908 Devices (MASS) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 07, 2022
Document and Entity Information
Entity Registrant Name	908 DEVICES INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-39815
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4524096
Entity Address, Address Line One	645 Summer Street
Entity Address, City or Town	Boston
Entity Address State Or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	254-1500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MASS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,407,398
Entity Central Index Key	0001555279
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 223,120	$ 224,073
Accounts receivable, net of allowance for doubtful accounts of $1,750	6,323	16,375
Inventory	9,632	7,918
Prepaid expenses and other current assets	3,908	4,527
Total current assets	242,983	252,893
Operating lease, right-of-use assets	4,886	5,182
Property and equipment, net	2,177	1,603
Other long-term assets	1,180	1,228
Total assets	251,226	260,906
Current liabilities:
Accounts payable	2,162	1,371
Accrued expenses	4,350	6,961
Deferred revenue	5,779	5,160
Operating lease liabilities	1,373	1,344
Total current liabilities	13,664	14,836
Long-term debt	15,000	15,000
Operating lease liabilities, net of current portion	4,156	4,508
Deferred revenue, net of current portion	11,604	11,958
Total liabilities	44,424	46,302
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2022 and December 31, 2021, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized; 31,333,782 shares and 31,077,004 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	31	31
Additional paid-in capital	316,823	315,210
Accumulated deficit	(110,052)	(100,637)
Total stockholders' equity	206,802	214,604
Total liabilities and stockholders' equity	$ 251,226	$ 260,906

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 1,750	$ 1,750
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,333,782	31,077,004
Common stock, shares outstanding	31,333,782	31,077,004

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 8,306	$ 5,543
Cost of revenue	4,177	2,635
Gross profit	4,129	2,908
Operating expenses:
Research and development	3,905	2,965
Selling, general and administrative	9,745	5,753
Total operating expenses	13,650	8,718
Loss from operations	(9,521)	(5,810)
Other income (expense):
Interest expense	(20)	(376)
Other income (expense), net	126	91
Total other income (expense), net	106	(285)
Net loss and comprehensive loss	$ (9,415)	$ (6,095)
Net loss per share, basic	$ (0.30)	$ (0.22)
Net loss per share, diluted	$ (0.30)	$ (0.22)
Weighted average common shares outstanding, basic	31,210,567	27,290,364
Weighted average common shares outstanding, diluted	31,210,567	27,290,364
Product and service revenue
Revenue	$ 8,029	$ 5,357
Cost of revenue	4,041	2,560
License and contract revenue
Revenue	277	186
Cost of revenue	$ 136	$ 75

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 27	$ 217,482	$ (78,468)	$ 139,041
Beginning balance (in shares) at Dec. 31, 2020	27,273,095
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options		27		27
Issuance of common stock upon exercise of stock options (in shares)	24,776
Stock-based compensation expense		339		339
Net loss			(6,095)	(6,095)
Ending balance at Mar. 31, 2021	$ 27	217,848	(84,563)	133,312
Ending balance (in shares) at Mar. 31, 2021	27,297,871
Beginning balance at Dec. 31, 2020	$ 27	217,482	(78,468)	139,041
Beginning balance (in shares) at Dec. 31, 2020	27,273,095
Increase (Decrease) in Stockholders' Equity
Net loss				(22,200)
Ending balance at Dec. 31, 2021	$ 31	315,210	(100,637)	214,604
Ending balance (in shares) at Dec. 31, 2021	31,077,004
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options		324		324
Issuance of common stock upon exercise of stock options (in shares)	243,842
Stock-based compensation expense		1,289		1,289
Vesting of restricted stock units	12,936
Net loss			(9,415)	(9,415)
Ending balance at Mar. 31, 2022	$ 31	$ 316,823	$ (110,052)	$ 206,802
Ending balance (in shares) at Mar. 31, 2022	31,333,782

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (9,415)	$ (6,095)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	267	137
Stock-based compensation expense	1,289	339
Noncash interest expense and loss on extinguishment of debt	3	168
Provision for inventory obsolescence	20	(29)
Changes in operating assets and liabilities:
Accounts receivable, net	10,052	2,458
Inventory	(1,958)	(2,469)
Prepaid expenses and other current assets	619	(2,404)
Other long-term assets	45	(1,036)
Accounts payable and accrued expenses	(1,626)	(787)
Deferred revenue	265	101
Right-of-use operating lease assets	296	276
Operating lease liabilities	(323)	(292)
Net cash used in operating activities	(466)	(9,633)
Cash flows from investing activities:
Purchases of property and equipment	(617)	(9)
Net cash used in investing activities	(617)	(9)
Cash flows from financing activities:
Payments for withholding taxes on vested awards	(82)
Proceeds from issuance of common stock upon option exercise	324	27
Payments of public offering costs	(112)	(576)
Proceeds from borrowings on revolving line of credit	15,000	15,000
Repayment of notes payable	(15,000)	(15,000)
Payments of debt issuance costs		(17)
Net cash provided by (used in) financing activities	130	(566)
Net increase in cash, cash equivalents and restricted cash	(953)	(10,208)
Cash, cash equivalents and restricted cash at beginning of period	224,133	159,227
Cash, cash equivalents and restricted cash at end of period	223,180	149,019
Supplemental disclosure of noncash investing and financing information:
Transfers of inventory to property and equipment	$ 224	244
Debt issuance costs in accounts payable and accrued expenses		$ 22

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 223,120	$ 148,959
Restricted cash included in prepaid expenses and other current assets	60	60
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 223,180	$ 149,019

