ViewRay (VRAYQ) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37725
Entity Registrant Name	ViewRay, Inc.
Entity Incorporation, State or Country Code	DE
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, par value $0.01
Trading Symbol	VRAY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		164,741,572
Entity Central Index Key	0001597313
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Statement) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 149,900	$ 156,720
Accounts receivable	21,978	11,769
Inventory, net of allowance of $2,768 and $2,286, respectively	37,875	46,641
Deposits on purchased inventory	4,726	2,084
Deferred cost of revenue	1,338	1,954
Prepaid expenses and other current assets	4,334	5,257
Total current assets	220,151	224,425
Property and equipment, net	20,337	24,062
Restricted cash	1,460	1,460
Intangible assets, net	45	50
Right-of-use assets	10,231	10,129
Other assets	7,869	1,426
TOTAL ASSETS	260,093	261,552
Current liabilities:
Accounts payable	8,125	9,984
Accrued liabilities	19,323	19,281
Customer deposits	16,808	15,463
Operating lease liability, current	2,441	2,089
Deferred revenue, current	12,468	10,094
Total current liabilities	59,165	56,911
Deferred revenue, net of current portion	4,670	2,572
Long-term debt	57,177	56,940
Warrant liabilities	10,088	4,864
Operating lease liability, noncurrent	8,729	9,043
Other long-term liabilities	2,516	956
TOTAL LIABILITIES	142,345	131,286
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	0	0
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at September 30, 2021 and December 31, 2020; 164,382,033 and 148,615,351 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,634	1,476
Additional paid-in capital	826,178	755,874
Accumulated deficit	(710,064)	(627,084)
TOTAL STOCKHOLDERS’ EQUITY	117,748	130,266
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 260,093	$ 261,552

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Statement) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total revenue	$ 19,177	$ 10,086	$ 49,732	$ 38,560
Total cost of revenue	17,283	11,150	49,188	42,773
Gross profit (loss)	1,894	(1,064)	544	(4,213)
Operating expenses:
Research and development	8,370	5,245	22,783	17,793
Selling and marketing	4,296	2,669	10,196	11,585
General and administrative	12,519	16,031	42,016	47,046
Total operating expenses	25,185	23,945	74,995	76,424
Loss from operations	(23,291)	(25,009)	(74,451)	(80,637)
Interest income	4	5	9	787
Interest expense	(1,061)	(1,074)	(3,179)	(3,183)
Other (expense) income, net	(913)	(2,047)	(5,359)	1,224
Loss before provision for income taxes	(25,261)	(28,125)	(82,980)	(81,809)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	$ (25,261)	$ (28,125)	$ (82,980)	$ (81,809)
Net loss per share, basic (in USD per share)	$ (0.15)	$ (0.19)	$ (0.51)	$ (0.55)
Net loss per share, diluted (in USD per share)	$ (0.15)	$ (0.19)	$ (0.51)	$ (0.55)
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic (in shares)	164,244,972	148,042,972	162,278,489	147,683,344
Weighted-average common shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	164,244,972	148,042,972	162,278,489	147,683,344
Product
Total revenue	$ 14,126	$ 6,210	$ 36,422	$ 28,295
Total cost of revenue	12,707	8,550	35,572	34,393
Service
Total revenue	4,933	3,758	12,954	9,909
Total cost of revenue	4,576	2,600	13,616	8,380
Distribution rights
Total revenue	$ 118	$ 118	$ 356	$ 356

