding performance-based stock options discussed below) using the Black-Scholes option-pricing model. The fair value of stock options was estimated using the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Expected term (in years) 5.50 - 6.27 5.50 - 6.40 5.00 - 6.87 Volatility 67.97 - 69.90% 61.74 - 68.18% 56.20 - 63.08% Risk-free interest rate 0.62 - 1.39% 0.36 - 1.66% 1.53 - 2.52% Dividend yield –% –% –% Performance-Based Stock Option Activity Pursuant to the 2019 Plan, in March 2020, the Company’s board of directors granted the Company’s Chief Executive Officer a performance-based stock option (“PSO”) to purchase 421,000 shares of common stock. The PSO was subject to the Chief Executive Officer’s continued service to the Company through the date of vesting and, if the performance condition were not met within 10 years from the date of grant, the PSO would be canceled. The shares subject to the PSO would vest in full if the Company’s average market capitalization is equal to or greater than $1 billion over a 30 calendar day period. Upon a change in control, the vesting of the shares subject to the PSO would accelerate on a pro rata basis based on the price per share in such change in control transaction multiplied by the price per share at such time divided by $1 billion, with up to 100% of the shares eligible for such accelerated vesting. During the last quarter of 2020, A summary of the Company’s performance-based stock option activity under the 2019 Plan for the year ended December 31, 2021 and 2020 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2019 — $ — — $ — Options granted 421,000 5.10 Options exercised — Options cancelled — Balance—December 31, 2020 421,000 $ 5.10 9.21 $ 13,266 Options granted — Options exercised — Options cancelled — Balance—December 31, 2021 421,000 $ 5.10 8.21 $ 3,861 Options vested and exercisable as of December 31, 2021 421,000 $ 5.10 8.21 $ 3,861 The aggregate intrinsic value of unexercised stock options is calculated as the difference between the closing price of the Company’s common stock of $14.27 on December 31, 2021 and the exercise price of the underlying stock options. As of December 31, 2021, there is no remaining unrecognized stock-based compensation cost. Valuation of Performance-Based Stock Options The Company estimated the fair value of the PSO using a Monte Carlo Model and the following assumptions and estimates: 2020 Performance period (in years) 10.00 Derived service period (in years) 4.55 Volatility 63.60 % Risk-free interest rate 1.02 % Dividend yield –% Estimated fair value (per share) $ 3.31 Restricted Stock Units Activity and Valuation A summary of the Company’s RSU activity under the 2019 Plan and Inducement Plan for the years ended December 31, 2021, 2020 and 2019 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Shares Weighted- Average Grant Date Fair Value Aggregate Fair Value Balance—December 31, 2018 — $ — RSUs granted 120,000 8.86 RSUs vested — — RSUs cancelled — — Balance—December 31, 2019 120,000 $ 8.86 $ 1,308 RSUs granted 648,000 9.93 RSUs vested (130,945 ) 7.09 2,991 RSUs cancelled (17,837 ) 6.83 Balance—December 31, 2020 619,218 $ 10.41 $ 22,670 RSUs granted 1,387,656 18.05 RSUs vested (266,119 ) 10.93 5,521 RSUs cancelled (61,059 ) 18.45 Balance—December 31, 2021 1,679,696 $ 16.35 $ 23,969 The Company granted RSUs to employees to receive shares of the Company’s common stock. The RSUs awarded are subject to each individual’s continued service to the Company through each applicable vesting date. RSUs granted to new hires generally vest annually over a four-year four-year three-year The aggregate fair value of unvested RSUs is calculated using the closing price of the Company’s common stock of $14.27 on December 31, 2021. As of December 31, 2021, the unrecognized stock-based compensation cost of unvested RSUs was $25.1 million, which is expected to be recognized over a weighted-average period of 2.9 years. The Company’s default tax withholding method for RSUs is the sell-to-cover method, in which shares with a market value equivalent to the tax withholding obligation are sold on behalf of the holder of the RSUs upon vesting and settlement to cover the tax withholding liability and the cash proceeds from such sales are remitted by the Company to taxing authorities. ESPP Activity and Valuation During the years ended December 31, 2021, 2020 and 2019, 128,289, 164,164 and 77,684 shares of common stock were purchased under the ESPP, respectively. The following assumptions were used to calculate the stock-based compensation for each stock purchase right granted under the ESPP: Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.49 0.49 - 0.50 0.37 - 0.50 Volatility 55.92 - 74.88% 65.15 - 102.10% 59.06 - 59.91% Risk-free interest rate 0.04 - 0.06% 0.11 - 0.12% 1.55 - 2.14% Dividend yield –% –% –% Fair value $6.30 - $8.21 $4.29 - $8.12 $3.48 - $5.01 Stock-based Compensation Expense The following is a summary of stock-based compensation expense by function (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 1,414 $ 854 $ 480 Research and development 4,064 1,773 903 Selling, general and administrative 8,900 5,611 3,475 Total stock-based compensation expense $ 14,378 $ 8,238 $ 4,858 The following is a summary of stock-based compensation expense by award type (in thousands): Year Ended December 31, 2021 2020 2019 Stock options $ 8,585 $ 4,729 $ 4,217 Performance-based stock options — 1,392 280 RSUs 4,765 1,401 26 ESPP 1,028 716 335 Total stock-based compensation expense $ 14,378 $ 8,238 $ 4,858 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Preferred Stock Warrants [Abstract] | |
Redeemable Convertible Preferred Stock Warrants | Note 10. Redeemable Convertible Preferred Stock Warrants In September 2014, the Company entered into a loan and security agreement with Silicon Valley Bank to borrow up to $3.0 million under an equipment loan to be secured by the equipment financed (the “Term Loan”). The Term Loan was repaid in full in September 2018. In connection with the Term Loan, the Company issued a warrant to purchase 22,489 shares of its Series B redeemable convertible preferred stock at an exercise price of $4.60 per share. In June 2017, as additional consideration for the Revolving Loan (see Note 6), the Company issued a warrant to purchase up to 62,096 shares of its Series C redeemable convertible preferred stock at an exercise price of $8.052. At initial recognition, the convertible preferred stock warrants were recorded at their estimated fair values ($0.1 million each initially) and were subject to remeasurement at each consolidated balance sheet date, with changes in fair value recognized as a component of net income. See Note 5 for the estimated fair values and changes in fair values relating to periods presented. Immediately prior to the closing of the Company’s IPO, the redeemable convertible preferred stock warrants automatically converted to common stock warrants. As a result of the automatic conversion of the redeemable convertible preferred stock warrants to common stock warrants, the Company revalued the redeemable convertible preferred stock warrants as of the completion of the IPO and reclassified the outstanding preferred stock warrant liability balance to additional paid-in capital with no further remeasurements as the common stock warrants were deemed permanent equity. The fair value transferred to additional paid-in capital was $ 2.1 million. Subsequent to the conversion to a common stock warrant and before the end of the Company’s second quarter ended June 30, 2019, the warrant for 22,489 shares was exercised. The Company issued 19,069 shares of common stock as the warrant allowed a net share settlement. Separately, the warrant for 62,096 shares issued in June 2017 was exercised in August 2020. The Company issued 40,357 shares of common stock as the warrant allowed for a net share settlement. |
Common Stock Warrants
Common Stock Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Common Stock Warrants [Abstract] | |
Common Stock Warrants | Note 11. Common Stock Warrants In connection with the sale of Series A redeemable convertible preferred stock in August 2011, the Company issued a warrant to purchase 188,643 shares of common stock to an investor who purchased Series A redeemable convertible preferred stock in August 2011 at an exercise price of $0.04 per share. The Company recorded the issuance-date fair value of the warrant of $0.1 million in equity as the warrant met all criteria for equity classification. The common stock warrant was exercised in June 2019 prior to the Company’s IPO and is no longer outstanding. In connection with the Growth Capital Loan agreement (see Note 6), the Company issued a warrant to purchase 65,502 shares of common stock to the lender at an exercise price of $9.16 per share. The Company recorded the issuance-date fair value of the warrant of $0.6 million in equity as the warrant met all criteria for equity classification. The warrant was exercised in September 2020 and is no longer outstanding. The Company issued 39,415 shares of common stock as the warrant allowed for a net share settlement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 . Commitments and Contingencies Contingencies The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s consolidated results of operations in a given period. As of December 31, 2021, the Company was not involved in any material legal proceedings. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Common Share | Note 13. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding in-the-money stock options and common stock warrants, assumed release of outstanding RSUs, and assumed issuance of common stock under the ESPP using the treasury stock method. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Year Ended December 31, 2021 2020 2019 Net loss $ (65,226 ) $ (41,280 ) $ (25,084 ) Weighted-average common shares outstanding—basic and diluted 43,886,730 34,374,903 18,011,470 Net loss per common share—basic and diluted $ (1.49 ) $ (1.20 ) $ (1.39 ) The Company incurred net losses in the periods presented, and as a result, potential common shares from stock options, common stock warrants, RSUs, and the assumed release of outstanding shares under the ESPP were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Year Ended December 31, 2021 2020 2019 Common stock warrants — — 127,598 Options to purchase common stock 5,423,419 5,369,306 4,731,435 Unvested restricted stock units 1,679,696 619,218 120,000 ESPP 87,367 58,802 75,405 Total 7,190,482 6,047,326 5,054,438 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes For financial reporting purposes, loss before income taxes includes the following components (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (65,415 ) $ (41,404 ) $ (25,111 ) Foreign 203 181 36 Loss before income taxes $ (65,212 ) $ (41,223 ) $ (25,075 ) Provision for Income Taxes The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ — State — 26 1 Foreign 43 31 8 Total current 43 57 9 Deferred: Foreign (29 ) — — Total deferred (29 ) — — Provision for income taxes $ 14 $ 57 $ 9 Income tax provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss in 2021, 2020, and 2019 as follows: Year Ended December 31, 2021 2020 2019 Expected tax (benefit) at federal statutory rate -21 % -21 % -21 % Effect of: State taxes -9 % -10 % -8 % Change in valuation allowance 36 % 38 % 28 % Stock-based compensation -3 % -4 % 2 % Research and development credit -3 % -3 % -3 % Other – % – % 2 % Effective tax rate – % – % – % Tax Law Changes On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which includes several U.S. income tax provisions related to, among other things, net operating loss carrybacks, alternative minimum tax credits, modifications to interest expense limitations, and an option to defer payroll tax payments for a limited period. Based on the guidance in the CARES Act, the Company deferred the payment of $0.7 million of certain payroll taxes, of which $0.3 million has been paid as of December 31, 2021. The other provisions of the CARES Act did not have a significant impact on the Company’s consolidated financial statements. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 61,219 $ 43,221 Research and development credits 12,127 8,455 Deferred revenue 164 695 Accruals 2,846 2,260 Stock-based compensation 4,435 2,157 Operating lease liabilities 16,406 3,198 Other intangibles 321 366 Other 115 96 Total gross deferred tax assets 97,633 60,448 Less: valuation allowance (81,628 ) (56,846 ) Total deferred tax assets 16,005 3,602 Deferred tax liabilities: Property and equipment (356 ) (612 ) Operating lease right-of-use assets (15,620 ) (2,990 ) Total deferred tax liabilities (15,976 ) (3,602 ) Net deferred tax assets $ 29 $ — Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Because of the Company’s lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $24.8 million and $16.8 million during the years ended December 31, 2021 and 2020, respectively. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2021, the Company had a net operating loss carryforward for federal income tax purposes of approximately $222.5 million, portions of which will begin to expire in 2031. The Company had a total state net operating loss carryforward of approximately $166.3 million, which will begin to expire in 2031. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. As of December 31, 2021, the Company has federal credits of approximately $6.1 million, which will begin to expire in 2031 and state research credits of approximately $6.0 million, which have no expiration date. These tax credits are subject to the same limitations discussed above. Unrecognized Tax Benefits The Company has incurred net operating losses since inception and does not have any significant unrecognized tax benefits. The Company’s policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes in the consolidated statements of operations. If the Company is eventually able to recognize its uncertain positions, the effective tax rate would be reduced. The Company currently has a full valuation allowance against its net deferred tax assets, which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. Any adjustments to the Company’s uncertain tax positions would result in an adjustment of net operating loss or tax credit carryforwards rather than resulting in a cash outlay. The Company files U.S. federal income tax returns and various state income tax returns. Because of net operating losses and research credit carryovers, substantially all the Company’s tax years remain open to examination. The Company has the following activity relating to unrecognized tax benefits (in thousands): December 31, 2021 2020 Beginning balance $ 2,148 $ 1,581 Gross increase—tax position in current period 918 567 Ending balance $ 3,066 $ 2,148 Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. During the years ended December 31, 2021, 2020, and 2019, no interest or penalties were required to be recognized relating to unrecognized tax benefits. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual reporting. The consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of stock-based awards, and provisions for income taxes and contingencies. Actual results could differ from these estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. |
Reverse Stock Split | Reverse Stock Split On June 4, 2019, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a four-for-one basis (the “Reverse Stock Split”). The par value of the common stock and redeemable convertible preferred stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, share data, per share data, redeemable convertible preferred stock and related information contained in these consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. |
Initial Public Offering | Initial Public Offering On June 24, 2019, the Company completed an initial public offering (“IPO”) in which it issued and sold 9,109,725 shares of its common stock at a public offering price of $17.00 per share. The Company received net proceeds of $139.8 million after deducting underwriting discounts, commissions and offering expenses. Offering expenses were $4.2 million and consisted of fees and expenses incurred in connection with the sale of the Company’s common stock in the IPO, including legal, accounting, printing, and other IPO-related costs. A warrant to purchase 188,643 shares of our common stock was exercised prior to completion of the IPO. In addition, in connection with the IPO, all shares of the Company’s then-outstanding redeemable convertible preferred stock were automatically converted into 18,474,703 shares of the Company’s common stock, and all then-outstanding warrants to purchase the Company’s convertible preferred stock were automatically converted into warrants to purchase 84,585 shares of the Company’s common stock, all of which were exercised as of December 31, 2020 (see Note 10). |
Follow-On and At-the-Market Equity Offerings | Follow-On and At-the-Market Equity Offerings On August 14, 2020, the Company completed a follow-on equity offering in which it issued and sold 6,578,947 shares of its common stock at a public offering price of $19.00 per share. The Company received net proceeds of $117.5 million after deducting underwriting discounts, commissions. The Company also incurred $0.4 million of offering costs, including legal, accounting, printing and other offering-related costs. On January 29, 2021, the Company completed a follow-on equity offering in which it issued and sold 3,950,000 shares of its common stock at a public offering price of $38.00 per share. The Company received net proceeds of $141.1 million after deducting underwriting discounts and commissions. The underwriters of the offering exercised their option to purchase an additional 592,500 shares shortly thereafter, resulting in additional net proceeds of $21.2 million after deducting underwriting discounts and commissions. The Company also incurred $0.3 million of offering costs, including legal, accounting, printing and other offering-related costs. On December 30, 2021, the Company entered into an At-the-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) under which it may offer and sell its common stock having aggregate sales proceeds of up to $100.0 million from time to time through BTIG as its sales agent. BTIG will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay BTIG a commission of up to 3% of the gross sales proceeds of any common stock sold through BTIC under the Sales Agreement. The Company is not obligated to make any sales of common stock under the Sales Agreement. No shares of the Company’s common stock have been offered or sold under the Sales Agreement. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment ‑ ‑ The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company maintains an allowance for doubtful accounts, which was $0.1 million as of December 31, 2021 and 2020. The Company had no bad debt expense in 2021 and 2020. During the year ended December 31, 2019, bad debt expense was $0.1 million and included in selling, general and administrative expenses. Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable balance at each respective balance sheet date. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows: Revenue Accounts Receivable Year Ended December 31, December 31, 2021 2020 2019 2021 2020 VA MVP 53% 71% 67% * * Natera, Inc. 10% * * 39% * Pfizer Inc. * * 13% * * AbbVie Inc. * * * 18% * Merck & Co., Inc. * * * 15% 59% * Less than 10% of revenue or accounts receivable |
Revenue Recognition | Revenue Recognition The Company applies the revenue recognition guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Revenue Recognition The revenue guidance provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of Topic 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. At contract inception, once a contract is determined to be within the scope of the new revenue standard, the Company assesses whether individual goods or services promised within each contract are distinct and, therefore, represent separate performance obligations. The Company derives revenue from sequencing and data analysis services to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies, as well as to support population sequencing initiatives. The Company’s contracts are in the form of a combination of signed agreements, statements of work, and/or purchase orders. Under Topic 606, the Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it will be entitled. The sequencing and data analysis services are the only distinct services that meet the definition of a performance obligation and are accounted for as one performance obligation under Topic 606. The Company recognizes revenue from such services at the point in time when control of the test results is transferred to the customer. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. Sequencing and data analysis services are based on a fixed price per test. Payment terms and conditions vary by contract and customer. The Company’s standard payment terms are less than 90 days from the invoice date. In instances where the timing of the Company’s revenue recognition differs from the timing of its invoicing, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised services to the customer will be one year or less. After assessing each of its revenue-generating arrangements to determine whether a significant financing component exists, the Company concluded that a significant financing component does not exist in any of its arrangements. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s services and to provide payment protection for the Company. Practical Expedients and Exemptions As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the consolidated statements of operations. |
