Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 09, 2019 | Mar. 29, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Security Exchange Name | NASDAQ | ||
Entity Address, State or Province | CA | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | TWST | ||
Entity Common Stock, Shares Outstanding | 33,118,096 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 402 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 46,735 | $ 80,757 |
Short-term investments | 91,372 | |
Accounts receivable, net | 12,104 | 5,419 |
Inventories | 7,330 | 6,028 |
Prepaid expenses and other current assets | 2,594 | 3,467 |
Total current assets | 160,135 | 95,671 |
Property and equipment, net | 20,835 | 12,331 |
Goodwill | 1,138 | 1,138 |
Intangible assets, net | 508 | 712 |
Restricted cash, non-current | 579 | 579 |
Other non-current assets | 3,799 | 5,360 |
Total assets | 186,994 | 115,791 |
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
Redeemable convertible preferred stock | 290,483 | |
Current liabilities: | ||
Accounts payable | 9,760 | 7,531 |
Accrued expenses | 5,965 | 2,166 |
Accrued compensation | 10,479 | 5,401 |
Current portion of long-term debt | 3,333 | 2,500 |
Other current liabilities | 817 | 939 |
Total current liabilities | 30,354 | 18,537 |
Redeemable convertible preferred stock warrant liability | 631 | |
Long-term debt, net of current portion | 4,400 | 7,218 |
Other non-current liabilities | 158 | 344 |
Total liabilities | 34,912 | 26,730 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity (deficit) | ||
Preferred stock | ||
Common stock | ||
Additional paid-in capital | 470,425 | 9,346 |
Accumulated other comprehensive income | 181 | 87 |
Accumulated deficit | (318,524) | (210,855) |
Total stockholders' equity (deficit) | 152,082 | (201,422) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 186,994 | 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 21,210,000 |
Common stock, share issued | 32,872,675 | 3,206,048 |
Common stock, share outstanding | 32,872,675 | 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 | 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Revenues | $ 54,385 | $ 25,427 | $ 10,767 |
Operating expenses: | |||
Cost of revenues | 47,426 | 32,189 | 24,020 |
Research and development | 35,683 | 20,347 | 19,169 |
Selling, general and administrative | 80,126 | 43,450 | 26,060 |
Total operating expenses | 163,235 | 95,986 | 69,249 |
Loss from operations | (108,850) | (70,559) | (58,482) |
Interest income | 3,032 | 999 | 412 |
Interest expense | (1,294) | (1,313) | (905) |
Other income (expense), net | (265) | (121) | (55) |
Loss before income taxes | (107,377) | (70,994) | (59,030) |
Provision for income taxes | (292) | (242) | (280) |
Net loss attributable to common stockholders | (107,669) | (71,236) | (59,310) |
Other comprehensive loss: | |||
Change in unrealized gain (loss) on investments | 49 | (9) | |
Foreign currency translation adjustment | 45 | 54 | 33 |
Comprehensive loss | $ (107,575) | $ (71,182) | $ (59,286) |
Net loss per share attributable to common stockholders—basic and diluted | $ (3.92) | $ (25.51) | $ (24.49) |
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 27,461,844 | 2,792,743 | 2,422,243 |
Consolidated Statements of Rede
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] | Accumulated Other Comprehensive Income [Member] | Accumulated deficit [Member] | |
Beginning Balance at Sep. 30, 2016 | $ 9,141 | $ 25,900 | $ 36,726 | $ 62,270 | ||||||
Beginning Balance , shares at Sep. 30, 2016 | 2,817,723 | 3,315,645 | 2,491,483 | 2,938,714 | ||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs | $ 65,596 | |||||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs, shares | 3,095,375 | |||||||||
Ending Balance at Sep. 30, 2017 | $ 9,141 | $ 25,900 | $ 36,726 | $ 127,866 | ||||||
Ending Balance , shares at Sep. 30, 2017 | 2,817,723 | 3,315,645 | 2,491,483 | 6,034,089 | ||||||
Beginning Balance at Sep. 30, 2016 | $ (76,611) | $ 3,689 | $ 9 | $ (80,309) | ||||||
Beginning Balance , shares at Sep. 30, 2016 | 3,146,233 | |||||||||
Vesting of restricted stock units | 4 | 4 | ||||||||
Exercise of stock options | $ 162 | 162 | ||||||||
Exercise of stock options , shares | 32,586 | 32,586 | ||||||||
Issuance of common stock warrants | $ 486 | 486 | ||||||||
Stock-based compensation | 1,887 | 1,887 | ||||||||
Other comprehensive income | 24 | 24 | ||||||||
Net loss | (59,310) | [1] | (59,310) | |||||||
Ending Balance at Sep. 30, 2017 | (133,358) | 6,228 | 33 | (139,619) | ||||||
Ending Balance , shares at Sep. 30, 2017 | 3,178,819 | |||||||||
Issuance of Series D redeemable convertible preferred stock, net of financing costs, shares | 4,292,365 | |||||||||
Ending Balance at Sep. 30, 2018 | 290,483 | $ 9,141 | $ 25,900 | $ 36,726 | $ 218,716 | |||||
Ending Balance , shares at Sep. 30, 2018 | 2,817,723 | 3,315,645 | 2,491,483 | 10,326,454 | ||||||
Issuance of common stock in public offering | $ 90,850 | |||||||||
Exercise of stock options | $ 215 | 215 | ||||||||
Exercise of stock options , shares | 62,862 | 62,862 | ||||||||
Repurchase of early exercised stock options , shares | (9,639) | |||||||||
Stock-based compensation | $ 2,961 | 2,961 | ||||||||
Forfeiture of restricted common stock , shares | (21,146) | |||||||||
Treasury stock purchase, Shares | (4,848) | |||||||||
Treasury stock purchase | (58) | (58) | ||||||||
Other comprehensive income | 54 | 54 | ||||||||
Net loss | (71,236) | [1] | (71,236) | |||||||
Ending Balance at Sep. 30, 2018 | (201,422) | 9,346 | 87 | (210,855) | ||||||
Ending Balance , shares at Sep. 30, 2018 | 3,206,048 | |||||||||
Ending Balance , shares at Sep. 30, 2019 | 0 | 0 | 0 | |||||||
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, shares | 8,352 | |||||||||
Issuance of shares under the employee stock purchase plan | 2,700 | 2,700 | ||||||||
Issuance of shares under the employee stock purchase plan, shares | 219,144 | |||||||||
Exercise of stock options | $ 2,264 | 2,264 | ||||||||
Exercise of stock options , shares | 331,205 | 331,205 | ||||||||
Conversion of redeemable convertible preferred stock warrant liability to equity | $ 631 | 631 | ||||||||
Conversion of redeemable convertible preferred stock to common stock | 290,462 | $ (9,141) | $ (25,900) | $ (36,726) | $ (218,716) | 290,462 | ||||
Conversion of redeemable convertible preferred stock to common stock , shares | (2,817,723) | (3,315,645) | (2,491,483) | (10,326,454) | 18,951,305 | |||||
Repurchase of early exercised stock options , shares | (442) | |||||||||
Stock-based compensation | 11,170 | 11,170 | ||||||||
Net exercise of stock warrants , shares | 94,563 | |||||||||
Other comprehensive income | 94 | 94 | ||||||||
Net loss | (107,669) | (107,669) | ||||||||
Ending Balance at Sep. 30, 2019 | $ 152,082 | $ 470,425 | $ 181 | $ (318,524) | ||||||
Ending Balance , shares at Sep. 30, 2019 | 32,872,675 | |||||||||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
Consolidated Statements of Re_2
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net of underwriting discounts, commissions and offering expenses | $ 17,210 | ||
Series D Redeemable Convertible Preferred Stock [Member] | |||
Issuance of redeemable convertible preferred stock, net of financing cost | $ 339 | $ 165 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Cash flows from operating activities | ||||||
Net loss | $ (107,669) | $ (71,236) | [1] | $ (59,310) | [1] | |
Adjustments to reconcile net loss to net cash used in operating activities | ||||||
Depreciation and amortization | 6,111 | 5,727 | [1] | 5,021 | [1] | |
Loss on disposal of property and equipment | 189 | 55 | [1] | 507 | [1] | |
Stock-based compensation | 11,170 | 2,961 | [1] | 1,891 | [1] | |
Discount accretion on investment securities | (1,249) | |||||
Non-cash interest expense | 233 | 254 | [1] | 363 | [1] | |
Change in fair value of redeemable convertible preferred stock warrant liability | [1] | (13) | 261 | |||
Amortization of debt discount | 282 | 308 | [1] | 95 | [1] | |
Changes in assets and liabilities: | ||||||
Accounts receivable, net | (6,685) | (3,073) | [1] | (1,623) | [1] | |
Inventories | (1,302) | (4,202) | [1] | (599) | [1] | |
Prepaid expenses and other current assets | 746 | (1,760) | [1] | (324) | [1] | |
Other non-current assets | (2,064) | (812) | [1] | (481) | [1] | |
Accounts payable | 3,278 | 3,759 | [1] | 560 | [1] | |
Accrued expenses | 4,210 | (114) | [1] | 621 | [1] | |
Accrued Compensation | 5,060 | 1,932 | [1] | 1,067 | [1] | |
Other liabilities | (247) | 50 | [1] | 650 | [1] | |
Net cash used in operating activities | (87,937) | (66,164) | [1] | (51,301) | [1] | |
Cash flows from investing activities | ||||||
Purchases of property and equipment | (14,757) | (3,688) | [1] | (6,594) | [1] | |
Proceeds from sale of property and equipment | 21 | 17 | [1] | 266 | [1] | |
Purchases of investments | (177,574) | (3,523) | [1] | (40,587) | [1] | |
Maturity of investments | 87,500 | 34,500 | [1] | 36,925 | [1] | |
Net cash provided by (used in) investing activities | (104,810) | 27,306 | [1] | (9,990) | [1] | |
Cash flows from financing activities | ||||||
Proceeds from exercise of stock options | 2,170 | 331 | [1] | 205 | [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] | 90,850 | 65,596 | |||
Proceeds from issuance under employee stock purchase plan | 2,700 | |||||
Payments of deferred offering costs | [1] | (2,359) | ||||
Borrowings of long-term debt | [1] | 2,174 | ||||
Repayments of long-term debt | (2,500) | (4,173) | [1] | |||
Net cash provided by financing activities | 158,578 | 88,822 | [1] | 63,802 | [1] | |
Effect of exchange rates on cash, cash equivalents and restricted cash | 30 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (34,139) | 49,964 | 2,511 | |||
Cash, cash equivalents, and restricted cash at beginning of year | [1] | 81,537 | 31,573 | 29,062 | ||
Cash, cash equivalents, and restricted cash at end of year | 47,398 | 81,537 | [1] | 31,573 | [1] | |
Supplemental disclosure of cash flow information | ||||||
Interest paid | 779 | 751 | [1] | 702 | [1] | |
Income taxes paid, net of refunds | 291 | 179 | [1] | 6 | [1] | |
Non-cash investing and financing activities | ||||||
Property and equipment additions included in accrued expenses and accounts payable | 170 | 344 | [1] | 285 | [1] | |
Fair value of warrants issued in connection with debt | [1] | $ 486 | ||||
Deferred offering costs included in accounts payable and accrued expenses | [1] | $ 1,308 | ||||
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 | 12 Months Ended |
Sep. 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. DNA is used in many applications across different industries: industrial chemicals, academic, healthcare and agriculture. The core of our platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. We have combined this technology with proprietary software, scalable commercial infrastructure and an e-commerce DNA-based The Company has a limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in this industry. These risks include, but are not limited to, the uncertainty of availability of additional financing, market acceptance of its products, the ability to retain and attract new customers, and the uncertainty of achieving future profitability. The Company has generated net losses in all periods since inception. As of September 30, 2019, the Company had an accumulated deficit of $318.5 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 balances on hand will be sufficient to fund operations for at least one year from the issuance of these consolidated financial statements. However, the Company may need to obtain additional financing to fund operations beyond this period, and there can be no assurance that the Company will be successful in raising additional financing 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 | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation and use of estimates The presentation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include the valuation of deferred tax assets, stock-based compensation expense, determination of the net realizable value of inventory, and the fair value of the Company’s common stock and redeemable convertible preferred stock warrant liabilities. Actual results could differ from those estimates. The Company’s consolidated financial statements include its wholly-owned subsidiaries. All intercompany balances and accounts are eliminated in consolidation. Risks and uncertainties The Company relies on third parties for the supply and manufacture of its products, including a single-source supplier for a critical component, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products to its customers on time, if at all. The Company operates in a dynamic and highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows : Refer to Note 7 for discussion of our current litigation with Agilent which is set to go to trial in February 2020 and could have a material adverse effect on the Company. The Company has expended and expects to continue to expend substantial funds to complete the research and development of its production process. The Company may require additional funds to commercialize its products and may be unable to entirely fund these efforts with its current financial resources. Additional funds may not be available on acceptable terms, if at all. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay the sale of the Company’s products and services which would materially and adversely affect its business, financial condition and operations. Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s investment policy addresses the level of credit exposure by establishing a minimum allowable credit rating and by limiting the concentration in any one investment. The Company’s accounts receivable is derived from customers located principally in the United States and Europe. The Company maintains credit insurance for certain of its customer balances, performs ongoing credit evaluations of its customers, and maintains allowances for potential credit losses on customers’ accounts when deemed necessary. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for doubtful accounts based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay. Customer concentration One customer accounted for more than 10% of total revenues as follows: Year ended September 30, 2019 2018 2017 Customer A 17 % 34 % 40 % One customer accounted for greater than 10% of net accounts receivable as follows: September 30, 2019 2018 Customer A 13 % 27 % Cash and cash equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments with an original or remaining maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents consist of investments in money market funds as of September 30, 2019 and 2018. Short-term investments The Company invests in various types of securities, including United States government, commercial paper, and corporate debt securities. It classifies its investments as available-for-sale income equity ( ) Accounts receivable Trade receivables include amounts billed and currently due from customers, recorded at the net invoice value and are not interest bearing. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amounts of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company re-evaluates The Company has a short order-to-invoice Fair value of financial instruments The carrying amounts of the Company’s financial instruments including cash equivalents, short term investments, and accounts receivable approximate fair value due to their relatively short maturities. The carrying amounts of the redeemable convertible preferred stock warrant liability represent their fair values. Based on the borrowings rates currently available to the Company for loans with similar terms, the carrying value of the Company’s long-term debt approximates its fair value (level 2 within the fair value hierarchy). Inventories Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term of the respective leasehold improvements assets, if any. The Company recorded depreciation and amortization expense of $6.1 million, $5.5 million and $4.8 million for the years September 30, 2019, 2018 and 2017, respectively. Estimated lives of property and equipment are as follows: Laboratory equipment 5 Years Furniture, fixtures and other equipment 5 Years Computer equipment 3 Years Computer software 3 Year s Leasehold improvements Lesser of useful life or Maintenance and repairs are charged to expense as incurred. Betterments are capitalized and depreciated through the life of the lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. Capitalized software development costs Costs associated with internal-use to improve e-commerce Capitalized software development costs were $2.3 million and $1.9 million as of September 30, 2019 and 2018, respectively. Capitalized costs are amortized from the project completion date, using the straight-line method over an estimated useful life of the assets, which is three Long-lived assets The Company reviews property and equipment and intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value Leases The Company has entered into lease agreements for its manufacturing, research and development and office facilities. These leases qualify as and are accounted for as operating leases. Rent expense is recognized on a straight-line basis over the term of the lease and, accordingly, the Company records the difference between cash rent payments and the recognition of rent expense as a prepaid rent asset or a deferred rent liability, as appropriate for each lease. Goodwill and purchased intangible assets Goodwill is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If, based on a qualitative assessment, the Company determines it is more likely than not that goodwill is impaired, a quantitative assessment is performed to determine if the fair value of the Company’s sole reporting unit is less than its carrying value. Purchased intangible assets with finite lives are generally amortized over their estimated useful lives using the straight-line method. The Company reviews intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Segment information The Company has one business activity, which is manufacturing of synthetic DNA using its semiconductor-based silicon platform and operates as one reportable and operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer (CEO), reviews the Company’s operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. Revenue recognition Effective October 1, 2017, the Company elected to early adopt the requirements of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers The Company’s revenue is generated through the sale of synthetic biology tools, such as synthetic genes, or clonal genes and fragments, oligonucleotides pools, or oligo pools, next generation sequencing, or NGS tools and DNA libraries. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts with customers are generally in the written form of a purchase order or a quotation, which outline the promised goods and the agreed upon price. Such orders are often accompanied by a Master Supply or Distribution Agreement that establishes the terms and conditions, rights of the parties, delivery terms, and pricing. The Company assesses collectability based on a number of factors, including past transaction history and creditworthiness of the customer. For all of the Company’s contracts to date, the customer orders a specified quantity of synthetic DNA ; The transaction price is determined based on the agreed upon rates in the purchase order or master supply agreements applied to the quantity of synthetic DNA that was manufactured and shipped to the customer. The Company’s contracts include only one performance obligation – the delivery of the product to the customer. Accordingly, all of the transaction price, net of any discounts, is allocated to the one performance obligation. Therefore, upon delivery of the product, there are no remaining performance obligations. The Company’s shipping and handling activities are considered a fulfillment cost. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company recognizes revenue at a point in time when control of the products is transferred to the customer. Management applies judgment in evaluating when a customer obtains control of the promised good which is generally when the product is shipped or delivered to the customer. The Company’s customer contracts generally include a standard assurance warranty to guarantee that its products comply with agreed specifications. The Company reduces revenue by the amount of expected returns which have been insignificant. The Company has elected the practical expedient to not disclose the consideration allocated to remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Refer to Note 15 for the disaggregation of revenues by geography, by product and by industry. The Company does not have any contract assets or contract liabilities as of September 30, 2019 and 2018. For all periods presented, the Company did not recognize revenue from amounts that were included in the contract liability balance at the beginning of each period. In addition, for all periods presented, there was no revenue recognized in a reporting period from performance obligations satisfied in previous periods. Based on the nature of the Company’s contracts with customers which are recognized over a term of less than 12 months, the Company has elected to use the practical expedient whereby costs to obtain a contract are expensed as they are incurred. Research and development Research and development expenses consist of compensation costs, employee benefits, subcontractors, research supplies, allocated facility related expenses and allocated depreciation and amortization. All research and development costs are expensed as incurred. Advertising costs Costs related to advertising and promotions are expensed to sales and marketing as incurred. Advertising and promotion expenses for the years ended September 30, 2019, 2018 and 2017, were $1.3 million, $0.9 million and $0.1 million, respectively. Government contract payments The Company recognizes payments received from its funded research and development agreement with the Defense Advanced Research Projects Agency (DARPA), when milestones are achieved and records them as a reduction of research and development expenses. In fiscal 2019 and 2018, the Company received $0.5 million and $0.3 million, respectively, in DARPA payments. There were no DARPA payments received during the year ended September 30, 2017. Redeemable convertible preferred stock warrant liability Outstanding warrants that were related to the Company’s redeemable convertible preferred stock are classified as liabilities on the balance sheet. As the warrants to purchase redeemable convertible preferred stock were exercisable into shares of convertible preferred stock, the Company had recognized a liability for the fair value of its warrants on the consolidated balance sheets upon issuance and subsequently remeasured the liability to fair value at the end of each reporting period. In connection with the closing of our Common stock warrants Warrants to purchase the Company’s common stock issued in conjunction with debt are recorded as additional paid-in-capital paid-in-capital Stock-based compensation The Company maintains performance incentive plans under which incentive and nonqualified stock options and restricted stock units are granted primarily to employees and may be granted to members of the board of directors and certain non-employee The Company recognizes stock compensation in accordance with ASC 718, Compensation—Stock Compensation The Company recognizes fair value of stock options granted to non-employees Net loss per share attributable to common stockholders The Company calculates its basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method are re-allocated to Basic and diluted net loss per share of common stock attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of employee stock-based awards and warrants. Because the Company has reported a net loss for the years ended September 30, 2019, 2018 and 2017, diluted net loss per common share is the same as the basic net loss per share for those years. The Company considered all series of its convertible preferred stock to be participating securities as they were entitled to receive noncumulative dividends prior and in preference to any dividends on shares of common stock. Due to the Company’s net losses, there was no impact on the loss per share calculation in applying the two-class method Reverse stock split In October 2018, the Company’s stockholders approved a one-for-0.101 Income taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability accounts are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are currently in effect. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s IPO, were initially capitalized and subsequently offset against proceeds from the IPO within stockholders’ equity. As of September 30, 2019, there were no capitalized deferred offering costs on the consolidated balance sheets. As of September 30, 2018, there was $3.7 million of deferred offering costs within other non-current 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 right-of-use The Company estimates the key change upon adoption of the standard will result in balance sheet recognition of additional lease assets and lease liabilities as of October 1, 2019, which wi ll be which the Company expects to be consistent with the future minimum lease payments disclosed in Note 7 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and held-to-maturity debt for available-for-sale debt 20 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments zero-coupon of ASU 2016-15 did In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of-period non-current September 30, 2019 2018 2017 Cash and cash equivalents 46,735 80,757 31,227 Restricted cash, non-current 579 579 202 Restricted cash, current (within prepaid expenses and other current assets) 84 201 144 Total cash, cash equivalents and restricted cash 47,398 81,537 31,573 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 2017-09, of ASU 2017-09 did 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 2018-13 |
