Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Aug. 07, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Twist Bioscience Corp | |
Entity Central Index Key | 0001581280 | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 32,558,888 | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | CA | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TWST | |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 68,212 | $ 80,757 |
Short-term investments | 93,575 | |
Accounts receivable, net | 11,697 | 5,419 |
Inventories | 5,496 | 6,028 |
Prepaid expenses and other current assets | 3,642 | 3,467 |
Total current assets | 182,622 | 95,671 |
Property and equipment, net | 19,817 | 12,331 |
Goodwill | 1,138 | 1,138 |
Intangible assets, net | 559 | 712 |
Restricted cash, non-current | 579 | 579 |
Other non-current assets | 2,090 | 5,360 |
Total assets | 206,805 | 115,791 |
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | 290,483 | |
Current liabilities | ||
Accounts payable | 7,835 | 7,531 |
Accrued expenses | 3,713 | 2,166 |
Accrued payroll | 9,886 | 5,401 |
Current portion of long-term debt | 3,333 | 2,500 |
Other current liabilities | 680 | 939 |
Total current liabilities | 25,447 | 18,537 |
Redeemable convertible preferred stock warrant liability | 631 | |
Long-term debt, net of current portion | 5,119 | 7,218 |
Other non-current liabilities | 236 | 344 |
Total liabilities | 30,802 | 26,730 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity (deficit) | ||
Preferred stock | ||
Common stock | ||
Additional paid-in capital | 463,229 | 9,346 |
Accumulated other comprehensive income | 117 | 87 |
Accumulated deficit | (287,343) | (210,855) |
Total stockholders' equity (deficit) | 176,003 | (201,422) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 206,805 | 115,791 |
Series A Mezzanine Equity [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | 9,141 | |
Series B Mezzanine Equity [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | 25,900 | |
Series C Mezzanine Equity [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | 36,726 | |
Series D Mezzanine Equity [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | $ 218,716 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Sep. 30, 2018 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, share authorized | 10,000,000 | 0 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, share authorized | 100,000,000 | 27,775,000 |
Common stock, share issued | 32,471,591 | 3,206,048 |
Common stock, share outstanding | 32,471,591 | 3,206,048 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Redeemable convertible preferred stock, par value | $ 0.00001 | $ 0.00001 |
Redeemable convertible preferred stock, share authorized | 0 | 2,854,576 |
Redeemable convertible preferred stock, share issued | 0 | 2,817,723 |
Redeemable convertible preferred stock, share outstanding | 0 | 2,817,723 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Redeemable convertible preferred stock, par value | $ 0.00001 | $ 0.00001 |
Redeemable convertible preferred stock, share authorized | 0 | 3,331,878 |
Redeemable convertible preferred stock, share issued | 0 | 3,315,645 |
Redeemable convertible preferred stock, share outstanding | 0 | 3,315,645 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Redeemable convertible preferred stock, par value | $ 0.00001 | $ 0.00001 |
Redeemable convertible preferred stock, share authorized | 0 | 2,510,354 |
Redeemable convertible preferred stock, share issued | 0 | 2,491,483 |
Redeemable convertible preferred stock, share outstanding | 0 | 2,491,483 |
Series D Redeemable Convertible Preferred Stock [Member] | ||
Redeemable convertible preferred stock, par value | $ 0.00001 | $ 0.00001 |
Redeemable convertible preferred stock, share authorized | 0 | 10,475,252 |
Redeemable convertible preferred stock, share issued | 0 | 10,326,454 |
Redeemable convertible preferred stock, share outstanding | 0 | 10,326,454 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues | $ 13,600 | $ 6,541 | $ 38,648 | $ 17,020 |
Operating expenses: | ||||
Cost of revenues | 11,394 | 7,503 | 35,041 | 23,096 |
Research and development | 9,007 | 5,268 | 25,186 | 14,282 |
Selling, general and administrative | 21,320 | 11,256 | 55,703 | 30,497 |
Total operating expenses | 41,721 | 24,027 | 115,930 | 67,875 |
Loss from operations | (28,121) | (17,486) | (77,282) | (50,855) |
Interest income | 804 | 284 | 2,243 | 590 |
Interest expense | (318) | (337) | (1,007) | (927) |
Other income (expense), net | (227) | (14) | (263) | (76) |
Loss before income taxes | (27,862) | (17,553) | (76,309) | (51,268) |
Provision for income taxes | (54) | (71) | (179) | (166) |
Net loss attributable to common stockholders | (27,916) | (17,624) | (76,488) | (51,434) |
Other comprehensive income (loss): | ||||
Change in unrealized gain on investments | 3 | 13 | ||
Foreign currency translation adjustment | 250 | 14 | 17 | 35 |
Comprehensive loss | $ (27,663) | $ (17,610) | $ (76,458) | $ (51,399) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.92) | $ (6.18) | $ (2.97) | $ (18.92) |
Weighted average shares used in computing net loss per share attributable to common stockholders-basic and diluted | 30,290,150 | 2,849,544 | 25,789,794 | 2,719,051 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member] | Series C Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Income (loss) [Member] | Accumulated deficit [Member] | |
Beginning Balance at Sep. 30, 2017 | $ 9,141 | $ 25,900 | $ 36,726 | $ 127,866 | ||||||
Beginning Balance , shares at Sep. 30, 2017 | 2,817,723 | 3,315,645 | 2,491,483 | 6,034,089 | ||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs | $ 78,872 | |||||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs, Share | 3,727,517 | |||||||||
Ending Balance at Jun. 30, 2018 | $ 9,141 | $ 25,900 | $ 36,726 | $ 206,738 | ||||||
Ending Balance , shares at Jun. 30, 2018 | 2,817,723 | 3,315,645 | 2,491,483 | 9,761,606 | ||||||
Beginning Balance at Sep. 30, 2017 | $ (133,358) | $ 6,228 | $ 33 | $ (139,619) | ||||||
Beginning Balance , shares at Sep. 30, 2017 | 3,178,819 | |||||||||
Exercise of stock options | 123 | 123 | ||||||||
Exercise of stock options , shares | 54,352 | |||||||||
Repurchases of early exercised common stock options , shares | (9,639) | |||||||||
Stock based compensation | 1,875 | 1,875 | ||||||||
Other comprehensive income | 35 | 35 | ||||||||
Net loss | (51,434) | [1] | (51,434) | |||||||
Ending Balance at Jun. 30, 2018 | (182,759) | 8,226 | 68 | (191,053) | ||||||
Ending Balance , shares at Jun. 30, 2018 | 3,223,532 | |||||||||
Beginning Balance at Mar. 31, 2018 | $ 9,141 | $ 25,900 | $ 36,726 | $ 186,828 | ||||||
Beginning Balance , shares at Mar. 31, 2018 | 2,817,723 | 3,315,645 | 2,491,483 | 8,820,189 | ||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs | $ 19,910 | |||||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs, Share | 941,417 | |||||||||
Ending Balance at Jun. 30, 2018 | $ 9,141 | $ 25,900 | $ 36,726 | $ 206,738 | ||||||
Ending Balance , shares at Jun. 30, 2018 | 2,817,723 | 3,315,645 | 2,491,483 | 9,761,606 | ||||||
Beginning Balance at Mar. 31, 2018 | (165,721) | 7,654 | 54 | (173,429) | ||||||
Beginning Balance , shares at Mar. 31, 2018 | 3,230,818 | |||||||||
Exercise of stock options | (31) | (31) | ||||||||
Exercise of stock options , shares | 1,260 | |||||||||
Repurchases of early exercised common stock options , shares | (8,546) | |||||||||
Stock based compensation | 603 | 603 | ||||||||
Other comprehensive income | 14 | 14 | ||||||||
Net loss | (17,624) | (17,624) | ||||||||
Ending Balance at Jun. 30, 2018 | (182,759) | 8,226 | 68 | (191,053) | ||||||
Ending Balance , shares at Jun. 30, 2018 | 3,223,532 | |||||||||
Beginning Balance at Sep. 30, 2018 | 290,483 | $ 9,141 | $ 25,900 | $ 36,726 | $ 218,716 | |||||
Beginning Balance , shares at Sep. 30, 2018 | 2,817,723 | 3,315,645 | 2,491,483 | 10,326,454 | ||||||
Conversion of redeemable convertible preferred stock to common stock | $ (9,141) | $ (25,900) | $ (36,726) | $ (218,716) | ||||||
Conversion of redeemable convertible preferred stock to common stock, Share | (2,817,723) | (3,315,645) | (2,491,483) | (10,326,454) | ||||||
