Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39293 | |
Entity Registrant Name | Inari Medical, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2902923 | |
Entity Address, Address Line One | 6001 Oak Canyon | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92618 | |
City Area Code | 877 | |
Local Phone Number | 923-4747 | |
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | NARI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 57,352,371 | |
Entity Central Index Key | 0001531048 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 57,837 | $ 60,222 |
Short-term investments in debt securities | 279,696 | 266,179 |
Accounts receivable, net | 63,128 | 58,611 |
Inventories, net | 38,984 | 32,581 |
Prepaid expenses and other current assets | 4,972 | 5,312 |
Total current assets | 444,617 | 422,905 |
Property and equipment, net | 21,063 | 21,655 |
Operating lease right-of-use assets | 49,857 | 50,703 |
Deposits and other assets | 9,431 | 8,889 |
Total assets | 524,968 | 504,152 |
Current liabilities | ||
Accounts payable | 7,240 | 7,659 |
Payroll-related accruals | 38,290 | 38,955 |
Accrued expenses and other current liabilities | 11,125 | 8,249 |
Operating lease liabilities, current portion | 1,583 | 1,311 |
Total current liabilities | 58,238 | 56,174 |
Operating lease liabilities, noncurrent portion | 31,085 | 30,976 |
Total liabilities | 89,323 | 87,150 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value, 300,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 57,266,455 and 54,021,656 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 57 | 54 |
Additional paid in capital | 483,752 | 462,949 |
Accumulated other comprehensive (loss) income | (1,181) | 849 |
Accumulated deficit | (46,983) | (46,850) |
Total stockholders' equity | 435,645 | 417,002 |
Total liabilities and stockholders' equity | $ 524,968 | $ 504,152 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 57,266,455 | 54,021,656 |
Common stock, outstanding (in shares) | 57,266,455 | 54,021,656 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 119,005 | $ 92,744 | $ 235,172 | $ 179,496 |
Cost of goods sold | 13,844 | 10,347 | 27,585 | 20,314 |
Gross profit | 105,161 | 82,397 | 207,587 | 159,182 |
Operating expenses | ||||
Research and development | 21,085 | 18,569 | 43,149 | 34,704 |
Selling, general and administrative | 85,586 | 73,156 | 171,286 | 136,888 |
Total operating expenses | 106,671 | 91,725 | 214,435 | 171,592 |
Loss from operations | (1,510) | (9,328) | (6,848) | (12,410) |
Other income (expense) | ||||
Interest income | 4,552 | 214 | 8,697 | 264 |
Interest expense | (44) | (73) | (84) | (146) |
Other income | 26 | 252 | 65 | 228 |
Total other income | 4,534 | 393 | 8,678 | 346 |
Income (loss) before income taxes | 3,024 | (8,935) | 1,830 | (12,064) |
Provision for income taxes | 939 | 1,252 | 1,963 | 1,252 |
Net income (loss) | 2,085 | (10,187) | (133) | (13,316) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (79) | (291) | (70) | (408) |
Unrealized loss on available-for-sale debt securities | (1,095) | (125) | (1,960) | (373) |
Total other comprehensive loss | (1,174) | (416) | (2,030) | (781) |
Comprehensive income (loss) | $ 911 | $ (10,603) | $ (2,163) | $ (14,097) |
Net income (loss) per share | ||||
Basic (in dollars per share) | $ 0.04 | $ (0.19) | $ 0 | $ (0.26) |
Diluted (in dollars per share) | $ 0.04 | $ (0.19) | $ 0 | $ (0.26) |
Weighted average common shares used to compute net income (loss) per share | ||||
Basic (in shares) | 57,207,902 | 53,183,767 | 55,988,736 | 52,075,399 |
Diluted (in shares) | 58,496,350 | 53,183,767 | 55,988,736 | 52,075,399 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 50,313,452 | ||||
Balance at beginning of period at Dec. 31, 2021 | $ 239,209 | $ 50 | $ 257,144 | $ (402) | $ (17,583) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised for common stock (in shares) | 322,882 | ||||
Options exercised for common stock | 345 | $ 1 | 344 | ||
Shares issued under Employee Stock Purchase Plan (in shares) | 54,808 | ||||
Shares issued under Employee Stock Purchase Plan | 3,427 | 3,427 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares) | 31,763 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (1,624) | (1,624) | |||
Issuance of common stock in public offering, net of issuance costs (in shares) | 2,300,000 | ||||
Issuance of common stock in public offering, net of issuance costs | 174,394 | $ 2 | 174,392 | ||
Share-based compensation expense | 6,555 | 6,555 | |||
Other comprehensive income (loss) | (365) | (365) | |||
Net income (loss) | (3,129) | (3,129) | |||
Balance at end of period (in shares) at Mar. 31, 2022 | 53,022,905 | ||||
Balance at end of period at Mar. 31, 2022 | 418,812 | $ 53 | 440,238 | (767) | (20,712) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 50,313,452 | ||||
Balance at beginning of period at Dec. 31, 2021 | 239,209 | $ 50 | 257,144 | (402) | (17,583) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (13,316) | ||||
Balance at end of period (in shares) at Jun. 30, 2022 | 53,305,825 | ||||
Balance at end of period at Jun. 30, 2022 | 413,778 | $ 53 | 445,807 | (1,183) | (30,899) |
Balance at beginning of period (in shares) at Mar. 31, 2022 | 53,022,905 | ||||
Balance at beginning of period at Mar. 31, 2022 | 418,812 | $ 53 | 440,238 | (767) | (20,712) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised for common stock (in shares) | 228,313 | ||||
Options exercised for common stock | 156 | 156 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares) | 54,607 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (1,751) | (1,751) | |||
Share-based compensation expense | 7,164 | 7,164 | |||
Other comprehensive income (loss) | (416) | (416) | |||
Net income (loss) | (10,187) | (10,187) | |||
Balance at end of period (in shares) at Jun. 30, 2022 | 53,305,825 | ||||
Balance at end of period at Jun. 30, 2022 | $ 413,778 | $ 53 | 445,807 | (1,183) | (30,899) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 54,021,656 | 54,021,656 | |||
Balance at beginning of period at Dec. 31, 2022 | $ 417,002 | $ 54 | 462,949 | 849 | (46,850) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised for common stock (in shares) | 209,966 | ||||
Options exercised for common stock | 226 | 226 | |||
Shares issued under Employee Stock Purchase Plan (in shares) | 86,051 | ||||
Shares issued under Employee Stock Purchase Plan | 4,172 | 4,172 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares) | 2,766,043 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (1,929) | $ 3 | (1,932) | ||
Share-based compensation expense | 10,339 | 10,339 | |||
Other comprehensive income (loss) | (856) | (856) | |||
Net income (loss) | (2,218) | (2,218) | |||
Balance at end of period (in shares) at Mar. 31, 2023 | 57,083,716 | ||||
Balance at end of period at Mar. 31, 2023 | $ 426,736 | $ 57 | 475,754 | (7) | (49,068) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 54,021,656 | 54,021,656 | |||
Balance at beginning of period at Dec. 31, 2022 | $ 417,002 | $ 54 | 462,949 | 849 | (46,850) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ (133) | ||||
Balance at end of period (in shares) at Jun. 30, 2023 | 57,266,455 | 57,266,455 | |||
Balance at end of period at Jun. 30, 2023 | $ 435,645 | $ 57 | 483,752 | (1,181) | (46,983) |
Balance at beginning of period (in shares) at Mar. 31, 2023 | 57,083,716 | ||||
Balance at beginning of period at Mar. 31, 2023 | 426,736 | $ 57 | 475,754 | (7) | (49,068) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised for common stock (in shares) | 81,712 | ||||
Options exercised for common stock | 214 | 214 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares) | 101,027 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (2,569) | (2,569) | |||
Share-based compensation expense | 10,353 | 10,353 | |||
Other comprehensive income (loss) | (1,174) | (1,174) | |||
Net income (loss) | $ 2,085 | 2,085 | |||
Balance at end of period (in shares) at Jun. 30, 2023 | 57,266,455 | 57,266,455 | |||
Balance at end of period at Jun. 30, 2023 | $ 435,645 | $ 57 | $ 483,752 | $ (1,181) | $ (46,983) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock issuance cost | $ 11.9 | $ 11.9 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (133) | $ (13,316) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 2,754 | 2,260 |
Amortization of deferred financing costs | 20 | 72 |
Amortization of right-of-use assets | 2,359 | 1,225 |
Share-based compensation expense | 20,692 | 13,719 |
Allowance for credit losses, net | 63 | 66 |
Loss on disposal of fixed assets | 30 | 0 |
Amortization of premium and discount on marketable securities | (8,112) | 0 |
Changes in: | ||
Accounts receivable | (4,561) | (6,960) |
Inventories | (6,334) | (5,676) |
Prepaid expenses, deposits and other assets | 352 | 1,072 |