Fair value measurement
Fair value measurement | 12 Months Ended |
Sep. 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 Level 1 Level 2 Level 3 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 table sets forth the cash and cash equivalents, and short-term investments as of September 30, 2019: (in thousands) Amortized Gross Gross Fair Cash and cash equivalents $ 46,735 $ — $ — $ 46,735 Short-term investments 91,323 49 — 91,372 Total $ 138,058 $ 49 $ — $ 138,107 The following table sets forth the cash and cash equivalents as of September 30, 2018: (in thousands) Amortized Gross Gross Fair Cash and cash equivalents $ 80,757 $ — $ — $ 80,757 Total $ 80,757 $ — $ — $ 80,757 As of September 30, 2019, financial assets and liabilities measured and recognized at fair value are as follows: (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash and cash equivalents $ 19,344 $ — $ — $ 19,344 Money market funds 27,390 — — 27,390 Corporate bonds — 8,530 — 8,530 Commercial paper — 28,361 — 28,361 U.S. government treasury bills 54,482 — — 54,482 Total $ 101,216 $ 36,891 $ — $ 138,107 As of September 30, 2018, financial assets and liabilities measured and recognized at fair value are as follows: (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash and cash equivalents $ 46,823 $ — $ — $ 46,823 Money market funds 33,934 — — 33,934 Total $ 80,757 $ — $ — $ 80,757 Liabilities Redeemable convertible preferred stock warrant liability $ — $ — $ 631 $ 631 The Company did not have short–term investments at September 30, 2018. Redeemable convertible preferred stock warrants The following table provides a reconciliation of beginning and ending balances of the Level 3 instruments during the years ended September 30, 2017, 2018 and 2019: (in thousands) Series A Series B Series C Series D Total Redeemable convertible preferred stock warrant liability: Fair value as of September 30, 2016 $ 184 $ 57 $ 108 $ 34 $ 383 Change in fair value recorded in other income (expense), net 147 53 44 17 261 Fair value as of September 30, 2017 $ 331 $ 110 $ 152 $ 51 $ 644 Change in fair value recorded in other income (expense), net 34 (16 ) (22 ) (9 ) (13 ) 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 September 30, 2019 $ — $ — $ — $ — $ — |
Balance sheet components
Balance sheet components | 12 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance sheet components | 4. Balance sheet components The Company’s accounts receivable, net balance consists of the following: September 30, (in thousands) 2019 2018 Trade Receivables $ 11,085 $ 5,439 Other Receivables 1,313 75 Allowance for Doubtful Accounts (294 ) (95 ) Accounts Receivable, net $ 12,104 $ 5,419 Inventories consist of the following: September 30, (in thousands) 2019 2018 Raw Materials $ 4,900 $ 2,988 Work-in-process 1,157 2,273 Finished Goods 1,273 767 $ 7,330 $ 6,028 Property and Equipment, net consists of the following: September 30, (in thousands) 2019 2018 Laboratory equipment $ 26,021 $ 18,865 Furniture, fixtures and other equipment 1,760 613 Computer equipment 2,777 2,137 Computer software 3,507 3,094 Leasehold improvements 3,772 3,340 Construction in progress 5,991 1,534 43,828 29,583 Less: Accumulated depreciation and amortization (22,993 ) (17,252 ) $ 20,835 $ 12,331 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Sep. 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 during the years ended September 30, 2019 and 2018. Total amortization expense related to intangible assets was $0.2 million for the year ended September 30, 2019, $0.2 million for the year ended September 30, 2018 and $0.2 million for the year ended September 30, 2017. The intangible assets balances are presented below: September 30, 2019 (in thousands, except for years) Useful lives Gross Accumulated Net book Developed Technology 6 $ 1,220 $ (712 ) $ 508 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (732 ) $ 508 September 30, 2018 (in thousands, except for years) Useful lives Gross Accumulated Net book Developed Technology 6 $ 1,220 $ (508 ) $ 712 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (528 ) $ 712 Future annual amortization expense is as follows (in thousands): Years ending September 30, 2020 203 2021 203 202 2 102 $ 508 |
Long-term debt
Long-term debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term debt | 6. Long-term debt In September 2017, the Company entered into a Fourth Amended and Restated Loan and Security Agreement (the Fourth Loan) with SVB for loan amounts aggregating up to $20.0 million in a series of three advances. The first advance provides a principal amount of $10.0 million, the second advance provides a principal amount of $5.0 million and the third advance provides a principal amount of $5.0 million during their respective draw down periods. The draw down periods for the second and third advances under this agreement have expired as of January 31, 2018 and June 30, 2018, respectively and were not utilized. In connection with the first advance the Company issued a warrant to purchase 64,127 shares of common stock at an exercise price of $6.24 per share. The Fourth Loan contains a subjective acceleration clause under which the Fourth Loan could become due and payable to SVB in the event of a material adverse change in the Company’s business. The term of the loan was 51 months with an interest rate of prime plus 3.00% and a final payment fee of $0.7 million. The first advance, totaling $10.0 million, was drawn in September 2017 and comprised $7.8 million to refinance a prior loan and a new advance of $2.2 million. The debt provides for interest only payments through December 31, 2018 at which time monthly principal payments become due. In addition, the Company obtained a revolving loan facility for a principal amount of up to $10.0 million for which the principal amount outstanding under the revolving line would accrue interest at a floating per annum rate equal to one percentage point (1.00%) above the prime rate, which interest shall be payable monthly. The Company accounted for this transaction as a debt modification and did not incur any gain or loss relating to the modification. The Company’s credit facilities contain customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, among other things, restrictions on changes in business, management, ownership or business locations, indebtedness, encumbrances, investments, mergers or acquisitions, dispositions, maintenance of collateral accounts, prepayment of other indebtedness, distributions and transactions with affiliates. The credit facilities contain customary events of default subject in certain cases to grace periods and notice requirements, including (a) failure to pay principal, interest and other obligations when due, (b) material misrepresentations, (c) breach of covenants, conditions or agreements in the credit facilities, (d) default under material indebtedness, (e) certain bankruptcy events, (f) a material adverse change; (g) attachment, levy or restraint on business, (h) default with respect to subordinated debt, (i) cross default under the Company’s credit facilities, and (j) government approvals being revoked. As of September 30, 2017, all rights, title and interest to the Company’s personal property with the exception of the Company’s intellectual property, have been pledged as collateral, including cash and cash equivalents, short-term investments, accounts receivable, contractual rights to payment, license agreements, general intangibles, inventory and equipment. The Company was in compliance with all covenants under the loan and security agreement with SVB as of September 30, 2019 and 2018. Future maturities of the Fourth Loan as of September 30, 2019 are as follows: (in thousands) Principal Interest Total Years ending September 30, 2020 $ 3,333 486 $ 3,819 2021 3,333 214 3,547 2022 834 11 845 7,500 711 8,211 Less: Interest (711 ) Total amount of loan principal 7,500 Less unamortized debt discount (269 ) Add: accretion of final payment fee 502 $ 7,733 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 7. 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, Dr. Emily Leproust (the Complaint) alleging (i) breach of contract against the CEO, and two current or former employees (ii) breach of duty of loyalty against the CEO, and (iii) misappropriation of trade secrets by the Company, the CEO, and two current or former employees. On December 7, 2018, the Court granted Agilent’s motion to amend its complaint, permitting Agilent to file its Second Amended Complaint. This new complaint 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 trial to begin on February 24, 2020. The Company believes that the 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 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. Leases The Company leases certain of its facilities under non-cancellable Future minimum lease payments under all non-cancelable (in thousands) Operating Years ending September 30 : 2020 $ 6,671 2021 5,909 2022 5,979 2023 6,064 2024 6,029 Thereafter 10,067 Total minimum lease payments $ 40,719 Rent expense was $4.9 million, $2.5 million and $2.2 million for the years ended September 30, 2019, 2018 and 2017, respectively. Rent expense is measured based upon amortizing minimum lease payments, including rent escalations under the lease term, using the straight-line method over the term of the lease. Prepaid rent was $1.6 million as of September 30, 2019. There was no no |
Related party transactions
Related party transactions | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 8. Related party transactions During the year ended September 30, 2019, the Company purchased raw materials from a related party investor in the amount of $3.2 million. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2019. During the year ended September 30, 2018, the Company purchased raw materials from a related party investor in the amount of $2.3 million. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2018. During the year ended September 30, 2017, the Company sold 170,085 shares of Series D redeemable convertible preferred stock to a related party. The Company also purchased raw materials from a related party investor in the amount of $2.0 million. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2017. |
Income taxes
