Senseonics (SENS) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		492,900,981
Entity Central Index Key	0001616543
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 28,551	$ 35,793
Short term investments, net	89,067	108,222
Accounts receivable, net	655	127
Accounts receivable, net - related parties	3,020	2,324
Inventory, net	9,194	7,306
Prepaid expenses and other current assets	7,742	7,428
Total current assets	138,229	161,200
Deposits and other assets	6,755	3,108
Long term investments, net	7,453	12,253
Property and equipment, net	925	1,112
Total assets	153,362	177,673
Current liabilities:
Accounts payable	975	419
Accrued expenses and other current liabilities	14,256	14,616
Accrued expenses and other current liabilities, related parties	630	837
Note payable, current portion, net		15,579
Derivative liability, current portion		20
Total current liabilities	15,861	31,471
Long-term debt and notes payables, net	39,108	56,383
Derivative liabilities	1,792	52,050
Other liabilities	6,408	2,689
Total liabilities	63,169	142,593
Preferred stock and additional paid-in-capital, subject to possible redemption: $0.001 par value per share; 12,000 shares and 12,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022	37,656	37,656
Total temporary equity	37,656	37,656
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.001 par value per share; 900,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 492,826,683 shares and 479,637,138 shares issued and outstanding as of June 30, 2023 and December 31, 2022	493	480
Additional paid-in capital	880,129	806,488
Accumulated other comprehensive loss	(120)	(678)
Accumulated deficit	(827,965)	(808,866)
Total stockholders' equity (deficit)	52,537	(2,576)
Total liabilities and stockholders' equity	$ 153,362	$ 177,673

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class of stock information
Temporary equity, par or stated value per share	$ 0.001	$ 0.001
Temporary equity, shares issued	12,000	12,000
Temporary equity, shares outstanding	12,000	12,000
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	492,826,683	479,637,138
Common stock, shares outstanding	492,826,683	479,637,138

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Revenue, net	$ 437	$ 137	$ 750	$ 429
Revenue, net - related parties	3,689	3,577	7,513	5,767
Total revenue	4,126	3,714	8,263	6,196
Cost of sales	3,709	2,890	7,433	4,845
Gross profit	417	824	830	1,351
Expenses:
Research and development expenses	12,830	9,299	25,235	17,103
Selling, general and administrative expenses	7,455	8,561	15,173	16,445
Operating loss	(19,868)	(17,036)	(39,578)	(32,197)
Other income (expense), net:
Interest income	1,311	241	2,420	334
Gain on fair value adjustment of option		28,224		49,925
Exchange related gain, net			18,776
Interest expense	(2,310)	(4,510)	(6,962)	(9,005)
Gain on change in fair value of derivatives	289	96,548	6,067	181,117
Impairment cost, net		816		846
Other income (expense)	155	(52)	178	(71)
Total other (expense) income, net	(555)	121,267	20,479	223,146
Net (Loss) Income	(20,423)	104,231	(19,099)	190,949
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities	100	(291)	558	(916)
Total other comprehensive gain (loss)	100	(291)	558	(916)
Total comprehensive (loss) income	$ (20,323)	$ 103,940	$ (18,541)	$ 190,033
Basic net (loss) income per common share	$ (0.04)	$ 0.22	$ (0.04)	$ 0.42
Basic weighted-average shares outstanding	567,125,022	464,133,903	532,499,776	460,061,022
Diluted net loss per common share	$ (0.04)	$ (0.03)	$ (0.04)	$ (0.06)
Diluted weighted-average shares outstanding	567,125,022	601,330,959	532,499,776	604,342,540

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Preferred Stock Series B Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
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 of issuance costs		$ 3	8,001			8,004
Issuance of common stock, net of issuance costs (in shares)		3,077
Exercise of stock options and warrants		$ 9	230			239
Exercise of stock options and warrants (in shares)		9,211
Issued common stock for vested RSUs and ESPP purchase		$ 7	56			63
Issued 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 (loss) income					190,949	190,949
Other comprehensive (loss) income, 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 Dec. 31, 2021		$ 447	765,215	(212)	(950,985)	(185,535)
Balance (in shares) at Dec. 31, 2021		447,282
Balance at Dec. 31, 2022	$ 37,656	$ 480	806,488	(678)	(808,866)	(2,576)
Balance (in shares) at Dec. 31, 2022		479,637
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
Issued common stock for vested RSUs and ESPP purchase		$ 3	(2)			1
Issued 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 (loss) income					104,231	104,231
Other comprehensive (loss) income, 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
Balance at Dec. 31, 2022	37,656	$ 480	806,488	(678)	(808,866)	(2,576)
Balance (in shares) at Dec. 31, 2022		479,637
Changes in Stockholders' Equity (Deficit)
Issuance of common stock, net of issuance costs		$ 10	7,366			7,376
Issuance of common stock, net of issuance costs (in shares)		9,945
Issuance of warrants, net of issuance costs			63,282			63,282
Exercise of stock options and warrants			3			3
Exercise of stock options and warrants (in shares)		6
Issued common stock for vested RSUs and ESPP purchase		$ 5	82			87
Issued common stock for vested RSUs and ESPP purchase (in shares)		5,371
Stock-based compensation expense			4,651			4,651
Shares withheld related to net share settlement of equity awards		$ (2)	(1,601)			(1,603)
Shares withheld related to net share settlement of equity awards (in shares)		(2,132)
Other			(142)			(142)
Net (loss) income					(19,099)	(19,099)
Other comprehensive (loss) income, net of tax				558		558
Balance at Jun. 30, 2023	37,656	$ 493	880,129	(120)	(827,965)	52,537
Balance (in shares) at Jun. 30, 2023		492,827
Balance at Mar. 31, 2023	37,656	$ 480	871,746	(220)	(807,542)	64,464
Balance (in shares) at Mar. 31, 2023		479,780
Changes in Stockholders' Equity (Deficit)
Issuance of common stock, net of issuance costs		$ 10	7,366			7,376
Issuance of common stock, net of issuance costs (in shares)		9,945
Warrant issuance costs			(260)			(260)
Exercise of stock options and warrants			3			3
Exercise of stock options and warrants (in shares)		6
Issued common stock for vested RSUs and ESPP purchase		$ 5	(3)			2
Issued common stock for vested RSUs and ESPP purchase (in shares)		5,228
Stock-based compensation expense			2,870			2,870
Shares withheld related to net share settlement of equity awards		$ (2)	(1,596)			(1,598)
Shares withheld related to net share settlement of equity awards (in shares)		(2,132)
Other			3			3
Net (loss) income					(20,423)	(20,423)
Other comprehensive (loss) income, net of tax				100		100
Balance at Jun. 30, 2023	$ 37,656	$ 493	$ 880,129	$ (120)	$ (827,965)	$ 52,537
Balance (in shares) at Jun. 30, 2023		492,827

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net (loss) income	$ (19,099)	$ 190,949
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization expense	454	520
Non-cash interest expense (debt discount and deferred costs)	3,426	5,726
Gain on change in fair value of derivatives	(6,067)	(181,117)
Gain on fair value adjustment of option		(49,925)
Exchange related gain, net	(18,776)
(Gain) Impairment of option, net		(846)
Stock-based compensation expense	4,651	4,321
Provision for inventory obsolescence and net realizable value	(65)
Other	55
Changes in assets and liabilities:
Accounts receivable	(1,224)	(2,070)
Prepaid expenses and other current assets	(314)	(1,600)
Inventory	(1,823)	(934)
Deposits and other assets	(26)	163
Accounts payable	556	530
Accrued expenses and other liabilities	493	44
Accrued interest	357	(102)
Operating lease liabilities	(430)
Net cash used in operating activities	(37,832)	(34,341)
Cash flows from investing activities
Capital expenditures	(57)	(211)
Purchase of marketable securities	(61,818)
Proceeds from sale and maturity of marketable securities	87,746	42,319
Net cash provided by investing activities	25,871	42,108
Cash flows from financing activities
Issuance of common stock, net of issuance costs	7,376	8,004
Issuance of stock options, net of issuance costs	(52)	302
Repayment of 2023 Note	(15,700)
Taxes paid related to net share settlement of equity awards	(1,603)	(1,183)
Proceeds from issuance of warrants, net	14,698
Repayment of term loans		(2,926)
Net cash provided by financing activities	4,719	4,197
Net (decrease) increase in cash and cash equivalents	(7,242)	11,964
Cash and cash equivalents, at beginning of period	35,793	33,461
Cash and cash equivalents, at ending of period	28,551	45,425
Supplemental disclosure of cash flow information
Cash paid during the period for interest	1,756	3,381
Lease liabilities arising from obtaining right-of-use assets	3,831	$ 2,944
Supplemental disclosure of non-cash investing and financing activities
Issuance of warrant in exchange for PHC Notes	$ 48,564