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		147,191,695
Beginning balance at Dec. 31, 2019	$ 216,174	$ 1,462	$ 733,888	$ (519,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)		2,870
Issuance of common stock from option exercises	2		2
Stock-based compensation	5,501		5,501
Issuance of common stock from releases of restricted stock units (in shares)		202,420
Issuance of common stock from releases of restricted stock units	0	$ 2	(2)
Tax withholding paid on behalf of employees for stock-based awards	(131)		(131)
Net loss	(27,532)			(27,532)
Ending balance (in shares) at Mar. 31, 2020		147,396,985
Ending balance at Mar. 31, 2020	194,014	$ 1,464	739,258	(546,708)
Beginning balance (in shares) at Dec. 31, 2019		147,191,695
Beginning balance at Dec. 31, 2019	216,174	$ 1,462	733,888	(519,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(81,809)
Ending balance (in shares) at Sep. 30, 2020		147,954,426
Ending balance at Sep. 30, 2020	151,036	$ 1,469	750,552	(600,985)
Beginning balance (in shares) at Dec. 31, 2019		147,191,695
Beginning balance at Dec. 31, 2019	216,174	$ 1,462	733,888	(519,176)
Ending balance (in shares) at Dec. 31, 2020		148,615,351
Ending balance at Dec. 31, 2020	130,266	$ 1,476	755,874	(627,084)
Beginning balance (in shares) at Mar. 31, 2020		147,396,985
Beginning balance at Mar. 31, 2020	194,014	$ 1,464	739,258	(546,708)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)		17,709
Issuance of common stock from option exercises	13		13
Stock-based compensation	5,802		5,802
Issuance of common stock from releases of restricted stock units (in shares)		119,447
Issuance of common stock from releases of restricted stock units	0	$ 1	(1)
Issuance of common stock from employee stock purchase plan (in shares)		82,232
Issuance of common stock from employee stock purchase plan	156	$ 1	155
Write-down of offering costs related to previous issuance of common stock upon public offering	191		191
Net loss	(26,152)			(26,152)
Ending balance (in shares) at Jun. 30, 2020		147,616,373
Ending balance at Jun. 30, 2020	174,024	$ 1,466	745,418	(572,860)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,759		5,759
Issuance of common stock from releases of restricted stock units (in shares)		338,053
Issuance of common stock from releases of restricted stock units	0	$ 3	(3)
Tax withholding paid on behalf of employees for stock-based awards	(622)		(622)
Net loss	(28,125)			(28,125)
Ending balance (in shares) at Sep. 30, 2020		147,954,426
Ending balance at Sep. 30, 2020	151,036	$ 1,469	750,552	(600,985)
Beginning balance (in shares) at Dec. 31, 2020		148,615,351
Beginning balance at Dec. 31, 2020	130,266	$ 1,476	755,874	(627,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)		6,021
Issuance of common stock from option exercises	19		19
Stock-based compensation	8,494		8,494
Issuance of common stock from releases of restricted stock units (in shares)		1,209,870
Issuance of common stock from releases of restricted stock units	0	$ 12	(12)
Tax withholding paid on behalf of employees for stock-based awards	(1,473)		(1,473)
Issuance of common stock upon public offering, net (in shares)		11,856,500
Issuance of common stock upon public offering (net of offering cost of $3,991)	53,513	$ 119	53,394
Issuance of common stock from warrant exercises (in shares)		42,621
Issuance of common stock from warrant exercises	2		2
Reclassification of warrant liability to additional paid-in capital upon warrant exercises	327		327
Net loss	(26,743)			(26,743)
Ending balance (in shares) at Mar. 31, 2021		161,730,363
Ending balance at Mar. 31, 2021	164,405	$ 1,607	816,625	(653,827)
Beginning balance (in shares) at Dec. 31, 2020		148,615,351
Beginning balance at Dec. 31, 2020	$ 130,266	$ 1,476	755,874	(627,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)	127,913
Net loss	$ (82,980)
Ending balance (in shares) at Sep. 30, 2021		164,382,033
Ending balance at Sep. 30, 2021	117,748	$ 1,634	826,178	(710,064)
Beginning balance (in shares) at Mar. 31, 2021		161,730,363
Beginning balance at Mar. 31, 2021	164,405	$ 1,607	816,625	(653,827)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)		37,630
Issuance of common stock from option exercises	165		165
Stock-based compensation	6,455		6,455
Issuance of common stock from releases of restricted stock units (in shares)		1,738,516
Issuance of common stock from releases of restricted stock units	0	$ 17	(17)
Tax withholding paid on behalf of employees for stock-based awards	(1,286)		(1,286)
Issuance of common stock from warrant exercises (in shares)		2,431
Reclassification of warrant liability to additional paid-in capital upon warrant exercises	24		24
Issuance of common stock from employee stock purchase plan (in shares)		81,804
Issuance of common stock from employee stock purchase plan	264		264
Net loss	(30,976)			(30,976)
Ending balance (in shares) at Jun. 30, 2021		163,590,744
Ending balance at Jun. 30, 2021	139,051	$ 1,624	822,230	(684,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)		84,262
Issuance of common stock from option exercises	427	$ 3	424
Stock-based compensation	4,634		4,634
Issuance of common stock from releases of restricted stock units (in shares)		707,027
Issuance of common stock from releases of restricted stock units	0	$ 7	(7)
Tax withholding paid on behalf of employees for stock-based awards	(1,103)		(1,103)
Net loss	(25,261)			(25,261)
Ending balance (in shares) at Sep. 30, 2021		164,382,033
Ending balance at Sep. 30, 2021	$ 117,748	$ 1,634	$ 826,178	$ (710,064)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (82,980)	$ (81,809)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,644	4,372
Stock-based compensation	19,583	17,063
Accretion on asset retirement obligation	83	62
Change in fair value of warrant liabilities	5,577	(1,281)
Loss on disposal of property and equipment	0	121
Inventory lower of cost or net realizable value adjustment	417	150
Amortization of debt discount and interest accrual	694	527
Product upgrade reserve	1,000	(1,260)
Changes in operating assets and liabilities:
Accounts receivable	(10,209)	(9,731)
Inventory	8,349	8,425
Deposits on purchased inventory	(2,642)	2,203
Deferred cost of revenue	616	(6,937)
Prepaid expenses and other assets	(5,126)	(1,268)
Accounts payable	(1,934)	(6,031)
Accrued expenses and other long-term liabilities	(278)	(1,416)
Customer deposits and deferred revenue	5,817	17,130
Net cash used in operating activities	(56,389)	(59,680)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(839)	(2,201)
Net cash used in investing activities	(839)	(2,201)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock public offering, gross	57,385	0
Payment of offering costs related to common stock public offering	(3,991)	(539)
Proceeds from the exercise of stock options	611	15
Proceeds from the exercise of warrants	2	0
Proceeds from employee stock purchase plan	264	313
Payments for taxes related to net share settlement of equity awards	3,863	754
Net cash provided by (used in) financing activities	50,408	(965)
NET DECREASE CASH DURING THE PERIOD	(6,820)	(62,846)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — BEGINNING OF PERIOD	158,180	228,187
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD	151,360	165,341
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	2,485	2,695
Cash paid for income taxes	0	28
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of common stock warrants reclassified from liability to additional paid-in capital upon exercise	351	0
Right-of-use assets obtained in exchange for new operating lease liabilities	1,693	0
Transfer of property and equipment from inventory and deferred cost of revenue	0	1,698
Purchases of property and equipment in accounts payable and accrued liabilities	$ 134	$ 381

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Inventory allowance	$ 2,768	$ 2,286
Stockholders’ equity:
Preferred stock par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	164,382,033	148,615,351
Common stock, shares outstanding (in shares)	164,382,033	148,615,351

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Offering costs	$ 3,991

BACKGROUND AND ORGANIZATION

BACKGROUND AND ORGANIZATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND AND ORGANIZATION	BACKGROUND AND ORGANIZATION ViewRay, Inc. (“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 (“FDA”), to sell MRIdian with Cobalt-60. ViewRay Technologies, Inc. has had the right to affix the Conformité Européene (“CE”), mark to MRIdian with Cobalt-60 in the European Economic Area (“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. In September 2021, the Company received 510(k) pending status from the FDA on its recent submission for new MRIdian features focused on enhancing on-table adaptive workflow efficiency and expanding clinical utility. 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, 2021, the Company incurred a net loss from operations of $83.0 million and net cash used in operations of $56.4 million. The Company believes that its existing cash balance of $149.9 million as of September 30, 2021, 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, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 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, 2020. 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, 2020 filed with the SEC on March 5, 2021, and have not changed significantly since that filing. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For smaller reporting companies, as defined by the SEC, ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The standard is effective for the Company on January 1, 2023. The Company does not expect significant changes to our condensed consolidated financial statements and related notes in order to comply with ASU 2016-13. 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 does not expect significant changes to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-06. Recently Adopted Accounting Pronouncements 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. No significant changes were made to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-04.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2020 Prototype $ 17,730 $ 17,711 Machinery and equipment 17,714 17,486 Leasehold improvements 14,041 14,196 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 187 486 Property and equipment, gross 52,356 52,563 Less: accumulated depreciation and amortization (32,019) (28,501) Property and equipment, net $ 20,337 $ 24,062 Depreciation and amortization expense related to property and equipment was $1.5 million and $1.4 million during the three months ended September 30, 2021 and 2020, and $4.6 million and $4.4 million during the nine months ended September 30, 2021 and 2020, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2020 Accrued payroll and related benefits $ 12,472 $ 12,810 Accrued accounts payable 2,185 2,810 Payroll withholding tax, sales and other tax payable 597 1,398 Accrued legal, accounting and professional fees 222 305 Product upgrade reserve 2,500 1,500 Other 1,347 458 Total accrued liabilities $ 19,323 $ 19,281 Deferred Revenue Deferred revenue consisted of the following (in thousands): September 30, December 31, 2020 Deferred revenue: Product $ 747 $ 1,888 Service 14,827 8,857 Distribution rights 1,564 1,921 Total deferred revenue 17,138 12,666 Less: current portion of deferred revenue (12,468) (10,094) Noncurrent portion of deferred revenue $ 4,670 $ 2,572 Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): September 30, December 31, 2020 Accrued interest, noncurrent portion $ 556 $ 99 Asset retirement obligation 940 857 Other accrued costs 1,020 — Total other-long term liabilities $ 2,516 $ 956

