Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39388 | |
Entity Registrant Name | Berkeley Lights, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2415390 | |
Entity Address, Address Line One | 5858 Horton Street, Suite 320 | |
Entity Address, City or Town | Emeryville | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94608 | |
City Area Code | 510 | |
Local Phone Number | 858-2855 | |
Title of 12(b) Security | Common stock, $0.00005 par value | |
Trading Symbol | BLI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,474,697 | |
Entity Central Index Key | 0001689657 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 197,001 | $ 233,408 |
Trade accounts receivable | 24,713 | 12,939 |
Inventory | 13,210 | 11,047 |
Prepaid expenses and other current assets | 10,988 | 8,175 |
Total current assets | 245,912 | 265,569 |
Restricted cash | 270 | 270 |
Property and equipment, net | 24,999 | 14,544 |
Operating lease right-of-use assets | 26,785 | 16,718 |
Other assets | 3,188 | 2,557 |
Total assets | 301,154 | 299,658 |
Current liabilities: | ||
Trade accounts payable | 12,822 | 3,491 |
Accrued expenses and other current liabilities | 10,210 | 8,401 |
Current portion of notes payable | 0 | 11,594 |
Deferred revenue | 11,282 | 5,482 |
Total current liabilities | 34,314 | 28,968 |
Notes payable, net of current portion | 19,746 | 8,301 |
Deferred revenue, net of current portion | 1,819 | 1,709 |
Operating lease liability, noncurrent | 25,090 | 15,899 |
Total liabilities | 80,969 | 54,877 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.00005 par value. Authorized 10,000,000 shares at September 30, 2021 and December 31, 2020, respectively; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.00005 par value. Authorized 300,000,000 shares at September 30, 2021 and December 31, 2020; issued and outstanding 67,456,239 and 64,486,246 shares at September 30, 2021 and December 31, 2020, respectively | 4 | 3 |
Additional paid-in capital | 466,057 | 436,662 |
Accumulated deficit | (245,876) | (191,884) |
Total stockholders’ equity | 220,185 | 244,781 |
Total liabilities and stockholders’ equity | $ 301,154 | $ 299,658 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Convertible preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible preferred stock issued (in shares) | 0 | 0 |
Convertible preferred stock outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock issued (in shares) | 67,456,239 | 64,486,246 |
Common stock outstanding (in shares) | 67,456,239 | 64,486,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 24,324 | $ 18,208 | $ 62,202 | $ 42,555 |
Cost of sales: | ||||
Total cost of sales | 8,911 | 5,400 | 21,610 | 12,806 |
Gross profit | 15,413 | 12,808 | 40,592 | 29,749 |
Operating expenses: | ||||
Research and development | 16,195 | 10,421 | 42,757 | 33,240 |
General and administrative | 12,258 | 7,229 | 32,950 | 15,419 |
Sales and marketing | 6,940 | 3,341 | 17,863 | 9,651 |
Total operating expenses | 35,393 | 20,991 | 93,570 | 58,310 |
Loss from operations | (19,980) | (8,183) | (52,978) | (28,561) |
Other income (expense): | ||||
Interest expense | (232) | (361) | (942) | (1,074) |
Interest income | 33 | 51 | 142 | 249 |
Other income (expense) , net | (170) | 10 | (117) | 72 |
Loss before income taxes | (20,349) | (8,483) | (53,895) | (29,314) |
Provision for income taxes | 54 | 118 | 97 | 142 |
Net loss and net comprehensive loss | (20,403) | (8,601) | (53,992) | (29,456) |
Net loss and net comprehensive loss | $ (20,403) | $ (8,601) | $ (53,992) | $ (29,456) |
Net loss attributable to common stockholders per share, basic (in dollars per share) | $ (0.30) | $ (0.16) | $ (0.81) | $ (1.56) |
Net loss attributable to common stockholders per share, diluted (in dollars per share) | $ (0.30) | $ (0.16) | $ (0.81) | $ (1.56) |
Weighted-average shares used in calculating net loss per share, basic (in shares) | 67,213,282 | 53,596,982 | 66,428,303 | 20,041,080 |
Weighted-average shares used in calculating net loss per share, diluted (in shares) | 67,213,282 | 53,596,982 | 66,428,303 | 20,041,080 |
Product | ||||
Revenue: | ||||
Total revenue | $ 16,704 | $ 14,103 | $ 43,258 | $ 33,893 |
Cost of sales: | ||||
Total cost of sales | 4,797 | 3,463 | 11,832 | 8,467 |
Service | ||||
Revenue: | ||||
Total revenue | 7,620 | 4,105 | 18,944 | 8,662 |
Cost of sales: | ||||
Total cost of sales | $ 4,114 | $ 1,937 | $ 9,778 | $ 4,339 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 50,462,272 | 3,073,067 | |||
Beginning balance at Dec. 31, 2019 | $ 83,783 | $ 224,769 | $ 0 | $ 9,314 | $ (150,300) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Conversion of convertible preferred stock into common stock (in shares) | (50,462,272) | 50,462,272 | |||
Conversion of convertible preferred stock into common stock | 0 | $ (224,769) | $ 3 | 224,766 | |
