Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41364 | |
Entity Registrant Name | TENON MEDICAL, INC. | |
Entity Central Index Key | 0001560293 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-5574718 | |
Entity Address, Address Line One | 104 Cooper Court | |
Entity Address, City or Town | Los Gatos | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 95032 | |
City Area Code | 408 | |
Local Phone Number | 649-5760 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | TNON | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,251,299 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,179 | $ 2,129 |
Short-term investments | 1,737 | 6,441 |
Accounts receivable | 316 | 228 |
Inventory | 416 | 415 |
Prepaid expenses | 193 | 134 |
Total current assets | 5,841 | 9,347 |
Fixed assets, net | 852 | 793 |
Deposits | 51 | 51 |
Operating lease right-of-use asset | 818 | 873 |
Deferred offering costs | 67 | 25 |
TOTAL ASSETS | 7,629 | 11,089 |
Current liabilities: | ||
Accounts payable | 928 | 550 |
Accrued expenses | 530 | 717 |
Current portion of accrued commissions | 1,059 | 1,035 |
Current portion of operating lease liability | 235 | 228 |
Total current liabilities | 2,752 | 2,530 |
Accrued commissions, net of current portion | 1,781 | 1,624 |
Operating lease liability, net of current portion | 622 | 683 |
Total liabilities | 5,155 | 4,837 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 130,000,000 shares authorized at March 31, 2023 and December 31, 2022; 11,251,299 and 11,236,801 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 11 | 11 |
Additional paid-in capital | 46,873 | 45,833 |
Accumulated deficit | (44,322) | (39,492) |
Accumulated other comprehensive loss | (88) | (100) |
Total stockholders' equity | 2,474 | 6,252 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 7,629 | $ 11,089 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock par or stated value per share | $ 0.001 | $ 0.001 |
Common stock shares authorized | 130,000,000 | 130,000,000 |
Common stock shares issued | 11,251,299 | 11,236,801 |
Common stock shares outstanding | 11,251,299 | 11,236,801 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 433 | $ 71 |
Cost of revenue | 480 | 275 |
Gross Loss | (47) | (204) |
Operating Expenses | ||
Research and development | 834 | 562 |
Sales and marketing | 2,026 | 276 |
General and administrative | 1,979 | 1,037 |
Total Operating Expenses | 4,839 | 1,875 |
Loss from Operations | (4,886) | (2,079) |
Other Income (Expense) | ||
Gain on investments | 56 | 1 |
Interest expense | 0 | (274) |
Other income (expense) | 0 | (1) |
Total Other Income (Expense), net | 56 | (274) |
Net Loss | $ (4,830) | $ (2,353) |
Net Loss Per Share of Common Stock | ||
Basic | $ (0.43) | $ (2.38) |
Diluted | $ (0.43) | $ (2.38) |
Weighted Average Shares of Common Stock Outstanding | ||
Basic | 11,242 | 990 |
Diluted | 11,242 | 990 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,830) | $ (2,353) |
Unrealized gain on investments | 13 | 0 |
Foreign currency translation adjustment | (1) | 0 |
Total Comprehensive Loss | $ (4,818) | $ (2,353) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] |
Beginning Balance at Dec. 31, 2021 | $ 12,367 | $ 1,272 | |||||
Beginning Balance (in shares) at Dec. 31, 2021 | 2,550,763 | 491,222 | |||||
Beginning Balance at Dec. 31, 2021 | $ (20,552) | $ 1 | $ 113 | $ (20,575) | $ (91) | ||
Beginning Balance (in shares) at Dec. 31, 2021 | 989,954 | ||||||
Stock-based compensation expense | 169 | 169 | |||||
Net loss | (2,353) | (2,353) | |||||
Ending Balance at Mar. 31, 2022 | $ 12,367 | $ 1,272 | |||||
Ending Balance (in shares) at Mar. 31, 2022 | 2,550,763 | 491,222 | |||||
Ending Balance at Mar. 31, 2022 | (22,736) | $ 1 | 282 | (22,928) | (91) | ||
Ending Balance (in shares) at Mar. 31, 2022 | 989,954 | ||||||
Beginning Balance at Dec. 31, 2022 | $ 0 | $ 0 | |||||
Beginning Balance (in shares) at Dec. 31, 2022 | 0 | 0 | |||||
Beginning Balance at Dec. 31, 2022 | 6,252 | $ 11 | 45,833 | (39,492) | (100) | ||
Beginning Balance (in shares) at Dec. 31, 2022 | 11,236,801 | ||||||
Stock-based compensation expense | 1,040 | 1,040 | |||||
Release of restricted stock units , shares | 14,498 | ||||||
Other comprehensive income | 12 | 12 | |||||
Net loss | (4,830) | (4,830) | |||||
Ending Balance at Mar. 31, 2023 | $ 0 | $ 0 | |||||
Ending Balance (in shares) at Mar. 31, 2023 | 0 | 0 | |||||
Ending Balance at Mar. 31, 2023 | $ 2,474 | $ 11 | $ 46,873 | $ (44,322) | $ (88) | ||
Ending Balance (in shares) at Mar. 31, 2023 | 11,251,299 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net loss | $ (4,830) | $ (2,353) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash interest expense | 0 | 274 |
Stock-based compensation expense | 1,040 | 169 |
Depreciation and amortization | 25 | 10 |
Amortization of operating right-of-use asset | 55 | 51 |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (88) | 11 |
Inventory | (1) | (414) |
Prepaid expenses and other assets | (95) | 5 |
Accounts payable | 378 | (51) |
Accrued expenses | (6) | (118) |
Operating lease liability | (54) | (48) |
Net cash used in operating activities | (3,576) | (2,464) |
Cash Flows from Investing Activities | ||
Sales of short-term investments | 4,753 | 4,404 |
Purchases of short-term investments | 0 | 0 |
Purchases of property and equipment | (84) | (128) |
Net cash provided by investing activities | 4,669 | 4,276 |
Cash Flows from Financing Activities | ||
Deferred offering costs | (42) | (54) |
Net cash used in financing activities | (42) | (54) |
Effect of foreign currency translation on cash flow | (1) | 2 |
Net Increase in Cash and Cash Equivalents | 1,050 | 1,760 |
Cash and Cash Equivalents at Beginning of Period | 2,129 | 2,917 |
Cash and Cash Equivalents at End of Period | $ 3,179 | $ 4,677 |
Organization and Business
Organization and Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization And Business Disclosure [Abstract] | |
