Shockwave Medical (SWAV) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	SWAV
Entity Registrant Name	Shockwave Medical, Inc.
Entity Central Index Key	0001642545
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,150,341
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-38829
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0494101
Entity Address, Address Line One	5403 Betsy Ross Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	510
Local Phone Number	279-4262
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Shockwave Medical, Inc., common stock, par value $0.001 per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 84,268	$ 50,423
Short-term investments	90,478	151,931
Accounts receivable, net	24,955	11,689
Inventory	36,149	29,859
Prepaid expenses and other current assets	3,781	2,398
Total current assets	239,631	246,300
Operating lease right-of-use assets	6,825	7,568
Property and equipment, net	21,467	16,362
Equity method investment	6,750
Other assets	1,686	1,812
TOTAL ASSETS	276,359	272,042
CURRENT LIABILITIES:
Accounts payable	2,633	1,466
Term notes, current portion	4,125	3,300
Accrued liabilities	28,317	19,942
Lease liability, current portion	920	873
Total current liabilities	35,995	25,581
Lease liability, noncurrent portion	6,911	7,488
Term notes, noncurrent portion	12,833	13,319
Related party contract liability, noncurrent portion	12,273
TOTAL LIABILITIES	68,012	46,388
STOCKHOLDERS’ EQUITY:
Preferred stock
Common stock	35	35
Additional paid-in capital	476,001	469,283
Accumulated other comprehensive income	10	9
Accumulated deficit	(267,699)	(243,673)
TOTAL STOCKHOLDERS’ EQUITY	208,347	225,654
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 276,359	$ 272,042

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Product revenue	$ 55,908,000	$ 10,286,000	$ 87,808,000	$ 25,483,000
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of revenue:
Cost of product revenue	$ 9,934,000	$ 3,592,000	$ 17,826,000	$ 9,243,000
Type of Cost, Good Or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 45,974,000	$ 6,694,000	$ 69,982,000	$ 16,240,000
Operating expenses:
Research and development	11,815,000	8,101,000	22,092,000	19,991,000
Sales and marketing	25,713,000	11,206,000	49,705,000	21,617,000
General and administrative	8,626,000	5,398,000	15,852,000	11,622,000
Total operating expenses	46,154,000	24,705,000	87,649,000	53,230,000
Loss from operations	(180,000)	(18,011,000)	(17,667,000)	(36,990,000)
Share in net loss of equity method investment	0		(5,523,000)
Interest expense	(318,000)	(306,000)	(630,000)	(583,000)
Other income (expense), net	146,000	220,000	(89,000)	724,000
Net loss before taxes	(352,000)	(18,097,000)	(23,909,000)	(36,849,000)
Income tax provision	73,000	21,000	117,000	44,000
Net loss	(425,000)	(18,118,000)	(24,026,000)	(36,893,000)
Unrealized gain/(loss) on available-for-sale securities	(6,000)	(82,000)	1,000	(14,000)
Total comprehensive loss	$ (431,000)	$ (18,200,000)	$ (24,025,000)	$ (36,907,000)
Net loss per share, basic and diluted	$ (0.01)	$ (0.56)	$ (0.69)	$ (1.16)
Shares used in computing net loss per share, basic and diluted	35,030,036	32,156,476	34,914,361	31,900,259

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Public Offering	Common Stock	Common StockPublic Offering	Additional Paid-In Capital	Additional Paid-In CapitalPublic Offering	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 192,653		$ 31		$ 370,561		$ 35	$ (177,974)
Beginning balance, Shares at Dec. 31, 2019			31,446,787
Exercise of stock options	1,113		$ 1		1,112
Exercise of stock options, Shares			356,128
Unrealized gain/(loss) on available-for-sale securities	68						68
Issuance of common stock under employee stock purchase plan	842				842
Issuance of common stock under employee stock purchase plan, Shares			24,691
Stock-based compensation	1,871				1,871
Net loss	(18,775)							(18,775)
Ending balance at Mar. 31, 2020	177,772		$ 32		374,386		103	(196,749)
Ending balance, shares at Mar. 31, 2020			31,827,606
Beginning balance at Dec. 31, 2019	192,653		$ 31		370,561		35	(177,974)
Beginning balance, Shares at Dec. 31, 2019			31,446,787
Net loss	(36,893)
Ending balance at Jun. 30, 2020	245,423		$ 34		460,235		21	(214,867)
Ending balance, shares at Jun. 30, 2020			33,945,557
Beginning balance at Mar. 31, 2020	177,772		$ 32		374,386		103	(196,749)
Beginning balance, Shares at Mar. 31, 2020			31,827,606
Exercise of stock options	480				480
Exercise of stock options, Shares			137,178
Issuance of common stock in connection with public offering, net of issuance costs		$ 83,382		$ 2		$ 83,380
Issuance of common stock in connection with public offering, net of issuance costs, Shares				1,955,000
Unrealized gain/(loss) on available-for-sale securities	(82)						(82)
Issuance of common stock in connection with vesting of restricted stock, Shares			41,229
Taxes withheld on net settled vesting of restricted stock units	(616)				(616)
Taxes withheld on net settled vesting of restricted stock units, shares			(15,456)
Stock-based compensation	2,605				2,605
Net loss	(18,118)							(18,118)
Ending balance at Jun. 30, 2020	245,423		$ 34		460,235		21	(214,867)
Ending balance, shares at Jun. 30, 2020			33,945,557
Beginning balance at Dec. 31, 2020	225,654		$ 35		469,283		9	(243,673)
Beginning balance, Shares at Dec. 31, 2020			34,684,337
Exercise of stock options	773				773
Exercise of stock options, Shares			159,325
Unrealized gain/(loss) on available-for-sale securities	7						7
Issuance of common stock under employee stock purchase plan	1,141				1,141
Issuance of common stock under employee stock purchase plan, Shares			20,594
Issuance of common stock in connection with vesting of restricted stock, Shares			107,237
Taxes withheld on net settled vesting of restricted stock units	(5,114)				(5,114)
Taxes withheld on net settled vesting of restricted stock units, shares			(42,529)
Stock-based compensation	5,394				5,394
Net loss	(23,601)							(23,601)
Ending balance at Mar. 31, 2021	204,254		$ 35		471,477		16	(267,274)
Ending balance, shares at Mar. 31, 2021			34,928,964
Beginning balance at Dec. 31, 2020	$ 225,654		$ 35		469,283		9	(243,673)
Beginning balance, Shares at Dec. 31, 2020			34,684,337
Exercise of stock options, Shares	308,426
Net loss	$ (24,026)
Ending balance at Jun. 30, 2021	208,347		$ 35		476,001		10	(267,699)
Ending balance, shares at Jun. 30, 2021			35,129,289
Beginning balance at Mar. 31, 2021	204,254		$ 35		471,477		16	(267,274)
Beginning balance, Shares at Mar. 31, 2021			34,928,964
Exercise of stock options	1,085				1,085
Exercise of stock options, Shares			149,101
Unrealized gain/(loss) on available-for-sale securities	(6)						(6)
Issuance of common stock in connection with vesting of restricted stock, Shares			71,761
Taxes withheld on net settled vesting of restricted stock units	(3,223)				(3,223)
Taxes withheld on net settled vesting of restricted stock units, shares			(20,537)
Stock-based compensation	6,662				6,662
Net loss	(425)							(425)
Ending balance at Jun. 30, 2021	$ 208,347		$ 35		$ 476,001		$ 10	$ (267,699)
Ending balance, shares at Jun. 30, 2021			35,129,289