Costs of Revenues | Cost of Revenue Cost of revenue consists of raw materials costs, personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation), laboratory supplies and consumables, depreciation and maintenance on equipment, and allocated facilities and information technology (“IT”) costs. |
Research and Development Expenses | Research and Development Expenses The Company charges research and development costs to expenses as incurred, including lab and automation development costs. The expenses primarily consist of personnel costs (salaries, bonuses, stock-based compensation, payroll taxes, and benefits), laboratory supplies and consumables, costs of processing samples for research purposes, depreciation and maintenance on equipment, and allocated facilities and IT costs. |
Stock-Based Compensation | Stock-Based Compensation For options granted to employees, non-employees, and directors, stock-based compensation is measured at grant date based on the fair value of the award. The Company determines the grant-date fair value of options using the Black-Scholes option-pricing model, except for certain performance-based awards for which an alternative valuation method may be used. The Company determines the fair value of restricted stock unit awards using the closing market price of the Company’s common stock on the date of grant. The grant-date fair value of awards is amortized over the employees’ requisite service period on a straight-line basis, or the non-employees’ vesting period as the goods are received or services rendered. Forfeitures are accounted for as they occur. Additionally, the Company’s 2019 Employee Stock Purchase Plan (the “ESPP”) is deemed to be a compensatory plan and therefore is included in stock-based compensation expense. Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows: Expected Term. The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the assumed period for each tranche is computed separately and then averaged together to determine the expected term for the award. Expected Volatility. The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have sufficient trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be zero. |
Foreign Currency Translation | Foreign Currency Translation The Company considers the functional currencies of its foreign subsidiaries to be the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate as of the balance sheet date, and costs and expenses are translated at average exchange rates in effect during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes all changes in equity (net assets) during the period from nonowner sources. The Company’s comprehensive loss consists of its net loss, its cumulative translation adjustments, and its unrealized gains or losses on available-for-sale debt securities. |
Income Taxes | Income Taxes The Company uses the asset and liability method under ASC Topic 740, Income Taxes, in accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expenses or benefits are the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where it is more likely than not that the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC Topic 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon audit, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. ASC Topic 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related liability line in the consolidated balance sheets. The Company considers undistributed earnings of its foreign subsidiaries to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock, convertible preferred stock warrants, common stock warrants, common stock subject to repurchase, and equity awards are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders. Because the Company has reported a net loss for the reporting periods presented, the diluted net loss per common share is the same as basic net loss per common share for those periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities at the time of purchase of three months or less. Cash equivalents include bank demand deposits and money market accounts that invest primarily in cash, U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. Cash equivalents also include commercial paper, which are marketable debt securities recorded at fair value and accounted for in the same manner as other marketable debt securities described below. |
Short-term Investments | Short-term Investments The Company’s investments in marketable debt securities are classified as available-for-sale and recorded at fair value. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Short-term investments primarily consist of U.S. agency bonds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasuries. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Any discount or premium arising at purchase is accreted or amortized to interest income or expense. Realized gains and losses and declines in fair value, if any, judged to be other than temporary are reported in other income (expense), net. When securities are sold, any associated unrealized gain or loss initially recorded as a separate component of stockholders’ equity is reclassified out of stockholders’ equity on a specific-identification basis and recorded in earnings for the period. The Company periodically evaluates whether declines in fair values of its investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets and liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in markets that are not active. • Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals). • Inputs that are derived principally from or are corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs for the assets or liabilities (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. |
Accounts Receivable, Net | Accounts Receivable, Net Trade accounts receivable are recorded at the invoiced amount and are noninterest bearing. At each reporting period, management reviews all outstanding customer balances to determine if the facts and circumstances of each customer relationship indicate the need for a reserve. A reserve is recorded when it is probable that a loss has been incurred based on past events and conditions existing at the date of the financial statements, and the loss is reasonably estimated. |
Inventory and Other Deferred Costs | Inventory and Other Deferred Costs Inventory, consisting of supplies used in the Company’s genomic analysis contracts, are valued at the lower of cost or net realizable value. Cost is determined using actual costs, on a first-in, first-out basis. Other deferred costs relate to work in process for costs incurred on genomic analysis contracts that have not been completed or recognized as revenue. Other deferred costs represent materials used in sequencing services, labor, and overhead allocations. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation and amortization, and are depreciated on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years for computer equipment, two years for software, three years for furniture and equipment, and five years for machinery and equipment. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet, and the resulting gain or loss is reflected in the consolidated statements of operations. Maintenance and repairs that are not considered improvements and do not extend the useful lives of the assets are charged to expense as incurred. Construction-in-process assets consist primarily of computer equipment and machinery and equipment that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once the assets are placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. |
Leases | Leases The Company categorizes leases with contractual terms longer than twelve months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. As of December 31, 2021, the Company had no finance leases. Certain lease contracts include obligations to pay for other services, such as maintenance. The Company elected to account for these other services as a component of the lease (i.e., the Company elected the practical expedient not to separate lease and non-lease components). Lease liabilities are recognized at the present value of the fixed lease payments using a discount rate based on the Company’s current borrowing rate at the lease commencement date, adjusted for various factors including level of collateralization and term (the “incremental borrowing rate”), unless the rate implicit in the lease is readily determinable. The current portion of lease liabilities is included in “Accrued and other current liabilities.” Lease assets are recognized based on the initial present value of the fixed lease payments plus any direct costs from executing the leases or lease prepayments reclassified from “Other long-term assets” upon lease commencement. Lease assets are presented as “Operating lease right-of-use assets” as a long-term asset. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from leases with a term of 12 months or less. Lease payments are recognized as an expense on a straight-line basis over the lease term. The Company has also elected to include expenses related to leases with a term of one month or less in the short-term lease cost disclosure. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Income taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifies and amends the existing guidance. The new standard is effective January 1, 2021 and the Company has adopted it effective December 31, 2020. The new standard did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The accounting update also made minor changes to the impairment model for available-for-sale debt securities. In November 2019, the FASB delayed the effective date for Topic 326 as applicable to smaller reporting companies to the first quarter of 2023. While the Company will no longer qualify as a smaller reporting company starting in the first quarter of 2022, the delayed effective date still applies to the Company. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. The Company will apply the new guidance by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. |