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Nature of the Business and Basis of Presentation
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation 908 Devices Inc. (the “Company”) was incorporated in the State of Delaware on February 10, 2012. The Company is a commercial-stage technology company providing a suite of purpose-built handheld and desktop mass spectrometry devices for the point-of-need to interrogate unknown and invisible materials in a broad array of markets including life sciences research, bioprocessing, industrial biotech, forensics and adjacent markets. The Company is subject to risks and uncertainties common to technology companies in the device industry and of similar size, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, uncertainty of market acceptance of products, and the need to obtain additional financing to fund operations. Potential risks and uncertainties also include, without limitation, uncertainties regarding the duration and magnitude of the impact of the COVID-19 pandemic on the Company’s business and the economy generally. Products currently under development will require additional research and development efforts prior to commercialization and will require additional capital and adequate personnel and infrastructure. The Company’s research and development may not be successfully completed, adequate protection for the Company’s technology may not be obtained, the Company may not obtain necessary government regulatory approval, and approved products may not prove commercially viable. The Company operates in an environment of rapid change in technology and competition. In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its future financial condition and operations. The impact of the COVID-19 coronavirus outbreak on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected. Future impacts to the Company’s business as a result of COVID-19 could include disruptions to the Company’s manufacturing operations and supply chain caused by facility closures, reductions in operating hours, staggered shifts and other social distancing efforts; labor shortages; decreased productivity and unavailability of materials or components; limitations on its employees’ and customers’ ability to travel, and delays in shipments to and from affected countries and within the United States. While the Company maintains an inventory of finished products and raw materials used in its products, a prolonged pandemic could lead to shortages in the raw materials necessary to manufacture its products. An additional potential impact to the Company’s business is the negative impact to the Company’s customers’ and potential customer’s ability to make investments and timely payments for purchased products as a result of allocating resources to address COVID-19 issues. On December 22, 2020, the Company completed its initial public offering (“IPO”), pursuant to which it issued and sold 7,475,000 shares of common stock, inclusive of 975,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $136.6 million after deducting underwriting discounts and commissions and other offering costs . On November 15, 2021, the Company completed an underwritten public offering, pursuant to which it issued and sold 3,150,000 shares of common stock at a public offering price of $32.00 per share. The Company received net proceeds of $94.4 million after deducting underwriting discounts and commissions and other offering costs. Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, 908 Devices Securities Corporation. All intercompany balances and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared based on continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including net losses of $9.4 million for the three months ended March 31, 2022 and $22.2 million for the year ended December 31, 2021. As of March 31, 2022, the Company had an accumulated deficit of $110.1 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash and cash equivalents and revenue from product and service will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the condensed consolidated financial statements. The Company may seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product expansion or commercialization efforts, or the Company may be unable to continue operations. Although management continues to pursue these financing plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Condensed Interim Financial Information The condensed consolidated balance sheet at December 31, 2021 was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2022 and results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021 have been made. The Company’s results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022 or any other period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and accounts receivable, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require further updates to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Concentrations of Credit Risk and of Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue or accounts receivable. For the three months ended March 31, 2022, one customer represented 17% of total revenue. For the three months ended March 31, 2021, two customers represented 19% and 10% of total revenue, respectively. As of March 31, 2022, one customer accounted for 21% of gross accounts receivable. As of December 31, 2021, two customers accounted for 63% and 11%, respectively, of gross accounts receivable. The credit and economic conditions within countries in Europe, Middle East and Africa that the Company does business with have been weak in recent years. These conditions have continued to deteriorate as a result of COVID-19 and may continue to increase the average length of time that it takes to collect on the accounts receivables outstanding in these countries. As of March 31, 2022, the gross accounts receivable balance from these countries amounted to $2.8 million, of which $1.7 million is more than 90 days past due and for which the Company has provided for an allowance for doubtful accounts of $1.7 million. Certain of the components included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources, or the requirement to establish a new supplier for the components, could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. Accounts Receivable The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. Management reviews accounts receivable on a periodic basis and reserves for receivables in the Company’s allowance for doubtful accounts on a specific identification basis when they are determined to be uncollectible. After the Company has exhausted all collection efforts, the outstanding receivable is written off against the allowance. In June 2021, the Company deemed certain receivables from a customer in the Middle East uncollectible due to credit and economic conditions, including the impact of COVID-19, and recorded a provision for bad debts of $1.7 million. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, unbilled receivables, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value (a level 2 measurement) at each balance sheet date due to its variable interest rate, which approximates a market interest rate. Revenue Recognition The Company recognizes revenue from sales to customers under ASC 606, Revenue from Contracts with Customers For a contract with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers; however, when prices in standalone sales are not available the Company may use third party pricing for similar products or services or estimate the standalone selling price, which is set by management. Allocation of the transaction price is determined at the contract’s inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Product and Service Revenue The Company derives product and service revenue primarily from the sale of handheld and desktop products and related consumables and services. Revenue is recognized when control of the promised products, consumables or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, consumables or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of accounting under ASC 606. For devices and consumables sold by the Company, control transfers to the customer at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership, and where acceptance is other than perfunctory, the customer must have accepted the product or service. The Company’s principal terms of sale are freight on board (“FOB”) shipping point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment. Sales arrangements with delivery terms that are not FOB shipping point are not recognized upon shipment and the transfer of control for revenue recognition is evaluated based on the associated shipping terms and customer obligations. If a performance obligation to the customer with respect to a sales transaction remains to be fulfilled following shipment (typically installation or acceptance by the customer), revenue recognition for that performance obligation is deferred until such commitments have been fulfilled. For extended warranty and support, control transfers to the customer over the term of the arrangement. Revenue for extended warranty and support is recognized based upon the period of time elapsed under the arrangement as this period represents the transfer of benefits or services under the agreement. The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 to 90 days after the shipment or delivery of the product, and such payments typically do not include payments that are variable, dependent on specified factors or events. In limited circumstances, there exists a right of return for product if agreed to by the Company. Revenue is only recognized for those goods that are not expected to be returned such that it is probable that there will not be a significant reversal of cumulative revenue. Service arrangements commonly call for payments in advance of performing the work (e.g., extended warranty/service contracts), upon completion of the service or a mix of both. The Company does not enter into significant financing agreements or other forms of variable consideration. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not only subject to the passage of time. The Company had no contract assets related to product or service revenue as of March 31, 2022 or December 31, 2021. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liability related to product and service revenue is deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The following is a summary of the activity of the Company’s deferred revenue related to product and service revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Balances at beginning of period ​ $ 14,521 ​ $ 8,938 Recognition of revenue included in balance at beginning of the period ​ (1,375) ​ (760) Revenue deferred during the period, net of revenue recognized ​ 1,691 ​ 920 Balances at end of period ​ $ 14,837 ​ $ 9,098 ​ The amount of deferred revenue equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such deferred revenue amounts related to product and service revenue are expected to be recognized in the future as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Deferred revenue expected to be recognized in: ​ ​ One year or less ​ $ 5,726 ​ $ 3,126 One to two years ​ 3,869 ​ 1,964 Three years and beyond ​ 5,242 ​ 4,008 ​ ​ $ 14,837 ​ $ 9,098 ​ As of March 31, 2022, the Company’s wholly- or partially-unsatisfied performance obligations totaled $6.2 million related to product and service agreements entered prior to period end, which the Company expects to recognize through 2024. License and Contract Revenue The Company generates revenue from short and long-term contracts associated with the design and development and delivery of detection devices or related design and support services. To date, these contracts are primarily with the U.S. government or commercial entities contracting with the U.S. government, but the Company has also had such contracts with commercial partners. The Company’s contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. The pricing for non-U.S. government contracts is based on the specific negotiations with each customer. Under the typical payment terms of U.S. government fixed-price contracts, the customer pays in accordance with the terms of the specific agreement, but generally through progress payments. If these progress payments are made in advance, these payments are recorded as a contract liability, classified as deferred revenue within the accompanying condensed consolidated balance sheet, until the Company provides the underlying services. For U.S. government cost-type contracts, the customer generally pays for actual costs incurred within a short period of time. For contracts with commercial partners, payments are made in accordance with the terms of the specific agreement. For agreements which call for milestone payments, to the extent the Company does not conclude that it is probable that a significant reversal of cumulative revenue will occur, a contract asset is generated until the Company is permitted to bill for costs incurred, which is classified as prepaid expense and other current assets in the accompanying condensed consolidated balance sheet. In some cases, payments received in advance under license agreements are recorded as deferred revenue and recognized over the respective contract term, absent any other performance obligations. Generally, revenue for long-term contracts is recognized based upon the cost-to-cost measure of progress, provided that the Company meets the criteria associated with transferring control of the good or service over time such as not creating an asset with an alternative use and having an enforceable right to payment for completed performance. However, the Company evaluates the proper revenue recognition on a contract by contract basis, as each contract generally contains terms specific to the underlying agreement which result in differing performance obligations and payment terms (cost plus, fixed price agreements among others). For revenue recognized under the cost-to-cost measure of progress basis, the Company continually assesses total costs expected to be incurred and if such costs require adjustment to the measure of progress, the Company records such adjustment as a change in estimate on a cumulative catch-up basis in the period of adjustment. The Company includes the unconstrained amount of consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, as required under ASC 606, the Company re-evaluates the estimated consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company includes contract assets within prepaid and other current assets in the accompanying condensed consolidated balance sheet. The Company had contract assets related to contract or license revenue totaling $0.1 million and $0.2 million, respectively, as of March 31, 2022 and December 31, 2021. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. Contract liabilities arising from contract and license agreements typically represent payments received for the license of symbolic intellectual property for a defined term. As of March 31, 2022, the Company had contract liabilities totaling $2.5 million related to contract and license revenue, which the Company expects to recognize in 2022 and 2023. As of December 31, 2021, the Company had contract liabilities totaling $2.6 million related to contract and license revenue, of which the Company recognized $0.1 million during the three months ended March 31, 2022. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. As of March 31, 2022, the Company’s wholly- or partially-unsatisfied performance obligations totaled $1.0 million related to contract and license agreements entered prior to period end, which the Company expects to recognize during the years ended December 31, 2022 and 2023. Distribution Channels A majority of the Company’s revenue is generated by sales in conjunction with its distribution partners, such as its international distributors and, in the United States, for end customers where a government contract is required or a customer has a pre-existing relationship. When the Company transacts with a distribution partner, its contractual arrangement is with the partner and not with the end-use customer. Whether the Company transacts business with and receives the order from a distribution partner or directly from an end-use customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. Disaggregated Revenue The Company’s product and service revenue consists of sales of devices and consumables and the sale of service and extended warranty plans. The following table presents the Company’s revenue by revenue stream (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Product and service revenue: ​ ​ ​ Device sales revenue ​ $ 5,533 ​ $ 3,911 ​ Consumables and service revenue ​ 2,496 ​ 1,446 ​ Total product and service revenue ​ 8,029 ​ 5,357 ​ License and contract revenue ​ 277 ​ 186 ​ Total revenue ​ $ 8,306 ​ $ 5,543 ​ ​ The following table presents the Company’s product and service revenue by device type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Handheld ​ $ 4,470 ​ $ 3,240 ​ Desktop ​ ​ 3,559 ​ 2,117 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ Revenue based on the end-user entity type for the Company’s product and service revenue are presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Government ​ $ 4,717 ​ $ 3,234 ​ Pharmaceutical/Biotechnology ​ ​ 3,127 ​ 2,100 ​ Academia ​ ​ 185 ​ 23 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ The following table disaggregates the Company’s revenue from contracts with customers by geography, which are determined based on the customer location (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Americas ​ $ 6,067 ​ $ 4,674 ​ Europe, Middle East and Africa ​ ​ 1,356 ​ 446 ​ Asia Pacific ​ ​ 883 ​ 423 ​ ​ ​ $ 8,306 ​ $ 5,543 ​ ​ International sales are comprised primarily of product and service revenue, with the majority of license and contract revenue being attributable to North America. Net Income (Loss) per Share The Company has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of any potential dilutive securities outstanding for the fiscal year. Potential dilutive securities include warrants, stock options, restricted stock units, and shares to be purchased under the Company’s employee stock purchase plan. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various areas related to accounting for income taxes. ASU 2019- 12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. For public entities the guidance is effective for annual reporting periods beginning after December 15, 2020 and for interim periods within those fiscal years. For non-public entities, the guidance is effective for annual reporting periods beginning after December 15, 2021 and for interim periods within years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance as of January 1, 2022 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at March 31, 2022 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 287 ​ $ — ​ $ — ​ $ 287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 634 ​ $ — ​ $ — ​ $ 634 ​ Money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory
Inventory	4. Inventory Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ Raw materials ​ $ 6,666 ​ $ 6,242 ​ Work-in-progress ​ ​ 2,102 ​ 551 ​ Finished goods ​ ​ 864 ​ 1,125 ​ ​ ​ $ 9,632 ​ $ 7,918 ​ ​