Income taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 9. Income taxes The Company recorded provision for income taxes of $0.3 million for the year ended September 30, 2019, $0.2 million for the year ended September 30, 2018 and $0.3 million for the year ended September 30, 2017. The significant components of the Company’s deferred tax assets and liabilities are as follows: September 30, (in thousands) 2019 2018 Net operating loss carryforwards $ 73,341 $ 49,801 Research and development credit carryforwards 6,831 4,621 Other 4,553 1,919 Gross deferred tax assets 84,725 56,341 Less: Valuation allowance (84,598 ) (56,158 ) Net deferred tax assets 127 183 Fixed assets (1 ) (1 ) Intangible assets (126 ) (182 ) Gross deferred tax liabilities (127 ) (183 ) Total net deferred tax asset $ — $ — The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate: Year ended 2019 2018 2017 Tax expense computed at the federal statutory rate 21 % 24 % 35 % Change in valuation allowance (22 )% 4 % (35 )% Research and development credit benefit 1 % 1 % 1 % Change in federal tax rate — (28 )% — Other expenses — (1 )% (1 )% Total income tax expense — % — % — % Based on the available objective evidence, management believes it is more likely than not that the deferred tax assets will not be fully realizable. Accordingly, the Company has provided a full valuation allowance against its deferred tax assets at September 30, 2019 and As of September 30, 2019, the Company had net operating loss carryforwards of approximately $293.6 million and $183.4 million available to reduce future taxable income, if any, for federal and state income tax purposes, respectively. The Company also had federal and state research and development credit carryforwards of approximately $5.7 million and $5.1 million, respectively, at September 30, 2019. The federal credits will expire starting in 2033 The provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes The aggregate changes in the balance of gross unrecognized tax benefits are as follows: (in thousands) Federal Balance as of September 30, 2016 822 Increases related to tax positions taken during 2017 562 Increases related to tax positions in prior years 241 Balance as of September 30, 2017 1,625 Increases related to tax positions taken during 2018 624 Balance as of September 30, 2018 $ 2,249 Increases related to tax positions taken during 2019 1,042 Balance as of September 30, 2019 $ 3,291 The Company does not expect a material change in unrecognized tax benefits in the next twelve months. As of September 30, 2019, no unrecognized tax benefit would, if recognized, impact the Company’s effective income tax rate. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary. The Company’s management determined that no accrual for interest and penalties was required as of September 30, 2019 and 2018. The Company’s tax years from 2014 through 2018 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or tax credits. The Company currently has no federal or state tax examinations in progress. On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the Tax Act, was enacted into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time |
Warrants
Warrants | 12 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Warrants | 10. Warrants In connection with its long-term debt agreements, the Company issued warrants for its redeemable convertible preferred stock and common stock as follows: Number of (in thousands, except share and per share data) September 30, 2019 Issuance date Expiration date Exercise Warrant class/series: 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 Total common stock warrants 26,385 Number of Fair (in thousands, except share and per share data) September 30, 2018 Issuance date Expiration date Exercise Warrant class/series: 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 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 common shares issued by the Company. In July 2019, a total of 32,064 warrants with an exercise price of $6.24 per common share were net exercised for a net 25,422 common shares issued by the Company. In September 2019, a total of 16,221 7.84 12,019 |
Redeemable convertible preferre
Redeemable convertible preferred stock | 12 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Redeemable convertible preferred stock | 11. 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. |
Common stock
Common stock | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Common stock | 12. Common stock The fair value of the shares of common stock underlying the Company’s stock options has historically been determined by management and approved by the board of directors. Prior to the Company’s IPO, management and the board of directors determined the fair value of the common stock at the time of grant of any options by considering a number of objective and subjective factors, including valuations performed by an independent third-party specialists, valuations of comparable companies, operating and financial performance, the lack of liquidity of the common stock, recent private stock sale transactions and general and industry-specific economic outlooks. Valuations performed by third-party valuation specialists were completed and used the methodologies, approaches, and assumptions consistent with the AICPA, Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation As of September 30, 2019, the Company reserved sufficient shares of common stock for issuance upon conversion of preferred stock and exercise of stock options and warrants. Each share of common stock is entitled to one vote. The holders of shares of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to prior rights of the holders of preferred stock. |
Stock option plan
Stock option plan | 12 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock option plan | 13. Stock option plan 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 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 Any shares subject to outstanding awards under the 2013 Stock 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 S-8 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 year ended September 30, 2019, activity under the 2018 ESPP was immaterial. Activity under the equity incentive plans during the years ended September 30, 2019, 2018 and 2017 is summarized below: Shares Options Weighted Weighted (years) Aggregate Outstanding at September 30, 2016 470,623 1,033,612 $ 4.93 8.81 $ 1,343,301 Additional shares authorized 1,035,414 — — Stock options granted (857,082 ) 857,082 8.61 Stock options exercised — (32,586 ) 5.54 Stock options forfeited 38,384 (38,384 ) 5.54 Outstanding at September 30, 2017 687,339 1,819,724 $ 6.63 9.14 $ 7,147,115 Additional shares authorized 905,786 — — Stock options granted (951,310 ) 951,310 10.96 Stock options exercised — (62,862 ) 5.37 Stock options forfeited 187,687 (187,687 ) 7.73 Early exercised options repurchased 9,639 — Forfeiture of restricted common stock 21,146 — — Outstanding at September 30, 2018 860,287 2,520,485 $ 8.22 8.38 $ 11,482,909 Additional shares authorized 2,494,700 — — Stock options granted (1,685,625 ) 1,685,625 25.53 Stock options exercised — (331,205 ) 6.67 Stock options forfeited 324,460 (324,460 ) 14.75 Restricted stock units granted (500,132 ) — — Early exercised options repurchased 442 — — Forfeiture of restricted stock units 26,743 — — Outstanding at September 30, 2019 1,520,875 3,550,445 $ 15.99 8.25 $ 31,997,934 Vested or expected to vest at September 30, 2019 3,550,445 $ 15.99 8.25 $ 31,997,934 Vested and exercisable at September 30, 2019 1,243,634 $ 7.77 7.01 $ 20,125,913 As of September 30, 2019, there was $ 24.8 non-vested 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 year ended September 30, 2019 was as follows: (in thousands, except share and per share data) Number Weighted Weighted Aggregate Outstanding at September 30, 2018 — $ — — $ — Restricted stock units granted 500,132 26.12 3.87 13,059,488 Restricted stock units vested (11,019 ) 24.69 — — Restricted stock units forfeited (26,743 ) 25.92 — — Outstanding at September 30, 2019 462,370 26.16 3.91 8,959,223 Expected to vest at September 30, 2019 462,370 $ 26.16 3.91 $ 8,959,223 As of September 30, 2019, there was $10.2 million of total unrecognized compensation cost related to these issuances that is expected to be recognized over a weighted average period of 3.99 years. Stock-based compensation Total stock-based compensation expense recognized was as follows: Year ended (in thousands) 2019 2018 2017 Cost of revenues $ 1,345 $ 376 $ 202 Research and development 2,378 705 575 Selling, general and administrative 7,447 1,880 1,114 Total stock-based compensation $ 11,170 $ 2,961 $ 1,891 The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of a stock option. The Black-Scholes model requires various assumptions, including the fair value of the Company’s common stock, expected term, expected dividend yield and expected volatility. The expected volatility of the Company’s stock options is estimated from the historical volatility of selected public companies with comparable characteristics to it, including similarity in size and lines of business. The expected term of stock options represents the period that the Company’s stock-options are expected to be outstanding before being exercised. The risk-free interest rate is based on the implied yield currently available on U.S. treasury notes with terms approximately equal to the expected life of the option. The expected dividend rate is zero as the Company currently has no history or expectation of declaring cash dividends on the Company’s common stock. The fair value of options granted during the years ended September 30, 2019, 2018 and 2017, respectively, were calculated using the weighted average assumptions set forth below: Year ended 2019 2018 2017 Expected term (years) 6.41 6.25 6.25 Expected volatility 60.2 % 66.3 % 65.5 % Risk-free interest rate 2.72 % 2.65 % 2.02 % Dividend yield 0 % 0 % 0 % Weighted average grant date fair value of options granted during the years ended September 30, 2019, 2018 and 2017 was $15.06, $7.08 and $6.63, respectively. Shares subject to repurchase The Company has a right of repurchase with respect to unvested shares issued upon early exercise of options at an amount equal to the original exercise price of each unvested share being repurchased. The Company’s right to repurchase these shares lapses pursuant to the vesting schedule of the original grant, which is generally 25% on the first anniversary of the original grant and ratably on a monthly basis over the remaining 36 months. As of September 30, 2019, 38,157 shares remain subject to the Company’s right of repurchase. |
Net loss per share attributable
Net loss per share attributable to common stockholders | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | 14. 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: Year ended September 30, (in thousands, except share and per share data) 2019 2018 2017 Numerator: Net loss attributable to common stockholders $ (107,669 ) $ (71,236 ) $ (59,310 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 27,461,844 2,792,743 2,422,243 Net loss per share attributable to common stockholders, basic and diluted $ (3.92 ) $ (25.51 ) $ (24.49 ) The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive for the periods presented are as follows: Year ended September 30, 2019 2018 2017 Shares subject to options to purchase common stock 3,550,445 2,520,485 1,819,724 Unvested restricted shares of common stock 23,861 96,750 513,766 Unvested restricted stock units 462,370 — — Unvested shares of common stock issued upon early exercise of stock options 38,157 74,142 44,698 Shares subject to employee stock purchase plan 76,335 — — Shares subject to warrants to purchase common stock 26,385 64,127 64,127 Shares subject to warrants to purchase redeemable convertible preferred stock — 79,444 79,444 Shares of redeemable convertible preferred stock — 18,951,305 14,658,940 Total 4,177,553 21,786,253 17,180,699 |
Geographic, product and industr
Geographic, product and industry information | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Geographic, product and industry information | 15. Geographic, product and industry information The table below sets forth revenues by geographic region, based on ship-to Year ended (in thousands) 2019 2018 2017 United States $ 35,936 $ 17,662 $ 8,243 EMEA 14,692 6,557 2,023 APAC 2,761 1,001 274 North America 996 207 227 Total $ 54,385 $ 25,427 $ 10,767 The table below sets forth revenues by products. Year ended (in thousands) 2019 2018 2017 Synthetic genes $ 26,712 $ 17,986 $ 8,122 Oligo pools 4,594 3,002 2,056 DNA libraries 2,036 1,771 517 NGS tools 21,043 2,668 72 Total $ 54,385 $ 25,427 $ 10,767 Revenues by industry were as follows: Year ended September 30, (in thousands) 201 9 2018 2017 Industrial chemicals $ 21,927 $ 14,912 $ 6,702 Academic research 13,835 5,813 2,709 Healthcare 17,424 4,212 1,226 Agricultural 1,199 490 130 Total revenues $ 54,385 $ 25,427 $ 10,767 Long-lived assets located in the United States are $19.8 million and $11.9 million as of September 30, 2019 and 2018. Long-lived assets located outside of the United States were $1.0 million and $0.4 million as of September 30, 2019 and 2018. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation and use of estimates | Basis of presentation and use of estimates The presentation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include the valuation of deferred tax assets, stock-based compensation expense, determination of the net realizable value of inventory, and the fair value of the Company’s common stock and redeemable convertible preferred stock warrant liabilities. Actual results could differ from those estimates. The Company’s consolidated financial statements include its wholly-owned subsidiaries. All intercompany balances and accounts are eliminated in consolidation. |
