Cue Health (HLTHQ) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40590
Entity Registrant Name	Cue Health Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1562193
Entity Address, Address Line One	4980 Carroll Canyon Rd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	412-8151
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	HLTH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		148,073,100
Entity Central Index Key	0001628945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 363,124	$ 409,873
Restricted cash	1,334	13,837
Accounts receivable, net	54,008	104,589
Inventories	139,047	88,388
Prepaid expenses	50,436	45,889
Other current assets	12,186	7,446
Total current assets	620,135	670,022
Property and equipment, net	190,131	177,456
Operating lease right-of-use assets	85,971	79,474
Intangible assets, net	10,936	7,673
Other non-current assets	6,902	5,435
Total assets	914,075	940,060
Current liabilities:
Accounts payable	38,351	37,208
Accrued liabilities and other current liabilities	75,820	29,498
Income taxes payable	0	8,297
Deferred revenue, current	85,576	82,165
Operating lease liabilities, current	7,679	7,147
Finance lease liabilities, current	2,605	2,621
Total current liabilities	210,031	166,936
Deferred revenue, net of current portion	10,283	10,283
Operating leases liabilities, net of current portion	46,455	46,464
Finance lease liabilities, net of current portion	1,990	3,271
Other non-current liabilities	4,943	6,356
Total liabilities	273,702	233,310
Commitments and contingencies
Stockholders’ Equity (Deficit)
Common stock, $0.00001 par value; 500,000,000 and 500,000,000 shares authorized, 147,834,377 and 146,402,991 issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1	1
Additional paid-in-capital	760,637	730,767
Accumulated deficit	(120,265)	(24,018)
Total stockholders’ equity	640,373	706,750
Total liabilities and stockholders’ equity	$ 914,075	$ 940,060

CONDENSED BALANCE SHEETS (Una_2

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	147,834,377	146,402,991
Common stock, shares outstanding (in shares)	147,834,377	146,402,991

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue	$ 87,700,000	$ 137,423,000	$ 267,110,000	$ 201,922,000
Operating costs and expenses:
Sales and marketing	16,971,000	1,529,000	51,139,000	1,959,000
Research and development	44,000,000	4,662,000	72,787,000	12,071,000
General and administrative	25,411,000	11,382,000	52,321,000	23,252,000
Restructuring charges	1,883,000	0	1,883,000	0
Total operating costs and expenses	190,163,000	72,715,000	366,725,000	122,459,000
(Loss) income from operations	(102,463,000)	64,708,000	(99,615,000)	79,463,000
Interest expense	(16,000)	(9,429,000)	(67,000)	(9,964,000)
Change in fair value of redeemable convertible preferred stock warrants	0	(190,000)	0	(190,000)
Change in fair value of convertible notes	0	(23,254,000)	0	(23,254,000)
Other income, net	43,000	24,000	49,000	61,000
Net (loss) income before income taxes	(102,436,000)	31,859,000	(99,633,000)	46,116,000
Income tax (benefit) expense	(3,386,000)	12,050,000	(3,386,000)	13,276,000
Net (loss) income	$ (99,050,000)	$ 19,809,000	$ (96,247,000)	$ 32,840,000
Net (loss) income per share attributable to common stockholders – basic (in dollars per share)	$ (0.67)	$ 0.14	$ (0.65)	$ 0.23
Weighted-average number of shares used in computation of net (loss) income per share attributable to common stockholders – basic (in shares)	147,498,162	18,822,474	147,014,951	18,617,247
Net (loss) income per share attributable to common stockholders – diluted (in dollars per share)	$ (0.67)	$ 0.14	$ (0.65)	$ 0.22
Weighted-average number of shares used in computation of net (loss) income per share attributable to common stockholders – diluted (in shares)	147,498,162	26,241,564	147,014,951	26,036,337
Product revenue
Revenue
Revenue	$ 84,351,000	$ 137,423,000	$ 261,805,000	$ 201,922,000
Operating costs and expenses:
Cost of product revenue	101,898,000	55,142,000	188,595,000	85,177,000
Grant and other revenue
Revenue
Revenue	$ 3,349,000	$ 0	$ 5,305,000	$ 0

CONDENSED STATEMENTS OF REDEEMA

CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		8,350,743	46,176,715	28,998,607
Beginning balance at Dec. 31, 2020		$ 7,519	$ 66,186	$ 102,618
Ending balance (in shares) at Jun. 30, 2021		8,350,743	46,176,715	28,998,607
Ending balance at Jun. 30, 2021		$ 7,519	$ 66,186	$ 102,618
Beginning balance (in shares) at Dec. 31, 2020					27,995,780
Beginning balance at Dec. 31, 2020	$ (101,400)				$ 0	$ 9,036	$ (110,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)					1,048,706
Exercise of common stock options	258					258
Exercise of common stock warrant (in shares)					84,118
Exercise of common stock warrant	77					77
Stock-based compensation expense from issuance of a fully vested warrant to vendor	1,239					1,239
Vesting of early exercised stock options	63					63
Stock-based compensation	5,591					5,591
Net (loss) income	32,840						32,840
Ending balance (in shares) at Jun. 30, 2021					29,128,604
Ending balance at Jun. 30, 2021	(61,332)				$ 0	16,264	(77,596)
Beginning balance (in shares) at Mar. 31, 2021		8,350,743	46,176,715	28,998,607
Beginning balance at Mar. 31, 2021		$ 7,519	$ 66,186	$ 102,618
Ending balance (in shares) at Jun. 30, 2021		8,350,743	46,176,715	28,998,607
Ending balance at Jun. 30, 2021		$ 7,519	$ 66,186	$ 102,618
Beginning balance (in shares) at Mar. 31, 2021					28,618,529
Beginning balance at Mar. 31, 2021	(85,270)				$ 0	12,135	(97,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)					425,957
Exercise of common stock options	227					227
Exercise of common stock warrant (in shares)					84,118
Exercise of common stock warrant	77					77
Stock-based compensation expense from issuance of a fully vested warrant to vendor	1,239					1,239
Vesting of early exercised stock options	17					17
Stock-based compensation	2,569					2,569
Net (loss) income	19,809						19,809
Ending balance (in shares) at Jun. 30, 2021					29,128,604
Ending balance at Jun. 30, 2021	(61,332)				$ 0	16,264	(77,596)
Beginning balance (in shares) at Dec. 31, 2021					146,402,991
Beginning balance at Dec. 31, 2021	$ 706,750				$ 1	730,767	(24,018)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	515,705				514,191
Exercise of common stock options	$ 512					512
Tax withholding on exercise of stock options and issuance of shares from restricted stock units	(3,468)					(3,468)
Shares issued from restricted stock units (in shares)					917,195
Stock-based compensation	32,826					32,826
Net (loss) income	(96,247)						(96,247)
Ending balance (in shares) at Jun. 30, 2022					147,834,377
Ending balance at Jun. 30, 2022	640,373				$ 1	760,637	(120,265)
Beginning balance (in shares) at Mar. 31, 2022					146,958,296
Beginning balance at Mar. 31, 2022	725,138				$ 1	746,352	(21,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)					219,960
Exercise of common stock options	242					242
Tax withholding on exercise of stock options and issuance of shares from restricted stock units	(2,749)					(2,749)
Shares issued from restricted stock units (in shares)					656,121
Stock-based compensation	16,792					16,792
Net (loss) income	(99,050)						(99,050)
Ending balance (in shares) at Jun. 30, 2022					147,834,377
Ending balance at Jun. 30, 2022	$ 640,373				$ 1	$ 760,637	$ (120,265)