JOBS Act Accounting Election | JOBS Act Accounting Election Prior to December 31, 2021, the Company was an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company had irrevocably elected not to avail itself of this exemption from new or revised accounting standards, and therefore, the Company was subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Percentage of Revenues and Accounts Receivables from Customers | For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows: Revenue Accounts Receivable Year Ended December 31, December 31, 2021 2020 2019 2021 2020 VA MVP 53% 71% 67% * * Natera, Inc. 10% * * 39% * Pfizer Inc. * * 13% * * AbbVie Inc. * * * 18% * Merck & Co., Inc. * * * 15% 59% * Less than 10% of revenue or accounts receivable |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Revenue Disaggregated by Customer Type | The following table presents the Company’s revenue disaggregated by customer type (in thousands): Year Ended December 31, 2021 2020 2019 VA MVP $ 45,671 $ 56,154 $ 43,545 All other customers 39,823 22,494 21,662 Total $ 85,494 $ 78,648 $ 65,207 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory and Other Deferred Costs | Inventory and other deferred costs consist of the following (in thousands): December 31, 2021 2020 Raw materials $ 4,081 $ 2,675 Other deferred costs 1,529 2,964 Total inventory and other deferred costs $ 5,610 $ 5,639 |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Machinery and equipment $ 15,877 $ 13,854 Computer equipment 13,286 10,467 Construction in progress 5,393 322 Computer software costs 2,213 278 Leasehold improvements 1,357 987 Furniture and fixtures 517 440 Total 38,643 26,348 Less: accumulated depreciation and amortization (18,993 ) (14,514 ) Property and equipment, net $ 19,650 $ 11,834 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Accrued compensation $ 10,673 $ 8,041 Operating lease liabilities 3,728 2,445 Loans—current portion (Note 6) 1,806 — Accrued liabilities 883 313 Employee ESPP contributions 517 407 Customer deposits 382 — Accrued taxes 121 95 Total accrued and other current liabilities $ 18,110 $ 11,301 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements | The following tables show the Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 6,094 $ — $ — $ 6,094 Money market funds 49,488 — — 49,488 Level 1 Commercial paper 50,005 — (2 ) 50,003 Level 2 Total cash and cash equivalents 105,587 — (2 ) 105,585 Short-term investments: Commercial paper 18,068 — (2 ) 18,066 Level 2 U.S. government securities 50,040 — (15 ) 50,025 Level 2 Corporate debt securities 18,059 — (7 ) 18,052 Level 2 U.S. agency securities 19,738 — (35 ) 19,703 Level 2 Asset-backed securities 75,787 — (154 ) 75,633 Level 2 Total short-term investments 181,692 — (213 ) 181,479 Total assets measured at fair value $ 287,279 $ — $ (215 ) $ 287,064 December 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 4,767 $ — $ — $ 4,767 Money market funds 22,614 — — 22,614 Level 1 Commercial paper 41,145 — (1 ) 41,144 Level 2 Total cash and cash equivalents 68,526 — (1 ) 68,525 Short-term investments: Commercial paper 25,470 — — 25,470 Level 2 U.S. government securities 18,260 1 — 18,261 Level 2 Corporate debt securities 29,576 — (8 ) 29,568 Level 2 U.S. agency securities 61,436 31 (1 ) 61,466 Level 2 Total short-term investments 134,742 32 (9 ) 134,765 Total assets measured at fair value $ 203,268 $ 32 $ (10 ) $ 203,290 |
Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants | The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants. Period Ended June 24, 2019 Expected term (in years) 5.01 - 5.26 Volatility 57.20% - 57.24% Risk-free interest rate 1.75% Dividend yield –% |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Warrant Liability Balance — December 31, 2018 $ 683 Change in fair value 1,403 Reclassification of warrant liability to additional paid-in capital on conversion (2,086 ) Balance — December 31, 2019 $ — |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Amounts Outstanding | Amounts outstanding under the payment agreements are as follows (in thousands): December 31, 2021 2020 Principal $ 3,714 $ — Less: unamortized discount (220 ) — Total carrying amount 3,494 — Less: current portion (included in accrued and other current liabilities) (1,806 ) — Long-term portion (included in other long-term liabilities) $ 1,688 $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | Components of lease cost were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Lease cost Operating lease cost $ 5,009 $ 2,295 $ 1,120 Short-term lease cost 364 227 64 Variable lease cost 1,152 748 794 Total lease cost $ 6,525 $ 3,270 $ 1,978 |
Schedule of Future Minimum Lease Payments | As of December 31, 2021, the Company’s operating leases had a weighted-average remaining lease term of 12.2 years and a weighted-average discount rate of 6.6%. The Company’s discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the Company’s lease cannot be readily determined. Future lease payments under operating leases as of December 31, 2021 were as follows (in thousands): Amount 2022 $ 3,879 2023 6,196 2024 6,803 2025 7,001 2026 7,217 2027 and thereafter 53,526 Total future minimum lease payments 84,622 Less: imputed interest (28,097 ) Present value of future minimum lease payments 56,525 Less: current portion of operating lease liability (3,728 ) Long-term operating lease liabilities $ 52,797 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Convertible Preferred Stock Outstanding | Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, and Series C redeemable convertible preferred stock (collectively the “Redeemable Convertible Preferred Stock”) previously outstanding consisted of the following as of December 31, 2018 and as of immediately prior to the automatic conversion of the Redeemable Convertible Preferred Stock into common stock: December 31, 2018 Shares Authorized Shares Issued and Outstanding Aggregate Liquidation Preference Net Carrying Value (in thousands) Series A 31,250,000 7,812,497 $ 20,500 $ 20,261 Series B 19,288,150 4,799,548 22,078 22,047 Series C 24,700,000 5,862,697 47,206 47,096 Total redeemable convertible preferred stock 75,238,150 18,474,742 $ 89,784 $ 89,404 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Shares of Common Stock Available for Issuance | Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2021 and December 31, 2020 were as follows: December 31, 2021 2020 Reserved for issuance upon exercise of options outstanding under the 2011 Plan 2,573,020 3,389,711 Reserved for issuance upon exercise or settlement of awards outstanding under the 2019 Plan 4,358,820 2,399,513 Reserved and available for issuance under the 2019 Plan 1,684,213 1,977,069 Reserved for issuance upon exercise or settlement of awards outstanding under the Inducement Plan 171,275 199,300 Reserved and available for issuance under the Inducement Plan 806,067 800,700 Reserved and available for issuance under the ESPP 583,348 320,582 Total number of shares reserved 10,176,743 9,086,875 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) under the 2011 Plan, 2019 Plan, and Inducement Plan for the years ended December 31, 2021, 2020, and 2019 is as follows: Outstanding Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2018 4,110,130 $ 3.16 6.94 $ 24,716 Options granted 988,913 11.81 Options exercised (287,932 ) 2.47 Options cancelled (79,676 ) 6.61 Balance—December 31, 2019 4,731,435 $ 4.94 6.60 $ 29,730 Options granted 1,357,741 12.05 Options exercised (908,691 ) 3.07 Options cancelled (232,179 ) 7.87 Balance—December 31, 2020 4,948,306 $ 7.10 6.71 $ 146,044 Options granted 1,026,276 21.26 Options exercised (862,056 ) 2.43 Options cancelled (110,107 ) 13.88 Balance—December 31, 2021 5,002,419 $ 10.66 6.89 $ 28,308 Options vested and exercisable as of December 31, 2021 3,062,512 $ 6.67 5.78 $ 24,149 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Expected term (in years) 5.50 - 6.27 5.50 - 6.40 5.00 - 6.87 Volatility 67.97 - 69.90% 61.74 - 68.18% 56.20 - 63.08% Risk-free interest rate 0.62 - 1.39% 0.36 - 1.66% 1.53 - 2.52% Dividend yield –% –% –% |
Summary of Restricted Stock Units Activity | A summary of the Company’s RSU activity under the 2019 Plan and Inducement Plan for the years ended December 31, 2021, 2020 and 2019 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Shares Weighted- Average Grant Date Fair Value Aggregate Fair Value Balance—December 31, 2018 — $ — RSUs granted 120,000 8.86 RSUs vested — — RSUs cancelled — — Balance—December 31, 2019 120,000 $ 8.86 $ 1,308 RSUs granted 648,000 9.93 RSUs vested (130,945 ) 7.09 2,991 RSUs cancelled (17,837 ) 6.83 Balance—December 31, 2020 619,218 $ 10.41 $ 22,670 RSUs granted 1,387,656 18.05 RSUs vested (266,119 ) 10.93 5,521 RSUs cancelled (61,059 ) 18.45 Balance—December 31, 2021 1,679,696 $ 16.35 $ 23,969 |
Stock Based Compensation Expense by Award Type and Function | The following is a summary of stock-based compensation expense by function (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 1,414 $ 854 $ 480 Research and development 4,064 1,773 903 Selling, general and administrative 8,900 5,611 3,475 Total stock-based compensation expense $ 14,378 $ 8,238 $ 4,858 The following is a summary of stock-based compensation expense by award type (in thousands): Year Ended December 31, 2021 2020 2019 Stock options $ 8,585 $ 4,729 $ 4,217 Performance-based stock options — 1,392 280 RSUs 4,765 1,401 26 ESPP 1,028 716 335 Total stock-based compensation expense $ 14,378 $ 8,238 $ 4,858 |
2019 Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Weighted-average Assumptions Used to Calculate Stock-Based Compensation For Each Stock Purchase Right Granted Under ESPP | The following assumptions were used to calculate the stock-based compensation for each stock purchase right granted under the ESPP: Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.49 0.49 - 0.50 0.37 - 0.50 Volatility 55.92 - 74.88% 65.15 - 102.10% 59.06 - 59.91% Risk-free interest rate 0.04 - 0.06% 0.11 - 0.12% 1.55 - 2.14% Dividend yield –% –% –% Fair value $6.30 - $8.21 $4.29 - $8.12 $3.48 - $5.01 |