Ending Balance , shares at Jun. 30, 2019 | 0 | 0 | 0 | 0 | ||||||
Beginning Balance at Sep. 30, 2018 | (201,422) | 9,346 | 87 | (210,855) | ||||||
Beginning Balance , shares at Sep. 30, 2018 | 3,206,048 | |||||||||
Issuance of common stock in public offering | 153,852 | 153,852 | ||||||||
Issuance of common stock in public offering, shares | 10,062,500 | |||||||||
Vesting of restricted stock units | $ 0 | |||||||||
Vesting of restricted stock units, shares | 3,459 | |||||||||
Exercise of stock options | $ 1,131 | 1,131 | ||||||||
Exercise of stock options , shares | 191,599 | 191,599 | ||||||||
Conversion of redeemable convertible preferred stock warrant liability to equity | $ 631 | 631 | ||||||||
Conversion of redeemable convertible preferred stock warrant liability to equity , shares | 0 | |||||||||
Conversion of redeemable convertible preferred stock to common stock | 290,462 | $ 0 | 290,462 | 0 | 0 | |||||
Conversion of redeemable convertible preferred stock to common stock , shares | 18,951,305 | |||||||||
Repurchases of early exercised common stock options , shares | (442) | |||||||||
Stock based compensation | 7,807 | 7,807 | ||||||||
Net exercise of stock warrants | 0 | $ 0 | 0 | 0 | 0 | |||||
Net exercise of stock warrants , shares | 57,122 | |||||||||
Other comprehensive income | 30 | 30 | 0 | |||||||
Net loss | (76,488) | (76,488) | ||||||||
Ending Balance at Jun. 30, 2019 | 176,003 | 463,229 | 117 | (287,343) | ||||||
Ending Balance , shares at Jun. 30, 2019 | 32,471,591 | |||||||||
Ending Balance , shares at Jun. 30, 2019 | 0 | 0 | 0 | 0 | ||||||
Beginning Balance at Mar. 31, 2019 | 115,480 | $ 0 | 375,043 | (136) | (259,427) | |||||
Beginning Balance , shares at Mar. 31, 2019 | 28,024,052 | |||||||||
Issuance of common stock in public offering | 84,255 | 84,255 | ||||||||
Issuance of common stock in public offering, shares | 4,312,500 | |||||||||
Vesting of restricted stock units | $ 0 | |||||||||
Vesting of restricted stock units, shares | 3,459 | |||||||||
Exercise of stock options | 899 | 899 | ||||||||
Exercise of stock options , shares | 131,580 | |||||||||
Stock based compensation | 3,032 | 3,032 | ||||||||
Other comprehensive income | 253 | 253 | ||||||||
Net loss | (27,916) | (27,916) | ||||||||
Ending Balance at Jun. 30, 2019 | $ 176,003 | $ 463,229 | $ 117 | $ (287,343) | ||||||
Ending Balance , shares at Jun. 30, 2019 | 32,471,591 | |||||||||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net of underwriting discounts, commissions and offering expenses | $ 6,307 | $ 17,210 | ||
Series D Redeemable Convertible Preferred Stock [Member] | ||||
Issuance of redeemable convertible preferred stock, net of financing cost | $ 89 | $ 318 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | |||
Cash flows from operating activities | ||||
Net loss | $ (76,488) | $ (51,434) | [1] | |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization | 4,622 | 4,398 | [1] | |
Loss on disposal of property and equipment | 202 | 55 | [1] | |
Stock-based compensation | 7,807 | 1,875 | [1] | |
Discount accretion on investment securities | (968) | |||
Non-cash interest expense | 182 | 150 | [1] | |
Change in fair value of redeemable convertible preferred stock warrant liability | [1] | 66 | ||
Amortization of debt discount | 219 | 230 | [1] | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | (6,108) | (1,943) | [1] | |
Inventories | 532 | (2,426) | [1] | |
Prepaid expenses and other current assets | (122) | (796) | [1] | |
Other non-current assets | (442) | (1,452) | [1] | |
Accounts payable | (96) | 1,539 | [1] | |
Accrued expenses | 1,961 | 518 | [1] | |
Accrued payroll | 4,475 | (90) | [1] | |
Other liabilities | (355) | (158) | [1] | |
Net cash used in operating activities | (64,579) | (49,468) | [1] | |
Cash flows from investing activities | ||||
Purchases of property and equipment | (10,864) | (2,641) | [1] | |
Proceeds from sale of property and equipment | 5 | 17 | [1] | |
Purchases of investments | (137,264) | (3,374) | [1] | |
Proceeds from maturity of investments | 44,500 | 32,900 | [1] | |
Net cash provided by (used in) investing activities | (103,623) | 26,902 | [1] | |
Cash flows from financing activities | ||||
Proceeds from issuance of common stock and exercise of stock options | 1,109 | 291 | [1] | |
Proceeds from public offerings, net of underwriting discounts, commissions and offering expenses | 156,208 | |||
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs | [1] | 83,873 | ||
Payments of deferred offering costs | [1] | (1,925) | ||
Principal repayment on long term debt | (1,667) | |||
Net cash provided by financing activities | 155,650 | 82,239 | [1] | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (12,552) | 59,673 | [1] | |
Cash, cash equivalents, and restricted cash at beginning of period | 81,537 | 31,429 | [1] | |
Cash, cash equivalents, and restricted cash at end of period | 68,985 | 91,102 | [1] | |
Supplemental disclosure of cash flow information | ||||
Interest paid | 605 | 587 | [1] | |
Income taxes paid, net of refunds | 221 | 20 | [1] | |
Non-cash investing and financing activities | ||||
Property and equipment additions included in accounts payable and accrued expenses | 1,273 | |||
Deferred offering costs included in accounts payable and accrued expenses | [1] | $ 516 | ||
Conversion of redeemable convertible preferred stock warrant liability to equity | 631 | |||
Conversion of redeemable convertible preferred stock to common stock | $ 290,462 | |||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
The Company
The Company | 9 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company Twist Bioscience Corporation (the Company) was incorporated in the state of Delaware on February 4, 2013. The Company is a synthetic biology company that has developed a disruptive DNA synthesis platform. The Company’s fiscal year ends on September 30. The Company has generated net losses in all periods since its inception. As of June 30, 2019, the Company had an accumulated deficit of $287.3 million and has not generated positive cash flows from operations since inception. Losses are expected to continue as the Company continues to invest in product development, manufacturing, and sales and marketing. The Company has raised multiple rounds of debt and equity financing since its inception. In October 2018, the Company completed an initial public offering (IPO) of its common stock which raised proceeds of $69.6 million, after deducting underwriting discounts, commissions and offering expenses. In May 2019, the Company completed an underwritten public offering of its common stock with proceeds of $84.3 million, after deducting underwriting discounts and commissions and offering expenses. Management believes that these proceeds combined with existing cash and short-term investment balances on hand will be sufficient to fund operations for at least one year from the issuance of these unaudited condensed consolidated financial statements. However, there can be no assurance that additional financing will not be required or that the Company will be successful in raising additional capital on terms which are acceptable to the Company. If the Company requires but is unable to obtain additional funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2018 (the Annual Report on Form 10-K) filed with the Securities and Exchange Commission on December 20, 2018. The condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet at September 30, 2018 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the three and nine months ended June 30, 2019 are not necessarily indicative of the results expected for the full year ending September 30, 2019. The presentation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s unaudited condensed consolidated financial statements include its wholly-owned subsidiaries. All intercompany balances and accounts are eliminated in consolidation. Significant accounting policies There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K. Reverse stock split In October 2018, the Company’s stockholders approved a one-for-0.101 reverse stock split of its common and redeemable convertible preferred stock which was effected on October 16, 2018. The par value of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all share and per share amounts for all periods presented in the consolidated financial statements and notes thereto have been adjusted retrospectively to reflect this reverse stock split. Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s public offerings, are capitalized and will be offset against proceeds from the public offerings within stockholders’ equity. As of September 30, 2018, there was $3.7 million of deferred offering costs within other non-current assets on the condensed consolidated balance sheets. During the nine months ended June 30, 2019, an additional $2.4 million in offering costs were incurred. In connection with the public offerings, as of June 30, 2019, all offering costs were charged against the proceeds from the offerings. Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued new lease accounting guidance in ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (in thousands) September 30, 2018 June 30, 2019 Cash and cash equivalents $ 80,757 $ 68,212 Restricted cash, non-current 579 579 Restricted cash, current (within prepaid expenses and other current assets) 201 194 Total cash, cash equivalents and restricted cash $ 81,537 $ 68,985 Amounts included in restricted cash primarily related to security deposits and a letter of credit with a financial institution, both in connection with office space lease agreements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation (Topic 718): Scope of Modification Accounting In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
Fair value measurement
Fair value measurement | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | 3. Fair value measurement The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value 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. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company short-term investments primarily utilize broker quotes in a non-active market for valuation of its short-term investments. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and June 30, 2019 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 46,823 $ — $ — $ 46,823 Money market funds 33,934 — — 33,934 Totals $ 80,757 $ — $ — $ 80,757 Liabilities Redeemable convertible preferred stock warrant liability $ — $ — $ 631 $ 631 June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 13,739 $ — $ — $ 13,739 Money market funds 51,304 — — 51,304 Corporate bonds — 7,529 — 7,529 Commercial paper — 21,904 — 21,904 U.S. government treasury bills 67,311 — — 67,311 Totals $ 132,354 $ 29,433 $ — $ 161,787 As of September 30, 2018 and June 30, 2019, gross unrealized gains and unrealized losses for cash equivalents and short-term investments were not material, and the contractual maturities of all marketable securities were less than one year. Redeemable convertible preferred stock warrants The following tables provide a reconciliation of the beginning and ending balances of the Level 3 instruments during the nine months ended June 30, 2018 and 2019: June 30, 2018 (in thousands) Series A Series B Series C Series D Total Fair value as of September 30, 2017 $ 331 $ 110 $ 152 $ 51 $ 644 Change in fair value recorded in other income (expense), net 43 16 2 5 66 Fair value as of June 30, 2018 $ 374 $ 126 $ 154 $ 56 $ 710 June 30, 2019 (in thousands) Series A Series B Series C Series D Total Fair value as of September 30, 2018 $ 365 $ 94 $ 130 $ 42 $ 631 Conversion of redeemable convertible preferred stock warrants to common stock warrants (365 ) (94 ) (130 ) (42 ) (631 ) Fair value as of June 30, 2019 $ — $ — $ — $ — $ — |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventory amounts consist of the following: (in thousands) September 30, 2018 June 30, 2019 Raw Materials $ 2,988 $ 2,995 Work-in-process 2,273 1,373 Finished Goods 767 1,128 $ 6,028 $ 5,496 |
Goodwill and intangible assets
Goodwill and intangible assets | 9 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | 5. Goodwill and intangible assets There were no changes to the carrying value of goodwill as of September 30, 2018 and June 30, 2019. Total amortization expense related to intangible assets was less than $0.1 million for the three months ended June 30, 2018 and 2019, and $0.2 million for the nine months ended June 30, 2018 and 2019. The intangible assets balances are presented below: September 30, 2018 (in thousands, except for years) Useful life in years Gross carrying amount Accumulated amortization Net book value Developed Technology 6 $ 1,220 $ (508 ) $ 712 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (528 ) $ 712 June 30, 2019 (in thousands, except for years) Useful life in years Gross carrying amount Accumulated amortization Net book value Developed Technology 6 $ 1,220 $ (661 ) $ 559 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (681 ) $ 559 |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 6. Commitments and contingencies Litigation In February 2016, a complaint was filed in the Superior Court of the State of California (County of Santa Clara), dated February 3, 2016, on behalf of Agilent Technologies, Inc. (Agilent), against the Company and its CEO. Agilent’s complaint alleges three claims (1) alleged breach of contract, related to the use of confidential information and alleged breach of non-solicitation obligations against the CEO; (2) alleged breach of a duty of loyalty against the CEO; and (3) alleged misappropriation of trade secrets under the California Uniform Trade Secrets Act (CUTSA) against all defendants. On December 7, 2018, the Court granted Agilent’s motion to amend its complaint, permitting Agilent to file its Second Amended Complaint. The Second Amended Complaint, filed December 13, 2018, adds amended allegations against the Company and the CEO, and also new claims for breach of contract and trade secret misappropriation against two individuals: a current Company employee and a former Company employee. The Court also set the trial to begin on February 24, 2020. On January 29, 2019, the Company and its CEO filed a demurrer and motion to strike Agilent’s second amended complaint, challenging each of Agilent’s claims. Also, on January 29, 2019, the Company and its CEO filed a cross-complaint, asserting six counterclaims against Agilent and Does 1-10 for (1) declaration of no trade secret misappropriation; (2) declaration of no breach of contract; (3) declaration of no breach of duty of loyalty; (4) defamation, defamation per se, libel, libel per se, slander, and slander per se; (5) intentional interference with prospective economic advantage; (6) unlawful and unfair competition. The Company and its CEO also filed their answer and affirmative defenses to Agilent’s second amended complaint. On March 4, 2019, Agilent filed a demurrer and motion to strike challenging all six claims alleged in the Company and its CEO’s cross-complaint filed on January 29, 2019. The Company and the CEO are opposing Agilent’s motions. On May 10, 2019, the Court issued its ruling denying Agilent’s demurrer and motion to strike the Company’s cross-complaint. In addition, the Court issued its ruling denying the Company’s demurrer and motion to strike certain allegations associated with Agilent’s breach of contract claim, but granted the Company’s motion to strike breach of contract allegations relating to the non-solicitation provision in Agilent’s employment contract. On May 16, 2019, Agilent filed their notice of appeal of the Court’s May 10, 2019 ruling denying Agilent’s motion to strike. On May 22, 2019, Agilent sought ex parte relief from the Court to stay all proceedings related to both the Company’s cross-claims and Agilent’s affirmative claims. The Court stayed proceedings relating to the Company’s cross-claims, which was not opposed by the Company, but denied Agilent’s request for a discovery stay related to Agilent’s affirmative claims. Agilent then filed a noticed motion seeking to stay proceedings related to its affirmative claims on June 14, 2019, and following a hearing on June 28, 2019, the Court denied Agilent’s motion. Agilent may seek to appeal this ruling. The trial remains set for February 24, 2020. Additionally, the Discovery Referee has set a case schedule with fact discovery closing on October 1, 2019. The Company believes that Agilent’s complaint is without merit, and intends to continue vigorously defending itself. The Company is currently unable to predict the ultimate outcome of this matter or estimate a reasonably possible loss or range of loss, and no amounts have been accrued in the condensed consolidated financial statements. Indemnifications In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend the indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require it to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by corporate law. The Company also has directors’ and officers’ insurance. |