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (96,247)	$ 32,840
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash used in operations
Depreciation and amortization	21,585	14,500
Change in fair value of redeemable convertible preferred stock warrant liabilities	0	190
Change in fair value of convertible notes	0	23,254
Stock-based compensation expense	32,826	6,830
Loss on extinguishment of debt	0	1,998
Non-cash lease expense	4,017	1,822
Convertible notes issuance costs	0	6,000
Deferred income taxes	(2,214)	588
Non-cash interest expense	176	230
Inventory reserve (see Note 4, Inventories)	30,581	0
Product warranty reserve (see Note 4, Inventories)	12,263	0
Changes in operating assets and liabilities:
Accounts receivable	50,581	(36,109)
Inventories	(81,240)	(26,421)
Prepaid expenses and other current assets	(5,990)	(22,818)
Other non-current assets	(1,094)	(676)
Operating lease right-of-use assets	(7,853)	0
Accounts payable, accrued liabilities and other current liabilities	32,428	11,473
Income taxes payable	(11,546)	0
Deferred revenue	3,411	(42,602)
Operating lease liabilities	(2,089)	(8,911)
Interest on finance leases	94	0
Net cash, cash equivalents and restricted cash used in operating activities	(20,311)	(37,812)
Cash flows from investing activities
Purchase of property and equipment	(30,781)	(56,545)
Expenditures for software development	(3,899)	(2,351)
Net cash, cash equivalents and restricted cash used in investing activities	(34,680)	(58,896)
Cash flows from financing activities
Proceeds from convertible notes	0	235,480
Payments of issuance costs of convertible notes	0	(6,000)
Proceeds from exercise of common stock options	512	258
Proceeds from exercise of common stock warrant	0	77
Payments of issuance costs of public offering	0	(1,610)
Proceeds from debt	0	82,250
Tax withholding on exercise of stock options	(3,468)	0
Proceeds from employee stock purchase plan activity	685	0
Debt issuance and prepayment costs	(599)	(2,128)
Repayment of debt	0	(87,684)
Payments for finance leases	(1,391)	(864)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(4,261)	219,779
Net change in cash, cash equivalents and restricted cash	(59,252)	123,071
Cash, cash equivalents and restricted cash, beginning balance	423,710	129,255
Cash, cash equivalents and restricted cash, ending balance	364,458	252,326
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	363,124	246,326
Restricted cash, current	1,334	6,000
Total cash, cash equivalents and restricted cash	364,458	252,326
Supplemental disclosure for cash flow information
Cash paid for interest	23	760
Supplemental disclosure for non-cash investing and financing matters
Early exercised stock options liability	0	63
Right-of-use assets obtained in exchange for lease obligations	2,611	38,717
Prepaid rent reclassified to right-of-use assets	50	15,966
Purchase of property and equipment included in accounts payable	8,150	11,618
Initial public offering costs included in accounts payable	0	2,301
Software development costs included in accounts payable	$ 704	$ 0

BUSINESS AND BASIS OF ACCOUNTIN

BUSINESS AND BASIS OF ACCOUNTING	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND BASIS OF ACCOUNTING	BUSINESS AND BASIS OF ACCOUNTING Organization and Description of Business Cue Health Inc. (the “Company”) was originally formed in the State of California on January 26, 2010, prior to being incorporated in the State of Delaware on December 14, 2017. The Company is a healthcare technology company committed to revolutionizing the healthcare experience by providing individuals with a convenient and connected diagnostic platform that bridges the physical and virtual care continuum. The Company’s proprietary platform, the Cue Health Monitoring System, comprised of the Cue Reader and Cue Test Kit, enables lab-quality diagnostics-led care at home, at work or at the point of care. This platform is designed to empower stakeholders across the healthcare ecosystem, including individuals, enterprises, healthcare providers and payors, and public health agencies with paradigm-shifting access to diagnostic and health data to inform care decisions. The Company’s headquarters are located in San Diego, California. Basis of Presentation The accompanying unaudited interim condensed financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2021. The unaudited interim condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities. Initial Public Offering On September 28, 2021, the Company completed its initial public offering (“IPO”) of 14,375,000 shares of the Company common stock at an offering price of $16.00 per share, including 1,875,000 shares purchased pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of approximately $206.0 million after deducting underwriting commissions and legal, accounting, and consulting fees related to the IPO. Upon completion of the IPO, Convertible Notes outstanding, see Note 10, Debt , in the principal amount of $235.5 million and accrued interest of $2.8 million were automatically converted into 18,611,914 shares of common stock. All outstanding shares of the Company’s redeemable convertible preferred stock, see Note 11, Capital Stock , were converted into 83,605,947 shares of common stock. Immediately prior to the IPO, all of the Company’s outstanding warrants to purchase redeemable convertible preferred stock were converted into the redeemable convertible preferred stock and the related warrant liabilities were reclassified to additional paid-in capital. Use of Estimates The preparation of the accompanying unaudited interim condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the usage and recoverability of its inventories and long-lived assets and net deferred tax assets (and related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. The majority of revenue to date is from customers located in the United States and the majority of long-lived assets are located in the United States. The Company had an immaterial amount of revenue from customers located in Canada and Singapore and an immaterial amount of long-lived assets are located in Mexico. COVID-19 Impact COVID-19 was declared a global pandemic by the World Health Organization in March 2020 and adversely impacted global commercial activity but served as a catalyst to accelerating the Company’s product pipeline. The Company’s first commercially available diagnostic test for the Cue Health Monitoring System is the Cue COVID-19 test for ribonucleic acid of SARS-CoV-2, the virus that causes COVID-19. The Company began selling and recording product revenues for its Cue COVID-19 test in August 2020 after obtaining an Emergency Use Authorization (“EUA”) from the Federal Drug Administration (“FDA”) in June 2020. Currently, 100% of the Company’s product revenues are derived from the Cue COVID-19 test. Given the unpredictable nature of the COVID-19 pandemic, the development and potential size of the COVID-19 diagnostic testing market is highly uncertain. The FDA issued various emergency use authorizations for COVID-19 vaccines. The widely administered use of an efficacious vaccine or new therapeutic treatment for COVID-19 may reduce the demand for the Cue COVID-19 test and, as a result, the COVID-19 diagnostic testing market may not develop or grow substantially. Given the rapid development of events surrounding the pandemic, there is uncertainty to the Company’s future results and performance.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2017-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued several amendments to the standard. In November 2019, the FASB amended the standard with the issuance of ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The amendment revised the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 on its financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. ASU 2020-06 is effective for reporting periods beginning after December 15, 2023 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. The standard did not have a material impact on the financial statements for the six months ended June 30, 2022. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 aims to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange based on the economic substance of the modification or exchange. Early adoption is permitted and the guidance must be applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The guidance is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-04 on January 1, 2022 under the prospective method of adoption and there was no impact to our results of operations as we did not modify or exchange any freestanding equity-classified written call options. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on the financial statements.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Product Revenue Disaggregation of the product revenue by type of customer for the three and six months ended June 30, 2022 and 2021, respectively: Three Months Ended Six Months Ended 2022 2021 2022 2021 Public sector entities $ 3,823 $ 105,029 $ 5,433 $ 167,120 Private sector customers 80,528 32,394 256,372 34,802 Total product revenue $ 84,351 $ 137,423 $ 261,805 $ 201,922 Product revenue for the three and six months ended June 30, 2022 includes an immaterial amount of service revenue generated from telemedicine and proctoring services provided to customers. Revenue generated from proctoring is recognized over the term of the contracts with customers. The following table sets forth the Company’s product gross profit and product gross profit (loss) margin for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Product revenue $ 84,351 $ 137,423 $ 261,805 $ 201,922 Cost of product revenue 101,898 55,142 188,595 85,177 Product gross profit (loss) $ (17,547) $ 82,281 $ 73,210 $ 116,745 Product gross profit (loss) margin (21) % 60 % 28 % 58 % During the three and six months ended June 30, 2022, the Company recorded a charge of $42.8 million (the “inventory charge”) primarily related to excess and obsolescent inventory that is reflected within the cost of product revenue line item of the condensed statements of operations. This charge is primarily related to an overbuild of inventory and, in addition, identification of certain products which are not expected to perform in line with the Company’s quality standards. Of the $42.8 million charge, $30.6 million was recorded to inventory reserve and $12.3 million was recorded to product warranty reserve. DoD Agreement In October 2020, the Company entered into a $480.9 million agreement with the U.S. government for the purchase of its Cue COVID-19 Test to meet the unprecedented demand for rapid and accurate molecular diagnostic testing (the “U.S. DoD Agreement”). The Company delivered all of the agreed upon products under the agreement prior to its expiration on December 31, 2021. The U.S. DoD Agreement provided for a $184.6 million upfront payment (the “U.S. DoD Advance”) to facilitate the scaling of the Company’s manufacturing capacity, which was received upon signing the contract. The U.S. DoD Agreement did not provide for the funds to be utilized in any specific manner beyond furthering the purposes of the agreement. The Company was not required to segregate, nor was the Company required to obtain the approval of the U.S. government to use the funds advanced to it under the agreement. The remaining $296.3 million of the agreement was due to the Company upon the delivery of Cue Readers, Cue COVID-19 Test Kits and Cue Control Swab Packs. The U.S. DoD Agreement also provided that, as soon as possible after the completion of the initial U.S. DoD Agreement, the Company and the U.S. government would negotiate in good faith to enter into a follow-on supply agreement based on federal acquisition regulations (a FAR-based contract). The U.S. DoD Agreement provides the U.S. DoD with the right to purchase no more than 45% of our quarterly production for the duration of the follow-on contract at a specified discount, subject to a price floor as part of this follow-on contract. The U.S. government is also entitled to certain administrative reporting but does not receive the right to any intellectual property or know-how. The agreement term ended upon completion of the Company’s performance obligations in December 2021. Contract Assets and Liabilities Contract assets primarily relate to the Company’s conditional right to consideration for performance obligations satisfied through direct-to-consumer sales but not billed at the reporting date. Net contract assets were $1.6 million and $1.1 million as of June 30, 2022 and December 31, 2021, respectively, and were recorded in other current assets on the balance sheets. Contract liabilities primarily relate to the U.S. DoD Advance and payments received from customers in advance of performance under the contracts. Contract liabilities are recorded in current and non-current deferred revenue on the balance sheets. The activity related to contract liabilities for the six months ended June 30, 2022 is as follows: Amount Balance at December 31, 2021 $ 92,448 Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period 3,411 Revenue recognized related to contract liability balance at the beginning of the period — Balance at June 30, 2022 $ 95,859 Grant and Other Revenue Grant and other revenue relate to a cost reimbursement agreement with the Biomedical Advanced Research and Development Authority (“BARDA”). The Compan y g enerated $3.3 million and $5.3 million of revenue related to the agreement with BARDA during the three and six months ended June 30, 2022, respectively. The Company gen erated $0 of revenue related to the agreement with BARDA during the three and six months ended June 30, 2021. Accounts Receivable The allowance for doubtful accounts represents the Company’s estimate of probable credit losses relating to accounts receivable and is determined based on historical experience and other specific account data. Amounts are written off against the allowances for doubtful accounts when the Company determines that a customer account is uncollectible. As of June 30, 2022 and December 31, 2021, the Company’s allowance for doubtful accounts was $0.8 million and $0.3 million, respectively.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES As of June 30, 2022 and December 31, 2021, the Company’s inventories consisted of the following: June 30, December 31, Raw materials $ 87,092 $ 46,273 Work-in-process 11,218 10,920 Finished goods 73,670 33,863 Reserve (32,933) (2,668) Total inventories $ 139,047 $ 88,388 D uring the three and six months ended June 30, 2022, the Company recorded a charge of $42.8 million primarily related to excess and obsolescent inventory that is reflected within the cost of product reve nue line item of the condensed statements of operations. This charge is primarily related to an overbuild of inventory and, in addition, identification of certain products which are not expected to perform in line with the Company’s quality standards. Of the $42.8 million charge, $30.6 million was recorded to inventory reserve and $12.3 million was recorded to product warranty reserve.