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ Accrued employee compensation and benefits ​ $ 1,362 ​ $ 3,271 ​ Accrued warranty ​ ​ 1,329 ​ 1,593 ​ Accrued professional fees ​ ​ 733 ​ 710 ​ Accrued other ​ ​ 926 ​ 1,387 ​ ​ ​ $ 4,350 ​ $ 6,961 ​ ​ ​ Changes in the Company’s product warranty obligation were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Accrual balance at beginning of period ​ $ 1,593 ​ $ 1,265 Provision for new warranties ​ 271 ​ 198 Settlements and adjustments made during the period ​ (535) ​ (377) Accrual balance at end of period ​ $ 1,329 ​ $ 1,086 ​

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-Term Debt
Long-Term Debt	6. Long-Term Debt As of December 31, 2020, the Company had outstanding borrowings under a Loan and Security Agreement, as amended (the “2019 Loan”) with a financial institution (the “Lender”). On March 11, 2021, the Company entered into an Amended and Restated Loan and Security Agreement, (the “2021 Revolver”), with the Lender to replace the 2019 Loan. This agreement created a revolving line of credit totaling $25.0 million and eliminated the existing term loan. Borrowings under the revolving line of credit bear interest at an annual rate equal to the greater of (i) one-half percent (0.5%) above the prime rate or (ii) 4.0% and mature on March 11, 2024 . Borrowings are collateralized by substantially all of the Company’s property, excluding intellectual property, which is subject to a negative pledge. The 2021 Revolver subjects the Company to various customary covenants, including requirements as to financial reporting and financial covenants (including an unrestricted minimum cash level of $10.0 million), and restrictions on the Company’s ability to dispose of its business or property, to change its line of business, to liquidate or dissolve, to enter into any change in control transaction, to merge or consolidate with any other entity or to acquire all or substantially all the capital stock or property of another entity, to incur additional indebtedness, to incur liens on the Company’s property, to pay any dividends or make other distributions on capital stock other than dividends payable solely in capital stock, to redeem capital stock, to enter into in-bound licensing agreements, to engage in transactions with affiliates, and to encumber the Company’s intellectual property. Events of default under the 2021 Revolver include failure to make payments when due, insolvency events, failure to comply with covenants or material adverse events with respect to the Company. Upon the occurrence of an event of default and until such event of default is no longer continuing, the annual interest rate will be 5.0% above the otherwise applicable rate. As of March 31, 2022, the Company was in compliance with all financial covenants under the 2021 Revolver. The terms of the 2021 Revolver required that the existing term loan outstanding under the 2019 Loan be repaid with an advance under the line of credit. Accordingly, on March 11, 2021, the Company used $14.5 million of proceeds from the revolving line of credit to repay all amounts then due on the existing term loan. The Company accounted for the transaction as a debt extinguishment and recorded a loss on extinguishment of $0.2 million, which was included in interest expense in the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2022, and December 31, 2021, the Company had $15.0 million outstanding under the 2021 Revolver and classified as long-term debt in the condensed consolidated balance sheet.