Issuance of common stock upon initial public offering, net of issuance costs (in shares) | 9,315,000 | ||||
Issuance of common stock upon initial public offering, net of issuance costs | 187,935 | 187,935 | |||
Cashless exercise of common stock warrants (in shares) | 123,192 | ||||
Shares issued in connection with: | |||||
Exercise of stock options (in shares) | 1,385,220 | ||||
Exercise of stock options | 3,105 | 3,105 | |||
Vesting of shares subject to repurchase from early exercised options | 263 | 263 | |||
Stock-based compensation | 4,953 | 4,953 | |||
Net loss | (29,456) | (29,456) | |||
Ending balance (in shares) at Sep. 30, 2020 | 0 | 64,358,751 | |||
Ending balance at Sep. 30, 2020 | 250,583 | $ 0 | $ 3 | 430,336 | (179,756) |
Beginning balance (in shares) at Jun. 30, 2020 | 50,462,272 | 3,288,531 | |||
Beginning balance at Jun. 30, 2020 | 66,045 | $ 224,769 | $ 0 | 12,431 | (171,155) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Conversion of convertible preferred stock into common stock (in shares) | (50,462,272) | 50,462,272 | |||
Conversion of convertible preferred stock into common stock | 0 | $ (224,769) | $ 3 | 224,766 | |
Issuance of common stock upon initial public offering, net of issuance costs (in shares) | 9,315,000 | ||||
Issuance of common stock upon initial public offering, net of issuance costs | 187,935 | 187,935 | |||
Cashless exercise of common stock warrants (in shares) | 123,192 | ||||
Shares issued in connection with: | |||||
Exercise of stock options (in shares) | 1,169,756 | ||||
Exercise of stock options | 2,672 | 2,672 | |||
Vesting of shares subject to repurchase from early exercised options | 88 | 88 | |||
Stock-based compensation | 2,444 | 2,444 | |||
Net loss | (8,601) | (8,601) | |||
Ending balance (in shares) at Sep. 30, 2020 | 0 | 64,358,751 | |||
Ending balance at Sep. 30, 2020 | 250,583 | $ 0 | $ 3 | 430,336 | (179,756) |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | 64,486,246 | |||
Beginning balance at Dec. 31, 2020 | 244,781 | $ 0 | $ 3 | 436,662 | (191,884) |
Shares issued in connection with: | |||||
Exercise of stock options (in shares) | 2,767,866 | ||||
Exercise of stock options | 9,674 | $ 1 | 9,673 | ||
Vesting of restricted stock units (in shares) | 39,119 | ||||
Employee stock purchase plan (in shares) | 163,008 | ||||
Employee stock purchase plan | 3,644 | 3,644 | |||
Stock-based compensation | 16,078 | 16,078 | |||
Net loss | (53,992) | (53,992) | |||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 67,456,239 | |||
Ending balance at Sep. 30, 2021 | 220,185 | $ 0 | $ 4 | 466,057 | (245,876) |
Beginning balance (in shares) at Jun. 30, 2021 | 0 | 67,043,537 | |||
Beginning balance at Jun. 30, 2021 | 231,839 | $ 0 | $ 4 | 457,308 | (225,473) |
Shares issued in connection with: | |||||
Exercise of stock options (in shares) | 345,126 | ||||
Exercise of stock options | 1,327 | 1,327 | |||
Vesting of restricted stock units (in shares) | 19,928 | ||||
Employee stock purchase plan (in shares) | 47,648 | ||||
Employee stock purchase plan | 1,487 | 1,487 | |||
Stock-based compensation | 5,935 | 5,935 | |||
Net loss | (20,403) | (20,403) | |||
Ending balance (in shares) at Sep. 30, 2021 | 0 | 67,456,239 | |||
Ending balance at Sep. 30, 2021 | $ 220,185 | $ 0 | $ 4 | $ 466,057 | $ (245,876) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (53,992) | $ (29,456) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 3,957 | 3,902 |
Stock-based compensation | 16,085 | 5,066 |
Change in operating lease right-of-use assets | 1,602 | 1,288 |
Non-cash interest and other (income) expense related to debt and note receivable agreements | 51 | 51 |
Provision for excess and obsolete inventory | 431 | 41 |
Loss on disposal and impairment of property and equipment | 61 | 135 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (11,773) | (3,368) |
Inventory | (5,121) | (5,847) |
Prepaid expenses, other current assets and other assets | (3,345) | (707) |
Trade accounts payable | 8,096 | 664 |
Deferred revenue | 5,910 | (5,273) |
Accrued expenses and other current liabilities | 806 | 1,843 |
Operating lease liabilities | (1,478) | (1,332) |
Net cash used in operating activities | (38,710) | (32,993) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (10,715) | (1,821) |
Net cash used in investing activities | (10,715) | (1,821) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon initial public offering, net | 0 | 190,585 |
Payment of issuance costs | 0 | (2,650) |
Payment of debt issuance costs | (300) | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 9,674 | 3,079 |
Proceeds from issuance of common stock under employee stock purchase plan | 3,644 | 0 |
Net cash provided by financing activities | 13,018 | 191,014 |
Net decrease in cash and cash equivalents and restricted cash | (36,407) | 156,200 |
