ViewRay (VRAYQ) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		180,458,495
Entity Central Index Key	0001597313
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 180,061	$ 218,348
Accounts receivable	28,002	21,659
Inventory, net of allowance of $1,676 and $3,071, respectively	26,080	29,617
Deposits on purchased inventory	7,153	4,778
Deferred cost of revenue	5,439	3,342
Prepaid expenses and other current assets	5,285	5,803
Total current assets	252,020	283,547
Property and equipment, net	20,357	20,242
Restricted cash	4,596	1,460
Intangible assets, net	43	44
Right-of-use assets	9,080	9,661
Other assets	11,991	6,853
TOTAL ASSETS	298,087	321,807
Current liabilities:
Accounts payable	9,252	9,199
Accrued liabilities	18,427	26,555
Customer deposits	27,377	20,784
Operating lease liability, current	2,633	2,561
Current portion of long-term debt	8,056	3,222
Deferred revenue, current	13,879	13,920
Total current liabilities	79,624	76,241
Deferred revenue, net of current portion	7,507	4,232
Long-term debt	49,282	54,031
Warrant liabilities	3,965	6,795
Operating lease liability, noncurrent	7,373	8,066
Other long-term liabilities	2,831	2,647
TOTAL LIABILITIES	150,582	152,012
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at March 31, 2022 and December 31, 2021; 180,442,026 and 179,206,456 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,794	1,782
Additional paid-in capital	908,617	905,145
Accumulated deficit	(762,906)	(737,132)
TOTAL STOCKHOLDERS’ EQUITY	147,505	169,795
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 298,087	$ 321,807

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Statement) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenue	$ 18,876	$ 15,525
Total cost of revenue	18,782	15,203
Gross profit	94	322
Operating expenses:
Research and development	7,870	6,510
Selling and marketing	6,884	2,848
General and administrative	12,814	15,639
Total operating expenses	27,568	24,997
Loss from operations	(27,474)	(24,675)
Interest income	5	2
Interest expense	(1,064)	(1,058)
Other (expense) income, net	2,759	(1,012)
Loss before provision for income taxes	(25,774)	(26,743)
Provision for income taxes	0	0
Net loss and comprehensive loss	$ (25,774)	$ (26,743)
Net loss per share, basic (in USD per share)	$ (0.14)	$ (0.17)
Net loss per share, diluted (in USD per share)	$ (0.14)	$ (0.17)
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic (in shares)	179,740,732	160,138,327
Weighted-average common shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	179,740,732	160,138,327
Product
Total revenue	$ 13,426	$ 11,379
Total cost of revenue	13,766	10,685
Service
Total revenue	5,331	4,027
Total cost of revenue	5,016	4,518
Distribution rights
Total revenue	$ 119	$ 119

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, 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, 2021		179,206,456
Beginning balance at Dec. 31, 2021	$ 169,795	$ 1,782	905,145	(737,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from option exercises (in shares)	19,292	19,292
Issuance of common stock from option exercises	$ 56		56
Stock-based compensation	5,032		5,032
Issuance of common stock from releases of restricted stock units (in shares)		1,216,278
Issuance of common stock from releases of restricted stock units	0	$ 12	(12)
Tax withholding paid on behalf of employees for stock-based awards	(1,604)		(1,604)
Net loss	(25,774)			(25,774)
Ending balance (in shares) at Mar. 31, 2022		180,442,026
Ending balance at Mar. 31, 2022	$ 147,505	$ 1,794	$ 908,617	$ (762,906)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (25,774)	$ (26,743)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,244	1,648
Stock-based compensation	5,032	8,494
Accretion on asset retirement obligation	23	33
Change in fair value of warrant liabilities	(2,830)	947
Amortization of debt discount and interest accrual	246	239
Product upgrade reserve	0	600
Changes in operating assets and liabilities:
Accounts receivable	(6,343)	(4,800)
Inventory	3,640	2,783
Deposits on purchased inventory	(2,375)	(466)
Deferred cost of revenue	(2,097)	(356)
Prepaid expenses and other assets	(4,739)	420
Accounts payable	8	(2,391)
Accrued expenses and other long-term liabilities	(8,247)	(6,130)
Customer deposits and deferred revenue	9,827	(585)
Net cash used in operating activities	(32,385)	(26,307)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,218)	(336)
Net cash used in investing activities	(1,218)	(336)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock public offering, gross	0	57,385
Payment of offering costs related to common stock public offering	0	(3,991)
Proceeds from the exercise of stock options	56	19
Proceeds from the exercise of warrants	0	2
Payments for taxes related to net share settlement of equity awards	(1,604)	(1,473)
Net cash (used in) provided by financing activities	(1,548)	51,942
NET (DECREASE) INCREASE CASH DURING THE PERIOD	(35,151)	25,299
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — BEGINNING OF PERIOD	219,808	158,180
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD	184,657	183,479
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	819	819
Cash paid for income taxes	0	0
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of common stock warrants reclassified from liability to additional paid-in capital upon exercise	0	327
Right-of-use assets obtained in exchange for new operating lease liabilities	0	0
Transfer of property and equipment from inventory and deferred cost of revenue	(103)	0
Purchases of property and equipment in accounts payable and accrued liabilities	$ 161	$ 129