Performance-Based Stock Option | 2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | A summary of the Company’s performance-based stock option activity under the 2019 Plan for the year ended December 31, 2021 and 2020 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2019 — $ — — $ — Options granted 421,000 5.10 Options exercised — Options cancelled — Balance—December 31, 2020 421,000 $ 5.10 9.21 $ 13,266 Options granted — Options exercised — Options cancelled — Balance—December 31, 2021 421,000 $ 5.10 8.21 $ 3,861 Options vested and exercisable as of December 31, 2021 421,000 $ 5.10 8.21 $ 3,861 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The Company estimated the fair value of the PSO using a Monte Carlo Model and the following assumptions and estimates: 2020 Performance period (in years) 10.00 Derived service period (in years) 4.55 Volatility 63.60 % Risk-free interest rate 1.02 % Dividend yield –% Estimated fair value (per share) $ 3.31 |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Year Ended December 31, 2021 2020 2019 Net loss $ (65,226 ) $ (41,280 ) $ (25,084 ) Weighted-average common shares outstanding—basic and diluted 43,886,730 34,374,903 18,011,470 Net loss per common share—basic and diluted $ (1.49 ) $ (1.20 ) $ (1.39 ) |
Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share | The Company incurred net losses in the periods presented, and as a result, potential common shares from stock options, common stock warrants, RSUs, and the assumed release of outstanding shares under the ESPP were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Year Ended December 31, 2021 2020 2019 Common stock warrants — — 127,598 Options to purchase common stock 5,423,419 5,369,306 4,731,435 Unvested restricted stock units 1,679,696 619,218 120,000 ESPP 87,367 58,802 75,405 Total 7,190,482 6,047,326 5,054,438 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Income Taxes | For financial reporting purposes, loss before income taxes includes the following components (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (65,415 ) $ (41,404 ) $ (25,111 ) Foreign 203 181 36 Loss before income taxes $ (65,212 ) $ (41,223 ) $ (25,075 ) |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ — State — 26 1 Foreign 43 31 8 Total current 43 57 9 Deferred: Foreign (29 ) — — Total deferred (29 ) — — Provision for income taxes $ 14 $ 57 $ 9 |
Summary of Income Tax Provision Related to Continuing Operations Statutory Income Tax Rate | Income tax provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss in 2021, 2020, and 2019 as follows: Year Ended December 31, 2021 2020 2019 Expected tax (benefit) at federal statutory rate -21 % -21 % -21 % Effect of: State taxes -9 % -10 % -8 % Change in valuation allowance 36 % 38 % 28 % Stock-based compensation -3 % -4 % 2 % Research and development credit -3 % -3 % -3 % Other – % – % 2 % Effective tax rate – % – % – % |
Components of Deferred Tax Assets for Federal and State Income Taxes | Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 61,219 $ 43,221 Research and development credits 12,127 8,455 Deferred revenue 164 695 Accruals 2,846 2,260 Stock-based compensation 4,435 2,157 Operating lease liabilities 16,406 3,198 Other intangibles 321 366 Other 115 96 Total gross deferred tax assets 97,633 60,448 Less: valuation allowance (81,628 ) (56,846 ) Total deferred tax assets 16,005 3,602 Deferred tax liabilities: Property and equipment (356 ) (612 ) Operating lease right-of-use assets (15,620 ) (2,990 ) Total deferred tax liabilities (15,976 ) (3,602 ) Net deferred tax assets $ 29 $ — |
Summary of Unrecognized Tax Benefits | The Company has the following activity relating to unrecognized tax benefits (in thousands): December 31, 2021 2020 Beginning balance $ 2,148 $ 1,581 Gross increase—tax position in current period 918 567 Ending balance $ 3,066 $ 2,148 |
Company and Nature of Business
Company and Nature of Business - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Dec. 30, 2021USD ($) | Jan. 29, 2021USD ($)$ / sharesshares | Aug. 14, 2020USD ($)$ / sharesshares | Jun. 24, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Reverse stock split of common stock, description | four-for-one | ||||||
Reverse stock split of common stock, ratio | 0.25 | ||||||
Offering expenses | $ 4,200,000 | ||||||
Conversion from convertible warrants | shares | 188,643 | ||||||
Allowance for doubtful accounts | $ 100,000 | $ 100,000 | |||||
Bad debt expense | $ 0 | $ 0 | |||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||
Dividends | $ 0 | ||||||
Software | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment estimated useful lives | 2 years | ||||||
Furniture and Equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment estimated useful lives | 3 years | ||||||
Machinery and Equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment estimated useful lives | 5 years | ||||||
Minimum | Computer Equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment estimated useful lives | 3 years | ||||||
Minimum | ASU 2014-09 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Standard payment terms | 90 days | ||||||
Maximum | Computer Equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment estimated useful lives | 5 years | ||||||
Maximum | ASU 2014-09 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Period between payment by customer and transfer of promised services | 1 year | ||||||
Recognition period of incremental costs | 1 year | ||||||
Selling, General and Administrative Expenses | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Bad debt expense | $ 100,000 | ||||||
At Market Sales Agreement | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Proceeds from Issuance or Sale of Equity | $ 100,000,000 | ||||||
Commission percentage of sale proceeds from common stock. | 3.00% | ||||||
IPO | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Reverse stock split of common stock, description | The Reverse Stock Split was effected on a holder-by-holder basis with no fractional shares issued, which resulted in 39 fewer shares of common stock issued as compared to the amounts shown in the above table | ||||||
Number of shares issued | shares | 9,109,725 | ||||||
Shares issued price per share | $ / shares | $ 17 | ||||||
Proceeds from issuance of common stock after deducting underwriting discounts, commissions and offering expenses upon completion of initial public offering | $ 139,800,000 | ||||||
Conversion from convertible common stock | shares | 18,474,703 | ||||||
IPO | Convertible Preferred Stock | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Conversion from convertible warrants to purchase common stock | shares | 84,585 | ||||||
Follow - On Offering | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of shares issued | shares | 6,578,947 | ||||||
Shares issued price per share | $ / shares | $ 19 | ||||||
Proceeds from Issuance or Sale of Equity | $ 117,500,000 | ||||||
Offering costs incurred | $ 400,000 | ||||||
Follow - On Offering | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of shares issued | shares | 3,950,000 | ||||||
Shares issued price per share | $ / shares | $ 38 | ||||||
Proceeds from Issuance or Sale of Equity | $ 141,100,000 | ||||||
Offering costs incurred | $ 300,000 | ||||||
Over-Allotment Option | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of shares issued | shares | 592,500 | ||||||
Proceeds from Issuance or Sale of Equity | $ 21,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | VA MVP | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 53.00% | 71.00% | 67.00% |
Revenue | Natera Inc | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Revenue | Pfizer Inc. | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 13.00% | ||
Accounts Receivable | Natera Inc | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 39.00% | ||
Accounts Receivable | Merck & Co., Inc. | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 15.00% | 59.00% | |
Accounts Receivable | AbbVie Inc | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 18.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable | Minimum | Customer Concentration Risk | |
Summary Of Significant Accounting Policies [Line Items] | |
Concentration risk percentage | 10.00% |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregated by Customer Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 85,494 | $ 78,648 | $ 65,207 |
VA MVP | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 45,671 | 56,154 | 43,545 |
All Other Customers | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 39,823 | $ 22,494 | $ 21,662 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Contract liabilities | $ 4 | $ 21 | |
Contract liability, revenue recognized | $ 19.1 | $ 33.8 | $ 35.4 |
Customer Concentration Risk | Revenues | Maximum | Significant Customers | Outside of United States | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 8.00% | 5.00% | 4.00% |
Revenue - Additional Informat_2
Revenue - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 $ in Millions | Dec. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 7.6 |
Remaining performance obligation, expected time of satisfaction | 9 months |
Maximum | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, optional exemption, remaining duration | 1 year |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Inventory and Other Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory And Other Deferred Costs [Abstract] | ||
Raw materials | $ 4,081 | $ 2,675 |
Other deferred costs | 1,529 | 2,964 |
Total inventory and other deferred costs | $ 5,610 | $ 5,639 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total | $ 38,643 | $ 26,348 |
Less: accumulated depreciation and amortization | (18,993) | (14,514) |
Property and equipment, net | 19,650 | 11,834 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 15,877 | 13,854 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 13,286 | 10,467 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total | 517 | 440 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total | 1,357 | 987 |
Computer Software Costs | ||
Property Plant And Equipment [Line Items] | ||