Accounts payable | (417) | (1,760) |
Payroll-related accruals, accrued expenses and other liabilities | 2,167 | 650 |
Operating lease liabilities | (675) | (544) |
Lease prepayments for lessor's owned leasehold improvements | (458) | (2,969) |
Net cash provided by (used in) operating activities | 7,747 | (12,161) |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,193) | (5,864) |
Purchases of marketable securities | (284,165) | (230,814) |
Maturities of marketable securities | 276,800 | 67,000 |
Purchases of other investments | (565) | (5,693) |
Net cash used in investing activities | (10,123) | (175,371) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in public offering, net of issuance costs of $11.9 million | 0 | 174,394 |
Proceeds from issuance of common stock under employee stock purchase plan | 4,172 | 3,427 |
Proceeds from exercise of stock options | 440 | 501 |
Payment of taxes related to vested restricted stock units | (4,498) | (3,375) |
Net cash provided by financing activities | 114 | 174,947 |
Effect of foreign exchange rate changes on cash and cash equivalents | (123) | (443) |
Net decrease in cash and cash equivalents | (2,385) | (13,028) |
Cash and cash equivalents beginning of period | 60,222 | 92,752 |
Cash and cash equivalents end of period | 57,837 | 79,724 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 1,437 | 2,297 |
Cash paid for interest | 65 | 75 |
Noncash investing and financing: | ||
Lease liabilities arising from obtaining new right-of-use assets | $ 1,030 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Stock issuance cost | $ 11.9 | $ 11.9 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Description of Business Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company purpose builds minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of June 30, 2023 and the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three and six months ended June 30, 2023 and 2022 are unaudited. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of June 30, 2023 and its consolidated results of operations and cash flows for the three and six months ended June 30, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Management Estimates The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representatives hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand- delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, discounts, administrative fees and sales rebates. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of discounts, administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. As of June 30, 2023 and December 31, 2022, the Company recorded $1,246,000 and $1,218,000, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying condensed consolidated balance sheets. The Company disaggregates revenue by product. Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ClotTriever and other systems 34 % 33 % 34 % 32 % FlowTriever system 66 % 67 % 66 % 68 % Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 113,802 $ 90,933 $ 225,648 $ 175,987 International 5,203 1,811 9,524 3,509 Total revenue $ 119,005 $ 92,744 $ 235,172 $ 179,496 The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. The warranty expense recognized was $91,000 and $97,000 during the three months ended June 30, 2023 and 2022, respectively, and $354,000 and $209,000 for the six months ended June 30, 2023 and 2022, respectively. Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. Equity Investments The Company has strategic investments in certain privately-held companies, with no readily determinable fair value. The Company measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values. As of June 30, 2023 and December 31, 2022, total other investments of $8.8 million and $8.3 million, respectively, were included in deposits and other assets on the condensed consolidated balance sheets with no impairment identified. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. As of June 30, 2023, all of the Company's investments in debt securities had maturities less than 12 months and were classified as short-term investments on the condensed consolidated balance sheets. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,450 $ — $ — $ 20,450 Corporate debt securities and commercial paper — 2,992 — 2,992 Total included in cash and cash equivalents 20,450 2,992 — 23,442 Investments: U.S. Treasury securities 181,987 — — 181,987 U.S. Government agencies — 52,500 — 52,500 Corporate debt securities and commercial paper — 45,209 — 45,209 Total included in short-term investments 181,987 97,709 — 279,696 Total assets $ 202,437 $ 100,701 $ — $ 303,138 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 172,088 — — 172,088 U.S. Government agencies — 47,131 — 47,131 Corporate debt securities and commercial paper — 46,960 — 46,960 Total included in short-term investments 172,088 94,091 — 266,179 Total assets $ 192,417 $ 94,091 $ — $ 286,508 There were no transfers between Levels 1, 2 or 3 for the periods presented. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | CASH EQUIVALENTS AND INVESTMENTS The following is a summary of the Company’s cash equivalents and investments in debt securities as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,450 $ — $ — $ 20,450 Corporate debt securities and commercial paper 2,993 — (1) 2,992 Total included in cash and cash equivalents 23,443 — (1) 23,442 Investments: U.S. Treasury securities 181,921 137 (71) 181,987 U.S. Government agencies 52,550 37 (87) 52,500 Corporate debt securities and commercial paper 45,197 55 (43) 45,209 Total included in short-term investments 279,668 229 (201) 279,696 Total assets $ 303,111 $ 229 $ (202) $ 303,138 December 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 171,006 1,120 (38) 172,088 U.S. Government agencies 46,777 354 — 47,131 Corporate debt securities and commercial paper 46,576 397 (13) 46,960 Total included in short-term investments 264,359 1,871 (51) 266,179 Total assets $ 284,688 $ 1,871 $ (51) $ 286,508 The Company regularly reviews the changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of June 30, 2023, the risk of expected credit losses was not significant. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net | INVENTORIES, NET Inventories, net of reserves, consist of the following (in thousands): June 30, December 31, Raw materials $ 13,893 $ 13,943 Work-in-process 4,130 3,396 Finished goods 20,961 15,242 Total inventories, net $ 38,984 $ 32,581 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following (in thousands): June 30, December 31, Manufacturing equipment $ 15,464 $ 13,585 Leasehold improvements 5,248 5,040 Computer hardware 5,219 5,123 Furniture and fixtures 4,336 4,119 Assets in progress 1,779 2,516 Capitalized software 317 — Computer software — 100 Total property and equipment, gross 32,363 30,483 Accumulated depreciation (11,300) (8,828) Total property and equipment, net $ 21,063 $ 21,655 Depreciation expense of $1,132,000 and $970,000 was included in operating expenses and $274,000 and $226,000 was included in cost of goods sold for the three months ended June 30, 2023 and 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Leases The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components. The operating leases for facilities expire at various dates through July 2041 and some contain renewal options, the longest of which is for five years. The ROU asset and lease liability includes renewal options if the Company is reasonably certain to exercise such renewal options. As of June 30, 2023, the aggregate operating lease ROU assets and lease liabilities were $49.9 million and $32.7 million, respectively, with the weighted average remaining lease term of 18.5 years. As of December 31, 2022, the aggregate operating lease ROU asset and lease liabilities were $50.7 million and $32.3 million, respectively, with the weighted average remaining lease term of 17.1 years. As of June 30, 2023, the weighted average incremental borrowing rate used to measure operating lease liabilities was 6.05%. Cash paid for amounts included in the measurement of operating lease liabilities was $852,000 and $705,000 for the three months ended June 30, 2023 and 2022, respectively, and $1,698,000 and $1,419,000 for the six months ended June 30, 2023 and 2022, respectively. Total lease costs are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 1,139 $ 1,057 $ 2,319 $ 2,100 Short-term lease cost 34 30 63 45 Variable lease cost 247 157 407 296 Total lease costs $ 1,420 $ 1,244 $ 2,789 $ 2,441 Future minimum lease payments under operating leases liabilities as of June 30, 2023 are as follows (in thousands): Year ending December 31: Amount Remainder of 2023 $ 1,747 2024 3,554 2025 3,041 2026 2,920 2027 2,985 Thereafter 38,544 Total lease payments 52,791 Less imputed interest (20,123) Total