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Inventory allowance	$ 1,676	$ 3,071
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)	180,442,026	179,206,456
Common stock, shares outstanding (in shares)	180,442,026	179,206,456

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	3 Months Ended
	Mar. 31, 2022
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. In November 2013, ViewRay Technologies, Inc. received its first clinical acceptance of a MRIdian with Cobalt-60 at a customer site, and the first patient was treated with that system in January 2014. ViewRay Technologies, Inc. has had the right to affix the 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 December 2021, the Company received 510(k) clearance from the FDA on its recent submission for new MRIdian features (MRIdian A3i) 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 three months ended March 31, 2022, the Company incurred a net loss from operations of $27.5 million and net cash used in operations of $32.4 million. The Company believes that its existing cash balance of $180.1 million as of March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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, 2021. Significant Accounting Policies

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2021 Prototype $ 17,730 $ 17,730 Machinery and equipment 17,701 17,701 Leasehold improvements 14,088 14,088 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 2,755 1,397 Property and equipment, gross 54,958 53,600 Less: accumulated depreciation and amortization (34,601) (33,358) Property and equipment, net $ 20,357 $ 20,242 Depreciation and amortization expense related to property and equipment was $1.2 million and $1.5 million during the three months ended March 31, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2021 Accrued payroll and related benefits $ 7,760 $ 17,080 Accrued accounts payable 4,420 3,740 Payroll withholding tax, sales and other tax payable 1,044 1,094 Accrued legal, accounting and professional fees 1,354 230 Product upgrade reserve 2,500 2,500 Other 1,349 1,911 Total accrued liabilities $ 18,427 $ 26,555 Deferred Revenue Deferred revenue consisted of the following (in thousands): March 31, December 31, 2021 Deferred revenue: Product $ 1,721 $ 1,322 Service 18,338 15,385 Distribution rights 1,327 1,445 Total deferred revenue 21,386 18,152 Less: current portion of deferred revenue (13,879) (13,920) Noncurrent portion of deferred revenue $ 7,507 $ 4,232 Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2021 Accrued interest, noncurrent portion $ 865 $ 704 Asset retirement obligation 985 962 Other accrued costs 981 981 Total other-long term liabilities $ 2,831 $ 2,647

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. 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 three months ended March 31, 2022, no warrants were exercised. During the three months ended March 31, 2021, warrants to purchase 113,161 shares of common stock were exercised and the aggregate fair value upon exercise of $0.3 million was reclassified from liabilities to additional paid-in-capital. 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 March 31, 2022 and 2021, the Company recorded a gain of $2.8 million and a loss of $0.9 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 March 31, 2022 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 2,957 $ 2,957 2016 Placement Warrants Liability — — 1,008 1,008 Total $ — $ — $ 3,965 $ 3,965 At December 31, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 5,030 $ 5,030 2016 Placement Warrants Liability — — 1,765 1,765 Total $ — $ — $ 6,795 $ 6,795 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 March 31, 2022 2021 Fair value, beginning of period $ 6,795 $ 4,864 Change in fair value of Level 3 financial liabilities (2,830) 947 Fair value of 2016 Placement Warrants at exercise — (2) Fair value of 2017 Placement Warrants at exercise — (325) Fair value, end of period $ 3,965 $ 5,484

