Senseonics (SENS) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-37717
Entity Registrant Name	Senseonics Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1210911
Entity Address, Address Line One	20451 Seneca Meadows Parkway
Entity Address, City or Town	Germantown
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20876-7005
City Area Code	301
Local Phone Number	515-7260
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SENS
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		465,447,258
Entity Central Index Key	0001616543
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 45,425	$ 33,461
Short term investments, net	93,758	96,445
Accounts receivable, net	220	205
Accounts receivable, net - related parties	3,824	1,768
Inventory, net	7,251	6,316
Prepaid expenses and other current assets	7,818	6,218
Total current assets	158,296	144,413
Option	1,085	239
Deposits and other assets	3,347	1,086
Long term investments, net	11,334	51,882
Property and equipment, net	1,263	1,308
Total assets	175,325	198,928
Current liabilities:
Accounts payable	1,734	1,204
Accrued expenses and other current liabilities	10,731	10,667
Accrued expenses and other current liabilities- related parties	3,692	3,597
Note payable, current portion, net	14,874
Derivative liability, current portion	438
Term Loans, net		2,926
Total current liabilities	31,469	18,394
Long-term debt and notes payables, net	50,650	59,798
Derivative liabilities	54,737	236,291
Option	19,476	69,401
Other liabilities	3,052	579
Total liabilities	159,384	384,463
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.001 par value per share; 900,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 465,326,135 shares and 447,282,263 shares issued and outstanding as of June 30, 2022 and December 31, 2021	465	447
Additional paid-in capital	776,640	765,215
Accumulated other comprehensive loss	(1,128)	(212)
Accumulated deficit	(760,036)	(950,985)
Total stockholders' equity (deficit)	15,941	(185,535)
Total liabilities and stockholders' equity (deficit)	$ 175,325	$ 198,928

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of stock information
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	465,326,135	447,282,263
Common stock, shares outstanding	465,326,135	447,282,263

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue, net	$ 137	$ 433	$ 429	$ 920
Revenue, net - related parties	3,577	2,856	5,767	5,215
Total revenue	3,714	3,289	6,196	6,135
Cost of sales	2,890	2,897	4,845	5,217
Gross profit	824	392	1,351	918
Expenses:
Research and development expenses	9,299	7,107	17,103	12,362
Selling, general and administrative expenses	8,561	9,175	16,445	15,762
Operating loss	(17,036)	(15,890)	(32,197)	(27,206)
Other income (expense), net:
Interest income	241	247	334	256
Gain (Loss) on fair value adjustment of option	28,224	(35,730)	49,925	(88,405)
Gain on extinguishment of debt and option				330
Interest expense	(4,510)	(4,034)	(9,005)	(8,092)
Gain (Loss) on change in fair value of derivatives	96,548	(124,361)	181,117	(305,260)
Net gain (impairment)	816	(381)	846	(1,163)
Other expense	(52)	(157)	(71)	(280)
Total other income (expense), net	121,267	(164,416)	223,146	(402,614)
Net Income (Loss)	104,231	(180,306)	190,949	(429,820)
Other comprehensive loss
Unrealized loss on marketable securities	(291)	(16)	(916)	(16)
Total other comprehensive loss	(291)	(16)	(916)	(16)
Total comprehensive income (loss)	$ 103,940	$ (180,322)	$ 190,033	$ (429,836)
Basic net income (loss) per common share	$ 0.22	$ (0.42)	$ 0.42	$ (1.08)
Basic weighted-average shares outstanding	464,133,903	431,840,854	460,061,022	398,244,296
Diluted net income (loss) per common share	$ (0.03)	$ (0.42)	$ (0.06)	$ (1.08)
Diluted weighted-average shares outstanding	601,330,959	431,840,854	604,342,540	398,244,296

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Preferred Stock Series A Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 2,811	$ 266	$ 504,162		$ (648,511)	$ (144,083)
Balance (in shares) at Dec. 31, 2020		265,582
Changes in Stockholders' Equity (Deficit)
Conversion of preferred stock		$ 54	45,512			45,566
Conversion of preferred stock (in shares)		54,166
Issuance of common stock, net		$ 113	200,327			200,440
Issuance of common stock (in shares)		112,571
Exercise of stock options and ESPP purchases		$ 4	3,885			3,889
Exercise of stock options and ESPP purchases (in shares)		5,027
Exchange and conversion of convertible notes, net		$ 5	6,496			6,501
Exchange and conversion of convertible notes, net (in shares)		4,925
Issuance of common stock for vested RSUs and ESPP purchase		$ 3	47			50
Issuance of common stock for vested RSUs and ESPP purchase (in shares)		2,854
Stock-based compensation expense			4,833			4,833
Net Income (Loss)					(429,820)	(429,820)
Other comprehensive loss, net of tax				$ (16)		(16)
Balance at Jun. 30, 2021		$ 445	765,262	(16)	(1,078,331)	(312,640)
Balance (in shares) at Jun. 30, 2021		445,125
Increase (Decrease) in Temporary Equity
Issuance of convertible preferred stock, net	42,756
Conversion of preferred stock	(45,567)
Balance at Dec. 31, 2020	$ 2,811	$ 266	504,162		(648,511)	(144,083)
Balance (in shares) at Dec. 31, 2020		265,582
Changes in Stockholders' Equity (Deficit)
Net Income (Loss)						(302,500)
Balance at Dec. 31, 2021		$ 447	765,215	(212)	(950,985)	(185,535)
Balance (in shares) at Dec. 31, 2021		447,282
Balance at Mar. 31, 2021		$ 428	711,698		(898,025)	(185,899)
Balance (in shares) at Mar. 31, 2021		427,915
Changes in Stockholders' Equity (Deficit)
Issuance of common stock, net		$ 13	48,340			48,353
Issuance of common stock (in shares)		12,831
Exercise of stock options and warrants		$ 1	2,190			2,191
Exercise of stock options and warrants (in shares)		1,588
Issuance of common stock for vested RSUs and ESPP purchase		$ 3				3
Issuance of common stock for vested RSUs and ESPP purchase (in shares)		2,791
Stock-based compensation expense			3,034			3,034
Net Income (Loss)					(180,306)	(180,306)
Other comprehensive loss, net of tax				(16)		(16)
Balance at Jun. 30, 2021		$ 445	765,262	(16)	(1,078,331)	(312,640)
Balance (in shares) at Jun. 30, 2021		445,125
Balance at Dec. 31, 2021		$ 447	765,215	(212)	(950,985)	(185,535)
Balance (in shares) at Dec. 31, 2021		447,282
Changes in Stockholders' Equity (Deficit)
Issuance of common stock, net		$ 3	8,001			8,004
Issuance of common stock (in shares)		3,077
Exercise of stock options and warrants		$ 9	230			239
Exercise of stock options and warrants (in shares)		9,211
Issuance of common stock for vested RSUs and ESPP purchase		$ 7	56			63
Issuance of common stock for vested RSUs and ESPP purchase (in shares)		6,849
Stock-based compensation expense			4,321			4,321
Shares withheld related to net share settlement of equity awards		$ (1)	(1,183)			(1,184)
Shares withheld related to net share settlement of equity awards (in shares)		(1,093)
Net Income (Loss)					190,949	190,949
Other comprehensive loss, net of tax				(916)		(916)
Balance at Jun. 30, 2022		$ 465	776,640	(1,128)	(760,036)	15,941
Balance (in shares) at Jun. 30, 2022		465,326
Balance at Mar. 31, 2022		$ 463	775,172	(837)	(864,267)	(89,469)
Balance (in shares) at Mar. 31, 2022		463,229
Changes in Stockholders' Equity (Deficit)
Exercise of stock options and warrants			68			68
Exercise of stock options and warrants (in shares)		127
Issuance of common stock for vested RSUs and ESPP purchase		$ 3	(2)			1
Issuance of common stock for vested RSUs and ESPP purchase (in shares)		3,063
Stock-based compensation expense			2,585			2,585
Shares withheld related to net share settlement of equity awards		$ (1)	(1,183)			(1,184)
Shares withheld related to net share settlement of equity awards (in shares)		(1,093)
Net Income (Loss)					104,231	104,231
Other comprehensive loss, net of tax				(291)		(291)
Balance at Jun. 30, 2022		$ 465	$ 776,640	$ (1,128)	$ (760,036)	$ 15,941
Balance (in shares) at Jun. 30, 2022		465,326

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 190,949	$ (429,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	520	612
Non-cash interest expense (debt discount and deferred costs)	5,726	3,327
Change in fair value of derivatives	(181,117)	305,260
(Gain) Loss on fair value adjustment of option	(49,925)	88,405
Gain on extinguishment of debt and option		(330)
(Gain) Impairment of option, net	(846)	1,163
Stock-based compensation expense	4,321	4,721
Changes in assets and liabilities:
Accounts receivable	(2,070)	196
Prepaid expenses and other current assets	(1,600)	(761)
Inventory	(934)	(3,535)
Deposits and other assets	163	(30)
Accounts payable	530	1,269
Accrued expenses and other liabilities	44	(1,325)
Accrued interest	(102)	441
Net cash used in operating activities	(34,341)	(30,407)
Cash flows from investing activities
Capital expenditures	(211)	(47)
Purchase of marketable securities		(145,271)
Sale of marketable securities	42,319
Net cash provided by (used in) investing activities	42,108	(145,318)
Cash flows from financing activities
Issuance of common stock, net	8,004	200,440
Proceeds from exercise of stock options, stock warrants and ESPP purchases	302	4,051
Taxes paid related to net share settlement of equity awards	(1,183)
Proceeds from issuance of Masters preferred stock, net		22,783
Repayment of term loans	(2,926)
Net cash provided by financing activities	4,197	227,274
Net increase in cash and cash equivalents	11,964	51,549
Cash and cash equivalents, at beginning of period	33,461	18,205
Cash and cash equivalents, at ending of period	45,425	69,754
Supplemental disclosure of cash flow information
Cash paid during the period for interest	3,381	4,310
Lease liabilities arising from obtaining right-of-use assets	$ 2,944
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock converted from preferred shares		54,166
Issuance of common stock converted from notes payables		$ 4,925

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2022
Organization and Nature of Operations
Organization and Nature of Operations	​ 1. Organization and Nature of Operations ​ Senseonics Holdings, Inc., a Delaware corporation, is a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (“CGM”) systems to improve the lives of people with diabetes by enhancing their ability to manage their disease with relative ease and accuracy. Senseonics, Incorporated is a wholly owned subsidiary of Senseonics Holdings, Inc. and was originally incorporated on October 30, 1996 and commenced operations on January 15, 1997. Senseonics Holdings, Inc. and Senseonics, Incorporated are hereinafter collectively referred to as the “Company” unless otherwise indicated or the context otherwise requires.