Equity and Net Income (Loss) pe

Equity and Net Income (Loss) per Share	3 Months Ended
	Mar. 31, 2022
Equity and Net Income (Loss) per Share
Equity and Net Income (Loss) per Share	7. Equity and Net Income (Loss) per Share Equity As of March 31, 2022, the Company’s certificate of incorporation authorized the Company to issue shares of preferred stock, all of which is undesignated. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. As of March 31, 2022, and December 31, 2021, the Company had outstanding warrants for the purchase of 92,703 shares of common stock at an exercise price of $9.17 per share, of which warrants for the purchase of 49,078 shares and 43,625 shares expire in 2027 and 2028, respectively. Net Income (Loss) per Share The Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for three months ended March 31, 2022 and 2021 as the impact of including such common stock equivalents would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Warrants to purchase common stock ​ 92,703 ​ 92,703 Options to purchase common stock 2,868,305 3,401,557 Restricted stock units ​ 732,280 ​ — ​ 3,693,288 3,494,260 ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation The Company recorded stock-based compensation expense for all stock awards in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Cost of revenue ​ $ 63 ​ $ 3 ​ Research and development expenses ​ ​ 260 ​ 60 ​ Selling, general and administrative expenses ​ ​ 966 ​ 276 ​ ​ ​ $ 1,289 ​ $ 339 ​ ​ As of March 31, 2022, unrecognized compensation expense was $18.9 million, related to unvested restricted stock units and stock options, which is expected to be recognized over a weighted average period of 3.28 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies Operating Leases The Company’s primary operating lease obligations consists of various leases for office space in Boston, Massachusetts; North Carolina; and Pennsylvania. There have been no material changes to the Company’s leases during the three months ended March 31, 2022. For additional information, read Note 11, Leases, Royalty Arrangements The Company has entered into royalty arrangements with two parties whereby the Company owes low- to mid-single digit royalty percentages related to revenue that is derived pursuant to in-licensed technologies. Royalty obligations are expensed when incurred or over the minimum royalty periods and have not been material. Some of the arrangements include minimum royalties over a defined term. The future minimum royalty payments are $0.1 million per year through the end of the patents’ lives. The Company has the right to terminate the agreements with written notice. 401(k) Savings Plan The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions to the plan may be made at the discretion of the board of directors. On October 1, 2021, the Company commenced an employer match program whereby the Company matches 100% of the first 3% that each employee contributes to the plan, capped at a maximum of $3,500 per year per employee. During the three months ended March 31, 2022, the Company made $0.2 million in contributions to the plan. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its executive officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or services as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of March 31, 2022. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Unaudited Condensed Interim Financial Information	Unaudited Condensed Interim Financial Information The condensed consolidated balance sheet at December 31, 2021 was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2022 and results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021 have been made. The Company’s results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022 or any other period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and accounts receivable, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require further updates to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.
Concentrations of Credit Risk and of Significant Customers	Concentrations of Credit Risk and of Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue or accounts receivable. For the three months ended March 31, 2022, one customer represented 17% of total revenue. For the three months ended March 31, 2021, two customers represented 19% and 10% of total revenue, respectively. As of March 31, 2022, one customer accounted for 21% of gross accounts receivable. As of December 31, 2021, two customers accounted for 63% and 11%, respectively, of gross accounts receivable. The credit and economic conditions within countries in Europe, Middle East and Africa that the Company does business with have been weak in recent years. These conditions have continued to deteriorate as a result of COVID-19 and may continue to increase the average length of time that it takes to collect on the accounts receivables outstanding in these countries. As of March 31, 2022, the gross accounts receivable balance from these countries amounted to $2.8 million, of which $1.7 million is more than 90 days past due and for which the Company has provided for an allowance for doubtful accounts of $1.7 million. Certain of the components included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources, or the requirement to establish a new supplier for the components, could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.
Accounts Receivable	Accounts Receivable The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. Management reviews accounts receivable on a periodic basis and reserves for receivables in the Company’s allowance for doubtful accounts on a specific identification basis when they are determined to be uncollectible. After the Company has exhausted all collection efforts, the outstanding receivable is written off against the allowance. In June 2021, the Company deemed certain receivables from a customer in the Middle East uncollectible due to credit and economic conditions, including the impact of COVID-19, and recorded a provision for bad debts of $1.7 million.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, unbilled receivables, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value (a level 2 measurement) at each balance sheet date due to its variable interest rate, which approximates a market interest rate.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from sales to customers under ASC 606, Revenue from Contracts with Customers For a contract with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers; however, when prices in standalone sales are not available the Company may use third party pricing for similar products or services or estimate the standalone selling price, which is set by management. Allocation of the transaction price is determined at the contract’s inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Product and Service Revenue The Company derives product and service revenue primarily from the sale of handheld and desktop products and related consumables and services. Revenue is recognized when control of the promised products, consumables or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products, consumables or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of accounting under ASC 606. For devices and consumables sold by the Company, control transfers to the customer at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership, and where acceptance is other than perfunctory, the customer must have accepted the product or service. The Company’s principal terms of sale are freight on board (“FOB”) shipping point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment. Sales arrangements with delivery terms that are not FOB shipping point are not recognized upon shipment and the transfer of control for revenue recognition is evaluated based on the associated shipping terms and customer obligations. If a performance obligation to the customer with respect to a sales transaction remains to be fulfilled following shipment (typically installation or acceptance by the customer), revenue recognition for that performance obligation is deferred until such commitments have been fulfilled. For extended warranty and support, control transfers to the customer over the term of the arrangement. Revenue for extended warranty and support is recognized based upon the period of time elapsed under the arrangement as this period represents the transfer of benefits or services under the agreement. The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 to 90 days after the shipment or delivery of the product, and such payments typically do not include payments that are variable, dependent on specified factors or events. In limited circumstances, there exists a right of return for product if agreed to by the Company. Revenue is only recognized for those goods that are not expected to be returned such that it is probable that there will not be a significant reversal of cumulative revenue. Service arrangements commonly call for payments in advance of performing the work (e.g., extended warranty/service contracts), upon completion of the service or a mix of both. The Company does not enter into significant financing agreements or other forms of variable consideration. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not only subject to the passage of time. The Company had no contract assets related to product or service revenue as of March 31, 2022 or December 31, 2021. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liability related to product and service revenue is deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The following is a summary of the activity of the Company’s deferred revenue related to product and service revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Balances at beginning of period ​ $ 14,521 ​ $ 8,938 Recognition of revenue included in balance at beginning of the period ​ (1,375) ​ (760) Revenue deferred during the period, net of revenue recognized ​ 1,691 ​ 920 Balances at end of period ​ $ 14,837 ​ $ 9,098 ​ The amount of deferred revenue equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such deferred revenue amounts related to product and service revenue are expected to be recognized in the future as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Deferred revenue expected to be recognized in: ​ ​ One year or less ​ $ 5,726 ​ $ 3,126 One to two years ​ 3,869 ​ 1,964 Three years and beyond ​ 5,242 ​ 4,008 ​ ​ $ 14,837 ​ $ 9,098 ​ As of March 31, 2022, the Company’s wholly- or partially-unsatisfied performance obligations totaled $6.2 million related to product and service agreements entered prior to period end, which the Company expects to recognize through 2024. License and Contract Revenue The Company generates revenue from short and long-term contracts associated with the design and development and delivery of detection devices or related design and support services. To date, these contracts are primarily with the U.S. government or commercial entities contracting with the U.S. government, but the Company has also had such contracts with commercial partners. The Company’s contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. The pricing for non-U.S. government contracts is based on the specific negotiations with each customer. Under the typical payment terms of U.S. government fixed-price contracts, the customer pays in accordance with the terms of the specific agreement, but generally through progress payments. If these progress payments are made in advance, these payments are recorded as a contract liability, classified as deferred revenue within the accompanying condensed consolidated balance sheet, until the Company provides the underlying services. For U.S. government cost-type contracts, the customer generally pays for actual costs incurred within a short period of time. For contracts with commercial partners, payments are made in accordance with the terms of the specific agreement. For agreements which call for milestone payments, to the extent the Company does not conclude that it is probable that a significant reversal of cumulative revenue will occur, a contract asset is generated until the Company is permitted to bill for costs incurred, which is classified as prepaid expense and other current assets in the accompanying condensed consolidated balance sheet. In some cases, payments received in advance under license agreements are recorded as deferred revenue and recognized over the respective contract term, absent any other performance obligations. Generally, revenue for long-term contracts is recognized based upon the cost-to-cost measure of progress, provided that the Company meets the criteria associated with transferring control of the good or service over time such as not creating an asset with an alternative use and having an enforceable right to payment for completed performance. However, the Company evaluates the proper revenue recognition on a contract by contract basis, as each contract generally contains terms specific to the underlying agreement which result in differing performance obligations and payment terms (cost plus, fixed price agreements among others). For revenue recognized under the cost-to-cost measure of progress basis, the Company continually assesses total costs expected to be incurred and if such costs require adjustment to the measure of progress, the Company records such adjustment as a change in estimate on a cumulative catch-up basis in the period of adjustment. The Company includes the unconstrained amount of consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, as required under ASC 606, the Company re-evaluates the estimated consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company includes contract assets within prepaid and other current assets in the accompanying condensed consolidated balance sheet. The Company had contract assets related to contract or license revenue totaling $0.1 million and $0.2 million, respectively, as of March 31, 2022 and December 31, 2021. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. Contract liabilities arising from contract and license agreements typically represent payments received for the license of symbolic intellectual property for a defined term. As of March 31, 2022, the Company had contract liabilities totaling $2.5 million related to contract and license revenue, which the Company expects to recognize in 2022 and 2023. As of December 31, 2021, the Company had contract liabilities totaling $2.6 million related to contract and license revenue, of which the Company recognized $0.1 million during the three months ended March 31, 2022. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. As of March 31, 2022, the Company’s wholly- or partially-unsatisfied performance obligations totaled $1.0 million related to contract and license agreements entered prior to period end, which the Company expects to recognize during the years ended December 31, 2022 and 2023. Distribution Channels A majority of the Company’s revenue is generated by sales in conjunction with its distribution partners, such as its international distributors and, in the United States, for end customers where a government contract is required or a customer has a pre-existing relationship. When the Company transacts with a distribution partner, its contractual arrangement is with the partner and not with the end-use customer. Whether the Company transacts business with and receives the order from a distribution partner or directly from an end-use customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. Disaggregated Revenue The Company’s product and service revenue consists of sales of devices and consumables and the sale of service and extended warranty plans. The following table presents the Company’s revenue by revenue stream (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Product and service revenue: ​ ​ ​ Device sales revenue ​ $ 5,533 ​ $ 3,911 ​ Consumables and service revenue ​ 2,496 ​ 1,446 ​ Total product and service revenue ​ 8,029 ​ 5,357 ​ License and contract revenue ​ 277 ​ 186 ​ Total revenue ​ $ 8,306 ​ $ 5,543 ​ ​ The following table presents the Company’s product and service revenue by device type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Handheld ​ $ 4,470 ​ $ 3,240 ​ Desktop ​ ​ 3,559 ​ 2,117 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ Revenue based on the end-user entity type for the Company’s product and service revenue are presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Government ​ $ 4,717 ​ $ 3,234 ​ Pharmaceutical/Biotechnology ​ ​ 3,127 ​ 2,100 ​ Academia ​ ​ 185 ​ 23 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ The following table disaggregates the Company’s revenue from contracts with customers by geography, which are determined based on the customer location (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Americas ​ $ 6,067 ​ $ 4,674 ​ Europe, Middle East and Africa ​ ​ 1,356 ​ 446 ​ Asia Pacific ​ ​ 883 ​ 423 ​ ​ ​ $ 8,306 ​ $ 5,543 ​ ​ International sales are comprised primarily of product and service revenue, with the majority of license and contract revenue being attributable to North America.
Net Income (Loss) per Share	Net Income (Loss) per Share The Company has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of any potential dilutive securities outstanding for the fiscal year. Potential dilutive securities include warrants, stock options, restricted stock units, and shares to be purchased under the Company’s employee stock purchase plan. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various areas related to accounting for income taxes. ASU 2019- 12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. For public entities the guidance is effective for annual reporting periods beginning after December 15, 2020 and for interim periods within those fiscal years. For non-public entities, the guidance is effective for annual reporting periods beginning after December 15, 2021 and for interim periods within years beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance as of January 1, 2022 and the adoption did not have a material impact on its consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of the activity of the Company's deferred revenue	The following is a summary of the activity of the Company’s deferred revenue related to product and service revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Balances at beginning of period ​ $ 14,521 ​ $ 8,938 Recognition of revenue included in balance at beginning of the period ​ (1,375) ​ (760) Revenue deferred during the period, net of revenue recognized ​ 1,691 ​ 920 Balances at end of period ​ $ 14,837 ​ $ 9,098
Schedule of deferred revenue amounts expected to be recognized in the future	The amount of deferred revenue equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such deferred revenue amounts related to product and service revenue are expected to be recognized in the future as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Deferred revenue expected to be recognized in: ​ ​ One year or less ​ $ 5,726 ​ $ 3,126 One to two years ​ 3,869 ​ 1,964 Three years and beyond ​ 5,242 ​ 4,008 ​ ​ $ 14,837 ​ $ 9,098
Schedule of disaggregation of revenue	The Company’s product and service revenue consists of sales of devices and consumables and the sale of service and extended warranty plans. The following table presents the Company’s revenue by revenue stream (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Product and service revenue: ​ ​ ​ Device sales revenue ​ $ 5,533 ​ $ 3,911 ​ Consumables and service revenue ​ 2,496 ​ 1,446 ​ Total product and service revenue ​ 8,029 ​ 5,357 ​ License and contract revenue ​ 277 ​ 186 ​ Total revenue ​ $ 8,306 ​ $ 5,543 ​ ​ The following table presents the Company’s product and service revenue by device type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Handheld ​ $ 4,470 ​ $ 3,240 ​ Desktop ​ ​ 3,559 ​ 2,117 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ Revenue based on the end-user entity type for the Company’s product and service revenue are presented below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Government ​ $ 4,717 ​ $ 3,234 ​ Pharmaceutical/Biotechnology ​ ​ 3,127 ​ 2,100 ​ Academia ​ ​ 185 ​ 23 ​ Total product and service revenue ​ $ 8,029 ​ $ 5,357 ​ ​ The following table disaggregates the Company’s revenue from contracts with customers by geography, which are determined based on the customer location (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Americas ​ $ 6,067 ​ $ 4,674 ​ Europe, Middle East and Africa ​ ​ 1,356 ​ 446 ​ Asia Pacific ​ ​ 883 ​ 423 ​ ​ ​ $ 8,306 ​ $ 5,543 ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Schedule of assets and liabilities that are measured at fair value on a recurring basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at March 31, 2022 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 287 ​ $ — ​ $ — ​ $ 287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 Using: ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 634 ​ $ — ​ $ — ​ $ 634