Organization and Business | 1. Organization and Business Nature of operations Tenon Medical, Inc. (the “Company”), was incorporated in the State of Delaware on June 19, 2012 and was headquartered in San Ramon, California until June 2021 when it relocated to Los Gatos, California. The Company is a medical device company that has developed a novel, minimally invasive approach to the sacroiliac joint (the “SI Joint”) using a single, robust, titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. The Company received U.S. Food and Drug Administration (“FDA”) clearance in 2018 for its primary product, The Catamaran™ Principles of consolidation The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Tenon Technology AG (“TTAG”), a Swiss company. All intercompany balances and transactions have been eliminated in consolidation. The financial statements of TTAG are prepared for the same reporting period as the parent, using consistent accounting policies in all material respects. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | 2. Summary of Significant Accounting Principles Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). As permitted under these rules and regulations, the Company has condensed or omitted certain financial information and footnote disclosures normally included in its annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements, which are included in its Annual Report on Form 10-K filed with the SEC on March 10, 2023. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in management’s opinion, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair presentation of its financial information. The interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021 included in its Annual Report of Form 10-K filed with the SEC on March 10, 2023. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023. Going concern uncertainty and liquidity requirements The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. There is substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued. Since inception, the Company has incurred losses and negative cash flows from operations. Management expects to incur additional operating losses and negative cash flows from operations in the foreseeable future as the Company continues its product development programs and the commercialization of The Catamaran System. On April 29, 2022, the Company closed an initial public offering (the “IPO”) of its common stock for proceeds of $13,765, net of issuance costs. Based on the Company’s current level of revenues and expenditures, the Company believes that its existing cash and cash equivalents and short-term investments as of March 31, 2023 will not provide sufficient funds to enable it to meet its obligations for a period of at least twelve months from the date of the filing of these condensed consolidated financial statements. The Company plans to raise the necessary additional capital through one or a combination of public or private equity offerings, debt financings, and collaborations. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, realization of deferred tax assets, accrued liabilities, accrued commissions, incremental borrowing rate, obsolescence Income Taxes The Company accounts for income taxes utilizing ASC 740, “Income Taxes”. ASC 740 requires the measurement of deferred tax assets for deductible temporary differences and operating loss carry forwards, and of deferred tax liabilities for taxable temporary differences. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not included in the measurement. The Company recognizes the amount of taxes payable or refundable for the current year and recognizes deferred tax liabilities and assets for the expected future tax consequences of events and transactions that have been recognized in the Company’s financial statements or tax returns. The Company currently has substantial net operating loss carry forwards. The Company has recorded a 100% valuation allowance against net deferred tax assets due to uncertainty of their ultimate realization. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Net loss per share Basic net loss per share is based upon the weighted The Company had the following dilutive common stock equivalents as of March 31, 2023 and 2022 which were excluded from the calculation because their effect was anti-dilutive: March 31, March 31, Outstanding restricted stock units 1,304,032 — Outstanding stock options 974,344 727,394 Outstanding warrants 96,000 25,000 Common shares convertible from notes payable — 2,118,591 Common shares convertible from preferred stock — 1,520,996 Total 2,374,376 4,391,981 Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This standard requires an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, each reporting entity estimate s on of Recent Accounting Pronouncements Not Yet Adopted There have been no accounting pronouncements or changes in accounting pronouncements in the three months ended March 31, 2023 that are significant or |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Investments | 3. Investments The following table sets forth by level, within the fair value hierarchy, the Company’s investments at fair value as of March 31, 2023 and December 31, 2022: Level 2 Corporate debt securities: March 31, 2023 $ 1,737 December 31, 2022 $ 6,441 Cost and fair value of available-for-sale investments as of March 31, 2023 and December 31, 2022 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities: March 31, 2023 $ 1,740 $ — $ (3 ) $ 1,737 December 31, 2022 $ 6,457 $ — $ (16 ) $ 6,441 All of the investments with gross unrealized losses have been in a continuous loss position for less than 12 months. During the three months ended March 31, 2023 and 2022, the Company did not recognize any significant other-than-temporary impairment losses because the Company does not intend to sell the investments before recovery of their amortized cost bases. During the three months ended March 31, 2023 and 2022, there were net gains of approximately $56 and $1, respectively, included in the Company’s net loss. Accrued interest as of March 31, 2023 and December 31, 2022 was approximately $10 and $13, respectively, and is included in prepaid expenses in the Company’s condensed consolidated balance sheet s . |