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
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. 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, 2021 and December 31, 2020. Level 3 liabilities that are measured on a recurring basis relate to the 2017 and 2016 Placement Warrants, as described in Note 9. Placement warrant liabilities are valued using the Black-Scholes option-pricing model. Generally, increases (decreases) in the fair value of the underlying stock, volatility and estimated term would result in a directionally similar impact to the fair value of the warrants (see Note 9). During the nine months ended September 30, 2021, warrants to purchase 119,420 shares of common stock were exercised and the aggregate fair value upon exercise of $0.4 million was reclassified from liabilities to additional paid-in-capital. During the nine months ended September 30, 2020, no warrants were exercised. 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 months ended September 30, 2021 and 2020, the Company recorded a loss of $0.9 million and a loss of $2.0 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. During the nine months ended September 30, 2021 and 2020, the Company recorded a loss of $5.6 million and a gain of $1.3 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. There were no transfers between Level 1, Level 2 and Level 3 in any periods presented. 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, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 7,449 $ 7,449 2016 Placement Warrants Liability — — 2,639 2,639 Total $ — $ — $ 10,088 $ 10,088 At December 31, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,675 $ 3,675 2016 Placement Warrants Liability — — 1,189 1,189 Total $ — $ — $ 4,864 $ 4,864 The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value, beginning of period $ 9,212 $ 2,072 $ 4,864 $ 5,373 Change in fair value of Level 3 financial liabilities 876 2,020 5,577 (1,281) Fair value of 2016 Placement Warrants at exercise — — (2) — Fair value of 2017 Placement Warrants at exercise — — (351) — Fair value, end of period $ 10,088 $ 4,092 $ 10,088 $ 4,092

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT SVB Term Loan In December 2018, the Company entered into a term loan agreement (the “SVB Term Loan”) with Silicon Valley Bank, for a principal amount of $56.0 million. The SVB Term Loan had a maturity date of December 1, 2023 and bore 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 elected to apply such later date), the Company would make thirty-six thirty 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 (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. 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. 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 In connection with the execution of the Second Amendment, the Company agreed to pay the earned portion of the final payment, which equated to $0.8 million. 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. 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 does 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, 2021 are as follows (in thousands): Year Ended December 31, The remainder of 2021 $ — 2022 3,222 2023 19,333 2024 19,333 2024 16,112 Total future principal payments 58,000 Less: unamortized debt discount (823) Carrying value of long-term debt 57,177 Less: current portion — Long-term portion $ 57,177

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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. The Company leases and occupies approximately 19,800 square feet of office space in Oakwood Village, Ohio, which expires in October 2026. 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 expiration date of July 2025. Additionally, the Company entered into a lease agreement to lease additional office space in Mountain View, California of approximately 24,600 square feet, which 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. The Company also entered into a sub-lease agreement to lease approximately 19,800 square feet of office space located in Denver, Colorado which commenced in June 2019 and expired in June 2021. Beginning in July 2021, the Company is under a month-to-month tenancy for this office space. On March 3, 2021, the Company entered into a sub-lease agreement to lease approximately 12,800 square feet of office space in Denver, Colorado. This sub-lease commenced on September 1, 2021 and will expire October 31, 2024. 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, 2021, the weighted-average remaining lease term in years is 3.9 years and the weighted-average discount rate used is 7.6%. The Company recognized the following lease costs arising from lease transactions (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 625 $ 781 $ 2,134 $ 2,344 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 2,198 $ 2,355 Right-of-use assets obtained in exchange for new operating lease liabilities 1,693 — At September 30, 2021, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2021 $ 749 2022 3,264 2023 3,357 2024 3,301 2025 2,096 2026 147 Total undiscounted cash flows $ 12,914 Less: imputed interest (1,744) Present value of lease liabilities $ 11,170 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. 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 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. On August 25, 2021, the District Court dismissed the lead plaintiff’s complaint, with prejudice. On September 17, 2021, the lead plaintiff filed notice of its intent to appeal the District Court’s opinion and order dismissing the complaint to the Sixth Circuit Court of Appeals. The Company believes the appeal is 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, as amended, 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 presently stayed pending the decision on the appeal by the Sixth Circuit Court of Appeals. Given the uncertainty and 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 the Company could have a material adverse effect in the period in which they are resolved and on the Company’s 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 the Company’s reputation, even if resolved in the Company’s favor. Purchase Commitments At September 30, 2021, the Company had $4.9 million in outstanding firm purchase commitments.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	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 Nine Months Ended 2021 2020 2021 2020 U.S. Product $ 6,097 $ 618 $ 21,304 $ 7,920 Service 2,795 2,168 7,497 5,664 Total U.S. revenue $ 8,892 $ 2,786 $ 28,801 $ 13,584 Outside of U.S. ("OUS") Product $ 8,029 $ 5,592 $ 15,118 $ 20,375 Service 2,138 1,590 5,457 4,245 Distribution rights 118 118 356 356 Total OUS revenue $ 10,285 $ 7,300 $ 20,931 $ 24,976 Total Product $ 14,126 $ 6,210 $ 36,422 $ 28,295 Service 4,933 3,758 12,954 9,909 Distribution rights 118 118 356 356 Total revenue $ 19,177 $ 10,086 $ 49,732 $ 38,560 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 (“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 doubtful accounts. 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 $6.0 million and $0.1 million were reported within other assets in the condensed consolidated balance sheets at September 30, 2021 and at December 31, 2020, 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 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 doubtful accounts recorded at September 30, 2021 or December 31, 2020. 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 months ended September 30, 2021 and 2020, the Company recognized $1.6 million and $2.0 million of revenue that was included in the deferred revenue balance at the beginning of the reporting period, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized $8.5 million and $7.4 million of revenue that was included in the deferred revenue balance at the beginning of the reporting period, respectively. 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, 2021 from performance obligations satisfied in the prior period.

EQUITY FINANCING

EQUITY FINANCING	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
EQUITY FINANCING	EQUITY FINANCING Public Offering of Common Stock On January 4, 2021, the Company entered into an underwriting agreement with Piper Sandler & Co., as representative of the several underwriters named therein (the “2021 Underwriters”), with respect to the issuance and sale of 11,856,500 shares of our common stock, which included the full exercise of the 2021 Underwriters’ option to purchase additional shares, at a price to the public of $4.85 per share. The Company completed the offering on January 7, 2021 and received net proceeds of approximately $53.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. 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 its common stock, preferred stock, debt securities, warrants, purchase contracts and/or units, including up to $100.0 million of the Company’s common shares pursuant to an at-the-market offering program with FBR Capital Markets & Co., now known as B. Riley Securities. Under this at-the-market offering program, the Company did not sell any shares of its common stock during the years ended December 31, 2019, December 31, 2020, or during the nine months ended September 30, 2021. The consummation of the January 2021 public offering of common stock effectively reduced the common shares available for issuance under the at-the-market offering program to approximately $42.9 million.