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Public Offering
Issuance costs	$ 6.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (24,026,000)	$ (36,893,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,597,000	877,000
Share in net loss of equity method investment	5,523,000
Stock-based compensation	11,662,000	4,262,000
Amortization of right-of-use assets	791,000	734,000
Accretion of discount on available-for-sale securities	397,000	201,000
Amortization of debt issuance costs	339,000	313,000
Changes in operating assets and liabilities:
Accounts receivable	(13,266,000)	1,012,000
Inventory	(5,676,000)	(10,965,000)
Prepaid expenses and other current assets	(1,383,000)	(1,220,000)
Other assets	126,000	(116,000)
Accounts payable	1,270,000	(282,000)
Accrued and other current liabilities	8,107,000	(41,000)
Lease liabilities	(578,000)	(237,000)
Net cash used in operating activities	(15,117,000)	(42,355,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities	(27,243,000)	(16,020,000)
Proceeds from maturities of available-for-sale securities	88,300,000	59,000,000
Purchase of property and equipment	(6,757,000)	(8,952,000)
Net cash provided by investing activities	54,300,000	34,028,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of offering costs		(179,000)
Proceed from issuance of common stock from public offering, net of issuance cost paid		83,784,000
Principal payments of term loan		(1,111,000)
Net proceeds from term loan		3,265,000
Payments of taxes withheld on net settled vesting of restricted stock units	(8,337,000)	(616,000)
Proceeds from stock option exercises	1,858,000	1,593,000
Proceeds from issuance of common stock under employee stock purchase plan	1,141,000	842,000
Net cash provided by (used in) financing activities	(5,338,000)	87,578,000
Net increase in cash, cash equivalents and restricted cash	33,845,000	79,251,000
Cash, cash equivalents and restricted cash at beginning of period	51,873,000	140,495,000
Cash, cash equivalents and restricted cash equivalents at end of period	85,718,000	219,746,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	292,000	256,000
Income tax paid	17,000	10,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Offering costs included in accounts payable and accrued liabilities		402,000
Right-of-use asset obtained in exchange for lease liability	48,000	39,000
Property and equipment purchases included in accounts payable and accrued liabilities	2,613,000	501,000
Equity method investment obtained in exchange for related party contract liability	12,273,000
Transfer of fixed assets to inventory	$ 220,000	$ 174,000