Fixed Assets, Net
Fixed Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, Net | 4. Fixed Assets , Net Fixed assets, net, consisted of the following: March 31, 2023 December 31, 2022 Construction in progress $ 530 $ 601 Catamaran t s 348 193 IT e 556 56 Lab e 14 14 Office f 9 9 Fixed assets, gross 957 873 Less: accumulated depreciation (105 ) (80 ) Fixed assets, net $ 852 $ 793 Construction in progress is made up of reusable components that will become Catamaran Tray Sets. Depreciation expense was approximately $25 and $10 for the three months ended March 31, 2023 and 2022, respectively. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following: March 31, 2023 December 31, 2022 Accrued compensation $ 321 $ 452 Other accrued expenses 209 265 Total accrued expenses $ 530 $ 717 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 6. Leases In June 2021, the Company entered into a facility lease agreement for its company headquarters in Los Gatos, California. This non- cancellable operating lease expires in June 2026. The Company includes options that are reasonably certain to be exercised as part of the determination of lease terms. The Company may negotiate termination clauses in anticipation of any changes in market conditions, but generally these termination options are not exercised. Residual value guarantees are generally not included within operating leases. In addition to base rent payments, leases may require the Company to pay directly for taxes and other non-lease components, such as insurance, maintenance, and other operating expenses, which may be dependent on usage or vary month-to-month. Non-lease components were considered and determined not to be material. The Company determined if an arrangement is a lease at inception of the contract and performed the lease classification test as of the lease commencement date. R ight-of-use r ight-of-use Operating lease costs for the facility lease were $73 and $135 for the three months ended March 31, 2023 and 2022, respectively. Lease costs are included in general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Supplemental balance sheet information related to leases was as follows: March 31, December 31, 2023 2022 Operating lease right-of-use assets $ 818 $ 873 Operating lease liability, current $ (235 ) $ (228 ) Operating lease liability, noncurrent (622 ) (683 ) Total operating lease liabilities $ (857 ) $ (911 ) Future maturities of operating lease liabilities as of March 31, 2023 were as follows: 2023 $ 221 2024 301 2025 310 2026 144 Total lease payments 976 Less: imputed interest (119 ) Present value of operating lease liabilities $ 857 Other information: Cash paid for operating leases for the three months ended March 31, 2023 $ 72 Cash paid for operating leases for the three months ended March 31, 2022 $ 70 Remaining lease term - operating leases (in years) 3.25 Average discount rate - operating leases 8.0 % |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity The Amended and Restated Certificate of Incorporation dated February 18, 2014 authorized the issuance of 3,937,550 shares of common stock and 2,099,525 shares of preferred stock, with a par value of $0.001 per share. In April 2021 the Company increased the number of authorized shares to 7,000,000 shares of common stock and 2,460,802 shares of preferred stock, and increased the number of authorized shares of Series A Preferred Stock to 1,798,905. In October 2021 the Company increased the number of authorized shares to 10,487,904 shares of common stock and 3,297,061 shares of preferred stock. In February 2022, the Company increased the number of authorized shares to 130,000,000 shares of common stock and 20,000,000 shares of preferred stock. With respect to the preferred stock, 4,500,000 shares are designated Series A Preferred Stock and 491,222 shares are designated Series B Preferred Stock. As of March 31, 2023 and December 31, 2022, there were no shares of Series A Preferred stock or Series B Preferred Stock issued and outstanding. Reverse Stock Split On April 6, 2022, the Company effected a 1:2 reverse stock split (the “Reverse Stock Split”) by filing an amendment to the Company’s Amended and Restated Certificate of Initial Public Offering On April 26, 2022, the Company’s Registration Statement relating to the IPO was declared effective by the SEC. The IPO consisted of 3,200,000 shares of common stock, par value $0.001 per share at a public offering price of $5.00 per share. Pursuant to the Underwriting Agreement dated April 26, 2022, between the Company, The Benchmark Company, LLC (“Benchmark”) and Valuable Capital Limited (together with Benchmark, the “Underwriters”), the Company granted the Underwriters warrants to purchase a total of 96,000 shares of the Company’s common stock at an exercise price of $5.00 per share. The warrants expire on the fifth anniversary of the commencement of sales under the IPO. On April 27, 2022, the shares of the Company’s common stock began trading on the Nasdaq Capital Market LLC under the symbol “TNON.” On April 29, 2022, the IPO closed, and the Company received approximately $13.8 million in net proceeds from the IPO after deducting the underwriting discount and commission and other estimated IPO expenses payable by the Company. As a result of the completion of the IPO, the Company converted the entirety of the outstanding principal and accrued interest of the convertible notes payable to 3,955,415 shares of the Company’s common stock. On April 29, 2022, as result of the completion of the IPO, the Company converted all shares of Series A and Series B Preferred Stock to 2,693,342 shares of the Company’s common stock at the conversion rate detailed below and issued the common stock to the preferred stockholders. Concurrent with the completion