Total | 2,213 | 278 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total | $ 5,393 | $ 322 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Depreciation and amortization expense | $ 6,014 | $ 5,758 | $ 4,748 |
Balance Sheet Details - Sched_3
Balance Sheet Details - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 10,673 | $ 8,041 |
Operating lease liabilities | $ 3,728 | $ 2,445 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Loans—current portion (Note 6) | $ 1,806 | |
Accrued liabilities | 883 | $ 313 |
Employee ESPP contributions | 517 | 407 |
Customer deposits | 382 | |
Accrued taxes | 121 | 95 |
Total accrued and other current liabilities | $ 18,110 | $ 11,301 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and cash equivalents, Adjusted Cost | $ 105,585 | $ 68,525 | $ 55,046 |
Fair Value Measurements Recurring | |||
Assets | |||
Assets, Adjusted Cost | 287,279 | 203,268 | |
Assets, Unrealized Gains | 32 | ||
Assets, Unrealized Losses | (215) | (10) | |
Assets, Fair Value | 287,064 | 203,290 | |
Cash and cash equivalents, Adjusted Cost | 105,587 | 68,526 | |
Cash and cash equivalents, Unrealized Losses | (2) | (1) | |
Cash and cash equivalents, Fair Value | 105,585 | 68,525 | |
Fair Value Measurements Recurring | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 181,692 | 134,742 | |
Investments, Unrealized Gains | 32 | ||
Investments, Unrealized Losses | (213) | (9) | |
Investments, Fair Value | 181,479 | 134,765 | |
Fair Value Measurements Recurring | Commercial Paper | Level 2 | |||
Assets | |||
Cash and cash equivalents, Adjusted Cost | 50,005 | 41,145 | |
Cash and cash equivalents, Unrealized Losses | (2) | (1) | |
Cash and cash equivalents, Fair Value | 50,003 | 41,144 | |
Fair Value Measurements Recurring | Commercial Paper | Level 2 | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 18,068 | 25,470 | |
Investments, Unrealized Losses | (2) | ||
Investments, Fair Value | 18,066 | 25,470 | |
Fair Value Measurements Recurring | U.S. Government Securities | Level 2 | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 50,040 | 18,260 | |
Investments, Unrealized Gains | 1 | ||
Investments, Unrealized Losses | (15) | ||
Investments, Fair Value | 50,025 | 18,261 | |
Fair Value Measurements Recurring | Corporate Debt Securities | Level 2 | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 18,059 | 29,576 | |
Investments, Unrealized Losses | (7) | (8) | |
Investments, Fair Value | 18,052 | 29,568 | |
Fair Value Measurements Recurring | U.S. Agency Securities | Level 2 | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 19,738 | 61,436 | |
Investments, Unrealized Gains | 31 | ||
Investments, Unrealized Losses | (35) | (1) | |
Investments, Fair Value | 19,703 | 61,466 | |
Fair Value Measurements Recurring | Asset-backed Securities | Level 2 | Short-term Investments | |||
Assets | |||
Investments, Adjusted Cost | 75,787 | ||
Investments, Unrealized Losses | (154) | ||
Investments, Fair Value | 75,633 | ||
Fair Value Measurements Recurring | Cash | |||
Assets | |||
Cash and cash equivalents, Adjusted Cost | 6,094 | 4,767 | |
Cash and cash equivalents, Fair Value | 6,094 | 4,767 | |
Fair Value Measurements Recurring | Money Market Funds | Level 1 | |||
Assets | |||
Cash and cash equivalents, Adjusted Cost | 49,488 | 22,614 | |
Cash and cash equivalents, Fair Value | $ 49,488 | $ 22,614 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unrealized loss position for 12 months or greater on security | $ 0 |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-term marketable debt securities maturity period | 13 months |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-term marketable debt securities maturity period | 21 months |
Long-term Investments | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Debt securities, aggregate cost basis | $ 40,500,000 |
Debt securities, fair value | $ 40,300,000 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants (Details) | Jun. 24, 2019 |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected term (in years) | 5 years 3 days |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected term (in years) | 5 years 3 months 3 days |
Volatility | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Warrants measurement input | 57.20 |
Volatility | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Warrants measurement input | 57.24 |
Risk-free Interest Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Warrants measurement input | 1.75 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - Level 3 - Warrant Liability $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Balance | $ 683 |
Change in fair value | 1,403 |
Balance | $ 0 |
Loans - Additional Information
Loans - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 14, 2019USD ($) | Mar. 22, 2019USD ($)$ / sharesshares | Apr. 30, 2021USD ($)Payment | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 24, 2019shares |
Debt Disclosure [Line Items] | ||||||||
Warrant issued to purchase stock | shares | 188,643 | |||||||
Loss on debt extinguishment | $ (1,704) | |||||||
Payment Agreement with Financing Entity | ||||||||
Debt Disclosure [Line Items] | ||||||||
Principal amount | $ 3,714 | |||||||
Initial present value of payment agreements | 5,200 | |||||||
Interest expense | $ 200 | |||||||
Payment Agreement with Financing Entity | Software | ||||||||
Debt Disclosure [Line Items] | ||||||||
Principal amount | $ 2,400 | |||||||
Number of equal payments | Payment | 3 | |||||||
Noninterest bearing rate | 0.00% | |||||||
Imputed interest rate | 7.00% | |||||||
Payment Agreement with Financing Entity | Computer Equipment | ||||||||
Debt Disclosure [Line Items] | ||||||||
Principal amount | $ 3,100 | |||||||
Number of equal payments | Payment | 3 | |||||||
Option One | Payment Agreement with Financing Entity | Software | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | $ 800 | |||||||
Option Two | Payment Agreement with Financing Entity | Software | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | 800 | |||||||
May 2023 | Payment Agreement with Financing Entity | Software | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | 800 | |||||||
July 2021 | Payment Agreement with Financing Entity | Computer Equipment | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | 1,000 | |||||||
June 2022 | Payment Agreement with Financing Entity | Computer Equipment | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | 1,000 | |||||||
June 2023 | Payment Agreement with Financing Entity | Computer Equipment | ||||||||
Debt Disclosure [Line Items] | ||||||||
Payment of debt | $ 1,000 | |||||||
Revolving Loan | Series C Redeemable Convertible Preferred Stock | ||||||||
Debt Disclosure [Line Items] | ||||||||
Warrant issued to purchase stock | shares | 62,096 | |||||||
Warrant exercise price per share | $ / shares | $ 8.052 | |||||||
TriplePoint Capital LLC | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||||
Line of credit outstanding | $ 20,000 | |||||||
Line of credit facility interest rate | 15.23% | |||||||
Estimated fair value of warrants | $ 600 | |||||||
Interest expense | $ 1,000 | |||||||
Line of credit facility, frequency of payments | 36 equal monthly payments of principal, plus accrued interest, from April 1, 2020 through March 1, 2023 | |||||||
Percentage of prepayment fee | 1.00% | |||||||
Percentage of principle payment amount | 2.75% | |||||||
Fees paid to lender | $ 300 | |||||||
Loss on debt extinguishment | $ (1,700) | |||||||
TriplePoint Capital LLC | Common Stock | ||||||||
Debt Disclosure [Line Items] | ||||||||
Warrant issued to purchase stock | shares | 65,502 | |||||||
Warrant exercise price per share | $ / shares | $ 9.16 | |||||||
TriplePoint Capital LLC | Maximum | Option One | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of credit outstanding | $ 15,000 | |||||||
TriplePoint Capital LLC | Minimum | Option Two | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of credit outstanding | $ 15,000 | |||||||
TriplePoint Capital LLC | Prime Rate | Option One | ||||||||
Debt Disclosure [Line Items] | ||||||||
Interest rate, prime rate plus | 5.00% | |||||||
TriplePoint Capital LLC | Prime Rate | Option Two | ||||||||
Debt Disclosure [Line Items] | ||||||||
Interest rate, prime rate plus | 6.50% | |||||||
TriplePoint Capital LLC | Revolving Loan | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||||
Line of credit outstanding | $ 5,000 | |||||||
Line of credit facility interest rate | 5.50% | 19.22% | ||||||
Line of credit facility maturity date | Dec. 31, 2018 | |||||||
Line of credit facility extended maturity date | Mar. 22, 2019 | |||||||
Estimated fair value of warrants | $ 100 | |||||||
Debt Instrument, term | 1 year 6 months | |||||||
Interest expense | $ 200 | |||||||
Repayments of amount outstanding | $ 5,100 | |||||||
TriplePoint Capital LLC | Revolving Loan | Series C Redeemable Convertible Preferred Stock | ||||||||
Debt Disclosure [Line Items] | ||||||||
Warrant issued to purchase stock | shares | 62,096 | |||||||
Warrant exercise price per share | $ / shares | $ 8.052 | |||||||
TriplePoint Capital LLC | Revolving Loan | Prime Rate | ||||||||
Debt Disclosure [Line Items] | ||||||||
Interest rate, prime rate plus | 6.75% |
Loans - Schedule of Amounts Out
Loans - Schedule of Amounts Outstanding (Details) - Payment Agreement with Financing Entity $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Line Items] | |
Principal | $ 3,714 |
Less: unamortized discount | (220) |
Total carrying amount | 3,494 |
Less: current portion (included in accrued and other current liabilities) | (1,806) |
Long-term portion (included in other long-term liabilities) | $ 1,688 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2021USD ($)ft² | May 31, 2021ft² | Aug. 31, 2019 | Feb. 28, 2015ft² | Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||||||
Area of office space | ft² | 14,710 | 31,280 | |||||
Lease expiration date | Dec. 31, 2022 | Nov. 30, 2027 | |||||
Operating lease, existence of option to extend | false | true | |||||
Operating lease, option to extend | no option to extend the term | an option to extend the term for a period of three years | |||||
Operating lease option to extend term | 3 years | ||||||
Operating leases, weighted-average remaining lease term | 12 years 2 months 12 days | ||||||
Operating leases, weighted-average discount rate | 6.60% | ||||||
Cash paid for operating lease liabilities | $ | $ 3.3 | $ 1.7 | $ 1.2 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ 46.5 | $ 9.8 | $ 2.8 | ||||