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Shockwave Medical, Inc. (the “Company”) was incorporated on June 17, 2009. The Company is primarily engaged in the development of Intravascular Lithotripsy (“IVL”) technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular and heart valve disease. Built on a balloon catheter platform, the IVL technology uses lithotripsy to disrupt both superficial and deep vascular calcium, while minimizing soft tissue injury, and an integrated angioplasty balloon to dilate blockages at low pressures, restoring blood flow. In 2016, the Company began commercial and manufacturing operations, and began selling catheters based on the IVL technology. The Company’s headquarters are in Santa Clara, California. The Company is located and operates primarily in the United States and has subsidiaries in Germany, the United Kingdom, Japan and France. Need for Additional Capital The Company has incurred significant losses and has negative cash flows from operations. As of June 30, 2021, the Company had an accumulated deficit of $267.7 million. Management expects to continue to incur additional substantial losses for the foreseeable future. As of June 30, 2021, the Company had cash, cash equivalents and short-term investments of $174.7 million, which are available to fund future operations. The Company believes that its cash, cash equivalents and short-term investments as of June 30, 2021, will be sufficient for the Company to continue as a going concern for at least 12 months from the date the unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities and the scope, duration and continuing impact of the COVID-19 pandemic. Risk and Uncertainties The Company is subject to continuing risks and uncertainties as a result of the COVID-19 pandemic, and is closely monitoring the impact of the pandemic on all aspects of its business, including the impacts on its customers, patients that would benefit from procedures utilizing the Company’s products, employees, suppliers, vendors, business partners and distribution channels. Economies worldwide continue to be negatively impacted by the COVID-19 pandemic, in particular with recurrent outbreaks and mutations of the virus, despite advances in vaccines, and we anticipate these disruptions will continue. As such the Company's future results of operations and liquidity could be adversely impacted by a variety of factors related to the COVID-19 pandemic, including those discussed in the section entitled “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of June 30, 2021 and December 31, 2020 relates to a letter of credit established for the Company’s office lease and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 84,268 $ 50,423 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 85,718 $ 51,873 Equity Method Investments Entities which the Company has significant influence over activities of the entity, but does not control, are accounted for under the equity method of accounting in accordance with Topic 323, Investments - Equity Method and Joint Ventures . The Company’s carrying value in the equity method investment is reported as equity method investment on the Company’s consolidated balance sheet. The Company records its proportionate of the underlying income or loss which is recognized in share in net loss of equity method investment. For the three and six months ended June 30, 2021, the Company’s share in the losses incurred by the equity method investee was nil and $ 5.5 We assess our equity method investment for impairment when events or circumstances suggest that the carrying amount of the investment may be impaired. We consider all available evidenced in assessing whether a decline in fair value is other than temporary. If the decline in fair value is determined to be other than temporary, the difference between the carrying amount of the investment and estimated fair value is recognized as an impairment charge. Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Revenue To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, Revenue from Contracts with Customers Product Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Product revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. The Company may provide for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. License Revenue For arrangements that contain a license of our functional intellectual property with a customer, we consider whether the license grant is distinct from other performance obligations in the arrangement. A license grant of functional intellectual property is generally considered to be capable of being distinct if a customer can benefit from the license on its own or together with other readily available resources. License revenue for licenses of functional intellectual property is recognized at a point in time when the Company satisfies its performance obligation of transferring the license to the customer. Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability. No license revenues have been recognized for the three and six months ended June 30, 2021.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	3. Financial Instruments and Fair Value Measurements The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 60,421 $ — $ — $ 60,421 Money market funds 68,974 — — 68,974 Commercial paper — 24,777 — 24,777 Corporate bonds — 5,280 — 5,280 Total assets $ 129,395 $ 30,057 $ — $ 159,452 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 126,363 $ — $ — $ 126,363 Money market funds 35,053 — — $ 35,053 Commercial paper — 31,968 — $ 31,968 Total assets $ 161,416 $ 31,968 $ — $ 193,384

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments	6 Months Ended
	Jun. 30, 2021
Cash And Cash Equivalents [Abstract]
Cash Equivalents and Short-Term Investments	4. Cash Equivalents and Short-Term Investments The following is a summary of the Company’s cash equivalents and short-term investments: June 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 60,412 $ 9 $ — $ 60,421 Money market funds 68,974 — — 68,974 Commercial paper 24,777 — — $ 24,777 Corporate bonds 5,279 1 — 5,280 Total $ 159,442 $ 10 $ — $ 159,452 Reported as: Cash equivalents $ 68,974 Short-term investments 90,478 Total $ 159,452 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 126,354 $ 11 $ (2 ) $ 126,363 Money market funds 35,053 — — 35,053 Commercial paper 31,968 — — 31,968 Total $ 193,375 $ 11 $ (2 ) $ 193,384 Reported as: Cash equivalents $ 41,453 Short-term investments 151,931 Total $ 193,384 The Company recognized no material gains or losses on its cash equivalents and short-term investments in the periods presented. As of June 30, 2021, the remaining contractual maturities for available-for-sale securities were less than one year.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Balance Sheet Components	5. Balance Sheet Components Inventory Inventory consists of the following: June 30, December 31, 2021 2020 (in thousands) Raw material $ 6,555 $ 4,995 Work in progress 7,905 6,051 Finished goods 19,893 16,952 Consigned inventory 1,796 1,861 Total inventory $ 36,149 $ 29,859 Accrued Liabilities Accrued liabilities consist of the following: June 30, December 31, 2021 2020 (in thousands) Accrued employee compensation $ 16,069 $ 10,885 Accrued research and development costs 4,005 3,057 Accrued asset purchases 3,185 2,527 Accrued professional services 1,722 1,325 Other 3,336 2,148 Total accrued liabilities $ 28,317 $ 19,942