PREPAID EXPENSES

PREPAID EXPENSES	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES	PREPAID EXPENSES As of June 30, 2022 and December 31, 2021, the Company’s prepaid expenses consisted of the following: June 30, December 31, Prepaid expense $ 34,720 $ 30,153 Prepaid inventory 15,716 15,736 Total prepaid expenses $ 50,436 $ 45,889

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET As of June 30, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following: June 30, December 31, Construction in progress $ 21,635 $ 4,082 Machinery and equipment 207,091 195,001 Leasehold improvements 21,703 19,302 Furniture and fixtures 1,597 740 Property and equipment 252,026 219,125 Accumulated depreciation and amortization (61,895) (41,669) Total property and equipment, net $ 190,131 $ 177,456 Depreciation and amortization expense related to property and equipment was $10.2 million and $8.0 million for the three months ended June 30, 2022 and 2021, respectively. Depreciation and amortization expense related to property and equipment was $20.2 million and $12.8 million for the six months ended June 30, 2022 and 2021, respectively. The carrying value of assets under finance leases within property and equipment as of June 30, 2022 and December 31, 2021 was $8.5 million a nd $9.8 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS As of June 30, 2022 and December 31, 2021, the Company’s intangible assets consisted of the following: June 30, December 31, Capitalized software $ 13,582 $ 5,638 Accumulated amortization (3,408) (2,067) Capitalized software, net 10,174 3,571 In-process software development 762 4,102 Total intangible assets $ 10,936 $ 7,673 Amortization expense related to intangible assets placed in service was $0.8 million and $1.4 million for the three and six months ended June 30, 2022, respectively. Amortization expense related to intangible assets placed in service was $1.5 million and $1.7 million for the three and six months ended June 30, 2021, respectively. Estimated amortization expense for each of the years ending December 31 is as follows: 2022 (excluding the six months ended June 30, 2022) $ 1,789 2023 3,578 2024 3,137 2025 1,670 Total amortization expense $ 10,174

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES The Company leases real estate and manufacturing and laboratory equipment which are used in the Company’s manufacturing, research and development, and administrative activities. The Company identifies a contract that contains a lease as one which conveys a right, either explicitly or implicitly, to control the use of an identified asset in exchange for consideration. These arrangements are classified as finance leases and operating leases. Finance leases consist of laboratory and manufacturing equipment with remaining terms ranging from 1 year to 3 years. The Company’s operating leases relate to the Company’s manufacturing facilities and office space and have remaining terms from 7 years to 9 years. There were no new material leases entered into during the three and six months ended June 30, 2022. The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of June 30, 2022 and December 31, 2021 were as follows: Balance Sheet Location June 30, 2022 December 31, 2021 Assets Right-of-use assets operating leases Operating lease right-of-use assets $ 85,971 $ 79,474 Right-of-use assets finance leases Property and equipment, net 8,543 9,821 Liabilities Operating lease liabilities (current) Operating lease liabilities, current 7,679 7,147 Finance lease liabilities (current) Finance lease liabilities, current 2,605 2,621 Operating lease liabilities (non-current) Operating lease liabilities, net of current portion 46,455 46,464 Finance lease liabilities (non-current) Finance lease liabilities, net of current portion 1,990 3,271 The components of lease expense for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 2,795 $ 388 $ 5,557 $ 2,967 Finance lease cost: Amortization of right-of-use assets 640 80 1,279 706 Interest on lease liabilities 43 18 94 100 Total lease cost $ 3,478 $ 486 $ 6,930 $ 3,773
LEASES	LEASES The Company leases real estate and manufacturing and laboratory equipment which are used in the Company’s manufacturing, research and development, and administrative activities. The Company identifies a contract that contains a lease as one which conveys a right, either explicitly or implicitly, to control the use of an identified asset in exchange for consideration. These arrangements are classified as finance leases and operating leases. Finance leases consist of laboratory and manufacturing equipment with remaining terms ranging from 1 year to 3 years. The Company’s operating leases relate to the Company’s manufacturing facilities and office space and have remaining terms from 7 years to 9 years. There were no new material leases entered into during the three and six months ended June 30, 2022. The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of June 30, 2022 and December 31, 2021 were as follows: Balance Sheet Location June 30, 2022 December 31, 2021 Assets Right-of-use assets operating leases Operating lease right-of-use assets $ 85,971 $ 79,474 Right-of-use assets finance leases Property and equipment, net 8,543 9,821 Liabilities Operating lease liabilities (current) Operating lease liabilities, current 7,679 7,147 Finance lease liabilities (current) Finance lease liabilities, current 2,605 2,621 Operating lease liabilities (non-current) Operating lease liabilities, net of current portion 46,455 46,464 Finance lease liabilities (non-current) Finance lease liabilities, net of current portion 1,990 3,271 The components of lease expense for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 2,795 $ 388 $ 5,557 $ 2,967 Finance lease cost: Amortization of right-of-use assets 640 80 1,279 706 Interest on lease liabilities 43 18 94 100 Total lease cost $ 3,478 $ 486 $ 6,930 $ 3,773