Cash and cash equivalents and restricted cash at beginning of period | 233,678 | 81,303 |
Cash and cash equivalents and restricted cash at end of period | $ 197,271 | $ 237,503 |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation Description of Business Berkeley Lights, Inc. (the “Company” or “Berkeley Lights”) is a leading Digital Cell Biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products. Berkeley Lights’ platform is a fully integrated, end-to-end solution, comprised of proprietary consumables, including our OptoSelect chips and reagent kits, advanced automation systems and advanced application and workflow software. In 2017, Berkeley Lights incorporated BLI Europe International, Ltd. as a wholly-owned subsidiary in the United Kingdom to support Berkeley Lights’ planned expansion in Europe. In the third quarter of 2020, Berkeley Lights established a wholly owned foreign operating entity in China to further expand its operations. In the second quarter of 2021, Berkeley Lights established a subsidiary in Singapore to support its overall sales and service efforts in the Asia Pacific region. Berkeley Lights and its consolidated subsidiaries are hereinafter referred to as the “Company”. The Company’s headquarters are in Emeryville, California. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Berkeley Lights in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation of S-X of the U.S. Securities and Exchange Commission (“the SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Berkeley Lights’ management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial information have been included. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in its condensed consolidated financial statements and the accompanying notes. Despite the Company’s intentions to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other period. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Annual Report on Form 10-K filed with the SEC on March 12, 2021. Liquidity The Company has experienced losses from its operations since its inception and has relied primarily on equity and debt financing to fund its operations and to a lesser degree cash flows generated by the sale of the Company’s product and services. For the three and nine months ended September 30, 2021, the Company had a consolidated net loss of $20.4 million and $54.0 million, respectively, and as of September 30, 2021 had an accumulated deficit of $245.9 million and unrestricted cash and cash equivalents of $197.0 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents balance as of September 30, 2021 provides sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying consolidated financial statements. Initial Public Offering The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on July 16, 2020 by the SEC, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 17, 2020. On July 21, 2020, the Company closed its IPO, in which the Company sold 9,315,000 shares of common stock (which included 1,215,000 shares that were sold pursuant to the full exercise of the IPO underwriters’ option to purchase additional shares) at a price to the public of $22.00 per share. Including the option exercise, the Company received aggregate net proceeds of $187.9 million after deducting offering costs, underwriting discounts and commissions of $17.0 million. Immediately prior to the completion of the IPO, 50,462,272 shares of convertible preferred stock then outstanding converted into an equivalent number of shares of common stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant accounting policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission and have not materially changed during the three months ended September 30, 2021. Revenue Recognition The Company derives revenue from primarily two sources, product and service revenues, which are discussed further below. The Company recognizes revenue using a five step process. This process involves identifying the contract with a customer, identifying the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract based on their stand-alone selling price, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. The Company’s agreements with customers often include multiple performance obligations, which can sometimes be included in separate contracts entered into within a reasonably short period of time. The Company considers an entire customer arrangement to determine if separate contracts should be considered combined for the purposes of revenue recognition. In order to determine the stand-alone selling price, the Company conducts a periodic analysis to determine whether various goods or services have an observable stand-alone selling price as well as to identify significant changes to current stand-alone selling