Term Notes

Term Notes	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Term Notes	6. Term Notes Loan and Security Agreement In February 2018, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (the “Loan and Security Agreement”). The terms of the Loan and Security Agreement included a term loan of $15.0 million and a revolving line of credit of $2.0 million. The term loan was available in two tranches, of which the first tranche of $10.0 million was funded in June 2018 and the second tranche of $5.0 million was funded in December 2018. The term loan accrued interest at a floating per annum rate equal to the greater of the Wall Street Journal prime rate minus 1.75% and 2.75%. There was a final payment equal to 6.75% of the original aggregate principal amount, or $1.0 million, of the term loan advances, which was being accrued over the expected term of the loan using the effective-interest method. In connection with the execution of the Loan and Security Agreement, the Company issued warrants to Silicon Valley Bank to purchase 34,440 shares of the Company’s common stock. Upon issuance, the fair value of the warrants of $0.1 million was recorded as a debt issuance cost. The debt issuance cost was being amortized to interest expense, net over the expected repayment period of the loan. In February 2020, the Company entered into a First Amendment to its Loan and Security Agreement (the “Amended Credit Facility”) to, among other things, refinance its existing term loan, which is accounted for as a modification of the Loan and Security Agreement. Under the Amended Credit Facility, the existing revolving line of credit of $2.0 million was terminated and the termination fee of less than $0.1 million was waived. The Amended Credit Facility provides the Company with a supplemental term loan in the amount of $16.5 million. After repayment of the outstanding amount of the term loan, the Company received net proceeds of $3.3 million, which reflects an additional $4.3 million in principal as of the date of the modification less the final balloon payment fee of $1.0 million. The principal amount outstanding under the supplemental term loan accrues interest at a floating per annum rate equal to the greater of the Prime Rate minus 1.25% and 3.5% (3.5% as of June 30, 2021). The supplemental term loan matures on December 1, 2023. The Amended Credit Facility provides an interest-only payment period which ends on (a) June 30, 2021, if the Company’s revenue for the trailing 12 month period ended June 30, 2021 is not at least 75% of the Company’s projections; (b) December 31, 2021, if the Company achieves the financial performance target referred to in clause (a), but does not obtain premarket approval of the Company’s C 2 On June 30, 2021, the Company achieved the milestone referred to in clause ( a ) which extended the interest-only payment period by an additional six months to December 3 1 , 202 1 . The additional final payment for the Amended Credit Facility is $1.6 million, which will be accrued over the term of the supplemental term loan using an effective interest rate that reflects the revised cash flows of the modified term loan. The supplemental term loan is secured by all of the Company’s assets, excluding intellectual property and certain other assets. The loan contains customary affirmative and restrictive covenants, including with respect to the Company’s ability to enter into fundamental transactions, incur additional indebtedness, grant liens, pay any dividend or make any distributions to its holders, make investments, merge or consolidate with any other person or engage in transactions with the Company’s affiliates, but does not include any financial covenants. Long-term debt and net discount or premium balances are as follows: June 30, December 31, 2021 2020 (in thousands) Principal amount of term note $ 16,500 $ 16,500 Net premium associated with accretion of final payment and other debt issuance costs 458 119 Term note, current and noncurrent 16,958 16,619 Less term note, current portion (4,125 ) (3,300 ) Term note, noncurrent portion $ 12,833 $ 13,319 Future minimum payments Year ending December 31: (in thousands) 2021 (remainder) $ 294 2022 8,701 2023 9,976 Total future payments 18,971 Less amounts representing interest (903 ) Less final payment (1,568 ) Total principal amount of term note payments $ 16,500

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation Total stock-based compensation was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Cost of product revenue $ 317 $ 39 $ 455 $ 141 Research and development 1,490 650 2,657 1,138 Sales and marketing 2,585 837 4,642 1,396 General and administrative 2,131 924 3,908 1,587 Total stock-based compensation $ 6,523 $ 2,450 $ 11,662 $ 4,262 Stock-based compensation of $139,000 and $155,000 was capitalized into inventory for the three months ended June 30, 2021 and 2020, respectively. Stock-based compensation of $394,000 and $215,000 was capitalized into inventory for the six months ended June 30, 2021 and 2020, respectively. Stock-based compensation capitalized into inventory is recognized as cost of product revenue when the related product is sold. 2009 Equity Incentive Plan and 2019 Equity Incentive Plan On June 17, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) under which the Board had the authority to issue stock options to employees, directors and consultants. In February 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective in connection with the IPO. As a result, effective as of March 6, 2019, the Company may not grant any additional awards under the 2009 Plan. The 2009 Plan will continue to govern outstanding equity awards granted thereunder. The Company initially reserved 2,000,430 shares of common stock for the issuance of a variety of awards under the 2019 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, which commenced on January 1, 2020, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s Board of Directors. Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2020 2,689,624 2,087,202 $ 5.92 6.77 $ 204,137 Awards authorized 1,040,530 — Options exercised — (308,426 ) 6.02 Options forfeited 12,843 (12,843 ) 9.87 Balance, June 30, 2021 3,742,997 1,765,933 $ 5.87 6.23 $ 324,688 Vested and exercisable, June 30, 2021 1,386,994 $ 4.77 5.91 $ 256,540 Vested and expected to vest, June 30, 2021 1,765,933 $ 5.87 6.23 $ 324,688 Restricted Stock Units Restricted stock units (“RSUs”) are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year RSU activity under the 2019 Plan is set forth below : Number of Shares Weighted- Average Grant Date Fair Value Per Share Balance, December 31, 2020 859,577 $ 48.50 RSUs granted 498,315 127.82 RSUs vested (178,998 ) 41.27 RSUs forfeited (41,705 ) 72.84 Balance, June 30, 2021 1,137,189 $ 83.50 Employee Stock Purchase Plan In February 2019, the Company adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the Company’s IPO, on March 6, 2019. The Company initially reserved 300,650 shares of common stock for purchase under the ESPP. Each offering under the ESPP to Company employees to purchase stock under the ESPP begins on each September 1 and March 1 and ends on the following February 28 or 29 and August 31, respectively. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The Company recorded $290,000 and $557,000 of stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2021, respectively. The Company recorded $207,000 and $398,000 of stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2020, respectively. At June 30, 2021, a total of 888,735 shares were available for issuance under the ESPP.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	8. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: June 30, 2021 2020 Common stock options issued and outstanding 1,765,933 2,798,083 Restricted stock units 1,137,189 743,440 Employee stock purchase plan 11,760 20,079 Total 2,914,882 3,561,602

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Disaggregation Of Revenue [Abstract]
Revenue	9. Revenue The following table represents the Company’s product revenue based on product line: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Peripheral $ 18,793 $ 6,509 $ 34,934 $ 15,590 Coronary 36,702 3,653 52,010 9,420 Other 413 124 864 473 Product revenue $ 55,908 $ 10,286 $ 87,808 $ 25,483 Peripheral product revenue encompasses sales of the Company’s M 5 4 2 The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) United States $ 42,913 $ 5,537 $ 63,958 $ 13,306 Europe 10,420 3,817 18,642 9,592 All other countries 2,575 932 5,208 2,585 Product revenue $ 55,908 $ 10,286 $ 87,808 $ 25,483