ACCRUED LIABILITIES AND OTHER C

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES	ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES Accrued liabilities and other current liabilities consisted of the following: June 30, December 31, Accrued purchases (1) $ 20,374 $ 285 Accrued payroll and benefits 19,144 13,693 Accrued expenses 10,835 6,371 Accrued sales tax 8,011 4,284 Product warranty reserve (See Note 15. Commitments and Contingencies ) 15,812 4,865 Restructuring accrual 1,644 — Total accrued liabilities and other current liabilities $ 75,820 $ 29,498 (1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Agreement In February 2021, the Company entered into a loan and security agreement (“Revolving Credit Agreement”) with a group of lenders with East West Bank, acting as administrative agent and collateral agent for the lenders. In connection with entering into the Revolving Credit Agreement, the Company repaid outstanding amounts of $5.4 million and terminated the prior Loan and Security Agreement with Comerica Bank (“2015 Credit Agreement”) that was initially entered into in May 2015. The 2015 Credit Agreement, as amended, provided for a revolving line with a credit extension of up to $4.0 million and a Growth Capital A Line with a credit extension of up to $6.0 million. The Revolving Credit Agreement provided for a revolving credit facility with an aggregate maximum principal amount of $130.0 million and a letter of credit subfacility of $20.0 million. In May 2021, the Company repaid $63.2 million of debt outstanding under the Revolving Credit Agreement with a portion of the proceeds from the issuance and sale of Convertible Notes. In June 2021, the Company terminated the Revolving Credit Agreement and was required to pay a fee equal to 1.00% of the amount of the outstanding revolving commitment. The Company also wrote-off issuance costs of $0.7 million for a total loss on extinguishment of debt of $2.0 million. These amounts were recorded in loss on extinguishment of debt in the statements of operations during the six months ended June 30, 2021. Upon agreement with East West Bank and the other lenders to the Revolving Credit Agreement, the Company kept in place its outstanding letter of credit in the amount of $12.0 million, which was cash collateralized. In November 2021, East West Bank issued to us an additional letter of credit in the amount of $0.5 million. All other obligations under the Revolving Credit Agreement have otherwise been terminated. Convertible Notes In May 2021, the Company issued and sold convertible promissory notes (“Convertible Notes”) with a principal amount of $235.5 million . The Company recorded a loss of $23.3 million related to the change in estimated fair value of the Convertible Notes in its statement of operations for the six months ended June 30, 2021. All of the Convertible Notes were converted upon the IPO, which was a qualified conversion event. The Convertible Notes’ principal amount of $235.5 million and accrued interest of $2.8 million was converted into 18,611,914 shares of common stock at a fair value of $297.8 million using a 20% discount to the initial public offing price of $16.00 per share. The Company no longer had outstanding Convertible Notes as of December 31, 2021. Secured Revolving Facility Agreement On June 30, 2022, the Company entered into a loan and security agreement (the “2022 Revolving Facility Agreement”) among the Company, the lenders from time to time party thereto and East West Bank, as collateral agent and administrat ive agent (“Agent”). The 2022 Revolving Facility Agreement provides for a $100.0 million secured revolving credit facility, with a $20.0 million letter of credit subfacility. As of June 30, 2022, there were no revolving loans outstanding and $12.5 million aggregate f ace amount of letters of credit outstanding under the 2022 Revolving Facility Agreement, which reduces the availability to borrow under the revolving credit facility to $87.5 million . The Company recorded $0.6 million in deferred financings costs in connection with the 2022 Revolving Facility Agreement. This balance will be amortized over two years and is classified in other non-current assets since no funds were drawn on the 2022 Revolving Facility Agreement. The revolving loans are available subject to the Company maintaining an asset coverage ratio of not less than 1.20 to 1.00, measured as (x) the sum of specified cash and cash equivalents subject to liens in favor of Agent plus 80% of eligible accounts receivable less the amount of the Company’s outstanding sales tax liability to (y) the principal amount of the outstanding obligations under the 2022 Revolving Facility Agreement. The revolving commitments terminate and the principal amount of outstanding revolving loans, together with accrued and unpaid interest, is due and payable on June 30, 2024. The revolving loans accrue interest at the greater of the prime rate and 3.50%. Interest on the revolving loans is payable monthly in arrears. The Company may borrow, prepay and reborrow revolving loans, without premium or penalty. The Company is required to pay a prepayment fee of 1.0% if the revolving commitments are terminated prior to the maturity date. The Company is also obligated to pay other customary fees for a loan facility of this size and type. The Company’s obligations under the 2022 Revolving Facility Agreement are secured by substantially all of the Company’s assets, and will be guaranteed by, and secured by substantially all of the assets of, its future domestic subsidiaries. As of the closing date, there were no guarantors. The 2022 Revolving Facility Agreement requires the Company to maintain a current ratio of not less than 1.20 to 1.00, measured quarterly. The 2022 Revolving Facility Agreement also requires the Company to maintain at least six months remaining liquidity, determined as set forth in the 2022 Revolving Facility Agreement. Additionally, the 2022 Revolving Facility Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its subsidiaries to, among other things, dispose of assets, effect certain mergers, incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. The events of default under the 2022 Revolving Facility Agreement include, among others, payment defaults, material misrepresentations, breaches of covenants, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, the occurrence of a material adverse effect, a change of control and judgment defaults. The occurrence of an event of default could result in the acceleration of the Company’s obligations under the 2022 Revolving Facility Agreement, the termination of the lenders’ commitments, a 2% increase in the applicable rate of interest and the exercise by Agent and the lenders of other rights and remedies provided for under the 2022 Revolving Facility Agreement or applicable law.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK Amended and Restated Certificate of Incorporation In September 2021, the Company’s board of directors approved and the Company filed its restated amended certificate of incorporation, which authorized the issuance of up to 550,000,000 shares consisting of 500,000,000 shares of common stock and 50,000,000 shares of preferred stock with a par value of $0.00001 per share, respectively. Common Stock Warrants

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Incentive Plans 2014 Equity Incentive Plan In August 2014, the Company adopted the 2014 Equity Incentive Plan (“2014 Plan”) under which employees, non-employee directors and consultants of the Company may be granted incentive stock options, nonqualified stock options, stock appreciation rights, performance shares, awards of restricted stock and awards of restricted stock units. As of December 31, 2021, with the introduction of a new stock incentive plan, shares are no longer available for future grants under the 2014 Plan. 2021 Stock Incentive Plan In September 2021, the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”) under which employees, officers and directors, as well as consultants and advisors to the Company are eligible to be granted awards (incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards). The 2021 Plan initially authorized the issuance of a maximum of 22,399,691 shares of common stock. The number of shares of common stock available for issuance under the 2021 Plan were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 5% of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) the number of shares of the Company's common stock determined by the Company's board of directors. As of June 30, 2022 , 5,879,440 shares of common stock were available for issuance under the 2021 Plan. 2021 Employee Stock Purchase Plan In September 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”) under which employees of the Company can purchase shares of the Company’s common stock commencing on such time and such dates as the board of directors of the Company determine. The 2021 ESPP initially allowed for the sale of 2,834,754 shares of common stock. The number of shares of the Company's common stock to be sold under the 2021 ESPP were and will be increased on the first day of each fiscal year beginning with the 2022 fiscal year, in an amount equal to the least of (i) 8,504,263 shares, (ii) 1% of the number of shares of the Company's common stock outstanding on the first day of such fiscal year and (ii) a number of shares of the Company's common stock determined by the Company's board of directors. The price at which stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of the Company’s common stock on the lesser of either (i) the first business day of the Plan Period or (ii) the Exercise Date. As of June 30, 2022, 4,298,784 shares of common stock were available for sale under the 2021 ESPP. Stock-Based Compensation Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2022 and 2021, was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of product revenues $ 885 $ 343 $ 1,402 $ 1,197 Sales and marketing 2,464 11 5,277 26 Research and development 6,423 194 11,568 590 General and administrative 7,020 2,021 14,579 3,778 Total stock-based compensation expense $ 16,792 $ 2,569 $ 32,826 $ 5,591 In total, $0.9 million and $1.4 million of stock-based compensation expense was capitalized to inventory during the manufacturing process during the three and six months ended June 30, 2022, respectively. An immaterial amount remained in inventory as of June 30, 2022. Stock Options A summary of stock option activity and related information for the six months ended June 30, 2022 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at January 1, 2022 9,163,160 $ 5.13 6.40 Granted — — Exercised (515,705) 0.55 Forfeited (133,951) 13.24 Expired (49,766) 13.99 Outstanding at June 30, 2022 8,463,738 $ 5.23 6.29 Exercisable at June 30, 2022 6,203,101 $ 3.20 5.53 Vested and expected to vest at June 30, 2022 8,463,738 $ 5.23 6.29 There were no stock options granted during the six months ended June 30, 2022. As of June 30, 2022, there was approximately $10.8 million of unamortized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.4 years, on a straight-line basis. Restricted Stock Units Under the 2014 and 2021 Plans, RSUs are generally subject to a 4-year vesting period, with 25% of the shares vesting one year from the vesting commencement date and quarterly thereafter over the remaining vesting term, but may be subject to other vesting conditions such as performance or market based conditions. Compensation expense is recognized ratably over the requisite service period. A summary of RSU activity and related information for the six months ended June 30, 2022 was as follows: Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2022 11,264,235 $ 14.62 $ 164,683 Granted 7,159,719 7.50 53,698 Vested (1,507,394) 14.80 (22,309) Forfeited (88,848) 8.98 (798) Outstanding, June 30, 2022 16,827,712 $ 11.60 $ 195,274 As of June 30, 2022, there was approximately $160.1 million of total unrecognized compensation cost related to outstanding RSUs. Market-Based Performance-Vesting RSUs In September 2021, the Company issued 3,335,300 RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain market-based performance goals. Market-based performance-vesting RSUs vest upon the achievement of certain stock price performance over a performance period. There are seven stock price targets which can be achieved over the performance period and are based on an average closing price of the Company’s common stock. Market-based performance-vesting RSU activity for the six months ended June 30, 2022 was as follows: Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2022 $ 3,335,300 $ 12.82 $ 42,759 Granted — — — Vested — — — Forfeited — — — Outstanding, June 30, 2022 $ 3,335,300 $ 12.82 42,759 Operational-Based Performance-Vesting RSUs In September 2021, the Company iss ued 1,597,272 oper ational-based performance-vesting RSUs that vest based on the satisfaction of both a continued employment condition and the achievement of certain performance goals including meeting certain annual revenue targets and product development milestones. The grant date fair value of operational-based performance-vesting RSUs was estimated based on the fair value of the Company’s common stock on the date of grant. Compensation costs are recorded when achievement of the performance goals is determined to be probable. Operations-based performance-vesting RSU activity for the six months ended June 30, 2022 was as follows: Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2021 1,597,272 $ 16.00 $ 25,556 Granted — — — Vested (532,424) 16.00 (8,519) Forfeited — — — Outstanding, June 30, 2022 1,064,848 $ 16.00 $ 17,037