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory
Schedule of inventory	Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ Raw materials ​ $ 6,666 ​ $ 6,242 ​ Work-in-progress ​ ​ 2,102 ​ 551 ​ Finished goods ​ ​ 864 ​ 1,125 ​ ​ ​ $ 9,632 ​ $ 7,918 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Schedule of accrued expenses	Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ Accrued employee compensation and benefits ​ $ 1,362 ​ $ 3,271 ​ Accrued warranty ​ ​ 1,329 ​ 1,593 ​ Accrued professional fees ​ ​ 733 ​ 710 ​ Accrued other ​ ​ 926 ​ 1,387 ​ ​ ​ $ 4,350 ​ $ 6,961 ​ ​ ​
Schedule of changes in product warranty obligation	Changes in the Company’s product warranty obligation were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Accrual balance at beginning of period ​ $ 1,593 ​ $ 1,265 Provision for new warranties ​ 271 ​ 198 Settlements and adjustments made during the period ​ (535) ​ (377) Accrual balance at end of period ​ $ 1,329 ​ $ 1,086

Equity and Net Income (Loss) _2

Equity and Net Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Equity and Net Income (Loss) per Share
Schedule of anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Warrants to purchase common stock ​ 92,703 ​ 92,703 Options to purchase common stock 2,868,305 3,401,557 Restricted stock units ​ 732,280 ​ — ​ 3,693,288 3,494,260

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Schedule of stock-based compensation expense	The Company recorded stock-based compensation expense for all stock awards in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ Cost of revenue ​ $ 63 ​ $ 3 ​ Research and development expenses ​ ​ 260 ​ 60 ​ Selling, general and administrative expenses ​ ​ 966 ​ 276 ​ ​ ​ $ 1,289 ​ $ 339 ​

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 15, 2021	Dec. 22, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Nature of the Business and Basis of Presentation
Entity Incorporation, Date of Incorporation			Feb. 10, 2012
Proceeds from public offering, net of underwriting discounts and commissions	$ 94,400
Net loss			$ (9,415)	$ (6,095)	$ (22,200)
Accumulated deficit			$ (110,052)		$ (100,637)
IPO | Common Stock
Nature of the Business and Basis of Presentation
Shares issued		7,475,000
Proceeds from public offerings, net of underwriting discounts and commissions		$ 136,600
Conversion of preferred stock to common stock upon initial public offering (in shares)		14,691,929
Public Offering | Common Stock
Nature of the Business and Basis of Presentation
Shares issued	3,150,000
Price per share	$ 32
Underwriters' option | Common Stock
Nature of the Business and Basis of Presentation
Shares issued		975,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Risk of Concentrations of Credit, Significant Customers and Significant Suppliers (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)customer	Mar. 31, 2021customer	Dec. 31, 2021USD ($)customer
Concentrations of Credit Risk and of Significant Customers
Allowance for doubtful accounts	$ 1,750		$ 1,750
Revenue | Customers
Concentrations of Credit Risk and of Significant Customers
Threshold percentage used to determine significant risk	10.00%	10.00%
Number of customers with concentration risk | customer	1	2
Revenue | Customers | Customer One
Concentrations of Credit Risk and of Significant Customers
Concentration risk percentage	17.00%
Accounts Receivable | Customers
Concentrations of Credit Risk and of Significant Customers
Threshold percentage used to determine significant risk	10.00%		10.00%
Number of customers with concentration risk | customer	1		2
Accounts Receivable | Customers | Equal to or greater than 90 days past due
Concentrations of Credit Risk and of Significant Customers
Gross accounts receivable balance	$ 1,700
Allowance for doubtful accounts	1,700
Accounts Receivable | Customers | Europe, Middle East and Africa
Concentrations of Credit Risk and of Significant Customers
Gross accounts receivable balance	$ 2,800
Accounts Receivable | Customers | Customer One
Concentrations of Credit Risk and of Significant Customers
Concentration risk percentage	21.00%	19.00%	63.00%
Accounts Receivable | Customers | Customer Two
Concentrations of Credit Risk and of Significant Customers
Concentration risk percentage		10.00%	11.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Provision for doubtful accounts	$ 1,700
Allowance for doubtful accounts		$ 1,750	$ 1,750

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Revenue (Details) - Product and service revenue - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue Recognition
Contract assets	$ 0		$ 0
Summary of the activity of the Company's deferred revenue related to product and service revenue
Balances at beginning of period	14,521	$ 8,938
Recognition of revenue included in balance at beginning of the period	(1,375)	(760)
Revenue deferred during the period, net of revenue recognized	1,691	920
Balances at end of period	$ 14,837	$ 9,098
Minimum
Revenue Recognition
Payment terms for customer receivables	30 days
Maximum
Revenue Recognition
Payment terms for customer receivables	90 days

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Deferred Revenue Expected To Be Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition
Remaining performance obligation amount	$ 14,837	$ 9,098
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue Recognition
Period in which remaining performance obligation is expected to be recognized as revenue		1 year
Remaining performance obligation amount		$ 3,126
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue Recognition
Period in which remaining performance obligation is expected to be recognized as revenue	1 year	1 year
Remaining performance obligation amount	$ 5,726	$ 1,964
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Recognition
Period in which remaining performance obligation is expected to be recognized as revenue	1 year
Remaining performance obligation amount	$ 3,869	$ 4,008
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue Recognition
Period in which remaining performance obligation is expected to be recognized as revenue
Remaining performance obligation amount	$ 5,242
Product and service revenue
Revenue Recognition
Wholly- or partially-unsatisfied performance obligations	$ 6,200