WARRANTS

WARRANTS	9 Months Ended
	Sep. 30, 2021
Warrant [Abstract]
WARRANTS	WARRANTS Equity Classified Common Stock Warrants In connection with the merger of the Company and ViewRay Technologies, Inc. (the “Merger”), in July and August 2015, the Company conducted a private placement offering as part of which the Company issued warrants (the “2015 Placement Warrants”), that provide the warrant holder the right to purchase 198,760 shares of common stock at an exercise price of $5.00 per share. The 2015 Placement Warrants are exercisable at any time at the option of the holder until the five-year anniversary of its date of issuance. During the year ended December 31, 2018, the Company issued 92,487 shares of its common stock upon the net exercise of 159,010 shares of the 2015 Placement Warrants. The remaining 39,750 shares of the 2015 Placement Warrants expired in July and August 2020 and no warrants remained outstanding at September 30, 2021. In connection with a March 2018 direct registered offering (the “March 2018 Direct Registered Offering”), the Company issued (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 common stock at an exercise price of $8.31 per share (the “2018 Offering Warrants”). The 2018 Offering Warrants became exercisable upon issuance and expire in March 2025. None of the 2018 Offering Warrants have been exercised to date and they all remained outstanding at September 30, 2021. 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 private placement offerings in 2016 and 2017 (the “2016 and 2017 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”, respectively). 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 Warrants Exercised during the nine months ended September 30, 2021 Warrants Outstanding at September 30, 2021 2017 Placement Warrants January 2017 7 years $ 3.17 118,868 1,500,022 2016 Placement Warrants August and September 2016 7 years $ 2.95 552 536,711 Total 119,420 2,036,733 During the nine months ended September 30, 2021 and 2020, the Company recorded a loss of $5.6 million and a gain of $1.3 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. The fair value of the 2017 and 2016 Placement Warrants at September 30, 2021 and December 31, 2020, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Expected term (in years) 2.3 3.0 1.9 2.6 Expected volatility 87.1 % 86.9 % 86.6 % 86.3 % Risk-free interest rate 0.4 % 0.2 % 0.3 % 0.2 % Expected dividend yield — % — % — % — %

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATIONAs of September 30, 2021, the Company had an active stock-based incentive compensation plan, an employee stock purchase plan and an equity inducement plan: the 2015 Equity Incentive Award Plan (as amended and restated, the “2015 Plan”), the 2015 Employee Stock Purchase Plan (as amended and restated, the “ESPP”), and the 2018 Equity Inducement Award Program (the “2018 Plan”), respectively. All new equity compensation grants are issued under these three plans; however, outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. The 2015 Plan and the 2018 Plan provide for the grant of stock and stock-based awards including stock options, restricted stock units (including deferred stock units), performance-based stock units, and stock appreciation rights. As of September 30, 2021, there were 5.7 million shares available for grant under the 2015 Plan and 2018 Plan. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 238 $ 217 $ 870 $ 725 Research and development 694 549 2,005 1,705 Selling and marketing 414 258 1,162 817 General and administrative 3,288 4,735 15,546 13,816 Total stock-based compensation expense $ 4,634 $ 5,759 $ 19,583 $ 17,063 The Company’s stock-based compensation expense is based on the value of the portion of share-based payment awards that are ultimately expected to vest, assuming estimated forfeitures at the time of grant. Stock-based compensation relating to stock-based awards granted to consultants was insignificant for the nine months ended September 30, 2021 and 2020. Restricted Stock Units, Deferred Stock Units and Performance Share Units (collectively “Incentive Stock Units” or “ISUs”) The Company grants Restricted Stock Units (“RSUs”), to its board of directors and employees for their services. Additionally, the Company grants Deferred Stock Units (“DSUs”), to its board of directors at their election in lieu of retainer and committee service fees. The DSUs granted to board members are either fully vested upon issuance or vest over a period of time from the grant date and will be released and settled upon termination of the board member’s services, the occurrence of a change in control event, or the tenth anniversary of the grant date. The RSUs are generally granted with a grant date fair value equal to the market price of our stock on the date of grant and generally vest in equal annual or monthly installments over a period of one In March 2021, the Company introduced a performance share plan (the “2021 PSU Plan”) as a component of its equity grants for 2021. The 2021 PSU Plan provides for the award of performance share units (“PSUs”) to employees which will be awarded based on the achievement of performance targets in the Company’s compound annual revenue growth rate over a three-year period. The table below summarizes the Company’s activity and related information for its ISUs: ISUs Number of Shares Weighted Average Grant Unvested at December 31, 2020 8,046,399 $ 3.41 ISUs granted 3,336,396 $ 4.82 ISUs vested (4,396,417) $ 5.20 ISUs forfeited (227,445) $ 3.45 Unvested at September 30, 2021 6,758,933 $ 3.79 Vested and unreleased 183,569 Outstanding at September 30, 2021 6,942,502 The total grant date fair value of ISUs awarded was $16.1 million and $16.7 million for the nine months ended September 30, 2021 and 2020, respectively. The total fair value of ISUs vested was $24.2 million, and $2.7 million during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, total unrecognized stock-based compensation cost related to ISUs, net of estimated forfeitures, was $17.2 million, which is expected to be recognized over a weighted-average period of 1.8 years. As of September 30, 2021, 6.4 million shares of ISUs are expected to vest. Stock Options Stock options awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant and with a four A summary of the Company’s stock option activity and related information is as follows: Number of Stock Options Outstanding Weighted- Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Options outstanding at December 31, 2020 8,142,348 $ 7.14 7.3 $ 2,638 Options granted — — Options exercised (127,913) $ 4.79 Options cancelled or forfeited (714,490) $ 9.15 Options outstanding at September 30, 2021 7,299,945 $ 6.99 6.4 $ 9,418 Options exercisable at September 30, 2021 5,683,458 $ 7.01 6.1 $ 7,024 Options vested and expected to vest at September 30, 2021 7,183,948 $ 7.01 6.4 $ 9,116 There were no options granted to employees for the nine months ended September 30, 2021. The weighted-average grant date fair value of options granted to employees was $1.20 per share for the nine months ended September 30, 2020. 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 value of options exercised was nominal for the nine months ended September 30, 2021 and 2020. At September 30, 2021, total unrecognized stock-based compensation cost related to stock options granted to employees, net of estimated forfeitures, was $5.8 million, which is expected to be recognized over a weighted-average period of 1.4 years. 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 risk-free interest rate is based on the zero-coupon U.S. Treasury notes, with maturities similar to the expected term of the options. The Company has not paid and does not anticipate paying cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. During the fourth quarter of 2020, the Company began to determine volatility by solely using the Company’s own historical volatility measurements, since more than four years of historical data became available in the public market. Prior to the fourth quarter of 2020, the Company determined the volatility for stock options granted based on the average historical price volatility for the Company and industry peers over a period equivalent to the expected term of the stock option grants. The forfeiture rate of stock options is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures have been estimated by the Company based upon historical and expected forfeiture experience. The fair value of employee stock options was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Nine Months Ended 2020 Expected term (in years) 6.0 Expected volatility 68.8% Risk-free interest rate 0.7% Expected dividend yield 0.0% Employee Stock Purchase Plan In July 2015, the Company adopted the ESPP. Certain employees, as defined by the ESPP, are eligible to participate in the ESPP if employed by the Company for at least 20 hours per week during at least five months per calendar year. Participating employees may contribute up to the lesser of 15% of their eligible earnings or $30,000 during each offering period, provided that in no event shall a participating employee be permitted to purchase more than 3,000 shares of common stock during each offering period.

