ViewRay (VRAYQ) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Entity Registrant Name	ViewRay, Inc.
Entity Central Index Key	0001597313
Document Type	10-Q
Trading Symbol	VRAY
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		148,499,601
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37725
Entity Tax Identification Number	42-1777485
Entity Address, Address Line One	2 Thermo Fisher Way
Entity Address, City or Town	Oakwood Village
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44146
City Area Code	440
Local Phone Number	703-3210
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 163,881	$ 226,783
Accounts receivable	26,548	16,817
Inventory	46,456	55,031
Deposits on purchased inventory	4,254	6,457
Deferred cost of revenue	8,705	3,466
Prepaid expenses and other current assets	4,659	3,310
Total current assets	254,503	311,864
Property and equipment, net	22,533	23,399
Restricted cash	1,460	1,404
Intangible assets, net	51	55
Right-of-use assets	10,055	11,720
Other assets	1,485	1,577
TOTAL ASSETS	290,087	350,019
Current liabilities:
Accounts payable	7,607	13,739
Accrued liabilities	17,966	21,390
Customer deposits	16,080	9,662
Operating lease liability, current	2,251	2,264
Current portion of long-term debt	15,556	1,556
Deferred revenue, current	21,838	10,457
Total current liabilities	81,298	59,068
Deferred revenue, net of current portion	2,884	3,553
Long-term debt	40,134	53,995
Warrant liabilities	4,092	5,373
Operating lease liability, noncurrent	8,816	10,479
Other long-term liabilities	1,827	1,377
TOTAL LIABILITIES	139,051	133,845
Commitments and contingencies (Note 6)	0	0
Stockholders’ equity:
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at September 30, 2020 and December 31, 2019; no shares issued and outstanding at September 30, 2020 and December 31, 2019	0	0
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at September 30, 2020 and December 31, 2019; 147,954,426 and 147,191,695 shares issued and outstanding at September 30, 2020 and December 31, 2019	1,469	1,462
Additional paid-in capital	750,552	733,888
Accumulated deficit	(600,985)	(519,176)
TOTAL STOCKHOLDERS’ EQUITY	151,036	216,174
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 290,087	$ 350,019

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	147,954,426	147,191,695
Common stock, shares outstanding	147,954,426	147,191,695

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 10,086	$ 20,862	$ 38,560	$ 71,313
Cost of revenue:
Total cost of revenue	11,150	20,288	42,773	72,857
Gross margin	(1,064)	574	(4,213)	(1,544)
Operating expenses:
Research and development	5,245	5,641	17,793	17,135
Selling and marketing	2,669	7,297	11,585	19,845
General and administrative	16,031	19,381	47,046	49,888
Total operating expenses	23,945	32,319	76,424	86,868
Loss from operations	(25,009)	(31,745)	(80,637)	(88,412)
Interest income	5	484	787	1,391
Interest expense	(1,074)	(1,069)	(3,183)	(2,902)
Other (expense) income, net	(2,047)	11,499	1,224	4,933
Loss before provision for income taxes	(28,125)	(20,831)	(81,809)	(84,990)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	$ (28,125)	$ (20,831)	$ (81,809)	$ (84,990)
Net loss per share, basic and diluted	$ (0.19)	$ (0.21)	$ (0.55)	$ (0.87)
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted	148,042,972	99,039,789	147,683,344	97,763,964
Product
Revenue:
Total revenue	$ 6,210	$ 18,696	$ 28,295	$ 65,475
Cost of revenue:
Total cost of revenue	8,550	18,521	34,393	63,368
Service
Revenue:
Total revenue	3,758	2,048	9,909	5,482
Cost of revenue:
Total cost of revenue	2,600	1,767	8,380	9,489
Distribution Rights
Revenue:
Total revenue	$ 118	$ 118	$ 356	$ 356

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2018	$ 167,309	$ 952	$ 565,334	$ (398,977)
Balance, shares at Dec. 31, 2018		96,332,023
Issuance of common stock from option exercises	9,641	$ 23	9,618
Issuance of common stock from option exercises, shares		2,219,251
Stock-based compensation	14,369		14,369
Issuance of common stock from releases of restricted stock units		$ 4	(4)
Issuance of common stock from releases of restricted stock units, shares		390,332
Tax withholding paid on behalf of employees for stock-based awards	(2,410)		(2,410)
Issuance of common stock from warrant exercises		$ 5	(5)
Issuance of common stock from warrant exercises, shares		464,199
Reclassification of warrant liability to additional paid-in capital upon warrant exercises	3,976		3,976
Net loss	(84,990)			(84,990)
Balance at Sep. 30, 2019	107,895	$ 984	590,878	(483,967)
Balance, shares at Sep. 30, 2019		99,405,805
Balance at Jun. 30, 2019	122,917	$ 973	585,080	(463,136)
Balance, shares at Jun. 30, 2019		98,259,203
Issuance of common stock from option exercises	1,438	$ 5	1,433
Issuance of common stock from option exercises, shares		517,624
Stock-based compensation	4,910		4,910
Issuance of common stock from releases of restricted stock units		$ 3	(3)
Issuance of common stock from releases of restricted stock units, shares		335,863
Tax withholding paid on behalf of employees for stock-based awards	(2,410)		(2,410)
Issuance of common stock from warrant exercises		$ 3	(3)
Issuance of common stock from warrant exercises, shares		293,115
Reclassification of warrant liability to additional paid-in capital upon warrant exercises	1,871		1,871
Net loss	(20,831)			(20,831)
Balance at Sep. 30, 2019	107,895	$ 984	590,878	(483,967)
Balance, shares at Sep. 30, 2019		99,405,805
Balance at Dec. 31, 2019	216,174	$ 1,462	733,888	(519,176)
Balance, shares at Dec. 31, 2019		147,191,695
Issuance of common stock from option exercises	$ 15		15
Issuance of common stock from option exercises, shares	20,579	20,579
Stock-based compensation	$ 17,063		17,063
Issuance of common stock from releases of restricted stock units		$ 6	(6)
Issuance of common stock from releases of restricted stock units, shares		659,920
Tax withholding paid on behalf of employees for stock-based awards	(754)		(754)
Issuance of common stock from employee stock purchase plan	156	$ 1	155
Issuance of common stock from employee stock purchase plan, shares		82,232
Write-down of offering costs related to previous issuance of common stock upon public offering	191		191
Net loss	(81,809)			(81,809)
Balance at Sep. 30, 2020	151,036	$ 1,469	750,552	(600,985)
Balance, shares at Sep. 30, 2020		147,954,426
Balance at Jun. 30, 2020	174,024	$ 1,466	745,418	(572,860)
Balance, shares at Jun. 30, 2020		147,616,373
Stock-based compensation	5,759		5,759
Issuance of common stock from releases of restricted stock units		$ 3	(3)
Issuance of common stock from releases of restricted stock units, shares		338,053
Tax withholding paid on behalf of employees for stock-based awards	(622)		(622)
Net loss	(28,125)			(28,125)
Balance at Sep. 30, 2020	$ 151,036	$ 1,469	$ 750,552	$ (600,985)
Balance, shares at Sep. 30, 2020		147,954,426

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (81,809)	$ (84,990)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,372	3,156
Stock-based compensation	17,063	14,369
Accretion on asset retirement obligation	62	22
Change in fair value of warrant liabilities	(1,281)	(4,674)
Loss on disposal of property and equipment	121	0
Inventory lower of cost or net realizable value adjustment	150	0
Amortization of debt discount and interest accrual	527	472
Product upgrade reserve	(1,260)	4,431
Changes in operating assets and liabilities:
Accounts receivable	(9,731)	3,566
Inventory	8,425	(10,514)
Deposits on purchased inventory	2,203	3,259
Deferred cost of revenue	(6,937)	1,951
Prepaid expenses and other assets	(1,268)	852
Accounts payable	(6,031)	1,231
Accrued expenses and other long-term liabilities	(1,416)	4,774
Customer deposits and deferred revenue	17,130	(14,537)
Net cash used in operating activities	(59,680)	(76,632)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,201)	(7,541)
Purchase of intangible asset	0	(57)
Net cash used in investing activities	(2,201)	(7,598)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt issuance cost	0	(168)
Proceeds from the exercise of stock options	15	9,641
Proceeds from employee stock purchase plan	313	0
Payments for taxes related to net share settlement of equity awards	(754)	(2,410)
Net cash (used in) provided by financing activities	(965)	7,063
NET (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(62,846)	(77,167)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — BEGINNING OF PERIOD	228,187	169,365
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD	165,341	92,198
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	2,695	2,879
Cash paid for taxes	28	7
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of common stock warrants reclassified from liability to additional paid-in capital upon exercise	0	3,976
Right-of-use assets obtained in exchange for new operating lease liabilities	0	1,647
Transfer of property and equipment from inventory and deferred cost of revenue	1,698	4,446
Purchases of property and equipment in accounts payable and accrued liabilities	381	491
Public Offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of offering costs related to common stock public offering	$ (539)	$ 0