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT SVB Term Loan In December 2018, the Company entered into a term loan agreement with Silicon Valley Bank (the “SVB Term Loan”). On December 31, 2019, the Company entered into the First Amendment to the SVB Term Loan. On October 30, 2020, the Company entered into the Second Amendment to the SVB Term Loan. On October 29, 2021, the Company entered into the Third Amendment to the SVB Term Loan. As of March 31, 2022, the Company had $58.0 million outstanding under the SVB Term Loan. Borrowings under the SVB Term loan bear interest at the greater of (i) a floating rate of 2.4% above the Prime Rate; or (ii) a fixed rate of 5.65%, and is payable monthly. Beginning on November 1, 2022, borrowings under the SVB Term Loan amortize in thirty-six equal monthly payments. The final payment is equal to 3.7% of the aggregate principal amount. The maturity date of the SVB Term Loan is October 1, 2025. 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 financial and nonfinancial 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 is subject to prepayment premiums of 3.5% for the first 30 months of the term and 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. 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 March 31, 2022 are as follows (in thousands): Year Ended December 31, The remainder of 2022 $ 3,222 2023 19,333 2024 19,333 2025 16,112 Total future principal payments 58,000 Less: unamortized debt discount (662) Carrying value of long-term debt 57,338 Less: current portion (8,056) Long-term portion $ 49,282

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 the Company’s business, operations, and financial results, and seeks damages, interest, and other relief. On August 25, 2021, the District Court dismissed the lead plaintiff’s second amended 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 appeal is fully briefed and pending before 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, captioned Gile derivatively on behalf of ViewRay, Inc. v. ViewRay Inc., et al., 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 a decision on the appeal by the Sixth Circuit Court of Appeals. Given the early stage of each of the litigation matters described above, at this time the Company is unable to reasonably estimate possible losses or form a judgment that an unfavorable outcome is either probable or remote. However, litigation is subject to inherent uncertainties, and one or more unfavorable outcomes in any claim or litigation against 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 March 31, 2022, the Company had $6.6 million in outstanding firm purchase commitments.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2022
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 2022 2021 U.S. Product $ 432 $ 5,067 Service 3,099 2,367 Total U.S. revenue $ 3,531 $ 7,434 Outside of U.S. ("OUS") Product $ 12,994 $ 6,312 Service 2,232 1,660 Distribution rights 119 119 Total OUS revenue $ 15,345 $ 8,091 Total Product $ 13,426 $ 11,379 Service 5,331 4,027 Distribution rights 119 119 Total revenue $ 18,876 $ 15,525 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 $10.3 million and $5.4 million were reported within other assets in the condensed consolidated balance sheets at March 31, 2022 and at December 31, 2021, 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 credit losses recorded at March 31, 2022 or December 31, 2021. 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 March 31, 2022 and 2021, the Company recognized $4.5 million and $4.2 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 months ended March 31, 2022 from performance obligations satisfied in the prior period.

EQUITY FINANCING

EQUITY FINANCING	3 Months Ended
	Mar. 31, 2022
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, with respect to the issuance and sale of 11,856,500 shares of our common stock, which included the full exercise of the 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. On November 16, 2021, the Company entered into an underwriting agreement with Piper Sandler & Co. and Stifel, Nicolaus & Company, Incorporated, as representatives of the several underwriters named therein, with respect to the issuance and sale by the Company of 14,375,000 shares of our common stock, which included the full exercise of the underwriters' option to purchase additional shares, at a price to the public of $5.60 per share. The Company completed the offering on November 18, 2021, and received net proceeds of approximately $75.1 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2022
Warrant [Abstract]
WARRANTS	WARRANTS Equity Classified Common Stock Warrants 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 March 31, 2022. 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 March 31, 2022 Warrants Outstanding at March 31, 2022 2017 Placement Warrants January 2017 7 years $ 3.17 — 1,500,022 2016 Placement Warrants August and September 2016 7 years $ 2.95 — 536,711 Total — 2,036,733 During the three months ended March 31, 2022 and 2021, the Company recorded a gain of $2.8 million and a loss of $0.9 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 March 31, 2022 and December 31, 2021, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Expected term (in years) 1.8 2.0 1.4 1.6 Expected volatility 85.0 % 86.0 % 84.6 % 85.5 % Risk-free interest rate 2.2 % 0.4 % 1.9 % 0.3 % Expected dividend yield — % — % — % — %