of the IPO and in accordance with the Amended and Restated Exclusive Sales Representative Agreement executed in May 2021, the counterparty to the agreement received anti-dilution protections to maintain ownership of 3.0% of the fully diluted equity of the Company through the date of an initial public offering and was issued 312,351 shares of the Company’s common stock to the Representative, fully satisfying the Company’s obligations. Also, as a result of the completion of the IPO, the Company issued 85,739 shares of its common stock to a consultant. The value of these shares issued at the IPO price of $5.00 per share was charged to operating expenses in the Company’s consolidated Voting rights The holders of vested shares of common stock are entitled to vote on any matter submitted to a vote of the stockholders and each such holder is entitled to one vote per share of common stock held. The holders of Series A and Series B Preferred Stock were entitled to vote together with the common stock as a single class on any matter submitted to a vote of the stockholders. Holders of Series A and Series B Preferred Stock were entitled to the number of votes equal to the number of common stock issuable upon conversion of their respective Series A and Series B Preferred Stock at the time such shares are voted. The holders of a majority of the preferred stock had additional voting rights as specified in the Company’s Amended and Restated Certificate of Incorporation, as amended. Equity awards In 2012, the Board of Directors of the Company (the “Board”) approved the Tenon Medical, Inc. 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the issuance of common stock options, appreciation rights, and other awards to employees, directors, and consultants. Options issued under the 2012 Plan generally vest over a period of two On January 10, 2022 and February 2, 2022, the Board and stockholders, respectively, of the Company approved the Tenon Medical, Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which was effective on April 25, 2022. The number of shares of common stock that may be subject to awards and sold under the 2022 Plan is equal to 1,600,000. Automatic annual increases in number of shares available for issuance under the 2022 Plan is equal to the least of (a) 1,100,000 shares, (b) 4% of the total number of shares of all classes of common stock outstanding on the last day of the immediately preceding fiscal year, or (c) such number determined by the 2022 Plan administrator no later than the last day of the immediately preceding fiscal year. Annual increases will continue until the tenth anniversary of the earlier of the Board or stockholder approval of the 2022 Plan, which is January 10, 2032. Upon the effective date of the 2022 Plan, the Board terminated the 2012 Plan such that no new equity awards will be issued by the 2012 Plan. Compensation expense for the three months ended March 31, 2023 and 2022 includes the portion of awards vested in the periods for all equity-based awards granted, based on the grant date fair value estimated using a Black-Scholes option valuation model. A summary of the Company’s stock Number of Shares Subject to Outstanding Stock Options Weighted Average Exercise Price p Share Number of Outstanding Restricted Stock Units Weighted A Date Fair Value per Share Outstanding at December 31, 2022 898,844 $ 4.74 1,318,530 $ 7.93 Granted 75,500 $ 2.32 — — Released — — (14,498 ) $ 2.75 Forfeited — — — — Outstanding at March 31, 2023 974,344 $ 4.55 1,304,032 $ 7.99 The following table sets forth stock-based compensation expense recognized for the three months ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 Research and development $ 372 $ 29 Sales and marketing 58 12 General, and administrative 610 128 Total stock-based compensation expense $ 1,040 $ 169 At March 31, 2023, there were 483,992 Warrants In April 2022, as noted above, the Company granted the Underwriters warrants to purchase a total of 96,000 shares of the Company’s common stock. The warrants are immediately exercisable at an exercise price of $5.00 per share and expire on the fifth anniversary of the commencement of sales under the IPO. The fair value of the warrants on the grant date was $2.75 per warrant, which was calculated based on the following weighted |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Sales Representative Agreement In April 2020, the Company entered into an Exclusive Sales Representative Agreement, under which the counterparty to the agreement (the “Representative”) received exclusive rights to market, promote, and distribute The Catamaran , of common stock of common stock The Restated Sales Agreement Restated Sales Agreement On October 6, 2022, the Company entered into the Terminating Amended and Restated Exclusive Sales Representative Agreement (the “Termination Agreement”) with the Representative, which terminated the Restated Sales Agreement. In accordance with the Termination Agreement, (i) the Company paid the Representative $1,000 in cash; and (ii) the Company agreed to pay the Representative (a) $85 per month during the six months after the date of the Termination Agreement in return for efforts by the Representative to transition operations to the Company, (b) 20% of net sales of the p with a 25% quarterly estimated standard deviation of growth rates and a 10% probability of dissolution, discounted at an estimated discount rate of 15.4%. Based on the Company’s fair value analysis, a total of $2,611 was charged to sales and marketing expense in the consolidated statements of operations and comprehensive loss and recorded as accrued commissions in the consolidated balance sheets is as follows: 2023 Balance at December 3 $ 2,560 Amounts paid during 2023 (77 ) Accretion 204 Balance at March 31, 2023 $ 2,687 Per the terms of the Termination Agreement, the Company ultimately expects to expense $3,600 under clause (b) and clause (c). Simultaneously with the execution of the Termination Agreement, the Company