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2023
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 manufacturing 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, 2023
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. The Company has incurred substantial losses and cumulative negative cash flows from operations since its inception in October 1996 and expects to incur additional losses in the near future. We incurred total gross profit (loss) of $2.7 million, ($0.8) million, and ($17.4) million for the years ended December 31, 2022, 2021 and 2020, respectively. For the three months ending June 30, 2023, the Company had gross profit of $0.4 million and an accumulated deficit of $828.0 million. To date, the Company has funded its operations principally through the issuance of preferred stock, common stock, warrants, convertible notes and debt. As of June 30, 2023, the Company had cash, cash equivalents and marketable securities of $125.1 ​ On Aug of the Company’s common stock outstanding as of August 10, 2023 (the “Exchange Share Cap”). If the average trading price over the averaging period would otherwise result in the number of shares to be issued exceeding the Exchange Share Cap, the amount of the Exchanged Notes will be proportionally reduced. The Exchanges are subject to customary closing conditions and are expected to close on or about September 5, 2023. ​ In August 2023, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Goldman Sachs & Co. LLC (“GS”), 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 $106.6 million through GS as its sales agent in an “at the market” offering. GS will receive a commission up to 3.0% of the gross proceeds of any common stock sold through GS under the Equity Distribution Agreement. The shares will be offered and sold pursuant to a shelf registration statement on Form S-3 (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) on August 10, 2023. The Registration Statement has not yet been declared effective by the Commission and no sales may be made until such time as the Registration Statement is declared effective. ​ 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, 2023, the Company received $7.4 million in net proceeds from the sale of 9,944,663 shares of its common stock under the 2021 Sales Agreement. For the six months ended June 30, 2022, 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. On August 7, 2023, the Company and Jefferies mutually agreed to terminate the Open Market Sale Agreement, effective as of August 7, 2023. At the time of termination, approximately $106.6 million remained available for issuance pursuant to the 2021 Sales Agreement. ​ 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 provided that, upon the terms and subject to the conditions and limitations set forth therein, Energy Capital was 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 had 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 provided that the Company was not permitted to 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 had been no sales of the Series B Preferred Stock pursuant to the Equity Line Agreement, Energy Capital had 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. On November 7, 2022, Energy Capital exercised in full its right to purchase $12.0 million of Series B Preferred Stock. The excess of the Purchase Price and the fair value of the Energy Capital option in the total amount of $37.6 million was recorded in additional-paid-in-capital. ​ 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 U.S. Food and Drug Administration (“FDA”) approval for the 180-day Eversense product for marketing in the United States before such date. The Company successfully obtained FDA approval in February 2022 and the option was not exercised. As described in Note 11, on March 13, 2023, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with PHC, pursuant to which PHC agreed to exchange (the “Exchange”) its $35.0 million aggregate principal amount of the PHC Notes, including all accrued and unpaid interest thereon, for a warrant (the “Exchange Warrant”) to purchase up to 68,525,311 shares of the Company’s common stock, $0.001 par value per share (the “Exchange Warrant Shares”). The Exchange Warrant is a “pre-funded” warrant with a nominal exercise price of $0.001 per Exchange Warrant Share. On March 31, 2023, the Exchange was consummated, and the Company issued the Exchange Warrant to PHC in consideration for the cancellation of the PHC Notes. ​ On March 13, 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with PHC, pursuant to which the Company issued and sold to PHC in a private placement (the “Private Placement”) a warrant (the “Purchase Warrant”) to purchase 15,425,750 shares of the Company’s common stock, $0.001 par value per share (the “Purchase Warrant Shares”). The purchase price of the Purchase Warrant was approximately $0.97 per Purchase Warrant Share, representing the undiscounted, trailing 10-day volume weighted average price of the Company’s common stock through March 10, 2023. The Purchase Warrant is a “pre-funded” warrant with a nominal exercise price of $0.001 per Purchase Warrant Share. The issuance of the Purchase Warrants enabled PHC to maintain, as of the closing of the transaction, a 15% beneficial ownership for purposes of the Investor Rights Agreement, dated August 9, 2020, between the Company and PHC. The Private Placement closed on March 13, 2023 (the “Private Placement Closing Date”) and the Company received aggregate gross proceeds of $15.0 million, before deducting private placement expenses payable by the Company. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	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, 2023, and December 31, 2022, results of operations, comprehensive income (loss), and changes in stockholder’s deficit for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022 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, 2022, as filed with the SEC on March 16, 2023. The interim results for June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, 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. ​ Recent Accounting Pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) 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, fair value of investments, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, bad debts, 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 bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ from those estimates; however, management does not believe that such differences would be material. ​ 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, 2022.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
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, 2022. ​ 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 30, 2023 ​ ​ June 30, 2023 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 1,793 ​ 43.5 % ​ $ 3,955 ​ 47.9 % Outside of the United States ​ 2,333 ​ 56.5 ​ ​ ​ 4,308 ​ 52.1 ​ Total $ 4,126 ​ 100.0 % ​ $ 8,263 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2022 ​ ​ June 30, 2022 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 1,207 ​ 32.5 % ​ $ 1,974 ​ 31.9 % Outside of the United States ​ 2,507 ​ 67.5 ​ ​ ​ 4,222 ​ 68.1 ​ Total $ 3,714 ​ 100.0 % ​ $ 6,196 ​ 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 – related parties, net as of June 30, 2023 and December 31, 2022, included unbilled accounts receivable of $0.9 million and $1.7 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, 2023 and 2022, the Company derived 89% and 96%, respectively, of its total revenue from one customer, Ascensia. For the six months ended June 30, 2023, and 2022, the Company derived 91% and 93%, 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, 2023
Net Income (Loss) per Share
Net Income (Loss) per Share	5. Net Income (Loss) per Share Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. An aggregate of 83,951,061 Since the shares are issuable for little or no consideration, sometimes referred to as “penny warrants”, they are considered outstanding in the context of earnings per share, as discussed in ASC 260-10-45-13. ​ Dilutive net income (loss) per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents. Potentially dilutive common shares consist of shares issuable from restricted stock units, stock options, 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. The if-converted method assumes conversion of convertible securities at the beginning of the reporting period. Interest expense, dividends, and the changes in fair value measurement recognized during the period are added back to the numerator. The denominator includes the common shares issuable upon conversion of convertible securities. ​ 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 (loss) per share for the periods shown: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ (20,423) ​ $ 104,231 ​ $ (19,099) ​ $ 190,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact of conversion of dilutive securities ​ — ​ ​ (124,010) ​ ​ — ​ ​ (228,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive Net loss $ (20,423) ​ $ (19,779) ​ $ (19,099) ​ $ (37,665) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ (0.04) ​ $ 0.22 ​ $ (0.04) ​ $ 0.42 Diluted $ (0.04) ​ $ (0.03) ​ $ (0.04) ​ $ (0.06) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 567,125,022 ​ ​ 464,133,903 ​ ​ 532,499,776 ​ ​ 460,061,022 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 Energy Capital Option ​ — ​ ​ 21,164,986 ​ ​ — ​ ​ 23,690,945 Warrants ​ — ​ ​ 1,357,430 ​ ​ — ​ ​ 3,463,862 Diluted weighted average shares outstanding ​ 567,125,022 ​ ​ 601,330,959 ​ ​ 532,499,776 ​ ​ 604,342,540 ​ Outstanding anti-dilutive securities not included in the diluted net income (loss) per share calculations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 ​ 2022 Stock-based awards ​ 31,785,464 ​ 13,900,070 ​ 31,785,464 ​ 11,142,459 PHC Option ​ — ​ 20,003,765 ​ — ​ 23,161,214 2025 Notes ​ 39,689,142 ​ — ​ 39,689,142 ​ — Energy Capital Preferred Shares ​ 30,372,058 ​ — ​ 30,372,058 ​ — Warrants ​ 427,821 ​ 427,821 ​ 427,821 ​ 260,251 Total anti-dilutive shares outstanding ​ 102,274,485 ​ 34,331,656 ​ 102,274,485 ​ 34,563,924 ​

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2023
Marketable Securities.
Marketable Securities	6. Marketable Securities ​ Marketable securities available for sale, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 43,242 ​ $ — ​ $ — ​ $ 43,242 Corporate debt securities ​ ​ 11,867 ​ ​ 3 ​ ​ (34) ​ ​ 11,836 Asset backed securities ​ ​ 7,479 ​ ​ — ​ ​ (26) ​ ​ 7,453 Government and agency securities ​ ​ 34,052 ​ ​ — ​ ​ (63) ​ ​ 33,989 Total ​ $ 96,640 ​ $ 3 ​ $ (123) ​ $ 96,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 41,503 ​ $ — ​ $ — ​ $ 41,503 Corporate debt securities ​ ​ 32,331 ​ ​ — ​ ​ (189) ​ ​ 32,142 Asset backed securities ​ ​ 8,363 ​ ​ — ​ ​ (103) ​ ​ 8,260 Government and agency securities ​ ​ 38,956 ​ ​ — ​ ​ (386) ​ ​ 38,570 Total ​ $ 121,153 ​ $ — ​ $ (678) ​ $ 120,475 ​ The following are the scheduled maturities as of June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Fair ​ ​ Carrying Amount ​ Value 2023 (remaining six months) $ 62,529 ​ $ 62,519 2024 ​ 27,362 ​ 27,277 2025 ​ ​ 6,749 ​ ​ 6,724 Total $ 96,640 ​ $ 96,520 ​ 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, 2023 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, 2023
Inventory, net
Inventory, net	7. Inventory, net ​ Inventory, net of reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 2022 Finished goods $ 2,379 $ 1,697 Work-in-process ​ 5,408 ​ 4,057 Raw materials ​ 1,407 ​ 1,552 Total ​ $ 9,194 ​ $ 7,306 ​ The Company charged less than $0.1 million