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION As of March 31, 2022, 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 March 31, 2022, there were 2.6 million shares available for grant under the 2015 Plan and 2018 Plan. Subsequently, in April 2022, the Company's board of directors determined that the 2018 Plan was no longer required under ViewRay’s compensation program and terminated the 2018 Plan. No further awards will be granted under this plan and no such awards have been granted since August 16, 2021. As a result, all 1.5 million shares previously available for issuance under the 2018 Plan have been restored to the Company’s general authorized but unissued share reserve and are no longer set aside for grants under the 2018 Plan. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 176 $ 236 Research and development 724 637 Selling and marketing 693 295 General and administrative 3,439 7,326 Total stock-based compensation expense $ 5,032 $ 8,494 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 three months ended March 31, 2022 and 2021. Restricted Stock Units, Deferred Stock Units and Performance Share Units (collectively “Incentive Stock Units” or “ISUs”) The Company grants restricted stock units, deferred stock units, and performance stock units (collectively "Incentive Stock Units" or "ISUs"). Restricted Stock Units ("RSUs") are granted to the Company's board of directors and employees for their services. Deferred Stock Units ("DSUs") are granted to the Company's 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 and DSUs granted to employees and/or board members vest in equal annual or monthly installments over one Performance share units (“PSUs”) are granted to the Company’s employees which vest based on the achievement of performance targets set by the Company based on a three-year performance period. The grant date fair values of ISUs are based on the closing market price of our common stock on the grant date. Stock-based compensation expense, net of forfeitures, is recognized on a straight-line basis over the requisite service period. For PSUs, compensation expense is updated for the Company’s expected performance level against performance goals at the end of each reporting period, which involves judgment as to achievement of certain performance metrics. More specifically, achievement of a compound annual revenue growth rate will result in a percentage payout of the target PSUs awarded. If the Company’s compound annual revenue growth rate is between threshold and target or between target and maximum, payouts will be linearly interpolated. The table below summarizes the Company’s activity and related information for its ISUs: RSUs and DSUs PSUs Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2021 5,536,925 $ 4.04 707,088 $ 4.66 ISUs granted 1,847,172 $ 4.21 1,600,549 (1) $ 4.25 ISUs vested (1,573,992) $ 4.05 — $ — ISUs forfeited (117,372) $ 4.01 (4,756) $ 4.66 Unvested at March 31, 2022 5,692,733 $ 4.07 2,302,881 $ 4.38 Vested and unreleased 198,856 — Outstanding at March 31, 2022 5,891,589 2,302,881 (1) Includes PSUs granted in 2021 assuming a 150% payout. The total grant date fair value of ISUs awarded was $12.9 million and $13.5 million for the three months ended March 31, 2022 and 2021, respectively. The total fair value of ISUs vested was $6.9 million, and $5.5 million during the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, total unrecognized stock-based compensation cost related to ISUs, net of estimated forfeitures, was $23.4 million, which is expected to be recognized over a weighted-average period of 2.1 years. As of March 31, 2022, 6.9 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-year vesting schedule. Stock option awards generally expire 10 years from the date of grant. 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, 2021 7,156,776 $ 6.97 6.1 $ 5,203 Options granted — — Options exercised (19,292) $ 2.91 Options cancelled or forfeited (133,995) $ 8.18 Options outstanding at March 31, 2022 7,003,489 $ 6.96 5.9 $ 2,651 Options exercisable at March 31, 2022 6,117,485 $ 7.06 5.7 $ 2,038 Options vested and expected to vest at March 31, 2022 6,938,310 $ 6.99 5.8 $ 2,560 There were no options granted to employees for the three months ended March 31, 2022 and 2021. 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 three months ended March 31, 2022 and 2021. At March 31, 2022, total unrecognized stock-based compensation cost related to stock options granted to employees, net of estimated forfeitures, was $2.9 million, which is expected to be recognized over a weighted-average period of 1.2 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. 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. 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	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAXDue to the current operating losses, the Company recorded zero income tax expense during the three months ended March 31, 2022 and 2021, 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 March 31, 2022. 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 $3.5 million and $3.4 million at March 31, 2022 and December 31, 2021, 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.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and 2021 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 months ended March 31, 2022 2021 Stock options outstanding 7,003,489 8,096,905 Warrants to purchase common stock - liability classified 2,036,733 2,042,992 Warrants to purchase common stock - equity classified 1,418,116 1,418,116 Unvested restricted stock units 7,995,614 9,217,496 Total 18,453,952 20,775,509