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - License And Contract Revenue (Details) - License and contract revenue - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue Recognition
Contract assets	$ 0.1	$ 0.2
Contract liabilities	2.5	$ 2.6
Revenue recognized	0.1
Wholly- or partially-unsatisfied performance obligations	$ 1

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition
Revenue	$ 8,306	$ 5,543
Americas
Revenue Recognition
Revenue	6,067	4,674
Europe, Middle East and Africa
Revenue Recognition
Revenue	1,356	446
Asia Pacific
Revenue Recognition
Revenue	883	423
Product and service revenue
Revenue Recognition
Revenue	8,029	5,357
Product and service revenue | Government
Revenue Recognition
Revenue	4,717	3,234
Product and service revenue | Pharmaceutical/Biotechnology
Revenue Recognition
Revenue	3,127	2,100
Product and service revenue | Academia
Revenue Recognition
Revenue	185	23
Product and service revenue | Handheld
Revenue Recognition
Revenue	4,470	3,240
Product and service revenue | Desktop
Revenue Recognition
Revenue	3,559	2,117
Device sales
Revenue Recognition
Revenue	5,533	3,911
Consumables and service
Revenue Recognition
Revenue	2,496	1,446
License and contract revenue
Revenue Recognition
Revenue	$ 277	$ 186

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value Measurements
Amount of asset transferred into level 3	$ 0	$ 0
Amount of asset transferred out of level 3		0
Amount of liability transferred into level 3	0	0
Amount of liability transferred out of level 3	0	$ 0
Recurring | Money market funds
Fair Value Measurements
Cash and cash equivalents	287		$ 634
Recurring | Level 1 | Money market funds
Fair Value Measurements
Cash and cash equivalents	$ 287		$ 634

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory
Raw materials	$ 6,666	$ 6,242
Work-in-progress	2,102	551
Finished goods	864	1,125
Total	$ 9,632	$ 7,918

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Accrued employee compensation and benefits	$ 1,362	$ 3,271
Accrued warranty	1,329	1,593
Accrued professional fees	733	710
Accrued other	926	1,387
Total accrued expenses	$ 4,350	$ 6,961

Accrued Expenses - Changes in p

Accrued Expenses - Changes in product warranty obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in product warranty obligation
Accrual balance at beginning of period	$ 1,593	$ 1,265
Provision for new warranties	271	198
Settlements and adjustments made during the period	(535)	(377)
Accrual balance at end of period	$ 1,329	$ 1,086

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 11, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Long-Term Debt
Proceeds from borrowings on revolving line of credit		$ 15,000	$ 15,000
Loss on extinguishment		(3)	$ (168)
2021 Revolver
Long-Term Debt
Loan capacity	$ 25,000
Maturity date	Mar. 11, 2024
Unrestricted minimum cash required pursuant to financial covenants of the loan	$ 10,000
Annual interest rate above the otherwise applicable rate upon the occurrence of an event of default	5.00%
Line of credit outstanding		$ 15,000		$ 15,000
2021 Revolver | Minimum
Long-Term Debt
Fixed annual interest rate	4.00%
2019 Loan
Long-Term Debt
Repayment of loan	$ 14,500
Loss on extinguishment	$ (200)
Prime rate | 2021 Revolver | Minimum
Long-Term Debt
Spread on basis rate (percentage)	0.50%

Equity and Net Income (Loss) _3

Equity and Net Income (Loss) per Share (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022Vote$ / sharesshares	Dec. 31, 2021$ / sharesshares
Equity and Net Income (Loss) per Share
Number of votes for each share of common stock | Vote	1
Warrants to purchase common stock
Equity and Net Income (Loss) per Share
Number of shares purchased from outstanding warrants	92,703	92,703
Purchase price, per share | $ / shares	$ 9.17	$ 9.17
Warrants to purchase common stock | Warrants Expiring in 2027
Equity and Net Income (Loss) per Share
Number of warrants that will expire	49,078	49,078
Warrants to purchase common stock | Warrants Expiring in 2028
Equity and Net Income (Loss) per Share
Number of warrants that will expire	43,625	43,625

Equity and Net Income (Loss) _4

Equity and Net Income (Loss) per Share - Anti-dilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity and Net Income (Loss) per Share
Anti-dilutive securities	3,693,288	3,494,260
Warrants to purchase common stock
Equity and Net Income (Loss) per Share
Anti-dilutive securities	92,703	92,703
Options to purchase common stock
Equity and Net Income (Loss) per Share
Anti-dilutive securities	2,868,305	3,401,557
Restricted stock units
Equity and Net Income (Loss) per Share
Anti-dilutive securities	732,280

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 1,289	$ 339
Restricted stock units and stock options
Stock-Based Compensation
Remaining unrecognized stock-based compensation expense	$ 18,900
Weighted average period for recognition of stock-based compensation expense	3 years 3 months 10 days
Cost of revenue
Stock-Based Compensation
Stock-based compensation expense	$ 63	3
Research and development expenses
Stock-Based Compensation
Stock-based compensation expense	260	60
Selling, general and administrative expenses
Stock-Based Compensation
Stock-based compensation expense	$ 966	$ 276

Commitments and Contingencies (

Commitments and Contingencies (Details)	Oct. 01, 2021USD ($)	Mar. 31, 2022USD ($)item
Royalty Arrangements
Number of parties with royalty arrangements | item		2
Future minimum annual royalty payments		$ 100,000
401(k) Savings Plan
Employer contributions to defined contribution plan		$ 200,000
Employer matching contribution, percentage of match	100.00%
Employer matching contribution, percentage of employees' gross pay	3.00%
Employer matching contribution, maximum amount of annual match per employee	$ 3,500