Liquidity and Capital Resources

Liquidity and Capital Resources	6 Months Ended
	Jun. 30, 2022
Liquidity and Capital Resources
Liquidity and Capital Resources	2. Liquidity and Capital Resources ​ From its founding in 1996 until 2010, the Company has devoted substantially all of its resources to researching various sensor technologies and platforms. Beginning in 2010, the Company narrowed its focus to developing and refining a commercially viable glucose monitoring system. However, to date, the Company has not generated any significant revenue from product sales. The Company has incurred substantial losses and cumulative negative cash flows from operations since its inception in October 1996. The Company has never been profitable from operations, and its net losses were $302.5 million, $175.2 million, and $115.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of June 30, 2022, the Company had an accumulated deficit of $760.0 million. To date, the Company has funded its operations principally through the issuance of preferred stock, common stock, convertible notes and debt. As of June 30, 2022, the Company had cash, cash equivalents and marketable securities of $150.5 million. ​ In November 2021, the Company entered into an Open Market Sale Agreement, (the “2021 Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company could offer and sell, from time to time, at its sole discretion, shares of its common stock having an aggregate offering price of up to $150.0 million through Jefferies as its sales agent in an “at the market” offering. Jefferies will receive a commission up to 3.0% of the gross proceeds of any common stock sold through Jefferies under the 2021 Sales Agreement. During the six months ended June 30, 2022, the Company received $8.0 million in net proceeds from the sale of 3,077,493 shares of its common stock under the 2021 Sales Agreement. ​ In November 2019, the Company entered into an Open Market Sale Agreement (the “2019 Sales Agreement”) with Jefferies, under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $50.0 million through Jefferies as its sales agent in an “at the market” offering. In June 2021, the Company received $48.4 million in net proceeds from the sale of 12,830,333 shares of its common stock utilizing the full capacity under the 2019 Sales Agreement. ​ On January 21, 2021, the Company entered into an underwriting agreement, which was subsequently amended and restated on the same day (the “Underwriting Agreement”) with H.C. Wainwright & Co., LLC, as representative of the underwriters (the “Underwriters”), to issue and sell 51,948,052 shares of common stock, in an underwritten public offering pursuant to effective registration statements on Form S-3, including a related prospectus and prospectus supplement, in each case filed with the United States Securities and Exchange Commission (“the SEC”) (the “2021 Public Offering”). The price to the public in the 2021 Public Offering was $1.925 per share of common stock. The Underwriters agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $1.799875 per share and the Company also agreed to reimburse them for customary fees and expenses. The initial closing of the 2021 Public Offering occurred on January 26, 2021. Subsequent to the initial closing, the Underwriters exercised their option to purchase an additional 7,792,207 shares of common stock. Total net proceeds from the 2021 Public Offering were $106.1 million after deducting underwriting discounts and commissions and estimated offering expenses. ​ On January 17, 2021, the Company entered into a Securities Purchase Agreement with certain institutional purchasers (the “Purchasers”), pursuant to which the Company sold to the Purchasers, in a registered direct offering (the “Registered Direct Offering”), an aggregate of 40,000,000 shares (the “Shares”) of common stock, $0.001 par value per share. The Shares were sold at a purchase price of $1.25 per share for aggregate gross proceeds to the Company of $50.0 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. The Shares were offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3, which was originally filed with the SEC on November 27, 2019. The net proceeds to the Company from the Registered Direct Offering, after deducting fees and expenses and the estimated offering expenses payable by the Company, were approximately $46.1 million. ​ On November 9, 2020, the Company entered into an Equity Line Agreement (the “Equity Line Agreement”) with Energy Capital, LLC, a Florida limited liability company (“Energy Capital”), which provides that, upon the terms and subject to the conditions and limitations set forth therein, Energy Capital is committed to purchase up to an aggregate of $12.0 million of shares of the Company’s newly designated series B convertible preferred stock (the “Series B Preferred Stock”) at the Company’s request from time to time during the 24-month term of the Equity Line Agreement. Under the Equity Line Agreement, beginning January 21, 2021, subject to the satisfaction of certain conditions, including that the Company have less than $8.0 million of cash, cash equivalents and other available credit (aside from availability under the Equity Line Agreement), the Company has the right, at its sole discretion, to present Energy Capital with a purchase notice (each, a “Regular Purchase Notice”) directing Energy Capital (as principal) to purchase shares of Series B Preferred Stock at a price of $1,000 per share (not to exceed $4.0 million worth of shares) once per month, up to an aggregate of $12.0 million of the Company’s Series B Preferred Stock at a per share price (the “Purchase Price”) equal to $1,000 per share of Series B Preferred Stock, with each share of Series B Preferred Stock initially convertible into common stock, beginning six months after the date of its issuance, at a conversion price of $0.3951 per share, subject to customary anti-dilution adjustments, including in the event of any stock split. The Equity Line Agreement provides that the Company shall not affect any Regular Purchase Notice under the Equity Line Agreement on any date where the closing price of the Company’s common stock on the NYSE American is less than $0.25 without the approval of Energy Capital. In addition, beginning on January 1, 2022, since there have been no sales of the Series B Preferred Stock pursuant to the Equity Line Agreement, Energy Capital has the right, at its sole discretion, by its delivery to the Company of a Regular Purchase Notice, to purchase up to the $12.0 million of Series B Preferred Stock under the Equity Line Agreement at the Purchase Price. There have been no issuances of Series B Preferred Stock as of June 30, 2022. ​ On August 9, 2020, the Company entered into a financing agreement with the parent company of Ascensia Diabetes Care Holdings AG (“Ascensia”), PHC Holdings Corporation (“PHC”), pursuant to which the Company issued $35.0 million in aggregate principal amount of Senior Secured Convertible Notes due on October 31, 2024 (the “PHC Notes”), to PHC. The Company also issued 2,941,176 shares of common stock to PHC as a financing fee. The Company also has the option to sell and issue PHC up to $15.0 million of convertible preferred stock on or before December 31, 2022, contingent upon obtaining approval for the 180-day Eversense product for marketing in the United States before such date. ​ Additionally, on August 9, 2020, the Company entered into a Stock Purchase Agreement with Masters Special Solutions, LLC and certain affiliates thereof (collectively, “Masters”), pursuant to which the Company issued and sold to Masters 3,000 shares of convertible preferred stock, designated as Series A Preferred Stock (the “Series A Preferred Stock”), at a price of $1,000 per share in an initial closing. Masters also had the option to purchase up to an additional 27,000 shares of Series A Preferred Stock at a price of $1,000 per share in subsequent closings, subject to the terms and conditions of the Stock Purchase Agreement, as amended, through January 11, 2021. In January 2021, Masters and its assignees purchased in aggregate an additional 22,783 shares of Series A Preferred Stock, resulting in additional gross proceeds to the Company of $22.8 million. Each share of Series A Preferred Stock was initially convertible into a number of shares of common stock equal to $1,000 divided by the conversion price of $0.476 per share, subject to customary anti-dilution adjustments, including in the event of any stock split. All shares of Series A Preferred Stock have been converted to common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies ​ Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Although the Company considers the disclosures in these unaudited consolidated financial statements to be adequate to make the information presented not misleading, certain information or footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of financial position at June 30, 2022, and December 31, 2021, results of operations, comprehensive income (loss), and changes in stockholder’s deficit for the three and six month periods ended June 30, 2022, and 2021 and cash flows for the six months ended June 30, 2022, and 2021 have been included. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022. The interim results for June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any future interim periods. The consolidated financial statements reflect the accounts of Senseonics Holdings, Inc. and its wholly owned operating subsidiary Senseonics, Incorporated. The Company views its operations and manages its business in one segment, glucose monitoring products. Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. ​ Certain prior year amounts have been reclassified to conform to the current-year presentation. An adjustment has been made to the Consolidated Statements of Operations and Comprehensive Income (Loss) to consolidate the line items Sales and marketing expenses and General and administrative expenses to Selling, general and administrative expenses in order to conform to current year presentation. These reclassifications had no effect on the reported results of operations. Recent Accounting Pronouncements ​ Recently Adopted ​ In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contract in Entity’s Own Equity (Subtopic 815-40) . ​ Not Yet Adopted ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) consolidated financial statements and related disclosures at this time. The Company will adopt this guidance on the effective date for smaller reporting companies, January 1, 2023. Use of Estimates ​ The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, recoverability of long-lived assets, deferred taxes and valuation allowances, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, depreciable lives of property and equipment, and accruals for clinical study costs, which are accrued based on estimates of work performed under contract. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods due to the uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates. ​ Significant Accounting Policies ​ The accounting policies used by the Company in its presentation of interim financial results are consistent with those presented in Note 3 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Revenue Recognition	4. Revenue Recognition The Company generates product revenue from sales of the Eversense system and related components and supplies to Ascensia, through a collaboration and commercialization agreement (the “Ascensia Commercialization Agreement”, third-party distributors in the European Union and to strategic fulfillment partners in the United States (collectively, “the Customers”), who then resell the products to health care providers and patients. Customers pay the Company for sales, regardless of whether or not the Customers resell the products to health care providers and patients. The Company’s policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for the year ended December 31, 2021. ​ Revenue by Geographic Region ​ The following table sets forth net revenue derived from the Company’s two primary geographical markets, the United States and outside of the United States, based on the geographic location to which the Company delivers the product, for the three and six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2022 ​ ​ June 30, 2022 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outside of the United States $ 2,507 ​ 67.5 % ​ $ 4,222 ​ 68.1 % United States ​ 1,207 ​ 32.5 ​ ​ ​ 1,974 ​ 31.9 ​ Total $ 3,714 ​ 100.0 % ​ $ 6,196 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2021 ​ ​ June 30, 2021 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outside of the United States $ 2,310 ​ 70.2 % ​ $ 4,843 ​ 78.9 % United States ​ 979 ​ 29.8 ​ ​ ​ 1,292 ​ 21.1 ​ Total $ 3,289 ​ 100.0 % ​ $ 6,135 ​ 100.0 % ​ ​ Contract Assets ​ Contract assets consist of unbilled receivables from customers and are recorded at net realizable value and relate to the revenue share variable consideration from the Ascensia Commercialization Agreement. Accounts receivable as of June 30, 2022 and December 31, 2021 included unbilled accounts receivable of $1.1 million and $1.8 million, respectively. The Company expects to invoice and collect all unbilled accounts receivable within 12 months. ​ Concentration of Revenue and Customers ​ For the three months ended June 30, 2022 and 2021, the Company derived 96% and 87%, respectively, of its total revenue from one customer, Ascensia. For the six months ended June 30, 2022 and 2021, the Company derived 93% and 85%, respectively, of its total revenue from one customer, Ascensia. Revenues for these corresponding periods represent sales of sensors, transmitters and miscellaneous Eversense system components. ​

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2022
Net Income (Loss) per Share
Net Income (Loss) per Share	5. Net Income (Loss) per Share Basic net income per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Potentially dilutive common shares consist of shares issuable from restricted stock units, warrants and the Company’s convertible notes. Potentially dilutive common shares issuable upon vesting of restricted stock units and exercise of stock options and warrants are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of the Company’s convertible notes are determined using the if converted method. In periods of net loss, all potentially dilutive common shares are excluded from the computation of the diluted net loss per share for those periods, as the effect would be anti-dilutive. ​ The following table sets forth the computation of basic and diluted net income per share for the periods shown: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ 104,231 ​ (180,306) ​ 190,949 ​ (429,820) Impact of conversion of dilutive securities ​ (124,010) ​ — ​ (228,614) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive Net income (loss) ​ (19,779) ​ (180,306) ​ (37,665) ​ (429,820) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 0.22 ​ (0.42) ​ 0.42 ​ (1.08) Diluted ​ (0.03) ​ (0.42) ​ (0.06) ​ (1.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 464,133,903 ​ 431,840,854 ​ 460,061,022 ​ 398,244,296 Dilutive potential common stock outstanding ​ ​ ​ ​ ​ ​ ​ ​ Stock-based awards ​ 4,649,548 ​ — ​ 7,003,387 ​ — 2023 Notes ​ 4,617,646 ​ — ​ 4,617,646 ​ — 2025 Notes ​ 39,689,142 ​ — ​ 39,689,142 ​ — PHC Notes ​ 65,718,303 ​ — ​ 65,816,535 ​ — PHC Option ​ — ​ — ​ — ​ — Energy Capital Option ​ 21,164,986 ​ — ​ 23,690,945 ​ — Warrants ​ 1,357,430 ​ — ​ 3,463,862 ​ — Diluted weighted average shares outstanding ​ 601,330,959 ​ 431,840,854 ​ 604,342,540 ​ 398,244,296 ​ For the three and six months ended June 30, 2021, the Company operated at a loss. Accordingly, all potentially dilutive shares were considered antidilutive, and basic and diluted EPS are the same. ​ Outstanding anti-dilutive securities not included in the diluted net income per share attributable to common stockholders calculations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 ​ 2021 Stock-based awards ​ 13,900,070 ​ 28,974,297 ​ 11,142,459 ​ 28,974,297 2023 Notes ​ — ​ 5,092,801 ​ — ​ 5,092,801 2025 Notes ​ — ​ 39,689,142 ​ — ​ 39,689,142 PHC Notes ​ — ​ 65,757,177 ​ — ​ 65,757,177 PHC Option ​ 20,003,765 ​ — ​ 23,161,214 ​ — Warrants ​ 427,821 ​ 13,334,739 ​ 260,251 ​ 13,334,739 Total anti-dilutive shares outstanding ​ 34,331,656 ​ 152,848,156 ​ 34,563,924 ​ 152,848,156 ​