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Hudson Cooperation Agreement Pursuant to the Cooperation Agreement with Hudson Executive Capital LP and certain of its affiliates (collectively, “Hudson”), the Company concurrently entered into a Consulting Agreement with Sai Nanduri, a Senior Investment Analyst and representative of Hudson, pursuant to which the Company expects to pay Mr. Nanduri $160,000 during 2022 and will consider Mr. Nanduri as a candidate for election to the Board at the 2023 annual meeting of shareholders. License Agreement with University of Florida Research Foundation, Inc. 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 nominal and $0.1 million during the three months ended March 31, 2022 and 2021, respectively, and were recorded as product cost of revenue. Distribution Agreement with Chindex Shanghai International Trading Company Limited 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”). Under the distribution agreement, Chindex will act as the Company’s distributor and regulatory agent for the sale and delivery of its MRIdian products within the People’s Republic of China, excluding Hong Kong, Macau and Taiwan. The distribution agreement has an initial term of five years with an option to renew for an additional five years. Under the distribution agreement, the Company will supply its products and services to Chindex based on an agreed upon price

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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, 2021.
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 $10.3 million and $5.4 million were reported within other assets in the condensed consolidated balance sheets at March 31, 2022 and at December 31, 2021, 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 credit losses recorded at March 31, 2022 or December 31, 2021. 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)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2021 Prototype $ 17,730 $ 17,730 Machinery and equipment 17,701 17,701 Leasehold improvements 14,088 14,088 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 2,755 1,397 Property and equipment, gross 54,958 53,600 Less: accumulated depreciation and amortization (34,601) (33,358) Property and equipment, net $ 20,357 $ 20,242
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2021 Accrued payroll and related benefits $ 7,760 $ 17,080 Accrued accounts payable 4,420 3,740 Payroll withholding tax, sales and other tax payable 1,044 1,094 Accrued legal, accounting and professional fees 1,354 230 Product upgrade reserve 2,500 2,500 Other 1,349 1,911 Total accrued liabilities $ 18,427 $ 26,555
Schedule of Deferred Revenue	Deferred revenue consisted of the following (in thousands): March 31, December 31, 2021 Deferred revenue: Product $ 1,721 $ 1,322 Service 18,338 15,385 Distribution rights 1,327 1,445 Total deferred revenue 21,386 18,152 Less: current portion of deferred revenue (13,879) (13,920) Noncurrent portion of deferred revenue $ 7,507 $ 4,232
Other Noncurrent Liabilities	Other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2021 Accrued interest, noncurrent portion $ 865 $ 704 Asset retirement obligation 985 962 Other accrued costs 981 981 Total other-long term liabilities $ 2,831 $ 2,647

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 2,957 $ 2,957 2016 Placement Warrants Liability — — 1,008 1,008 Total $ — $ — $ 3,965 $ 3,965 At December 31, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 5,030 $ 5,030 2016 Placement Warrants Liability — — 1,765 1,765 Total $ — $ — $ 6,795 $ 6,795
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 March 31, 2022 2021 Fair value, beginning of period $ 6,795 $ 4,864 Change in fair value of Level 3 financial liabilities (2,830) 947 Fair value of 2016 Placement Warrants at exercise — (2) Fair value of 2017 Placement Warrants at exercise — (325) Fair value, end of period $ 3,965 $ 5,484

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The Company’s scheduled future payments on the SVB Term Loan at March 31, 2022 are as follows (in thousands): Year Ended December 31, The remainder of 2022 $ 3,222 2023 19,333 2024 19,333 2025 16,112 Total future principal payments 58,000 Less: unamortized debt discount (662) Carrying value of long-term debt 57,338 Less: current portion (8,056) Long-term portion $ 49,282

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 U.S. Product $ 432 $ 5,067 Service 3,099 2,367 Total U.S. revenue $ 3,531 $ 7,434 Outside of U.S. ("OUS") Product $ 12,994 $ 6,312 Service 2,232 1,660 Distribution rights 119 119 Total OUS revenue $ 15,345 $ 8,091 Total Product $ 13,426 $ 11,379 Service 5,331 4,027 Distribution rights 119 119 Total revenue $ 18,876 $ 15,525

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Expected term (in years) 1.8 2.0 1.4 1.6 Expected volatility 85.0 % 86.0 % 84.6 % 85.5 % Risk-free interest rate 2.2 % 0.4 % 1.9 % 0.3 % 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 March 31, 2022 Warrants Outstanding at March 31, 2022 2017 Placement Warrants January 2017 7 years $ 3.17 — 1,500,022 2016 Placement Warrants August and September 2016 7 years $ 2.95 — 536,711 Total — 2,036,733