entered into a Consulting Agreement dated October 6, 2022, with the Representative (the “Consulting Agreement”). Under the terms and conditions of the Consulting Agreement, the Representative is tasked with organizing, recruiting, training, and coordinating the Company’s Clinical Specialist program, Physician Education program and Sales Education program as more specifically described in the Consulting Agreement. The term of the Consulting Agreement is from October 6, 2022, until October 05, 2023, unless extended by mutual agreement of the parties in writing for additional one-year terms, or terminated in accordance with the terms of the Consulting Agreement. In consideration for the services to be provided, the Company shall pay the Representative a base consulting fee of $700 per year, payable in monthly instal l Litigation In the normal course of business, the Company may possibly be named as a defendant in various lawsuits. |
Concentrations of Risk
Concentrations of Risk | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | 9. Concentrations of Risk Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash balances at financial institutions located in California and Switzerland. Accounts at the U.S. financial institutions are secured by the Federal Deposit Insurance Corporation. At times, balances may exceed federally insured limits. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents. The Company grants unsecured credit to its customers based on an evaluation of the customer’s financial condition and a cash deposit is generally not required. Management believes its credit policies do not result in significant adverse risk and historically has not experienced significant credit-related losses. Currency risk The Company’s subsidiary, Tenon Technology AG, realizes a portion of its expenses in Swiss francs. Consequently, certain assets and liabilities are exposed to foreign currency fluctuations. At March 31, 2023 and December 31, 2022, approximately $22 and $8, respectively, of the Company’s net monetary assets were denominated in Swiss francs. The Company has not entered into any hedging transactions to reduce the exposure to currency risk. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). As permitted under these rules and regulations, the Company has condensed or omitted certain financial information and footnote disclosures normally included in its annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements, which are included in its Annual Report on Form 10-K filed with the SEC on March 10, 2023. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in management’s opinion, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair presentation of its financial information. The interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021 included in its Annual Report of Form 10-K filed with the SEC on March 10, 2023. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023. |
Going concern uncertainty and liquidity requirements | Going concern uncertainty and liquidity requirements The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. There is substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued. Since inception, the Company has incurred losses and negative cash flows from operations. Management expects to incur additional operating losses and negative cash flows from operations in the foreseeable future as the Company continues its product development programs and the commercialization of The Catamaran System. On April 29, 2022, the Company closed an initial public offering (the “IPO”) of its common stock for proceeds of $13,765, net of issuance costs. Based on the Company’s current level of revenues and expenditures, the Company believes that its existing cash and cash equivalents and short-term investments as of March 31, 2023 will not provide sufficient funds to enable it to meet its obligations for a period of at least twelve months from the date of the filing of these condensed consolidated financial statements. The Company plans to raise the necessary additional capital through one or a combination of public or private equity offerings, debt financings, and collaborations. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, realization of deferred tax assets, accrued liabilities, accrued commissions, incremental borrowing rate, obsolescence |
Income Taxes | Income Taxes The Company accounts for income taxes utilizing ASC 740, “Income Taxes”. ASC 740 requires the measurement of deferred tax assets for deductible temporary differences and operating loss carry forwards, and of deferred tax liabilities for taxable temporary differences. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not included in the measurement. The Company recognizes the amount of taxes payable or refundable for the current year and recognizes deferred tax liabilities and assets for the expected future tax consequences of events and transactions that have been recognized in the Company’s financial statements or tax returns. The Company currently has substantial net operating loss carry forwards. The Company has recorded a 100% valuation allowance against net deferred tax assets due to uncertainty of their ultimate realization. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. |