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	8 . Prepaid Expenses and Other Current Assets ​ Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Contract manufacturing⁽¹⁾ ​ $ 4,026 ​ $ 4,097 Tax credits receivable (2) ​ ​ 1,793 ​ ​ — Insurance ​ ​ 625 ​ ​ 1,243 Unsettled stock issuance proceeds ​ ​ 369 ​ ​ — Clinical and Preclinical ​ ​ 255 ​ ​ 924 Interest receivable ​ 241 ​ 336 Rent and utilities ​ ​ 150 ​ ​ 132 Accounting and Audit ​ ​ 48 ​ ​ 270 Other ​ ​ 235 ​ ​ 426 Total prepaid expenses and other current assets ​ $ 7,742 ​ $ 7,428 ​ (1) Includes deposits to contract manufacturers for manufacturing process. (2) Refundable employee retention credits, enacted under the CARES Act.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	9. Accrued Expenses and Other Current Liabilities ​ Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Research and development ​ $ 5,367 ​ $ 3,502 Compensation and benefits ​ ​ 2,558 ​ ​ 4,699 Professional and administration services ​ 2,381 ​ 1,053 Contract manufacturing ​ 2,105 ​ 2,480 Interest on notes payable ​ ​ 1,232 ​ ​ 2,050 Product warranty and replacement obligations ​ 494 ​ 781 Operating lease ​ ​ 483 ​ ​ 725 Sales and marketing services ​ ​ 266 ​ ​ 149 Other ​ ​ — ​ ​ 14 Total accrued expenses and other current liabilities ​ $ 14,886 ​ $ 15,453 ​

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	10. Leases ​ The Company leases approximately 33,000 square feet of research and office space for its corporate headquarters under a non-cancelable operating lease. In May 2023, the Company amended our lease, extending the lease term through May 31, 2033, and obtained a tenant improvement allowance of $1.3 million. The Company accounted for the amendment as a lease modification and remeasured the ROU asset and lease liability as of the amendment date, which resulted in an increase of $2.5 million to the ROU asset, and an increase of $3.8 million to the lease liability. The Company has one option to extend the term for an additional period of five years beginning on June 1, 2033. The rent expense is recognized on a straight-line basis through the end of the lease term, excluding option renewals. The difference between the straight-line rent amounts and amounts payable under the lease is recorded as deferred rent. ​ Operating lease expense for the six months ended June 30, 2023 and 2022 was $0.4 million and $0.3 million, respectively. ​ The following table summarizes the lease assets and liabilities as of June 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Operating Lease Assets and Liabilities ​ Balance Sheet Classification ​ 2023 2022 Assets ​ ​ ​ ​ ​ ​ ​ Operating lease ROU assets ​ ​ Deposits and other assets ​ $ 5,340 $ 3,032 Tenant improvement allowance receivable ​ ​ Deposits and other assets ​ ​ 1,312 ​ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ ​ Accrued expenses and other current liabilities ​ $ 483 $ 725 Non-current operating lease liabilities ​ ​ Other non-current liabilities ​ ​ 6,408 ​ 2,689 Total operating lease liabilities ​ ​ ​ ​ $ 6,891 $ 3,414 ​ The following table summarizes the maturity of undiscounted payments due under operating lease liabilities and the present value of those liabilities as of June 30, 2023 (in thousands): ​ ​ ​ ​ ​ 2023 (remaining 6 months) $ 594 2024 ​ ​ 912 2025 ​ ​ 939 2026 ​ ​ 967 2027 ​ ​ 996 Thereafter ​ ​ 5,934 Total ​ ​ 10,342 Less: Present value adjustment ​ ​ (3,451) Present value of lease liabilities ​ $ 6,891 ​ The following table summarizes the weighted-average lease term and weighted-average discount rate as of June 30, 2023: ​ ​ ​ ​ ​ Remaining lease term (years) ​ 2023 ​ Operating leases ​ 9.7 ​ Discount rate ​ ​ ​ Operating leases ​ 8.5 % ​ ​ ​ ​

Product Warranty Obligations

Product Warranty Obligations	6 Months Ended
	Jun. 30, 2023
Product Warranty Obligations
Product Warranty Obligations	11. 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 each June 30, 2023 and December 31, 2022, the warranty reserve was $0.5 million and $0.8 million, respectively. The following table provides a reconciliation of the change in estimated warranty liabilities for the six months ended June 30, 2023, and for the twelve months ended December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Balance at beginning of the period ​ $ 781 ​ $ 723 Provision for warranties during the period ​ ​ 62 ​ ​ 166 Settlements made during the period ​ ​ (349) ​ ​ (108) Balance at end of the period ​ $ 494 ​ $ 781

Notes Payable, Preferred Stock

Notes Payable, Preferred Stock and Stock Purchase Warrants	6 Months Ended
	Jun. 30, 2023
Notes Payable, Preferred Stock and Stock Purchase Warrants
Notes Payable, Preferred Stock and Stock Purchase Warrants	12. 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. Preferred Stock under the Equity Line Agreement at the Purchase Price. On November 7, 2022, Energy Capital exercised in full its right to purchase $12.0 million of Series B Preferred Stock. ​ The Company accounted for the Equity Line Agreement as a put/call option (the “Energy Capital Option”). This put/call option was 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 was 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 December 31, 2021 was $69.4 million. The Company adjusted the Energy Capital Option to its fair value of $25.7 million on the exercise date, recognizing a fair value adjustment gain of $43.7 million. ​ 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 on a net basis in February 2022 and Energy Capital received 8,917,535 shares of common stock upon the net exercise of the Warrants. ​ On March 13, 2023, pursuant to the Securities Purchase Agreement with PHC, the Company issued and sold to PHC in a private placement a warrant (the “Purchase Warrant”) to purchase 15,425,750 shares of common stock (the “Purchase Warrant Shares”). The Purchase Warrant is a “pre-funded” warrant with a nominal exercise price of $0.001 per Purchase Warrant Share. On the private placement closing date, the Company received aggregate gross proceeds of $15.0 million, before deducting private placement expenses payable by the Company. All or any part of the Purchase Warrant shall is exercisable by the holder at any time and from time to time. ​ The Company determined that the Purchase Warrant shall be classified as equity in accordance with ASC Topic 480, Distinguishing Liabilities from Equity and ASC Topic 815. At issuance, the Company recorded the estimated fair value of the Purchase Warrant in the amount of $14.3 million as additional paid-in-capital in the Company’s consolidated balance sheets. ​ Because PHC was an existing stockholder of the Company at the time of the transaction, the $0.7 million excess of the purchase price over the fair value of the Purchase Warrant was recognized as an equity transaction and recorded as a capital contribution made by PHC to the Company as additional paid-in-capital in the Company’s consolidated balance sheets. ​ Additionally, on March 13, 2023, the Company entered into an Exchange Agreement with PHC, pursuant to which PHC agreed to exchange (the “Exchange”) its $35.0 million aggregate principal amount of the PHC Notes, including all accrued and unpaid interest thereon, for a warrant (the “Exchange Warrant”) to purchase up to 68,525,311 shares of common stock (the “Exchange Warrant Shares”). The Exchange Warrant is a “pre-funded” warrant with a nominal exercise price of $0.001 per Exchange Warrant Share. All or any part of the Exchange Warrant is exercisable by the holder at any time and from time to time. The number of Exchange Warrant Shares represents the number of shares of common stock previously issuable upon conversion of the PHC Notes, in accordance with the original terms of the notes, including a number of shares in respect of accrued and unpaid interest through the closing date, plus additional shares with a value of $675,000 reflecting a portion of the future interest payments forgone by PHC. On March 31, 2023 (6:00 am Japan Standard Time on April 1, 2023), the Exchange was consummated, and the Company issued the Exchange Warrant to PHC in consideration for the cancellation of the PHC Notes. ​ The Company determined that the Exchange Warrant shall be classified as equity in accordance with ASC 480 and ASC 815. At March 31, 2023, the Company recorded the estimated fair value of the Exchange Warrant in the amount of $48.6 million as additional paid-in-capital in the Company’s consolidated balance sheets. ​ As of June 30, 2023, the Purchase Warrant and the Exchange Warrant remained unexercised and outstanding. As they are prefunded warrants, the Company included the entirety of the warrant shares as weighted average outstanding shares in the calculation of its basic earnings per share. ​ 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 were senior secured obligations of the Company and were 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 was October 31, 2024 (the “Maturity Date”). The obligations under the PHC Notes were secured by substantially all of the Company’s and its subsidiary’s assets. ​ The Note Purchasers were 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 $0.53 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 occured prior to the maturity date, the Company would have been required, in certain circumstances, to increase the conversion rate for a holder electing to convert its PHC Notes in connection with such notice of redemption or corporate event. In certain circumstances, the Company would have been required to pay cash in lieu of delivering make whole shares unless the Company obtained stockholder approval to issue such shares. ​ Subject to specified conditions, on or after October 31, 2022, the PHC Notes would have become redeemable by the Company if the closing sale price of the common stock were to exceed 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 would have become 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 had 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 contained 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 were subject to certain minimum thresholds and exceptions. The Note Purchase Agreement also contained customary events of default, after which the PHC Notes would have 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 had 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 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. On the date of issuance, 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 815. The derivative was 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. ​ In connection with the issuance of the PHC Notes, 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 the PHC Notes prior to the exchange of the PHC Notes for the Exchange Warrant described above. ​ As described above, the Exchange Agreement with PHC was consummated on March 31, 2023, whereby PHC exchanged the PHC Notes in $35.0 million principal amount and all accrued and unpaid interest for the Exchange Warrant. On March 31, 2023, the Company was released from its obligation under the PHC Notes. ​ Upon execution of the Exchange Agreement, the exercise of the original conversion feature of the PHC Notes became remote. Accordingly, the Company remeasured the embedded derivative to its fair value of $0 . The Company recognized a change in fair value of the embedded derivative of $44.2 million in the caption “Exchange related gain, net” that is a component of other income (expense) in the Company’s consolidated statement of operations and comprehensive loss. ​ The Company accounted for the Exchange as an extinguishment of the PHC Notes, and thus, it derecognized the PHC Notes in its consolidated balance sheets and recognized a loss of $25.4 million as the difference between the carrying value plus accrued interest of the PHC Notes of $23.2 million and the $48.6 million fair value of the Exchange Warrant as an extinguishment loss in the caption “Exchange related gain, net” that is a component of other income (expense) in the Company’s consolidated statement of operations and comprehensive loss. As a result of the Exchange, the Company recognized a total net gain on exchange of the PHC notes of $18.8 million representing the gain on change in the fair value of the PHC Notes conversion feature recognized as an embedded derivative and the loss on extinguishment of the PHC Notes in exchange for the Exchange Warrant. ​ 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 ​ 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 (i) $15.7 million of Second Lien Notes (the “Second Lien Notes”), (ii) 11,026,086 shares of common stock, (iii) warrants to purchase up to 4,500,000 shares of common stock at an exercise price of $0.66 per share, and (iv) $0.3 million in accrued and unpaid interest on the 2025 Notes being exchanged. 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. In January 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. On January 31, 2023, the Company repaid the outstanding principal and accrued interest in full. The derivative was unexercised upon maturity and the fair value in the amount of $0.02 million was recognized as an extinguishment gain in the caption “Other income (expense)” in Company’s consolidated statement of operations and comprehensive loss. ​ The following carrying amounts were outstanding under the Company’s notes payable as of June 30, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2025 Notes 51,199 ​ (11,892) ​ (199) ​ 39,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (121) ​ - ​ 15,579 2025 Notes 51,199 ​ (15,029) ​ (252) ​ 35,918 PHC Notes 35,000 ​ (13,698) ​ (837) ​ 20,465 ​ Interest expense related to the notes payable for the six months ended June 30, 2023 and 2022 was as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ Total Interest Expense ($) 2023 Notes 5.25% ​ 69 ​ 120 ​ - ​ 189 2025 Notes 5.25% ​ 1,344 ​ 3,146 ​ 53 ​ 4,543 PHC Notes 8.00% ​ 700 ​ 1,442 ​ 88 ​ 2,230 Total ​ ​ 2,113 ​ 4,708 ​ 141 ​ 6,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following are the scheduled maturities of the Company’s notes payable as of June 30, 2023 (in thousands): ​ ​ ​ ​ ​ 2023 (remaining six months) $ — 2024 ​ — 2025 ​ ​ 51,199 Total $ 51,199 ​