Co-located Data Center Space | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease expiration date | Aug. 31, 2022 | ||||||
Operating lease, existence of option to extend | true | ||||||
Operating lease, option to extend | an option to extend the term for a period of three years | ||||||
Operating lease option to extend term | 3 years | ||||||
Future Corporate Headquarters and Expanded Laboratory Facility | |||||||
Lessee Lease Description [Line Items] | |||||||
Area of office space | ft² | 100,000 | ||||||
Lease expiration date | Nov. 30, 2035 | ||||||
Operating lease, existence of option to extend | true | ||||||
Operating lease, option to extend | two options to extend the term for a period of five-years | ||||||
Operating lease option to extend term | 5 years | ||||||
Lease term | 13 years 6 months | ||||||
Operating lease landlord agreed to contribution amount, approximate | $ | $ 15.5 | ||||||
China Operations | |||||||
Lessee Lease Description [Line Items] | |||||||
Area of office space | ft² | 5,100 | ||||||
Lease expiration date | Jun. 30, 2024 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | |||
Operating lease cost | $ 5,009 | $ 2,295 | $ 1,120 |
Short-term lease cost | 364 | 227 | 64 |
Variable lease cost | 1,152 | 748 | 794 |
Total lease cost | $ 6,525 | $ 3,270 | $ 1,978 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 3,879 | |
2023 | 6,196 | |
2024 | 6,803 | |
2025 | 7,001 | |
2026 | 7,217 | |
2027 and thereafter | 53,526 | |
Total future minimum lease payments | 84,622 | |
Less: imputed interest | (28,097) | |
Present value of future minimum lease payments | 56,525 | |
Less: current portion of operating lease liability | (3,728) | $ (2,445) |
Long-term operating lease liabilities | $ 52,797 | $ 8,541 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Outstanding (Details) $ in Thousands | Dec. 31, 2018USD ($)shares |
Temporary Equity [Line Items] | |
Redeemable convertible preferred stock, Shares Authorized | 75,238,150 |
Redeemable convertible preferred stock, Shares Issued | 18,474,742 |
Redeemable convertible preferred stock, Shares Outstanding | 18,474,742 |
Redeemable convertible preferred stock, Aggregate Liquidation Preference | $ | $ 89,784 |
Redeemable convertible preferred stock, Net Carrying Value | $ | $ 89,404 |
Series A Redeemable Convertible Preferred Stock | |
Temporary Equity [Line Items] | |
Redeemable convertible preferred stock, Shares Authorized | 31,250,000 |
Redeemable convertible preferred stock, Shares Issued | 7,812,497 |
Redeemable convertible preferred stock, Shares Outstanding | 7,812,497 |
Redeemable convertible preferred stock, Aggregate Liquidation Preference | $ | $ 20,500 |
Redeemable convertible preferred stock, Net Carrying Value | $ | $ 20,261 |
Series B Redeemable Convertible Preferred Stock | |
Temporary Equity [Line Items] | |
Redeemable convertible preferred stock, Shares Authorized | 19,288,150 |
Redeemable convertible preferred stock, Shares Issued | 4,799,548 |
Redeemable convertible preferred stock, Shares Outstanding | 4,799,548 |
Redeemable convertible preferred stock, Aggregate Liquidation Preference | $ | $ 22,078 |
Redeemable convertible preferred stock, Net Carrying Value | $ | $ 22,047 |
Series C Redeemable Convertible Preferred Stock | |
Temporary Equity [Line Items] | |
Redeemable convertible preferred stock, Shares Authorized | 24,700,000 |
Redeemable convertible preferred stock, Shares Issued | 5,862,697 |
Redeemable convertible preferred stock, Shares Outstanding | 5,862,697 |
Redeemable convertible preferred stock, Aggregate Liquidation Preference | $ | $ 47,206 |
Redeemable convertible preferred stock, Net Carrying Value | $ | $ 47,096 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock - Additional Information (Details) - shares | Jun. 24, 2019 | Dec. 31, 2021 |
Temporary Equity [Line Items] | ||
Reverse stock split description | four-for-one | |
IPO | ||
Temporary Equity [Line Items] | ||
Redeemable convertible preferred stock, terms of conversion | Immediately prior to the closing of the Company’s IPO, all shares of the Company’s then-outstanding Redeemable Convertible Preferred Stock, as shown in the table above, automatically converted on a one-for-one basis into an aggregate of 18,474,703 shares of common stock. | |
Fair value of convertible notes, conversion of convertible securities | 18,474,703 | |
Number of fractional shares issued | 0 | |
Number of issued common shares reduced upon conversion | 39 | |
Reverse stock split description | The Reverse Stock Split was effected on a holder-by-holder basis with no fractional shares issued, which resulted in 39 fewer shares of common stock issued as compared to the amounts shown in the above table |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Vesting rate at the end of one year | 25.00% | ||
vesting rights description | Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Options granted as merit awards generally vest monthly over a three- or four-year period | ||
Closing price of common stock | $ 14.27 | ||
Weighted-average grant date fair value of options granted | $ 13.14 | $ 7.17 | $ 8 |
Unrecognized stock-based compensation of unvested options | $ 18,100,000 | ||
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period | 2 years 3 months 18 days | ||
Options Granted as Merit Awards | Tranche One | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Options Granted as Merit Awards | Tranche Two | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Closing price of common stock | $ 14.27 | ||
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period | 2 years 10 months 24 days | ||
Unrecognized stock-based compensation cost of unvested RSUs | $ 25,100,000 | ||
Restricted Stock Units | Tranche One | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Maximum | Restricted Stock Units | Tranche Two | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Minimum | Restricted Stock Units | Tranche Two | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2011 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Performance-based Options granted | 2,573,020 | 3,389,711 | |
2011 Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
2019 Plan | Performance-Based Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
Closing price of common stock | $ 14.27 | ||
Unrecognized stock-based compensation of unvested options | $ 0 | ||
Performance-based Options granted | 421,000 | 421,000 | |
Share based compensation arrangement by share based payment equal to or greater than average market capital | $ 1,000,000,000 | ||
Average market capitalization threshold satisfaction period | 30 days | ||
Share based compensation arrangement by share based payment award description | . The shares subject to the PSO would vest in full if the Company’s average market capitalization is equal to or greater than $1 billion over a 30 calendar day period. Upon a change in control, the vesting of the shares subject to the PSO would accelerate on a pro rata basis based on the price per share in such change in control transaction multiplied by the price per share at such time divided by $1 billion, with up to 100% of the shares eligible for such accelerated vesting. | ||
2019 Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
2019 Plan | Maximum | Performance-Based Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting rate at the end of one year | 100.00% | ||
2019 Plan | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of exercise price options granted | 100.00% | ||
2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of purchase price of common stock | 85.00% | ||
Common stock shares purchased | 128,289 | 164,164 | 77,684 |
2019 Employee Stock Purchase Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of earnings for purchase of common stock at discounted price | 15.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Shares of Common Stock Available for Issuance (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total number of shares reserved | 10,176,743 | 9,086,875 |
2011 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved for issuance upon exercise of options outstanding | 2,573,020 | 3,389,711 |
2019 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved for issuance upon exercise or settlement of awards outstanding | 4,358,820 | 2,399,513 |
Issuance under 2019 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 1,684,213 | 1,977,069 |
Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 806,067 | 800,700 |
Reserved for issuance upon exercise or settlement of awards outstanding | 171,275 | 199,300 |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 583,348 | 320,582 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2011 Plan, 2019 Plan and Inducement Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Outstanding Options, Number of Shares, Beginning Balance | 4,948,306 | 4,731,435 | 4,110,130 | |
Outstanding Options, Number of Shares, granted | 1,026,276 | 1,357,741 | 988,913 | |
Outstanding Options, Number of Shares, exercised | (862,056) | (908,691) | (287,932) | |
Outstanding Options, Number of Shares, cancelled | (110,107) | (232,179) | (79,676) | |
Outstanding Options, Number of Shares, Ending Balance | 5,002,419 | 4,948,306 | 4,731,435 | 4,110,130 |
Options vested and exercisable, Number of Shares | 3,062,512 | |||
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance | $ 7.10 | $ 4.94 | $ 3.16 | |
Outstanding Options, Weighted-Average Exercise Price, granted | 21.26 | 12.05 | 11.81 | |
Outstanding Options, Weighted-Average Exercise Price, exercised | 2.43 | 3.07 | 2.47 | |
Outstanding Options, Weighted-Average Exercise Price, cancelled | 13.88 | 7.87 | 6.61 | |
Outstanding Options, Weighted-Average Exercise Price, Ending Balance | 10.66 | $ 7.10 | $ 4.94 | $ 3.16 |
Options vested and exercisable, Weighted-Average Exercise Price | $ 6.67 | |||
Outstanding Options, Weighted-Average Remaining Contractual Term (in years) | 6 years 10 months 20 days | 6 years 8 months 15 days | 6 years 7 months 6 days | 6 years 11 months 8 days |
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 5 years 9 months 10 days | |||
Outstanding Options, Aggregate Intrinsic Value | $ 28,308 | $ 146,044 | $ 29,730 | $ 24,716 |
Options vested and exercisable, Aggregate Intrinsic Value | $ 24,149 | |||
2019 Plan | Performance-Based Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Outstanding Options, Number of Shares, Beginning Balance | 421,000 | |||
Outstanding Options, Number of Shares, granted | 421,000 | |||