Net loss per share | Net loss per share Basic net loss per share is based upon the weighted The Company had the following dilutive common stock equivalents as of March 31, 2023 and 2022 which were excluded from the calculation because their effect was anti-dilutive: March 31, March 31, Outstanding restricted stock units 1,304,032 — Outstanding stock options 974,344 727,394 Outstanding warrants 96,000 25,000 Common shares convertible from notes payable — 2,118,591 Common shares convertible from preferred stock — 1,520,996 Total 2,374,376 4,391,981 |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This standard requires an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, each reporting entity estimate s on of Recent Accounting Pronouncements Not Yet Adopted There have been no accounting pronouncements or changes in accounting pronouncements in the three months ended March 31, 2023 that are significant or |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Securities Excluded Due To Anti Dilutive Effect | The Company had the following dilutive common stock equivalents as of March 31, 2023 and 2022 which were excluded from the calculation because their effect was anti-dilutive: March 31, March 31, Outstanding restricted stock units 1,304,032 — Outstanding stock options 974,344 727,394 Outstanding warrants 96,000 25,000 Common shares convertible from notes payable — 2,118,591 Common shares convertible from preferred stock — 1,520,996 Total 2,374,376 4,391,981 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Schedule of Investments At Fair Value in Fair Value Hierarchy Level | The following table sets forth by level, within the fair value hierarchy, the Company’s investments at fair value as of March 31, 2023 and December 31, 2022: Level 2 Corporate debt securities: March 31, 2023 $ 1,737 December 31, 2022 $ 6,441 |
Schedule of Cost And Fair Value of Available For Sale Investments | Cost and fair value of available-for-sale investments as of March 31, 2023 and December 31, 2022 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities: March 31, 2023 $ 1,740 $ — $ (3 ) $ 1,737 December 31, 2022 $ 6,457 $ — $ (16 ) $ 6,441 |
Fixed Assets, Net (Tables)
Fixed Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Fixed Assets | Fixed assets, net, consisted of the following: March 31, 2023 December 31, 2022 Construction in progress $ 530 $ 601 Catamaran t s 348 193 IT e 556 56 Lab e 14 14 Office f 9 9 Fixed assets, gross 957 873 Less: accumulated depreciation (105 ) (80 ) Fixed assets, net $ 852 $ 793 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: March 31, 2023 December 31, 2022 Accrued compensation $ 321 $ 452 Other accrued expenses 209 265 Total accrued expenses $ 530 $ 717 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases was as follows: March 31, December 31, 2023 2022 Operating lease right-of-use assets $ 818 $ 873 Operating lease liability, current $ (235 ) $ (228 ) Operating lease liability, noncurrent (622 ) (683 ) Total operating lease liabilities $ (857 ) $ (911 ) |
Summary of Future Maturities of Operating Lease Liabilities | Future maturities of operating lease liabilities as of March 31, 2023 were as follows: 2023 $ 221 2024 301 2025 310 2026 144 Total lease payments 976 Less: imputed interest (119 ) Present value of operating lease liabilities $ 857 Other information: Cash paid for operating leases for the three months ended March 31, 2023 $ 72 Cash paid for operating leases for the three months ended March 31, 2022 $ 70 Remaining lease term - operating leases (in years) 3.25 Average discount rate - operating leases 8.0 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Share Based Compensation Arrangements By Share Based Payment Award | A summary of the Company’s stock Number of Shares Subject to Outstanding Stock Options Weighted Average Exercise Price p Share Number of Outstanding Restricted Stock Units Weighted A Date Fair Value per Share Outstanding at December 31, 2022 898,844 $ 4.74 1,318,530 $ 7.93 Granted 75,500 $ 2.32 — — Released — — (14,498 ) $ 2.75 Forfeited — — — — Outstanding at March 31, 2023 974,344 $ 4.55 1,304,032 $ 7.99 |
Summary of Employee Service Share Based Compensation Allocation of Recognized Period Costs | The following table sets forth stock-based compensation expense recognized for the three months ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 Research and development $ 372 $ 29 Sales and marketing 58 12 General, and administrative 610 128 Total stock-based compensation expense $ 1,040 $ 169 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of reconciliation of the liability under clause (b) and clause (c) | 2023 Balance at December 3 $ 2,560 Amounts paid during 2023 (77 ) Accretion 204 Balance at March 31, 2023 $ 2,687 |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles - Schedule of Securities Excluded Due To Anti Dilutive Effect (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,374,376 | 4,391,981 |
Outstanding restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,304,032 | 0 |
Outstanding stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 974,344 | 727,394 |
Outstanding warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 96,000 | 25,000 |
Common shares convertible from notes payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 2,118,591 |
Common shares convertible from preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1,520,996 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2022 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Percentage of valuation allowance in deferred tax assets | 100% | |
Proceeds from Issuance of Common Stock | $ 13,765 |
Investments - Schedule of Inves
Investments - Schedule of Investments At Fair Value in Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 1,737 | $ 6,441 |
Investments - Schedule of Cost
Investments - Schedule of Cost And Fair Value of Available For Sale Investments (Detail) - Corporate Debt Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,740 | $ 6,457 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3) | (16) |
Fair Value | $ 1,737 | $ 6,441 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Other than temporary impairment losses | $ 0 | $ 0 | |
Net gain on investments | 56 | $ 1 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Accrued interest | $ 10 | $ 13 |
Fixed Assets, Net - Summary of
Fixed Assets, Net - Summary of Fixed Assets and Equipment Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fixed Assets [Line Items] | ||
Fixed Assets, gross | $ 957 | $ 873 |
Less: accumulated depreciation | (105) | (80) |
Fixed Assets, net | 852 | 793 |
Construction in progress [Member] | ||
Fixed Assets [Line Items] | ||
Fixed Assets, gross | 530 | 601 |