Background and Organization

Background and Organization	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Background and Organization	1. Background and Organization ViewRay, Inc., or ViewRay or the Company, and its wholly-owned subsidiary ViewRay Technologies, Inc., designs, manufactures and markets MRIdian, an MR Image-Guided radiation therapy system to simultaneously image and treat cancer patients. Since inception, ViewRay Technologies, Inc. has devoted substantially all of its efforts towards research and development, initial selling and marketing activities, raising capital and the manufacturing, shipment and installation of MRIdian systems. In May 2012, ViewRay Technologies, Inc. was granted clearance from the U.S. Food and Drug Administration, or FDA, to sell MRIdian with Cobalt-60. In November 2013, ViewRay Technologies, Inc. received its first clinical acceptance of a MRIdian with Cobalt-60 at a customer site, and the first patient was treated with that system in January 2014. ViewRay Technologies, Inc. has had the right to affix the Conformité Européene, or CE, mark to MRIdian with Cobalt-60 in the European Economic Area, or EEA, since November 2014. In September 2016, the Company received the rights to affix the CE mark to MRIdian Linac, and in February 2017, the Company received 510(k) clearance from the FDA to market MRIdian Linac. In February 2019, the Company received 510(k) clearance from the FDA for advancements in MRI, 8 frames per second cine, and Functional imaging (T1/T2/DWI) and High-Speed MLC. In December 2019, we received the CE mark for these advancements in the EEA. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. The Company’s principal sources of liquidity are cash flows from public and private offerings and available borrowings under its term loan agreement, as well as cash receipts from its sales of MRIdian systems. These have historically been sufficient to meet working capital needs, capital expenditures, operating expenses, and debt service obligations. During the nine months ended September 30, 2020, the Company incurred a net loss from operations of $81.8 million and used cash in operations of $59.7 million. The Company believes that its existing cash balance of $163.9 million as of September 30, 2020, together with anticipated cash proceeds from sales of MRIdian systems will be sufficient to provide liquidity to fund its obligations for at least the next 12 months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements include the accounts of ViewRay, Inc. and its wholly-owned subsidiary, ViewRay Technologies, Inc. All inter-company accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any future period. These unaudited condensed consolidated financial statements and their notes should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 12, 2020, and have not changed significantly since that filing. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. Topic 740 reduces complexity in certain areas of accounting for income taxes and makes minor improvements to the codification. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the impact of this update but does not believe it will have a material impact on its consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the U . S . GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options, and ASC Topic 815, Subtopic – 40, Derivatives and Hedging - Contracts in Entity's Own Equity. The ASU simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurements (Topic 820). Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The standard eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information, and modifies some disclosure requirements. As the result of the adoption the Company is no longer required to disclose (1) the amount of and the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. Additionally, the Company is required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. No significant changes were made to our fair value disclosures in the notes to the condensed consolidated financial statements in order to comply with ASU 2018-13. Refer to Note 4, Fair Value of Financial Instruments.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	3. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prototype $ 16,901 $ 16,419 Machinery and equipment 16,431 15,816 Leasehold improvements 6,857 6,718 Furniture and fixtures 1,295 1,284 Software 1,389 1,389 Construction in progress 6,117 4,176 Property and equipment, gross 48,990 45,802 Less: accumulated depreciation and amortization (26,457 ) (22,403 ) Property and equipment, net $ 22,533 $ 23,399 Depreciation and amortization expense related to property and equipment were $1.4 million and $1.2 million during the three months ended September 30, 2020 and 2019, and $4.4 million and $3.2 million during the nine months ended September 30, 2020 and 2019, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued payroll and related benefits $ 9,958 $ 9,577 Accrued accounts payable 2,653 4,764 Payroll withholding tax, sales and other tax payable 1,460 1,066 Accrued legal, accounting and professional fees 825 1,175 Product upgrade reserve 2,534 3,794 Other 536 1,014 Total accrued liabilities $ 17,966 $ 21,390 Deferred Revenue Deferred revenue consisted of the following (in thousands): September 30, 2020 December 31, 2019 Deferred revenue: Product $ 14,329 $ 3,141 Service 8,353 8,473 Distribution rights 2,040 2,396 Total deferred revenue 24,722 14,010 Less: current portion of deferred revenue (21,838 ) (10,457 ) Noncurrent portion of deferred revenue $ 2,884 $ 3,553 Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued interest, noncurrent portion $ 904 $ 516 Asset retirement obligation 923 861 Total other-long term liabilities $ 1,827 $ 1,377

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The assets’ or liabilities’ fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments that are carried at fair value mainly consist of Level 1 assets and Level 3 liabilities. Level 1 assets include highly liquid bank deposits and money market funds, which were not material at September 30, 2020 The gains and losses from re-measurement of Level 3 financial liabilities are recorded as part of other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2020, the Company recorded a loss of $2.0 million and a gain of $1.3 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. During the three and nine months ended September 30, 2019, the Company recorded a gain of $13.5 million and a gain of $8.6 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands): At September 30, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,092 $ 3,092 2016 Placement Warrants Liability — — 1,000 1,000 Total $ — $ — $ 4,092 $ 4,092 December 31, 2019 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 1,330 $ 1,330 2016 Placement Warrants Liability — — 4,043 4,043 Total $ — $ — $ 5,373 $ 5,373 The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands): Nine Months Ended September 30, 2020 2019 Fair value, beginning of period $ 5,373 $ 11,844 Change in fair value of Level 3 financial liabilities (1,281 ) (4,674 ) Fair value of 2016 Placement Warrants at exercise — (3,458 ) Fair value of 2017 Placement Warrants at exercise — (518 ) Fair value, end of period $ 4,092 $ 3,194