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2022
Marketable Securities
Marketable Securities	6. Marketable Securities ​ Marketable securities available for sale, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 14,532 ​ ​ — ​ ​ — ​ $ 14,532 Corporate debt securities ​ $ 37,292 ​ ​ — ​ ​ (395) ​ $ 36,897 Asset backed securities ​ $ 14,847 ​ ​ — ​ ​ (113) ​ $ 14,734 Government and agency securities ​ $ 39,549 ​ ​ — ​ ​ (620) ​ $ 38,929 Total ​ $ 106,220 ​ $ — ​ $ (1,128) ​ $ 105,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 57,369 ​ ​ — ​ ​ — ​ $ 57,369 Corporate debt securities ​ $ 39,825 ​ ​ — ​ ​ (77) ​ $ 39,748 Asset backed securities ​ $ 26,736 ​ ​ — ​ ​ (29) ​ $ 26,707 Government and agency securities ​ $ 24,609 ​ ​ — ​ ​ (106) ​ $ 24,503 Total ​ $ 148,539 ​ $ — ​ $ (212) ​ $ 148,327 ​ The following are the scheduled maturities as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 (remaining six months) $ 32,775 2023 ​ 62,013 2024 ​ ​ 6,591 Thereafter ​ ​ 4,841 Total $ 106,220 ​ The Company periodically reviews its portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, the Company assesses at the individual security level, for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale securities at June 30, 2022 were not significant and were primarily due to changes in interest rates and not due to increased credit risk associated with specific securities. The Company does not intend to sell these impaired investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Inventory, net

Inventory, net	6 Months Ended
	Jun. 30, 2022
Inventory, net
Inventory, net	7. Inventory, net ​ Inventory, net of reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 2021 Finished goods $ 1,020 $ 1,012 Work-in-process ​ 4,705 ​ 3,770 Raw materials ​ 1,526 ​ 1,534 Total ​ $ 7,251 ​ $ 6,316 ​ The Company charged $0.6 million to cost of sales for the three and six months ended June 30, 2022, to reduce the value of inventory for items that are potentially obsolete due to expiry, in excess of product demand, or to adjust costs to their net realizable value. There was no corresponding charge for the three and six months ended June 30, 2021.

Prepaid Expenses, Other Current

Prepaid Expenses, Other Current Assets, and Deposits and other assets	6 Months Ended
	Jun. 30, 2022
Prepaid Expenses, Other Current Assets, and Deposits and other assets
Prepaid Expenses, Other Current Assets, and Deposits and other assets	8. Prepaid Expenses, Other Current Assets, and Deposits and other assets ​ Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Contract manufacturing⁽¹⁾ ​ $ 5,314 ​ $ 5,036 Insurance ​ ​ 913 ​ ​ 74 Clinical and Preclinical ​ ​ 669 ​ ​ 142 Interest receivable ​ 319 ​ 443 Research and development ​ ​ 236 ​ ​ 39 Accounting and Audit ​ ​ 138 ​ ​ — Rent and utilities ​ ​ 107 ​ ​ 105 IT and software ​ 77 ​ 225 Sales and Marketing ​ ​ 45 ​ ​ 98 Other ​ ​ — ​ ​ 56 Total prepaid expenses and other current assets ​ $ 7,818 ​ $ 6,218 ​ (1) Includes deposits to contract manufacturers for manufacturing process . ​ Deposits and other assets as of June 30, 2022 and December 31, 2021, were $3.3 million and $1.1 million, respectively. As of June 30, 2022, deposits and other assets is mainly comprised of $3.2 million for our right-of-use asset related to our operating lease of 33,000 square feet of research and office space for our corporate headquarters. In June 2022, the Company extended our lease for an additional five-year term. We recorded a modification to our right-of-use asset for the right-to-use the underlying asset for the additional lease term. ​

Accrued Expenses, Other Current

Accrued Expenses, Other Current Liabilities, and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Accrued Expenses, Other Current Liabilities, and Other Liabilities
Accrued Expenses, Other Current Liabilities, and Other Liabilities	9. Accrued Expenses, Other Current Liabilities, and Other Liabilities ​ Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Compensation and benefits ​ $ 3,251 ​ $ 3,484 Research and development ​ ​ 2,254 ​ ​ 2,145 Interest on notes payable ​ ​ 2,042 ​ ​ 2,144 Sales and marketing services ​ ​ 2,276 ​ ​ 1,962 Product warranty and replacement obligations ​ 1,463 ​ 1,697 Professional and administration services ​ 1,456 ​ 1,011 Contract manufacturing ​ 960 ​ 914 Operating lease ​ ​ 705 ​ ​ 904 Other ​ ​ 16 ​ ​ 3 Total accrued expenses and other current liabilities ​ $ 14,423 ​ $ 14,264 ​ ​ ​ ​ ​ ​ ​ Other liabilities as of June 30, 2022 and December 31, 2021, were $3.1 million and $0.6 million, respectively. Other liabilities is comprised of the non-current portion of our operating lease liability for our corporate headquarters. In June 2022, the Company extended our lease for an additional five-year term. We recorded a modification to the lease liability upon renewal to reflect our obligation to make the additional lease payments.

Product Warranty Obligations

Product Warranty Obligations	6 Months Ended
	Jun. 30, 2022
Product Warranty Obligations
Product Warranty Obligations	10. Product Warranty Obligations ​ The Company provides a warranty of one year on its smart transmitters. Additionally, the Company may also replace Eversense system components that do not function in accordance with the product specifications. Estimated replacement costs are recorded at the time of shipment as a charge to cost of sales in the consolidated statement of operations and are developed by analyzing product performance data and historical replacement experience, including comparing actual replacements to revenue. ​ At June 30, 2022, and December 31, 2021, the warranty reserve was $0.8 million and $0.7 million, respectively. The following table provides a reconciliation of the change in estimated warranty liabilities for the six months ended June 30, 2022 and for the twelve months ended December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Balance at beginning of the period ​ $ 723 ​ $ 646 Provision for warranties during the period ​ ​ 47 ​ ​ 781 Settlements made during the period ​ ​ (6) ​ ​ (704) Balance at end of the period ​ $ 764 ​ $ 723