prices. If the Company does not have an observable stand-alone selling price for a particular good or service, then the stand-alone selling price for that particular good or service is estimated using an approach that maximizes the use of observable inputs. The Company’s process for determining stand-alone selling price requires judgment and considers multiple factors that are reasonably available and maximizes the use of observable inputs that may vary over time depending upon the unique facts and circumstances related to each performance obligation. The Company believes that this method results in an estimate that represents the price the Company would charge for the product offerings if they were sold separately. For most of its performance obligations, the Company has established stand-alone selling price as a range rather than a single value, such range being plus or minus 15% of the weighted average of observable prices. If the contractually stated prices of all the performance obligations in a contract fall within their respective stand-alone selling price ranges, the Company will allocate the transaction price at the contractually stated amounts. In situations where the contractually stated price for one or more performance obligations in a contract fall(s) outside of their respective stand-alone selling price range, the Company will use the mid-point of the respective stand-alone selling price range for performance obligations in the contract priced outside of their respective stand-alone selling price range(s) and the contract values for performance obligations priced within their respective stand-alone selling price range(s), to allocate the transaction price on a relative stand-alone selling price basis. Taxes, such as sales, value-add and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales. In certain markets, our products are sold to customers primarily through distributors. The terms of sales transactions to our distributors are substantially consistent with the terms of our direct sales to end customers. The following describes the nature of the Company’s primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions the Company enters into with its customers. Product revenues Product revenues are comprised of two major revenue streams, direct platform sales and consumables. Direct platform sales revenues are comprised of advanced automation systems, which include the Beacon and Lightning systems, (including fully-paid workflow licenses) as well as Culture Station instruments. Consumables revenues are comprised of OptoSelect chips required to run the system as well as reagent kits. Direct platform sales also include revenue from certain historical subscription arrangements in which customers are able to subscribe to a specific workflow and pay a quarterly fee over a fixed period of time which covers the annual workflow license, the advanced automation system, as well as warranty and service. While the majority of the Company’s revenue under its Tech Access subscription falls into the service category, consumables and certain other deliverables under the Tech Access subscription are categorized a product revenues. The Company’s standard arrangement with its customers is generally a purchase order or an executed contract. Revenue on product sales is recognized when control has transferred to the customer which typically occurs when the product has been shipped to the customer, risk of loss has transferred to the customer and the Company has a present right to payment for the system, chip or kit, as applicable. In certain limited circumstances when a product sale includes client acceptance provisions, the Company will first assess such terms to determine if the control of the good is being transferred to the customer in accordance with the agreed-upon specifications in the contract. To the extent that such acceptance provisions can be objectively determined to be aligned with the standard specifications of the arrangement, are defined and easily evaluated for completion, as well as do not afford the customer any additional rights or create additional performance obligations for the Company, such provisions would be determined perfunctory and would not preclude revenue recognition presuming all other criteria are met. If such acceptance provisions are considered to be substantive, revenue is recognized either when client acceptance has been obtained, client acceptance provisions have lapsed, or the Company has objective evidence that the criteria specified in the client acceptance provisions have been satisfied. Payment terms are generally thirty to ninety days from the date of invoicing. On a limited basis, the Company also enters into fixed-term sales-type lease arrangements with certain qualified customers. Revenue from