INCOME TAX

INCOME TAX	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAX Due to the current operating losses, the Company recorded zero income tax expense during the nine months ended September 30, 2021 and 2020, 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. 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 (“NOL”), carryforwards and tax credits related primarily to research and development, continue to be subject to a valuation allowance as of September 30, 2021. 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 $3.2 million and $2.7 million at September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, 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, 2021 and 2020.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Diluted earnings per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the periods ended September 30, 2021 and 2020 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share. The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: For the three and nine months ended September 30, 2021 2020 Stock options outstanding 7,299,945 8,385,245 Warrants to purchase common stock - liability classified 2,036,733 2,156,153 Warrants to purchase common stock - equity classified 1,418,116 1,418,116 Unvested restricted stock units 6,758,933 8,765,591 Total 17,513,727 20,725,105

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In December 2004, the Company entered into a licensing agreement with the University of Florida Research Foundation (“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 $0.1 million during the three months ended September 30, 2021 and 2020, respectively, and were recorded as product cost of revenue. Royalty expenses based on 1% of net sales were $0.3 million and $0.5 million during the nine months ended September 30, 2021 and 2020, 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 (“Chindex”) which became effective in February 2020. Chindex is a subsidiary of Fosun International Limited (“Fosun”).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn October 29, 2021, the Company entered into the Third Amendment (the “Third Amendment”) to the SVB loan. The Third Amendment amended the SVB Term Loan to (i) decrease the minimum liquidity ratio financial covenant from 1.70:1.00 to 1.35:1.00, and (ii) increase the prepayment premium from 3.00% to 3.50% for the first 30 months of the term and from 2.00% to 2.50% thereafter for the remaining term, for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
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 (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (“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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 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, 2020.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For smaller reporting companies, as defined by the SEC, ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The standard is effective for the Company on January 1, 2023. The Company does not expect significant changes to our condensed consolidated financial statements and related notes in order to comply with ASU 2016-13. 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 does not expect significant changes to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-06. Recently Adopted Accounting Pronouncements 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. No significant changes were made to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-04.
Revenue from Contract with Customer	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 doubtful accounts. 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 $6.0 million and $0.1 million were reported within other assets in the condensed consolidated balance sheets at September 30, 2021 and at December 31, 2020, 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 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 doubtful accounts recorded at September 30, 2021 or December 31, 2020. 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.

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2020 Prototype $ 17,730 $ 17,711 Machinery and equipment 17,714 17,486 Leasehold improvements 14,041 14,196 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 187 486 Property and equipment, gross 52,356 52,563 Less: accumulated depreciation and amortization (32,019) (28,501) Property and equipment, net $ 20,337 $ 24,062
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2020 Accrued payroll and related benefits $ 12,472 $ 12,810 Accrued accounts payable 2,185 2,810 Payroll withholding tax, sales and other tax payable 597 1,398 Accrued legal, accounting and professional fees 222 305 Product upgrade reserve 2,500 1,500 Other 1,347 458 Total accrued liabilities $ 19,323 $ 19,281
Schedule of Deferred Revenue	Deferred revenue consisted of the following (in thousands): September 30, December 31, 2020 Deferred revenue: Product $ 747 $ 1,888 Service 14,827 8,857 Distribution rights 1,564 1,921 Total deferred revenue 17,138 12,666 Less: current portion of deferred revenue (12,468) (10,094) Noncurrent portion of deferred revenue $ 4,670 $ 2,572
Other Noncurrent Liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, December 31, 2020 Accrued interest, noncurrent portion $ 556 $ 99 Asset retirement obligation 940 857 Other accrued costs 1,020 — Total other-long term liabilities $ 2,516 $ 956

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 7,449 $ 7,449 2016 Placement Warrants Liability — — 2,639 2,639 Total $ — $ — $ 10,088 $ 10,088 At December 31, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,675 $ 3,675 2016 Placement Warrants Liability — — 1,189 1,189 Total $ — $ — $ 4,864 $ 4,864
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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value, beginning of period $ 9,212 $ 2,072 $ 4,864 $ 5,373 Change in fair value of Level 3 financial liabilities 876 2,020 5,577 (1,281) Fair value of 2016 Placement Warrants at exercise — — (2) — Fair value of 2017 Placement Warrants at exercise — — (351) — Fair value, end of period $ 10,088 $ 4,092 $ 10,088 $ 4,092

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The Company’s scheduled future payments on the SVB Term Loan at September 30, 2021 are as follows (in thousands): Year Ended December 31, The remainder of 2021 $ — 2022 3,222 2023 19,333 2024 19,333 2024 16,112 Total future principal payments 58,000 Less: unamortized debt discount (823) Carrying value of long-term debt 57,177 Less: current portion — Long-term portion $ 57,177

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended 2021 2020 2021 2020 Operating lease cost $ 625 $ 781 $ 2,134 $ 2,344 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 2,198 $ 2,355 Right-of-use assets obtained in exchange for new operating lease liabilities 1,693 —
Schedule of Future Minimum Payments and Interest Expense for Operating Leases	At September 30, 2021, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2021 $ 749 2022 3,264 2023 3,357 2024 3,301 2025 2,096 2026 147 Total undiscounted cash flows $ 12,914 Less: imputed interest (1,744) Present value of lease liabilities $ 11,170

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended 2021 2020 2021 2020 U.S. Product $ 6,097 $ 618 $ 21,304 $ 7,920 Service 2,795 2,168 7,497 5,664 Total U.S. revenue $ 8,892 $ 2,786 $ 28,801 $ 13,584 Outside of U.S. ("OUS") Product $ 8,029 $ 5,592 $ 15,118 $ 20,375 Service 2,138 1,590 5,457 4,245 Distribution rights 118 118 356 356 Total OUS revenue $ 10,285 $ 7,300 $ 20,931 $ 24,976 Total Product $ 14,126 $ 6,210 $ 36,422 $ 28,295 Service 4,933 3,758 12,954 9,909 Distribution rights 118 118 356 356 Total revenue $ 19,177 $ 10,086 $ 49,732 $ 38,560

WARRANTS (Tables)

WARRANTS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Expected term (in years) 2.3 3.0 1.9 2.6 Expected volatility 87.1 % 86.9 % 86.6 % 86.3 % Risk-free interest rate 0.4 % 0.2 % 0.3 % 0.2 % Expected dividend yield — % — % — % — %
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 Warrants Exercised during the nine months ended September 30, 2021 Warrants Outstanding at September 30, 2021 2017 Placement Warrants January 2017 7 years $ 3.17 118,868 1,500,022 2016 Placement Warrants August and September 2016 7 years $ 2.95 552 536,711 Total 119,420 2,036,733