Related party transactions
Related party transactions | 9 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 7. Related party transactions During the three months ended June 30, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $0.7 million and $0.5 million, respectively. During the nine months ended June 30, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $1.8 million and $2.6 million, respectively. Payable balances and cash receipts and receivable balances with the related parties were immaterial as of September 30, 2018 and June 30, 2019. |
Income taxes
Income taxes | 9 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 8. Income taxes In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance against its deferred tax assets. For each of the three and nine months ended June 30, 2018 and 2019, the Company recorded an immaterial provision for income taxes. |
Warrants
Warrants | 9 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Warrants | 9. Warrants In connection with its long-term debt agreements, the Company issued warrants for its redeemable convertible preferred stock and common stock as follows: (in thousands, except share and per share data) Number of shares underlying warrants Fair Value Warrant class/series: September 30, 2018 Issuance date Expiration date Exercise price per share Series A 36,838 $ 365 October 8, 2013 October 8, 2023 $ 3.26 Series B 16,221 94 September 2, 2014 September 2, 2024 $ 7.84 Series C 18,854 130 December 22, 2015 December 22, 2025 $ 14.85 Series D 7,531 42 March 28, 2016 March 28, 2026 $ 21.24 Total preferred stock warrants 79,444 $ 631 Common stock warrants 64,127 $ 486 September 6, 2017 September 6, 2027 $ 6.24 (in thousands, except share and per share data) Number of shares underlying warrants Warrant class/series: June 30, 2019 Issuance date Expiration date Exercise price per share Common stock warrants 16,221 September 2, 2014 September 2, 2024 $ 7.84 Common stock warrants 18,854 December 22, 2015 December 22, 2025 $ 14.85 Common stock warrants 7,531 March 28, 2016 March 28, 2026 $ 21.24 Common stock warrants 32,064 September 6, 2017 September 6, 2027 $ 6.24 Total common stock warrants 74,670 In October 2018, each warrant to purchase redeemable convertible preferred stock was converted to a warrant to purchase common stock immediately prior to the completion of the IPO. In November 2018, a total of 68,901 warrants were net exercised; 36,838 warrants with an exercise price of $3.26 per common share and 32,063 warrants with an exercise price of $6.24 per common share. The transactions were a cashless exercise for a net 57,122 of common shares issued by the Company. |
Redeemable convertible preferre
Redeemable convertible preferred stock | 9 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Redeemable convertible preferred stock | 10. Redeemable convertible preferred stock In October 2018, each share of Series A, Series B, Series C, and Series D redeemable convertible preferred stock was converted into common stock immediately prior to the completion of the IPO. |
Stock-based compensation
Stock-based compensation | 9 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | 11. Stock-based compensation 2018 Equity Incentive Plan On September 26, 2018, the board of directors adopted the 2018 Equity Incentive Plan (the 2018 Plan) as a successor to the 2013 Stock Plan (the 2013 Plan). The maximum aggregate number of shares that may be issued under the 2018 Plan is 5,856,505 shares of the Company’s common stock. The number of shares reserved for issuance under the 2018 Plan will be increased automatically on the first day of each fiscal year, following the fiscal year in which the 2018 Plan became effective, by a number equal to the least of 999,900 shares, 4% of the shares of common stock outstanding at that time, or such number of shares determined by the Company’s board of directors. The common shares issuable under the 2018 Plan were registered pursuant to a registration statement on Form S-8 on November 1, 2018. Any shares subject to outstanding awards under the 2013 Equity Incentive Plan that are canceled or repurchased subsequent to the 2018 Plan’s effective date are returned to the pool of shares reserved for issuance under the 2018 Plan. Awards granted under the 2018 Plan may be nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and performance units. 2018 Employee Stock Purchase Plan On September 26, 2018, the board of directors adopted the 2018 Employee Stock Purchase Plan (the 2018 ESPP). A total of 275,225 shares of the Company’s common stock have been reserved for issuance under the 2018 ESPP. The number of shares reserved for issuance under the 2018 ESPP will be increased automatically on the first day of each fiscal year, following the fiscal year in which the 2018 ESPP becomes effective, by a number equal to the least of 249,470 shares, 1% of the shares of common stock outstanding at that time, or such number of shares determined by the Company’s board of directors. Subject to any plan limitations, the 2018 ESPP allows eligible service providers (through qualified and non-qualified offerings) to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The offering periods are beginning in February and August of each year, except the initial offering period which commenced with the initial public offering in October 2018 and ends on August 20, 2019. The common shares issuable under the 2018 ESPP were registered pursuant to a registration statement on Form S-8 on November 26, 2018. Unless otherwise determined by the board of directors, the Company’s common stock will be purchased for the accounts of employees participating in the 2018 ESPP at a price per share that is the lesser of 85% of the fair market value of the Company’s common stock on the first trading day of the offering period, which for the initial offering period is the price at which shares of the Company’s common stock were first sold to the public, or 85% of the fair market value of the Company’s common stock on the last trading day of the offering period. During the nine months ended June 30, 2019, activity under the 2018 ESPP was immaterial. Activity under the equity incentive plans during the nine months ended June 30, 2019 is summarized below: (in thousands, except share and per share data) Shares available Options outstanding Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding at September 30, 2018 860,287 2,520,485 $ 8.22 8.38 $ 11,483 Additional shares authorized 2,494,700 — Stock options granted (1,618,676 ) 1,618,676 25.21 Stock options exercised — (191,599 ) 5.95 Stock options forfeited 340,899 (340,899 ) 15.93 Restricted stock units granted (500,132 ) — — Forfeiture of restricted stock units 24,221 — — Early exercised options repurchased 442 — — Outstanding at June 30, 2019 1,601,741 3,606,663 $ 15.24 8.41 $ 50,051 Vested or expected to vest and exercisable at June 30, 2019 3,606,663 $ 15.24 8.41 $ 50,051 Total stock-based compensation expense recognized was as follows: Three months ended Nine months ended (in thousands) 2018 2019 2018 2019 Cost of revenues $ 100 $ 446 $ 275 $ 1,155 Research and development 109 530 521 1,251 Selling, general and administrative 394 2,056 1,079 5,401 Total stock-based compensation $ 603 $ 3,032 $ 1,875 $ 7,807 As of June 30, 2019, there was $25.5 million of total unrecognized compensation cost related to non-vested stock options under the equity incentive plans that are expected to be recognized over a weighted average period of 3.6 years. Restricted Stock Units Restricted stock primarily consists of restricted stock unit awards (RSUs) which have been granted to employees. The value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock. Activity with respect to the Company’s restricted stock units during the nine months ended June 30, 2019 was as follows: (in thousands, except share and per share data) Number of Shares Weighted average grant date fair value per share Weighted average remaining contractual term (years) Aggregate Intrinsic Value Outstanding at September 30, 2018 — $ — — $ — Restricted stock units granted 500,132 26.12 Restricted stock units vested (4,581 ) 23.62 Restricted stock units forfeited (24,221 ) 25.67 Outstanding at June 30, 2019 471,330 $ 26.17 4.12 $ 9,194 Expected to vest at June 30, 2019: 471,330 $ 26.17 4.12 $ 9,194 As of June 30, 2019, there was $10.8 million of total unrecognized compensation cost related to these issuances that is expected to be recognized over a weighted average period of 4.2 years. |