Catamaran tray sets [Member] | ||
Fixed Assets [Line Items] | ||
Fixed Assets, gross | 348 | 193 |
IT equipment [Member] | ||
Fixed Assets [Line Items] | ||
Fixed Assets, gross | 556 | 56 |
Lab equipment [Member] | ||
Fixed Assets [Line Items] | ||
Fixed Assets, gross | 14 | 14 |
Office furniture [Member] | ||
Fixed Assets [Line Items] | ||
Fixed Assets, gross | $ 9 | $ 9 |
Fixed Assets, Net - Additional
Fixed Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 25 | $ 10 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 321 | $ 452 |
Other accrued expenses | 209 | 265 |
Total accrued expenses | $ 530 | $ 717 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 818 | $ 873 |
Operating lease liability, current | (235) | (228) |
Operating lease liability, noncurrent | (622) | (683) |
Total operating lease liabilities | $ (857) | $ (911) |
Leases - Summary of Future Matu
Leases - Summary of Future Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Lessee Disclosure [Abstract] | |||
2023 | $ 221 | ||
2024 | 301 | ||
2025 | 310 | ||
2026 | 144 | ||
Total lease payments | 976 | ||
Less: imputed interest | (119) | ||
Present value of operating lease liabilities | 857 | $ 911 | |
Cash paid for operating leases | $ 72 | $ 70 | |
Remaining lease term - operating leases (in years) | 3 years 3 months | ||
Average discount rate - operating leases | 8% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Lessee, Operating lease, Expiration, Month and Year | 2026-06 | ||
General and Administrative Expense [Member] | |||
Operating lease costs | $ 73 | $ 135 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||||||
Apr. 29, 2022 USD ($) $ / shares shares | Apr. 06, 2022 | Apr. 30, 2022 USD ($) yr $ / shares shares | Oct. 31, 2021 shares | May 31, 2021 shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Apr. 26, 2022 $ / shares shares | Apr. 25, 2022 shares | Feb. 28, 2022 shares | Aug. 31, 2021 shares | Jul. 31, 2021 shares | Apr. 30, 2021 shares | Feb. 18, 2014 $ / shares shares | |
Common stock, Shares authorized | 10,487,904 | 130,000,000 | 130,000,000 | 130,000,000 | 7,000,000 | 3,937,550 | ||||||||
Common stock, Par or stated value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock, Voting rights | one vote | |||||||||||||
Stock issued during period, shares, issued for services to consultant | 85,739 | |||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ | $ 0 | |||||||||||||
Stockholders' equity, reverse stock split | 1:2 reverse stock split | |||||||||||||
Common Stock, Conversion Basis | one-to-0.5 | |||||||||||||
Representative [Member] | Other [Member] | ||||||||||||||
Ownership Percentage | 3% | |||||||||||||
IPO [Member] | ||||||||||||||
Common stock, Par or stated value per share | $ / shares | $ 0.001 | |||||||||||||
Common stock shares subscribed but unissued | 3,200,000 | |||||||||||||
Sale of stock, price per share | $ / shares | $ 5 | $ 5 | ||||||||||||
Net proceeds from the IPO after deducting expenses | $ | $ 13,800 | |||||||||||||
Common Stock Warrants [Member] | Consultant [Member] | ||||||||||||||
Class of warrant or right, number of common stock called by warrants or rights | 96,000 | |||||||||||||
Class of warrants or rights exercise price | $ / shares | $ 5 | |||||||||||||
Class of warrants of rights grant date fair value of warrants | $ / shares | $ 2.75 | |||||||||||||
Deferred costs associated with warrants | $ | $ 264 | |||||||||||||
Common Stock Warrants [Member] | Consultant [Member] | Measurement Input, Expected Term [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | yr | 5 | |||||||||||||
Common Stock Warrants [Member] | Consultant [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 62.55 | |||||||||||||
Common Stock Warrants [Member] | Consultant [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||||||
Common Stock Warrants [Member] | Consultant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 2.92 | |||||||||||||
Conversion of Convertible Notes to Common Stock [Member] | ||||||||||||||
Number of shares issued during the period on conversion of convertible notes | 3,955,415 | |||||||||||||
Conversion of Series A and Series B Preferred Stock to Common Stock [Member] | ||||||||||||||
Conversion of stock, Shares issued | 2,693,342 | |||||||||||||
Two Thousand And Twelve Plan [Member] | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 737,516 | 662,516 | ||||||||||||
Two Thousand and Twenty Two Equity Incentive Plan [Member] | ||||||||||||||
Stock issued during period, Shares, New issues | 483,992 | |||||||||||||
Share based compensation by share based payment award number of shares available for grant | 1,600,000 | |||||||||||||
Share based compensation arrangement by share based payment award cumulative annual increase shares | 1,100,000 | |||||||||||||
Share based compensation arrangement by share based payment award cumulative annual increase percentage | 4% | |||||||||||||
Employee Stock Option [Member] | Two Thousand And Twelve Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||
Minimum [Member] | Two Thousand And Twelve Plan [Member] | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 737,516 | |||||||||||||
Minimum [Member] | Employee Stock Option [Member] | Two Thousand And Twelve Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Maximum [Member] | Two Thousand And Twelve Plan [Member] | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 799,266 | |||||||||||||
Maximum [Member] | Employee Stock Option [Member] | Two Thousand And Twelve Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||
Underwriting Agreement [Member] | ||||||||||||||
Class of warrant or right, number of common stock called by warrants or rights | 96,000 | |||||||||||||
Class of warrants or rights exercise price | $ / shares | $ 5 | |||||||||||||
Amended and Restated Exclusive Sales Representative Agreement [Member] | Representative [Member] | ||||||||||||||
Stock issued during period, Shares, New issues | 312,351 | 44,447 | 53,757 | |||||||||||