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)	13. 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, 2023, the Company received $7.4 million in net proceeds from the sale of 9,944,663 shares of its common stock under the 2021 Sales Agreement. In 2022, the Company received $34.4 million in net proceeds from the sale of 15,160,899 shares of its common stock under the 2021 Sales Agreement. ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	14. 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, 2023, 28,775,002 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, 2023, 201,569 shares remained available for grant under the Inducement Plan. ​ Commercial Equity Plan ​ On January 30, 2023, the Company adopted the Senseonics Holdings, Inc. 2023 Commercial Equity Plan (the “Commercial Equity Plan”), pursuant to which the Company reserved 10,000,000 shares of common stock for issuance. Eligible recipients under the plan are non-employees of Senseonics, including employees of our global commercial partner, Ascensia, who assist with the commercialization of our products. An “Award” is any right to receive the Company’s common stock pursuant to the Commercial Equity Plan, consisting of non-statutory options and restricted stock unit awards. On May 3, 2023, the Company issued 2,525,000 shares under the Commercial Equity Plan. As of June 30, 2023, 7,475,000 ​ 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. As of June 30, 2023, there were 17,760,078 shares of common stock available for issuance under the 2016 ESPP. For the six months ended June 30, 2023, there were purchases of 86,816 shares of common stock pursuant to the 2016 ESPP. ​ 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 ​ 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 1,217,348 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, 2023
Fair Value Measurements
Fair Value Measurements	15. 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, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 25,007 ​ $ 25,007 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 43,242 ​ ​ — ​ ​ 43,242 ​ ​ — ​ Corporate debt securities ​ ​ 11,836 ​ ​ — ​ ​ 11,836 ​ ​ — ​ Asset backed securities ​ ​ 7,453 ​ ​ — ​ ​ 7,453 ​ ​ — ​ Government and agency securities ​ ​ 33,989 ​ ​ 33,989 ​ ​ — ​ ​ — ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded features of the 2025 Notes ​ $ 1,792 ​ $ — ​ ​ — ​ ​ 1,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 34,658 ​ $ 34,658 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 41,503 ​ ​ — ​ ​ 41,503 ​ ​ — ​ Corporate debt securities ​ ​ 32,142 ​ ​ — ​ ​ 32,142 ​ ​ — ​ Asset backed securities ​ ​ 8,260 ​ ​ — ​ ​ 8,260 ​ ​ — ​ Government and agency securities ​ ​ 38,570 ​ ​ 31,627 ​ ​ 6,943 ​ ​ — ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded features of the 2023 Notes ​ $ 20 ​ $ — ​ ​ 20 ​ ​ — ​ Embedded features of the PHC Notes ​ ​ 44,191 ​ ​ — ​ ​ — ​ ​ 44,191 ​ Embedded features of the 2025 Notes ​ ​ 7,859 ​ ​ — ​ ​ — ​ ​ 7,859 ​ (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, 2022 ​ $ 52,050 Gain on change in fair value of embedded features of the PHC Notes ​ ​ (44,191) Gain on change in fair value of embedded features of the 2025 Notes ​ ​ (6,067) June 30, 2023 ​ $ 1,792 ​ 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, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ ​ ​ ​ ​ 2025 Notes ​ ​ ​ Unobservable Inputs ` Assumptions ​ ​ ​ ​ Stock price volatility 40.0 % ​ ​ ​ Probabilities of conversion provisions 5.0 - 85.0 % ​ ​ ​ Credit spread ​ 8.7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ 2025 Notes ​ PHC Notes ​ ​ Unobservable Inputs ​ Assumptions ​ Assumptions ​ ​ Stock price volatility 110.0 % 99.0 % ​ Probabilities of conversion provisions ​ 5.0 - 10.0 % 5.0 - 10.0 % ​ Credit spread ​ 13.96 % 13.96 % ​ Recovery rate -1.56 % -5.51 % ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	16. Income Taxes ​ The Company has no t recorded any tax provision or benefit for the six months ended June 30, 2023 or June 30, 2022. 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, 2023 and December 31, 2022.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	17. Related Party Transactions ​ PHC has a noncontrolling ownership interest in the Company. In addition, PHC has representation on the Company’s board of directors. The Company entered into a financing agreement with PHC on August 9, 2020 and entered into an exchange agreement with PHC during 2023 (see Note 12 for further discussion). Ascensia, through the ownership interests of its parent company, PHC, is a related party. . We also purchase certain medical supplies from Ascensia for our clinical trials. We paid Ascensia, $0.3 million and $0.1 million during ​ The amount due from Ascensia as of June 30, 2023 and December 31, 2022 was $3.0 million and $2.3 million, respectively. The amount due to Ascensia as of June 30, 2023 and December 31, 2022 was $0.6 million and $0.9 million, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	18. Subsequent Events ​ The Company has evaluated all subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of that required recognition or disclosure, other than those described below. ​ 2025 Notes Exchange Agreements ​ On August 10, 2023 the Company entered into separate, privately negotiated exchange agreements (the “Exchange Agreements”) with a limited number of holders (the “Noteholders”) of the Company’s currently outstanding 5.25% Convertible Senior Notes due 2025 (the “2025 Notes”). Under the terms of the Exchange Agreements, the Noteholders have agreed to exchange with the Company (the “Exchanges”) up to $30.8 million in aggregate principal amount of the Company’s outstanding 2025 Notes (the “Exchanged Notes”) for a combination of $7.5 million of cash and newly issued shares of common stock (the “Exchange Shares”). The Exchanged Notes are presently convertible into an aggregate of approximately 23.3 million shares. The number of Exchange Shares to be issued to the Noteholders will be determined based upon the volume-weighted average price per share of the Common Stock during a 15-day averaging period commencing on August 11, 2023. The maximum number of Exchange Shares that may be issued is 10% of the Company’s common stock outstanding as of August 10, 2023 (the “Exchange Share Cap”). If the average trading price over the averaging period would otherwise result in the number of shares to be issued exceeding the Exchange Share Cap, the amount of the Exchanged Notes will be proportionally reduced. The Exchanges are subject to customary closing conditions and are expected to close on or about September 5, 2023. ​ At-the-Market Offering Program ​ As previously disclosed, in November 2021, the Company entered into an Open Market Sale Agreement with Jefferies, pursuant to 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. On August 7, 2023, the Company and Jefferies mutually agreed to terminate the Open Market Sale Agreement, effective as of August 7, 2023. Prior to termination, the Company had sold an aggregate of 25,105,562 shares under the Open Market Sale Agreement, resulting in gross proceeds of approximately $43.4 million, before deducting commissions and offering expenses. At the time of termination, approximately $106.6 million remained available for issuance pursuant to the Open Market Sale Agreement. ​ On August 10, 2023, the Company entered into the Equity Distribution Agreement with Goldman Sachs & Co. LLC, which will enable the Company to issue and sell shares of Common stock in one or more negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, for a maximum aggregate offering amount of up to $106.6 million (the “ATM Program”). ​ The shares will be offered and sold pursuant to a shelf registration statement on Form S-3 (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) on August 10, 2023. The Registration Statement has not yet been declared effective by the Commission and no sales may be made until such time as the Registration Statement is declared effective. The Registration Statement, once effective, will provide for the issuance of common stock from time to time, in one or more transactions, in the aggregate offering amount of $106.6 million, inclusive of the $106.6 million pursuant to the ATM Program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2023, and December 31, 2022, results of operations, comprehensive income (loss), and changes in stockholder’s deficit for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022 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, 2022, as filed with the SEC on March 16, 2023. The interim results for June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, 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.
Recent Accounting Pronouncements	​ Recent Accounting Pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)
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, fair value of investments, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, bad debts, 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 bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ from those estimates; however, management does not believe that such differences would be material.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 30, 2023 ​ ​ June 30, 2023 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 1,793 ​ 43.5 % ​ $ 3,955 ​ 47.9 % Outside of the United States ​ 2,333 ​ 56.5 ​ ​ ​ 4,308 ​ 52.1 ​ Total $ 4,126 ​ 100.0 % ​ $ 8,263 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2022 ​ ​ June 30, 2022 ​ ​ ​ ​ % ​ ​ ​ ​ % ​ (Dollars in thousands) Amount ​ of Total ​ ​ Amount ​ of Total ​ Revenue, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 1,207 ​ 32.5 % ​ $ 1,974 ​ 31.9 % Outside of the United States ​ 2,507 ​ 67.5 ​ ​ ​ 4,222 ​ 68.1 ​ Total $ 3,714 ​ 100.0 % ​ $ 6,196 ​ 100.0 %