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Instruments [Abstract]
Debt	5. Debt SVB Term Loan In December 2018, the Company entered into a term loan agreement, or the SVB Term Loan, with Silicon Valley Bank, for a principal amount of $56.0 million. The SVB Term Loan has a maturity date of December 1, 2023 and bears interest at a rate of 6.30% per annum to be paid monthly over the term of the loan. Beginning on December 1, 2020 (or June 1, 2021, if the Company achieves a trailing twelve-month revenue of at least a specified amount and elects to apply such later date), the Company will make thirty-six equal monthly payments of principal (or thirty equal payments, if the Company so elects). In addition, upon repayment of the SVB Term Loan in full, the Company will make a final payment equal to 3.15% of the original aggregate principal amount of the SVB Term Loan. The Company used the proceeds of the SVB Term Loan and cash on hand to repay in full its outstanding obligations under its then outstanding term loan, or the CRG Term Loan, and to pay fees and expenses related thereto. The Company accounted for the termination of the CRG Term Loan as a debt extinguishment and recorded a debt extinguishment loss of $2.4 million from the difference between the net carrying amount of debt and the amount paid. The debt extinguishment loss includes $0.3 million in write-offs of unamortized debt discount and debt issuance costs associated with the CRG Term Loan. The Company received net proceeds of $55.4 million after related legal and consulting fees totaling $0.6 million. Such fees are accounted for as debt discount and issuance costs and presented as a direct deduction from the carrying amount of debt on the Company’s consolidated balance sheets. Debt discount, issuance costs and the final payment are amortized or accreted as interest expense over the term of the loan using the effective interest method. The SVB Term Loan requires that the Company maintain a minimum cash balance in accounts at Silicon Valley Bank or one of its affiliates or else comply with a liquidity ratio and/or a minimum revenue financial covenant. On December 31, 2019, the Company entered into the First Amendment (the First Amendment) to the SVB Term Loan. The First Amendment, among other things, amended the SVB Term Loan to (i) suspend testing of the minimum revenue financial covenant for the fiscal quarter ended December 31, 2019, (ii) provide for the minimum trailing twelve-month revenue thresholds under the minimum revenue financial covenant for periods ending on the last day of fiscal quarters in fiscal years subsequent to 2020 to be determined annually at the greater of (a) a 25% cushion to revenue forecasts provided by the Company to SVB and (b) 10% year-over-year annual growth, unless otherwise agreed, (iii) increase the minimum liquidity ratio financial covenant from 1.50:1.00 to 1.75:1.00 and (iv) increase the prepayment premium from 1.00% to 2.00% for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions. On October 30, 2020, the Company entered into the Second Amendment (the Second Amendment) to the SVB Term Loan. Refer to Note 14, Subsequent Events. The SVB Term Loan is secured by substantially all assets of the Company, except that the collateral does not include any intellectual property held by the Company, provided, however, the collateral shall include all accounts and proceeds of such intellectual property. The SVB Term Loan contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness, dividends and other distributions and transactions with affiliates. The SVB Term Loan includes standard events of default, including, among other things, subject in certain cases to customary grace periods, thresholds and notice requirements, the Company’s failure to fulfill its obligations under the SVB Term Loan or the occurrence of a material adverse change in the Company's business, operations, or condition (financial or otherwise). In the event of default by the Company under the SVB Term Loan, Silicon Valley Bank would be entitled to exercise its remedies thereunder, including the right to accelerate the debt, upon which the Company may be required to repay all amounts then outstanding under the SVB Term Loan, which could harm the Company's financial condition. The Company’s scheduled future payments on the SVB Term Loan at September 30, 2020 are as follows (in thousands): Year Ended December 31, The remainder of 2020 $ 1,555 2021 18,667 2022 18,667 2023 17,111 2024 — Total future principal payments 56,000 Less: unamortized debt discount (310 ) Carrying value of long-term debt 55,690 Less: current portion (15,556 ) Long-term portion $ 40,134 Refer to Note 14, Subsequent Events, for details of the amended SVB Term Loan entered into as of October 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Operating Leases The Company entered into agreements to lease office space in Oakwood Village, Ohio, Mountain View, California and Denver, Colorado under noncancelable operating lease agreements. In April 2008, the Company entered into an agreement to lease approximately 19,800 square feet of office space in Oakwood Village, Ohio, which expires in October 2021. In June 2014, the Company entered into an office lease agreement to lease approximately 25,500 square feet of office space located in Mountain View, California, with an original expiration date of November 2019. In June 2018, the Company entered into an amendment to extend the term of the lease agreement through July 2025. In April 2018, the Company entered into a lease agreement to lease approximately 24,600 square feet of additional office space located in Mountain View, California. The lease commenced in December 2018 and will expire in December 2025. The Company has the option to extend the term of the lease for a period of up to five years. In May 2019, the Company entered into a sub-lease agreement to lease approximately 19,800 square feet of office space located in Denver, Colorado. The sub-lease commenced in June 2019 and will expire in July 2021. In recognition of the right-of-use assets and the related lease liabilities, the options to extend the lease term have not been included as the Company is not reasonably certain that it will exercise any such option. At September 30, 2020, the weighted-average remaining lease term in years is 4.8 years and the weighted-average discount rate used is 7.7%. The Company recognized the following lease costs arising from lease transactions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating lease cost $ 781 $ 782 $ 2,344 $ 2,085 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,355 $ 1,742 Right-of-use assets obtained in exchange for new operating lease liabilities — 1,647 At September 30, 2020, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2020 $ 792 2021 2,831 2022 2,497 2023 2,571 2024 2,604 2025 1,924 Total undiscounted cash flows $ 13,219 Less: imputed interest (2,152 ) Present value of lease liabilities $ 11,067 Legal Proceedings In the normal course of business, the Company may become involved in legal proceedings. The Company will accrue a liability for legal proceedings when it is probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Patent Litigation On September 10, 2019, a complaint for patent infringement was filed by Varian Medical Systems, Inc., in U.S. District Court for the Northern District of California against the Company. Captioned Varian Medical Systems, Inc., v. ViewRay, Inc., the complaint alleges that the Company infringes two related patents, U.S. Patent Nos. 8,637,841 and 9,082,520 and seeks injunctive relief and monetary damages. The Company filed its answer on November 1, 2019. The District Court matter was stayed on October 23, effective through December 7, 2020. The Company believes the allegations in the complaint are without merit and intends to vigorously defend the litigation. On July 7, 2020 and July 31, 2020, the Company filed a petition with the Patent Trial & Appeal Board of the United States Patent and Trademark Office (PTAB), requesting institution of inter partes review (IPR) and cancellation of claims 1-3, 5-8, 10, 13, 14 of Varian’s U.S. Patent No. 9,082,520. On August 13, 2020, the Company filed a separate petition with the PTAB, requesting an IPR and cancellation of claims 1-4 and 20-22 of Varian’s U.S. Patent No. 8,637,841. Class Action Litigation On September 13, 2019, a class action complaint for violation of federal securities laws was filed in U.S. District Court for the Northern District of Ohio against the Company, its chief executive officer, chief scientific officer, and former chief financial officer. On December 19, 2019, the court appointed Plymouth County Retirement Association as the lead plaintiff, and on February 28, 2020 the lead plaintiff filed an amended complaint asserting securities fraud claims against the Company, its chief executive officer, chief operating officer, chief scientific officer, and former chief executive officer and former chief financial officer. Now captioned Plymouth County Retirement Association v. ViewRay, Inc., et al., the amended complaint alleges that the Company violated federal securities laws by issuing materially false and misleading statements that failed to disclose adverse facts concerning the its business, operations, and financial results, and seeks damages, interest, and other relief. The Company filed a motion to dismiss the amended complaint on May 28, 2020. While the initial motion to dismiss was pending, the plaintiff was granted leave to file a second amended complaint. A motion to dismiss the second amended complaint was filed on September 16, 2020, and that motion has been fully briefed. The Company believes the allegations in the complaint are without merit and intends to vigorously defend the litigation. Stockholder Derivative Lawsuit On July 22, 2020, a stockholder derivative lawsuit was filed against ViewRay (as a nominal defendant) and certain of its current and former officers and directors in the U.S. District Court for the Northern District of Ohio. This action alleges, purportedly on behalf of ViewRay, that the officers and directors violated Section 14(a) of the Securities Exchange Act of 1934, breached their fiduciary duties, wasted corporate assets, and were unjustly enriched based on factual assertions substantially similar to those in the class action complaint described above. The complaint seeks, among other things, damages awarded to ViewRay, restitution and disgorgement of profits in an unspecified amount, and corporate reforms. Due to the overlap between the allegations in the derivative complaint and those in the putative securities class action complaint, this lawsuit is stayed until December 3, 2020, pending a decision on the motion to dismiss the second amended complaint in the securities action. Given the early stage of each of the litigation matters described above, at this time the Company is unable to reasonably estimate possible losses or form a judgment that an unfavorable outcome is either probable or remote. However, litigation is subject to inherent uncertainties, and one or more unfavorable outcomes in any claim or litigation against us could have a material adverse effect on the period in which they are resolved and on our business generally. In addition, regardless of their merits or their ultimate outcomes, lawsuits and legal proceedings are costly, divert management attention and may materially adversely affect our reputation, even if resolved in our favor. Purchase Commitments At September 30, 2020, the Company had $1.6 million in outstanding firm purchase commitments.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue	7. Revenue The Company derives revenue primarily from the sale of MRIdian systems and related services as well as support and maintenance services on sold systems. Revenue is categorized as product revenue, service revenue and distribution rights revenue. The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Product $ 618 $ 6,107 $ 7,920 $ 28,394 Service 2,168 1,140 5,664 3,094 Total U.S. revenue $ 2,786 $ 7,247 $ 13,584 $ 31,488 Outside of U.S. ("OUS") Product $ 5,592 $ 12,589 $ 20,375 $ 37,081 Service 1,590 908 4,245 2,388 Distribution rights 118 118 356 356 Total OUS revenue $ 7,300 $ 13,615 $ 24,976 $ 39,825 Total Product $ 6,210 $ 18,696 $ 28,295 $ 65,475 Service 3,758 2,048 9,909 5,482 Distribution rights 118 118 356 356 Total revenue $ 10,086 $ 20,862 $ 38,560 $ 71,313 Arrangements with Multiple Performance Obligations The Company frequently enters into sales arrangements that include multiple performance obligations. Such performance obligations mainly consist of (i) sale of MRIdian systems, which generally includes installation and embedded software, and (ii) product support, which includes extended service and maintenance. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The standalone selling price, or SSP, is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, the Company will estimate the SSP considering market conditions or internally approved pricing guidelines related to the performance obligations. Product Revenue Product revenue is derived primarily from the sales of MRIdian systems. The system contains both software and non-software components that together deliver essential functionality. For contracts in which control of the system transfers upon delivery and inspection, the Company recognizes revenue for the systems at the point in time when delivery and inspection by the customer has occurred. For these same contracts, the Company recognizes installation revenue over the period of installation as the installation services are performed and control is transferred to the customer. For all contracts in which control transfers upon post-installation customer acceptance, revenue for the system and installation are recognized upon customer acceptance. Certain customer contracts with distributors do not require ViewRay to complete installation at the ultimate user site, and the distributors may either perform the installation themselves or hire another party to perform the installation. For sales of MRIdian systems for which the Company is not responsible for installation, revenue recognition generally occurs when the entire system is shipped, which is when the control of the system is transferred to the customer. Service Revenue Service revenue is derived primarily from maintenance services. The maintenance and support service is a stand-ready obligation which is performed over the term of the arrangement and, as a result, service revenue is recognized ratably over the service period as the customers benefit from the service throughout the service period. Distribution Rights Revenue In December 2014, the Company entered into a distribution agreement with Itochu Corporation pursuant to which it appointed Itochu as its exclusive distributor for the promotion, sale and delivery of its MRIdian products within Japan. In consideration of the exclusive distribution rights granted, the Company received $4.0 million, which was recorded as deferred revenue. Starting in August 2016, the distribution rights revenue is recognized ratably over the remaining term of the distribution agreement of approximately 8.5 years. A time-elapsed method is used to measure progress because control is transferred evenly over the remaining contractual period. Contract Balances The timing of revenue recognition, billings and cash collections results in short-term and long-term trade receivables, customer deposits, deferred revenues and deferred cost of revenue on the condensed consolidated balance sheets. Trade receivables are recorded at the original invoiced amount, net of an estimated allowance for credit losses. Trade credit is generally extended on a short-term basis. The Company occasionally provides for long-term trade credit for its maintenance services so that the period between when the services are rendered to its customers and when the customers pay for that service is within one year. Thus, the Company’s trade receivables do not bear interest or contain a significant financing component. Long-term trade receivables of $0.1 million and $0.2 million were reported within other assets in the condensed consolidated balance sheets at September 30, 2020 and at December 31, 2019, respectively. These amounts are billed in accordance with the terms of the customer contracts to which they relate and are expected to be collected two to three years from the date of invoice as the underlying maintenance services are rendered. At times, billing occurs subsequent to revenue recognition, resulting in an unbilled receivable which represents a contract asset. This contract asset is recorded as an unbilled receivable and reported as part of accounts receivable on the consolidated balance sheets. Trade receivables are periodically evaluated for collectability based on past credit history of the respective customers and their current financial condition. Changes in the estimated collectability of trade receivables are included in the results of operations for the period in which the estimate is revised. Trade receivables that are deemed uncollectible are offset against the estimated allowance for credit losses. The Company generally does not require collateral for trade receivables. There were no estimated allowances for credit losses recorded at September 30, 2020 or December 31, 2019. Customer deposits represent payments received in advance of system installation. For domestic and international sales, advance payments received prior to inventory shipments are recorded as customer deposits. Advance payments are subsequently reclassified to deferred revenue upon inventory shipment. All customer deposits, including those that are expected to be a deposit for more than one year, are classified as current liabilities based on consideration of the Company’s normal operating cycle (the time between acquisition of the inventory components and the final cash collection from customers on these inventory components) which is in excess of one year. Deferred revenue consists of deferred product revenue and deferred service revenue. Deferred product revenue arises from timing differences between the fulfillment of contract obligations and satisfaction of all revenue recognition criteria consistent with the Company’s revenue recognition policy. Deferred service revenue results from the advance billing for services to be delivered over a period of time. Deferred revenues expected to be realized within one year or normal operating cycle are classified as current liabilities. Deferred cost of revenue consists of cost for inventory items that have been shipped, but revenue recognition has not yet occurred. Deferred cost of revenue is included as part of current assets as the corresponding deferred product revenue is expected to be realized within one year or the Company’s normal operating cycle. During the three and nine months ended September 30, 2020, the Company recognized $2.0 million and $7.4 million of revenues that was included in the deferred revenue balance at the beginning of the reporting period. During the three and nine months ended September 30, 2019, the Company recognized $1.0 million and $10.2 million of revenues that were included in the deferred revenue balance at the beginning of the reporting period. Variable Consideration The Company records revenue from customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company estimates the transaction price at contract inception, including any variable consideration, and updates the estimate each reporting period for any changes. There were no amounts recognized during the three and nine months ended September 30, 2020 from performance obligations satisfied in the prior period. For the three and nine months ended September 30, 2019, the Company recognized $0.0 million and $0.9 million in revenue from performance obligations satisfied in the prior period.