Notes Payable, Preferred Stock

Notes Payable, Preferred Stock and Stock Purchase Warrants	6 Months Ended
	Jun. 30, 2022
Notes Payable, Preferred Stock and Stock Purchase Warrants
Notes Payable, Preferred Stock and Stock Purchase Warrants	11. Notes Payable, Preferred Stock and Stock Purchase Warrants ​ Term Loans ​ PPP Loan ​ On April 22, 2020, the Company received $5.8 million in loan funding from the PPP pursuant to the CARES Act, as amended by the Flexibility Act, and administered by the Small Business Administration (“SBA”). The unsecured loan (the “PPP Loan”) was evidenced by the PPP Note dated April 21, 2020 (the “PPP Note”) in the principal amount of $5.8 million with Silicon Valley Bank (“SVB”). ​ Under the terms of the PPP Note and the PPP Loan, interest accrued on the outstanding principal at a rate of 1.0% per annum. The term of the PPP Note was two years . In April 2022, the Company repaid the outstanding principal and accrued interest in full. ​ ​ ​ Convertible Preferred Stock and Warrants ​ On November 9, 2020, the Company entered into the Equity Line Agreement with Energy Capital, which provides that, upon the terms and subject to the conditions and limitations set forth therein, Energy Capital is committed to purchase up to an aggregate of $12.0 million of shares of the Company’s Series B Preferred Stock at the Company’s request from time to time during the 24-month term of the Equity Line Agreement. Under the Equity Line Agreement, beginning January 21, 2021, subject to the satisfaction of certain conditions, including the Company having less than $8 million of cash, cash equivalents and other available credit (aside from availability under the Equity Line Agreement), the Company has the right, at sole discretion, to present Energy Capital with a Regular Purchase Notice directing Energy Capital (as principal) to purchase shares of Series B Preferred Stock at a price of $1,000 per share (not to exceed $4.0 million worth of shares) once per month, up to an aggregate of $12.0 million of the Company’s Series B Preferred Stock at the Purchase Price equal to $1,000 per share of Series B Preferred Stock, with each share of Series B Preferred Stock initially convertible into common stock, beginning six months after the date of its issuance, at a conversion price of $0.3951 per share, subject to customary anti-dilution adjustments, including in the event of any stock split. The Equity Line Agreement provides that the Company shall not affect any Regular Purchase Notice under the Equity Line Agreement on any date where the closing price of the Company’s common stock on the NYSE American is less than $0.25 without the approval of Energy Capital. ​ The Company accounted for the Equity Line Agreement as a put/call option (the “Energy Capital Option”). This put/call option is classified as a liability in accordance with ASC 480, Distinguishing liabilities from equity, on the Company’s balance sheet and was recorded at the estimated fair value of $4.2 million upon issuance. The put/call option is required to be remeasured to fair value at each reporting period with the change recorded in change in fair value of derivatives that is a component of other income (expense). In connection with the execution of the Equity Line Agreement, the Company incurred $7.6 million in debt issuance costs in fiscal year 2020. The fair value of the Energy Capital Option as of June 30, 2022 and December 31, 2021 was $19.5 million and $69.4 million, respectively. ​ Concurrently with entry into the Equity Line Agreement, the Company issued a warrant to Energy Capital, exercisable beginning on May 9, 2021, to purchase up to 10,000,000 shares of common stock at an exercise price of $0.3951 per share (the “Warrant”). The Warrant was exercised in full in February 2022. ​ On August 9, 2020, the Company entered into a Stock Purchase Agreement with Masters, pursuant to which the Company issued and sold Masters 3,000 shares of Series A Preferred Stock, at a price of $1,000 per share in an initial closing. Masters also had the option to purchase up to an additional 27,000 shares of Series A Preferred Stock at a price of $1,000 per share in subsequent closings, subject to the terms and conditions of the Stock Purchase Agreement, as amended, through January 11, 2021. In January 2021, Masters and its assignees purchased in aggregate an additional 22,783 shares of Series A Preferred Stock, resulting in additional gross proceeds of $22.8 million. Each share of Series A Preferred Stock was initially convertible into a number of shares of common stock equal to $1,000 divided by the conversion price of $0.476 per share, subject to customary anti-dilution adjustments, including in the event of any stock split. All 25,783 shares of Series A Preferred Stock have been converted to shares of common stock. Masters’ option to purchase the remaining unissued shares of Series A Preferred Stock expired on January 11, 2021, resulting in a gain on extinguishment of $3.5 million. ​ Convertible Notes ​ PHC Notes ​ On August 9, 2020, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with PHC, as the purchaser (together with the other purchasers from time to time party thereto, the “Note Purchasers”) and Alter Domus (US) LLC, as collateral agent. Pursuant to the Note Purchase Agreement, the Company borrowed $35.0 million in aggregate principal through the issuance and sale of the PHC Notes on August 14, 2020 (the “Closing Date”). The Company also issued 2,941,176 shares of its common stock, $0.001 par value per share to PHC as a financing fee (the “Financing Fee Shares”) on the Closing Date. The Financing Fee Shares are accounted for as debt discount in the amount of $1.5 million. ​ The PHC Notes are senior secured obligations of the Company and will be guaranteed on a senior secured basis by the Company’s wholly owned subsidiary, Senseonics, Incorporated. Interest at the initial annual rate of 9.5% is payable semi-annually in cash or, at the Company’s option, payment in kind. The interest rate decreased to 8.0% in April 2022 as a result of the Company having obtained FDA approval for the 180-day Eversense E3 system for marketing in the United States. The maturity date for the PHC Notes is October 31, 2024 (the “Maturity Date”). The obligations under the PHC Notes are secured by substantially all of the Company’s and its subsidiary’s assets. ​ The Note Purchasers are entitled to convert the PHC Notes to common stock at a conversion rate of 1,867.4136 shares per $1,000 principal amount of the PHC Notes (including any interest added thereto as payment in kind), equivalent to a conversion price of approximately $0.54 per share, subject to specified anti-dilution adjustments, including adjustments for the Company’s issuance of equity securities on or prior to April 30, 2022 below the conversion price. In addition, following a notice of redemption or certain corporate events that occur prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its PHC Notes in connection with such notice of redemption or corporate event. In certain circumstances, the Company will be required to pay cash in lieu of delivering make whole shares unless the Company obtains stockholder approval to issue such shares. ​ Subject to specified conditions, on or after October 31, 2022, the PHC Notes are redeemable by the Company if the closing sale price of the common stock exceeds 275% of the conversion price for a specified period of time and subject to certain conditions upon 10 days prior written notice at a cash redemption price equal to the then outstanding principal amount (including any payment in kind interest which has been added to such amount), plus any accrued but unpaid interest. On or after October 31, 2023, the PHC Notes are redeemable by the Company upon 10 days prior written notice at a cash redemption price equal to the then outstanding principal amount (including any payment in kind interest which has been added to such amount), plus any accrued but unpaid interest, plus a call premium of 130% if redeemed at least six months prior to the Maturity Date or a call premium of 125% if redeemed within six months of the Maturity Date. ​ The Note Purchase Agreement contains customary terms and covenants, including financial covenants, such as operating within an approved budget and achieving minimum revenue and liquidity targets, and negative covenants, such as limitations on indebtedness, liens, mergers, asset transfers, certain investing activities and other matters customarily restricted in such agreements. Most of these restrictions are subject to certain minimum thresholds and exceptions. The Note Purchase Agreement also contains customary events of default, after which the PHC Notes become due and payable immediately, including defaults related to payment compliance, material inaccuracy of representations and warranties, covenant compliance, material adverse changes, bankruptcy and insolvency proceedings, cross defaults to certain other agreements, judgments against the Company, change of control or delisting events, termination of any guaranty, governmental approvals, and lien priority. ​ The Company also has the option to sell and issue PHC up to $15.0 million of convertible preferred stock on or before December 31, 2022 (the “PHC Option”), which was initially contingent upon obtaining FDA approval for the 180-day Eversense product for marketing in the United States before such date, and which approval the Company successfully obtained in February 2022. The PHC Option represents a freestanding financial instrument and is recognized as an asset in the Company’s consolidated balance sheets at fair value on the date of issuance and subject to impairment testing in each reporting period prior to the options exercise or expiration. The Company acknowledges that while the PHC Option is subject to impairment testing, there is no explicit guidance regarding how impairment should be assessed and measured for the PHC Option. As such, the measurement alternative in ASC Topic 321, Investments—Equity Securities, for equity securities without readily determinable fair values can be applied by analogy to assess and measure impairment of the PHC Option. The Company developed an estimated fair value at June 30, 2022 and December 31, 2021 to be $1.1 million and $0.2 million, respectively, and a gain of less than $0.9 million was recognized in net income as the difference between the fair value of the investment and its carrying amount for the six months ended June 30, 2022 ​ The Note Purchase Agreement also contained several provisions requiring bifurcation as a separate derivative liability including an embedded conversion feature, mandatory prepayment upon event of default that constitutes a breach of the minimum revenue financial covenant, optional redemption upon an event of default, change in interest rate after PMA approval and default interest upon an event of default. The Company recorded the fair value of the embedded features in the amount of $25.8 million as a derivative liability in the Company’s consolidated balance sheets in accordance with ASC Topic 815, Derivatives and Hedging. The derivative is adjusted to fair value at each reporting period, with the change in the fair value recorded in change in fair value of derivatives that is a component of other income (expense) in the Company’s consolidated statement of operations and comprehensive loss. The fair value of the derivative at June 30, 2022 and December 31, 2021 was $46.8 million and $149.1 million, respectively. ​ In connection with the issuance of the Note Purchase Agreement, the Company incurred $2.9 million in debt issuance costs and debt discounts. The associated debt issuance costs were recorded as a contra liability in the amount of $1.4 million and are deferred and amortized as additional interest expense over the term of the notes. conversions of PHC Notes since inception of the Note Purchase Agreement. ​ 2025 Notes ​ In July 2019, the Company issued $82.0 million in aggregate principal amount of senior convertible notes that will mature on January 15, 2025 (the “2025 Notes”), unless earlier repurchased or converted. The 2025 Notes are convertible, at the option of the holders, into shares of the Company’s common stock, at an initial conversion rate of 757.5758 shares per $1,000 principal amount of the 2025 Notes (equivalent to an initial conversion price of approximately $1.32 per share). ​ The 2025 Notes also contained an embedded conversion option requiring bifurcation as a separate derivative liability, along with the fundamental change make-whole provision and the cash settled fundamental make-whole shares provision. The derivative is adjusted to fair value at each reporting period, with the change in the fair value recorded to other income (expense) in the Company’s consolidated statement of operations and comprehensive loss. The fair value of the derivative at June 30, 2022 and December 31, 2021 was $8 million and $81.4 million, respectively. ​ In connection with the Exchange on April 24, 2020, $24.0 million aggregate principal of the Company’s outstanding 2025 Notes held by Highbridge Capital Management, LLC (“Highbridge”) were exchanged for $15.7 million of Second Lien Notes (the “Second Lien Notes”), (i) 11,026,086 shares of common stock, (ii) warrants to purchase up to 4,500,000 shares of common stock at an exercise price of $0.66 per share, and (iii) $0.3 million in accrued and unpaid interest on the 2025 Notes being exchanged (the “Exchange”). This transaction modified the original 2025 Notes outstanding with Highbridge and resulted in $13.2 million of deferred issuance fees and debt discounts associated with the exchanged 2025 Notes being transferred as a discount to the Second Lien Notes. ​ As of December 31, 2021, there were conversions of $6.5 million of outstanding principal amount of the 2025 notes for 4,924,998 shares of common stock. ​ 2023 Notes ​ In the first quarter of 2018, the Company issued $53.0 million in aggregate principal amount of senior convertible notes due February 1, 2023 (the “2023 Notes”). In July 2019, the Company used the net proceeds from the issuance of the 2025 Notes to repurchase $37.0 million aggregate principal amount of the outstanding 2023 Notes. Each $1,000 of principal of the 2023 Notes is initially convertible into 294.1176 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $3.40 per share, subject to adjustment upon the occurrence of specified events. ​ The Company bifurcated the embedded conversion option, along with the interest make-whole provision and make-whole fundamental change provision, and in January 2018 recorded the embedded features as a debt discount and derivative liability in the Company’s consolidated balance sheets at its initial fair value of $17.3 million. Additionally, the Company incurred transaction costs of $2.2 million. The debt discount and transaction costs are being amortized to interest expense over the term of the 2023 Notes at an effective interest rate of 9.30%. The derivative is adjusted to fair value at each reporting period, with the change in the fair value recorded to other income (expense) in the Company’s consolidated statement of operations and comprehensive loss. The fair value of the derivative at June 30, 2022 and December 31, 2021 was $0.4 million and $5.8 million, respectively. ​ There were no conversions of 2023 Notes for the six months ended June 30, 2022. As the 2023 Notes have a maturity date of February 1, 2023, they are classified as other current liability on the Company’s consolidated balance sheet at June 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following carrying amounts were outstanding under the Company’s notes payable as of June 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (826) ​ - ​ 14,874 2025 Notes 51,199 ​ (17,910) ​ (300) ​ 32,989 PHC Notes 35,000 ​ (16,341) ​ (998) ​ 17,661 PPP Loan - ​ - ​ - ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (1,499) ​ - ​ 14,201 2025 Notes 51,199 ​ (20,535) ​ (344) ​ 30,320 PHC Notes 35,000 ​ (18,587) ​ (1,136) ​ 15,277 PPP Loan 2,926 ​ - ​ - ​ 2,926 ​ Interest expense related to the notes payable for the six months ended June 30, 2022 and 2021 was as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ Loss on Extinguishment ($) ​ Total Interest Expense ($) 2023 Notes 5.25% ​ 412 ​ 673 ​ - ​ - ​ 1,085 2025 Notes 5.25% ​ 1,330 ​ 2,625 ​ 44 ​ - ​ 3,999 PHC Notes 8.00% ​ 1,531 ​ 2,246 ​ 137 ​ - ​ 3,914 PPP Loan 1.00% ​ 6 ​ - ​ - ​ - ​ 6 Total ​ ​ 3,279 ​ 5,545 ​ 181 ​ - ​ 9,005 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ Loss on Extinguishment ($) ​ Total Interest Expense ($) 2023 Notes 5.25% ​ 412 ​ 614 ​ - ​ - ​ 1,026 2025 Notes 5.25% ​ 1,372 ​ 2,210 ​ 36 ​ 3,183 ​ 6,801 PHC Notes 9.50% ​ 1,625 ​ 1,677 ​ 102 ​ - ​ 3,404 PPP Loan 1.00% ​ 29 ​ - ​ - ​ - ​ 29 Total ​ ​ 3,438 ​ 4,501 ​ 138 ​ 3,183 ​ 11,260 ​ The following are the scheduled maturities of the Company’s notes payable as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 (remaining six months) $ — 2023 ​ 15,700 2024 ​ ​ 35,000 2025 ​ ​ 51,199 Total $ 101,899 ​