Risks and uncertainties | Risks and uncertainties The Company relies on third parties for the supply and manufacture of its products, including a single-source supplier for a critical component, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products to its customers on time, if at all. The Company operates in a dynamic and highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows : Refer to Note 7 for discussion of our current litigation with Agilent which is set to go to trial in February 2020 and could have a material adverse effect on the Company. The Company has expended and expects to continue to expend substantial funds to complete the research and development of its production process. The Company may require additional funds to commercialize its products and may be unable to entirely fund these efforts with its current financial resources. Additional funds may not be available on acceptable terms, if at all. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay the sale of the Company’s products and services which would materially and adversely affect its business, financial condition and operations. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s investment policy addresses the level of credit exposure by establishing a minimum allowable credit rating and by limiting the concentration in any one investment. The Company’s accounts receivable is derived from customers located principally in the United States and Europe. The Company maintains credit insurance for certain of its customer balances, performs ongoing credit evaluations of its customers, and maintains allowances for potential credit losses on customers’ accounts when deemed necessary. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for doubtful accounts based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay. |
Customer concentration | Customer concentration One customer accounted for more than 10% of total revenues as follows: Year ended September 30, 2019 2018 2017 Customer A 17 % 34 % 40 % One customer accounted for greater than 10% of net accounts receivable as follows: September 30, 2019 2018 Customer A 13 % 27 % |
Cash and cash equivalents | Cash and cash equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments with an original or remaining maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents consist of investments in money market funds as of September 30, 2019 and 2018. |
Short-term investments | Short-term investments The Company invests in various types of securities, including United States government, commercial paper, and corporate debt securities. It classifies its investments as available-for-sale income equity ( ) |
Accounts receivable | Accounts receivable Trade receivables include amounts billed and currently due from customers, recorded at the net invoice value and are not interest bearing. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amounts of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company re-evaluates The Company has a short order-to-invoice |
Fair value of financial instruments | Fair value of financial instruments The carrying amounts of the Company’s financial instruments including cash equivalents, short term investments, and accounts receivable approximate fair value due to their relatively short maturities. The carrying amounts of the redeemable convertible preferred stock warrant liability represent their fair values. Based on the borrowings rates currently available to the Company for loans with similar terms, the carrying value of the Company’s long-term debt approximates its fair value (level 2 within the fair value hierarchy). |
Inventories | Inventories Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term of the respective leasehold improvements assets, if any. The Company recorded depreciation and amortization expense of $6.1 million, $5.5 million and $4.8 million for the years September 30, 2019, 2018 and 2017, respectively. Estimated lives of property and equipment are as follows: Laboratory equipment 5 Years Furniture, fixtures and other equipment 5 Years Computer equipment 3 Years Computer software 3 Year s Leasehold improvements Lesser of useful life or Maintenance and repairs are charged to expense as incurred. Betterments are capitalized and depreciated through the life of the lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. |
Capitalized software development costs | Capitalized software development costs Costs associated with internal-use to improve e-commerce Capitalized software development costs were $2.3 million and $1.9 million as of September 30, 2019 and 2018, respectively. Capitalized costs are amortized from the project completion date, using the straight-line method over an estimated useful life of the assets, which is three |
Long-lived assets | Long-lived assets The Company reviews property and equipment and intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value |
Leases | Leases The Company has entered into lease agreements for its manufacturing, research and development and office facilities. These leases qualify as and are accounted for as operating leases. Rent expense is recognized on a straight-line basis over the term of the lease and, accordingly, the Company records the difference between cash rent payments and the recognition of rent expense as a prepaid rent asset or a deferred rent liability, as appropriate for each lease. |
Goodwill and purchased intangible assets | Goodwill and purchased intangible assets Goodwill is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If, based on a qualitative assessment, the Company determines it is more likely than not that goodwill is impaired, a quantitative assessment is performed to determine if the fair value of the Company’s sole reporting unit is less than its carrying value. Purchased intangible assets with finite lives are generally amortized over their estimated useful lives using the straight-line method. The Company reviews intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. |
Segment information | Segment information The Company has one business activity, which is manufacturing of synthetic DNA using its semiconductor-based silicon platform and operates as one reportable and operating segment. The Company’s chief operating decision-maker, its Chief Executive Officer (CEO), reviews the Company’s operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. |
Revenue recognition | Revenue recognition Effective October 1, 2017, the Company elected to early adopt the requirements of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers The Company’s revenue is generated through the sale of synthetic biology tools, such as synthetic genes, or clonal genes and fragments, oligonucleotides pools, or oligo pools, next generation sequencing, or NGS tools and DNA libraries. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts with customers are generally in the written form of a purchase order or a quotation, which outline the promised goods and the agreed upon price. Such orders are often accompanied by a Master Supply or Distribution Agreement that establishes the terms and conditions, rights of the parties, delivery terms, and pricing. The Company assesses collectability based on a number of factors, including past transaction history and creditworthiness of the customer. For all of the Company’s contracts to date, the customer orders a specified quantity of synthetic DNA ; The transaction price is determined based on the agreed upon rates in the purchase order or master supply agreements applied to the quantity of synthetic DNA that was manufactured and shipped to the customer. The Company’s contracts include only one performance obligation – the delivery of the product to the customer. Accordingly, all of the transaction price, net of any discounts, is allocated to the one performance obligation. Therefore, upon delivery of the product, there are no remaining performance obligations. The Company’s shipping and handling activities are considered a fulfillment cost. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company recognizes revenue at a point in time when control of the products is transferred to the customer. Management applies judgment in evaluating when a customer obtains control of the promised good which is generally when the product is shipped or delivered to the customer. The Company’s customer contracts generally include a standard assurance warranty to guarantee that its products comply with agreed specifications. The Company reduces revenue by the amount of expected returns which have been insignificant. The Company has elected the practical expedient to not disclose the consideration allocated to remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Refer to Note 15 for the disaggregation of revenues by geography, by product and by industry. The Company does not have any contract assets or contract liabilities as of September 30, 2019 and 2018. For all periods presented, the Company did not recognize revenue from amounts that were included in the contract liability balance at the beginning of each period. In addition, for all periods presented, there was no revenue recognized in a reporting period from performance obligations satisfied in previous periods. Based on the nature of the Company’s contracts with customers which are recognized over a term of less than 12 months, the Company has elected to use the practical expedient whereby costs to obtain a contract are expensed as they are incurred. |
Research and development | Research and development Research and development expenses consist of compensation costs, employee benefits, subcontractors, research supplies, allocated facility related expenses and allocated depreciation and amortization. All research and development costs are expensed as incurred. |
Advertising costs | Advertising costs Costs related to advertising and promotions are expensed to sales and marketing as incurred. Advertising and promotion expenses for the years ended September 30, 2019, 2018 and 2017, were $1.3 million, $0.9 million and $0.1 million, respectively. |
Government contract payments | Government contract payments The Company recognizes payments received from its funded research and development agreement with the Defense Advanced Research Projects Agency (DARPA), when milestones are achieved and records them as a reduction of research and development expenses. In fiscal 2019 and 2018, the Company received $0.5 million and $0.3 million, respectively, in DARPA payments. There were no DARPA payments received during the year ended September 30, 2017. |
Redeemable convertible preferred stock warrant liability | Redeemable convertible preferred stock warrant liability Outstanding warrants that were related to the Company’s redeemable convertible preferred stock are classified as liabilities on the balance sheet. As the warrants to purchase redeemable convertible preferred stock were exercisable into shares of convertible preferred stock, the Company had recognized a liability for the fair value of its warrants on the consolidated balance sheets upon issuance and subsequently remeasured the liability to fair value at the end of each reporting period. In connection with the closing of our |
Common stock warrants | Common stock warrants Warrants to purchase the Company’s common stock issued in conjunction with debt are recorded as additional paid-in-capital paid-in-capital |
Stock-based compensation | Stock-based compensation The Company maintains performance incentive plans under which incentive and nonqualified stock options and restricted stock units are granted primarily to employees and may be granted to members of the board of directors and certain non-employee The Company recognizes stock compensation in accordance with ASC 718, Compensation—Stock Compensation The Company recognizes fair value of stock options granted to non-employees Net loss per share attributable to common stockholders The Company calculates its basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method are re-allocated to Basic and diluted net loss per share of common stock attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of employee stock-based awards and warrants. Because the Company has reported a net loss for the years ended September 30, 2019, 2018 and 2017, diluted net loss per common share is the same as the basic net loss per share for those years. The Company considered all series of its convertible preferred stock to be participating securities as they were entitled to receive noncumulative dividends prior and in preference to any dividends on shares of common stock. Due to the Company’s net losses, there was no impact on the loss per share calculation in applying the two-class method |
Reverse stock split | Reverse stock split In October 2018, the Company’s stockholders approved a one-for-0.101 |