Equity Financing

Equity Financing	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity Financing	8 . Equity Financing Public Offering of Common Stock On August 14, 2018, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and Jefferies LLC, as representatives of several underwriters, or the August 2018 Underwriters, in connection with the issuance and sale of 16,216,217 shares of the Company’s common stock at a public offering price of $9.25 per share. In addition, the Company granted the August 2018 Underwriters a 30-day option to purchase up to 2,432,432 additional shares of common stock on the same terms, which the August 2018 Underwriters exercised in full. The Company completed the offering on August 17, 2018 and received aggregate net proceeds of approximately $161.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. On December 3, 2019, the Company entered into an underwriting agreement with Piper Jaffray & Co., as representatives of several underwriters, or the December 2019 Underwriters, in connection with the issuance and sale of 41,550,000 shares of our common stock at a public offering price of $3.13 per share. In addition, the Company granted the December 2019 Underwriters a 30-day option to purchase up to 6,232,500 additional shares of common stock on the same terms, which the December 2019 Underwriters exercised in full. The Company completed the offering on December 6, 2019 and received aggregate net proceeds of approximately $138.6 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Direct Registered Offerings In February 2018, the Company entered into a securities purchase agreement pursuant to which it sold (i) 4,090,000 shares of its common stock; (ii) 3,000,581 shares of its Series A convertible preferred stock and (iii) warrants to purchase 1,418,116 shares of its common stock, or the 2018 Offering Warrants, for total gross proceeds of $59.1 million, or the March 2018 Direct Registered Offering. The March 2018 Direct Registered Offering was closed on March 5, 2018. The 2018 Offering Warrants have an exercise price of $8.31 per share, became exercisable upon issuance and expire in March 2025. Private Placements In September 2016, the Company completed the final closing of a private placement offering, or the 2016 Private Placement, through which it sold (i) 4,602,506 shares of its common stock and (ii) warrants that provide the warrant holders the right to purchase 1,380,745 shares of common stock, or the 2016 Placement Warrants, and raised total gross proceeds of $13.8 million. The 2016 Placement Warrants have an exercise price of $2.95 per share, are exercisable at any time at the option of the holder and expire seven years from the date of issuance. In January 2017, the Company completed the final closing of a private placement offering, or the 2017 Private Placement, through which it sold (i) 8,602,589 shares of its common stock and (ii) warrants that provide the warrant holders the right to purchase 1,720,512 shares of its common stock, or the 2017 Placement Warrants, and raised total gross proceeds of $26.1 million. The 2017 Placement Warrants have an exercise price of $3.17 per share, became exercisable in July 2017 and expire in January 2024. At-The-Market Offering of Common Stock In January 2019, the Company filed a registration statement with the SEC which covers the offering, issuance and sale of up to a maximum aggregate offering price of $250.0 million of our common stock, preferred stock, debt securities, warrants, purchase contracts and/or units, including up to $100.0 million of the Company’s common shares that may be sold pursuant to the Company’s at-the-market offering program with FBR Capital Markets & Co. (“FBR”). The shares in the December 2019 Public Offering of Common stock were sold pursuant to the January 2019 registration statement and did not impact the $100.0 million of our common shares pursuant to our at-the-market offering program with FBR. The Company has not sold any securities under the 2019 registration statement pursuant to its at-the-market offering program.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2020
Warrant [Abstract]
Warrants	9 . Warrants Equity Classified Common Stock Warrants In connection with a debt financing in December 2013, the Company issued warrants to purchase 128,231 shares of its common stock with an exercise price of $5.84 per share. These warrants are exercisable any time at the option of the holder until December 16, 2023. In August 2019, the Company issued 36,457 shares of its common stock upon the net exercise of 128,231 2013 Placement Warrants. All of the December 2013 Placement Warrants have been exercised and none of the warrants are outstanding at September 30, 2020. In connection with the merger of the Company and ViewRay Technologies, Inc. in July 2015, or the Merger, in July and August 2015, the Company conducted a private placement offering as part of which the Company the five-year shares of the 2015 Placement Warrants. The remaining 39,750 shares of the 2015 Placement Warrants expired in July and August 2020 and no ne remained outstanding at September 30, 2020 . In connection with the March 2018 Direct Registered Offering, the Company issued warrants to purchase 1,418,116 shares of common stock at an exercise price of $8.31 per share. The 2018 Offering Warrants became exercisable upon issuance and expire in March 2025 As separate classes of securities were issued in a bundled transaction, the gross proceeds from the March 2018 Direct Registered Offering of $59.1 million were allocated to common stock, Series A convertible preferred stock and the 2018 Offering Warrants based on their respective relative fair value upon issuance. The aggregate fair value of the 2018 Offering Warrants of $7.4 million was estimated using the Black-Scholes option-pricing model with the following assumptions: Upon Issuance Common Stock Warrants: Expected term (in years) 7.0 Expected volatility (%) 62.5% Risk-free interest rate (%) 2.8% Expected dividend yield (%) 0% The allocated proceeds from the 2018 Offering Warrants of $6.6 million were recorded in additional paid-in-capital Liability Classified Common Stock Warrants In connection with the 2017 and 2016 Private Placements, the Company issued warrants that provide the warrant holder the right to purchase 1,720,512 and 1,380,745 shares of common stock. The 2017 and 2016 Placement Warrants contain protection whereby the warrant holders will have the right to receive cash in the amount equal to the Black-Scholes value of the warrants upon the occurrence of a change of control, as defined in the warrant agreement. The 2017 and 2016 Placement Warrants were accounted for as a liability at the date of issuance and are adjusted to fair value at each balance sheet date, with the change in fair value recorded as a component of other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss. The key terms of the 2017 and 2016 Placement Warrants are as follows: Issuance Date Term Exercise Price Per Share Warrants Exercised during the Nine Months Ended September 30, 2020 Warrants Outstanding at September 30, 2020 2017 Placement Warrants January 2017 7 years $ 3.17 — 1,618,890 2016 Placement Warrants August and September 2016 7 years $ 2.95 — 537,263 Total — 2,156,153 During the three and nine months ended September 30, 2020, the Company recorded a loss of $2.0 million and a gain of $1.3 million, respectively, related to the change in fair value of the 2016 and 2017 Placement Warrants. During the three and nine months ended September 30, 2019, the Company recorded a gain of $13.5 million and $8.6 million, respectively, related to the change in fair value of the 2016 and 2017 Placement Warrants. The fair value of the 2016 and 2017 Placement Warrants at September 30, 2020 and December 31, 2019, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Expected term (in years) 3.3 4.0 2.9 3.6 Expected volatility 77.9% 68.0% 77.0% 67.5% Risk-free interest rate 0.2% 1.7% 0.2% 1.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0%