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)	12. Stockholders’ Equity (Deficit) ​ In November 2021, the Company entered into the 2021 Sales Agreement with Jefferies, under which the Company could offer and sell, from time to time, at its sole discretion, shares of its common stock having an aggregate offering price of up to $150.0 million through Jefferies as the sales agent in an “at the market” offering. Jefferies will receive a commission up to 3.0% of the gross proceeds of any common stock sold through Jefferies under the 2021 Sales Agreement. During the six months ended June 30, 2022, the Company received $8.0 million in net proceeds from the sale of 3,077,493 shares of its common stock under the 2021 Sales Agreement. ​ In November 2019, the Company entered into the 2019 Sales Agreement with Jefferies LLC which allowed the Company to issue and sell up to $50.0 million in gross proceeds of its common stock. During the six months ended June 30, 2021, the Company sold 12,830,333 shares of common stock under the 2019 Sales Agreement, resulting in gross proceeds of $48.4 million. During the six months ended June 30, 2021, the Company sold 99,740,259 shares of common stock, of which 59,740,259 shares of common stock were sold in the 2021 Public Offering and 40,000,000 shares of common stock were sold in the Registered Direct Offering. For additional information on the 2021 Public Offering and the Registered Direct Offering, see Note 2—Liquidity and Capital Resources. ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	13. Stock-Based Compensation ​ 2015 Plan ​ In December 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”), under which incentive stock options, non-qualified stock options and restricted stock units may be granted to the Company’s employees and certain other persons, such as officers and directors, in accordance with the 2015 Plan provisions. In February 2016, the Company’s Board of Directors adopted, and the Company’s stockholders approved, an Amended and Restated 2015 Equity Incentive Plan (the “Amended and Restated 2015 Plan”), which became effective on February 20, 2016. The Company’s Board of Directors may terminate the Amended and Restated 2015 Plan at any time. Options granted under the Amended and Restated 2015 Plan expire ten years after the date of grant. ​ Pursuant to the Amended and Restated 2015 Plan, the number of shares of the Company’s common stock reserved for issuance automatically increases on January 1 of each year, ending on January 1, 2026, by 3.5% of the total number of shares of its common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by its Board of Directors. As of June 30, 2022, 19,739,553 shares remained available for grant under the Amended and Restated 2015 Plan. ​ Inducement Plan ​ On May 30, 2019, the Company adopted the Senseonics Holdings, Inc. Inducement Plan (the “Inducement Plan”), pursuant to which the Company reserved 1,800,000 shares of the Company’s common stock for issuance. The only persons eligible to receive grants of awards under the Inducement Plan are individuals who satisfy the standards for inducement grants in accordance with NYSE American Company Guide Section 711(a), including individuals who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company. An “Award” is any right to receive the Company’s common stock pursuant to the Inducement Plan, consisting of non-statutory options, restricted stock unit awards and other equity incentive awards. As of June 30, 2022, 846,571 shares remained available for grant under the Inducement Plan. ​ 2016 Employee Stock Purchase Plan ​ In February 2016, the Company adopted the 2016 Employee Stock Purchase Plan, (the “2016 ESPP”). The 2016 ESPP became effective on March 17, 2016. The maximum number of shares of common stock that may be issued under the 2016 ESPP was initially 800,000 shares and automatically increases on January 1 of each year, ending on and including January 1, 2026, by 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; provided, however, the Board of Directors may act prior to the first day of any calendar year to provide that there will be no January 1 increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares of common stock. At June 30, 2022 there were 13,114,632 shares of common stock available for issuance under the 2016 ESPP. For the six months ended June 30, 2022, there were purchases of 28,944 shares of common stock pursuant to this plan. ​ The 2016 ESPP permits participants to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their earnings. Unless otherwise determined by the administrator, the purchase price of the shares will be 85% of the lower of the fair market value of common stock on the first day of an offering or on the date of purchase. Participants may end their participation at any time and deductions not yet used in a purchase are refundable upon employment termination. The Company initiated its first 2016 ESPP offering period on August 1, 2019 and new offering periods occur every six months thereafter, each consisting of two purchase periods of six months in duration ending on or about January 31 st st February 1, 2020, there were 566,573 shares purchased in connection with the initial offering period. The 2016 ESPP contains an offering reset provision whereby if the fair market value of a share on offering date of an ongoing offering is less than or equal to the fair market value of a share on a new offering date, the ongoing offering will terminate immediately after the purchase date and rolls over to the new offering. ​ The 2016 ESPP is considered compensatory for financial reporting purposes. ​ 1997 Plan ​ On May 8, 1997, the Company adopted the 1997 Stock Option Plan (the “1997 Plan”), under which incentive stock options, non-qualified stock options, and restricted stock awards may be granted to the Company’s employees and certain other persons in accordance with the 1997 Plan provisions. Approximately 1,899,190 shares of the Company’s common stock underlying options have vested under the 1997 Plan. Upon the effectiveness of the 2015 Plan, the Company no longer grants any awards under the 1997 Plan. ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	14. Fair Value Measurements ​ The following table represents the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 42,168 ​ $ 42,168 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 14,532 ​ ​ — ​ ​ 14,532 ​ ​ — ​ Corporate debt securities ​ ​ 36,896 ​ ​ — ​ ​ 36,896 ​ ​ — ​ Asset backed securities ​ ​ 14,734 ​ ​ — ​ ​ 14,734 ​ ​ — ​ Government and agency securities ​ ​ 38,930 ​ ​ 34,489 ​ ​ 4,441 ​ ​ — ​ PHC Option ​ ​ 1,085 ​ ​ — ​ ​ — ​ ​ 1,085 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy Capital Option ​ $ 19,476 ​ $ — ​ ​ — ​ ​ 19,476 ​ Embedded features of the 2023 Notes ​ ​ 438 ​ ​ — ​ ​ 438 ​ ​ — ​ Embedded features of the PHC Notes ​ ​ 46,760 ​ ​ — ​ ​ — ​ ​ 46,760 ​ Embedded features of the 2025 Notes ​ ​ 7,977 ​ ​ — ​ ​ 7,977 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 29,197 ​ $ 29,197 ​ ​ — ​ ​ — ​ Corporate debt securities ​ ​ 39,748 ​ ​ — ​ ​ 39,748 ​ ​ — ​ Commercial paper ​ ​ 57,369 ​ ​ — ​ ​ 57,369 ​ ​ — ​ Asset backed securities ​ ​ 26,707 ​ ​ — ​ ​ 26,707 ​ ​ — ​ Government and agency securities ​ ​ 24,503 ​ ​ 19,957 ​ ​ 4,546 ​ ​ — ​ PHC Option ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy Capital Option ​ $ 69,401 ​ $ — ​ ​ — ​ ​ 69,401 ​ Embedded features of the 2023 Notes ​ ​ 5,817 ​ ​ — ​ ​ — ​ ​ 5,817 ​ Embedded features of the PHC Notes ​ ​ 149,058 ​ ​ — ​ ​ — ​ ​ 149,058 ​ Embedded features of the 2025 Notes ​ ​ 81,417 ​ ​ — ​ ​ 81,417 ​ ​ — ​ (1) Classified as cash and cash equivalents due to their short-term maturity ​ The following table provides a reconciliation of the beginning and ending net balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 ​ Instruments December 31, 2021 ​ $ 224,037 Gain on fair value adjustment of option ​ ​ (49,925) Gain on change in fair value of derivatives ​ ​ (107,677) Gain on extinguishment of option ​ ​ — Financial asset (gain) impairment cost, net ​ ​ (846) Change in fair value hierarchy classification ​ ​ (438) June 30, 2022 ​ $ 65,151 ​ The recurring Level 3 fair value measurements of the embedded features of the notes payable and preferred stock, include the following significant unobservable inputs at June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PHC Notes ​ PHC Option ​ Energy Capital Option ​ Unobservable Inputs ​ Assumptions ​ Assumptions ​ Assumptions ​ Stock price volatility 113.0 % 107.0 % 97.0 % Probabilities of conversion provisions ​ 5.0 - 10.0 % 5.0 - 10.0 % 5.0 - 10.0 % Time period until maturity (yrs) 2.34 ​ 0.50 ​ 0.00 - 0.36 ​ Dividend yield — % — % — % ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	15. Income Taxes ​ The Company has no t recorded any tax provision or benefit for the six months ended June 30, 2022 or June 30, 2021. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, NOL carryforwards and research and development credits is not more-likely-than-not to be realized at June 30, 2022 and December 31, 2021. ​ On March 27, 2020, Congress enacted the CARES Act, as amended by the Flexibility Act, to provide certain relief as a result of the COVID-19 pandemic. The enactment of the CARES Act did not result in any material adjustments to the Company’s income tax provision or net deferred tax assets for the six months ended June 30, 2022.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions
Related Party Transactions	16. Related Party Transactions ​ Ascensia, through the ownership interests of its parent company, PHC, has a noncontrolling ownership interest in the Company. Ascensia also has representation on the Company’s board of directors. . ​ The amount due from Ascensia as of June 30, 2022 and December 31, 2021 was $4.3 million and $1.8 million, respectively. The amount due to Ascensia as of June 30, 2022 and December 31, 2021 was $3.6 million and $2.5 million, respectively .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events
Subsequent Events	​ 17. Subsequent Events ​ The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Although the Company considers the disclosures in these unaudited consolidated financial statements to be adequate to make the information presented not misleading, certain information or footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of financial position at June 30, 2022, and December 31, 2021, results of operations, comprehensive income (loss), and changes in stockholder’s deficit for the three and six month periods ended June 30, 2022, and 2021 and cash flows for the six months ended June 30, 2022, and 2021 have been included. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022. The interim results for June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any future interim periods. The consolidated financial statements reflect the accounts of Senseonics Holdings, Inc. and its wholly owned operating subsidiary Senseonics, Incorporated. The Company views its operations and manages its business in one segment, glucose monitoring products. Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. ​ Certain prior year amounts have been reclassified to conform to the current-year presentation. An adjustment has been made to the Consolidated Statements of Operations and Comprehensive Income (Loss) to consolidate the line items Sales and marketing expenses and General and administrative expenses to Selling, general and administrative expenses in order to conform to current year presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates	Use of Estimates ​ The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, recoverability of long-lived assets, deferred taxes and valuation allowances, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, depreciable lives of property and equipment, and accruals for clinical study costs, which are accrued based on estimates of work performed under contract. The Company considered COVID-19 related impacts to its estimates, as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods due to the uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ Recently Adopted ​ In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contract in Entity’s Own Equity (Subtopic 815-40) . ​ Not Yet Adopted ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) consolidated financial statements and related disclosures at this time. The Company will adopt this guidance on the effective date for smaller reporting companies, January 1, 2023.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2022 ​ ​ June 30, 2022 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outside of the United States $ 2,507 ​ 67.5 % ​ $ 4,222 ​ 68.1 % United States ​ 1,207 ​ 32.5 ​ ​ ​ 1,974 ​ 31.9 ​ Total $ 3,714 ​ 100.0 % ​ $ 6,196 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2021 ​ ​ June 30, 2021 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outside of the United States $ 2,310 ​ 70.2 % ​ $ 4,843 ​ 78.9 % United States ​ 979 ​ 29.8 ​ ​ ​ 1,292 ​ 21.1 ​ Total $ 3,289 ​ 100.0 % ​ $ 6,135 ​ 100.0 %

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Net Income (Loss) per Share
Schedule of computation of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ 104,231 ​ (180,306) ​ 190,949 ​ (429,820) Impact of conversion of dilutive securities ​ (124,010) ​ — ​ (228,614) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive Net income (loss) ​ (19,779) ​ (180,306) ​ (37,665) ​ (429,820) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 0.22 ​ (0.42) ​ 0.42 ​ (1.08) Diluted ​ (0.03) ​ (0.42) ​ (0.06) ​ (1.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 464,133,903 ​ 431,840,854 ​ 460,061,022 ​ 398,244,296 Dilutive potential common stock outstanding ​ ​ ​ ​ ​ ​ ​ ​ Stock-based awards ​ 4,649,548 ​ — ​ 7,003,387 ​ — 2023 Notes ​ 4,617,646 ​ — ​ 4,617,646 ​ — 2025 Notes ​ 39,689,142 ​ — ​ 39,689,142 ​ — PHC Notes ​ 65,718,303 ​ — ​ 65,816,535 ​ — PHC Option ​ — ​ — ​ — ​ — Energy Capital Option ​ 21,164,986 ​ — ​ 23,690,945 ​ — Warrants ​ 1,357,430 ​ — ​ 3,463,862 ​ — Diluted weighted average shares outstanding ​ 601,330,959 ​ 431,840,854 ​ 604,342,540 ​ 398,244,296
Schedule of anti-dilutive shares which have been excluded from the computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 ​ 2021 Stock-based awards ​ 13,900,070 ​ 28,974,297 ​ 11,142,459 ​ 28,974,297 2023 Notes ​ — ​ 5,092,801 ​ — ​ 5,092,801 2025 Notes ​ — ​ 39,689,142 ​ — ​ 39,689,142 PHC Notes ​ — ​ 65,757,177 ​ — ​ 65,757,177 PHC Option ​ 20,003,765 ​ — ​ 23,161,214 ​ — Warrants ​ 427,821 ​ 13,334,739 ​ 260,251 ​ 13,334,739 Total anti-dilutive shares outstanding ​ 34,331,656 ​ 152,848,156 ​ 34,563,924 ​ 152,848,156