lease liabilities 32,668 Less: lease liabilities - current portion (1,583) Lease liabilities - noncurrent portion $ 31,085 Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may 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 have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations. The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising out of the ordinary course of its business. Management is currently not aware of any matters that will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Licensed Technology In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement for use in a particular research and development project that requires total payments of approximately $4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the purchase as a research and development expense as it was determined to have no alternative future use. As of June 30, 2023 and December 31, 2022, the outstanding balance was approximately $1.4 million and $1.3 million, respectively, which was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Sublicense Agreement In August 2019, the Company entered into a sublicense agreement with Inceptus Medical, LLC (“Inceptus”), pursuant to which Inceptus granted to the Company a non-transferable, worldwide, exclusive sublicense to its licensed intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature. Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $29,000 for both the three months ended June 30, 2023 and 2022 and $59,000 for both the six months ended June 30, 2023 and 2022. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1% to 1.50% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,500. In June 2023, the sublicense agreement was terminated and the Company is no longer required to pay any ongoing administration and royalty fees beginning in July 2023. The Company recorded royalty expense of $1,500 to cost of goods sold for the three months ended June 30, 2023, and recorded $3,000 and $212,000 for the six months ended June 30, 2023 and 2022, respectively. The Company recorded no royalty expense to cost of goods sold for the three months ended June 30, 2022. Self-Insured Health Plan As of January 1, 2023, the Company implemented a self-insurance program to cover employees and their dependent health benefits, including medical, dental and vision. As part of the program, the Company also has stop-loss coverage from a third party which limits the exposure to large claims. The Company records a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, the Company utilizes an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. The assumptions are closely monitored and adjusted when necessary by changing circumstances. If the liability generated from incurred claims exceeds the expense recorded, the Company may record an additional expense. As of June 30, 2023, the Company's self-insurance liability, inclusive of administrative fees, was |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | CONCENTRATIONS The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the three and six months ended June 30, 2023 and 2022, there were no customers which accounted for more than 10% of the Company’s revenue. As of June 30, 2023 and December 31, 2022, there were no customers that accounted for more than 10% of the Company’s accounts receivable. No vendor accounted for more than 10% of the Company’s purchases for the three and six months ended June 30, 2023 and 2022. There were no vendors that accounted for more than 10% of the Company’s accounts payable as of June 30, 2023 and December 31, 2022. In early 2023, certain U.S. banks failed and the regulators appointed the Federal Deposit Insurance Corporation (“FDIC”) to act as receiver, which created significant market disruption and uncertainty with respect to the financial condition of the banking institutions in the U.S. While the Company does not have any direct exposure to these banks, the Company does maintain its cash and cash equivalents at multiple financial institutions in excess of the current FDIC insurance limits. |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTYThe Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the former Chief Executive Officer and President and current member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $50,000 and $118,000 for the three months ended June 30, 2023 and 2022, respectively, and $80,000 and $192,000 for the six months ended June 30, 2023 and 2022, respectively, which was included in SG&A expenses on the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2023 and December 31, 2022, there was no balance payable to MRI. |
Credit Facility
Credit Facility | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Credit Facility | CREDIT FACILITY Bank of America Credit Facility On December 16, 2022, the Company amended its senior secured revolving credit facility with Bank of America (the “Amended Credit Agreement”) to, among other things, increase the amount available for borrowing to up to a maximum principal amount of $40.0 million and increase the optional accordion to $120.0 million. The Amended Credit Agreement matures on December 16, 2027. The amount available to borrow under the Amended Credit Agreement as of June 30, 2023 is approximately $38.0 million, comprised of: a) 90% of eligible accounts receivable, plus b) pledged cash (up to $10.0 million). Advances under the Amended Credit Agreement will bear interest at a base rate per annum (the “Base Rate”) plus an applicable margin (the “Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50%, or (iii) the Bloomberg Short-Term Bank Yield Index ("BSBY") rate based upon an interest period of one month plus 1.00%. The Margin ranges from 0.50% to 1.00% in the case of BSBY Rate loans depending on average daily availability, in each case with a floor of 0%. As a condition to entering into the Amended Credit Agreement, the Company was obligated to pay a nonrefundable fee of $10,000. The Company is also required to pay an unused line fee at an annual rate of 0.25% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Amended Credit Agreement. The Amended Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $5.0 million. In February 2023, the Company amended the LC Facility to increase the limit to up to $10.0 million. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended Credit Agreement. The Company is required to pay the following fees under the LC Facility: (a) a fee equal to the applicable margin in effect for BSBY loans (currently 2.25%) times the average daily stated amount of outstanding letter of credits; and (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding. As of June 30, 2023, the Company had three letters of credit in the aggregated amount of $2.0 million outstanding under the LC Facility. The Amended Credit Agreement contains certain customary covenants subject to certain exceptions, including, among others, the following: a fixed charge coverage ratio covenant, and limitations of indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations, dispositions, restricted payments, transactions with affiliates and prepayments of certain debt. The Amended Credit Agreement also contains certain events of default subject to certain customary grace periods, including, among others, payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, bankruptcy and insolvency defaults, material judgment defaults and a change of control default. As of June 30, 2023, there was no principal amount outstanding and no cash was pledged under the Amended Credit Agreement, and the Company was in compliance with its covenant requirement. Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholder's Equity | STOCKHOLDER'S EQUITY Common Stock In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $174.4 million, after deducting underwriters’ discounts and commissions of $11.2 million and offering costs of $0.7 million. Accumulated Other Comprehensive Income (Loss) The Company’s accumulated other comprehensive income (loss) includes $1.1 million loss on foreign currency translation adjustments and $0.1 million of unrealized loss on investments as of June 30, 2023, and $1.0 million loss on foreign currency translation adjustments and $1.8 million of unrealized gain on investments as of December 31, 2022. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | EQUITY INCENTIVE PLANS In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees and directors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price. In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the Company’s initial public offering in May 2020 (“IPO”). As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2021, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of June 30, 2023, there were 6,530,991 shares available for issuance under the 2020 Plan, including 1,620,650 additional shares reserved effective January 1, 2023. 