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	1 0 . Stock-Based Compensation A summary of the Company’s stock award activity and related information is as follows: Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2019 948,415 11,165,846 $ 7.44 7.6 $ 1,907 Additional shares authorized 9,137,667 Options granted (736,579 ) 736,579 1.97 Options exercised — (20,579 ) 0.72 Options cancelled or forfeited 3,496,601 (3,496,601 ) 6.99 Withheld shares to pay for taxes on released RSUs 299,898 RSUs granted (5,981,966 ) RSUs cancelled or forfeited 599,623 Balance at September 30, 2020 7,763,659 8,385,245 $ 7.12 7.6 $ 2,273 Vested and exercisable at September 30, 2020 5,180,433 $ 7.11 7.1 $ 1,199 Vested and expected to vest at September 30, 2020 8,095,506 $ 7.15 7.5 $ 2,134 Stock Options The weighted-average grant date fair value of options granted to employees was $1.20 and $4.71 per share during the nine months ended September 30, 2020 and 2019, respectively. The grant date fair values of options vested was $7.6 million and $11.4 million during the nine months ended September 30, 2020 and 2019, respectively. Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The aggregate intrinsic values of options exercised was $0.0 million and $7.8 million during the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, total unrecognized compensation cost related to stock options granted to employees, net of estimated forfeitures, was $11.8 million which is expected to be recognized over a weighted-average period of 2.1 years. Determination of Fair Value The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the estimated fair value of the Company’s common stock, as well as assumptions regarding a number of complex and subjective variables. The variables used to calculate the fair value of stock options using the Black-Scholes option-pricing model include actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s common stock, the risk-free interest rate and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. The fair value of employee stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 6.0 6.0 Expected volatility 68.8% 60.7% Risk-free interest rate 0.7% 2.4% Expected dividend yield 0.0% 0.0% Restricted Stock Units From time to time, the Company grants Restricted Stock Units, or RSUs, to its board of directors and certain employees for their services. Certain board members elected RSUs in lieu of retainer and committee service fees, which vest over a period of time from the grant date and will be released and settled upon termination of the board member’s services or the occurrence of a change in control event. In January and June 2020, the Company granted RSUs to its Board of Directors as part of the director compensation program. The January 2020 RSUs granted to board members vested in full on the date of our 2020 Annual Meeting of Stockholders. The June 2020 RSUs granted to board members vest in full on the date of our 2021 Annual Meeting of Stockholders. In January and June 2020, the Company granted RSUs to the Company’s CEO that vest annually at 42% on the first anniversary date of the grant, and 29% on the second and third anniversary date of the grant. In January and March of 2020, the Company granted RSUs to several employees. These RSUs vest in equal annual installments over three years from the grant date and are subject to the participants continuing service to the Company over that period. The fair value of RSUs is based on the closing market price of the Company’s common stock on the grant date. RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 4,379,777 $ 5.14 RSUs granted 5,981,966 2.78 RSUs vested (996,529 ) 8.14 RSUs forfeited (599,623 ) 3.13 Unvested at September 30, 2020 8,765,591 $ 3.33 Vested and unreleased 153,055 Outstanding at September 30, 2020 8,918,646 The total grant date fair value of RSUs awarded and RSUs vested was $16.7 million and $ 8.1 As of September 30, 2020, total unrecognized stock-based compensation cost related to RSUs, net of estimated forfeitures, was $21.1 million which is expected to be recognized over a weighted-average period of 2.0 years. At September 30, 2020, 8,266,088 shares of RSUs are expected to vest. Stock-Based Compensation Expense Total stock-based compensation expense recognized for employee stock awards and employee stock purchase plan shares in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Cost of revenue $ 217 $ 757 $ 725 $ 1,967 Research and development 549 1,076 1,705 2,900 Selling and marketing 258 385 817 1,027 General and administrative 4,735 2,692 13,816 8,475 Total stock-based compensation expense $ 5,759 $ 4,910 $ 17,063 $ 14,369 Stock-based compensation relating to stock-based awards granted to consultants was insignificant during the three and nine months ended September 30, 2020 and 2019.

Income Tax

Income Tax	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax	1 1 . Income Tax Due to the current operating losses, the Company recorded zero income tax expense during the three and nine months ended September 30, 2020 and 2019, respectively. During these periods, the Company’s activities were limited to U.S. federal and state tax jurisdictions, as it does not have any significant foreign operations. The federal and state effective tax rate before valuation allowance is approximately 24% for the nine months ended September 30, 2020. Due to the Company’s history of cumulative losses and after considering all the available objective evidence, management concluded that it is not more likely than not that all of the Company’s net deferred tax assets will be realized in the future. Accordingly, the Company’s deferred tax assets, which include net operating loss, or NOL, carryforwards and tax credits related primarily to research and development, continue to be subject to a valuation allowance as of September 30, 2020. The Company expects to continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets. The Company had unrecognized tax benefits of $2.5 million and $2.2 million at September 30, 2020 and December 31, 2019, respectively. The reversal of the uncertain tax benefits would not affect the effective tax rate to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets. Unrecognized tax benefits may change during the next 12 months for items that arise in the ordinary course of business. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. At September 30, 2020 and December 31, 2019, there were no accrued interest and penalties related to uncertain tax positions. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The enactment of the CARES Act did not result in any material adjustments to our income tax provision for the nine months ended September 30, 2020.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Loss per Share	1 2 . Net Loss per Share Since the Company was in a loss position for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented, because the inclusion of all potential common shares outstanding would have an anti-dilutive effect. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented, because including them would have an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 8,859,188 11,350,034 9,341,730 10,613,157 Common stock warrants 3,585,264 3,866,555 3,604,364 4,200,541 Restricted stock units 2,207,144 437,933 5,275,149 1,206,267 Total 14,651,596 15,654,522 18,221,243 16,019,965

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	1 3 . Related Party Transactions In December 2004, the Company entered into a licensing agreement with the University of Florida Research Foundation, or UFRF, whereby UFRF granted the Company a worldwide exclusive license to certain of UFRF’s patents in exchange for 33,652 shares of common stock and a 1% royalty, with a minimum $0.1 million royalty payment per quarter, from sales of products developed and sold by the Company utilizing the licensed patents. Minimum royalty payments in any calendar year are credited against earned royalties for such calendar year. Royalty expenses based on 1% of net sales were $0.1 million and $0.5 million during the three and nine months ended September 30, 2020, respectively, and were recorded as product cost of revenue. Royalty expenses based on 1% of net sales were $0.2 million and $0.6 million during the three and nine months ended September 30, 2019, respectively, and were recorded as product cost of revenue. In November 2019, the Company entered into a distribution agreement with Chindex Shanghai International Trading Company Limited, or Chindex, which became effective in February 2020. Chindex is a subsidiary of Fosun International Limited, or Fosun. Kevin Xie, Ph.D., a member of the Company’s board of directors, was previously designated by Fosun for election to the board pursuant to a Securities Purchase Agreement dated October 23, 2017 and related to the Company’s 2017 direct registered offering of common stock. Under the distribution agreement, Chindex will act as the Company’s distributor and regulatory agent for the sale and delivery of its MRIdian products within the People’s Republic of China, excluding Hong Kong, Macau and Taiwan. The distribution agreement has an initial term of five years with an option to renew for an additional five years. Under the distribution agreement, the Company will supply its products and services to Chindex based on an agreed upon price between the Company and Chindex. In accordance with the agreement, Chindex agreed to pay ViewRay an upfront fee, portions of which may be refundable under certain conditions, of $3.5 million, payable in three installments: (i) the first installment of $1.5 million due approximately 60 days after the effectiveness of the distribution agreement; (ii) the second installment of $1.0 million due on the first anniversary from the effective date of the agreement; and (iii) the third installment of $1.0 million due on the second anniversary from the effective date of the agreement. No amounts have been received as of September 30, 2020 as there have been delays with certain regulatory requirements needed to collect the first installment. Currently, the Company expects the first installment to be received in the fourth quarter of 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On October 30, 2020, the Company entered into the Second Amendment (the Second Amendment) to the SVB Term Loan. The Second Amendment, among other things, amended the SVB Term Loan to (i) increase the term loan agreement principal amount from $56.0 million to $58.0 million, (ii) revise the thirty-six equal monthly payments of principal to begin on November 1, 2022, (iii) revise the maturity date to October 1, 2025, (iv) decrease the interest rate from a fixed rate of 6.3% to a floating rate of 2.4% above the Prime Rate, which equates to 5.65% as of October 30, 2020, (v) increase the final payment from 3.15% of the original aggregate principal amount to 3.7% of the revised aggregate principal amount, (vi) revise the minimum trailing twelve-month 1.75:1.00 1.70:1.00

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements include the accounts of ViewRay, Inc. and its wholly-owned subsidiary, ViewRay Technologies, Inc. All inter-company accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any future period. These unaudited condensed consolidated financial statements and their notes should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 12, 2020, and have not changed significantly since that filing.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. Topic 740 reduces complexity in certain areas of accounting for income taxes and makes minor improvements to the codification. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the impact of this update but does not believe it will have a material impact on its consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the U . S . GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options, and ASC Topic 815, Subtopic – 40, Derivatives and Hedging - Contracts in Entity's Own Equity. The ASU simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted FASB ASU 2018-13, Fair Value Measurements (Topic 820). Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The standard eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information, and modifies some disclosure requirements. As the result of the adoption the Company is no longer required to disclose (1) the amount of and the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. Additionally, the Company is required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. No significant changes were made to our fair value disclosures in the notes to the condensed consolidated financial statements in order to comply with ASU 2018-13. Refer to Note 4, Fair Value of Financial Instruments.
Fair Value of Financial Instruments	Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The assets’ or liabilities’ fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2020 December 31, 2019 Prototype $ 16,901 $ 16,419 Machinery and equipment 16,431 15,816 Leasehold improvements 6,857 6,718 Furniture and fixtures 1,295 1,284 Software 1,389 1,389 Construction in progress 6,117 4,176 Property and equipment, gross 48,990 45,802 Less: accumulated depreciation and amortization (26,457 ) (22,403 ) Property and equipment, net $ 22,533 $ 23,399
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued payroll and related benefits $ 9,958 $ 9,577 Accrued accounts payable 2,653 4,764 Payroll withholding tax, sales and other tax payable 1,460 1,066 Accrued legal, accounting and professional fees 825 1,175 Product upgrade reserve 2,534 3,794 Other 536 1,014 Total accrued liabilities $ 17,966 $ 21,390
Schedule of Deferred Revenue	Deferred revenue consisted of the following (in thousands): September 30, 2020 December 31, 2019 Deferred revenue: Product $ 14,329 $ 3,141 Service 8,353 8,473 Distribution rights 2,040 2,396 Total deferred revenue 24,722 14,010 Less: current portion of deferred revenue (21,838 ) (10,457 ) Noncurrent portion of deferred revenue $ 2,884 $ 3,553
Schedule of Other Long Term Liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued interest, noncurrent portion $ 904 $ 516 Asset retirement obligation 923 861 Total other-long term liabilities $ 1,827 $ 1,377

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Liabilities	The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands): At September 30, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,092 $ 3,092 2016 Placement Warrants Liability — — 1,000 1,000 Total $ — $ — $ 4,092 $ 4,092 December 31, 2019 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 1,330 $ 1,330 2016 Placement Warrants Liability — — 4,043 4,043 Total $ — $ — $ 5,373 $ 5,373
Summary of Changes in Fair Value of Level 3 Financial Liabilities	The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands): Nine Months Ended September 30, 2020 2019 Fair value, beginning of period $ 5,373 $ 11,844 Change in fair value of Level 3 financial liabilities (1,281 ) (4,674 ) Fair value of 2016 Placement Warrants at exercise — (3,458 ) Fair value of 2017 Placement Warrants at exercise — (518 ) Fair value, end of period $ 4,092 $ 3,194