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
INCOME (LOSS) PER SHARE	INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common shares outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method and the if-converted method. Dilutive potential common shares include stock options, non-vested shares, redeemable convertible preferred shares, convertible notes, restricted stock and similar equity instruments granted by the Company. Some restricted stock units vest upon certain performance and market conditions and as they vest, the shares will be included in outstanding common shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. Basic and diluted net income (loss) attributable to common holders per share is presented in conformity with the two- class method required for participating securities as the redeemable convertible preferred stock, common stock subject to restricted stock purchase agreements, early exercised options, and restricted shares are considered participating securities. Under the two-class method, distributed and undistributed income allocated to participating securities are excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted income (loss) per share. The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net (loss) income $ (99,050) $ 19,809 $ (96,247) $ 32,840 Minus: Income allocated to participating securities — 17,087 — 28,565 Net (loss) income attributable to common stockholders – basic $ (99,050) $ 2,722 $ (96,247) $ 4,275 Plus: Income allocated to non-participating securities — 838 — 1,332 Net (loss) income attributable to common stockholders - diluted $ (99,050) $ 3,560 $ (96,247) $ 5,607 Denominator: Basic weighted-average common shares outstanding 147,498,162 18,822,474 147,014,951 18,617,247 Dilutive potential common stock issuable: Common stock warrants — 89,551 — 89,551 Preferred stock warrants — 74,149 — 74,149 Stock options — 7,255,390 — 7,255,390 Restricted stock units — — — — Diluted weighted-average shares outstanding 147,498,162 26,241,564 147,014,951 26,036,337 Net (loss) income attributable to common stockholders per share Basic $ (0.67) $ 0.14 $ (0.65) $ 0.23 Diluted $ (0.67) $ 0.14 $ (0.65) $ 0.22 In periods of net losses, potentially dilutive securities are not included in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive. Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options 8,463,738 2,838,421 8,463,738 2,838,421 Restricted stock units 16,827,712 — 16,827,712 — Employee stock purchase plan – shares projected to be issued 148,963 — 148,963 — Total 25,440,413 2,838,421 25,440,413 2,838,421

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rate for the three and six months ended June 30, 2022 was 3.3% and 3.4%, respectively. The Company’s effective income tax rate for the three and six months end ed June 30, 2021 was 37.8% and 28.8%. The effective tax rate for the six months ended June 30, 2022, differs from the statutory rate due to changes in the amount of the valuation allowance recorded against the Company’s deferred tax assets and the impact of certain state tax credits recorded in the period ended June 30, 2022. The effective tax rate for the six months ended June 30, 2021 , differs from the statutory rate due to changes in the valuation allowance, certain non-deductible expenses, and state income taxes. During the six months ended June 30, 2022, the Company completed the application process to obtain income tax credits from the state of California related to the California Competes program and recorded a benefit of approximately $1.7 million. During the six months ended June 30, 2022, the Company recorded amounts related to uncertain tax positions of approximately $0.3 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Product Liability The Company’s business exposes it to liability risks from its potential medical diagnostic products. Product liability claims could result in the payment of significant amounts of money and divert management’s attention from running the business. The Company may not be able to maintain insurance on acceptable terms, or the insurance may not provide adequate protection in the case of a product liability claim. To the extent that product liability insurance, if available, does not cover potential claims, the Company would be required to self-insure the risks associated with such claims. The Company believes it carries reasonably adequate insurance for product liability. Product Warranty Reserve The Company provides its customers with the right to receive a replacement of defective or nonconforming Cue Readers for a period of up to twelve months from the date of shipment. Although no explicit warranty is provided for Cue Cartridges, the Company may choose to replace Cue Cartridges that result in cancelled tests and invalid test results. All warranties are classified as current liabilities within the accrued liabilities and other current liabilities on the balance sheet. Provisions for estimated expenses related to product warranty are made at the time products are sold. These estimates are determined based on historical information that includes test failure rates, replacement frequency, and the overall replacement cost. The Company evaluates the reserve on a quarterly basis and makes adjustments when appropriate. Changes to test failure rates and overall replacement rates could have a material impact on our estimated liability. The following table provides a reconciliation of the change in estimated warranty liabilities: Amount Balance, December 31, 2021 $ 4,865 Provision for warranties 6,496 Provision for warranties related to the inventory charge (see Note 4, Inventories ) 12,263 Settlements (7,812) Balance, June 30, 2022 $ 15,812 Restructuring Restructuring actions were taken in the second quarter of 2022 in order to reduce costs and improve operations and manufacturing efficiency. As a result of these actions, for the three and six months ended June 30, 2022, the Company recorded $1.9 million of charges, which were reported as restructuring expense in the accompanying condensed statements of operations. This was accounted for as a one-time termination benefit communicated by period end without an additional service component, so the charge represents the total amount expected to be incurred. As of June 30, 2022, $1.6 million of the charges were unpaid which is included within accrued liabilities and other current liabilities in the accompanying condensed balance sheets. Standby Letters of Credit During the year ended December 31, 2021, the Company was party to certain letters of credit, primarily related to a letter of credit with Comerica Bank as collateral required by one of the Company’s vendors. During the year ended December 31, 2021, the Company entered into a Revolving Credit Agreement with a capacity of $130.0 million and all but one of the letters of credits were no longer required by the counterparties. The one letter of credit, totaling $6.0 million, was re-issued under the Revolving Credit Agreement. In May 2021, the Company repaid the debt outstanding under the Revolving Credit Agreement and terminated the agreement in June 2021. Upon agreement with East West Bank and the other lenders to the Revolving Credit Agreement, the Company kept in place its outstanding letter of credit in the amount of $6.0 million. The letter of credit was increased to $12.0 million in July 2021. In November 2021, East West Bank issued an additional letter of credit in the amount of $0.5 million. All other obligations under the Revolving Credit Agreement have otherwise been terminated. On June 30, 2022, these letters of credit were re-issued under the 2022 Revolving Facility Agreement. The 2022 Revolving Facility Agreement provides fo r a $100.0 million secured revolving credit facility, with a $20.0 million l etter of credit subfacility. As of June 30, 2022, there were no revolving loans outstanding and $12.5 million aggregate face amount of letters of credit outstanding under the 2022 Revolving Facility Agreement, which reduces the availability to borrow under the revolving credit facility to $87.5 million . Restricted Cash In November 2021, $0.8 million of cash was restricted in relation to a customs surety on international imports which remains restricted as of June 30, 2022. The Company also has outstanding cash collateralized letters of credit with Comerica Bank related to its real estate leases totaling $0.5 million as of June 30, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited interim condensed financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2021. The unaudited interim condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting and, in the opinion of management, include all adjustments necessary for the fair statement of the Company’s financial position for the periods presented. All such adjustments are of a normal, recurring nature. Certain disclosures have been condensed or omitted from the interim condensed financial statements. The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses as well as the related disclosure of contingent assets and liabilities.
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited interim condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to revenue recognition, net accounts receivable, equity-based compensation expense, product warranty reserve, the usage and recoverability of its inventories and long-lived assets and net deferred tax assets (and related valuation allowance). The
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. The Company views its operations and manages its business in one operating segment which is consistent with how the Chief Executive Officer, who is the chief operating decision-maker, reviews the business, makes investment and resource allocation decisions, and assesses operating performance. The majority of revenue to date is from customers located in the United States and the majority of long-lived assets are located in the United States. The Company had an immaterial amount of revenue from customers located in Canada and Singapore and an immaterial amount of long-lived assets are located in Mexico.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. The standard provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2017-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued several amendments to the standard. In November 2019, the FASB amended the standard with the issuance of ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The amendment revised the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 on its financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. ASU 2020-06 is effective for reporting periods beginning after December 15, 2023 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. The standard did not have a material impact on the financial statements for the six months ended June 30, 2022. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU 2021-04 aims to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange based on the economic substance of the modification or exchange. Early adoption is permitted and the guidance must be applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The guidance is effective for annual periods beginning after December 15, 2021. The Company adopted ASU 2021-04 on January 1, 2022 under the prospective method of adoption and there was no impact to our results of operations as we did not modify or exchange any freestanding equity-classified written call options. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832). This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on the financial statements.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Disaggregation of the product revenue by type of customer for the three and six months ended June 30, 2022 and 2021, respectively: Three Months Ended Six Months Ended 2022 2021 2022 2021 Public sector entities $ 3,823 $ 105,029 $ 5,433 $ 167,120 Private sector customers 80,528 32,394 256,372 34,802 Total product revenue $ 84,351 $ 137,423 $ 261,805 $ 201,922 The following table sets forth the Company’s product gross profit and product gross profit (loss) margin for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Product revenue $ 84,351 $ 137,423 $ 261,805 $ 201,922 Cost of product revenue 101,898 55,142 188,595 85,177 Product gross profit (loss) $ (17,547) $ 82,281 $ 73,210 $ 116,745 Product gross profit (loss) margin (21) % 60 % 28 % 58 %
Schedule of Contract Liabilities	The activity related to contract liabilities for the six months ended June 30, 2022 is as follows: Amount Balance at December 31, 2021 $ 92,448 Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period 3,411 Revenue recognized related to contract liability balance at the beginning of the period — Balance at June 30, 2022 $ 95,859