2011 Equity Incentive Plan Restricted Stock Units In March 2019, the Company granted, under the 2011 Plan, restricted stock unit awards (“RSUs”) to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs were subject to four-year cliff vesting and vested in full in March 2023. The vesting was also subject to a market-based condition related to the value of the Company’s common stock as of the vesting date. As a result of exceeding the value of the Company's common stock as set forth in the grant agreement, the maximum amount of RSUs were earned and vested during the six months ended June 30, 2023. RSU activity under the 2011 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 2,712,674 $ 0.17 Vested (2,712,674) (a) Outstanding, June 30, 2023 — $ — _____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34 and the second installment was distributed in the quarter ended June 30, 2023 with a weighted average fair value of $71.17. The remaining shares will be distributed within the quarters ended September 30, 2023, and December 31, 2023. The total fair value of RSUs vested under the 2011 Plan was $170.6 million for the six months ended June 30, 2023. No RSUs had vested under the 2011 plan for the six months ended June 30, 2022. Stock Options A summary of stock option activity under the 2011 Plan for the six months ended June 30, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 1,456,328 $ 1.93 6.20 $ 89,749 Exercised (291,421) $ 1.46 $ 17,862 Cancelled (2,276) $ 4.36 Outstanding, June 30, 2023 1,162,631 $ 2.05 5.60 $ 65,214 Vested and exercisable at June 30, 2023 1,093,357 $ 1.83 5.60 $ 61,566 Vested and expected to vest at June 30, 2023 1,161,585 $ 2.04 5.60 $ 65,160 The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the market value of the Company’s common stock. 2020 Incentive Award Plan Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest either over a four-year period with straight-line vesting in equal amounts on a quarterly basis or a 25% one-year cliff vesting with remaining RSUs vest over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. RSU activity under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 999,215 $ 79.16 Granted 680,003 57.82 Vested (224,887) 75.59 Cancelled (57,816) 76.96 Outstanding, June 30, 2023 1,396,515 $ 69.44 The total fair value of RSUs vested under the 2020 Plan was $8.9 million and $6.3 million for the three months ended June 30, 2023 and 2022, respectively, and $14.1 million and $10.8 million for the six months ended June 30, 2023 and 2022, respectively. Stock options During the six months ended June 30, 2023, the Company granted non-qualified stock options to certain employees with vesting over a four-year period on a quarterly basis. The fair value of the stock options was calculated using the Black-Scholes option pricing model, which requires valuation assumptions of expected term, expected volatility, risk-free interest rate, and expected dividend yield. For the purposes of the Black-Scholes valuation model, the Company used the simplified method for determining the expected term of the granted options. The simplified method was used since the Company does not have adequate historical data to utilize in calculating the expected term of options. The fair value for options granted was calculated using the following weighted average assumptions: Six Months Ended June 30, 2023 Expected term (in years) 4.56 Expected volatility 50.35% Dividend yield 0.00% Risk free interest rate 4.05% Weighted-average fair value of options granted $25.98 per share A summary of stock option activities under the 2020 Plan for the six months ended June 30, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 — $ — — $ — Granted 181,870 $ 56.00 Exercised (270) $ 64.91 $ 2 Cancelled (5,639) $ 56.00 Outstanding, June 30, 2023 175,961 $ 56.00 6.50 $ 377 Vested and exercisable at June 30, 2023 11,085 $ 56.00 6.50 $ 24 Vested and expected to vest at June 30, 2023 160,603 $ 56.00 6.50 $ 344 Employee Stock Purchase Plan In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which was amended and restated in October 2020 by the Compensation Committee of the Company’s board of directors. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Compensation Committee, in its sole discretion. The number of shares available for issuance under the ESPP increases automatically on January 1 of each calendar year of the Company beginning in 2021 and ending in 2030, in an amount equal to the lesser of (i) 1% of the aggregate number of outstanding shares of the Company’s common stock on the final day of the immediately preceding calendar year and (ii) such smaller number of shares determined by the Company’s board of directors. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Six Months Ended June 30, 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 49.89 % 56.09 % Dividend yield 0.00 % 0.00 % Risk free interest rate 4.79 % 0.48 % As of June 30, 2023, a total of (i) 304,615 shares of common stock, including 86,051 shares purchased in January 2023, have been purchased under the ESPP, and (ii) 2,222,123 shares of common stock are reserved under the ESPP for future purchases, including 540,217 additional shares, which were automatically added to the reserve on January 1, 2023 pursuant to the terms of the ESPP. Stock-based Compensation Expense Total compensation cost for all share-based payment arrangements recognized, including $1.2 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively, and $2.2 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively, of stock-based compensation expense related to the ESPP, was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 420 $ 375 $ 839 $ 740 Research and development 1,697 1,113 3,393 2,092 Selling, general and administrative 8,236 5,676 16,460 10,887 $ 10,353 $ 7,164 $ 20,692 $ 13,719 Total compensation costs as of June 30, 2023 related to all non-vested awards to be recognized in future periods was $84.5 million and is expected to be recognized over the remaining weighted average period of 2.8 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) before income taxes $ 3,024 $ (8,935) $ 1,830 $ (12,064) Provision for income taxes 939 1,252 1,963 1,252 Net income (loss) $ 2,085 $ (10,187) $ (133) $ (13,316) Provision for income taxes as a percentage of income (loss) before income taxes 31.1% (14.0%) 107.3 % (10.4 %) The effective tax rate for all periods is driven by pre-tax income/(loss), business credits, equity compensation, state taxes, and the change in valuation allowance. The Company's income tax provision for interim reporting periods historically has been calculated by applying an estimate of the annual effective income tax rate for the full year to “ordinary” income (loss) for the interim reporting period. In addition, the tax effects of certain significant or unusual items are recognized discretely in the quarter in which they occur. For the six months ended June 30, 2023, the Company calculated the income tax provision using this methodology. For the six months ended June 30, 2022, a discrete effective income tax rate method was used as if the interim year to date period was an annual period. For tax years beginning after December 31, 2021, certain research and development costs are required to be capitalized and amortized over a five year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change, which will impact the expected U.S. federal and state tax expense and cash taxes to be paid for the tax year ending December 31, 2023. Valuation Allowance ASC 740 requires that the tax benefit of net operating losses, or NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryback or carryforward periods. As of December 31, 2022, the Company maintained a full valuation allowance of $30.3 million against the Company's net deferred tax assets. As of June 30, 2023, the Company believes that the deferred tax assets are currently not considered more likely than not to be realized and, accordingly, has maintained a full valuation allowance against its deferred tax assets. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance may result in a material benefit recognized in the quarter of release. Uncertain Tax Positions The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to credit carryforwards that are available to offset the uncertain tax positions. It is not expected that there will be a significant change in the uncertain tax position in the next twelve months. The Company is subject to U.S. federal and state income tax as well as to income tax in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no income tax examinations in progress. The statute of limitations for tax years ended after December 31, 2019, December 31, 2018, and December 31, 2017 are open for federal and state, and foreign tax purposes, respectively. |