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Scheduled Future Payments on Term Loan	The Company’s scheduled future payments on the SVB Term Loan at September 30, 2020 are as follows (in thousands): Year Ended December 31, The remainder of 2020 $ 1,555 2021 18,667 2022 18,667 2023 17,111 2024 — Total future principal payments 56,000 Less: unamortized debt discount (310 ) Carrying value of long-term debt 55,690 Less: current portion (15,556 ) Long-term portion $ 40,134

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Lease Costs and Cash Flow Transactions Arising From Lease Transactions	The Company recognized the following lease costs arising from lease transactions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating lease cost $ 781 $ 782 $ 2,344 $ 2,085 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,355 $ 1,742 Right-of-use assets obtained in exchange for new operating lease liabilities — 1,647
Schedule of Future Minimum Payments and Interest Expense for Operating Leases	At September 30, 2020, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2020 $ 792 2021 2,831 2022 2,497 2023 2,571 2024 2,604 2025 1,924 Total undiscounted cash flows $ 13,219 Less: imputed interest (2,152 ) Present value of lease liabilities $ 11,067

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Revenue Disaggregated by Types and Geography	The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Product $ 618 $ 6,107 $ 7,920 $ 28,394 Service 2,168 1,140 5,664 3,094 Total U.S. revenue $ 2,786 $ 7,247 $ 13,584 $ 31,488 Outside of U.S. ("OUS") Product $ 5,592 $ 12,589 $ 20,375 $ 37,081 Service 1,590 908 4,245 2,388 Distribution rights 118 118 356 356 Total OUS revenue $ 7,300 $ 13,615 $ 24,976 $ 39,825 Total Product $ 6,210 $ 18,696 $ 28,295 $ 65,475 Service 3,758 2,048 9,909 5,482 Distribution rights 118 118 356 356 Total revenue $ 10,086 $ 20,862 $ 38,560 $ 71,313

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2020
Warrant [Abstract]
Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value	The aggregate fair value of the 2018 Offering Warrants of $7.4 million was estimated using the Black-Scholes option-pricing model with the following assumptions: Upon Issuance Common Stock Warrants: Expected term (in years) 7.0 Expected volatility (%) 62.5% Risk-free interest rate (%) 2.8% Expected dividend yield (%) 0% 2017 Placement Warrants 2016 Placement Warrants September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Expected term (in years) 3.3 4.0 2.9 3.6 Expected volatility 77.9% 68.0% 77.0% 67.5% Risk-free interest rate 0.2% 1.7% 0.2% 1.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0%
Schedule of Key Terms of Placement Warrants	The key terms of the 2017 and 2016 Placement Warrants are as follows: Issuance Date Term Exercise Price Per Share Warrants Exercised during the Nine Months Ended September 30, 2020 Warrants Outstanding at September 30, 2020 2017 Placement Warrants January 2017 7 years $ 3.17 — 1,618,890 2016 Placement Warrants August and September 2016 7 years $ 2.95 — 537,263 Total — 2,156,153

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Company's Stock Award Activity and Related Information	A summary of the Company’s stock award activity and related information is as follows: Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2019 948,415 11,165,846 $ 7.44 7.6 $ 1,907 Additional shares authorized 9,137,667 Options granted (736,579 ) 736,579 1.97 Options exercised — (20,579 ) 0.72 Options cancelled or forfeited 3,496,601 (3,496,601 ) 6.99 Withheld shares to pay for taxes on released RSUs 299,898 RSUs granted (5,981,966 ) RSUs cancelled or forfeited 599,623 Balance at September 30, 2020 7,763,659 8,385,245 $ 7.12 7.6 $ 2,273 Vested and exercisable at September 30, 2020 5,180,433 $ 7.11 7.1 $ 1,199 Vested and expected to vest at September 30, 2020 8,095,506 $ 7.15 7.5 $ 2,134
Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Options at Grant Date	The fair value of employee stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Nine Months Ended September 30, 2020 2019 Expected term (in years) 6.0 6.0 Expected volatility 68.8% 60.7% Risk-free interest rate 0.7% 2.4% Expected dividend yield 0.0% 0.0%
Summary of RSU Activity	RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2019 4,379,777 $ 5.14 RSUs granted 5,981,966 2.78 RSUs vested (996,529 ) 8.14 RSUs forfeited (599,623 ) 3.13 Unvested at September 30, 2020 8,765,591 $ 3.33 Vested and unreleased 153,055 Outstanding at September 30, 2020 8,918,646
Summary of Stock-Based Compensation Expense Recognized for Employee Stock Awards and Employee Stock Purchase Plan Shares	Total stock-based compensation expense recognized for employee stock awards and employee stock purchase plan shares in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Cost of revenue $ 217 $ 757 $ 725 $ 1,967 Research and development 549 1,076 1,705 2,900 Selling and marketing 258 385 817 1,027 General and administrative 4,735 2,692 13,816 8,475 Total stock-based compensation expense $ 5,759 $ 4,910 $ 17,063 $ 14,369

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	Since the Company was in a loss position for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented, because the inclusion of all potential common shares outstanding would have an anti-dilutive effect. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented, because including them would have an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 8,859,188 11,350,034 9,341,730 10,613,157 Common stock warrants 3,585,264 3,866,555 3,604,364 4,200,541 Restricted stock units 2,207,144 437,933 5,275,149 1,206,267 Total 14,651,596 15,654,522 18,221,243 16,019,965

Background and Organization - A

Background and Organization - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Net loss	$ (28,125)	$ (20,831)	$ (81,809)	$ (84,990)
Net cash used from operations			(59,680)	$ (76,632)
Cash and cash equivalents	$ 163,881		$ 163,881		$ 226,783

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect	true
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201813Member

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 48,990	$ 45,802
Less: accumulated depreciation and amortization	(26,457)	(22,403)
Property and equipment, net	22,533	23,399
Prototype
Property Plant And Equipment [Line Items]
Property and equipment, gross	16,901	16,419
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	16,431	15,816
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,857	6,718
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,295	1,284
Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,389	1,389
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6,117	$ 4,176

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization	$ 1.4	$ 1.2	$ 4.4	$ 3.2

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued payroll and related benefits	$ 9,958	$ 9,577
Accrued accounts payable	2,653	4,764
Payroll withholding tax, sales and other tax payable	1,460	1,066
Accrued legal, accounting and professional fees	825	1,175
Product upgrade reserve	2,534	3,794
Other	536	1,014
Total accrued liabilities	$ 17,966	$ 21,390

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Deferred Revenue (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Revenue [Line Items]
Total deferred revenue	$ 24,722	$ 14,010
Less: current portion of deferred revenue	(21,838)	(10,457)
Noncurrent portion of deferred revenue	2,884	3,553
Product
Deferred Revenue [Line Items]
Total deferred revenue	14,329	3,141
Service
Deferred Revenue [Line Items]
Total deferred revenue	8,353	8,473
Distribution Rights
Deferred Revenue [Line Items]
Total deferred revenue	$ 2,040	$ 2,396

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued interest, noncurrent portion	$ 904	$ 516
Asset retirement obligation	923	861
Total other-long term liabilities	$ 1,827	$ 1,377

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants exercised			0
Change in fair value of Level 3 financial liabilities			$ 1,281	$ 4,674
2016 and 2017 Private Placement Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants exercised			0	464,199
Aggregate fair value of warrants upon exercise				$ 4,000
Change in fair value of Level 3 financial liabilities	$ (2,000)	$ 13,500	$ 1,300	$ 8,600

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	$ 4,092	$ 5,373
Fair Value Measurement on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	4,092	5,373
Fair Value Measurement on Recurring Basis | 2017 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	3,092	1,330
Fair Value Measurement on Recurring Basis | 2016 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	1,000	4,043
Level 1 | Fair Value Measurement on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 1 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 1 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 2 | Fair Value Measurement on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 2 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 2 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	0	0
Level 3 | Fair Value Measurement on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	4,092	5,373
Level 3 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	3,092	1,330
Level 3 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Warrant Liability	$ 1,000	$ 4,043

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, beginning of period	$ 5,373	$ 11,844
Change in fair value of Level 3 financial liabilities	(1,281)	(4,674)
Fair value, end of period	4,092	3,194
2016 Placement Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of Placement Warrants at exercise	0	(3,458)
2017 Placement Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of Placement Warrants at exercise	$ 0	$ (518)

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	1 Months Ended	9 Months Ended
	Dec. 31, 2018USD ($)Installment	Sep. 30, 2020USD ($)
SVB Term Loan
Debt Instrument [Line Items]
Total principal amount	$ 56	$ 56
Debt maturity date	Dec. 1, 2023
Debt instrument interest rate percentage	6.30%	6.30%
Frequency of periodic payment		monthly
Number of installments | Installment	36
Number of installments if achieving trailing revenue target and company so elects | Installment	30
Debt instrument description		Beginning on December 1, 2020 (or June 1, 2021, if the Company achieves a trailing twelve-month revenue of at least a specified amount and elects to apply such later date), the Company will make thirty-six equal monthly payments of principal (or thirty equal payments, if the Company so elects).
Final payment percentage of original principal amount	3.15%	3.15%
Proceeds from term loan		$ 55.4
Legal and consulting fees		$ 0.6
Debt instrument amendment terms		The First Amendment, among other things, amended the SVB Term Loan to (i) suspend testing of the minimum revenue financial covenant for the fiscal quarter ended December 31, 2019, (ii) provide for the minimum trailing twelve-month revenue thresholds under the minimum revenue financial covenant for periods ending on the last day of fiscal quarters in fiscal years subsequent to 2020 to be determined annually at the greater of (a) a 25% cushion to revenue forecasts provided by the Company to SVB and (b) 10% year-over-year annual growth, unless otherwise agreed, (iii) increase the minimum liquidity ratio financial covenant from 1.50:1.00 to 1.75:1.00 and (iv) increase the prepayment premium from 1.00% to 2.00% for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions.
CRG Term Loan
Debt Instrument [Line Items]
Debt extinguishment loss		$ 2.4
Write-offs of unamortized debt discount and debt issuance costs		$ 0.3