Net loss per share attributable
Net loss per share attributable to common stockholders | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | 12. Net loss per share attributable to common stockholders The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three months ended June 30, Nine months ended June 30, (in thousands, except share and per share data) 2018 2019 2018 2019 Numerator: Net loss attributable to common stockholders $ (17,624 ) $ (27,916 ) $ (51,434 ) $ (76,488 ) Denominator: Weighted average shares used in computing net loss per share, basic and diluted 2,849,544 30,290,150 2,719,051 25,789,794 Net loss per share attributable to common stockholders, basic and diluted $ (6.18 ) $ (0.92 ) $ (18.92 ) $ (2.97 ) The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows: Three and nine months ended June 30, (in thousands, except share and per share data) 2018 2019 Shares subject to options to purchase common stock 2,424,024 3,606,663 Unvested restricted shares of common stock 146,745 50,921 Unvested restricted stock units of common stock — 471,330 Unvested shares of common stock issued upon early exercise of stock options 48,917 45,369 Shares subject to employee stock purchase plan — 143,716 Shares subject to warrants to purchase common stock 64,127 74,670 Shares subject to warrants to purchase redeemable convertible preferred stock 79,444 — Shares of redeemable convertible preferred stock 18,386,457 — Total 21,149,714 4,392,669 |
Geographic, product and industr
Geographic, product and industry information | 9 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Geographic, product and industry information | 13. Geographic, product and industry information The table below sets forth revenues by geographic region, based on ship-to destinations. Americas consists of Canada, Mexico, and South America; EMEA consists of Europe, the Middle East, and Africa; and APAC consists of Japan, China, South Korea, Singapore, Malaysia, and Australia. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 United States $ 4,587 $ 8,687 $ 12,011 $ 26,567 EMEA 1,624 3,508 4,116 9,257 APAC 268 878 740 2,017 Americas 62 527 153 807 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 The table below sets forth revenues by product. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 Synthetic genes $ 4,237 $ 6,242 $ 11,903 $ 18,850 Oligo pools 810 1,214 2,146 3,280 DNA libraries 523 578 1,208 1,654 NGS tools 971 5,566 1,763 14,864 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 The table below sets forth revenues by industry. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 Industrial chemicals $ 3,140 $ 5,319 $ 9,474 $ 16,051 Academic research 1,971 4,497 4,223 9,206 Healthcare 1,185 3,291 2,901 12,412 Agricultural 245 493 422 979 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 Long-lived assets located in the United States were $18.8 million as of June 30, 2019. Long-lived assets located outside of the United States were $1.0 million as of June 30, 2019. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation and use of estimates | Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2018 (the Annual Report on Form 10-K) filed with the Securities and Exchange Commission on December 20, 2018. The condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet at September 30, 2018 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the three and nine months ended June 30, 2019 are not necessarily indicative of the results expected for the full year ending September 30, 2019. The presentation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s unaudited condensed consolidated financial statements include its wholly-owned subsidiaries. All intercompany balances and accounts are eliminated in consolidation. |
Significant accounting policies | Significant accounting policies There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K. |
Reverse stock split | Reverse stock split In October 2018, the Company’s stockholders approved a one-for-0.101 reverse stock split of its common and redeemable convertible preferred stock which was effected on October 16, 2018. The par value of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all share and per share amounts for all periods presented in the consolidated financial statements and notes thereto have been adjusted retrospectively to reflect this reverse stock split. |
Deferred offering costs | Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s public offerings, are capitalized and will be offset against proceeds from the public offerings within stockholders’ equity. As of September 30, 2018, there was $3.7 million of deferred offering costs within other non-current assets on the condensed consolidated balance sheets. During the nine months ended June 30, 2019, an additional $2.4 million in offering costs were incurred. In connection with the public offerings, as of June 30, 2019, all offering costs were charged against the proceeds from the offerings. |
Recent accounting pronouncements | Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued new lease accounting guidance in ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (in thousands) September 30, 2018 June 30, 2019 Cash and cash equivalents $ 80,757 $ 68,212 Restricted cash, non-current 579 579 Restricted cash, current (within prepaid expenses and other current assets) 201 194 Total cash, cash equivalents and restricted cash $ 81,537 $ 68,985 Amounts included in restricted cash primarily related to security deposits and a letter of credit with a financial institution, both in connection with office space lease agreements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation (Topic 718): Scope of Modification Accounting In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of the Company’s cash and cash equivalents, current portion of restricted cash and non-current portion of restricted cash reported within the condensed consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company’s condensed consolidated statements of cash flows for the periods presented: (in thousands) September 30, 2018 June 30, 2019 Cash and cash equivalents $ 80,757 $ 68,212 Restricted cash, non-current 579 579 Restricted cash, current (within prepaid expenses and other current assets) 201 194 Total cash, cash equivalents and restricted cash $ 81,537 $ 68,985 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and June 30, 2019 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 46,823 $ — $ — $ 46,823 Money market funds 33,934 — — 33,934 Totals $ 80,757 $ — $ — $ 80,757 Liabilities Redeemable convertible preferred stock warrant liability $ — $ — $ 631 $ 631 June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 13,739 $ — $ — $ 13,739 Money market funds 51,304 — — 51,304 Corporate bonds — 7,529 — 7,529 Commercial paper — 21,904 — 21,904 U.S. government treasury bills 67,311 — — 67,311 Totals $ 132,354 $ 29,433 $ — $ 161,787 |
Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments | The following tables provide a reconciliation of the beginning and ending balances of the Level 3 instruments during the nine months ended June 30, 2018 and 2019: June 30, 2018 (in thousands) Series A Series B Series C Series D Total Fair value as of September 30, 2017 $ 331 $ 110 $ 152 $ 51 $ 644 Change in fair value recorded in other income (expense), net 43 16 2 5 66 Fair value as of June 30, 2018 $ 374 $ 126 $ 154 $ 56 $ 710 June 30, 2019 (in thousands) Series A Series B Series C Series D Total Fair value as of September 30, 2018 $ 365 $ 94 $ 130 $ 42 $ 631 Conversion of redeemable convertible preferred stock warrants to common stock warrants (365 ) (94 ) (130 ) (42 ) (631 ) Fair value as of June 30, 2019 $ — $ — $ — $ — $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | Inventory amounts consist of the following: (in thousands) September 30, 2018 June 30, 2019 Raw Materials $ 2,988 $ 2,995 Work-in-process 2,273 1,373 Finished Goods 767 1,128 $ 6,028 $ 5,496 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets Balances | The intangible assets balances are presented below: September 30, 2018 (in thousands, except for years) Useful life in years Gross carrying amount Accumulated amortization Net book value Developed Technology 6 $ 1,220 $ (508 ) $ 712 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (528 ) $ 712 June 30, 2019 (in thousands, except for years) Useful life in years Gross carrying amount Accumulated amortization Net book value Developed Technology 6 $ 1,220 $ (661 ) $ 559 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (681 ) $ 559 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Summary of Issued Warrants for Its Redeemable Convertible Preferred Stock and Common Stock | In connection with its long-term debt agreements, the Company issued warrants for its redeemable convertible preferred stock and common stock as follows: (in thousands, except share and per share data) Number of shares underlying warrants Fair Value Warrant class/series: September 30, 2018 Issuance date Expiration date Exercise price per share Series A 36,838 $ 365 October 8, 2013 October 8, 2023 $ 3.26 Series B 16,221 94 September 2, 2014 September 2, 2024 $ 7.84 Series C 18,854 130 December 22, 2015 December 22, 2025 $ 14.85 Series D 7,531 42 March 28, 2016 March 28, 2026 $ 21.24 Total preferred stock warrants 79,444 $ 631 Common stock warrants 64,127 $ 486 September 6, 2017 September 6, 2027 $ 6.24 (in thousands, except share and per share data) Number of shares underlying warrants Warrant class/series: June 30, 2019 Issuance date Expiration date Exercise price per share Common stock warrants 16,221 September 2, 2014 September 2, 2024 $ 7.84 Common stock warrants 18,854 December 22, 2015 December 22, 2025 $ 14.85 Common stock warrants 7,531 March 28, 2016 March 28, 2026 $ 21.24 Common stock warrants 32,064 September 6, 2017 September 6, 2027 $ 6.24 Total common stock warrants 74,670 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity Under The Equity Incentive Plans | Activity under the equity incentive plans during the nine months ended June 30, 2019 is summarized below: (in thousands, except share and per share data) Shares available Options outstanding Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding at September 30, 2018 860,287 2,520,485 $ 8.22 8.38 $ 11,483 Additional shares authorized 2,494,700 — Stock options granted (1,618,676 ) 1,618,676 25.21 Stock options exercised — (191,599 ) 5.95 Stock options forfeited 340,899 (340,899 ) 15.93 Restricted stock units granted (500,132 ) — — Forfeiture of restricted stock units 24,221 — — Early exercised options repurchased 442 — — Outstanding at June 30, 2019 1,601,741 3,606,663 $ 15.24 8.41 $ 50,051 Vested or expected to vest and exercisable at June 30, 2019 3,606,663 $ 15.24 8.41 $ 50,051 |
Total Stock-based Compensation Expense | Total stock-based compensation expense recognized was as follows: Three months ended Nine months ended (in thousands) 2018 2019 2018 2019 Cost of revenues $ 100 $ 446 $ 275 $ 1,155 Research and development 109 530 521 1,251 Selling, general and administrative 394 2,056 1,079 5,401 Total stock-based compensation $ 603 $ 3,032 $ 1,875 $ 7,807 |
Schedule of Nonvested Restricted Stock Units Activity | Activity with respect to the Company’s restricted stock units during the nine months ended June 30, 2019 was as follows: (in thousands, except share and per share data) Number of Shares Weighted average grant date fair value per share Weighted average remaining contractual term (years) Aggregate Intrinsic Value Outstanding at September 30, 2018 — $ — — $ — Restricted stock units granted 500,132 26.12 Restricted stock units vested (4,581 ) 23.62 Restricted stock units forfeited (24,221 ) 25.67 Outstanding at June 30, 2019 471,330 $ 26.17 4.12 $ 9,194 Expected to vest at June 30, 2019: 471,330 $ 26.17 4.12 $ 9,194 |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of the Company's Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three months ended June 30, Nine months ended June 30, (in thousands, except share and per share data) 2018 2019 2018 2019 Numerator: Net loss attributable to common stockholders $ (17,624 ) $ (27,916 ) $ (51,434 ) $ (76,488 ) Denominator: Weighted average shares used in computing net loss per share, basic and diluted 2,849,544 30,290,150 2,719,051 25,789,794 Net loss per share attributable to common stockholders, basic and diluted $ (6.18 ) $ (0.92 ) $ (18.92 ) $ (2.97 ) |
Summary of Calculation of Diluted Net Loss Per Share | The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows: Three and nine months ended June 30, (in thousands, except share and per share data) 2018 2019 Shares subject to options to purchase common stock 2,424,024 3,606,663 Unvested restricted shares of common stock 146,745 50,921 Unvested restricted stock units of common stock — 471,330 Unvested shares of common stock issued upon early exercise of stock options 48,917 45,369 Shares subject to employee stock purchase plan — 143,716 Shares subject to warrants to purchase common stock 64,127 74,670 Shares subject to warrants to purchase redeemable convertible preferred stock 79,444 — Shares of redeemable convertible preferred stock 18,386,457 — Total 21,149,714 4,392,669 |
Geographic, product and indus_2
Geographic, product and industry information (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Region | The table below sets forth revenues by geographic region, based on ship-to destinations. Americas consists of Canada, Mexico, and South America; EMEA consists of Europe, the Middle East, and Africa; and APAC consists of Japan, China, South Korea, Singapore, Malaysia, and Australia. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 United States $ 4,587 $ 8,687 $ 12,011 $ 26,567 EMEA 1,624 3,508 4,116 9,257 APAC 268 878 740 2,017 Americas 62 527 153 807 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 |
Summary of Revenue by Product | The table below sets forth revenues by product. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 Synthetic genes $ 4,237 $ 6,242 $ 11,903 $ 18,850 Oligo pools 810 1,214 2,146 3,280 DNA libraries 523 578 1,208 1,654 NGS tools 971 5,566 1,763 14,864 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 |
Summary of Revenue by Industry | The table below sets forth revenues by industry. Three months ended June 30, Nine months ended June 30, (in thousands) 2018 2019 2018 2019 Industrial chemicals $ 3,140 $ 5,319 $ 9,474 $ 16,051 Academic research 1,971 4,497 4,223 9,206 Healthcare 1,185 3,291 2,901 12,412 Agricultural 245 493 422 979 Total $ 6,541 $ 13,600 $ 17,020 $ 38,648 |
The Company - Additional Inform
The Company - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | |||
May 31, 2019 | Oct. 31, 2018 | Jun. 30, 2019 | Sep. 30, 2018 | |
Accumulated deficit | $ (287,343) | $ (210,855) | ||
Proceeds of underwritten public offering common stock | $ 84,300 | |||
IPO [Member] | ||||
Proceeds of underwritten public offering common stock | $ 69,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2018 | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Accounting Policies [Abstract] | |||