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 238 $ 217 $ 870 $ 725 Research and development 694 549 2,005 1,705 Selling and marketing 414 258 1,162 817 General and administrative 3,288 4,735 15,546 13,816 Total stock-based compensation expense $ 4,634 $ 5,759 $ 19,583 $ 17,063
Summary of Incentive Stock Units	The table below summarizes the Company’s activity and related information for its ISUs: ISUs Number of Shares Weighted Average Grant Unvested at December 31, 2020 8,046,399 $ 3.41 ISUs granted 3,336,396 $ 4.82 ISUs vested (4,396,417) $ 5.20 ISUs forfeited (227,445) $ 3.45 Unvested at September 30, 2021 6,758,933 $ 3.79 Vested and unreleased 183,569 Outstanding at September 30, 2021 6,942,502
Summary of Company's Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information is as follows: Number of Stock Options Outstanding Weighted- Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Options outstanding at December 31, 2020 8,142,348 $ 7.14 7.3 $ 2,638 Options granted — — Options exercised (127,913) $ 4.79 Options cancelled or forfeited (714,490) $ 9.15 Options outstanding at September 30, 2021 7,299,945 $ 6.99 6.4 $ 9,418 Options exercisable at September 30, 2021 5,683,458 $ 7.01 6.1 $ 7,024 Options vested and expected to vest at September 30, 2021 7,183,948 $ 7.01 6.4 $ 9,116
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 was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Nine Months Ended 2020 Expected term (in years) 6.0 Expected volatility 68.8% Risk-free interest rate 0.7% Expected dividend yield 0.0%

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share	The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: For the three and nine months ended September 30, 2021 2020 Stock options outstanding 7,299,945 8,385,245 Warrants to purchase common stock - liability classified 2,036,733 2,156,153 Warrants to purchase common stock - equity classified 1,418,116 1,418,116 Unvested restricted stock units 6,758,933 8,765,591 Total 17,513,727 20,725,105

BACKGROUND AND ORGANIZATION (De

BACKGROUND AND ORGANIZATION (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 25,261	$ 30,976	$ 26,743	$ 28,125	$ 26,152	$ 27,532	$ 82,980	$ 81,809
Net cash used in operating activities							56,389	$ 59,680
Cash and cash equivalents	$ 149,900						$ 149,900		$ 156,720

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 52,356	$ 52,563
Less: accumulated depreciation and amortization	(32,019)	(28,501)
Property and equipment, net	20,337	24,062
Prototype
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,730	17,711
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,714	17,486
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,041	14,196
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,295	1,295
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	$ 187	$ 486

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 1.5	$ 1.4	$ 4.6	$ 4.4

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related benefits	$ 12,472	$ 12,810
Accrued accounts payable	2,185	2,810
Payroll withholding tax, sales and other tax payable	597	1,398
Accrued legal, accounting and professional fees	222	305
Product upgrade reserve	2,500	1,500
Other	1,347	458
Total accrued liabilities	$ 19,323	$ 19,281

BALANCE SHEET COMPONENTS - Sc_3

BALANCE SHEET COMPONENTS - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 17,138	$ 12,666
Less: current portion of deferred revenue	(12,468)	(10,094)
Noncurrent portion of deferred revenue	4,670	2,572
Product
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	747	1,888
Service
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	14,827	8,857
Distribution rights
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 1,564	$ 1,921

BALANCE SHEET COMPONENTS - Sc_4

BALANCE SHEET COMPONENTS - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accrued interest, noncurrent portion	$ 556	$ 99
Asset retirement obligation	940	857
Other accrued costs	1,020	0
Other long-term liabilities	$ 2,516	$ 956

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Warrants to purchase (in shares)			119,420	0
Fair value of Placement Warrants at exercise			$ 400
Change in fair value of warrants	$ (876)	$ (2,020)	$ (5,577)	$ 1,281

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Liabilities (Details) - Fair Value Measurement on a Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	$ 10,088	$ 4,864
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	10,088	4,864
2017 Placement Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	7,449	3,675
2017 Placement Warrants | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
2017 Placement Warrants | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
2017 Placement Warrants | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	7,449	3,675
2016 Placement Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	2,639	1,189
2016 Placement Warrants | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
2016 Placement Warrants | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	0	0
2016 Placement Warrants | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	$ 2,639	$ 1,189

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 9,212	$ 2,072	$ 4,864	$ 5,373
Change in fair value of Level 3 financial liabilities	(876)	(2,020)	(5,577)	1,281
Fair value of Placement Warrants at exercise			(400)
Fair value, ending of period	10,088	4,092	10,088	4,092
2016 Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of Placement Warrants at exercise	0	0	(2)	0
2017 Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of Placement Warrants at exercise	$ 0	$ 0	$ (351)	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2021	Dec. 31, 2018	Oct. 29, 2020	Dec. 30, 2019
SVB Term Loan
Debt Instrument [Line Items]
Total principal amount	$ 58,000		$ 56,000	$ 58,000	$ 56,000	$ 56,000
Debt instrument interest rate (as a percent)			6.30%		6.30%	6.30%
Final payment percentage of original principal amount (as a percent)	3.70%		3.15%		3.15%	3.15%
Length of revenue (in months)	12 months	12 months	12 months
Number of monthly payments (in months)	36 months		36 months
Number of monthly payments if company elects (in months)			30 months
Proceeds from term loan					$ 55,400
Legal and consulting fees					600
Revenue cushion covenant (as a percent)		25.00%
Annual growth covenant (as a percent)		10.00%
Debt instrument minimum liquidity ratio financial covenant	1.70%	1.75%				1.75%	1.50%
Debt instrument prepayment premium (as a percent)	3.00%	2.00%				2.00%	1.00%
Debt covenant term	30 months
Debt instrument final payment	$ 800
SVB Term Loan | Prime Rate
Debt Instrument [Line Items]
Debt instrument floating rate (as a percent)	2.40%
CRG Term Loan
Debt Instrument [Line Items]
Debt extinguishment loss					2,400
Write-offs of unamortized debt discount and debt issuance costs				$ 300	$ 300

DEBT - Scheduled Future Payment

DEBT - Scheduled Future Payments on Term Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Oct. 30, 2020	Oct. 29, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term portion	$ 57,177	$ 56,940
SVB Term Loan
Debt Instrument [Line Items]
The remainder of 2021	0
2022	3,222
2023	19,333
2024	19,333
2024	16,112
Total future principal payments	58,000		$ 58,000	$ 56,000	$ 56,000
Less: unamortized debt discount	(823)
Carrying value of long-term debt	57,177
Less: current portion	0
Long-term portion	$ 57,177

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	Sep. 30, 2021USD ($)ft²	Mar. 03, 2021ft²
Operating Leased Assets [Line Items]
Weighted-average remaining lease term (in years)	3 years 10 months 24 days
Weighted-average discount rate (as a percent)	7.60%
Purchase commitments | $	$ 4.9
Oakwood Village, Ohio | Lease Agreement
Operating Leased Assets [Line Items]
Area of land	19,800
Mountain View, California | Lease Agreement
Operating Leased Assets [Line Items]
Area of land	25,500
Additional area of land	24,600
Denver, Colorado | Sub-Lease Agreement
Operating Leased Assets [Line Items]
Area of land	19,800	12,800
Maximum | Mountain View, California | Lease Agreement
Operating Leased Assets [Line Items]
Lease agreement, renewal term (in years)	5 years

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 625	$ 781	$ 2,134	$ 2,344

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, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 2,198	$ 2,355
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,693	$ 0

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Payments and Interest Expense for Operating Leases (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
The remainder of 2021	$ 749
2022	3,264
2023	3,357
2024	3,301
2025	2,096
2026	147
Total undiscounted cash flows	12,914
Less: imputed interest	(1,744)
Present value of lease liabilities	$ 11,170