Outstanding Options, Number of Shares, Ending Balance | 421,000 | 421,000 | ||
Options vested and exercisable, Number of Shares | 421,000 | |||
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance | $ 5.10 | |||
Outstanding Options, Weighted-Average Exercise Price, granted | $ 5.10 | |||
Outstanding Options, Weighted-Average Exercise Price, Ending Balance | 5.10 | $ 5.10 | ||
Options vested and exercisable, Weighted-Average Exercise Price | $ 5.10 | |||
Outstanding Options, Weighted-Average Remaining Contractual Term (in years) | 8 years 2 months 15 days | 9 years 2 months 15 days | ||
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 8 years 2 months 15 days | |||
Outstanding Options, Aggregate Intrinsic Value | $ 3,861 | $ 13,266 | ||
Options vested and exercisable, Aggregate Intrinsic Value | $ 3,861 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Weighted-average Assumptions Used in Determination of Fair Value of Service-Based Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility, minimum | 67.97% | 61.74% | 56.20% |
Volatility, maximum | 69.90% | 68.18% | 63.08% |
Risk-free interest rate, minimum | 0.62% | 0.36% | 1.53% |
Risk-free interest rate, maximum | 1.39% | 1.66% | 2.52% |
Dividend yield | 0.00% | 0.00% | 0.00% |
2019 Plan | Performance-Based Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 10 years | ||
Derived service period (in years) | 4 years 6 months 18 days | ||
Volatility | 63.60% | ||
Risk-free interest rate | 1.02% | ||
Estimated fair value (per share) | $ 3.31 | ||
2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility, minimum | 55.92% | 65.15% | 59.06% |
Volatility, maximum | 74.88% | 102.10% | 59.91% |
Risk-free interest rate, minimum | 0.04% | 0.11% | 1.55% |
Risk-free interest rate, maximum | 0.06% | 0.12% | 2.14% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 5 years |
Minimum | 2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 months 26 days | 5 months 26 days | 4 months 13 days |
Estimated fair value (per share) | $ 6.30 | $ 4.29 | $ 3.48 |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 3 months 7 days | 6 years 4 months 24 days | 6 years 10 months 13 days |
Maximum | 2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | |
Estimated fair value (per share) | $ 8.21 | $ 8.12 | $ 5.01 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested Restricted Stock Units, Number of Shares, Beginning Balance | 619,218 | 120,000 | |
Unvested Restricted Stock Units, Number of Shares, granted | 1,387,656 | 648,000 | 120,000 |
Unvested Restricted Stock Units, Number of Shares, vested | (266,119) | (130,945) | |
Unvested Restricted Stock Units, Number of Shares, cancelled | (61,059) | (17,837) | |
Unvested Restricted Stock Units, Number of Shares, Ending Balance | 1,679,696 | 619,218 | 120,000 |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Beginning Balance | $ 10.41 | $ 8.86 | |
Estimated fair value (per share) | 18.05 | 9.93 | $ 8.86 |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, vested | 10.93 | 7.09 | |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, cancelled | 18.45 | 6.83 | |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Ending Balance | $ 16.35 | $ 10.41 | $ 8.86 |
Unvested Restricted Stock Units, Aggregate Fair Value | $ 22,670 | $ 1,308 | |
Restricted Stock Units, Aggregate Fair Value, vested | 5,521 | 2,991 | |
Unvested Restricted Stock Units, Aggregate Fair Value | $ 23,969 | $ 22,670 | $ 1,308 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 14,378 | $ 8,238 | $ 4,858 |
Costs of revenues | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,414 | 854 | 480 |
Research and development | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 4,064 | 1,773 | 903 |
Selling, general, and administrative | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 8,900 | $ 5,611 | $ 3,475 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 14,378 | $ 8,238 | $ 4,858 |
Stock Options | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 8,585 | 4,729 | 4,217 |
Performance-based Stock Options | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,392 | 280 | |
RSUs | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 4,765 | 1,401 | 26 |
ESPP | |||
Stock Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1,028 | $ 716 | $ 335 |
Redeemable Convertible Prefer_6
Redeemable Convertible Preferred Stock Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2017 | Aug. 31, 2020 | Jun. 30, 2019 | Jun. 24, 2019 | Sep. 30, 2014 |
Convertible Preferred Stock Warrants [Line Items] | |||||
Warrant issued to purchase stock | 188,643 | ||||
Estimated fair value of convertible preferred stock warrants | $ 0.1 | ||||
Fair value transferred to additional paid-in capital | $ 2.1 | ||||
Warrant exercised | 62,096 | 22,489 | |||
Common stock issued for exercise of warrant | 40,357 | 19,069 | |||
Term Loan | Silicon Valley Bank | |||||
Convertible Preferred Stock Warrants [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3 | ||||
Series B Redeemable Convertible Preferred Stock | Term Loan | |||||
Convertible Preferred Stock Warrants [Line Items] | |||||
Warrant issued to purchase stock | 22,489 | ||||
Warrant exercise price per share | $ 4.60 | ||||
Series C Redeemable Convertible Preferred Stock | Revolving Loan | |||||
Convertible Preferred Stock Warrants [Line Items] | |||||
Warrant issued to purchase stock | 62,096 | ||||
Warrant exercise price per share | $ 8.052 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Sep. 30, 2020 | Aug. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2021 | Jun. 24, 2019 | Mar. 22, 2019 | Aug. 31, 2011 | |
Common Stock Warrants [Line Items] | |||||||
Warrant issued to purchase stock | 188,643 | ||||||
Common stock issued for exercise of warrant | 40,357 | 19,069 | |||||
TriplePoint Capital LLC | |||||||
Common Stock Warrants [Line Items] | |||||||
Estimated fair value of warrants | $ 0.6 | ||||||
Series A Redeemable Convertible Preferred Stock | |||||||
Common Stock Warrants [Line Items] | |||||||
Estimated fair value of warrants | $ 0.1 | ||||||
Common Stock | TriplePoint Capital LLC | |||||||
Common Stock Warrants [Line Items] | |||||||
Warrant issued to purchase stock | 65,502 | ||||||
Warrant exercise price per share | $ 9.16 | ||||||
Warrants outstanding | 0 | ||||||
Common stock issued for exercise of warrant | 39,415 | ||||||
Common Stock | Series A Redeemable Convertible Preferred Stock | |||||||
Common Stock Warrants [Line Items] | |||||||
Warrant issued to purchase stock | 188,643 | ||||||
Warrant exercise price per share | $ 0.04 | ||||||
Warrants outstanding | 0 |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (65,226) | $ (41,280) | $ (25,084) |
Weighted-average shares outstanding, basic and diluted | 43,886,730 | 34,374,903 | 18,011,470 |
Net loss per share, basic and diluted | $ (1.49) | $ (1.20) | $ (1.39) |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Common Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities excluded from computation of diluted net loss per share | 7,190,482 | 6,047,326 | 5,054,438 |
Common Stock Warrants | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities excluded from computation of diluted net loss per share | 127,598 | ||
Options To Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities excluded from computation of diluted net loss per share | 5,423,419 | 5,369,306 | 4,731,435 |
Unvested Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities excluded from computation of diluted net loss per share | 1,679,696 | 619,218 | 120,000 |
ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities excluded from computation of diluted net loss per share | 87,367 | 58,802 | 75,405 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (65,415) | $ (41,404) | $ (25,111) |
Foreign | 203 | 181 | 36 |
Loss before income taxes | $ (65,212) | $ (41,223) | $ (25,075) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
State | $ 26 | $ 1 | |
Foreign | $ 43 | 31 | 8 |
Total current | 43 | 57 | 9 |
Provision for income taxes | 14 | $ 57 | $ 9 |
Deferred: | |||
Foreign | (29) | ||
Total deferred | $ (29) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 27, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Federal corporate tax rate | 21.00% | 21.00% | 21.00% | |
Deferred social payroll taxes CARES act | $ 700,000 | |||
Payroll taxes paid CARES Act | $ 300,000 | |||
Increase (Decrease) in valuation allowance on deferred tax assets | 24,800,000 | $ 16,800,000 | ||
Expense, interest or penalties | 0 | 0 | $ 0 | |
Accrued, interest or penalties | 0 | $ 0 | $ 0 | |
Federal | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | $ 222,500,000 | |||
Net operating loss carryforwards, begins to expire | 2031 | |||
Tax credit carryforward | $ 6,100,000 | |||
Tax credit carryforward, begins to expire | 2031 | |||
State | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | $ 166,300,000 | |||
Net operating loss carryforwards, begins to expire | 2031 | |||
State | Research | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credit carryforward | $ 6,000,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision Related to Continuing Operations Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected tax (benefit) at federal statutory rate | (21.00%) | (21.00%) | (21.00%) |
Effect of: | |||
State taxes | (9.00%) | (10.00%) | (8.00%) |
Change in valuation allowance | 36.00% | 38.00% | 28.00% |
Stock-based compensation | (3.00%) | (4.00%) | 2.00% |
Research and development credit | (3.00%) | (3.00%) | (3.00%) |
Other | 2.00% | ||
Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets for Federal and State Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 61,219 | $ 43,221 |
Research and development credits | 12,127 | 8,455 |
Deferred revenue | 164 | 695 |
Accruals | 2,846 | 2,260 |
Stock-based compensation | 4,435 | 2,157 |
Operating lease liabilities | 16,406 | 3,198 |
Other intangibles | 321 | 366 |
Other | 115 | 96 |
Total gross deferred tax assets | 97,633 | 60,448 |
Less: valuation allowance | (81,628) | (56,846) |
Total deferred tax assets | 16,005 | 3,602 |
Deferred tax liabilities: | ||
Property and equipment | (356) | (612) |
Operating lease right-of-use assets | (15,620) | (2,990) |
Total deferred tax liabilities | 15,976 | $ 3,602 |
Net deferred tax assets | $ 29 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 2,148 | $ 1,581 |
Gross increase—tax position in current period | 918 | 567 |
Ending balance | $ 3,066 | $ 2,148 |