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Marketable Securities
Schedule of marketable securities available for sale	Marketable securities available for sale, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 14,532 ​ ​ — ​ ​ — ​ $ 14,532 Corporate debt securities ​ $ 37,292 ​ ​ — ​ ​ (395) ​ $ 36,897 Asset backed securities ​ $ 14,847 ​ ​ — ​ ​ (113) ​ $ 14,734 Government and agency securities ​ $ 39,549 ​ ​ — ​ ​ (620) ​ $ 38,929 Total ​ $ 106,220 ​ $ — ​ $ (1,128) ​ $ 105,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 57,369 ​ ​ — ​ ​ — ​ $ 57,369 Corporate debt securities ​ $ 39,825 ​ ​ — ​ ​ (77) ​ $ 39,748 Asset backed securities ​ $ 26,736 ​ ​ — ​ ​ (29) ​ $ 26,707 Government and agency securities ​ $ 24,609 ​ ​ — ​ ​ (106) ​ $ 24,503 Total ​ $ 148,539 ​ $ — ​ $ (212) ​ $ 148,327
Schedule of maturities of marketable securities	The following are the scheduled maturities as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 (remaining six months) $ 32,775 2023 ​ 62,013 2024 ​ ​ 6,591 Thereafter ​ ​ 4,841 Total $ 106,220

Inventory, net (Tables)

Inventory, net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory, net
Schedule of Inventory, net	Inventory, net of reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 2021 Finished goods $ 1,020 $ 1,012 Work-in-process ​ 4,705 ​ 3,770 Raw materials ​ 1,526 ​ 1,534 Total ​ $ 7,251 ​ $ 6,316

Prepaid Expenses, Other Curre_2

Prepaid Expenses, Other Current Assets, and Deposits and other assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expenses, Other Current Assets, and Deposits and other assets
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Contract manufacturing⁽¹⁾ ​ $ 5,314 ​ $ 5,036 Insurance ​ ​ 913 ​ ​ 74 Clinical and Preclinical ​ ​ 669 ​ ​ 142 Interest receivable ​ 319 ​ 443 Research and development ​ ​ 236 ​ ​ 39 Accounting and Audit ​ ​ 138 ​ ​ — Rent and utilities ​ ​ 107 ​ ​ 105 IT and software ​ 77 ​ 225 Sales and Marketing ​ ​ 45 ​ ​ 98 Other ​ ​ — ​ ​ 56 Total prepaid expenses and other current assets ​ $ 7,818 ​ $ 6,218 ​ (1) Includes deposits to contract manufacturers for manufacturing process .

Accrued Expenses, Other Curre_2

Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Accrued Expenses, Other Current Liabilities, and Other Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Compensation and benefits ​ $ 3,251 ​ $ 3,484 Research and development ​ ​ 2,254 ​ ​ 2,145 Interest on notes payable ​ ​ 2,042 ​ ​ 2,144 Sales and marketing services ​ ​ 2,276 ​ ​ 1,962 Product warranty and replacement obligations ​ 1,463 ​ 1,697 Professional and administration services ​ 1,456 ​ 1,011 Contract manufacturing ​ 960 ​ 914 Operating lease ​ ​ 705 ​ ​ 904 Other ​ ​ 16 ​ ​ 3 Total accrued expenses and other current liabilities ​ $ 14,423 ​ $ 14,264

Product Warranty Obligations (T

Product Warranty Obligations (Tables)	6 Months Ended
	Jun. 30, 2022
Product Warranty Obligations
Schedule of estimated warranty liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Balance at beginning of the period ​ $ 723 ​ $ 646 Provision for warranties during the period ​ ​ 47 ​ ​ 781 Settlements made during the period ​ ​ (6) ​ ​ (704) Balance at end of the period ​ $ 764 ​ $ 723

Notes Payable, Preferred Stoc_2

Notes Payable, Preferred Stock and Stock Purchase Warrants (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Payable, Preferred Stock and Stock Purchase Warrants
Schedule of carrying amounts outstanding under the Company's notes payable	The following carrying amounts were outstanding under the Company’s notes payable as of June 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (826) ​ - ​ 14,874 2025 Notes 51,199 ​ (17,910) ​ (300) ​ 32,989 PHC Notes 35,000 ​ (16,341) ​ (998) ​ 17,661 PPP Loan - ​ - ​ - ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (1,499) ​ - ​ 14,201 2025 Notes 51,199 ​ (20,535) ​ (344) ​ 30,320 PHC Notes 35,000 ​ (18,587) ​ (1,136) ​ 15,277 PPP Loan 2,926 ​ - ​ - ​ 2,926
Schedule of interest expense related to the notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (826) ​ - ​ 14,874 2025 Notes 51,199 ​ (17,910) ​ (300) ​ 32,989 PHC Notes 35,000 ​ (16,341) ​ (998) ​ 17,661 PPP Loan - ​ - ​ - ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (1,499) ​ - ​ 14,201 2025 Notes 51,199 ​ (20,535) ​ (344) ​ 30,320 PHC Notes 35,000 ​ (18,587) ​ (1,136) ​ 15,277 PPP Loan 2,926 ​ - ​ - ​ 2,926
Schedule of future maturities	The following are the scheduled maturities of the Company’s notes payable as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 (remaining six months) $ — 2023 ​ 15,700 2024 ​ ​ 35,000 2025 ​ ​ 51,199 Total $ 101,899

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Schedule of fair value hierarchy of the Company's financial assets and liabilities measured at fair value on a recurring basis	The following table represents the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 42,168 ​ $ 42,168 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 14,532 ​ ​ — ​ ​ 14,532 ​ ​ — ​ Corporate debt securities ​ ​ 36,896 ​ ​ — ​ ​ 36,896 ​ ​ — ​ Asset backed securities ​ ​ 14,734 ​ ​ — ​ ​ 14,734 ​ ​ — ​ Government and agency securities ​ ​ 38,930 ​ ​ 34,489 ​ ​ 4,441 ​ ​ — ​ PHC Option ​ ​ 1,085 ​ ​ — ​ ​ — ​ ​ 1,085 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy Capital Option ​ $ 19,476 ​ $ — ​ ​ — ​ ​ 19,476 ​ Embedded features of the 2023 Notes ​ ​ 438 ​ ​ — ​ ​ 438 ​ ​ — ​ Embedded features of the PHC Notes ​ ​ 46,760 ​ ​ — ​ ​ — ​ ​ 46,760 ​ Embedded features of the 2025 Notes ​ ​ 7,977 ​ ​ — ​ ​ 7,977 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 29,197 ​ $ 29,197 ​ ​ — ​ ​ — ​ Corporate debt securities ​ ​ 39,748 ​ ​ — ​ ​ 39,748 ​ ​ — ​ Commercial paper ​ ​ 57,369 ​ ​ — ​ ​ 57,369 ​ ​ — ​ Asset backed securities ​ ​ 26,707 ​ ​ — ​ ​ 26,707 ​ ​ — ​ Government and agency securities ​ ​ 24,503 ​ ​ 19,957 ​ ​ 4,546 ​ ​ — ​ PHC Option ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy Capital Option ​ $ 69,401 ​ $ — ​ ​ — ​ ​ 69,401 ​ Embedded features of the 2023 Notes ​ ​ 5,817 ​ ​ — ​ ​ — ​ ​ 5,817 ​ Embedded features of the PHC Notes ​ ​ 149,058 ​ ​ — ​ ​ — ​ ​ 149,058 ​ Embedded features of the 2025 Notes ​ ​ 81,417 ​ ​ — ​ ​ 81,417 ​ ​ — ​ (1) Classified as cash and cash equivalents due to their short-term maturity
Schedule of changes in the fair value of Level 3 derivative liability measured at fair value	The following table provides a reconciliation of the beginning and ending net balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 ​ Instruments December 31, 2021 ​ $ 224,037 Gain on fair value adjustment of option ​ ​ (49,925) Gain on change in fair value of derivatives ​ ​ (107,677) Gain on extinguishment of option ​ ​ — Financial asset (gain) impairment cost, net ​ ​ (846) Change in fair value hierarchy classification ​ ​ (438) June 30, 2022 ​ $ 65,151
Schedule of assumptions used to determine fair value	The recurring Level 3 fair value measurements of the embedded features of the notes payable and preferred stock, include the following significant unobservable inputs at June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PHC Notes ​ PHC Option ​ Energy Capital Option ​ Unobservable Inputs ​ Assumptions ​ Assumptions ​ Assumptions ​ Stock price volatility 113.0 % 107.0 % 97.0 % Probabilities of conversion provisions ​ 5.0 - 10.0 % 5.0 - 10.0 % 5.0 - 10.0 % Time period until maturity (yrs) 2.34 ​ 0.50 ​ 0.00 - 0.36 ​ Dividend yield — % — % — %

Liquidity and Capital Resourc_2

Liquidity and Capital Resources (Details) - USD ($) $ / shares in Units, $ in Thousands								1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2022	Jan. 31, 2021	Jan. 27, 2021	Jan. 21, 2021	Jan. 17, 2021	Nov. 09, 2020	Aug. 09, 2020	Nov. 30, 2021	Jun. 30, 2021	Jan. 21, 2021	Nov. 30, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Income (Loss)												$ 104,231	$ (180,306)	$ 190,949	$ (429,820)	$ (302,500)	$ (175,200)	$ (115,500)
Accumulated deficit												(760,036)		(760,036)		$ (950,985)
Issuance of common stock, net													$ 48,353	8,004	$ 200,440
Cash, cash equivalents and marketable securities												$ 150,500		$ 150,500
Common stock, par value per share (in dollars per share)												$ 0.001		$ 0.001		$ 0.001
PHC Notes
Aggregate principal amount							$ 35,000					$ 35,000		$ 35,000		$ 35,000
Financing fee shares issued							2,941,176
Conversion price							$ 0.54
Common stock, par value per share (in dollars per share)							$ 0.001
Masters Capital
Proceeds from issuance of stock		$ 22,800
Ascensia | PHC Notes
Aggregate principal amount							$ 35,000
Energy Capital, LLC
Cash and cash equivalents and other available credit				$ 8,000						$ 8,000
Energy Capital, LLC | Maximum
Issuance of convertible preferred stock, net				$ 4,000						$ 12,000
Share price				$ 0.25						$ 0.25
Convertible Preferred Equity
Amount of possible additional debt principal amount							$ 15,000
Convertible Preferred Equity | Masters Capital
Shares issued							3,000
Convertible Preferred Equity | Energy Capital, LLC
Issuance of convertible preferred stock, net						$ 12,000
Price per share (in dollars per share)				1,000						1,000
Collaboration and commercialization agreement term						24 months
Share price				1,000						$ 1,000
Threshold redemption period of temporary equity										6 months
Conversion price				0.3951						$ 0.3951
Series A Preferred Stock | Masters Capital
Shares issued		22,783
Price per share (in dollars per share)		$ 1,000					$ 1,000
Conversion price		$ 0.476
Series A Preferred Stock | Masters Capital | Maximum
Shares issued							27,000
Series B Preferred Stock
Maximum amount of shares that can be purchased under the equity line agreement at purchase price	$ 12,000
Regular Purchase, Shares Sold	0
Purchasers
Shares issued					40,000,000
Price per share (in dollars per share)					$ 1.25
Common stock, par value per share (in dollars per share)					$ 0.001
Net proceeds					$ 46,100
Proceeds from issuance of stock					$ 50,000
Overallotment | Purchasers
Price per share (in dollars per share)				1.925						$ 1.925
Underwriters Share Price				$ 1.799875
Overallotment | 2021 Public Offering
Shares issued			7,792,207	51,948,052
Net proceeds			$ 106,100
Open Market Sale Agreement
Shares issued									12,830,333					3,077,493
Proceeds from issuance of stock									$ 48,400					$ 8,000
Open Market Sale Agreement | Maximum
Issuance of common stock, net								$ 150,000			$ 50,000
Percentage of commission on proceeds from common stock								3%