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 19,177	$ 10,086	$ 49,732	$ 38,560
Product
Disaggregation Of Revenue [Line Items]
Total revenue	14,126	6,210	36,422	28,295
Service
Disaggregation Of Revenue [Line Items]
Total revenue	4,933	3,758	12,954	9,909
Distribution rights
Disaggregation Of Revenue [Line Items]
Total revenue	118	118	356	356
U.S.
Disaggregation Of Revenue [Line Items]
Total revenue	8,892	2,786	28,801	13,584
U.S. | Product
Disaggregation Of Revenue [Line Items]
Total revenue	6,097	618	21,304	7,920
U.S. | Service
Disaggregation Of Revenue [Line Items]
Total revenue	2,795	2,168	7,497	5,664
Outside of U.S. ("OUS")
Disaggregation Of Revenue [Line Items]
Total revenue	10,285	7,300	20,931	24,976
Outside of U.S. ("OUS") | Product
Disaggregation Of Revenue [Line Items]
Total revenue	8,029	5,592	15,118	20,375
Outside of U.S. ("OUS") | Service
Disaggregation Of Revenue [Line Items]
Total revenue	2,138	1,590	5,457	4,245
Outside of U.S. ("OUS") | Distribution rights
Disaggregation Of Revenue [Line Items]
Total revenue	$ 118	$ 118	$ 356	$ 356

REVENUE - Additional Informatio

REVENUE - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2014
Disaggregation Of Revenue [Line Items]
Long-term trade credit maintenance services term (in years)			1 year
Long-term trade receivables	$ 6,000,000		$ 6,000,000		$ 100,000
Contract asset	8,000,000		8,000,000		6,600,000
Allowance for credit losses	0		0		$ 0
Deferred revenue, recognized	1,600,000	$ 2,000,000	8,500,000	$ 7,400,000
Company recognized revenue from performance obligations satisfied in a prior period	$ 0		$ 0
Minimum
Disaggregation Of Revenue [Line Items]
Expected long-term trade receivables collection period (in years)			2 years
Maximum
Disaggregation Of Revenue [Line Items]
Expected long-term trade receivables collection period (in years)			3 years
Itochu Corporation Agreement | Distribution rights
Disaggregation Of Revenue [Line Items]
Remaining performance obligation						$ 4,000,000
Itochu Corporation Agreement | Distribution rights | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Disaggregation Of Revenue [Line Items]
Performance obligation period						8 years 6 months

EQUITY FINANCING - Additional I

EQUITY FINANCING - Additional Information (Detail) - USD ($)	Jan. 07, 2021	Jan. 04, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2021	Jan. 31, 2019
Subsidiary Sale Of Stock [Line Items]
Aggregate proceeds from issuance of common stock				$ 57,385,000	$ 0
Common Stock
Subsidiary Sale Of Stock [Line Items]
Stock issued during period (in shares)			11,856,500
Underwriters | Common Stock
Subsidiary Sale Of Stock [Line Items]
Stock issued during period (in shares)		11,856,500
Sale of stock, price (in USD per share)		$ 4.85
Aggregate proceeds from issuance of common stock	$ 53,500,000
At The Market Offering Program
Subsidiary Sale Of Stock [Line Items]
Maximum common stock saleable shares, value								$ 42,900,000
At The Market Offering Program | Maximum
Subsidiary Sale Of Stock [Line Items]
Maximum aggregate offering price									$ 250,000,000
Maximum common stock saleable shares, value									$ 100,000,000
At The Market Offering Program | Common Stock
Subsidiary Sale Of Stock [Line Items]
Stock issued during period (in shares)				0		0	0

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, 2015

Jul. 31, 2015

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Mar. 31, 2018

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2018

Jan. 31, 2017

Sep. 30, 2016

Common Stock Warrants [Line Items]

Placement warrants not exercised and remained outstanding (in shares)

2,036,733

2,036,733

Change in fair value of warrants

$ (876)

$ (2,020)

$ (5,577)

$ 1,281

Common Stock

Common Stock Warrants [Line Items]

Issuance of common stock from warrant exercises (in shares)

2,431

42,621

Issuance of common stock upon public offering, net (in shares)

11,856,500

March 2018 Direct Registered Offering | Common Stock

Common Stock Warrants [Line Items]

Issuance of common stock upon public offering, net (in shares)

4,090,000

March 2018 Direct Registered Offering | Series A Convertible Preferred Stock

Common Stock Warrants [Line Items]

Issuance of common stock upon public offering, net (in shares)

3,000,581

2015 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued (in shares)

198,760

198,760

Exercise price (in USD per share)

$ 5

$ 5

Common stock warrants, expiry term (in years)

5 years

5 years

Issuance of common stock from warrant exercises (in shares)

92,487

Number of warrant exercised (in shares)

159,010

Number of warrant expired (in shares)

39,750

39,750

Placement warrants not exercised and remained outstanding (in shares)

0

0

Common Stock Warrants | March 2018 Direct Registered Offering

Common Stock Warrants [Line Items]

Warrants issued (in shares)

1,418,116

Exercise price (in USD per share)

$ 8.31

Proceed from private placement and equity issuances, gross

$ 59,100

Fair value of warrants upon issuance

$ 7,400

Adjustments to additional paid in capital, warrant issued

$ 6,600

2016 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued (in shares)

1,720,512

Exercise price (in USD per share)

$ 2.95

$ 2.95

Placement warrants not exercised and remained outstanding (in shares)

536,711

536,711

2017 Placement Warrants

Common Stock Warrants [Line Items]

Warrants issued (in shares)

1,380,745

Exercise price (in USD per share)

$ 3.17

$ 3.17

Placement warrants not exercised and remained outstanding (in shares)

1,500,022

1,500,022

WARRANTS - Summary of Assumptio

WARRANTS - Summary of Assumptions to Use Option Pricing Model (Detail)	Sep. 30, 2021	Dec. 31, 2020	Mar. 31, 2018
Common Stock Warrants | 2018 Direct Registered Offering | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs			7
Common Stock Warrants | 2018 Direct Registered Offering | Expected volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs			0.625
Common Stock Warrants | 2018 Direct Registered Offering | Risk-free interest rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs			0.028
Common Stock Warrants | 2018 Direct Registered Offering | Expected dividend yield (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs			0
2017 Placement Warrants | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	2.3	3
2017 Placement Warrants | Expected volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.871	0.869
2017 Placement Warrants | Risk-free interest rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.004	0.002
2017 Placement Warrants | Expected dividend yield (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0	0
2016 Placement Warrants | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	1.9	2.6
2016 Placement Warrants | Expected volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.866	0.863
2016 Placement Warrants | Risk-free interest rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.003	0.002
2016 Placement Warrants | Expected dividend yield (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0	0

WARRANTS - Schedule of Key Term

WARRANTS - Schedule of Key Terms of Placement Warrants (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants exercised (in shares)	119,420	0
Warrants outstanding (in shares)	2,036,733
2017 Placement Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	7 years
Exercise price per share (in USD per share)	$ 3.17
Warrants exercised (in shares)	118,868
Warrants outstanding (in shares)	1,500,022
2016 Placement Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	7 years
Exercise price per share (in USD per share)	$ 2.95
Warrants exercised (in shares)	552
Warrants outstanding (in shares)	536,711