Income taxes | Income taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability accounts are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are currently in effect. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. |
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 IPO, were initially capitalized and subsequently offset against proceeds from the IPO within stockholders’ equity. As of September 30, 2019, there were no capitalized deferred offering costs on the consolidated balance sheets. As of September 30, 2018, there was $3.7 million of deferred offering costs within other non-current |
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 right-of-use The Company estimates the key change upon adoption of the standard will result in balance sheet recognition of additional lease assets and lease liabilities as of October 1, 2019, which wi ll be which the Company expects to be consistent with the future minimum lease payments disclosed in Note 7 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and held-to-maturity debt for available-for-sale debt 20 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments zero-coupon of ASU 2016-15 did In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of-period non-current September 30, 2019 2018 2017 Cash and cash equivalents 46,735 80,757 31,227 Restricted cash, non-current 579 579 202 Restricted cash, current (within prepaid expenses and other current assets) 84 201 144 Total cash, cash equivalents and restricted cash 47,398 81,537 31,573 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 2017-09, of ASU 2017-09 did 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 2018-13 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Schedule Of Estimated Lives of Property And Equipment | Estimated lives of property and equipment are as follows: Laboratory equipment 5 Years Furniture, fixtures and other equipment 5 Years Computer equipment 3 Years Computer software 3 Year s Leasehold improvements Lesser of useful life or |
Summary of Cash, Cash Equivalents and Restricted Cash | September 30, 2019 2018 2017 Cash and cash equivalents 46,735 80,757 31,227 Restricted cash, non-current 579 579 202 Restricted cash, current (within prepaid expenses and other current assets) 84 201 144 Total cash, cash equivalents and restricted cash 47,398 81,537 31,573 |
Sales Revenue, Net [Member] | |
Schedule of concentration of risk | One customer accounted for more than 10% of total revenues as follows: Year ended September 30, 2019 2018 2017 Customer A 17 % 34 % 40 % |
Accounts Receivable [Member] | |
Schedule of concentration of risk | One customer accounted for greater than 10% of net accounts receivable as follows: September 30, 2019 2018 Customer A 13 % 27 % |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Cash And Cash Equivalents And Available For Sale Securities At Fair Value | The following table sets forth the cash and cash equivalents, and short-term investments as of September 30, 2019: (in thousands) Amortized Gross Gross Fair Cash and cash equivalents $ 46,735 $ — $ — $ 46,735 Short-term investments 91,323 49 — 91,372 Total $ 138,058 $ 49 $ — $ 138,107 The following table sets forth the cash and cash equivalents as of September 30, 2018: (in thousands) Amortized Gross Gross Fair Cash and cash equivalents $ 80,757 $ — $ — $ 80,757 Total $ 80,757 $ — $ — $ 80,757 |
Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of September 30, 2019, financial assets and liabilities measured and recognized at fair value are as follows: (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash and cash equivalents $ 19,344 $ — $ — $ 19,344 Money market funds 27,390 — — 27,390 Corporate bonds — 8,530 — 8,530 Commercial paper — 28,361 — 28,361 U.S. government treasury bills 54,482 — — 54,482 Total $ 101,216 $ 36,891 $ — $ 138,107 As of September 30, 2018, financial assets and liabilities measured and recognized at fair value are as follows: (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash and cash equivalents $ 46,823 $ — $ — $ 46,823 Money market funds 33,934 — — 33,934 Total $ 80,757 $ — $ — $ 80,757 Liabilities Redeemable convertible preferred stock warrant liability $ — $ — $ 631 $ 631 |
Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments | The following table provides a reconciliation of beginning and ending balances of the Level 3 instruments during the years ended September 30, 2017, 2018 and 2019: (in thousands) Series A Series B Series C Series D Total Redeemable convertible preferred stock warrant liability: Fair value as of September 30, 2016 $ 184 $ 57 $ 108 $ 34 $ 383 Change in fair value recorded in other income (expense), net 147 53 44 17 261 Fair value as of September 30, 2017 $ 331 $ 110 $ 152 $ 51 $ 644 Change in fair value recorded in other income (expense), net 34 (16 ) (22 ) (9 ) (13 ) 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 September 30, 2019 $ — $ — $ — $ — $ — |
Balance sheet components (Table
Balance sheet components (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable | The Company’s accounts receivable, net balance consists of the following: September 30, (in thousands) 2019 2018 Trade Receivables $ 11,085 $ 5,439 Other Receivables 1,313 75 Allowance for Doubtful Accounts (294 ) (95 ) Accounts Receivable, net $ 12,104 $ 5,419 |
Summary of Inventory | Inventories consist of the following: September 30, (in thousands) 2019 2018 Raw Materials $ 4,900 $ 2,988 Work-in-process 1,157 2,273 Finished Goods 1,273 767 $ 7,330 $ 6,028 |
Schedule Of Property Plant And Equipment | Property and Equipment, net consists of the following: September 30, (in thousands) 2019 2018 Laboratory equipment $ 26,021 $ 18,865 Furniture, fixtures and other equipment 1,760 613 Computer equipment 2,777 2,137 Computer software 3,507 3,094 Leasehold improvements 3,772 3,340 Construction in progress 5,991 1,534 43,828 29,583 Less: Accumulated depreciation and amortization (22,993 ) (17,252 ) $ 20,835 $ 12,331 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets Balances | The intangible assets balances are presented below: September 30, 2019 (in thousands, except for years) Useful lives Gross Accumulated Net book Developed Technology 6 $ 1,220 $ (712 ) $ 508 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (732 ) $ 508 September 30, 2018 (in thousands, except for years) Useful lives Gross Accumulated Net book Developed Technology 6 $ 1,220 $ (508 ) $ 712 Tradenames & Trademarks 2 20 (20 ) — Total indefinite-lived intangible assets $ 1,240 $ (528 ) $ 712 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future annual amortization expense is as follows (in thousands): Years ending September 30, 2020 203 2021 203 202 2 102 $ 508 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Maturities Of Long Term Debt | Future maturities of the Fourth Loan as of September 30, 2019 are as follows: (in thousands) Principal Interest Total Years ending September 30, 2020 $ 3,333 486 $ 3,819 2021 3,333 214 3,547 2022 834 11 845 7,500 711 8,211 Less: Interest (711 ) Total amount of loan principal 7,500 Less unamortized debt discount (269 ) Add: accretion of final payment fee 502 $ 7,733 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under all non-cancelable (in thousands) Operating Years ending September 30 : 2020 $ 6,671 2021 5,909 2022 5,979 2023 6,064 2024 6,029 Thereafter 10,067 Total minimum lease payments $ 40,719 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows: September 30, (in thousands) 2019 2018 Net operating loss carryforwards $ 73,341 $ 49,801 Research and development credit carryforwards 6,831 4,621 Other 4,553 1,919 Gross deferred tax assets 84,725 56,341 Less: Valuation allowance (84,598 ) (56,158 ) Net deferred tax assets 127 183 Fixed assets (1 ) (1 ) Intangible assets (126 ) (182 ) Gross deferred tax liabilities (127 ) (183 ) Total net deferred tax asset $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate: Year ended 2019 2018 2017 Tax expense computed at the federal statutory rate 21 % 24 % 35 % Change in valuation allowance (22 )% 4 % (35 )% Research and development credit benefit 1 % 1 % 1 % Change in federal tax rate — (28 )% — Other expenses — (1 )% (1 )% Total income tax expense — % — % — % |
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balance of gross unrecognized tax benefits are as follows: (in thousands) Federal Balance as of September 30, 2016 822 Increases related to tax positions taken during 2017 562 Increases related to tax positions in prior years 241 Balance as of September 30, 2017 1,625 Increases related to tax positions taken during 2018 624 Balance as of September 30, 2018 $ 2,249 Increases related to tax positions taken during 2019 1,042 Balance as of September 30, 2019 $ 3,291 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Sep. 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 Warrant class/series: September 30, 2019 Issuance date Expiration date Exercise 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 Total common stock warrants 26,385 (in thousands, except share and per share data) Number of Fair Warrant class/series: September 30, 2018 Issuance date Expiration date Exercise 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 |
Stock option plan (Tables)
Stock option plan (Tables) | 12 Months Ended |
Sep. 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 years ended September 30, 2019, 2018 and 2017 is summarized below: Shares Options Weighted Weighted (years) Aggregate Outstanding at September 30, 2016 470,623 1,033,612 $ 4.93 8.81 $ 1,343,301 Additional shares authorized 1,035,414 — — Stock options granted (857,082 ) 857,082 8.61 Stock options exercised — (32,586 ) 5.54 Stock options forfeited 38,384 (38,384 ) 5.54 Outstanding at September 30, 2017 687,339 1,819,724 $ 6.63 9.14 $ 7,147,115 Additional shares authorized 905,786 — — Stock options granted (951,310 ) 951,310 10.96 Stock options exercised — (62,862 ) 5.37 Stock options forfeited 187,687 (187,687 ) 7.73 Early exercised options repurchased 9,639 — Forfeiture of restricted common stock 21,146 — — Outstanding at September 30, 2018 860,287 2,520,485 $ 8.22 8.38 $ 11,482,909 Additional shares authorized 2,494,700 — — Stock options granted (1,685,625 ) 1,685,625 25.53 Stock options exercised — (331,205 ) 6.67 Stock options forfeited 324,460 (324,460 ) 14.75 Restricted stock units granted (500,132 ) — — Early exercised options repurchased 442 — — Forfeiture of restricted stock units 26,743 — — Outstanding at September 30, 2019 1,520,875 3,550,445 $ 15.99 8.25 $ 31,997,934 Vested or expected to vest at September 30, 2019 3,550,445 $ 15.99 8.25 $ 31,997,934 Vested and exercisable at September 30, 2019 1,243,634 $ 7.77 7.01 $ 20,125,913 |
Schedule of Nonvested Restricted Stock Units Activity | Activity with respect to the Company’s restricted stock units during the year ended September 30, 2019 was as follows: (in thousands, except share and per share data) Number Weighted Weighted Aggregate Outstanding at September 30, 2018 — $ — — $ — Restricted stock units granted 500,132 26.12 3.87 13,059,488 Restricted stock units vested (11,019 ) 24.69 — — Restricted stock units forfeited (26,743 ) 25.92 — — Outstanding at September 30, 2019 462,370 26.16 3.91 8,959,223 Expected to vest at September 30, 2019 462,370 26.16 3.91 8,959,223 |
Total Stock-based Compensation Expense | Total stock-based compensation expense recognized was as follows: Year ended (in thousands) 2019 2018 2017 Cost of revenues $ 1,345 $ 376 $ 202 Research and development 2,378 705 575 Selling, general and administrative 7,447 1,880 1,114 Total stock-based compensation $ 11,170 $ 2,961 $ 1,891 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted during the years ended September 30, 2019, 2018 and 2017, respectively, were calculated using the weighted average assumptions set forth below: Year ended 2019 2018 2017 Expected term (years) 6.41 6.25 6.25 Expected volatility 60.2 % 66.3 % 65.5 % Risk-free interest rate 2.72 % 2.65 % 2.02 % Dividend yield 0 % 0 % 0 % |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 12 Months Ended |
Sep. 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: Year ended September 30, (in thousands, except share and per share data) 2019 2018 2017 Numerator: Net loss attributable to common stockholders $ (107,669 ) $ (71,236 ) $ (59,310 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 27,461,844 2,792,743 2,422,243 Net loss per share attributable to common stockholders, basic and diluted $ (3.92 ) $ (25.51 ) $ (24.49 ) |