Retirement Plan
Retirement Plan | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | RETIREMENT PLANIn December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible employees after one month of service to contribute pre-tax and Roth contributions to the plan, as allowed by law. The plan assets are held by Vanguard and the plan administrator is Ascensus Trust Company. Beginning in January 2021, the Company contributes a $1.00 match for every $1.00 contributed by a participating employee up to the greater of $3,000 or 4% of eligible compensation under the plan, with such Company's contributions becoming fully vested immediately. Matching contribution expense was $2.2 million and $2.7 million for the three months ended June 30, 2023 and 2022, respectively, and $4.9 million and $4.4 million for the six months ended June 30, 2023 and 2022, respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed by dividing the net income (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 income (loss) per share calculation, shares from common stock options, RSUs and ESPP are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive. The components of net income (loss) per share are as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,085 $ (10,187) $ (133) $ (13,316) Denominator: Weighted average number of common shares outstanding - basic 57,207,902 53,183,767 55,988,736 52,075,399 Common stock equivalents from outstanding options 1,159,523 — — — Common stock equivalents from unvested RSUs 112,249 — — — Common stock equivalents from ESPP 16,676 — — — Weighted average number of common shares outstanding - diluted 58,496,350 53,183,767 55,988,736 52,075,399 Net income (loss) per share: Basic $ 0.04 $ (0.19) $ (0.00) $ (0.26) Diluted $ 0.04 $ (0.19) $ (0.00) $ (0.26) The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Common stock options 175,961 2,006,646 1,338,592 2,006,646 RSUs 560,346 3,680,131 2,408,633 3,680,131 ESPP — 10,404 — 10,404 736,307 5,697,181 3,747,225 5,697,181 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 2,085 | $ (2,218) | $ (10,187) | $ (3,129) | $ (133) | $ (13,316) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of June 30, 2023 and the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three and six months ended June 30, 2023 and 2022 are unaudited. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of June 30, 2023 and its consolidated results of operations and cash flows for the three and six months ended June 30, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. |
Management Estimates | Management Estimates The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representatives hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand- delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, discounts, administrative fees and sales rebates. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of discounts, administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. The warranty expense recognized was $91,000 and $97,000 during the three months ended June 30, 2023 and 2022, respectively, and $354,000 and $209,000 for the six months ended June 30, 2023 and 2022, respectively. Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Concentration Risk | Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ClotTriever and other systems 34 % 33 % 34 % 32 % FlowTriever system 66 % 67 % 66 % 68 % |
Schedule of Disaggregation of Revenue | Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 113,802 $ 90,933 $ 225,648 $ 175,987 International 5,203 1,811 9,524 3,509 Total revenue $ 119,005 $ 92,744 $ 235,172 $ 179,496 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,450 $ — $ — $ 20,450 Corporate debt securities and commercial paper — 2,992 — 2,992 Total included in cash and cash equivalents 20,450 2,992 — 23,442 Investments: U.S. Treasury securities 181,987 — — 181,987 U.S. Government agencies — 52,500 — 52,500 Corporate debt securities and commercial paper — 45,209 — 45,209 Total included in short-term investments 181,987 97,709 — 279,696 Total assets $ 202,437 $ 100,701 $ — $ 303,138 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 172,088 — — 172,088 U.S. Government agencies — 47,131 — 47,131 Corporate debt securities and commercial paper — 46,960 — 46,960 Total included in short-term investments 172,088 94,091 — 266,179 Total assets $ 192,417 $ 94,091 $ — $ 286,508 |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Cash Equivalents and Investments | The following is a summary of the Company’s cash equivalents and investments in debt securities as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,450 $ — $ — $ 20,450 Corporate debt securities and commercial paper 2,993 — (1) 2,992 Total included in cash and cash equivalents 23,443 — (1) 23,442 Investments: U.S. Treasury securities 181,921 137 (71) 181,987 U.S. Government agencies 52,550 37 (87) 52,500 Corporate debt securities and commercial paper 45,197 55 (43) 45,209 Total included in short-term investments 279,668 229 (201) 279,696 Total assets $ 303,111 $ 229 $ (202) $ 303,138 December 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 20,329 $ — $ — $ 20,329 Total included in cash and cash equivalents 20,329 — — 20,329 Investments: U.S. Treasury securities 171,006 1,120 (38) 172,088 U.S. Government agencies 46,777 354 — 47,131 Corporate debt securities and commercial paper 46,576 397 (13) 46,960 Total included in short-term investments 264,359 1,871 (51) 266,179 Total assets $ 284,688 $ 1,871 $ (51) $ 286,508 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | Inventories, net of reserves, consist of the following (in thousands): June 30, December 31, Raw materials $ 13,893 $ 13,943 Work-in-process 4,130 3,396 Finished goods 20,961 15,242 Total inventories, net $ 38,984 $ 32,581 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consist of the following (in thousands): June 30, December 31, Manufacturing equipment $ 15,464 $ 13,585 Leasehold improvements 5,248 5,040 Computer hardware 5,219 5,123 Furniture and fixtures 4,336 4,119 Assets in progress 1,779 2,516 Capitalized software 317 — Computer software — 100 Total property and equipment, gross 32,363 30,483 Accumulated depreciation (11,300) (8,828) Total property and equipment, net $ 21,063 $ 21,655 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Total Lease Cost | Total lease costs are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 1,139 $ 1,057 $ 2,319 $ 2,100 Short-term lease cost 34 30 63 45 Variable lease cost 247 157 407 296 Total lease costs $ 1,420 $ 1,244 $ 2,789 $ 2,441 |
Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities | Future minimum lease payments under operating leases liabilities as of June 30, 2023 are as follows (in thousands): Year ending December 31: Amount Remainder of 2023 $ 1,747 2024 3,554 2025 3,041 2026 2,920 2027 2,985 Thereafter 38,544 Total lease payments 52,791 Less imputed interest (20,123) Total lease liabilities 32,668 Less: lease liabilities - current portion (1,583) Lease liabilities - noncurrent portion $ 31,085 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU Activity | RSU activity under the 2011 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 2,712,674 $ 0.17 Vested (2,712,674) (a) Outstanding, June 30, 2023 — $ — _____________ (a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34 and the second installment was distributed in the quarter ended June 30, 2023 with a weighted average fair value of $71.17. The remaining shares will be distributed within the quarters ended September 30, 2023, and December 31, 2023. RSU activity under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2022 999,215 $ 79.16 Granted 680,003 57.82 Vested (224,887) 75.59 Cancelled (57,816) 76.96 Outstanding, June 30, 2023 1,396,515 $ 69.44 |
Schedule of Estimated Fair Value of Option Grant and ESPP | The fair value for options granted was calculated using the following weighted average assumptions: Six Months Ended June 30, 2023 Expected term (in years) 4.56 Expected volatility 50.35% Dividend yield 0.00% Risk free interest rate 4.05% Weighted-average fair value of options granted $25.98 per share The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Six Months Ended June 30, 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 49.89 % 56.09 % Dividend yield 0.00 % 0.00 % Risk free interest rate 4.79 % 0.48 % |