Debt - Scheduled Future Payment

Debt - Scheduled Future Payments on Term Loan (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current portion	$ (15,556)	$ (1,556)
Long-term portion	40,134	$ 53,995
SVB Term Loan
Debt Instrument [Line Items]
The remainder of 2020	1,555
2021	18,667
2022	18,667
2023	17,111
2024	0
Total future principal payments	56,000
Less: unamortized debt discount	(310)
Carrying value of long-term debt	55,690
Less: current portion	(15,556)
Long-term portion	$ 40,134

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 10, 2019Patent	May 31, 2019ft²	Jun. 30, 2018	Apr. 30, 2018ft²	Jun. 30, 2014ft²	Apr. 30, 2008ft²	Sep. 30, 2020USD ($)
Operating Leased Assets [Line Items]
Weighted-average remaining lease term							4 years 9 months 18 days
Weighted-average discount rate							7.70%
Number of patents infringes | Patent	2
Purchase commitments | $							$ 1.6
Lease Agreement | Oakwood Village, Ohio
Operating Leased Assets [Line Items]
Area of land						19,800
Lease agreement, expiration date						2021-10
Lease Agreement | Mountain View, California
Operating Leased Assets [Line Items]
Area of land				24,600	25,500
Lease agreement, expiration date			2025-07	2025-12	2019-11
Option to extend, description operating lease							extend the term of the lease agreement through July 2025
Option to extend, existence operating Lease				true			true
Lease commencement date				2018-12
Lease Agreement | Mountain View, California | Maximum
Operating Leased Assets [Line Items]
Lease agreement, renewal term				5 years
Sub-Lease Agreement | Denver, Colorado
Operating Leased Assets [Line Items]
Area of land		19,800
Lease agreement, expiration date		2021-07
Lease commencement date		2019-06

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Lease Costs Arising From Lease Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Operating lease cost	$ 781	$ 782	$ 2,344	$ 2,085

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Cash Flow Transactions Arising From Lease Transactions (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 2,355	$ 1,742
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,647

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Payments and Interest Expense for Operating Leases (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Operating Lease Liabilities Payments Due [Abstract]
The remainder of 2020	$ 792
2021	2,831
2022	2,497
2023	2,571
2024	2,604
2025	1,924
Total undiscounted cash flows	13,219
Less: imputed interest	(2,152)
Present value of lease liabilities	$ 11,067

Revenue - Summary of Revenue Di

Revenue - Summary of Revenue Disaggregated by Types and Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	$ 10,086	$ 20,862	$ 38,560	$ 71,313
Product
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	6,210	18,696	28,295	65,475
Service
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	3,758	2,048	9,909	5,482
Distribution Rights
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	118	118	356	356
U.S.
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	2,786	7,247	13,584	31,488
U.S. | Product
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	618	6,107	7,920	28,394
U.S. | Service
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	2,168	1,140	5,664	3,094
Outside of U.S. ("OUS")
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	7,300	13,615	24,976	39,825
Outside of U.S. ("OUS") | Product
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	5,592	12,589	20,375	37,081
Outside of U.S. ("OUS") | Service
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	1,590	908	4,245	2,388
Outside of U.S. ("OUS") | Distribution Rights
Disaggregation Of Revenue [Line Items]
Product, service and distribution rights revenue	$ 118	$ 118	$ 356	$ 356

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2014
Revenues [Line Items]
Long-term trade receivables		$ 100,000		$ 100,000		$ 200,000
Long-term trade credit maintenance services term				1 year
Allowance for doubtful accounts		0		$ 0		$ 0
Deferred revenue, recognized		2,000,000	$ 1,000,000	7,400,000	$ 10,200,000
Company recognized revenue from performance obligations satisfied in a prior period		$ 0	$ 0	$ 0	$ 900,000
Minimum
Revenues [Line Items]
Expected long-term trade receivables collection period				2 years
Maximum
Revenues [Line Items]
Expected long-term trade receivables collection period				3 years
Itochu Corporation Agreement | Distribution Rights
Revenues [Line Items]
Distribution revenue reclassified as deferred revenue							$ 4,000,000
Remaining term of distribution agreement	8 years 6 months

Equity Financing - Additional I

Equity Financing - Additional Information (Detail) - USD ($)	Dec. 06, 2019	Dec. 03, 2019	Aug. 17, 2018	Aug. 14, 2018	Feb. 28, 2018	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2020	Jan. 31, 2019
2016 Placement Warrants
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase common stock, shares							1,380,745
Warrant exercise price							$ 2.95	$ 2.95
Warrant expiration period							7 years	7 years
2017 Placement Warrants
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase common stock, shares						1,720,512
Warrant exercise price						$ 3.17		$ 3.17
Warrant expiration date						2024-01
Warrant expiration period								7 years
Warrant exercisable date						2017-07
Underwriters | Common Stock
Subsidiary Sale Of Stock [Line Items]
Underwriting agreement date		Dec. 3, 2019		Aug. 14, 2018
Number of shares issued in transaction		41,550,000		16,216,217
Sale of stock, price		$ 3.13		$ 9.25
Option to purchase additional shares		30 days		30 days
Aggregate proceeds from issuance of common stock	$ 138,600,000		$ 161,900,000
Underwriters | Common Stock | Maximum
Subsidiary Sale Of Stock [Line Items]
Number of additional shares issued in transaction		6,232,500		2,432,432
March 2018 Direct Registered Offering
Subsidiary Sale Of Stock [Line Items]
Proceed from private placement and equity issuances, gross					$ 59,100,000
March 2018 Direct Registered Offering | Common Stock
Subsidiary Sale Of Stock [Line Items]
Stock issued during period					4,090,000
March 2018 Direct Registered Offering | Series A Convertible Preferred Stock
Subsidiary Sale Of Stock [Line Items]
Stock issued during period					3,000,581
March 2018 Direct Registered Offering Warrants
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase common stock, shares					1,418,116
Warrant exercise price					$ 8.31
Warrant expiration date					2025-03
2016 Private Placement | Common Stock
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction							4,602,506
Proceed from private placement and equity issuances, gross							$ 13,800,000
2017 Private Placement | Common Stock
Subsidiary Sale Of Stock [Line Items]
Number of shares issued in transaction						8,602,589
Proceed from private placement and equity issuances, gross						$ 26,100,000
At The Market Offering Program January 2019
Subsidiary Sale Of Stock [Line Items]
Aggregate proceeds from issuance of common stock								$ 0
At The Market Offering Program January 2019 | Maximum
Subsidiary Sale Of Stock [Line Items]
Maximum aggregate offering price									$ 250,000,000
Maximum common stock saleable shares, value									$ 100,000,000

Warrants - Additional Informati

Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 31, 2019

Sep. 30, 2016

Aug. 31, 2015

Jul. 31, 2015

Sep. 30, 2020

Sep. 30, 2019

Mar. 31, 2018

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2018

Jan. 31, 2017

Dec. 31, 2013

Common Stock Warrants [Line Items]

Placement warrants not exercised and remained outstanding

2,156,153

2,156,153

(Gain) loss related to change in fair value

$ (1,281)

$ (4,674)

2018 Direct Registered Offering | Common Stock

Common Stock Warrants [Line Items]

Warrants issued

1,418,116

Exercise price

$ 8.31

Common stock warrants, expiration date

Mar. 31, 2025

Proceed from private placement and equity issuances, gross

$ 59,100

Fair value of warrants upon issuance

7,400

Allocated portion of proceeds from issuance of stock and warrants

$ 6,600

2013 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued

128,231

Exercise price

$ 5.84

Common stock warrants, expiration date

Dec. 16, 2023

Number of warrant exercised

128,231

Stock issued during period

36,457

Placement warrants not exercised and remained outstanding

0

0

2015 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued

198,760

198,760

Exercise price

$ 5

$ 5

Number of warrant exercised

159,010

Stock issued during period

92,487

Placement warrants not exercised and remained outstanding

0

0

Warrant expiration period

5 years

5 years

Number of warrant expired

39,750

39,750

2016 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued

1,380,745

Exercise price

$ 2.95

$ 2.95

$ 2.95

Placement warrants not exercised and remained outstanding

537,263

537,263

Warrant expiration period

7 years

7 years

2017 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued

1,720,512

Exercise price

$ 3.17

$ 3.17

$ 3.17

Placement warrants not exercised and remained outstanding

1,618,890

1,618,890

Warrant expiration period

7 years

2016 and 2017 Private Placement Warrants | Common Stock

Common Stock Warrants [Line Items]

(Gain) loss related to change in fair value

$ 2,000

$ (13,500)

$ (1,300)

$ (8,600)