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 176 $ 236 Research and development 724 637 Selling and marketing 693 295 General and administrative 3,439 7,326 Total stock-based compensation expense $ 5,032 $ 8,494
Summary of Incentive Stock Units	The table below summarizes the Company’s activity and related information for its ISUs: RSUs and DSUs PSUs Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2021 5,536,925 $ 4.04 707,088 $ 4.66 ISUs granted 1,847,172 $ 4.21 1,600,549 (1) $ 4.25 ISUs vested (1,573,992) $ 4.05 — $ — ISUs forfeited (117,372) $ 4.01 (4,756) $ 4.66 Unvested at March 31, 2022 5,692,733 $ 4.07 2,302,881 $ 4.38 Vested and unreleased 198,856 — Outstanding at March 31, 2022 5,891,589 2,302,881 (1) Includes PSUs granted in 2021 assuming a 150% payout.
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, 2021 7,156,776 $ 6.97 6.1 $ 5,203 Options granted — — Options exercised (19,292) $ 2.91 Options cancelled or forfeited (133,995) $ 8.18 Options outstanding at March 31, 2022 7,003,489 $ 6.96 5.9 $ 2,651 Options exercisable at March 31, 2022 6,117,485 $ 7.06 5.7 $ 2,038 Options vested and expected to vest at March 31, 2022 6,938,310 $ 6.99 5.8 $ 2,560

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 2021 Stock options outstanding 7,003,489 8,096,905 Warrants to purchase common stock - liability classified 2,036,733 2,042,992 Warrants to purchase common stock - equity classified 1,418,116 1,418,116 Unvested restricted stock units 7,995,614 9,217,496 Total 18,453,952 20,775,509

BACKGROUND AND ORGANIZATION (De

BACKGROUND AND ORGANIZATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss from operations	$ 27,474	$ 24,675
Net cash used in operating activities	32,385	$ 26,307
Cash and cash equivalents	$ 180,061		$ 218,348

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 54,958	$ 53,600
Less: accumulated depreciation and amortization	(34,601)	(33,358)
Property and equipment, net	20,357	20,242
Prototype
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,730	17,730
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,701	17,701
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,088	14,088
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	$ 2,755	$ 1,397

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 1.2	$ 1.5

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued payroll and related benefits	$ 7,760	$ 17,080
Accrued accounts payable	4,420	3,740
Payroll withholding tax, sales and other tax payable	1,044	1,094
Accrued legal, accounting and professional fees	1,354	230
Product upgrade reserve	2,500	2,500
Other	1,349	1,911
Total accrued liabilities	$ 18,427	$ 26,555

BALANCE SHEET COMPONENTS - Sc_3

BALANCE SHEET COMPONENTS - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 21,386	$ 18,152
Less: current portion of deferred revenue	(13,879)	(13,920)
Noncurrent portion of deferred revenue	7,507	4,232
Product
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	1,721	1,322
Service
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	18,338	15,385
Distribution rights
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 1,327	$ 1,445

BALANCE SHEET COMPONENTS - Sc_4

BALANCE SHEET COMPONENTS - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued interest, noncurrent portion	$ 865	$ 704
Asset retirement obligation	985	962
Other accrued costs	981	981
Other long-term liabilities	$ 2,831	$ 2,647

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Warrants to purchase (in shares)	0	113,161
Fair value of Placement Warrants at exercise		$ 300
Change in fair value of warrants	$ 2,830	$ (947)

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	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	$ 3,965	$ 6,795
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	3,965	6,795
2017 Placement Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	2,957	5,030
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	2,957	5,030
2016 Placement Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liabilities	1,008	1,765
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	$ 1,008	$ 1,765

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
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 6,795	$ 4,864
Change in fair value of Level 3 financial liabilities	2,830	(947)
Fair value of Placement Warrants at exercise		(300)
Fair value, ending of period	3,965	5,484
2016 Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of Placement Warrants at exercise	0	2
2017 Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of Placement Warrants at exercise	$ 0	$ 325

DEBT - Narrative (Details)