Summary of Stock Option Activity | A summary of stock option activity under the 2011 Plan for the six months ended June 30, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 1,456,328 $ 1.93 6.20 $ 89,749 Exercised (291,421) $ 1.46 $ 17,862 Cancelled (2,276) $ 4.36 Outstanding, June 30, 2023 1,162,631 $ 2.05 5.60 $ 65,214 Vested and exercisable at June 30, 2023 1,093,357 $ 1.83 5.60 $ 61,566 Vested and expected to vest at June 30, 2023 1,161,585 $ 2.04 5.60 $ 65,160 A summary of stock option activities under the 2020 Plan for the six months ended June 30, 2023 is as follows (intrinsic value in thousands): Number of Weighted Weighted Intrinsic Outstanding, December 31, 2022 — $ — — $ — Granted 181,870 $ 56.00 Exercised (270) $ 64.91 $ 2 Cancelled (5,639) $ 56.00 Outstanding, June 30, 2023 175,961 $ 56.00 6.50 $ 377 Vested and exercisable at June 30, 2023 11,085 $ 56.00 6.50 $ 24 Vested and expected to vest at June 30, 2023 160,603 $ 56.00 6.50 $ 344 |
Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized | Total compensation cost for all share-based payment arrangements recognized, including $1.2 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively, and $2.2 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively, of stock-based compensation expense related to the ESPP, was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 420 $ 375 $ 839 $ 740 Research and development 1,697 1,113 3,393 2,092 Selling, general and administrative 8,236 5,676 16,460 10,887 $ 10,353 $ 7,164 $ 20,692 $ 13,719 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The following table reflects the Company’s provision for income taxes for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) before income taxes $ 3,024 $ (8,935) $ 1,830 $ (12,064) Provision for income taxes 939 1,252 1,963 1,252 Net income (loss) $ 2,085 $ (10,187) $ (133) $ (13,316) Provision for income taxes as a percentage of income (loss) before income taxes 31.1% (14.0%) 107.3 % (10.4 %) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Components of Net Income per Share | The components of net income (loss) per share are as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,085 $ (10,187) $ (133) $ (13,316) Denominator: Weighted average number of common shares outstanding - basic 57,207,902 53,183,767 55,988,736 52,075,399 Common stock equivalents from outstanding options 1,159,523 — — — Common stock equivalents from unvested RSUs 112,249 — — — Common stock equivalents from ESPP 16,676 — — — Weighted average number of common shares outstanding - diluted 58,496,350 53,183,767 55,988,736 52,075,399 Net income (loss) per share: Basic $ 0.04 $ (0.19) $ (0.00) $ (0.26) Diluted $ 0.04 $ (0.19) $ (0.00) $ (0.26) |
Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Common stock options 175,961 2,006,646 1,338,592 2,006,646 RSUs 560,346 3,680,131 2,408,633 3,680,131 ESPP — 10,404 — 10,404 736,307 5,697,181 3,747,225 5,697,181 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Unbilled receivables | $ 1,246 | $ 1,246 | $ 1,218 | ||
Warranty expense | 91 | $ 97 | 354 | $ 209 | |
Equity securities without readily determinable fair value, amount | $ 8,800 | $ 8,800 | $ 8,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Product Concentration Risk - Revenue from Contract with Customer, Product and Service Benchmark | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
ClotTriever and other systems | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk | 34% | 33% | 34% | 32% |
FlowTriever system | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk | 66% | 67% | 66% | 68% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 119,005 | $ 92,744 | $ 235,172 | $ 179,496 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 113,802 | 90,933 | 225,648 | 175,987 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,203 | $ 1,811 | $ 9,524 | $ 3,509 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Total included in short-term investments | $ 303,138 | $ 286,508 |
Level 1 | ||
Assets | ||
Total included in short-term investments | 172,088 | |
Level 2 | ||
Assets | ||
Total included in short-term investments | 94,091 | |
Level 3 | ||
Assets | ||
Total included in short-term investments | 0 | |
Fair Value, Recurring | ||
Assets | ||
Total included in cash and cash equivalents | 23,442 | 20,329 |
Total included in short-term investments | 279,696 | 266,179 |
Total assets | 303,138 | 286,508 |
Fair Value, Recurring | U.S. Treasury securities | ||
Assets | ||
Total included in short-term investments | 181,987 | 172,088 |
Fair Value, Recurring | U.S. Government agencies | ||
Assets | ||
Total included in short-term investments | 52,500 | 47,131 |
Fair Value, Recurring | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in short-term investments | 45,209 | 46,960 |
Fair Value, Recurring | Money market mutual funds | ||
Assets | ||
Total included in cash and cash equivalents | 20,450 | 20,329 |
Fair Value, Recurring | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in cash and cash equivalents | 2,992 | |
Fair Value, Recurring | Level 1 | ||
Assets | ||
Total included in cash and cash equivalents | 20,450 | 20,329 |
Total included in short-term investments | 181,987 | |
Total assets | 202,437 | 192,417 |
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||
Assets | ||
Total included in short-term investments | 181,987 | 172,088 |
Fair Value, Recurring | Level 1 | U.S. Government agencies | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Money market mutual funds | ||
Assets | ||
Total included in cash and cash equivalents | 20,450 | 20,329 |
Fair Value, Recurring | Level 1 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in cash and cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | ||
Assets | ||
Total included in cash and cash equivalents | 2,992 | 0 |
Total included in short-term investments | 97,709 | |
Total assets | 100,701 | 94,091 |
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. Government agencies | ||
Assets | ||
Total included in short-term investments | 52,500 | 47,131 |
Fair Value, Recurring | Level 2 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in short-term investments | 45,209 | 46,960 |
Fair Value, Recurring | Level 2 | Money market mutual funds | ||
Assets | ||
Total included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in cash and cash equivalents | 2,992 | |
Fair Value, Recurring | Level 3 | ||
Assets | ||
Total included in cash and cash equivalents | 0 | 0 |
Total included in short-term investments | 0 | |
Total assets | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. Government agencies | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market mutual funds | ||
Assets | ||
Total included in cash and cash equivalents | 0 | $ 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities and commercial paper | ||
Assets | ||
Total included in cash and cash equivalents | $ 0 |
Cash Equivalents and Investme_3
Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | $ 303,111 | $ 284,688 |
Unrealized Gain | 229 | 1,871 |
Unrealized Loss | (202) | (51) |
Short-term investments in debt securities | 303,138 | 286,508 |
Cash and Cash Equivalents | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 23,443 | 20,329 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (1) | 0 |
Short-term investments in debt securities | 23,442 | 20,329 |
Cash and Cash Equivalents | Money market mutual funds | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 20,450 | 20,329 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Short-term investments in debt securities | 20,450 | 20,329 |
Cash and Cash Equivalents | Corporate debt securities and commercial paper | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 2,993 | |
Unrealized Gain | 0 | |
Unrealized Loss | (1) | |
Short-term investments in debt securities | 2,992 | |
Short-Term Investments | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 279,668 | 264,359 |
Unrealized Gain | 229 | 1,871 |
Unrealized Loss | (201) | (51) |
Short-term investments in debt securities | 279,696 | 266,179 |
Short-Term Investments | U.S. Treasury securities | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 181,921 | 171,006 |
Unrealized Gain | 137 | 1,120 |
Unrealized Loss | (71) | (38) |
Short-term investments in debt securities | 181,987 | 172,088 |
Short-Term Investments | U.S. Government agencies | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 52,550 | 46,777 |
Unrealized Gain | 37 | 354 |
Unrealized Loss | (87) | 0 |
Short-term investments in debt securities | 52,500 | 47,131 |
Short-Term Investments | Corporate debt securities and commercial paper | ||
Schedule of Investment Income Reported Amounts by Category [Line Items] | ||
Amortized Cost Basis | 45,197 | 46,576 |
Unrealized Gain | 55 | 397 |
Unrealized Loss | (43) | (13) |
Short-term investments in debt securities | $ 45,209 | $ 46,960 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,893 | $ 13,943 |
Work-in-process | 4,130 | 3,396 |
Finished goods | 20,961 | 15,242 |
Total inventories, net | $ 38,984 | $ 32,581 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 32,363 | $ 30,483 |
Accumulated depreciation | (11,300) | (8,828) |
Total property and equipment, net | 21,063 | 21,655 |