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	As of June 30, 2022 and December 31, 2021, the Company’s inventories consisted of the following: June 30, December 31, Raw materials $ 87,092 $ 46,273 Work-in-process 11,218 10,920 Finished goods 73,670 33,863 Reserve (32,933) (2,668) Total inventories $ 139,047 $ 88,388

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses	As of June 30, 2022 and December 31, 2021, the Company’s prepaid expenses consisted of the following: June 30, December 31, Prepaid expense $ 34,720 $ 30,153 Prepaid inventory 15,716 15,736 Total prepaid expenses $ 50,436 $ 45,889

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	As of June 30, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following: June 30, December 31, Construction in progress $ 21,635 $ 4,082 Machinery and equipment 207,091 195,001 Leasehold improvements 21,703 19,302 Furniture and fixtures 1,597 740 Property and equipment 252,026 219,125 Accumulated depreciation and amortization (61,895) (41,669) Total property and equipment, net $ 190,131 $ 177,456

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	As of June 30, 2022 and December 31, 2021, the Company’s intangible assets consisted of the following: June 30, December 31, Capitalized software $ 13,582 $ 5,638 Accumulated amortization (3,408) (2,067) Capitalized software, net 10,174 3,571 In-process software development 762 4,102 Total intangible assets $ 10,936 $ 7,673
Schedule of Estimated Amortization Expense	Estimated amortization expense for each of the years ending December 31 is as follows: 2022 (excluding the six months ended June 30, 2022) $ 1,789 2023 3,578 2024 3,137 2025 1,670 Total amortization expense $ 10,174

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Lease Assets and Liabilities	The right-of-use assets and lease liabilities recognized on the Company’s balance sheet as of June 30, 2022 and December 31, 2021 were as follows: Balance Sheet Location June 30, 2022 December 31, 2021 Assets Right-of-use assets operating leases Operating lease right-of-use assets $ 85,971 $ 79,474 Right-of-use assets finance leases Property and equipment, net 8,543 9,821 Liabilities Operating lease liabilities (current) Operating lease liabilities, current 7,679 7,147 Finance lease liabilities (current) Finance lease liabilities, current 2,605 2,621 Operating lease liabilities (non-current) Operating lease liabilities, net of current portion 46,455 46,464 Finance lease liabilities (non-current) Finance lease liabilities, net of current portion 1,990 3,271
Schedule of Lease Cost	The components of lease expense for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 2,795 $ 388 $ 5,557 $ 2,967 Finance lease cost: Amortization of right-of-use assets 640 80 1,279 706 Interest on lease liabilities 43 18 94 100 Total lease cost $ 3,478 $ 486 $ 6,930 $ 3,773

ACCRUED LIABILITIES AND OTHER_2

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other Current Liabilities	Accrued liabilities and other current liabilities consisted of the following: June 30, December 31, Accrued purchases (1) $ 20,374 $ 285 Accrued payroll and benefits 19,144 13,693 Accrued expenses 10,835 6,371 Accrued sales tax 8,011 4,284 Product warranty reserve (See Note 15. Commitments and Contingencies ) 15,812 4,865 Restructuring accrual 1,644 — Total accrued liabilities and other current liabilities $ 75,820 $ 29,498 (1) Accrued purchases primarily reflects receipts of goods and services for which we had not yet been invoiced. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense Related to Awards Issued	Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2022 and 2021, was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of product revenues $ 885 $ 343 $ 1,402 $ 1,197 Sales and marketing 2,464 11 5,277 26 Research and development 6,423 194 11,568 590 General and administrative 7,020 2,021 14,579 3,778 Total stock-based compensation expense $ 16,792 $ 2,569 $ 32,826 $ 5,591
Schedule of Stock Option Activity and Related Information	A summary of stock option activity and related information for the six months ended June 30, 2022 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding at January 1, 2022 9,163,160 $ 5.13 6.40 Granted — — Exercised (515,705) 0.55 Forfeited (133,951) 13.24 Expired (49,766) 13.99 Outstanding at June 30, 2022 8,463,738 $ 5.23 6.29 Exercisable at June 30, 2022 6,203,101 $ 3.20 5.53 Vested and expected to vest at June 30, 2022 8,463,738 $ 5.23 6.29
Share-based Payment Arrangement, Restricted Stock Unit, Activity	A summary of RSU activity and related information for the six months ended June 30, 2022 was as follows: Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2022 11,264,235 $ 14.62 $ 164,683 Granted 7,159,719 7.50 53,698 Vested (1,507,394) 14.80 (22,309) Forfeited (88,848) 8.98 (798) Outstanding, June 30, 2022 16,827,712 $ 11.60 $ 195,274 Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2022 $ 3,335,300 $ 12.82 $ 42,759 Granted — — — Vested — — — Forfeited — — — Outstanding, June 30, 2022 $ 3,335,300 $ 12.82 42,759 Operations-based performance-vesting RSU activity for the six months ended June 30, 2022 was as follows: Underlying Shares Weighted-average Grant Date Fair Value Aggregate Fair Value Outstanding, January 1, 2021 1,597,272 $ 16.00 $ 25,556 Granted — — — Vested (532,424) 16.00 (8,519) Forfeited — — — Outstanding, June 30, 2022 1,064,848 $ 16.00 $ 17,037

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) Per Share, Basic and Diluted	The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net (loss) income $ (99,050) $ 19,809 $ (96,247) $ 32,840 Minus: Income allocated to participating securities — 17,087 — 28,565 Net (loss) income attributable to common stockholders – basic $ (99,050) $ 2,722 $ (96,247) $ 4,275 Plus: Income allocated to non-participating securities — 838 — 1,332 Net (loss) income attributable to common stockholders - diluted $ (99,050) $ 3,560 $ (96,247) $ 5,607 Denominator: Basic weighted-average common shares outstanding 147,498,162 18,822,474 147,014,951 18,617,247 Dilutive potential common stock issuable: Common stock warrants — 89,551 — 89,551 Preferred stock warrants — 74,149 — 74,149 Stock options — 7,255,390 — 7,255,390 Restricted stock units — — — — Diluted weighted-average shares outstanding 147,498,162 26,241,564 147,014,951 26,036,337 Net (loss) income attributable to common stockholders per share Basic $ (0.67) $ 0.14 $ (0.65) $ 0.23 Diluted $ (0.67) $ 0.14 $ (0.65) $ 0.22
Schedule of Antidilutive Securities Excluded from Computation of Net Income (Loss) Per Share	Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options 8,463,738 2,838,421 8,463,738 2,838,421 Restricted stock units 16,827,712 — 16,827,712 — Employee stock purchase plan – shares projected to be issued 148,963 — 148,963 — Total 25,440,413 2,838,421 25,440,413 2,838,421

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table provides a reconciliation of the change in estimated warranty liabilities: Amount Balance, December 31, 2021 $ 4,865 Provision for warranties 6,496 Provision for warranties related to the inventory charge (see Note 4, Inventories ) 12,263 Settlements (7,812) Balance, June 30, 2022 $ 15,812