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investments	10. Equity Method Investments Genesis Shockwave Private Limited On March 19, 2021, the Company entered into the Joint Venture Deed (or “JV Agreement”) with Genesis MedTech International Private Limited (“Genesis”) to establish a long-term strategic partnership to develop, manufacture and commercialize certain of Shockwave’s interventional products in the People’s Republic of China, excluding the Special Administrative Regions of Hong Kong and Macau (“PRC”). Under the JV Agreement, Genesis Shockwave Private Ltd. (the “JV”) was formed under the laws of Singapore to serve as a joint venture of Genesis and the Company for the purpose of establishing and managing such a strategic partnership. On the same date, Genesis and the Company entered into a Share Subscription Agreement pursuant to which, among other things, the JV issued (i) 54,900 ordinary shares which represents 55% of total equity of the JV, to Genesis in exchange for a cash contribution of $15.0 million, of which 50% was paid upon signing and the remaining 50% will be due within one year of signing, and (ii) 45,000 ordinary shares which represents 45% of total equity, to the Company as consideration for the Shockwave License Agreement (or “License Agreement”). Under the License Agreement, the Company has agreed to contribute to the JV an exclusive license under certain of the Company’s intellectual property rights to develop, manufacture, distribute and commercialize certain products in the PRC and is entitled to receive royalties on the sales of the licensed products in the PRC. Further, the Company entered into a Distribution Agreement, pursuant to which the Company has agreed to sell certain Shockwave-manufactured products to the JV and/or a to-be formed PRC subsidiary of the JV for commercialization and distribution in the PRC. The Company has accounted for its investment in the JV under the equity method of accounting. As of June 30, 2021, the carrying value of the Company’s investment in the JV was $6.8 million. The Company’s share of losses generated by the JV for the three and six months ended June 30, 2021 was nil and $5.5 million, respectively, which was recorded in share in net loss of equity method investment. The JV has not generated any revenues to date. The following table summarizes the unaudited balance sheet for the JV: June 30, 2021 Balance sheet: (in thousands) Current assets $ 14,994 Total assets 14,994 Total liabilities — Net assets $ 14,994 Upon execution of the License Agreement, on March 19, 2021, the Company received a 45% equity stake in the JV. The Company determined that the JV met the definition of a customer under Topic 606, and that the promised goods and services of the contribution of the license of intellectual property and associated manufacturing technology transfer to the JV were considered to be a single performance obligation. The transaction price of $12.3 million was estimated by reference to the cash value of the shares which were issued at the formation of the JV. As of June 30, 2021, the contribution of the license of intellectual property and associated manufacturing technology transfer to the JV has not yet been completed. The Company maintains a related party contract liability, non-current, of $12.3 million for the outstanding performance obligation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Risk and Uncertainties	Risk and Uncertainties The Company is subject to continuing risks and uncertainties as a result of the COVID-19 pandemic, and is closely monitoring the impact of the pandemic on all aspects of its business, including the impacts on its customers, patients that would benefit from procedures utilizing the Company’s products, employees, suppliers, vendors, business partners and distribution channels. Economies worldwide continue to be negatively impacted by the COVID-19 pandemic, in particular with recurrent outbreaks and mutations of the virus, despite advances in vaccines, and we anticipate these disruptions will continue. As such the Company's future results of operations and liquidity could be adversely impacted by a variety of factors related to the COVID-19 pandemic, including those discussed in the section entitled “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of June 30, 2021 and December 31, 2020 relates to a letter of credit established for the Company’s office lease and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 84,268 $ 50,423 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 85,718 $ 51,873
Equity Method Investments	Equity Method Investments Entities which the Company has significant influence over activities of the entity, but does not control, are accounted for under the equity method of accounting in accordance with Topic 323, Investments - Equity Method and Joint Ventures . The Company’s carrying value in the equity method investment is reported as equity method investment on the Company’s consolidated balance sheet. The Company records its proportionate of the underlying income or loss which is recognized in share in net loss of equity method investment. For the three and six months ended June 30, 2021, the Company’s share in the losses incurred by the equity method investee was nil and $ 5.5 We assess our equity method investment for impairment when events or circumstances suggest that the carrying amount of the investment may be impaired. We consider all available evidenced in assessing whether a decline in fair value is other than temporary. If the decline in fair value is determined to be other than temporary, the difference between the carrying amount of the investment and estimated fair value is recognized as an impairment charge.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
Revenue	Revenue To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, Revenue from Contracts with Customers Product Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Product revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation. The Company may provide for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. License Revenue For arrangements that contain a license of our functional intellectual property with a customer, we consider whether the license grant is distinct from other performance obligations in the arrangement. A license grant of functional intellectual property is generally considered to be capable of being distinct if a customer can benefit from the license on its own or together with other readily available resources. License revenue for licenses of functional intellectual property is recognized at a point in time when the Company satisfies its performance obligation of transferring the license to the customer. Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability. No license revenues have been recognized for the three and six months ended June 30, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 84,268 $ 50,423 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 85,718 $ 51,873

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 60,421 $ — $ — $ 60,421 Money market funds 68,974 — — 68,974 Commercial paper — 24,777 — 24,777 Corporate bonds — 5,280 — 5,280 Total assets $ 129,395 $ 30,057 $ — $ 159,452 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 126,363 $ — $ — $ 126,363 Money market funds 35,053 — — $ 35,053 Commercial paper — 31,968 — $ 31,968 Total assets $ 161,416 $ 31,968 $ — $ 193,384

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Cash And Cash Equivalents [Abstract]
Summary of Cash Equivalents and Short-Term Investments	The following is a summary of the Company’s cash equivalents and short-term investments: June 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 60,412 $ 9 $ — $ 60,421 Money market funds 68,974 — — 68,974 Commercial paper 24,777 — — $ 24,777 Corporate bonds 5,279 1 — 5,280 Total $ 159,442 $ 10 $ — $ 159,452 Reported as: Cash equivalents $ 68,974 Short-term investments 90,478 Total $ 159,452 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 126,354 $ 11 $ (2 ) $ 126,363 Money market funds 35,053 — — 35,053 Commercial paper 31,968 — — 31,968 Total $ 193,375 $ 11 $ (2 ) $ 193,384 Reported as: Cash equivalents $ 41,453 Short-term investments 151,931 Total $ 193,384