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021USD ($)planhour$ / sharesshares	Sep. 30, 2020USD ($)$ / shares
Share-based Payment Arrangement [Abstract]
Number of equity plans | plan		3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		4 years
Weighted average period for recognition of compensation costs (in years)		1 year 4 months 24 days
Expiration period of stock option plan (in years)		10 years
Options granted to employees (in shares)		0
Weighted average grant date fair value of options granted, per share (in USD per share) | $ / shares			$ 1.20
Unrecognized compensation cost | $		$ 5,800,000
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of RSUs granted (in USD per share) | $ / shares		$ 4.82	$ 2.78
Restricted Stock Units (RSUs) | Employees and/or Board of Directors | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted Stock Units (RSUs) | Employees and/or Board of Directors | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		3 years
Incentive Stock Units (ISUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of RSUs granted (in USD per share) | $ / shares		$ 4.82
Total grant date fair value of ISUs | $		$ 16,100,000	$ 16,700,000
Total fair value of ISUs vested | $		24,200,000	$ 2,700,000
Unrecognized stock based compensation cost | $		$ 17,200,000
Weighted average period for recognition of compensation costs (in years)		1 year 9 months 18 days
Shares expected to vest (in shares)		6,400,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum hours worked per week | hour		20
Minimum months worked (in months)		5 months
Maximum contribution percentage amount of employee's base compensation (as a percent)		15.00%
Maximum employee contribution in to share purchase plan per offering | $		$ 30,000
Maximum number of shares allowed for purchase by each employee (in shares)		3,000
Purchase price as a percentage of fair market value per share (as a percent)		85.00%
Common stock reserved for issuance (in shares)		3,500,000
Number of common stock authorized for issuance (in shares)		3,500,000
Shares issued under ESPP (in shares)		300,000
Common stock remained available for issuance pursuant to the purchase plan (in shares)		3,200,000
2015 and 2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant (in shares)		5,700,000
2021 PSU Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of years of compound annual revenue growth rate used as metric to award performance share units (in years)	3 years

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,634	$ 5,759	$ 19,583	$ 17,063
Cost of revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	238	217	870	725
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	694	549	2,005	1,705
Selling and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	414	258	1,162	817
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,288	$ 4,735	$ 15,546	$ 13,816

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Incentive Stock Units (Details) - Incentive Stock Units (ISUs)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Shares
Unvested at beginning of period (in shares)	8,046,399
ISUs granted (in shares)	3,336,396
ISUs vested (in shares)	(4,396,417)
ISUs forfeited (in shares)	(227,445)
Unvested at end of period (in shares)	6,758,933
Vested and unreleased (in shares)	183,569
Outstanding at end of period (in shares)	6,942,502
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in USD per share) | $ / shares	$ 3.41
ISUs granted (in USD per share) | $ / shares	4.82
ISUs vested (in USD per share) | $ / shares	5.20
ISUs forfeited (in USD per share) | $ / shares	3.45
Unvested at end of period (in USD per share) | $ / shares	$ 3.79

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Company's Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Stock Options Outstanding
Outstanding at beginning of period (in shares) | shares	8,142,348
Option granted (in shares) | shares	0
Options exercised (in shares) | shares	(127,913)
Options cancelled or forfeited (in shares) | shares	(714,490)
Outstanding at end of period (in shares) | shares	7,299,945	8,142,348
Options exercisable (in shares) | shares	5,683,458
Options vested and expected to vest (in shares) | shares	7,183,948
Weighted- Average Exercise Price
Options outstanding at beginning of period (in USD per share) | $ / shares	$ 7.14
Options granted (in USD per share) | $ / shares	0
Options exercised (in USD per share) | $ / shares	4.79
Options cancelled or forfeited (in USD per share) | $ / shares	9.15
Options outstanding at end of period (in USD per share) | $ / shares	6.99	$ 7.14
Options exercisable (in USD per share) | $ / shares	7.01
Options vested and expected to vest (in USD per share) | $ / shares	$ 7.01
Weighted- Average Remaining Contractual Life (Years)
Options outstanding (in years)	6 years 4 months 24 days	7 years 3 months 18 days
Options exercisable (in years)	6 years 1 month 6 days
Options vested and expected to vest (in years)	6 years 4 months 24 days
Aggregate Intrinsic Value
Options outstanding | $	$ 9,418	$ 2,638
Options exercisable | $	7,024
Options vested and expected to vest | $	$ 9,116

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock Option Valuation Assumptions (Detail)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Expected term (in years)	6 years
Expected volatility	68.80%
Risk-free interest rate	0.70%
Expected dividend yield	0.00%

INCOME TAX - Additional Informa

INCOME TAX - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits	$ 3,200,000		3,200,000		$ 2,700,000
Accrued interest and penalties related to uncertain tax positions			$ 0		$ 0

NET LOSS PER SHARE - Dilutive S

NET LOSS PER SHARE - Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share	17,513,727	20,725,105	17,513,727	20,725,105
Stock options outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share	7,299,945	8,385,245	7,299,945	8,385,245
Warrants to purchase common stock - liability classified
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share	2,036,733	2,156,153	2,036,733	2,156,153
Warrants to purchase common stock - equity classified
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share	1,418,116	1,418,116	1,418,116	1,418,116
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share	6,758,933	8,765,591	6,758,933	8,765,591

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail)	Nov. 29, 2019USD ($)installment	Dec. 31, 2004USD ($)shares	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Chindex Shanghai International Trading Company Limited
Related Party Transaction [Line Items]
Distribution agreement term (in years)	5 years
Distribution agreement additional term (in years)	5 years
Number of payment installments | installment	3
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
Revenue installment period	60 days
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
Related Party Transaction [Line Items]
Percentage of royalty expense based on net sales			1.00%	1.00%	1.00%	1.00%
University of Florida Research Foundation | Licensing Agreements
Related Party Transaction [Line Items]
Common Stock granted in exchange for licensing (in shares) | shares		33,652
Percentage of royalty payment based on sale (as a percent)		1.00%
Royalty payment per quarter		$ 100,000
Royalty expense			$ 100,000	$ 100,000	$ 300,000	$ 500,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - SVB Term Loan	Oct. 29, 2021	Oct. 30, 2020	Oct. 28, 2021	Oct. 29, 2020	Dec. 31, 2019	Dec. 30, 2019
Subsequent Event [Line Items]
Debt instrument minimum liquidity ratio financial covenant		1.70%		1.75%	1.75%	1.50%
Debt covenant term		30 months
Debt instrument prepayment premium (as a percent)		3.00%		2.00%	2.00%	1.00%
Subsequent Event
Subsequent Event [Line Items]
Debt instrument minimum liquidity ratio financial covenant	1.35%		1.70%
Subsequent Event | Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Debt covenant term	30 months
Debt instrument prepayment premium (as a percent)	3.50%		3.00%
Subsequent Event | Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Debt instrument prepayment premium (as a percent)	2.50%		2.00%