Warrants - Summary of Assumptio

Warrants - Summary of Assumptions to Use Option Pricing Model (Detail)	Sep. 30, 2020	Dec. 31, 2019
Common Stock | 2018 Direct Registered Offering | Expected Term
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Expected term (in years)	7 years
Common Stock | 2018 Direct Registered Offering | Expected Volatility
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.625
Common Stock | 2018 Direct Registered Offering | Risk-free Interest Rate
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.028
Common Stock | 2018 Direct Registered Offering | Expected Dividend Yield
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0
2017 Placement Warrants | Expected Term
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Expected term (in years)	3 years 3 months 18 days	4 years
2017 Placement Warrants | Expected Volatility
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.779	0.680
2017 Placement Warrants | Risk-free Interest Rate
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.002	0.017
2017 Placement Warrants | Expected Dividend Yield
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0	0
2016 Placement Warrants | Expected Term
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Expected term (in years)	2 years 10 months 24 days	3 years 7 months 6 days
2016 Placement Warrants | Expected Volatility
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.770	0.675
2016 Placement Warrants | Risk-free Interest Rate
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0.002	0.016
2016 Placement Warrants | Expected Dividend Yield
Fair Value Inputs1 Liabilities Quantitative Information [Line Items]
Warrants, fair value measurement inputs	0	0

Warrants - Schedule of Key Term

Warrants - Schedule of Key Terms of Placement Warrants (Detail) - $ / shares	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2020	Jan. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants Exercised		0
Warrants Outstanding		2,156,153
2017 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Issuance Date		2017-01
Term		7 years
Exercise Price Per Share		$ 3.17	$ 3.17
Warrants Exercised		0
Warrants Outstanding		1,618,890
2016 Placement Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Issuance Date		2016-08
Issuance Date		2016-09
Term	7 years	7 years
Exercise Price Per Share	$ 2.95	$ 2.95
Warrants Exercised		0
Warrants Outstanding		537,263

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Company's Stock Award Activity and Related Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Shares Available for Grant
Shares Available for Grant, Beginning balance	948,415
Shares Available for Grant, Additional shares authorized	9,137,667
Shares Available for Grant, Options granted	(736,579)
Shares Available for Grant, Options cancelled or forfeited	3,496,601
Shares Available for Grant, RSUs cancelled or forfeited	599,623
Shares Available for Grant, Withheld shares to pay for taxes on released RSUs	299,898
Shares Available for Grant, RSUs granted	(5,981,966)
Shares Available for Grant, Ending balance	7,763,659	948,415
Number of Stock Options Outstanding
Number of Stock Options Outstanding, Beginning balance	11,165,846
Number of Stock Options Outstanding, Options granted	736,579
Number of Stock Options Outstanding, Options exercised	(20,579)
Number of Stock Options Outstanding, Options cancelled or forfeited	(3,496,601)
Number of Stock Options Outstanding, Ending balance	8,385,245	11,165,846
Number of Stock Options Outstanding, Vested and exercisable	5,180,433
Number of Stock Options Outstanding, Vested and expected to vest	8,095,506
Weighted- Average Exercise Price
Weighted- Average Exercise Price, Beginning balance	$ 7.44
Weighted- Average Exercise Price, Options granted	1.97
Weighted- Average Exercise Price, Options exercised	0.72
Weighted- Average Exercise Price, Options cancelled or forfeited	6.99
Weighted- Average Exercise Price, Ending balance	7.12	$ 7.44
Weighted- Average Exercise Price, Vested and exercisable	7.11
Weighted- Average Exercise Price, Vested and expected to vest	$ 7.15
Weighted- Average Remaining Contractual Life (Years)
Options Outstanding, Weighted- Average Remaining Contractual Life (Years)	7 years 7 months 6 days	7 years 7 months 6 days
Weighted- Average Remaining Contractual Life (Years), Vested and exercisable	7 years 1 month 6 days
Weighted- Average Remaining Contractual Life (Years), Vested and expected to vest	7 years 6 months
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 2,273	$ 1,907
Aggregate Intrinsic Value, Vested and exercisable	1,199
Aggregate Intrinsic Value, Vested and expected to vest	$ 2,134

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted, per share				$ 1.20	$ 4.71
Grant date fair values of options vested				$ 7.6	$ 11.4
Aggregate intrinsic values of options exercised				0	$ 7.8
Unrecognized compensation cost				$ 11.8
Weighted average period for recognition of compensation costs				2 years 1 month 6 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period for recognition of compensation costs				2 years
Total grant date fair value of RSUs				$ 16.7
Total fair value of RSUs vested				8.1
Unrecognized stock based compensation cost				$ 21.1
Shares expected to vest				8,266,088
Board of Directors | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights	The June 2020 RSUs granted to board members vest in full on the date of our 2021 Annual Meeting of Stockholders.		The January 2020 RSUs granted to board members vested in full on the date of our 2020 Annual Meeting of Stockholders.
Chief Executive Officer | Restricted Stock Units (RSUs) | First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	42.00%		42.00%
Chief Executive Officer | Restricted Stock Units (RSUs) | Second and Third Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	29.00%		29.00%
Employees | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years	3 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Options at Grant Date (Detail)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (in years)	6 years	6 years
Expected volatility	68.80%	60.70%
Risk-free interest rate	0.70%	2.40%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Detail)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unvested at December 31, 2019, Number of Shares	4,379,777
RSUs granted, Number of Shares	5,981,966
RSUs vested, Number of Shares	(996,529)
RSUs forfeited, Number of Shares	(599,623)
Unvested at September 30, 2020, Number of Shares	8,765,591
Vested and unreleased, Number of Shares	153,055
Outstanding at September 30, 2020, Number of Shares	8,918,646
Unvested at December 31, 2019, Weighted Average Grant Date Fair Value | $ / shares	$ 5.14
RSUs granted, Weighted Average Grant Date Fair Value | $ / shares	2.78
RSUs vested, Weighted Average Grant Date Fair Value | $ / shares	8.14
RSUs forfeited, Weighted Average Grant Date Fair Value | $ / shares	3.13
Unvested at September 30, 2020, Weighted Average Grant Date Fair Value | $ / shares	$ 3.33

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized for Employee Stock Awards and Employee Stock Purchase Plan Shares (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,759	$ 4,910	$ 17,063	$ 14,369
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	217	757	725	1,967
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	549	1,076	1,705	2,900
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	258	385	817	1,027
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,735	$ 2,692	$ 13,816	$ 8,475

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0
Federal and state effective tax rate before valuation allowance			24.00%
Unrecognized tax benefits	$ 2,500,000		$ 2,500,000		$ 2,200,000
Accrued interest and penalties related to uncertain tax positions			$ 0		$ 0

Net Loss Per Share - Anti-Dilut

Net Loss Per Share - Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	14,651,596	15,654,522	18,221,243	16,019,965
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	8,859,188	11,350,034	9,341,730	10,613,157
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	3,585,264	3,866,555	3,604,364	4,200,541
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	2,207,144	437,933	5,275,149	1,206,267

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Nov. 29, 2019USD ($)Installment	Dec. 31, 2004USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Percentage of royalty expense based on net sales			1.00%	1.00%	1.00%	1.00%
Chindex Shanghai International Trading Company Limited
Related Party Transaction [Line Items]
Distribution agreement term	5 years
Distribution agreement additional term	5 years
Number of installments | Installment	3
Chindex Shanghai International Trading Company Limited | First Installment
Related Party Transaction [Line Items]
Distribution fees payment					$ 0
Chindex Shanghai International Trading Company Limited | Upfront Fees
Related Party Transaction [Line Items]
Distribution fees	$ 3,500,000
Chindex Shanghai International Trading Company Limited | Upfront Fees | First Installment
Related Party Transaction [Line Items]
Distribution fees	1,500,000
Chindex Shanghai International Trading Company Limited | Upfront Fees | Second Installment
Related Party Transaction [Line Items]
Distribution fees	1,000,000
Chindex Shanghai International Trading Company Limited | Upfront Fees | Third Installment
Related Party Transaction [Line Items]
Distribution fees	$ 1,000,000
University Of Florida Research Foundation | Licensing Agreements
Related Party Transaction [Line Items]
Common Stock granted in exchange for licensing | shares		33,652
Percentage of royalty payment based on sale		1.00%
University Of Florida Research Foundation | Licensing Agreements | Minimum
Related Party Transaction [Line Items]
Royalty payment per quarter		$ 100,000
University Of Florida Research Foundation | Licensing Agreements | Cost of Revenue
Related Party Transaction [Line Items]
Royalty Expense			$ 100,000	$ 200,000	$ 500,000	$ 600,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - SVB Term Loan $ in Millions	Oct. 30, 2020USD ($)Installment	Dec. 31, 2018USD ($)Installment	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Total principal amount		$ 56	$ 56
Frequency of periodic payment			monthly
Number of installments | Installment		36
Debt instrument description			Beginning on December 1, 2020 (or June 1, 2021, if the Company achieves a trailing twelve-month revenue of at least a specified amount and elects to apply such later date), the Company will make thirty-six equal monthly payments of principal (or thirty equal payments, if the Company so elects).
Debt maturity date		Dec. 1, 2023
Debt instrument fixed interest rate		6.30%	6.30%
Final payment percentage of principal amount		3.15%	3.15%
Debt instrument minimum liquidity ratio financial covenant			175.00%
Debt instrument prepayment premium percentage			2.00%
Subsequent Event
Subsequent Event [Line Items]
Total principal amount	$ 58
Frequency of periodic payment	monthly
Number of installments | Installment	36
Debt instrument description	revise the thirty-six equal monthly payments of principal to begin on November 1, 2022
Debt maturity date	Oct. 1, 2025
Debt instrument interest rate	5.65%
Final payment percentage of principal amount	3.70%
Debt instrument minimum liquidity ratio financial covenant	170.00%
Minimum trailing period for revenue thresholds under minimum revenue financial covenant	12 months
Debt instrument prepayment premium percentage	3.00%
Debt instrument final payment	$ 0.8
Prime Rate | Subsequent Event
Subsequent Event [Line Items]
Debt instrument floating rate	2.40%