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Inventory	Inventory consists of the following: June 30, December 31, 2021 2020 (in thousands) Raw material $ 6,555 $ 4,995 Work in progress 7,905 6,051 Finished goods 19,893 16,952 Consigned inventory 1,796 1,861 Total inventory $ 36,149 $ 29,859
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: June 30, December 31, 2021 2020 (in thousands) Accrued employee compensation $ 16,069 $ 10,885 Accrued research and development costs 4,005 3,057 Accrued asset purchases 3,185 2,527 Accrued professional services 1,722 1,325 Other 3,336 2,148 Total accrued liabilities $ 28,317 $ 19,942

Term Notes (Tables)

Term Notes (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long Term Debt and Net Discount or Premium Balance	Long-term debt and net discount or premium balances are as follows: June 30, December 31, 2021 2020 (in thousands) Principal amount of term note $ 16,500 $ 16,500 Net premium associated with accretion of final payment and other debt issuance costs 458 119 Term note, current and noncurrent 16,958 16,619 Less term note, current portion (4,125 ) (3,300 ) Term note, noncurrent portion $ 12,833 $ 13,319
Schedule of Future Minimum Payments for Principal and Interest	Future minimum payments Year ending December 31: (in thousands) 2021 (remainder) $ 294 2022 8,701 2023 9,976 Total future payments 18,971 Less amounts representing interest (903 ) Less final payment (1,568 ) Total principal amount of term note payments $ 16,500

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Total Stock-Based Compensation	Total stock-based compensation was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Cost of product revenue $ 317 $ 39 $ 455 $ 141 Research and development 1,490 650 2,657 1,138 Sales and marketing 2,585 837 4,642 1,396 General and administrative 2,131 924 3,908 1,587 Total stock-based compensation $ 6,523 $ 2,450 $ 11,662 $ 4,262
Schedule of Option Activity under 2009 Plan and 2019 Plan	Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2020 2,689,624 2,087,202 $ 5.92 6.77 $ 204,137 Awards authorized 1,040,530 — Options exercised — (308,426 ) 6.02 Options forfeited 12,843 (12,843 ) 9.87 Balance, June 30, 2021 3,742,997 1,765,933 $ 5.87 6.23 $ 324,688 Vested and exercisable, June 30, 2021 1,386,994 $ 4.77 5.91 $ 256,540 Vested and expected to vest, June 30, 2021 1,765,933 $ 5.87 6.23 $ 324,688
Schedule of RSU Activity under 2019 Plan	RSU activity under the 2019 Plan is set forth below : Number of Shares Weighted- Average Grant Date Fair Value Per Share Balance, December 31, 2020 859,577 $ 48.50 RSUs granted 498,315 127.82 RSUs vested (178,998 ) 41.27 RSUs forfeited (41,705 ) 72.84 Balance, June 30, 2021 1,137,189 $ 83.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: June 30, 2021 2020 Common stock options issued and outstanding 1,765,933 2,798,083 Restricted stock units 1,137,189 743,440 Employee stock purchase plan 11,760 20,079 Total 2,914,882 3,561,602

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Disaggregation Of Revenue [Abstract]
Schedule of Product Revenue Based on Product Line and Location	The following table represents the Company’s product revenue based on product line: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Peripheral $ 18,793 $ 6,509 $ 34,934 $ 15,590 Coronary 36,702 3,653 52,010 9,420 Other 413 124 864 473 Product revenue $ 55,908 $ 10,286 $ 87,808 $ 25,483 Peripheral product revenue encompasses sales of the Company’s M 5 4 2 The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) United States $ 42,913 $ 5,537 $ 63,958 $ 13,306 Europe 10,420 3,817 18,642 9,592 All other countries 2,575 932 5,208 2,585 Product revenue $ 55,908 $ 10,286 $ 87,808 $ 25,483

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summary of Unaudited Balance Sheet	The following table summarizes the unaudited balance sheet for the JV: June 30, 2021 Balance sheet: (in thousands) Current assets $ 14,994 Total assets 14,994 Total liabilities — Net assets $ 14,994

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity incorporation, date of incorporation	Jun. 17, 2009
Accumulated deficit	$ (267,699)	$ (243,673)
Cash, cash equivalents and short-term investments	$ 174,700

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 84,268	$ 50,423
Restricted cash	1,450	1,450
Total cash, cash equivalents, and restricted cash	$ 85,718	$ 51,873	$ 219,746	$ 140,495

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary Of Significant Accounting Policies [Line Items]
Share in the losses incurred by the equity method investee	$ 0		$ 5,523,000
Notice period for cancellation of agreement			30 days
Revenue	$ 55,908,000	$ 10,286,000	$ 87,808,000	$ 25,483,000
License
Summary Of Significant Accounting Policies [Line Items]
Revenue			$ 0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total assets	$ 159,452	$ 193,384
Level 1
Assets:
Total assets	129,395	161,416
Level 2
Assets:
Total assets	30,057	31,968
U.S. Treasury Securities
Assets:
Total assets	60,421	126,363
U.S. Treasury Securities | Level 1
Assets:
Total assets	60,421	126,363
Money Market Funds
Assets:
Total assets	68,974	35,053
Money Market Funds | Level 1
Assets:
Total assets	68,974	35,053
Commercial Paper
Assets:
Total assets	24,777	31,968
Commercial Paper | Level 2
Assets:
Total assets	24,777	$ 31,968
Corporate Bonds
Assets:
Total assets	5,280
Corporate Bonds | Level 2
Assets:
Total assets	$ 5,280