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ (20,423) ​ $ 104,231 ​ $ (19,099) ​ $ 190,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact of conversion of dilutive securities ​ — ​ ​ (124,010) ​ ​ — ​ ​ (228,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive Net loss $ (20,423) ​ $ (19,779) ​ $ (19,099) ​ $ (37,665) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ (0.04) ​ $ 0.22 ​ $ (0.04) ​ $ 0.42 Diluted $ (0.04) ​ $ (0.03) ​ $ (0.04) ​ $ (0.06) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 567,125,022 ​ ​ 464,133,903 ​ ​ 532,499,776 ​ ​ 460,061,022 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 Energy Capital Option ​ — ​ ​ 21,164,986 ​ ​ — ​ ​ 23,690,945 Warrants ​ — ​ ​ 1,357,430 ​ ​ — ​ ​ 3,463,862 Diluted weighted average shares outstanding ​ 567,125,022 ​ ​ 601,330,959 ​ ​ 532,499,776 ​ ​ 604,342,540
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, ​ 2023 2022 2023 ​ 2022 Stock-based awards ​ 31,785,464 ​ 13,900,070 ​ 31,785,464 ​ 11,142,459 PHC Option ​ — ​ 20,003,765 ​ — ​ 23,161,214 2025 Notes ​ 39,689,142 ​ — ​ 39,689,142 ​ — Energy Capital Preferred Shares ​ 30,372,058 ​ — ​ 30,372,058 ​ — Warrants ​ 427,821 ​ 427,821 ​ 427,821 ​ 260,251 Total anti-dilutive shares outstanding ​ 102,274,485 ​ 34,331,656 ​ 102,274,485 ​ 34,563,924

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Marketable Securities.
Schedule of marketable securities available for sale	Marketable securities available for sale, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 43,242 ​ $ — ​ $ — ​ $ 43,242 Corporate debt securities ​ ​ 11,867 ​ ​ 3 ​ ​ (34) ​ ​ 11,836 Asset backed securities ​ ​ 7,479 ​ ​ — ​ ​ (26) ​ ​ 7,453 Government and agency securities ​ ​ 34,052 ​ ​ — ​ ​ (63) ​ ​ 33,989 Total ​ $ 96,640 ​ $ 3 ​ $ (123) ​ $ 96,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Market ​ Cost Gains Losses Value Commercial Paper ​ $ 41,503 ​ $ — ​ $ — ​ $ 41,503 Corporate debt securities ​ ​ 32,331 ​ ​ — ​ ​ (189) ​ ​ 32,142 Asset backed securities ​ ​ 8,363 ​ ​ — ​ ​ (103) ​ ​ 8,260 Government and agency securities ​ ​ 38,956 ​ ​ — ​ ​ (386) ​ ​ 38,570 Total ​ $ 121,153 ​ $ — ​ $ (678) ​ $ 120,475
Schedule of maturities of marketable securities	The following are the scheduled maturities as of June 30, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Fair ​ ​ Carrying Amount ​ Value 2023 (remaining six months) $ 62,529 ​ $ 62,519 2024 ​ 27,362 ​ 27,277 2025 ​ ​ 6,749 ​ ​ 6,724 Total $ 96,640 ​ $ 96,520

Inventory, net (Tables)

Inventory, net (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory, net
Schedule of Inventory, net	Inventory, net of reserves, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 2022 Finished goods $ 2,379 $ 1,697 Work-in-process ​ 5,408 ​ 4,057 Raw materials ​ 1,407 ​ 1,552 Total ​ $ 9,194 ​ $ 7,306

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses and Other Current 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, ​ ​ 2023 2022 Contract manufacturing⁽¹⁾ ​ $ 4,026 ​ $ 4,097 Tax credits receivable (2) ​ ​ 1,793 ​ ​ — Insurance ​ ​ 625 ​ ​ 1,243 Unsettled stock issuance proceeds ​ ​ 369 ​ ​ — Clinical and Preclinical ​ ​ 255 ​ ​ 924 Interest receivable ​ 241 ​ 336 Rent and utilities ​ ​ 150 ​ ​ 132 Accounting and Audit ​ ​ 48 ​ ​ 270 Other ​ ​ 235 ​ ​ 426 Total prepaid expenses and other current assets ​ $ 7,742 ​ $ 7,428 ​ (1) Includes deposits to contract manufacturers for manufacturing process. (2) Refundable employee retention credits, enacted under the CARES Act.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses and Other Current 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, ​ ​ 2023 2022 Research and development ​ $ 5,367 ​ $ 3,502 Compensation and benefits ​ ​ 2,558 ​ ​ 4,699 Professional and administration services ​ 2,381 ​ 1,053 Contract manufacturing ​ 2,105 ​ 2,480 Interest on notes payable ​ ​ 1,232 ​ ​ 2,050 Product warranty and replacement obligations ​ 494 ​ 781 Operating lease ​ ​ 483 ​ ​ 725 Sales and marketing services ​ ​ 266 ​ ​ 149 Other ​ ​ — ​ ​ 14 Total accrued expenses and other current liabilities ​ $ 14,886 ​ $ 15,453

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Summary of lease assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Operating Lease Assets and Liabilities ​ Balance Sheet Classification ​ 2023 2022 Assets ​ ​ ​ ​ ​ ​ ​ Operating lease ROU assets ​ ​ Deposits and other assets ​ $ 5,340 $ 3,032 Tenant improvement allowance receivable ​ ​ Deposits and other assets ​ ​ 1,312 ​ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ ​ Accrued expenses and other current liabilities ​ $ 483 $ 725 Non-current operating lease liabilities ​ ​ Other non-current liabilities ​ ​ 6,408 ​ 2,689 Total operating lease liabilities ​ ​ ​ ​ $ 6,891 $ 3,414
Schedule of operating lease liabilities maturities	​ ​ ​ ​ ​ 2023 (remaining 6 months) $ 594 2024 ​ ​ 912 2025 ​ ​ 939 2026 ​ ​ 967 2027 ​ ​ 996 Thereafter ​ ​ 5,934 Total ​ ​ 10,342 Less: Present value adjustment ​ ​ (3,451) Present value of lease liabilities ​ $ 6,891
Schedule of lease term and discount rate	​ ​ ​ ​ ​ Remaining lease term (years) ​ 2023 ​ Operating leases ​ 9.7 ​ Discount rate ​ ​ ​ Operating leases ​ 8.5 % ​ ​ ​ ​

Product Warranty Obligations (T

Product Warranty Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Product Warranty Obligations
Schedule of change in estimated warranty liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Balance at beginning of the period ​ $ 781 ​ $ 723 Provision for warranties during the period ​ ​ 62 ​ ​ 166 Settlements made during the period ​ ​ (349) ​ ​ (108) Balance at end of the period ​ $ 494 ​ $ 781