Manufacturing equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 15,464 | 13,585 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 5,248 | 5,040 |
Computer hardware | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 5,219 | 5,123 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 4,336 | 4,119 |
Assets in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 1,779 | 2,516 |
Capitalized software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 317 | 0 |
Computer software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 0 | $ 100 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 2,754 | $ 2,260 | ||
Operating expenses | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 1,132 | $ 970 | 2,226 | 1,827 |
Cost of goods sold | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 274 | $ 226 | $ 528 | $ 433 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) installment | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) installment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | ||||||
Operating lease, term of contract | 12 months | 12 months | ||||
Operating lease right-of-use assets | $ 49,857,000 | $ 49,857,000 | $ 50,703,000 | |||
Total lease liabilities | $ 32,668,000 | $ 32,668,000 | $ 32,300,000 | |||
Operating lease, weighted average remaining lease term | 18 years 6 months | 18 years 6 months | 17 years 1 month 6 days | |||
Weighted average incremental borrowing rate | 6.05% | 6.05% | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 852,000 | $ 705,000 | $ 1,698,000 | $ 1,419,000 | ||
Contract to perform for others, costs incurred | $ 4,200,000 | |||||
Contract to perform for others, costs incurred, number of installments | installment | 3 | 3 | ||||
Accrued expenses and other current liabilities, licensed technology | $ 11,125,000 | $ 11,125,000 | $ 8,249,000 | |||
Administration fee | 29,000 | 29,000 | 59,000 | 59,000 | ||
Self insurance liability | 1,700,000 | 1,700,000 | ||||
Inceptus | ||||||
Lessee Lease Description [Line Items] | ||||||
Royalty expense | 1,500 | $ 0 | 3,000 | $ 212,000 | ||
Research and development | ||||||
Lessee Lease Description [Line Items] | ||||||
Accrued expenses and other current liabilities, licensed technology | $ 1,400,000 | $ 1,400,000 | $ 1,300,000 | |||
Maximum | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease, term of contract | 5 years | 5 years | ||||
Maximum | Inceptus | ||||||
Lessee Lease Description [Line Items] | ||||||
Related party transaction, rate | 1.50% | |||||
Minimum | Inceptus | ||||||
Lessee Lease Description [Line Items] | ||||||
Related party transaction, rate | 1% | |||||
Royalty quarterly fee | $ 1,500 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 1,139 | $ 1,057 | $ 2,319 | $ 2,100 |
Short-term lease cost | 34 | 30 | 63 | 45 |
Variable lease cost | 247 | 157 | 407 | 296 |
Total lease costs | $ 1,420 | $ 1,244 | $ 2,789 | $ 2,441 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2023 | $ 1,747 | |
2024 | 3,554 | |
2025 | 3,041 | |
2026 | 2,920 | |
2027 | 2,985 | |
Thereafter | 38,544 | |
Total lease payments | 52,791 | |
Less imputed interest | (20,123) | |
Total lease liabilities | 32,668 | $ 32,300 |
Less: lease liabilities - current portion | (1,583) | (1,311) |
Lease liabilities - noncurrent portion | $ 31,085 | $ 30,976 |
Related Party (Details)
Related Party (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Development expenses incurred | $ 50 | $ 118 | $ 80 | $ 192 | |
Accounts payable | 7,240 | 7,240 | $ 7,659 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable | $ 0 | $ 0 | $ 0 |
Credit Facility (Details)
Credit Facility (Details) - Line of Credit | 6 Months Ended | ||
Dec. 16, 2022 USD ($) | Jun. 30, 2023 USD ($) LetterOfCredit | Feb. 06, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Number of letter of credit | LetterOfCredit | 3 | ||
Revolving Line of Credit | Amended Credit Agreement | Bank of America Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 40,000,000 | ||
Line of credit facility, accordion feature, higher borrowing capacity option | 120,000,000 | ||
Line of credit facility, remaining borrowing capacity | $ 38,000,000 | ||
Line of credit facility, collateral, accounts receivable, percentage | 90% | ||
Line of credit facility, collateral | $ 10,000,000 | ||
Debt instrument, fee amount | $ 10,000 | ||
Unused line fee at annual rate | 0.25% | ||
Principal amount outstanding | 0 | ||
Cash pledged under credit agreement | $ 0 | ||
Revolving Line of Credit | Amended Credit Agreement | Bank of America Credit Facility | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Term loan variable interest rate | 0.50% | ||
Revolving Line of Credit | Amended Credit Agreement | Bank of America Credit Facility | BSBY | |||
Debt Instrument [Line Items] | |||
Term loan variable interest rate | 1% | ||
Basis spread on variable rate, floor | 0% | ||
Revolving Line of Credit | Amended Credit Agreement | Bank of America Credit Facility | BSBY | Minimum | |||
Debt Instrument [Line Items] | |||
Term loan variable interest rate | 0.50% | ||
Revolving Line of Credit | Amended Credit Agreement | Bank of America Credit Facility | BSBY | Maximum | |||
Debt Instrument [Line Items] | |||
Term loan variable interest rate | 1% | ||
Letter of Credit Subline Facility | Bank of America Credit Facility | |||
Debt Instrument [Line Items] | |||
Percentage of fee on average daily stated amount of outstanding letter of credit | 2.25% | ||
Percentage of fronting fee on stated amount of each letter of credit outstanding | 0.125% | ||
Letters of credit outstanding amount | $ 2,000,000 | ||
Letter of Credit Subline Facility | Amended Credit Agreement | Bank of America Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | ||
Line of credit facility, accordion feature, higher borrowing capacity option | $ 10,000,000 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||||||
Net proceeds from IPO | $ 174,400 | $ 0 | $ 174,394 | |||
Underwriters' discounts and commissions | 11,200 | |||||
Offering costs | 700 | |||||
Accumulated other comprehensive (loss) income | $ 418,812 | 435,645 | $ 413,778 | $ 426,736 | $ 417,002 | $ 239,209 |
Foreign Currency Translation Adjustment | ||||||
Class Of Stock [Line Items] | ||||||
Accumulated other comprehensive (loss) income | (1,100) | (1,000) | ||||
Unrealized Gain (Loss) on Investments | ||||||
Class Of Stock [Line Items] | ||||||
Accumulated other comprehensive (loss) income | $ (100) | $ 1,800 | ||||
IPO | ||||||
Class Of Stock [Line Items] | ||||||
Stock issued | 2,300,000 | |||||
Public offering price (in dollars per share) | $ 81 | |||||
Over-allotment Option | ||||||
Class Of Stock [Line Items] | ||||||
Sale of stock, shares issued | 300,000 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jan. 01, 2021 | Jan. 31, 2023 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares of common stock reserved for future issuance (in shares) | 540,217 | ||||||||||
Shares issued under Employee Stock Purchase Plan (in shares) | 86,051 | ||||||||||
Compensation cost | $ 10,353 | $ 7,164 | $ 20,692 | $ 13,719 | |||||||
Nonvested award, cost not yet recognized, amount | 84,500 | $ 84,500 | |||||||||
Nonvested award, cost not yet recognized, period | 2 years 9 months 18 days | ||||||||||
Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares issued under Employee Stock Purchase Plan (in shares) | 86,051 | 54,808 | |||||||||
Restricted Stock Units | Vesting, Option One | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award vesting period | 4 years | ||||||||||
Restricted Stock Units | Vesting, Option Two | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award vesting period | 3 years | ||||||||||
Employee Stock Purchase Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Compensation cost | $ 1,200 | 1,000 | $ 2,200 | 1,800 | |||||||
Options | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award vesting period | 4 years | ||||||||||
2020 Incentive Award Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end | 3% | ||||||||||
Number of shares available for issuance (in shares) | 6,530,991 | 6,530,991 | |||||||||
Shares of common stock reserved for future issuance (in shares) | 1,620,650 | 1,620,650 | |||||||||
2020 Incentive Award Plan | Restricted Stock Units | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award cliff vesting period | 1 year | ||||||||||
Total fair value of RSUs vested | $ 8,900 | $ 6,300 | $ 14,100 | $ 10,800 | |||||||
Restricted stock units, vested (in shares) | 224,887 | ||||||||||
2020 Incentive Award Plan | Restricted Stock Units | Vesting, Option One | Share Based Compensation Award Tranche One | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Cliff vesting, percentage | 25% | ||||||||||