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 antidilutive for the periods presented are as follows: Year ended September 30, 2019 2018 2017 Shares subject to options to purchase common stock 3,550,445 2,520,485 1,819,724 Unvested restricted shares of common stock 23,861 96,750 513,766 Unvested restricted stock units 462,370 — — Unvested shares of common stock issued upon early exercise of stock options 38,157 74,142 44,698 Shares subject to employee stock purchase plan 76,335 — — Shares subject to warrants to purchase common stock 26,385 64,127 64,127 Shares subject to warrants to purchase redeemable convertible preferred stock — 79,444 79,444 Shares of redeemable convertible preferred stock — 18,951,305 14,658,940 Total 4,177,553 21,786,253 17,180,699 |
Geographic, product and indus_2
Geographic, product and industry information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Region | The table below sets forth revenues by geographic region, based on ship-to Year ended (in thousands) 2019 2018 2017 United States $ 35,936 $ 17,662 $ 8,243 EMEA 14,692 6,557 2,023 APAC 2,761 1,001 274 North America 996 207 227 Total $ 54,385 $ 25,427 $ 10,767 |
Summary of Revenue by Product | The table below sets forth revenues by products. Year ended (in thousands) 2019 2018 2017 Synthetic genes $ 26,712 $ 17,986 $ 8,122 Oligo pools 4,594 3,002 2,056 DNA libraries 2,036 1,771 517 NGS tools 21,043 2,668 72 Total $ 54,385 $ 25,427 $ 10,767 |
Summary of Revenue by Industry | Revenues by industry were as follows: Year ended September 30, (in thousands) 201 9 2018 2017 Industrial chemicals $ 21,927 $ 14,912 $ 6,702 Academic research 13,835 5,813 2,709 Healthcare 17,424 4,212 1,226 Agricultural 1,199 490 130 Total revenues $ 54,385 $ 25,427 $ 10,767 |
The company - Additional Inform
The company - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | ||||
May 31, 2019 | Oct. 31, 2018 | Apr. 30, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated deficit | $ (318,524) | $ (210,855) | |||
Proceeds of underwritten public offering common stock | $ 84,300 | ||||
Genome Compiler Corporation [Member] | |||||
Shares issued in acquisition | 0.4 | ||||
IPO [Member] | |||||
Proceeds of underwritten public offering common stock | $ 69,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Deferred offering costs included in non-current assets | $ 3,700 | |||
Credit period granted to customers | 30 days | |||
Depreciation and amortization expense | $ 6,100 | 5,500 | $ 4,800 | |
Capitalised software development costs | 2,300 | 1,900 | ||
Impairment of long lived assets | 0 | 0 | $ 0 | |
Contract assets | 0 | 0 | ||
Contract liabilities | 0 | 0 | ||
Advertising and promotion expenses | $ 1,300 | $ 900 | 100 | |
Contract payments research and development received | 0 | |||
Adjustment to additional paid in capital warrants issued | $ 486 | |||
Common stock warrants issued | 0 | 0 | ||
Defense Advanced Research Project Agency [Member] | ||||
Contract payments research and development received | $ 500 | $ 300 | ||
Software and Software Development Costs [Member] | ||||
Capitalised sofware developed useful life | 3 years |
Summary of significant accoun_5
Summary of significant accounting policies - Schedule Of Estimated Lives of Property And Equipment (Detail) | 12 Months Ended |
Sep. 30, 2019 | |
Laboratory equipment | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture, fixtures and other equipment | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer software | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold improvements | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of useful life or<br/>facilities’ lease term. |
Summary of significant accoun_6
Summary of significant accounting policies - Schedule of concentration of risk (Detail) - Customer A [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 17.00% | 34.00% | 40.00% |
Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 13.00% | 27.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | [1] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||||||
Cash and cash equivalents | $ 46,735 | $ 80,757 | $ 31,227 | ||||
Restricted cash, non-current | 579 | 579 | 202 | ||||
Restricted cash, current (within prepaid expenses and other current assets) | 84 | 201 | 144 | ||||
Total cash, cash equivalents and restricted cash | $ 47,398 | $ 81,537 | [1] | $ 31,573 | [1] | $ 29,062 | |
[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 - Cash A
Fair value measurement - Cash And Cash Equivalents And Available For Sale Securities At Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash And Cash Equivalents At Amortized Cost | $ 46,735 | $ 80,757 | |
Available-for-sale Securities, Amortized Cost Basis | 91,323 | ||
Cash And Cash Equivalents And Short Term Invesmtnets Amortized Cost | 138,058 | 80,757 | |
Available-for-sale Securities, Gross Unrealized Gain | 49 | ||
Available for sale Securities Gross Unrealized Gain Loss | 49 | ||
Cash and Cash Equivalents, at Carrying Value | 46,735 | 80,757 | $ 31,227 |
Short-term Investments | 91,372 | ||
Cash, Cash Equivalents, and Short-term Investments | $ 138,107 | $ 80,757 |
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 | Sep. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Assets, Totals | $ 138,107 | $ 80,757 |
Corporate bonds [Member] | ||
Assets | ||
Assets, Totals | 8,530 | |
Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | 28,361 | |
US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 54,482 | |
Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities | ||
Redeemable convertible preferred stock warrant liability | 631 | |
Cash [Member] | ||
Assets | ||
Assets, Totals | 19,344 | 46,823 |
Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 27,390 | 33,934 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Assets, Totals | 101,216 | 80,757 |
Fair Value, Inputs, Level 1 [Member] | US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 54,482 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Assets | ||
Assets, Totals | 19,344 | 46,823 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 27,390 | 33,934 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Assets, Totals | 36,891 | |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ||
Assets | ||
Assets, Totals | 8,530 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | $ 28,361 | |
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 | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, beginning balance | $ 631 | $ 644 | $ 383 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (631) | ||
Change in fair value recorded in other income (expense), net | (13) | 261 | |
Fair value, ending balance | 631 | 644 | |
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 | 184 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (365) | ||
Change in fair value recorded in other income (expense), net | 34 | 147 | |
Fair value, ending balance | 365 | 331 | |
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 | 57 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (94) | ||
Change in fair value recorded in other income (expense), net | (16) | 53 | |
Fair value, ending balance | 94 | 110 | |
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 | 108 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (130) | ||
Change in fair value recorded in other income (expense), net | (22) | 44 | |
Fair value, ending balance | 130 | 152 | |
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 | 34 |
Conversion of redeemable convertible preferred stock warrants to common stock warrants | (42) | ||
Change in fair value recorded in other income (expense), net | (9) | 17 | |
Fair value, ending balance | $ 42 | $ 51 |
Balance sheet components - Sche
Balance sheet components - Schedule Of Accounts Notes Loans And Financing Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Trade Receivables | $ 11,085 | $ 5,439 |
Other Receivables | 1,313 | 75 |
Allowance for Doubtful Accounts | (294) | (95) |
Accounts receivable, net | $ 12,104 | $ 5,419 |
Balance sheet components - Summ
Balance sheet components - Summary of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw Materials | $ 4,900 | $ 2,988 |
Work-in-process | 1,157 | 2,273 |
Finished Goods | 1,273 | 767 |
Total inventories | $ 7,330 | $ 6,028 |
Balance sheet components - Sc_2
Balance sheet components - Schedule Of Property Plant And Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 43,828 | $ 29,583 |
Less: Accumulated depreciation and amortization | (22,993) | (17,252) |
Property, Plant and Equipment, Net | 20,835 | 12,331 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 26,021 | 18,865 |
Furniture, fixtures and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,760 | 613 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,777 | 2,137 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,507 | 3,094 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,772 | 3,340 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,991 | $ 1,534 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ 200,000 | $ 200,000 | $ 200,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,240 | $ 1,240 |
Accumulated amortization | (732) | (528) |
Net book value | $ 508 | $ 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 | (712) | (508) |
Net book value | $ 508 | $ 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) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 203 | |
2021 | 203 | |
2022 | 102 | |
Net book value | $ 508 | $ 712 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2019 | Jul. 31, 2019 | ||
Exercise Price Of Warrants | $ 7.84 | $ 6.24 | |||
Proceeds from long term debt | [1] | $ 2,174 | |||
Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Debt instrument fee amount | $ 700 | ||||
SVB [Member] | Prime Rate [Member] | |||||
Debt instrument variable interest rate spread | 3.00% | ||||
SVB [Member] | Revolving Credit Facility [Member] | |||||
Proceeds from long term line of credit | $ 10,000 | ||||
SVB [Member] | Revolving Credit Facility [Member] | Floating Interest Rate [Member] | |||||
Debt instrument variable interest rate spread | 1.00% | ||||
Debt Periodic Payment | principal amount outstanding under the revolving line would accrue interest at a floating per annum rate equal to one percentage point (1.00%) above the prime rate, which interest shall be payable monthly. | ||||
SVB [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Debt instrument principal amount | $ 20,000 | ||||
Exercise Price Of Warrants | $ 6.24 | ||||
Debt instrument term | 51 months | ||||
SVB [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | Prime Rate [Member] | |||||
Debt instrument description of interest rate | interest rate of prime plus 3.00% | ||||
SVB [Member] | Tranche One [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Debt instrument principal amount | $ 10,000 | ||||
Warrants To Purchase Common Stock | 64,127 | ||||
Proceeds from long term debt | $ 10,000 | ||||
SVB [Member] | Tranche Two [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Debt instrument principal amount | 5,000 | ||||
Debt Instrument Maturity | Jan. 31, 2018 | ||||
SVB [Member] | Tranche Three [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Debt instrument principal amount | 5,000 | ||||
Debt Instrument Maturity | Jun. 30, 2018 | ||||
SVB [Member] | Prior Loan Refinance | Tranche One [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Proceeds from long term debt | 7,800 | ||||
SVB [Member] | New Advance | Tranche One [Member] | Fourth Amended and Restated Loan and Security Agreement [Member] | |||||
Proceeds from long term debt | $ 2,200 | ||||
[1] | Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. |
Long-term debt - Schedule Of Ma
Long-term debt - Schedule Of Maturities Of Long Term Debt (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 3,333 |
2021 | 3,333 |
2022 | 834 |
Long-term Debt | 7,500 |
2020 | 486 |
2021 | 214 |
2022 | 11 |
Interest Payable On Long Term Debt | 711 |
2020 | 3,819 |
2021 | 3,547 |
2022 | 845 |
Long Term Debt Maturities Repayment Principal And Interest Total | 8,211 |
Less: Interest | 711 |
Long-term Debt | 7,500 |
Less unamortized debt discount | (269) |
Add: accretion of final payment fee | 502 |
Long Term Debt Including Interest And Fee Payable | 7,733 |
Accrued Expenses [Member] | |
Debt Instrument [Line Items] | |
Interest Payable On Long Term Debt | (711) |
Less: Interest | $ (711) |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating lease rental expenses | $ 4.9 | $ 2.5 | $ 2.2 |
Property Subject to Operating Lease [Member] | |||
Operating lease prepaid rent | 1.6 | 0 | |
Operating lease deferred rent | $ 0 | $ 0.1 |
Commitments and contingencies_2
Commitments and contingencies - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 6,671 |
2021 | 5,909 |
2022 | 5,979 |
2023 | 6,064 |
2024 | 6,029 |
Thereafter | 10,067 |