Notes Payable, Preferred Stoc_2

Notes Payable, Preferred Stock and Stock Purchase Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2025 Notes 51,199 ​ (11,892) ​ (199) ​ 39,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Principal ($) ​ Debt Discount ($) ​ Issuance Costs ($) ​ Carrying Amount ($) 2023 Notes 15,700 ​ (121) ​ - ​ 15,579 2025 Notes 51,199 ​ (15,029) ​ (252) ​ 35,918 PHC Notes 35,000 ​ (13,698) ​ (837) ​ 20,465
Schedule of interest expense related to the notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ Total Interest Expense ($) 2023 Notes 5.25% ​ 69 ​ 120 ​ - ​ 189 2025 Notes 5.25% ​ 1,344 ​ 3,146 ​ 53 ​ 4,543 PHC Notes 8.00% ​ 700 ​ 1,442 ​ 88 ​ 2,230 Total ​ ​ 2,113 ​ 4,708 ​ 141 ​ 6,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Interest Rate ​ Interest ($) ​ Debt Discount and Fees ($) ​ Issuance Costs ($) ​ Total Interest Expense ($) 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future maturities	The following are the scheduled maturities of the Company’s notes payable as of June 30, 2023 (in thousands): ​ ​ ​ ​ ​ 2023 (remaining six months) $ — 2024 ​ — 2025 ​ ​ 51,199 Total $ 51,199

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 25,007 ​ $ 25,007 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 43,242 ​ ​ — ​ ​ 43,242 ​ ​ — ​ Corporate debt securities ​ ​ 11,836 ​ ​ — ​ ​ 11,836 ​ ​ — ​ Asset backed securities ​ ​ 7,453 ​ ​ — ​ ​ 7,453 ​ ​ — ​ Government and agency securities ​ ​ 33,989 ​ ​ 33,989 ​ ​ — ​ ​ — ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded features of the 2025 Notes ​ $ 1,792 ​ $ — ​ ​ — ​ ​ 1,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds⁽¹⁾ ​ $ 34,658 ​ $ 34,658 ​ ​ — ​ ​ — ​ Commercial paper ​ ​ 41,503 ​ ​ — ​ ​ 41,503 ​ ​ — ​ Corporate debt securities ​ ​ 32,142 ​ ​ — ​ ​ 32,142 ​ ​ — ​ Asset backed securities ​ ​ 8,260 ​ ​ — ​ ​ 8,260 ​ ​ — ​ Government and agency securities ​ ​ 38,570 ​ ​ 31,627 ​ ​ 6,943 ​ ​ — ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded features of the 2023 Notes ​ $ 20 ​ $ — ​ ​ 20 ​ ​ — ​ Embedded features of the PHC Notes ​ ​ 44,191 ​ ​ — ​ ​ — ​ ​ 44,191 ​ Embedded features of the 2025 Notes ​ ​ 7,859 ​ ​ — ​ ​ — ​ ​ 7,859 ​ (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, 2022 ​ $ 52,050 Gain on change in fair value of embedded features of the PHC Notes ​ ​ (44,191) Gain on change in fair value of embedded features of the 2025 Notes ​ ​ (6,067) June 30, 2023 ​ $ 1,792
Schedule of assumptions used to determine fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ ​ ​ ​ ​ 2025 Notes ​ ​ ​ Unobservable Inputs ` Assumptions ​ ​ ​ ​ Stock price volatility 40.0 % ​ ​ ​ Probabilities of conversion provisions 5.0 - 85.0 % ​ ​ ​ Credit spread ​ 8.7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ 2025 Notes ​ PHC Notes ​ ​ Unobservable Inputs ​ Assumptions ​ Assumptions ​ ​ Stock price volatility 110.0 % 99.0 % ​ Probabilities of conversion provisions ​ 5.0 - 10.0 % 5.0 - 10.0 % ​ Credit spread ​ 13.96 % 13.96 % ​ Recovery rate -1.56 % -5.51 % ​

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			21 Months Ended
	Aug. 10, 2023	Aug. 07, 2023	Mar. 13, 2023	Nov. 07, 2022	Jan. 01, 2022	Jan. 21, 2021	Nov. 09, 2020	Aug. 31, 2023	Nov. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 06, 2023	Mar. 31, 2023	Apr. 30, 2022	Aug. 09, 2020
Net (loss) income										$ (20,423)	$ 104,231	$ (19,099)	$ 190,949
Gross profit										417	$ 824	830	1,351	$ 2,700	$ (800)	$ (17,400)
Accumulated deficit										(827,965)		(827,965)		$ (808,866)
Cash, cash equivalents and marketable securities										$ 125,100		$ 125,100
Common stock, par value per share (in dollars per share)										$ 0.001		$ 0.001		$ 0.001
Issuance of common stock, net of issuance costs										$ 7,376		$ 7,376	$ 8,004
Proceeds from issuance of warrants			$ 15,000
Purchase Warrant
Beneficial ownership by PHC (%)			15%
PHC Notes
Interest rate (as a percent)																			8%	9.50%
Aggregate principal amount														$ 35,000				$ 35,000		$ 35,000
Common stock, par value per share (in dollars per share)																				$ 0.001
Conversion price																				$ 0.53
2025 Notes. | Subsequent Event
Interest rate (as a percent)	5.25%
Aggregate principal amount	$ 30,800
Converted debt amount	$ 7,500
Debt converted, Shares issued	23,300,000
2025 Notes. | Maximum | Subsequent Event
Maximum number of Exchange Shares to be issued (as a percent)	10%
Ascensia | PHC Notes
Aggregate principal amount			$ 35,000																	$ 35,000
Energy Capital, LLC
Cash and cash equivalents and other available credit						$ 8,000
Excess of the purchase price and fair value of option recorded in additional-paid-in-capital				$ 37,600
Energy Capital, LLC | Minimum
Issuance of convertible preferred stock, net of issuance costs						4,000
Energy Capital, LLC | Maximum
Issuance of convertible preferred stock, net of issuance costs						$ 12,000
Share price						$ 0.25
Exchange Warrant
Number of shares of common stock called by warrant			68,525,311
Exercise price of warrant (in dollars per share)			$ 0.001
Purchase Warrant
Number of shares of common stock called by warrant			15,425,750
Exercise price of warrant (in dollars per share)			$ 0.001
Purchase price of warrant (in dollars per share)			$ 0.97
Convertible Preferred Equity
Amount of possible additional debt principal amount																				$ 15,000
Convertible Preferred Equity | Energy Capital, LLC
Issuance of convertible preferred stock, net of issuance costs							$ 12,000
Price per share (in dollars per share)						1,000
Collaboration and commercialization agreement term							24 months
Share price						$ 1,000
Threshold redemption period of temporary equity						6 months
Conversion price						$ 0.3951
Series B Preferred Stock
Issuance of convertible preferred stock, net of issuance costs				12,000
Regular Purchase, Shares Sold					0
Series B Preferred Stock | Energy Capital, LLC
Issuance of convertible preferred stock, net of issuance costs				$ 12,000
Open Market Sale Agreement
Shares issued												9,944,663	3,077,493	15,160,899
Proceeds from issuance of stock												$ 7,400	$ 8,000	$ 34,400
Open Market Sale Agreement | Maximum
Issuance of common stock, net of issuance costs									$ 150,000
Percentage of commission on proceeds from common stock									3%
Open Market Sale Agreement | Jefferies LLC | Subsequent Event
Issuance of common stock, net of issuance costs		$ 106,600															$ 43,400
Shares issued																	25,105,562
Open Market Sale Agreement | Jefferies LLC | Maximum
Issuance of common stock, net of issuance costs									$ 150,000
Open Market Sale Agreement | Goldman Sachs & Co. LLC | Subsequent Event
Issuance of common stock, net of issuance costs	$ 106,600
Open Market Sale Agreement | Goldman Sachs & Co. LLC | Maximum | Subsequent Event
Issuance of common stock, net of issuance costs	106,600
Equity Distribution Agreement | Goldman Sachs & Co. LLC | Maximum | Subsequent Event
Issuance of common stock, net of issuance costs	$ 106,600							$ 106,600
Percentage of commission on proceeds from common stock								3%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Segment Information (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Information
Number of operating segments	1

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Geographic Region (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)
Revenue, net:
Revenue	$ 4,126	$ 3,714	$ 8,263	$ 6,196
Percent of total revenue	100%	100%	100%	100%
Number of geographical markets | item			2
Outside of the United States
Revenue, net:
Revenue	$ 2,333	$ 2,507	$ 4,308	$ 4,222
Percent of total revenue	56.50%	67.50%	52.10%	68.10%
United States
Revenue, net:
Revenue	$ 1,793	$ 1,207	$ 3,955	$ 1,974
Percent of total revenue	43.50%	32.50%	47.90%	31.90%

Revenue Recognition - Contract

Revenue Recognition - Contract Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue Recognition
Unbilled receivables from customers	$ 0.9	$ 1.7

Revenue Recognition - Concentra

Revenue Recognition - Concentration of Revenue and Customers (Details) - Customer concentration risk - Ascensia - customer	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Concentration Risk [Line Items]
Number of customers	1	1	1	1
Revenue
Concentration Risk [Line Items]
Concentration Risk, Percentage	89%	96%	91%	93%