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Geographic Region (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)
Revenue, net:
Revenue	$ 3,714	$ 3,289	$ 6,196	$ 6,135
Percent of total revenue	1%	1%	1%	1%
Number of geographical markets | item			2
Outside of the United States
Revenue, net:
Revenue	$ 2,507	$ 2,310	$ 4,222	$ 4,843
Percent of total revenue	0.675%	0.702%	0.681%	0.789%
United States
Revenue, net:
Revenue	$ 1,207	$ 979	$ 1,974	$ 1,292
Percent of total revenue	0.325%	0.298%	0.319%	0.211%

Revenue Recognition - Contract

Revenue Recognition - Contract Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue Recognition
Unbilled receivables from customers	$ 1.1	$ 1.8

Revenue Recognition - Concentra

Revenue Recognition - Concentration of Revenue and Customers (Details) - Customer concentration risk - Ascensia - customer	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Concentration Risk [Line Items]
Number of customers	1	1	1	1
Revenue
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.96%	0.87%	0.93%	0.85%

Net Income (Loss) per Share - B

Net Income (Loss) per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ 104,231	$ (180,306)	$ 190,949	$ (429,820)	$ (302,500)	$ (175,200)	$ (115,500)
Impact of conversion of dilutive securities	(124,010)		(228,614)
Dilutive Net income (loss)	$ (19,779)	$ (180,306)	$ (37,665)	$ (429,820)
Net income (loss) per share
Basic	$ 0.22	$ (0.42)	$ 0.42	$ (1.08)
Diluted	$ (0.03)	$ (0.42)	$ (0.06)	$ (1.08)
Basic weighted average shares outstanding	464,133,903	431,840,854	460,061,022	398,244,296
Dilutive potential common stock outstanding
Stock-based awards	4,649,548		7,003,387
Warrants	1,357,430		3,463,862
Diluted weighted average shares outstanding	601,330,959	431,840,854	604,342,540	398,244,296
Total anti-dilutive shares outstanding	34,331,656	152,848,156	34,563,924	152,848,156
Stock-based awards
Dilutive potential common stock outstanding
Total anti-dilutive shares outstanding	13,900,070	28,974,297	11,142,459	28,974,297
2023 Notes
Dilutive potential common stock outstanding
Convertible Notes	4,617,646		4,617,646
Total anti-dilutive shares outstanding		5,092,801		5,092,801
2025 Notes
Dilutive potential common stock outstanding
Convertible Notes	39,689,142		39,689,142
Total anti-dilutive shares outstanding		39,689,142		39,689,142
PHC Notes
Dilutive potential common stock outstanding
Convertible Notes	65,718,303		65,816,535
Total anti-dilutive shares outstanding		65,757,177		65,757,177
PHC Option
Dilutive potential common stock outstanding
Total anti-dilutive shares outstanding	20,003,765		23,161,214
Energy Capital Option
Dilutive potential common stock outstanding
Convertible Notes	21,164,986		23,690,945
Warrants
Dilutive potential common stock outstanding
Total anti-dilutive shares outstanding	427,821	13,334,739	260,251	13,334,739

Marketable Securities - AFS Deb

Marketable Securities - AFS Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	$ 106,220	$ 148,539
Gross Unrealized Losses	(1,128)	(212)
Estimated Market Value	105,092	148,327
Commercial paper
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	14,532	57,369
Estimated Market Value	14,532	57,369
Corporate debt securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	37,292	39,825
Gross Unrealized Losses	(395)	(77)
Estimated Market Value	36,897	39,748
Asset backed Securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	14,847	26,736
Gross Unrealized Losses	(113)	(29)
Estimated Market Value	14,734	26,707
Government and agency securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	39,549	24,609
Gross Unrealized Losses	(620)	(106)
Estimated Market Value	$ 38,929	$ 24,503

Marketable Securities - AFS D_2

Marketable Securities - AFS Debt Securities - Maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
2022 (remaining six months)	$ 32,775
2023	62,013
2024	6,591
Thereafter	4,841
Total	$ 106,220

Inventory, net (Details)

Inventory, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finished goods	$ 1,020		$ 1,020		$ 1,012
Work-in-process	4,705		4,705		3,770
Raw materials	1,526		1,526		1,534
Total	7,251		7,251		$ 6,316
Inventory Valuation and Obsolescence
Inventory adjustments included in cost of sales
Cost	$ 600	$ 0	$ 600	$ 0

Prepaid Expenses, Other Curre_3

Prepaid Expenses, Other Current Assets, and Deposits and other assets (Details) $ in Thousands	Jun. 30, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Prepaid Expenses, Other Current Assets, and Deposits and other assets
Contract manufacturing	$ 5,314	$ 5,036
Insurance	913	74
Clinical and Preclinical	669	142
Interest receivable	319	443
Research and development	236	39
Accounting and Audit	138
Rent and utilities	107	105
IT and software	77	225
Sales and Marketing	45	98
Other		56
Total prepaid expenses and other current assets	7,818	6,218
Deposits and other assets	3,347	$ 1,086
Right of use asset, building	$ 3,200
Leased space, in square feet | ft²	33,000
Renewal term of lease	5 years

Accrued Expenses, Other Curre_3

Accrued Expenses, Other Current Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses, Other Current Liabilities, and Other Liabilities
Compensation and benefits	$ 3,251	$ 3,484
Research and development	2,254	2,145
Interest on notes payable	2,042	2,144
Sales and marketing services	2,276	1,962
Product warranty and replacement obligations	1,463	1,697
Professional and administration services	1,456	1,011
Contract manufacturing	960	914
Operating lease	705	904
Other	16	3
Total accrued expenses and other current liabilities	14,423	14,264
Non-current operating lease liabilities	$ 3,100	$ 600
Renewal term of lease	5 years

Product Warranty Obligations (D

Product Warranty Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Product Warranty Obligations
Warranty term	1 year
Warranty reserve	$ 764	$ 723
Reconciliation of the change in estimated warranty liabilities
Balance at beginning of the period	723	646
Provision for warranties during the period	47	781
Settlements made during the period	(6)	(704)
Balance at end of the period	$ 764	$ 723

Notes Payable, Preferred Stoc_3

Notes Payable, Preferred Stock and Stock Purchase Warrants (Details)

6 Months Ended

Jan. 01, 2022 USD ($) shares

Jan. 31, 2021 USD ($) $ / shares shares

Jan. 21, 2021 USD ($) $ / shares shares

Nov. 09, 2020 USD ($) $ / shares

Aug. 09, 2020 USD ($) $ / shares shares

Apr. 24, 2020 USD ($) $ / shares shares

Apr. 22, 2020 USD ($)

Jun. 30, 2022 USD ($) $ / shares shares

Jun. 30, 2021 USD ($)

Apr. 30, 2022

Dec. 31, 2021 USD ($) $ / shares

May 09, 2021 $ / shares shares

Dec. 31, 2020 USD ($)

Mar. 31, 2018 USD ($)

Debt Instrument [Line Items]

Loss on extinguishment

$ (3,183,000)

Notes payable

Derivative assets

$ 1,085,000

$ 239,000

Carrying Amount

50,650,000

59,798,000

Derivative liabilities

$ 54,737,000

$ 236,291,000

Common stock, par value per share (in dollars per share) | $ / shares

$ 0.001

$ 0.001

Exchange Agreement with Highbridge

Debt Instrument [Line Items]

Warrants to purchase shares | shares

4,500,000

Exercise price of warrant (in dollars per share) | $ / shares

$ 0.66

Notes payable

Shares issued | shares

11,026,086

Accrued and unpaid interest

$ 300,000

2023 Notes.

Notes payable

Fair value of the embedded conversion option

$ 400,000

$ 5,800,000

Derivative liabilities

$ 17,300,000

PHC Notes

Notes payable

Principal amount

$ 35,000,000

35,000,000

35,000,000

Interest rate (as a percent)

9.50%

8%

Carrying Amount

17,661,000

15,277,000

Debt issuance costs and discounts

$ 1,400,000

Fair value of the embedded conversion option

$ 25,800,000

$ 46,800,000

149,100,000

Effective Interest Rate

8%

9.50%

Original debt conversion amount

$ 0

Financing fee shares issued | shares

2,941,176

Common stock, par value per share (in dollars per share) | $ / shares

$ 0.001

Debt discount of financing fee shares

$ 1,500,000

Conversion rate

1,867.4136

Conversion price | $ / shares

$ 0.54

Conversion of Stock, Amount Issued

$ 15,000,000

Issuance costs incurred

2,900,000

998,000

1,136,000

Amount of principal which is converted to shares

$ 1,000

PHC Notes | Debt Redemption on or After October 31, 2022

Notes payable

Threshold percentage of stock trigger

275%

Notice period

10 days

PHC Notes | Debt Redemption on or After October 31, 2023

Notes payable

Notice period

10 days

PHC Notes | Debt Redemption Six Months Prior to Maturity Date

Notes payable

Call premium percentage

130%

PHC Notes | Debt Redemption Within Six Months of Maturity Date

Notes payable

Call premium percentage

125%

2025 Notes

Notes payable

Fair value of the embedded conversion option

$ 8,000,000

81,400,000

2025 Notes | Exchange Agreement with Highbridge

Notes payable

Principal amount

24,000,000

Deferred issuance costs and debt discounts

13,200,000

PPP Loan

Notes payable

Amount received from loan funding

$ 5,800,000

Principal amount

2,926,000

Interest rate (as a percent)

1%

Note term

2 years

Carrying Amount

2,926,000

Effective Interest Rate

1%

1%

PPP Loan | Silicon Valley Bank

Notes payable

Principal amount

$ 5,800,000

Second Lien Notes | Exchange Agreement with Highbridge

Notes payable

Principal amount

$ 15,700,000

PHC Option | Put option

Notes payable

Derivative assets

$ 1,100,000

200,000

PHC Option | Put option | Maximum

Notes payable

Gain on fair value adjustment of derivatives

900,000

Energy Capital Facility

Debt Instrument [Line Items]

Exercise price of warrant (in dollars per share) | $ / shares

$ 0.3951

Notes payable

Deferred issuance costs and debt discounts

$ 7,600,000

Period to purchase stock

24 months

Derivative liabilities

$ 4,200,000

$ 19,500,000

$ 69,400,000

Energy Capital Facility | Maximum

Debt Instrument [Line Items]

Warrants to purchase shares | shares

10,000,000

Notes payable

Share price for debt conversion | $ / shares

$ 0.25

Cash Cash Equivalents and Other Available Credit Threshold

$ 8,000,000

Series B Preferred Stock

Notes payable

Number of shares sold pursuant to regular purchases | shares

0

Maximum amount of shares that can be purchased under the equity line agreement at purchase price