BUSINESS AND BASIS OF ACCOUNT_2

BUSINESS AND BASIS OF ACCOUNTING (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Sep. 28, 2021 USD ($) $ / shares shares	Jun. 30, 2022 segment	May 31, 2021 $ / shares
Class of Stock [Line Items]
Number of operating segments | segment		1
Product Concentration Risk | Revenue Benchmark | Cue COVID-19 Test
Class of Stock [Line Items]
Concentration risk, percentage		100%
Redeemable Convertible Preferred Stock Converted into Common Stock
Class of Stock [Line Items]
Conversion of redeemable convertible preferred stock (in shares)	83,605,947
Convertible Debt
Class of Stock [Line Items]
Debt instrument, face amount | $	$ 235.5
Accrued interest | $	$ 2.8
Debt instrument, convertible, number of equity instruments (in shares)	18,611,914
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	14,375,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 16		$ 16
Proceeds from issuance of common stock at public offering | $	$ 206
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,875,000

REVENUE - Product Revenue By Cu

REVENUE - Product Revenue By Customer Type (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 87,700,000	$ 137,423,000	$ 267,110,000	$ 201,922,000
Product revenue
Disaggregation of Revenue [Line Items]
Revenue	84,351,000	137,423,000	261,805,000	201,922,000
Product revenue | Public sector entities
Disaggregation of Revenue [Line Items]
Revenue	3,823,000	105,029,000	5,433,000	167,120,000
Product revenue | Private sector customers
Disaggregation of Revenue [Line Items]
Revenue	$ 80,528,000	$ 32,394,000	$ 256,372,000	$ 34,802,000

REVENUE - Product Revenue Gross

REVENUE - Product Revenue Gross Profit and Gross Profit Margin (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Product revenue	$ 87,700,000	$ 137,423,000	$ 267,110,000	$ 201,922,000
Product revenue
Disaggregation of Revenue [Line Items]
Product revenue	84,351,000	137,423,000	261,805,000	201,922,000
Cost of product revenue	101,898,000	55,142,000	188,595,000	85,177,000
Product gross profit (loss)	$ (17,547,000)	$ 82,281,000	$ 73,210,000	$ 116,745,000
Product gross profit (loss) margin	(21.00%)	60%	28%	58%

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Inventory write-down		$ 42,800,000		$ 42,800,000
Inventory reserve		30,600,000		30,581,000	$ 0
Product warranty reserve		12,300,000		12,263,000	0
Net contract assets		1,600,000		1,600,000		$ 1,100,000
Revenue		87,700,000	$ 137,423,000	267,110,000	201,922,000
Accounts receivable, allowance for doubtful accounts		800,000		800,000		$ 300,000
Product revenue
Disaggregation of Revenue [Line Items]
Revenue		84,351,000	137,423,000	261,805,000	201,922,000
Product revenue | United States Department of Defense
Disaggregation of Revenue [Line Items]
Maximum percentage limit to purchase in quarterly production	45%
Product revenue | Cue COVID-19 Test | United States Department of Defense
Disaggregation of Revenue [Line Items]
Agreement value	$ 480,900,000
Advance for scaling	184,600,000
Agreement value for sale of product	$ 296,300,000
Grant and other revenue
Disaggregation of Revenue [Line Items]
Revenue		3,349,000	0	5,305,000	0
Grant and other revenue | Biomedical Advanced Research And Development Authority (BARDA)
Disaggregation of Revenue [Line Items]
Revenue		$ 3,300,000	$ 0	$ 5,300,000	$ 0

REVENUE - Contract Liability Ac

REVENUE - Contract Liability Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Contract With Customer, Liability Rollforward [Roll Forward]
Balance at December 31, 2021	$ 92,448
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	3,411
Revenue recognized related to contract liability balance at the beginning of the period	0
Balance at June 30, 2022	$ 95,859

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 87,092	$ 87,092		$ 46,273
Work-in-process	11,218	11,218		10,920
Finished goods	73,670	73,670		33,863
Reserve	(32,933)	(32,933)		(2,668)
Total inventories	139,047	139,047		$ 88,388
Inventory write-down	42,800	42,800
Inventory reserve	30,600	30,581	$ 0
Product warranty reserve	$ 12,300	$ 12,263	$ 0

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 34,720	$ 30,153
Prepaid inventory	15,716	15,736
Total prepaid expenses	$ 50,436	$ 45,889

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 252,026	$ 219,125
Accumulated depreciation and amortization	(61,895)	(41,669)
Total property, plant, and equipment and finance lease right-of-use asset	190,131	177,456
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	21,635	4,082
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	207,091	195,001
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	21,703	19,302
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 1,597	$ 740

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 10,200	$ 8,000	$ 20,200	$ 12,800
Carrying value of finance leases	$ 8,543		$ 8,543		$ 9,821

INTANGIBLE ASSETS - Finite-Live

INTANGIBLE ASSETS - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Capitalized software	$ 13,582	$ 5,638
Accumulated amortization	(3,408)	(2,067)
Capitalized software, net	10,174	3,571
Total intangible assets	10,936	7,673
In-process software development
Finite-Lived Intangible Assets [Line Items]
In-process software development	$ 762	$ 4,102

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.8	$ 1.5	$ 1.4	$ 1.7

INTANGIBLE ASSETS - Estimated A

INTANGIBLE ASSETS - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 10,936	$ 7,673
Software
Finite-Lived Intangible Assets [Line Items]
2022 (excluding the six months ended June 30, 2022)	1,789
2023	3,578
2024	3,137
2025	1,670
Total intangible assets	$ 10,174

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Jun. 30, 2022
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term (in years)	1 year
Operating lease, remaining lease term (in years)	7 years
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term (in years)	3 years
Operating lease, remaining lease term (in years)	9 years

LEASES - Right of Use Assets an

LEASES - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 85,971	$ 79,474
Right-of-use assets finance leases	8,543	9,821
Liabilities
Operating lease liabilities (current)	7,679	7,147
Finance lease liabilities (current)	2,605	2,621
Operating lease liabilities (non-current)	46,455	46,464
Finance lease liabilities (non-current)	$ 1,990	$ 3,271
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 2,795	$ 388	$ 5,557	$ 2,967
Finance lease cost:
Amortization of right-of-use assets	640	80	1,279	706
Interest on lease liabilities	43	18	94	100
Total lease cost	$ 3,478	$ 486	$ 6,930	$ 3,773

ACCRUED LIABILITIES AND OTHER_3

ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued purchases	$ 20,374	$ 285
Accrued payroll and benefits	19,144	13,693
Accrued expenses	10,835	6,371
Accrued sales tax	8,011	4,284
Product warranty reserve (See Note 15. Commitments and Contingencies)	15,812	4,865
Restructuring reserve	1,644	0
Total accrued liabilities and other current liabilities	$ 75,820	$ 29,498

DEBT (Details)

DEBT (Details)		1 Months Ended			6 Months Ended
	Sep. 28, 2021 USD ($) $ / shares shares	Jun. 30, 2021	May 31, 2021 USD ($) $ / shares shares	Feb. 28, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 0	$ 1,998,000
Conversion of convertible notes			$ 297,800,000
IPO
Debt Instrument [Line Items]
Sale of stock, price per share (in dollars per share) | $ / shares	$ 16		$ 16
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 235,500,000
Accrued interest	$ 2,800,000
Debt instrument, convertible, number of equity instruments (in shares) | shares	18,611,914
May 2021 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 235,500,000
Fair value adjustment loss on debt					23,300,000
Accrued interest			$ 2,800,000
Debt instrument, convertible, number of equity instruments (in shares) | shares			18,611,914
Debt instrument, convertible, conversion discount period one			20%
Long-term debt							$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 0
Debt covenant, percent of eligible accounts receivable less sales tax liability					80%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Asset coverage ratio					1.20
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Asset coverage ratio					1
Revolving Credit Facility | 2015 Credit Agreement | Comerica Bank | Line of Credit
Debt Instrument [Line Items]
Extinguishment of debt, amount				$ 5,400,000
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					3.50%
Prepayment fee					1%
Interest rate, increase (decrease)					2%
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit | Maximum
Debt Instrument [Line Items]
Current ratio					1.20
Revolving Credit Facility | Revolving Credit Agreement | Line of Credit | Minimum
Debt Instrument [Line Items]
Current ratio					1
Revolving Credit Facility | Revolving Credit Agreement | Comerica Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 500,000
Revolving Credit Facility | Revolving Credit Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 6,000,000	130,000,000			$ 130,000,000		$ 12,000,000
Repayments of lines of credit			63,200,000
Debt extinguishment, fee, percentage of outstanding commitment		1%
Write off of deferred debt issuance cost						700,000
Loss on extinguishment of debt						$ 2,000,000
Revolving Credit Facility | Secured Revolving Facility Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					100,000,000
Letter of Credit | 2015 Credit Agreement | Comerica Bank | Line of Credit
Debt Instrument [Line Items]
Credit extension limit (up to)				4,000,000
Letter of Credit | Revolving Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding			$ 12,000,000		12,500,000
Letter of Credit | Revolving Credit Agreement | East West Bank
Debt Instrument [Line Items]
Additional letter of credit, issued								$ 500,000
Letter of Credit | Revolving Credit Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				20,000,000
Letter of Credit | Secured Revolving Facility Agreement | Line of Credit
Debt Instrument [Line Items]
Deferred financing cost					600,000
Letter of Credit | Secured Revolving Facility Agreement | East West Bank
Debt Instrument [Line Items]
Remaining borrowing capacity					87,500,000
Letter of Credit | Secured Revolving Facility Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 20,000,000
Bridge Loan | 2015 Credit Agreement | Comerica Bank | Line of Credit
Debt Instrument [Line Items]
Credit extension limit (up to)				$ 6,000,000