Reverse stock split description | one-for-0.101 | ||
Reverse stock split ratio | 0.101 | ||
Deferred offering costs included in non-current assets | $ 3.7 | ||
Additional deferred offering costs incurred | $ 2.4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Sep. 30, 2017 | [1] |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||||
Cash and cash equivalents | $ 68,212 | $ 80,757 | ||||
Restricted cash, non-current | 579 | 579 | ||||
Restricted cash, current (within prepaid expenses and other current assets) | 194 | 201 | ||||
Total cash, cash equivalents and restricted cash | $ 68,985 | $ 81,537 | $ 91,102 | $ 31,429 | ||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Assets, Totals | $ 161,787 | $ 80,757 |
Corporate bonds [Member] | ||
Assets | ||
Assets, Totals | 7,529 | |
Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | 21,904 | |
US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 67,311 | |
Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities | ||
Redeemable convertible preferred stock warrant liability | 631 | |
Cash [Member] | ||
Assets | ||
Assets, Totals | 13,739 | 46,823 |
Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 51,304 | 33,934 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Assets, Totals | 132,354 | 80,757 |
Fair Value, Inputs, Level 1 [Member] | US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 67,311 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Assets | ||
Assets, Totals | 13,739 | 46,823 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 51,304 | 33,934 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Assets, Totals | 29,433 | |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ||
Assets | ||
Assets, Totals | 7,529 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | $ 21,904 | |
Fair Value, Inputs, Level 3 [Member] | Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities | ||
Redeemable convertible preferred stock warrant liability | $ 631 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning balance | $ 631 | $ 644 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (631) | |
Change in fair value recorded in other income (expense), net | 66 | |
Fair value, ending balance | 710 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning balance | 365 | 331 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (365) | |
Change in fair value recorded in other income (expense), net | 43 | |
Fair value, ending balance | 374 | |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning balance | 94 | 110 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (94) | |
Change in fair value recorded in other income (expense), net | 16 | |
Fair value, ending balance | 126 | |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning balance | 130 | 152 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (130) | |
Change in fair value recorded in other income (expense), net | 2 | |
Fair value, ending balance | 154 | |
Series D Redeemable Convertible Preferred Stock [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning balance | 42 | 51 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | $ (42) | |
Change in fair value recorded in other income (expense), net | 5 | |
Fair value, ending balance | $ 56 |
Inventories - Summary of Invent
Inventories - Summary of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Inventory, Net [Abstract] | ||
Raw Materials | $ 2,995 | $ 2,988 |
Work-in-process | 1,373 | 2,273 |
Finished Goods | 1,128 | 767 |
Total inventories | $ 5,496 | $ 6,028 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Goodwill And Intangible Assets [Line Items] | |||||
Changes in carrying value of goodwill | $ 0 | $ 0 | |||
Maximum [Member] | |||||
Goodwill And Intangible Assets [Line Items] | |||||
Total amortization expense related to intangible assets | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets Balances (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Sep. 30, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,240 | $ 1,240 |
Accumulated amortization | (681) | (528) |
Net book value | $ 559 | $ 712 |
Developed Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life in years | 6 years | 6 years |
Gross carrying amount | $ 1,220 | $ 1,220 |
Accumulated amortization | (661) | (508) |
Net book value | $ 559 | $ 712 |
Tradenames & Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life in years | 2 years | 2 years |
Gross carrying amount | $ 20 | $ 20 |
Accumulated amortization | $ (20) | $ (20) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Raw materials purchased from related party investor | $ 0.5 | $ 0.7 | $ 2.6 | $ 1.8 |
Description of related party transactions | During the three months ended June 30, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $0.7 million and $0.5 million, respectively. During the nine months ended June 30, 2018 and 2019, the Company purchased raw materials from a related party investor in the amount of $1.8 million and $2.6 million, respectively. Payable balances and cash receipts and receivable balances with the related parties were immaterial as of September 30, 2018 and June 30, 2019. |
Warrants - Summary of Issued Wa
Warrants - Summary of Issued Warrants for Its Redeemable Convertible Preferred Stock and Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Nov. 30, 2018 | ||
Class of Warrant or Right [Line Items] | |||||
Fair Value | [1] | $ 66 | |||
Warrants One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 36,838 | ||||
Exercise price per share | $ 3.26 | ||||
Warrants Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 32,063 | ||||
Exercise price per share | $ 6.24 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 36,838 | ||||
Fair Value | $ 365 | ||||
Issuance date | Oct. 8, 2013 | ||||
Expiration date | Oct. 8, 2023 | ||||
Exercise price per share | $ 3.26 | ||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 16,221 | ||||
Fair Value | $ 94 | ||||
Issuance date | Sep. 2, 2014 | ||||
Expiration date | Sep. 2, 2024 | ||||
Exercise price per share | $ 7.84 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 18,854 | ||||
Fair Value | $ 130 | ||||
Issuance date | Dec. 22, 2015 | ||||
Expiration date | Dec. 22, 2025 | ||||
Exercise price per share | $ 14.85 | ||||
Series D Redeemable Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 7,531 | ||||
Fair Value | $ 42 | ||||
Issuance date | Mar. 28, 2016 | ||||
Expiration date | Mar. 28, 2026 | ||||
Exercise price per share | $ 21.24 | ||||
Redeemable Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 79,444 | ||||
Fair Value | $ 631 | ||||
Common Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 74,670 | 64,127 | |||
Fair Value | $ 486 | ||||
Issuance date | Sep. 6, 2017 | ||||
Expiration date | Sep. 6, 2027 | ||||
Exercise price per share | $ 6.24 | ||||
Common Stock [Member] | Warrants One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 16,221 | ||||
Issuance date | Sep. 2, 2014 | ||||
Expiration date | Sep. 2, 2024 | ||||
Exercise price per share | $ 7.84 | ||||
Common Stock [Member] | Warrants Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 18,854 | ||||
Issuance date | Dec. 22, 2015 | ||||
Expiration date | Dec. 22, 2025 | ||||
Exercise price per share | $ 14.85 | ||||
Common Stock [Member] | Warrants Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 7,531 | ||||
Issuance date | Mar. 28, 2016 | ||||
Expiration date | Mar. 28, 2026 | ||||
Exercise price per share | $ 21.24 | ||||
Common Stock [Member] | Warrants Four [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares underlying warrants | 32,064 | ||||
Issuance date | Sep. 6, 2017 | ||||
Expiration date | Sep. 6, 2027 | ||||
Exercise price per share | $ 6.24 | ||||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
Warrants - Additional Informati
Warrants - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2018$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Net exercise of stock warrants | 68,901 |
Common stock issued for cashless exercise | 57,122 |
Warrants One [Member] | |
Class of Warrant or Right [Line Items] | |
Number of shares underlying warrants | 36,838 |
Exercise price per share | $ / shares | $ 3.26 |