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
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (20,423)	$ 104,231	$ (19,099)	$ 190,949
Impact of conversion of dilutive securities		(124,010)		(228,614)
Dilutive Net Loss	$ (20,423)	$ (19,779)	$ (19,099)	$ (37,665)
Net (loss) income per share
Basic	$ (0.04)	$ 0.22	$ (0.04)	$ 0.42
Diluted	$ (0.04)	$ (0.03)	$ (0.04)	$ (0.06)
Basic weighted average shares outstanding	567,125,022	464,133,903	532,499,776	460,061,022
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	567,125,022	601,330,959	532,499,776	604,342,540
Anti-dilutive shares outstanding	102,274,485	34,331,656	102,274,485	34,563,924
Stock-based awards
Dilutive potential common stock outstanding
Anti-dilutive shares outstanding	31,785,464	13,900,070	31,785,464	11,142,459
2023 Notes
Dilutive potential common stock outstanding
Convertible Notes		4,617,646		4,617,646
2025 Notes
Dilutive potential common stock outstanding
Convertible Notes		39,689,142		39,689,142
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
PHC Option
Dilutive potential common stock outstanding
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
Anti-dilutive shares outstanding	30,372,058		30,372,058
Warrants
Dilutive potential common stock outstanding
Anti-dilutive shares outstanding	427,821	427,821	427,821	260,251
Number of shares called by warrants	83,951,061		83,951,061

Marketable Securities - AFS Deb

Marketable Securities - AFS Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	$ 96,640	$ 121,153
Gross Unrealized Gains	3
Gross Unrealized Losses	(123)	(678)
Estimated Market Value	96,520	120,475
Commercial paper
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	43,242	41,503
Estimated Market Value	43,242	41,503
Corporate debt securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	11,867	32,331
Gross Unrealized Gains	3
Gross Unrealized Losses	(34)	(189)
Estimated Market Value	11,836	32,142
Asset backed Securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	7,479	8,363
Gross Unrealized Losses	(26)	(103)
Estimated Market Value	7,453	8,260
Government and agency securities
Marketable securities available for sale, consisting of debt securities:
Amortized Cost	34,052	38,956
Gross Unrealized Losses	(63)	(386)
Estimated Market Value	$ 33,989	$ 38,570

Marketable Securities - AFS D_2

Marketable Securities - AFS Debt Securities - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Net Carrying Amount
2023 (remaining six months)	$ 62,529
2024	27,362
2025	6,749
Total	96,640	$ 121,153
Fair Value
2023 (remaining six months)	62,519
2024	27,277
2025	6,724
Total	$ 96,520

Inventory, net (Details)

Inventory, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finished goods	$ 2,379		$ 2,379		$ 1,697
Work-in-process	5,408		5,408		4,057
Raw materials	1,407		1,407		1,552
Total	9,194		9,194		$ 7,306
Inventory Valuation and Obsolescence
Inventory adjustments included in cost of sales
Cost of sales	$ 100	$ 600	$ 100	$ 600

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Contract manufacturing	$ 4,026	$ 4,097
Tax credits receivable	1,793
Insurance	625	1,243
Unsettled stock issuance proceeds	369
Clinical and Preclinical	255	924
Interest receivable	241	336
Rent and utilities	150	132
Accounting and Audit	48	270
Other	235	426
Total prepaid expenses and other current assets	7,742	7,428
Operating lease ROU assets	$ 5,340	$ 3,032
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Deposits and other assets	Deposits and other assets
Deposits and other assets	$ 6,755	$ 3,108
Right of use asset, building	$ 5,340	$ 3,032

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Research and development	$ 5,367	$ 3,502
Compensation and benefits	2,558	4,699
Professional and administration services	2,381	1,053
Contract manufacturing	2,105	2,480
Interest on notes payable	1,232	2,050
Product warranty and replacement obligations	494	781
Operating lease	$ 483	$ 725
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities and Other Liabilities, Current	Accrued Liabilities and Other Liabilities, Current
Sales and marketing services	$ 266	$ 149
Other		14
Total accrued expenses and other current liabilities	14,886	15,453
Non-current operating lease liabilities	$ 6,408	$ 2,689
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Leases - (Details)

Leases - (Details) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2023 USD ($)	Jun. 30, 2023 USD ($) ft² item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease ROU assets		$ 5,340		$ 3,032
Operating Lease, Liability		6,891		$ 3,414
Operating lease expense		$ 400	$ 300
Research and Office Space
Lessee, Lease, Description [Line Items]
Leased space, in square feet | ft²		33,000
Tenant improvement allowance	$ 1,300
Number of renewal terms | item		1
Renewal term of lease		5 years
Option to renew lease		true
Operating lease ROU assets	2,500
Operating Lease, Liability	$ 3,800

Leases - Assets and liabilities

Leases - Assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022
Operating Lease Assets and Liabilities
Operating lease ROU assets	$ 5,340		$ 3,032
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Deposits and Other Assets, Noncurrent		Deposits and Other Assets, Noncurrent
Tenant improvement allowance receivable	$ 1,312
Current operating lease liabilities	$ 483		$ 725
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities and Other Liabilities, Current		Accrued Liabilities and Other Liabilities, Current
Non-current operating lease liabilities	$ 6,408		$ 2,689
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Present value of lease liabilities	$ 6,891		$ 3,414
Maturity of undiscounted payments
2023 (remaining 6 months)	594
2024	912
2025	939
2026	967
2027	996
Thereafter	5,934
Total	10,342
Present value adjustment	(3,451)
Present value of lease liabilities	$ 6,891		$ 3,414
Remaining lease term (years)	9 years 8 months 12 days
Discount rate	8.50%
Research and Office Space
Operating Lease Assets and Liabilities
Operating lease ROU assets		$ 2,500
Present value of lease liabilities		3,800
Maturity of undiscounted payments
Present value of lease liabilities		$ 3,800

Product Warranty Obligations (D

Product Warranty Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Product Warranty Obligations
Warranty term	1 year
Warranty reserve	$ 494	$ 781
Reconciliation of the change in estimated warranty liabilities
Balance at beginning of the period	781	723
Provision for warranties during the period (reversals from prior period)	62	166
Settlements made during the period	(349)	(108)
Balance at end of the period	$ 494	$ 781

Notes Payable, Preferred Stoc_3

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

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 13, 2023 USD ($) $ / shares shares

Jan. 31, 2023 USD ($)

Nov. 07, 2022 USD ($)

Jan. 01, 2022 USD ($) 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 ($)

Mar. 31, 2023 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2023 USD ($) $ / shares

Jun. 30, 2022 USD ($)

Dec. 31, 2022 USD ($) $ / shares

Apr. 30, 2022

Feb. 28, 2022 shares

Dec. 31, 2021 USD ($)

May 09, 2021 $ / shares shares

Dec. 31, 2020 USD ($)

Mar. 31, 2018 USD ($)

Notes payable

Derivative liabilities

$ 1,792,000

$ 52,050,000

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

$ 0.001

$ 0.001

Gain on fair value adjustment of option

$ 28,224,000

$ 49,925,000

Carrying Amount

$ 39,108,000

$ 56,383,000

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.

Debt Instrument [Line Items]

Gain (Loss) on extinguishment of debt

$ 20,000

Notes payable

Derivative liabilities

$ 17,300,000

2025 Notes.

Notes payable

Fair value of the embedded conversion option

1,800,000

7,900,000

2025 Notes. | Exchange Agreement with Highbridge

Notes payable

Principal amount

24,000,000

Deferred issuance costs and debt discounts

13,200,000

PHC Notes

Debt Instrument [Line Items]

Gain (Loss) on extinguishment of debt

$ 48,600,000

100,000

Notes payable

Principal amount

$ 35,000,000

35,000,000

35,000,000

Interest rate (as a percent)

9.50%

8%

Debt issuance costs and discounts

$ 1,400,000

Fair value of the embedded conversion option

$ 25,800,000

0

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

$ 0.53

Conversion of Stock, Amount Issued

$ 15,000,000

Issuance costs incurred

2,900,000

837,000

Amount of principal which is converted to shares

$ 1,000

Interest Payable

23,200,000

Carrying Amount

25,400,000

$ 20,465,000

Net gain on exchange of debt instrument

18,800,000

PHC Notes | Other income

Notes payable

Change in fair value of embedded derivative

44,200,000

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%

PPP Loan

Notes payable

Amount received from loan funding

$ 5,800,000

Interest rate (as a percent)

1%

Note term

2 years

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

Energy Capital Facility

Debt Instrument [Line Items]

Net exercise of warrants | shares

8,917,535

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

$ 69,400,000

Adjusted of option to fair value

25,700,000

Gain on fair value adjustment of option

43,700,000

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

Purchase Warrant

Debt Instrument [Line Items]

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

$ 0.001

Purchase Warrant | PHC

Debt Instrument [Line Items]

Warrants to purchase shares | shares

15,425,750

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

$ 0.001

Notes payable

Aggregate gross proceeds

$ 15,000,000

Warrants fair value

14,300,000

Additional paid-in-capital

$ 700,000

Exchange Warrant

Debt Instrument [Line Items]