CAPITAL STOCK (Details)

CAPITAL STOCK (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Common stock and preferred stock, shares authorized (in shares)			550,000,000
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Preferred stock, shares authorized (in shares)			50,000,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, par value (in dollars per share)			$ 0.00001
Common Stock Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	75,744
Exercise price of warrant (in dollars per share)	$ 0.40

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation cost related to unvested stock option awards		$ 10.8		$ 10.8
Expected period for recognition				2 years 4 months 24 days
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost capitalized in inventory		0.9	$ 1.4	$ 0.9	$ 1.4
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Award vesting percentage				25%
Granted (in shares)				7,159,719
Operations-Based Performance-Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 160.1		$ 160.1
Granted (in shares)	1,597,272			0
2021 Stock Purchase Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual percentage increase in shares available	5%
Number of shares available for grant (in shares)		5,879,440		5,879,440
2021 Stock Purchase Plan | Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	22,399,691
2021 Employee Stock Purchase Plan | Employee stock purchase plan – shares projected to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,834,754
Annual percentage increase in shares available	1%
Number of shares available for grant (in shares)		4,298,784		4,298,784
Annual increase, number of shares (in shares)	8,504,263
Purchase price of common stock, percent	85%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - Share-based Payment Arrangement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,792	$ 2,569	$ 32,826	$ 5,591
Cost of product revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	885	343	1,402	1,197
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,464	11	5,277	26
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6,423	194	11,568	590
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 7,020	$ 2,021	$ 14,579	$ 3,778

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Company's Stock Option Activity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Options
Outstanding at beginning of period (in shares) | shares	9,163,160
Granted (in shares) | shares	0
Exercised (in shares) | shares	(515,705)
Forfeited (in shares) | shares	(133,951)
Expired (in shares) | shares	(49,766)
Outstanding at end of period (in shares) | shares	8,463,738	9,163,160
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 5.13
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0.55
Forfeited (in dollars per share) | $ / shares	13.24
Expired (in dollars per share) | $ / shares	13.99
Outstanding at end of period (in dollars per share) | $ / shares	$ 5.23	$ 5.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options, exercisable (in shares) | shares	6,203,101
Options, vested and expected to vest (in shares) | shares	8,463,738
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 3.20
Weighted average exercise price, vested and expected to vest (in dollars per share) | $ / shares	$ 5.23
Weighted average remaining contractual term (years), outstanding	6 years 3 months 14 days	6 years 4 months 24 days
Weighted average remaining contractual term (years), exercisable	5 years 6 months 10 days
Weighted average remaining contractual term (years), vested and expected to vest	6 years 3 months 14 days

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU and Performance-Vesting RSUs Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2022
Restricted stock units
Underlying Shares
Outstanding, beginning balance (in shares)		11,264,235
Granted (in shares)		7,159,719
Vested (in shares)		(1,507,394)
Forfeited (in shares)		(88,848)
Outstanding, ending balance (in shares)		16,827,712
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 14.62
Granted (in dollars per share)		7.50
Vested (in dollars per share)		14.80
Forfeited (in dollars per share)		8.98
Outstanding, ending balance (in dollars per share)		$ 11.60
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 164,683
Granted		53,698
Vested		(22,309)
Forfeited		(798)
Aggregate fair value, ending balance		$ 195,274
Market-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		3,335,300
Granted (in shares)	3,335,300	0
Vested (in shares)		0
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		3,335,300
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 12.82
Granted (in dollars per share)		0
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		$ 12.82
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 42,759
Granted		0
Vested		0
Forfeited		0
Aggregate fair value, ending balance		$ 42,759
Operations-Based Performance-Vesting RSUs
Underlying Shares
Outstanding, beginning balance (in shares)		1,597,272
Granted (in shares)	1,597,272	0
Vested (in shares)		(532,424)
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		1,064,848
Weighted-average Grant Date Fair Value
Outstanding, beginning balance(in dollars per share)		$ 16
Granted (in dollars per share)		0
Vested (in dollars per share)		16
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		$ 16
Aggregate Fair Value
Aggregate fair value, beginning balance		$ 25,556
Granted		0
Vested		(8,519)
Forfeited		0
Aggregate fair value, ending balance		$ 17,037

INCOME (LOSS) PER SHARE - Sched

INCOME (LOSS) PER SHARE - Schedule of Net Income (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net (loss) income	$ (99,050)	$ 19,809	$ (96,247)	$ 32,840
Minus: Income allocated to participating securities	0	17,087	0	28,565
Net (loss) income attributable to common stockholders – basic	(99,050)	2,722	(96,247)	4,275
Plus: Income allocated to non-participating securities	0	838	0	1,332
Net (loss) income attributable to common stockholders - diluted	$ (99,050)	$ 3,560	$ (96,247)	$ 5,607
Denominator:
Basic weighted-average common shares outstanding (in shares)	147,498,162	18,822,474	147,014,951	18,617,247
Dilutive potential common stock issuable:
Diluted weighted-average shares outstanding (in shares)	147,498,162	26,241,564	147,014,951	26,036,337
Net (loss) income attributable to common stockholders per share
Basic (in dollars per share)	$ (0.67)	$ 0.14	$ (0.65)	$ 0.23
Diluted (in dollars per share)	$ (0.67)	$ 0.14	$ (0.65)	$ 0.22
Stock options
Dilutive potential common stock issuable:
Stock options (in shares)	0	7,255,390	0	7,255,390
Restricted stock units
Dilutive potential common stock issuable:
Stock options (in shares)	0	0	0	0
Common Stock
Dilutive potential common stock issuable:
Stock warrants (in shares)	0	89,551	0	89,551
Preferred Stock
Dilutive potential common stock issuable:
Stock warrants (in shares)	0	74,149	0	74,149

INCOME (LOSS) PER SHARE - Sch_2

INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Income (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	25,440,413	2,838,421	25,440,413	2,838,421
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,463,738	2,838,421	8,463,738	2,838,421
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,827,712	0	16,827,712	0
Employee stock purchase plan – shares projected to be issued
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	148,963	0	148,963	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	3.30%	37.80%	3.40%	28.80%
Income tax credit			$ 1.7
Unrecognized tax benefits	$ 0.3		$ 0.3

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) letter_of_credit	Nov. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	May 31, 2021 USD ($)	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Standard product warranty, term			12 months
Restructuring charges	$ 1,883,000	$ 0	$ 1,883,000	$ 0
Restructuring reserve	1,644,000		1,644,000		$ 0
Number of LOC's in effect | letter_of_credit					1
Restricted cash						$ 800,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	0		0
Revolving Credit Facility | Revolving Credit Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 130,000,000		$ 12,000,000	$ 6,000,000	$ 130,000,000
Line of credit facility increase						$ 500,000
Revolving Credit Facility | Revolving Credit Agreement | Comerica Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	500,000		500,000
Revolving Credit Facility | Revolving Credit Agreement, Remaining Letters Of Credit | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 6,000,000
Revolving Credit Facility | Secured Revolving Facility Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	100,000,000		100,000,000
Letter of Credit | Revolving Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding	12,500,000		12,500,000					$ 12,000,000
Letter of Credit | Revolving Credit Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 20,000,000
Letter of Credit | Secured Revolving Facility Agreement | East West Bank
Debt Instrument [Line Items]
Remaining borrowing capacity	87,500,000		87,500,000
Letter of Credit | Secured Revolving Facility Agreement | East West Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000		$ 20,000,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Product Warranty Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, December 31, 2021	$ 4,865
Provision for warranties	6,496
Provision for warranties related to the inventory charge	12,263
Settlements	(7,812)
Balance, June 30, 2022	$ 15,812