2020 Incentive Award Plan | Restricted Stock Units | Vesting, Option One | Share-Based Payment Arrangement, Tranche Two | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Cliff vesting, percentage | 25% | ||||||||||
2020 Incentive Award Plan | Restricted Stock Units | Vesting, Option One | Share-Based Payment Arrangement, Tranche Three | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Cliff vesting, percentage | 25% | ||||||||||
2020 Incentive Award Plan | Restricted Stock Units | Vesting, Option One | Share-Based Payment Arrangement, Tranche Four | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Cliff vesting, percentage | 25% | ||||||||||
2011 Equity Incentive Plan | Restricted Stock Units | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award cliff vesting period | 4 years | ||||||||||
Total fair value of RSUs vested | $ 170,600 | ||||||||||
Restricted stock units, vested (in shares) | 2,712,674 | 0 | |||||||||
2020 Employee Share Purchase Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares of common stock reserved for future issuance (in shares) | 2,222,123 | 2,222,123 | |||||||||
Percentage of purchase price on fair market value of common stock | 85% | ||||||||||
Annual increase in number of shares available for issuance percentage | 1% | ||||||||||
2020 Employee Share Purchase Plan | Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares issued under Employee Stock Purchase Plan (in shares) | 304,615 | ||||||||||
Maximum | 2020 Incentive Award Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Term of award | 10 years |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of RSU Activity (Details) - Restricted Stock Units - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
2011 Equity Incentive Plan | ||||
Number of Awards | ||||
Balance at beginning of period (in shares) | 2,712,674 | 2,712,674 | ||
Vested (in shares) | (2,712,674) | 0 | ||
Balance at end of period (in shares) | 0 | 0 | ||
Weighted Average Fair Value | ||||
Balance at beginning of period (in dollars per share) | $ 0.17 | $ 0.17 | ||
Vested (in dollars per share) | $ 71.17 | $ 64.34 | ||
Balance at end of period (in dollars per share) | $ 0 | $ 0 | ||
2020 Incentive Award Plan | ||||
Number of Awards | ||||
Balance at beginning of period (in shares) | 999,215 | 999,215 | ||
Granted (in shares) | 680,003 | |||
Vested (in shares) | (224,887) | |||
Cancelled (in shares) | (57,816) | |||
Balance at end of period (in shares) | 1,396,515 | 1,396,515 | ||
Weighted Average Fair Value | ||||
Balance at beginning of period (in dollars per share) | $ 79.16 | $ 79.16 | ||
Granted (in dollars per share) | 57.82 | |||
Vested (in dollars per share) | 75.59 | |||
Cancelled (in dollars per share) | 76.96 | |||
Balance at end of period (in dollars per share) | $ 69.44 | $ 69.44 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
2011 Equity Incentive Plan | ||
Number of Awards | ||
Balance at beginning of period (in shares) | shares | 1,456,328 | |
Exercised (in shares) | shares | (291,421) | |
Cancelled (in shares) | shares | (2,276) | |
Balance at end of period (in shares) | shares | 1,162,631 | 1,456,328 |
Number of Awards, Vested and exercisable (in shares) | shares | 1,093,357 | |
Number of Awards, Vested and expected to vest (in shares) | shares | 1,161,585 | |
Weighted Average Exercise Price | ||
Balance at beginning of period (in dollars per share) | $ / shares | $ 1.93 | |
Exercised (in dollars per share) | $ / shares | 1.46 | |
Cancelled (in dollars per share) | $ / shares | 4.36 | |
Balance at end of period (in dollars per share) | $ / shares | 2.05 | $ 1.93 |
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) | $ / shares | 1.83 | |
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares | $ 2.04 | |
Weighted Average Remaining Contractual Life (in years) | ||
Outstanding | 5 years 7 months 6 days | 6 years 2 months 12 days |
Vested and exercisable | 5 years 7 months 6 days | |
Vested and expected to vest | 5 years 7 months 6 days | |
Intrinsic Value | ||
Balance at beginning of period | $ | $ 89,749 | |
Exercised | $ | 17,862 | |
Balance at end of period | $ | 65,214 | $ 89,749 |
Intrinsic Value, Vested and exercisable | $ | 61,566 | |
Intrinsic Value, Vested and expected to vest | $ | $ 65,160 | |
2020 Incentive Award Plan | ||
Number of Awards | ||
Balance at beginning of period (in shares) | shares | 0 | |
Granted (in shares) | shares | 181,870 | |
Exercised (in shares) | shares | (270) | |
Cancelled (in shares) | shares | (5,639) | |
Balance at end of period (in shares) | shares | 175,961 | 0 |
Number of Awards, Vested and exercisable (in shares) | shares | 11,085 | |
Number of Awards, Vested and expected to vest (in shares) | shares | 160,603 | |
Weighted Average Exercise Price | ||
Balance at beginning of period (in dollars per share) | $ / shares | $ 0 | |
Granted (in dollars per share) | $ / shares | 56 | |
Exercised (in dollars per share) | $ / shares | 64.91 | |
Cancelled (in dollars per share) | $ / shares | 56 | |
Balance at end of period (in dollars per share) | $ / shares | 56 | $ 0 |
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) | $ / shares | 56 | |
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares | $ 56 | |
Weighted Average Remaining Contractual Life (in years) | ||
Outstanding | 6 years 6 months | |
Vested and exercisable | 6 years 6 months | |
Vested and expected to vest | 6 years 6 months | |
Intrinsic Value | ||
Balance at beginning of period | $ | $ 0 | |
Exercised | $ | 2 | |
Balance at end of period | $ | 377 | $ 0 |
Intrinsic Value, Vested and exercisable | $ | 24 | |
Intrinsic Value, Vested and expected to vest | $ | $ 344 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
2020 Employee Share Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 months | 6 months |
Expected volatility | 49.89% | 56.09% |
Dividend yield | 0% | 0% |
Risk free interest rate | 4.79% | 0.48% |
2020 Incentive Award Plan | Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 4 years 6 months 21 days | |
Expected volatility | 50.35% | |
Dividend yield | 0% | |
Risk free interest rate | 4.05% | |
Weighted-average fair value of options granted (in dollars per share) | $ 25.98 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 10,353 | $ 7,164 | $ 20,692 | $ 13,719 |
Cost of goods sold | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 420 | 375 | 839 | 740 |
Research and development | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,697 | 1,113 | 3,393 | 2,092 |
Selling, general and administrative | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 8,236 | $ 5,676 | $ 16,460 | $ 10,887 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||||
Income (loss) before income taxes | $ 3,024 | $ (8,935) | $ 1,830 | $ (12,064) | ||
Provision for income taxes | 939 | 1,252 | 1,963 | 1,252 | ||
Net income (loss) | $ 2,085 | $ (2,218) | $ (10,187) | $ (3,129) | $ (133) | $ (13,316) |
Provision for income taxes as a percentage of income (loss) before income taxes | 31.10% | (14.00%) | 107.30% | (10.40%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ 30,300 | |
Interest or penalties related to uncertain tax positions | $ 0 |
Retirement Plan (Details)
Retirement Plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Minimum employee service period | 1 month | |||
Employer matching contribution, percent of match | 100% | |||
Maximum participating employee annual contributions | $ 3,000 | |||
Participating employee eligible compensation | 4% | |||
Matching contribution expense recognized | $ 2,200,000 | $ 2,700,000 | $ 4,900,000 | $ 4,400,000 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net income (loss) | $ 2,085 | $ (2,218) | $ (10,187) | $ (3,129) | $ (133) | $ (13,316) |
Denominator: | ||||||
Weighted average number of common shares outstanding - basic (in shares) | 57,207,902 | 53,183,767 | 55,988,736 | 52,075,399 | ||
Weighted average number of common shares outstanding - diluted (in shares) | 58,496,350 | 53,183,767 | 55,988,736 | 52,075,399 | ||
Net income (loss) per share: | ||||||
Basic (in dollars per share) | $ 0.04 | $ (0.19) | $ 0 | $ (0.26) | ||
Diluted (in dollars per share) | $ 0.04 | $ (0.19) | $ 0 | $ (0.26) | ||
Options | ||||||
Denominator: | ||||||
Common stock equivalents (in shares) | 1,159,523 | 0 | 0 | 0 | ||
Unvested RSUs | ||||||
Denominator: | ||||||
Common stock equivalents (in shares) | 112,249 | 0 | 0 | 0 | ||
ESPP | ||||||
Denominator: | ||||||
Common stock equivalents (in shares) | 16,676 | 0 | 0 | 0 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 736,307 | 5,697,181 | 3,747,225 | 5,697,181 |
Options | ||||
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 175,961 | 2,006,646 | 1,338,592 | 2,006,646 |
RSUs | ||||
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 560,346 | 3,680,131 | 2,408,633 | 3,680,131 |
ESPP | ||||
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 10,404 | 0 | 10,404 |