Warrants to purchase shares | shares

68,525,311

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

$ 0.001

Notes payable

Warrants fair value

$ 48,600,000

Interest payments

$ 675,000

Exchange Warrant | PHC Notes

Notes payable

Original debt conversion amount

$ 35,000,000

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

Aggregate principal amount of convertible preferred equity

$ 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

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
	Jan. 31, 2021 USD ($) shares	Jul. 31, 2019 USD ($) $ / shares	Mar. 31, 2018 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long term debt
Derivative liabilities				$ 1,792,000	$ 52,050,000
2023 Notes.
Long term debt
Derivative liabilities			$ 17,300,000
2023 Notes
Long term debt
Principal amount			$ 53,000,000		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
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	$ 6,500,000			0
Debt converted, Shares issued | shares	4,924,998
Issuance costs incurred				$ 199,000	$ 252,000

Notes Payable, Preferred Stoc_5

Notes Payable, Preferred Stock and Stock Purchase Warrants - Carrying amount of notes payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Aug. 09, 2020	Jul. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Carrying Amount	$ 39,108		$ 56,383
2023 Notes
Debt Instrument [Line Items]
Principal			15,700			$ 53,000
Debt Discount			(121)
Carrying Amount			15,579
2025 Notes
Debt Instrument [Line Items]
Principal	51,199		51,199		$ 82,000
Debt Discount	(11,892)		(15,029)
Issuance Costs	(199)		(252)
Carrying Amount	$ 39,108		35,918
PHC Notes
Debt Instrument [Line Items]
Principal		$ 35,000	35,000	$ 35,000
Debt Discount			(13,698)
Issuance Costs			(837)	$ (2,900)
Carrying Amount		$ 25,400	$ 20,465

Notes Payable, Preferred Stoc_6

Notes Payable, Preferred Stock and Stock Purchase Warrants - Interest expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2021	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Long term debt
Interest			$ 2,113	$ 3,279
Debt Discount and Fees			4,708	5,545
Issuance Costs			141	181
Total Interest Expense			$ 6,962	$ 9,005
2023 Notes
Long term debt
Interest Rate			5.25%	5.25%
Interest			$ 69	$ 412
Debt Discount and Fees			120	673
Total Interest Expense			$ 189	$ 1,085
2025 Notes
Long term debt
Interest Rate			5.25%	5.25%
Interest			$ 1,344	$ 1,330
Debt Discount and Fees			3,146	2,625
Issuance Costs			53	44
Loss on Extinguishment	$ 3,200
Total Interest Expense			$ 4,543	$ 3,999
PHC Notes
Long term debt
Interest Rate			8%	8%
Interest			$ 700	$ 1,531
Debt Discount and Fees			1,442	2,246
Issuance Costs			88	137
Loss on Extinguishment		$ (48,600)			$ (100)
Total Interest Expense			$ 2,230	$ 3,914
PPP Loan
Long term debt
Interest Rate				1%
Interest				$ 6
Total Interest Expense				$ 6

Notes Payable, Preferred Stoc_7

Notes Payable, Preferred Stock and Stock Purchase Warrants - Scheduled Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Scheduled maturities
2025	$ 51,199
Total	$ 51,199

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Nov. 30, 2021	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Proceeds form offering		$ 7,376	$ 7,376	$ 8,004
Open Market Sale Agreement
Class of Stock [Line Items]
Proceeds from issuance of common stock, net			$ 7,400	$ 8,000	$ 34,400
Shares issued			9,944,663	3,077,493	15,160,899
Open Market Sale Agreement | Maximum
Class of Stock [Line Items]
Proceeds form offering	$ 150,000
Percentage of commission on proceeds from common stock	3%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)			1 Months Ended		6 Months Ended
	May 03, 2023 shares	Feb. 01, 2020 shares	Feb. 29, 2016 shares	Dec. 31, 2015	Jun. 30, 2023 item shares	Jan. 30, 2023 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					28,775,002
Inducement Plan
Stock-based compensation
Shares available for grant					201,569
Total shares that may be issued							1,800,000
Commercial Equity Plan
Stock-based compensation
Shares available for grant					7,475,000
Total shares that may be issued						10,000,000
Stock issued	2,525,000
2016 Employee Stock Purchase Plan
Stock-based compensation
Automatic annual increase in shares authorized, percent of common stock outstanding			1%
Total shares that may be issued			800,000		17,760,078
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			86,816
1997 Stock Option Plan
Stock-based compensation
Options vested and expected to vest					1,217,348

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Cash and cash equivalents	$ 28,551	$ 35,793
Marketable securities	96,520	120,475
Derivative liabilities	$ 1,792	52,050
2025 Notes
Reconciliation of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)
Recurring | Embedded conversion option | 2023 Notes
Fair Value Measurements
Derivative liabilities		20
Recurring | Embedded conversion option | PHC Notes
Fair Value Measurements
Derivative liabilities		44,191
Recurring | Embedded conversion option | 2025 Notes
Fair Value Measurements
Derivative liabilities	$ 1,792	7,859
Recurring | Money market funds
Fair Value Measurements
Cash and cash equivalents	25,007	34,658
Recurring | Corporate debt securities
Fair Value Measurements
Marketable securities	11,836	41,503
Recurring | Commercial paper
Fair Value Measurements
Marketable securities	43,242	32,142
Recurring | Asset backed Securities
Fair Value Measurements
Marketable securities	7,453	8,260
Recurring | Government and agency securities
Fair Value Measurements
Marketable securities	33,989	38,570
Recurring | Level 1 | Money market funds
Fair Value Measurements
Cash and cash equivalents	25,007	34,658
Recurring | Level 1 | Government and agency securities
Fair Value Measurements
Marketable securities	33,989	31,627
Recurring | Level 2 | Embedded conversion option | 2023 Notes
Fair Value Measurements
Derivative liabilities		20
Recurring | Level 2 | Corporate debt securities
Fair Value Measurements
Marketable securities	11,836	41,503
Recurring | Level 2 | Commercial paper
Fair Value Measurements
Marketable securities	43,242	32,142
Recurring | Level 2 | Asset backed Securities
Fair Value Measurements
Marketable securities	7,453	8,260
Recurring | Level 2 | Government and agency securities
Fair Value Measurements
Marketable securities		6,943
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	52,050
Balance at the end of the period	1,792
Recurring | Level 3 | PHC Notes
Reconciliation of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)
(Gain) Loss on change in fair value of derivatives	(44,191)
Recurring | Level 3 | 2025 Notes
Reconciliation of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)
(Gain) Loss on change in fair value of derivatives	(6,067)
Recurring | Level 3 | Embedded conversion option | PHC Notes
Fair Value Measurements
Derivative liabilities		44,191
Recurring | Level 3 | Embedded conversion option | 2025 Notes
Fair Value Measurements
Derivative liabilities	$ 1,792	$ 7,859

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Assumptions (Details) - Recurring - Level 3	Jun. 30, 2023	Dec. 31, 2022
2025 Notes | Stock price volatility
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.400	1.100
2025 Notes | Probabilities of conversion provisions | Minimum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.050	0.050
2025 Notes | Probabilities of conversion provisions | Maximum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.850	0.100
2025 Notes | Credit spread
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input	0.087	0.1396
2025 Notes | Recovery rate
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		(0.0156)
PHC Notes | Stock price volatility
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		0.990
PHC Notes | Probabilities of conversion provisions | Minimum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		0.050
PHC Notes | Probabilities of conversion provisions | Maximum
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		0.100
PHC Notes | Credit spread
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		0.1396
PHC Notes | Recovery rate
Fair value valuation assumptions
Embedded Derivative Liability, Measurement Input		(0.0551)

Income Taxes - Tax Provision (D

Income Taxes - Tax Provision (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue from related party	$ 3,689	$ 3,577	$ 7,513	$ 5,767
Due from related party	3,020		3,020		$ 2,324
Due to related party	630		630		837
Ascensia
Related Party Transaction [Line Items]
Revenue from related party			7,500	5,700
Expense to related party			300	$ 100
Due from related party	3,000		3,000		2,300
Due to related party	$ 600		$ 600		$ 900

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended	21 Months Ended
	Aug. 10, 2023	Aug. 07, 2023	Aug. 31, 2023	Nov. 30, 2021	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 06, 2023
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs					$ 7,376	$ 7,376	$ 8,004
Open Market Sale Agreement
Subsequent Event [Line Items]
Shares issued						9,944,663	3,077,493	15,160,899
Open Market Sale Agreement | Maximum
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs				$ 150,000
Open Market Sale Agreement | Jefferies LLC | Maximum
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs				$ 150,000
Subsequent Event | 2025 Notes.
Subsequent Event [Line Items]
Interest rate (as a percent)	5.25%
Aggregate principal amount	$ 30,800
Converted debt amount	$ 7,500
Debt converted, Shares issued	23,300,000
Subsequent Event | 2025 Notes. | Maximum
Subsequent Event [Line Items]
Maximum number of Exchange Shares to be issued (as a percent)	10%
Subsequent Event | Open Market Sale Agreement | Jefferies LLC
Subsequent Event [Line Items]
Shares issued									25,105,562
Issuance of common stock, net of issuance costs		$ 106,600							$ 43,400
Subsequent Event | Open Market Sale Agreement | Goldman Sachs & Co. LLC
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs	$ 106,600
Subsequent Event | Open Market Sale Agreement | Goldman Sachs & Co. LLC | Maximum
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs	106,600
Subsequent Event | Equity Distribution Agreement | Goldman Sachs & Co. LLC | Maximum
Subsequent Event [Line Items]
Issuance of common stock, net of issuance costs	$ 106,600		$ 106,600