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Cash equivalents, Fair Value	$ 68,974	$ 41,453
Cash equivalents and short-term investments, Amortized cost Basis	159,442	193,375
Cash equivalents and short-term investments, Unrealized Gains	10	11
Cash equivalents and short-term investments, Unrealized losses		(2)
Cash equivalents and short-term investments, Fair Value	159,452	193,384
Short-term investments	90,478	151,931
U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	60,412	126,354
Short-term investments Unrealized Gains	9	11
Short-term investments Unrealized Losses		(2)
Short-term investments, Fair Value	60,421	126,363
Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash equivalents Amortized Cost Basis	68,974	35,053
Cash equivalents, Fair Value	68,974	35,053
Commercial Paper
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	24,777	31,968
Short-term investments, Fair Value	24,777	$ 31,968
Corporate Bonds
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	5,279
Short-term investments Unrealized Gains	1
Short-term investments, Fair Value	$ 5,280

Cash Equivalents and Short-Te_4

Cash Equivalents and Short-Term Investments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Maximum
Cash And Cash Equivalents [Line Items]
Available for sale securities remaining contractual maturities	1 year

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw material	$ 6,555	$ 4,995
Work in progress	7,905	6,051
Finished goods	19,893	16,952
Consigned inventory	1,796	1,861
Total inventory	$ 36,149	$ 29,859

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued employee compensation	$ 16,069	$ 10,885
Accrued research and development costs	4,005	3,057
Accrued asset purchases	3,185	2,527
Accrued professional services	1,722	1,325
Other	3,336	2,148
Total accrued liabilities	$ 28,317	$ 19,942

Term Notes - Additional Informa

Term Notes - Additional Information (Details) - USD ($)	Feb. 29, 2020	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2018	Jun. 30, 2018	Feb. 28, 2018
Debt Instrument [Line Items]
Debt Amount		$ 16,500,000	$ 16,500,000
Debt, final payment amount		$ 1,568,000
Loan and Security Agreement
Debt Instrument [Line Items]
Debt, final payment as percentage of original aggregate principal amount		6.75%
Debt, final payment amount		$ 1,000,000				$ 1,000,000
Proceeds of supplemental term loan	$ 4,300,000
Debt payments description		The Amended Credit Facility provides an interest-only payment period which ends on (a) June 30, 2021, if the Company’s revenue for the trailing 12 month period ended June 30, 2021 is not at least 75% of the Company’s projections; (b) December 31, 2021, if the Company achieves the financial performance target referred to in clause (a), but does not obtain premarket approval of the Company’s C2 catheters from the FDA by such date and/or the Company’s trailing 12-month revenue for the period ending December 31, 2021 is not at least 75% of the Company’s projections; or (c) June 30, 2022, if the Company achieves the milestones referred to in clauses (a) and (b).
Additional interest-only payment period		6 months
Loan and Security Agreement | Supplemental Term Loan
Debt Instrument [Line Items]
Debt Amount	16,500,000
Debt interest rate		3.50%
Debt, final payment amount		$ 1,600,000
Proceeds of supplemental term loan, net of final balloon payment fee	$ 3,300,000
Debt maturity date	Dec. 1, 2023
Loan and Security Agreement | Interest Payment End On June 30, 2021
Debt Instrument [Line Items]
Debt instrument percentage of projected revenue to be achieved	75.00%
Loan and Security Agreement | Interest Payment End On December 31, 2021
Debt Instrument [Line Items]
Debt instrument percentage of projected financial performance target	75.00%
Loan and Security Agreement | Minimum
Debt Instrument [Line Items]
Debt interest rate		1.75%
Loan and Security Agreement | Minimum | Prime Rate | Supplemental Term Loan
Debt Instrument [Line Items]
Debt interest rate basis	1.25%
Loan and Security Agreement | Maximum
Debt Instrument [Line Items]
Debt interest rate basis		2.75%
Loan and Security Agreement | Maximum | Supplemental Term Loan
Debt Instrument [Line Items]
Debt interest rate	3.50%
Loan and Security Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Termination of Line of Credit Facility	$ 2,000,000
Loan and Security Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility termination fee	$ 100,000
Loan and Security Agreement | Silicon Valley Bank
Debt Instrument [Line Items]
Debt, warrants issued		34,440
Debt, fair value of warrants issued		$ 100,000
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes
Debt Instrument [Line Items]
Debt Amount						15,000,000
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes | Tranche One
Debt Instrument [Line Items]
Debt Amount					$ 10,000,000
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes | Tranche Two
Debt Instrument [Line Items]
Debt Amount				$ 5,000,000
Loan and Security Agreement | Silicon Valley Bank | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Amount						$ 2,000,000

Term Notes - Schedule of Long T

Term Notes - Schedule of Long Term Debt and Net Discount or Premium Balance (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument Periodic Payment [Abstract]
Principal amount of term note	$ 16,500	$ 16,500
Net premium associated with accretion of final payment and other debt issuance costs	458	119
Term note, current and noncurrent	16,958	16,619
Less term note, current portion	(4,125)	(3,300)
Term note, noncurrent portion	$ 12,833	$ 13,319

Term Notes - Schedule of Future

Term Notes - Schedule of Future Minimum and Estimated Payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021 (remainder)	$ 294
2022	8,701
2023	9,976
Total future payments	18,971
Less amounts representing interest	(903)
Less final payment	(1,568)
Total principal amount of term note payments	$ 16,500	$ 16,500

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6,523	$ 2,450	$ 11,662	$ 4,262
Cost of Product Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	317	39	455	141
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	1,490	650	2,657	1,138
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,585	837	4,642	1,396
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,131	$ 924	$ 3,908	$ 1,587