Warrants Two [Member] | |
Class of Warrant or Right [Line Items] | |
Number of shares underlying warrants | 32,063 |
Exercise price per share | $ / shares | $ 6.24 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Sep. 26, 2018 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, stock options | $ 25.5 | |
Unrecognized stock-based compensation expense, period for recognition | 3 years 7 months 6 days | |
2018 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Minimum annual increase in share reserved for issuance | 999,900 | |
Annual automatic Increase in share reserved for issuance | 4.00% | |
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares may be issued | 5,856,505 | |
2018 ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Minimum annual increase in share reserved for issuance | 249,470 | |
Annual automatic Increase in share reserved for issuance | 1.00% | |
Aggregate number of common stock shares reserved for issuance | 275,225 | |
2018 ESPP [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of payroll deduction to purchase common stock | 15.00% | |
2015 ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ESPP eligible employee common stock purchase price ratio | 85.00% | |
Restricted Stock Units (RSUs) [Member] | 2018 ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, stock options | $ 10.8 | |
Unrecognized stock-based compensation expense, period for recognition | 4 years 2 months 12 days |
Stock-based compensation - Acti
Stock-based compensation - Activity Under The Equity Incentive Plans (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares available, Outstanding Beginning Balance | 860,287 | |
Shares available, Additional shares authorized | 2,494,700 | |
Shares available, Stock options granted | (1,618,676) | |
Shares available, Stock options forfeited | 340,899 | |
Shares available, Restricted stock units granted | (500,132) | |
Shares available, Forfeiture of restricted stock units | 24,221 | |
Shares available, Early exercised options repurchased | 442 | |
Shares available, Outstanding Ending Balance | 1,601,741 | 860,287 |
Number of options, Outstanding beginning balance | 2,520,485 | |
Options outstanding, Stock options granted | 1,618,676 | |
Options outstanding, Stock options exercised | (191,599) | |
Options outstanding, Stock options forfeited | (340,899) | |
Number of options, Outstanding ending balance | 3,606,663 | 2,520,485 |
Vested or expected to vest and exercisable | 3,606,663 | |
Weighted average exercise price per share, Outstanding Beginning Balance | $ / shares | $ 8.22 | |
Weighted average exercise price per share, Stock options granted | $ / shares | 25.21 | |
Weighted average exercise price per share, Stock options exercised | $ / shares | 5.95 | |
Weighted average exercise price per share, Stock options forfeited | $ / shares | 15.93 | |
Weighted average exercise price per share, Outstanding Ending Balance | $ / shares | 15.24 | $ 8.22 |
Weighted average exercise price per share, Vested or expected to vest and exercisable | $ / shares | $ 15.24 | |
Weighted average remaining contractual term, Outstanding | 8 years 4 months 27 days | 8 years 4 months 17 days |
Weighted average remaining contractual term, Vested or expected to vest and exercisable | 8 years 4 months 27 days | |
Aggregate intrinsic value, Outstanding | $ | $ 50,051 | $ 11,483 |
Aggregate intrinsic value, Outstanding Vested or expected to vest and exercisable | $ | $ 50,051 |
Stock-based compensation - Tota
Stock-based compensation - Total Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 3,032 | $ 603 | $ 7,807 | $ 1,875 |
Cost of Revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 446 | 100 | 1,155 | 275 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 530 | 109 | 1,251 | 521 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 2,056 | $ 394 | $ 5,401 | $ 1,079 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Jun. 30, 2019 | |
Nonvested Restricted Stock Units Activity [Line Items] | |
Number of shares, Outstanding Beginning Balance | 0 |
Number of shares, granted | 500,132 |
Number of shares, vested | (4,581) |
Number of shares, forfeited | (24,221) |
Number of shares, Outstanding Ending Balance | 471,330 |
Expected to vest, Outstanding | 471,330 |
Weighted average grant date fair value price per share, Outstanding Beginning Balance | $ 0 |
Weighted average grant date fair value price per share, granted | 26.12 |
Weighted average grant date fair value price per share, vested | 23.62 |
Weighted average grant date fair value price per share, forfeited | 25.67 |
Weighted average grant date fair value price per share, Outstanding | $ 26.17 |
Weighted average remaining contractual term, Expected to vest | 4 years 1 month 13 days |
Aggregate intrinsic value, Outstanding | $ 0 |
Aggregate intrinsic value, Expected to vest | $ 9,194 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Computation of the Company's Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (27,916) | $ (17,624) | $ (76,488) | $ (51,434) |
Denominator: | ||||
Weighted average shares used in computing net loss per share, basic and diluted | 30,290,150 | 2,849,544 | 25,789,794 | 2,719,051 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.92) | $ (6.18) | $ (2.97) | $ (18.92) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Summary of Calculation of Diluted Net Loss Per Share (Detail) - shares | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 4,392,669 | 21,149,714 |
Options To Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 3,606,663 | 2,424,024 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 50,921 | 146,745 |
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 | 471,330 | 0 |
Early Exercise Of Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 45,369 | 48,917 |
Warrants To Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 74,670 | 64,127 |
Warrants to Purchase Redeemable Convertible 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 | 79,444 |
Redeemable Convertible 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 | 18,386,457 |
Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 143,716 | 0 |
Geographic, Product and Indus_3
Geographic, Product and Industry Information - Summary of Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 13,600 | $ 6,541 | $ 38,648 | $ 17,020 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,687 | 4,587 | 26,567 | 12,011 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,508 | 1,624 | 9,257 | 4,116 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 878 | 268 | 2,017 | 740 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 527 | $ 62 | $ 807 | $ 153 |
Geographic, Product and Indus_4
Geographic, Product and Industry Information - Summary of Revenue by Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 13,600 | $ 6,541 | $ 38,648 | $ 17,020 |
Synthetic Genes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,242 | 4,237 | 18,850 | 11,903 |
Oligo Pools [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,214 | 810 | 3,280 | 2,146 |
DNA Libraries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 578 | 523 | 1,654 | 1,208 |
NGS Tools [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5,566 | $ 971 | $ 14,864 | $ 1,763 |
Geographic, Product and Indus_5
Geographic, Product and Industry Information - Summary of Revenue by Industry (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 13,600 | $ 6,541 | $ 38,648 | $ 17,020 |
Industrial Chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5,319 | 3,140 | 16,051 | 9,474 |
Academic Research [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4,497 | 1,971 | 9,206 | 4,223 |
Health Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,291 | 1,185 | 12,412 | 2,901 |
Agricultural [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 493 | $ 245 | $ 979 | $ 422 |
Geographic, Product and Indus_6
Geographic, Product and Industry Information - Additional Information (Detail) $ in Millions | Jun. 30, 2019USD ($) |
United States [Member] | |
Segment Reporting Information [Line Items] | |
Long-lived assets | $ 18.8 |
Non-US [Member] | |
Segment Reporting Information [Line Items] | |
Long-lived assets | $ 1 |