Total minimum lease payments | $ 40,719 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Raw materials purchased from related party investor | $ 3.2 | $ 2.3 | $ 2 |
Description of related party transactions | During the year ended September 30, 2019, the Company purchased raw materials from a related party investor in the amount of $3.2 million. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2019. | During the year ended September 30, 2018, the Company purchased raw materials from a related party investor in the amount of $2.3 million. Payable balances and cash receipts and receivable balances with the related party were immaterial as of September 30, 2018. | |
Series D Redeemable Convertible Preferred Stock [Member] | |||
Temporary equity issued | 0 | 10,326,454 | 170,085 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Provision for income taxes | $ 292 | $ 242 | $ 280 |
Expiration year | 2033 | ||
Effective Income Tax Rate | 21.00% | 24.00% | 35.00% |
Limitation description | For net operating losses generated in the years beginning after December 31, 2017, utilization is limited to 80% of taxable income with an unlimited carryforward period. | ||
Tax credit carryforward, limitations on use | For net operating losses generated in the years beginning after December 31, 2017, utilization is limited to 80% of taxable income with an immaterial provision for income taxesunlimited carryforward period. The Company recognized the effect of the tax law changes in the period of enactment, which required a remeasurement of its U.S. deferred tax assets and liabilities | ||
Tax Year 2018 [Member] | |||
Effective Income Tax Rate | 35.00% | ||
Tax Year 2019 [Member] | |||
Effective Income Tax Rate | 21.00% | ||
Domestic Tax Authority [Member] | |||
Operating loss carry forwards | $ 293,600 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax credit carry forwards | 5,700 | ||
State and Local Jurisdiction [Member] | |||
Operating loss carry forwards | 183,400 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax credit carry forwards | $ 5,100 |
Income taxes - Schedule Of Defe
Income taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 73,341 | $ 49,801 |
Research and development credit carryforwards | 6,831 | 4,621 |
Other | 4,553 | 1,919 |
Gross deferred tax assets | 84,725 | 56,341 |
Less: Valuation allowance | (84,598) | (56,158) |
Net deferred tax assets | 127 | 183 |
Fixed assets | (1) | (1) |
Intangible assets | (126) | (182) |
Gross deferred tax liabilities | (127) | (183) |
Total net deferred tax asset |
Income taxes - Schedule Of Effe
Income taxes - Schedule Of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax expense computed at the federal statutory rate | 21.00% | 24.00% | 35.00% |
Change in valuation allowance | (22.00%) | 4.00% | (35.00%) |
Research and development credit benefit | 1.00% | 1.00% | 1.00% |
Change in federal tax rate | (28.00%) | ||
Other expenses | (1.00%) | (1.00%) | |
Total income tax expense |
Income taxes - Schedule Of Unre
Income taxes - Schedule Of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance | $ 2,249 | $ 1,625 | $ 822 |
Increases related to tax positions during the year | 1,042 | 624 | 562 |
Increases related to tax positions in prior years | 241 | ||
Balance | $ 3,291 | $ 2,249 | $ 1,625 |
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 | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 31, 2019 | Nov. 30, 2018 | ||
Class of Warrant or Right [Line Items] | ||||||
Fair Value | [1] | $ (13) | $ 261 | |||
Exercise price per share | $ 7.84 | $ 6.24 | ||||
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 | 26,385 | 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 | 18,854 | |||||
Issuance date | Dec. 22, 2015 | |||||
Expiration date | Dec. 22, 2025 | |||||
Exercise price per share | $ 14.85 | |||||
Common Stock [Member] | Warrants Two [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 | |||||
[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) - $ / shares | 1 Months Ended | ||
Sep. 30, 2019 | Jul. 31, 2019 | Nov. 30, 2018 | |
Class of Warrant or Right [Line Items] | |||
Net exercise of stock warrants | 16,221 | 32,064 | 68,901 |
Exercise price per share | $ 7.84 | $ 6.24 | |
Common stock issued for cashless exercise | 12,019 | 25,422 | 57,122 |
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 |
Stock option plan - Additional
Stock option plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 26, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, stock options | $ 24.8 | |||
Unrecognized stock-based compensation expense, period for recognition | 3 years 4 months 24 days | |||
Options Grant date fair value | $ 15.06 | $ 7.08 | $ 6.63 | |
Vesting Rights Percentage | 25.00% | |||
Shares subject to right of repurchase | 38,157 | |||
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 | $ 10.2 | |||
Unrecognized stock-based compensation expense, period for recognition | 3 years 11 months 26 days |
Stock option plan - Activity Un
Stock option plan - Activity Under The Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Shares available, Outstanding Beginning Balance | 860,287 | 687,339 | 470,623 | |
Shares available, Additional shares authorized | 2,494,700 | 905,786 | 1,035,414 | |
Shares available, Stock options granted | (1,685,625) | (951,310) | (857,082) | |
Shares available, Stock options forfeited | 324,460 | 187,687 | 38,384 | |
Shares available, Restricted stock units granted | (500,132) | |||
Shares available, Early exercised options repurchased | 442 | 9,639 | ||
Shares available, Forfeiture of restricted stock units | 26,743 | 21,146 | ||
Shares available, Outstanding Ending Balance | 1,520,875 | 860,287 | 687,339 | 470,623 |
Number of options, Outstanding beginning balance | 2,520,485 | 1,819,724 | 1,033,612 | |
Options outstanding, Stock options granted | 1,685,625 | 951,310 | 857,082 | |
Options outstanding, Stock options exercised | (331,205) | (62,862) | (32,586) | |
Options outstanding, Stock options forfeited | (324,460) | (187,687) | (38,384) | |
Number of options, Outstanding ending balance | 3,550,445 | 2,520,485 | 1,819,724 | 1,033,612 |
Weighted average exercise price per share, Outstanding Beginning Balance | $ 8.22 | $ 6.63 | $ 4.93 | |
Weighted average exercise price per share, Stock options granted | 25.53 | 10.96 | 8.61 | |
Weighted average exercise price per share, Stock options exercised | 6.67 | 5.37 | 5.54 | |
Weighted average exercise price per share, Stock options forfeited | 14.75 | 7.73 | 5.54 | |
Weighted average exercise price per share, Outstanding Ending Balance | $ 15.99 | $ 8.22 | $ 6.63 | $ 4.93 |
Weighted average remaining contractual term, Outstanding | 8 years 3 months | 8 years 4 months 17 days | 9 years 1 month 20 days | 8 years 9 months 21 days |
Aggregate intrinsic value, Outstanding | $ 1,343,301 | |||
Aggregate intrinsic value, Outstanding Vested or expected to vest and exercisable | $ 31,997,934 | $ 11,482,909 | $ 7,147,115 | |
Options outstanding, Vested or expected to vest | 3,550,445 | |||
Weighted average exercise price per share, Vested or expected to vest | $ 15.99 | |||
Weighted average remaining contractual term, Vested or expected to vest | 8 years 3 months | |||
Aggregate intrinsic value, Vested or expected to vest | $ 31,997,934 | |||
Options outstanding, Vested and exercisable | 1,243,634 | |||
Weighted average exercise price per share, Vested and exercisable | $ 7.77 | |||
Weighted average remaining contractual term,Vested and exercisable | 7 years 3 days | |||
Aggregate intrinsic value, Vested and exercisable | $ 20,125,913 |
Stock option plan - Schedule of
Stock option plan - Schedule of Nonvested Restricted Stock Units Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Nonvested Restricted Stock Units Activity [Line Items] | |
Weighted average grant date fair value price per share, Expected to vest | $ / shares | $ 26.16 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested Restricted Stock Units Activity [Line Items] | |
Number of shares, granted | shares | 500,132 |
Number of shares, vested | shares | (11,019) |
Number of shares, forfeited | shares | (26,743) |
Number of shares, Outstanding Ending Balance | shares | 462,370 |
Expected to vest, Outstanding | shares | 462,370 |
Weighted average grant date fair value price per share, granted | $ / shares | $ 26.12 |
Weighted average grant date fair value price per share, vested | $ / shares | 24.69 |
Weighted average grant date fair value price per share, forfeited | $ / shares | 25.92 |
Weighted average grant date fair value price per share, Outstanding Ending Balance | $ / shares | $ 26.16 |
Weighted average remaining contractual term, granted | 3 years 10 months 13 days |
Weighted average remaining contractual term, Expected to vest | 3 years 10 months 27 days |
Aggregate intrinsic value, Granted | $ | $ 13,059,488 |
Aggregate intrinsic value, Outstanding | $ | 8,959,223 |
Aggregate intrinsic value, Expected to vest | $ | $ 8,959,223 |
Stock option plan - Total Stock
Stock option plan - Total Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 11,170 | $ 2,961 | $ 1,891 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 1,345 | 376 | 202 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 2,378 | 705 | 575 |
Selling, General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 7,447 | $ 1,880 | $ 1,114 |
Stock option plan - Schedule _2
Stock option plan - Schedule of Share Based Payment Award Stock Options Valuation Assumptions (Detail) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected term (years) | 6 years 4 months 27 days | 6 years 3 months | 6 years 3 months |
Expected volatility | 60.20% | 66.30% | 65.50% |
Risk-free interest rate | 2.72% | 2.65% | 2.02% |
Dividend yield | 0.00% | 0.00% | 0.00% |
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 | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | |||
Net loss attributable to common stockholders | $ (107,669) | $ (71,236) | $ (59,310) |
Denominator: | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 27,461,844 | 2,792,743 | 2,422,243 |
Net loss per share attributable to common stockholders, basic and diluted | $ (3.92) | $ (25.51) | $ (24.49) |
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 | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 4,177,553 | 21,786,253 | 17,180,699 |
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 | 3,550,445 | 2,520,485 | 1,819,724 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 23,861 | 96,750 | 513,766 |
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 | 462,370 | ||
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 | 38,157 | 74,142 | 44,698 |
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 | 26,385 | 64,127 | 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 | 79,444 | 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 | 18,951,305 | 14,658,940 | |
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 | 76,335 |
Geographic, Product and Indus_3
Geographic, Product and Industry Information - Summary of Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 54,385 | $ 25,427 | $ 10,767 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 35,936 | 17,662 | 8,243 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 14,692 | 6,557 | 2,023 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,761 | 1,001 | 274 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 996 | $ 207 | $ 227 |
Geographic, Product and Indus_4
Geographic, Product and Industry Information - Summary of Revenue by Product (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 54,385 | $ 25,427 | $ 10,767 |
Synthetic Genes [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 26,712 | 17,986 | 8,122 |
Oligo Pools [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,594 | 3,002 | 2,056 |
DNA Libraries [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,036 | 1,771 | 517 |
NGS Tools [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 21,043 | $ 2,668 | $ 72 |
Geographic, Product and Indus_5
Geographic, Product and Industry Information - Summary of Revenue by Industry (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 54,385 | $ 25,427 | $ 10,767 |
Industrial Chemicals [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 21,927 | 14,912 | 6,702 |
Academic Research [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 13,835 | 5,813 | 2,709 |
Health Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 17,424 | 4,212 | 1,226 |
Agricultural [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,199 | $ 490 | $ 130 |
Geographic, Product and Indus_6
Geographic, Product and Industry Information - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 19.8 | $ 11.9 |
Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 1 | $ 0.4 |