$ 12,000,000

Series B Preferred Stock | Energy Capital Facility

Notes payable

Preferred stock value

$ 12,000,000

Share price for debt conversion | $ / shares

$ 1,000

Number of shares sold pursuant to regular purchases | shares

0

Maximum amount of shares that can be purchased under the equity line agreement at purchase price

$ 12,000,000

Period to purchase stock

6 months

Daily limit

$ 4,000,000

Conversion price | $ / shares

$ 0.3951

Series A Preferred Stock

Notes payable

Debt converted, Shares issued | shares

25,783

Gain on extinguishment

$ 3,500,000

Series A Preferred Stock | Masters Capital

Notes payable

Shares issued | shares

22,783

Conversion price | $ / shares

$ 0.476

Amount of principal which is converted to shares

$ 1,000

Number of shares issued and sold | shares

3,000

Price per share (in dollars per share) | $ / shares

$ 1,000

$ 1,000

Additional shares issued | shares

22,783

Gross proceeds from stock

$ 22,800,000

Series A Preferred Stock | Masters Capital | Maximum

Notes payable

Shares issued | shares

27,000

Number of shares issued and sold | shares

27,000

Notes Payable, Preferred Stoc_4

Notes Payable, Preferred Stock and Stock Purchase Warrants - Term Notes Payable (Details)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2019 USD ($) $ / shares	Mar. 31, 2018 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Long term debt
Loss on extinguishment of debt and issuance of debt				$ (3,183,000)
2023 Notes.
Long term debt
Fair value of the embedded conversion option			$ 400,000		$ 5,800,000
2023 Notes
Long term debt
Principal amount		$ 53,000,000	15,700,000		15,700,000
Conversion rate (per $1,000 of principal)		294.1176
Conversion price (in dollars per share) | $ / shares		$ 3.40
Repurchase price as a percent of principal amount		100%
Transaction costs		$ 2,200,000
Amortization percent		9.30%
Repurchase amount	$ 37,000,000
Amount of principal which is converted to shares		$ 1,000
Original debt conversion amount			0
2025 Notes.
Long term debt
Principal amount	$ 82,000,000		51,199,000		51,199,000
Conversion rate (per $1,000 of principal)	757.5758
Conversion price (in dollars per share) | $ / shares	$ 1.32
Amount of principal which is converted to shares	$ 1,000
Original debt conversion amount			$ 0		$ 6,500,000
Debt converted, Shares issued | shares					4,924,998
Loss on extinguishment of debt and issuance of debt				$ (3,183,000)	$ (3,200,000)

Notes Payable, Preferred Stoc_5

Notes Payable, Preferred Stock and Stock Purchase Warrants - Carrying amount of notes payable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Aug. 09, 2020	Jul. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Carrying Amount	$ 50,650	$ 59,798
2023 Notes
Debt Instrument [Line Items]
Aggregate principal amount	15,700	15,700			$ 53,000
Debt Discount	(826)	(1,499)
Carrying Amount	14,874	14,201
2025 Notes.
Debt Instrument [Line Items]
Aggregate principal amount	51,199	51,199		$ 82,000
Debt Discount	(17,910)	(20,535)
Issuance Costs	(300)	(344)
Carrying Amount	32,989	30,320
PHC Notes
Debt Instrument [Line Items]
Aggregate principal amount	35,000	35,000	$ 35,000
Debt Discount	(16,341)	(18,587)
Issuance Costs	(998)	(1,136)	$ (2,900)
Carrying Amount	$ 17,661	15,277
PPP Loan
Debt Instrument [Line Items]
Aggregate principal amount		2,926
Carrying Amount		$ 2,926

Notes Payable, Preferred Stoc_6

Notes Payable, Preferred Stock and Stock Purchase Warrants - Interest expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Long term debt
Interest	$ 3,279	$ 3,438
Debt Discount and Fees	5,545	4,501
Issuance Costs	181	138
Loss on Extinguishment		3,183
Total Interest Expense	$ 9,005	$ 11,260
2023 Notes
Long term debt
Effective Interest Rate	5.25%	5.25%
Interest	$ 412	$ 412
Debt Discount and Fees	673	614
Total Interest Expense	$ 1,085	$ 1,026
2025 Notes.
Long term debt
Effective Interest Rate	5.25%	5.25%
Interest	$ 1,330	$ 1,372
Debt Discount and Fees	2,625	2,210
Issuance Costs	44	36
Loss on Extinguishment		3,183	$ 3,200
Total Interest Expense	$ 3,999	$ 6,801
PHC Notes
Long term debt
Effective Interest Rate	8%	9.50%
Interest	$ 1,531	$ 1,625
Debt Discount and Fees	2,246	1,677
Issuance Costs	137	102
Total Interest Expense	$ 3,914	$ 3,404
PPP Loan
Long term debt
Effective Interest Rate	1%	1%
Interest	$ 6	$ 29
Total Interest Expense	$ 6	$ 29

Notes Payable, Preferred Stoc_7

Notes Payable, Preferred Stock and Stock Purchase Warrants - Scheduled Maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Scheduled maturities
2023	$ 15,700
2024	35,000
2025	51,199
Total	$ 101,899

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended
	Nov. 30, 2021	Jun. 30, 2021	Nov. 30, 2019	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Proceeds from offering				$ 48,353	$ 8,004	$ 200,440
Open Market Sale Agreement
Class of Stock [Line Items]
Proceeds from issuance of common stock, net		$ 48,400			$ 8,000
Number of additional shares issued						99,740,259
Shares issued		12,830,333			3,077,493
Open Market Sale Agreement | Maximum
Class of Stock [Line Items]
Proceeds from offering	$ 150,000		$ 50,000
Percentage of commission on proceeds from common stock	3%
2019 Sales Agreement
Class of Stock [Line Items]
Proceeds from issuance of common stock, net					$ 48,400
Shares issued					12,830,333
2019 Sales Agreement | Maximum
Class of Stock [Line Items]
Proceeds from offering			$ 50,000
Offering
Class of Stock [Line Items]
Shares issued						59,740,259
Registered Direct Offering
Class of Stock [Line Items]
Shares issued						40,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)		1 Months Ended		6 Months Ended
	Feb. 01, 2020 shares	Feb. 29, 2016 shares	Dec. 31, 2015	Jun. 30, 2022 item shares	May 30, 2019 shares
2015 Equity Incentive Plan
Stock-based compensation
Expiration period			10 years
Automatic annual increase in shares authorized, percent of common stock outstanding				3.50%
Shares available for grant				19,739,553
Inducement Plan
Stock-based compensation
Shares available for grant				846,571
Total shares that may be issued					1,800,000
2016 Employee Stock Purchase Plan
Stock-based compensation
Shares available for grant		800,000		13,114,632
Share increase (as a percent)		1%
Payroll deductions for ESPP participants (as a percent)				15%
Percentage on share price issued				85%
Offering period duration				6 months
Purchase periods | item				2
Stock issued	566,573			28,944
1997 Stock Option Plan
Stock-based compensation
Options vested and expected to vest				1,899,190

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Nov. 09, 2020
Fair Value Measurements
Cash and cash equivalents	$ 45,425	$ 33,461
Marketable securities	105,092	148,327
Derivative assets	1,085	239
Derivative liabilities	54,737	236,291
Energy Capital Facility
Fair Value Measurements
Derivative liabilities	19,500	69,400	$ 4,200
Recurring | Embedded conversion option | 2023 Notes
Fair Value Measurements
Derivative liabilities	438	5,817
Recurring | Embedded conversion option | PHC Notes
Fair Value Measurements
Derivative liabilities	46,760	149,058
Recurring | Embedded conversion option | 2025 Notes.
Fair Value Measurements
Derivative liabilities	7,977	81,417
Recurring | Money market funds
Fair Value Measurements
Cash and cash equivalents	42,168	29,197
Recurring | Corporate debt securities
Fair Value Measurements
Marketable securities	36,896	39,748
Recurring | Commercial paper
Fair Value Measurements
Marketable securities	14,532	57,369
Recurring | Asset backed Securities
Fair Value Measurements
Marketable securities	14,734	26,707
Recurring | Government and agency securities
Fair Value Measurements
Marketable securities	38,930	24,503
Recurring | PHC Option
Fair Value Measurements
Derivative assets	1,085	239
Recurring | Put Or Call Option | Energy Capital Facility
Fair Value Measurements
Derivative liabilities	19,476	69,401
Recurring | Level 1 | Money market funds
Fair Value Measurements
Cash and cash equivalents	42,168	29,197
Recurring | Level 1 | Government and agency securities
Fair Value Measurements
Marketable securities	34,489	19,957
Recurring | Level 2 | Embedded conversion option | 2023 Notes
Fair Value Measurements
Derivative liabilities	438
Recurring | Level 2 | Embedded conversion option | 2025 Notes.
Fair Value Measurements
Derivative liabilities	7,977	81,417
Recurring | Level 2 | Corporate debt securities
Fair Value Measurements
Marketable securities	36,896	39,748
Recurring | Level 2 | Commercial paper
Fair Value Measurements
Marketable securities	14,532	57,369
Recurring | Level 2 | Asset backed Securities
Fair Value Measurements
Marketable securities	14,734	26,707
Recurring | Level 2 | Government and agency securities
Fair Value Measurements
Marketable securities	4,441	4,546
Recurring | Level 3
Reconciliation of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)
Balance at the beginning of the period	224,037
Gain on fair value adjustment of option	(49,925)
Gain on change in fair value of derivatives	(107,677)
Financial asset (gain) impairment cost, net	(846)
Change in fair value hierarchy classification	(438)
Balance at the end of the period	65,151
Recurring | Level 3 | Embedded conversion option | 2023 Notes
Fair Value Measurements
Derivative liabilities		5,817
Recurring | Level 3 | Embedded conversion option | PHC Notes
Fair Value Measurements
Derivative liabilities	46,760	149,058
Recurring | Level 3 | PHC Option
Fair Value Measurements
Derivative assets	1,085	239
Recurring | Level 3 | Put Or Call Option | Energy Capital Facility
Fair Value Measurements
Derivative liabilities	$ 19,476	$ 69,401

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Assumptions (Details) - Recurring - Level 3	Jun. 30, 2022 Y
Stock price volatility | PHC Option
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	107
Probabilities of conversion provisions | Minimum | PHC Option
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	5
Probabilities of conversion provisions | Maximum | PHC Option
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	10
Time period until maturity (yrs) | PHC Option
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.50
PHC Notes | Stock price volatility
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	113
PHC Notes | Probabilities of conversion provisions | Minimum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	5
PHC Notes | Probabilities of conversion provisions | Maximum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	10
PHC Notes | Time period until maturity (yrs)
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	2.34
Energy Capital Facility | Stock price volatility
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	97
Energy Capital Facility | Probabilities of conversion provisions | Minimum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	5
Energy Capital Facility | Probabilities of conversion provisions | Maximum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	10
Energy Capital Facility | Time period until maturity (yrs) | Minimum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0
Energy Capital Facility | Time period until maturity (yrs) | Maximum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.36

Income Taxes - Tax Provision (D

Income Taxes - Tax Provision (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Taxes
Income tax provision	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related party transactions
Revenue	$ 3,577	$ 2,856	$ 5,767	$ 5,215
Due from related party	3,824		3,824		$ 1,768
Due to related party	3,692		3,692		3,597
Ascensia
Related party transactions
Revenue			5,700	$ 5,200
Due from related party	4,300		4,300		1,800
Due to related party	$ 3,600		$ 3,600		$ 2,500