DEBT - Narrative (Details) - SVB Term Loan $ in Thousands	Oct. 30, 2021payment	Oct. 29, 2021	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Total principal amount | $			$ 58,000
Debt instrument interest rate (as a percent)	5.65%
Number of payments | payment	36
Final payment percentage of original principal amount (as a percent)	3.70%
Debt instrument prepayment premium (as a percent)	2.50%	3.50%
Prepayment premium period (in months)		30 months
Prime Rate
Debt Instrument [Line Items]
Debt instrument floating rate (as a percent)	2.40%

DEBT - Scheduled Future Payment

DEBT - Scheduled Future Payments on Term Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: current portion	$ (8,056)	$ (3,222)
Long-term debt	49,282	$ 54,031
SVB Term Loan
Debt Instrument [Line Items]
The remainder of 2022	3,222
2023	19,333
2024	19,333
2025	16,112
Total future principal payments	58,000
Less: unamortized debt discount	(662)
Carrying value of long-term debt	57,338
Less: current portion	(8,056)
Long-term debt	$ 49,282

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 6.6

REVENUE - Summary of Revenue Di

REVENUE - Summary of Revenue Disaggregated by Types and Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 18,876	$ 15,525
Product
Disaggregation Of Revenue [Line Items]
Total revenue	13,426	11,379
Service
Disaggregation Of Revenue [Line Items]
Total revenue	5,331	4,027
Distribution rights
Disaggregation Of Revenue [Line Items]
Total revenue	119	119
U.S.
Disaggregation Of Revenue [Line Items]
Total revenue	3,531	7,434
U.S. | Product
Disaggregation Of Revenue [Line Items]
Total revenue	432	5,067
U.S. | Service
Disaggregation Of Revenue [Line Items]
Total revenue	3,099	2,367
Outside of U.S. ("OUS")
Disaggregation Of Revenue [Line Items]
Total revenue	15,345	8,091
Outside of U.S. ("OUS") | Product
Disaggregation Of Revenue [Line Items]
Total revenue	12,994	6,312
Outside of U.S. ("OUS") | Service
Disaggregation Of Revenue [Line Items]
Total revenue	2,232	1,660
Outside of U.S. ("OUS") | Distribution rights
Disaggregation Of Revenue [Line Items]
Total revenue	$ 119	$ 119

REVENUE - Additional Informatio

REVENUE - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2014
Disaggregation Of Revenue [Line Items]
Long-term trade credit maintenance services term (in years)	1 year
Long-term trade receivables	$ 10,300,000		$ 5,400,000
Allowance for credit losses	0		$ 0
Deferred revenue, recognized	4,500,000	$ 4,200,000
Company recognized revenue from performance obligations satisfied in a prior period	$ 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]: 2016-08-01
Disaggregation Of Revenue [Line Items]
Performance obligation period				8 years 6 months

EQUITY FINANCING - Additional I

EQUITY FINANCING - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 18, 2021	Nov. 16, 2021	Jan. 07, 2021	Jan. 04, 2021	Mar. 31, 2022	Mar. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Aggregate proceeds from issuance of common stock					$ 0	$ 57,385
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)		$ 5.60		$ 4.85
Aggregate proceeds from issuance of common stock	$ 75,100		$ 53,500
Number of shares issued (in shares)		14,375,000

WARRANTS - Additional Informati

WARRANTS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2018	Dec. 31, 2021	Mar. 31, 2018	Jan. 31, 2017	Sep. 30, 2016
Common Stock Warrants [Line Items]
Change in fair value of warrants	$ 2,830	$ (947)
Warrant liabilities	$ 3,965			$ 6,795
Common Stock
Common Stock Warrants [Line Items]
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
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
Adjustments to additional paid in capital, warrant issued			$ 6,600
Warrant liabilities					$ 7,400
2016 Placement Warrants
Common Stock Warrants [Line Items]
Warrants issued (in shares)							1,720,512
Exercise price (in USD per share)	$ 2.95
2017 Placement Warrants
Common Stock Warrants [Line Items]
Warrants issued (in shares)						1,380,745
Exercise price (in USD per share)	$ 3.17

WARRANTS - Summary of Assumptio

WARRANTS - Summary of Assumptions to Use Option Pricing Model (Detail)	Mar. 31, 2022	Dec. 31, 2021	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	1.8	2
2017 Placement Warrants | Expected volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.850	0.860
2017 Placement Warrants | Risk-free interest rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.022	0.004
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	1.4	1.6
2016 Placement Warrants | Expected volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.846	0.855
2016 Placement Warrants | Risk-free interest rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value measurement inputs	0.019	0.003
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants exercised (in shares)	0	113,161
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)	0
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)	0
Warrants outstanding (in shares)	536,711