Amended and Restated Exclusive Sales Representative Agreement [Member] | Representative [Member] | Other [Member] | ||||||||||||||
Ownership Percentage | 3% | |||||||||||||
Convertible Preferred Stock [Member] | ||||||||||||||
Temporary equity, Shares authorized | 3,297,061 | 20,000,000 | 2,460,802 | 2,099,525 | ||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||
Temporary equity, Shares authorized | 4,500,000 | 1,798,905 | ||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||
Temporary equity, Shares authorized | 491,222 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Share Based Compensation Arrangements By Share Based Payment Award (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) [Member] | |
Number of Outstanding Restricted Stock Units (Beginning Balance) | shares | 1,318,530 |
Number of Outstanding Restricted Stock Units Granted | shares | 0 |
Number of Outstanding Restricted Stock Units Released | shares | (14,498) |
Number of Outstanding Restricted Stock Units Forfeited | shares | 0 |
Number of Outstanding Restricted Stock Units (Ending Balance) | shares | 1,304,032 |
Weighted-average Grant Date Fair Value per Share (Beginning Balance) | $ / shares | $ 7.93 |
Weighted-average Grant Date Fair Value per Share Granted | $ / shares | 0 |
Weighted-average Grant Date Fair Value per Share Released | $ / shares | 2.75 |
Weighted-average Grant Date Fair Value per Share Forfeited | $ / shares | 0 |
Weighted-average Grant Date Fair Value per Share (Ending Balance) | $ / shares | $ 7.99 |
Share-based Payment Arrangement, Option [Member] | |
Number of Shares Subject to Outstanding Stock Options (Beginning Balance) | shares | 898,844 |
Number of Shares Subject to Outstanding Stock Options Granted | shares | 75,500 |
Number of Shares Subject to Outstanding Stock Options Forfeited | shares | 0 |
Number of Shares Subject to Outstanding Stock Options Outstanding (Ending Balance) | shares | 974,344 |
Weighted Average Exercise Price Per Share Outstanding (Beginning Balance) | $ / shares | $ 4.74 |
Weighted Average Exercise Price Per Share Granted | $ / shares | 2.32 |
Weighted Average Exercise Price Per Share Forfeited | $ / shares | 0 |
Weighted Average Exercise Price Per Share Outstanding (Ending Balance) | $ / shares | $ 4.55 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Employee Service Share Based Compensation Allocation of Recognized Period Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 1,040 | $ 169 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 372 | 29 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 58 | 12 |
General, and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 610 | $ 128 |
Commitments and Contingencies -
Commitments and Contingencies - Summary Of Reconciliation Of The Liability Under Clause (B) And Clause (C) (Details) - Representative [Member] - Termination Agreement [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Disclosure Of Reconciliation Of Liability [Line Items] | |
Balance at January 1, 2022 | $ 2,560 |
Amounts paid during 2023 | (77) |
Accretion | 204 |
Balance at March 31, 2023 | $ 2,687 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2023 | Oct. 06, 2022 | Apr. 29, 2022 | Oct. 31, 2021 | May 31, 2021 | Apr. 30, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other Commitments [Line Items] | ||||||||
Sales and marketing expense | $ 2,026,000 | $ 276,000 | ||||||
Representative [Member] | Other [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Ownership Percentage | 3% | |||||||
Sales Representative Agreement [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Agreement term | 5 years | |||||||
Agreement additional extension term | 5 years | |||||||
Amended and Restated Exclusive Sales Representative Agreement [Member] | Representative [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Payment of representative bonus | $ 500,000 | |||||||
Stock issued during period shares new issues | 312,351 | 44,447 | 53,757 | |||||
Sales and marketing expense | $ 880,000 | |||||||
Stock issued during period value new issues | $ 333,000 | |||||||
Minimum representative bonus payable | $ 6,000,000 | |||||||
Amended and Restated Exclusive Sales Representative Agreement [Member] | Representative [Member] | Other [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Ownership Percentage | 3% | |||||||
Termination Agreement [Member] | Representative [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Payment to representative as per agreement | $ 1,000,000 | 1,000,000 | ||||||
As per agreement value agreed to pay the representative per month | $ 85,000 | $ 85,000 | ||||||
Percentage of net sales of the product sold agreed to pay the representative | 20% | |||||||
Percentage of commission to net sales agreed to pay the representative until aggregate amount paid | 10% | |||||||
Value of commission agreed to pay as per agreement | $ 3,600,000 | |||||||
As per agreement value to pay the representative in the event of acquisition net of previous amount paid | $ 3,600,000 | |||||||
Fair value discount rate | 15.40% | |||||||
Fair value analysis charge | $ 2,611,000 | |||||||
Ultimately expects to expense amount | $ 3,600,000 | |||||||
Termination Agreement [Member] | Representative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Growth rates of fair value of liability | 25% | |||||||
Dissolution rate of fair value of liability | 10% | |||||||
Consulting Agreement [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Term of agreement | October 6, 2022, until October 05, 2023 | |||||||
Additional term of agreement by mutual agreement of the parties in writing | 1 year | |||||||
Consulting Agreement [Member] | Representative [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Consulting fee per year payable in monthly installments | $ 700,000 | |||||||
Additional compensation payable per quarter | $ 62,500 |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Switzerland, Francs [Member] | Net Assets, Geographic Area [Member] | ||
Concentration Risk [Line Items] | ||
Net assets | $ 22 | $ 8 |