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 06, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses capitalized amount		$ 139,000	$ 155,000	$ 394,000	$ 215,000
Shares available for issuance		3,742,997		3,742,997		2,689,624
Stock-based compensation				$ 11,662,000	4,262,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Cliff vesting, percentage				25.00%
Share-based compensation vesting rights, terms				The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a semi-annual basis,
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	2,000,430
Maximum period of automatic annual increase in common stock reserved for issuance	10 years
Automatic annual increase in common stock reserved for issuance	3.00%
Shares available for issuance		3,742,997		3,742,997
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance							300,650
Shares available for issuance		888,735		888,735
Purchase shares of common stock, price per share, percentage of fair market value				85.00%
Stock-based compensation		$ 290,000	$ 207,000	$ 557,000	$ 398,000

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Option Activity under 2009 Plan and 2019 Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Shares Available for Grant
Shares Available for Grant, Beginning balance	2,689,624
Shares Available for Grant, Awards authorized	1,040,530
Shares Available for Grant, Options forfeited	12,843
Shares Available for Grant, Ending balance	3,742,997	2,689,624
Number of Shares
Number of Shares, Beginning balance	2,087,202
Number of Shares, Options exercised	(308,426)
Number of Shares, Options forfeited	(12,843)
Number of Shares, Ending balance	1,765,933	2,087,202
Number of Shares, Vested and exercisable	1,386,994
Number of Shares, Vested and expected to vest	1,765,933
Weighted-Average Exercise Price Per Share
Weighted-Average Exercise Price Per Share, Beginning balance | $ / shares	$ 5.92
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares	6.02
Weighted-Average Exercise Price Per Share, Options forfeited | $ / shares	9.87
Weighted-Average Exercise Price Per Share, Ending balance | $ / shares	5.87	$ 5.92
Weighted-Average Exercise Price Per Share, Vested and exercisable | $ / shares	4.77
Weighted-Average Exercise Price Per Share, Vested and expected to vest | $ / shares	$ 5.87
Weighted-Average Remaining Term
Weighted-Average Remaining Term, Balance	6 years 2 months 23 days	6 years 9 months 7 days
Weighted-Average Remaining Term, Vested and exercisable	5 years 10 months 28 days
Weighted-Average Remaining Term, Vested and expected to vest	6 years 2 months 23 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Balance | $	$ 324,688	$ 204,137
Aggregate Intrinsic Value, Vested and exercisable | $	256,540
Aggregate Intrinsic Value, Vested and expected to vest | $	$ 324,688

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of RSU Activity under 2019 Plan (Detail) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Shares
Number of Shares, Beginning balance | shares	859,577
Number of Shares, RSUs granted | shares	498,315
Number of Shares, RSUs vested | shares	(178,998)
Number of Shares, RSUs forfeited | shares	(41,705)
Number of Shares, Ending balance | shares	1,137,189
Weighted-Average Grant Date Fair Value Per Share
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares	$ 48.50
Weighted-Average Grant Date Fair Value Per Share, RSUs granted | $ / shares	127.82
Weighted-Average Grant Date Fair Value Per Share, RSUs vested | $ / shares	41.27
Weighted-Average Grant Date Fair Value Per Share, RSUs forfeited | $ / shares	72.84
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares	$ 83.50

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	2,914,882	3,561,602
Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	1,765,933	2,798,083
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	1,137,189	743,440
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	11,760	20,079

Revenue - Schedule of Product R

Revenue - Schedule of Product Revenue Based on Product Line and Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Product revenue	$ 55,908	$ 10,286	$ 87,808	$ 25,483
United States
Disaggregation Of Revenue [Line Items]
Product revenue	42,913	5,537	63,958	13,306
Europe
Disaggregation Of Revenue [Line Items]
Product revenue	10,420	3,817	18,642	9,592
All Other Countries
Disaggregation Of Revenue [Line Items]
Product revenue	2,575	932	5,208	2,585
Peripheral
Disaggregation Of Revenue [Line Items]
Product revenue	18,793	6,509	34,934	15,590
Coronary
Disaggregation Of Revenue [Line Items]
Product revenue	36,702	3,653	52,010	9,420
Other
Disaggregation Of Revenue [Line Items]
Product revenue	$ 413	$ 124	$ 864	$ 473

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details) - USD ($)	Mar. 19, 2021	Jun. 30, 2021	Jun. 30, 2021
Schedule Of Equity Method Investments [Line Items]
Equity method investment		$ 6,750,000	$ 6,750,000
Share in net loss of equity method investment		0	5,523,000
Related party contract liability, noncurrent portion		12,273,000	12,273,000
Joint Venture
Schedule Of Equity Method Investments [Line Items]
Percentage of equity stake received	45.00%
Related party transaction. transaction price	$ 12,300,000
Related party contract liability, noncurrent portion		$ 12,300,000	$ 12,300,000
JV Agreement with Genesis MedTech | Share Subscription Agreement
Schedule Of Equity Method Investments [Line Items]
Ordinary shares issued	54,900
Equity percentage	55.00%
Cash contribution from exchange of equity	$ 15,000,000
Percentage of cash contribution received from exchange of equity upon signing of agreement	50.00%
Percentage of cash contribution receivable from exchange of equity within one year	50.00%
JV Agreement with Genesis MedTech | License Agreement
Schedule Of Equity Method Investments [Line Items]
Ordinary shares issued	45,000
Equity percentage	45.00%

Equity Method Investments - Sum

Equity Method Investments - Summary of Unaudited Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance sheet:
Current assets	$ 239,631	$ 246,300
TOTAL ASSETS	276,359	272,042
Total liabilities	68,012	$ 46,388
JV Agreement with Genesis MedTech
Balance sheet:
Current assets	14,994
TOTAL ASSETS	14,994
Net assets	$ 14,994