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022USD ($)hourplan$ / sharesshares	Mar. 31, 2021USD ($)
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 2 months 12 days
Expiration period of stock option plan (in years)		10 years
Options granted to employees (in shares)		0
Unrecognized compensation cost | $		$ 2,900,000
Number of common stock authorized for issuance (in shares)		1,500,000
Restricted Stock Units (RSUs) | Employees | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted Stock Units (RSUs) | Employees | 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		$ 4.21
Total grant date fair value of ISUs | $		$ 12,900,000	$ 13,500,000
Total fair value of ISUs vested | $		6,900,000	$ 5,500,000
Unrecognized stock based compensation cost | $		$ 23,400,000
Weighted average period for recognition of compensation costs (in years)		2 years 1 month 6 days
Shares expected to vest (in shares)		6,900,000
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)		2,600,000
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
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,032	$ 8,494
Cost of revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	176	236
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	724	637
Selling and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	693	295
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,439	$ 7,326

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Incentive Stock Units (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Incentive Stock Units (ISUs)
Number of Shares
Unvested at beginning of period (in shares)	5,536,925
ISUs granted (in shares)	1,847,172
ISUs vested (in shares)	(1,573,992)
ISUs forfeited (in shares)	(117,372)
Unvested at end of period (in shares)	5,692,733
Vested and unreleased (in shares)	198,856
Outstanding at end of period (in shares)	5,891,589
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in USD per share) | $ / shares	$ 4.04
ISUs granted (in USD per share) | $ / shares	4.21
ISUs vested (in USD per share) | $ / shares	4.05
ISUs forfeited (in USD per share) | $ / shares	4.01
Unvested at end of period (in USD per share) | $ / shares	$ 4.07
PSUs
Number of Shares
Unvested at beginning of period (in shares)	707,088
ISUs granted (in shares)	1,600,549
ISUs vested (in shares)	0
ISUs forfeited (in shares)	(4,756)
Unvested at end of period (in shares)	2,302,881
Vested and unreleased (in shares)	0
Outstanding at end of period (in shares)	2,302,881
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in USD per share) | $ / shares	$ 4.66
ISUs granted (in USD per share) | $ / shares	4.25
ISUs vested (in USD per share) | $ / shares	0
ISUs forfeited (in USD per share) | $ / shares	4.66
Unvested at end of period (in USD per share) | $ / shares	$ 4.38
Payout percentage	150.00%

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Company's Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Stock Options Outstanding
Outstanding at beginning of period (in shares)	7,156,776
Option granted (in shares)	0
Options exercised (in shares)	(19,292)
Options cancelled or forfeited (in shares)	(133,995)
Outstanding at end of period (in shares)	7,003,489	7,156,776
Options exercisable (in shares)	6,117,485
Options vested and expected to vest (in shares)	6,938,310
Weighted- Average Exercise Price
Options outstanding at beginning of period (in USD per share)	$ 6.97
Options granted (in USD per share)	0
Options exercised (in USD per share)	2.91
Options cancelled or forfeited (in USD per share)	8.18
Options outstanding at end of period (in USD per share)	6.96	$ 6.97
Options exercisable (in USD per share)	7.06
Options vested and expected to vest (in USD per share)	$ 6.99
Weighted- Average Remaining Contractual Life (Years)
Options outstanding (in years)	5 years 10 months 24 days	6 years 1 month 6 days
Options exercisable (in years)	5 years 8 months 12 days
Options vested and expected to vest (in years)	5 years 9 months 18 days
Aggregate Intrinsic Value
Options outstanding	$ 2,651	$ 5,203
Options exercisable	2,038
Options vested and expected to vest	$ 2,560

INCOME TAX - Additional Informa

INCOME TAX - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0
Unrecognized tax benefits	3,500,000		$ 3,400,000
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
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share (in shares)	18,453,952	20,775,509
Stock options outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Dilutive securities excluded from calculation of diluted earnings per share (in shares)	7,003,489	8,096,905
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 (in shares)	2,036,733	2,042,992
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 (in shares)	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 (in shares)	7,995,614	9,217,496

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail)	Nov. 29, 2019USD ($)installment	Dec. 31, 2004USD ($)shares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
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%
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			$ 0	$ 100,000
Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties			$ 160,000