sales-type lease arrangements is generally recognized in a manner consistent with platform systems, assuming all other revenue recognition criteria have been met. Service revenues Service revenues primarily consist of joint development agreements, service and warranty, training and installation services, platform support and feasibility studies on the Company’s advanced automation systems and workflows. Joint development agreements are agreements whereby the Company provides services for, among other things, the development of customized workflows, screening capabilities, or for customized consumables or advanced automation systems to meet a specific customer’s needs. These contracts can be executed on a time-and-materials basis and in certain cases include defined milestones associated with these development activities over extended periods of time, some in excess of twenty-four months. The Company’s services are generally provided primarily on a fixed fee basis with defined billing schedules. The Company reviews Joint development agreements for revenue recognition at contract inception and generally recognizes revenue from these contracts over time, using either an input measure of progress based on costs incurred to date relative to total expected costs or on a time and materials basis. The Company recognizes revenue from the sale of extended warranty and enhanced service warranty arrangements over the respective period, while revenue on feasibility studies is recognized over time, using an input measure of progress based on costs incurred to date relative to total expected costs. Revenue on platform support is recognized as the services are performed. Service contracts are typically short-term in nature. Payment terms are generally thirty to ninety days from the date of invoicing. The Company only includes variable consideration in the transaction price to the extent that it is not probable that a significant reversal of revenue will occur for that amount. The constraint estimate is reassessed at each reporting date until the uncertainty is resolved. Contract assets and contract liabilities Contract assets include amounts where revenue recognized exceeds the amount invoiced to the customer and the right to payment is not solely subject to the passage of time. The Company’s contract asset balances of $3.5 million and $2.7 million as of September 30, 2021 and December 31, 2020, respectively, are primarily from its sales-type lease arrangements as well as its development and feasibility study agreements. The Company does not have impairment losses associated with contracts with customers for the three and nine months ended September 30, 2021 and 2020. Contract liabilities consist of fees invoiced or paid by the Company’s customers for which the associated services have not been performed and revenues have not been recognized based on the Company’s revenue recognition criteria described above. Such amounts are reported as deferred revenue on the condensed consolidated balance sheets. Deferred revenue that is expected to be recognized during the following twelve months is recorded as a current liability and the remaining portion is recorded as non-current. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current or long-term on the condensed consolidated balance sheet based on the timing of when the Company expects to complete the related performance obligations and invoice the customers. Contract liabilities are classified as current or long-term on the condensed consolidated balance sheet based on the timing when the revenue recognition associated with the related customer payments and invoicing is expected to occur. Costs to obtain or fulfill a contract Origination costs relate primarily to the payment of sales commissions to individuals that are directly related to sales transactions. Fulfillment costs generally include the direct cost of services such as platform support and feasibility studies. Origination and fulfillment costs that are internal to the Company are generally expensed when incurred because most of those costs are incurred concurrently with the delivery of the related goods and services, which are predominantly recognized at a point in time or are less than one year in nature. The origination costs that are related to long-term development agreements are capitalized and amortized over the relevant service period. The origination costs that are related to long-term development agreements are not material as of September 30, 2021 and 2020. Stock-Based Compensation The Company maintains an incentive compensation plan under which incentive stock options, nonqualified stock options and restricted stock units (“RSUs”) are granted primarily to employees and non-employee consultants. Stock-based compensation expense for stock-based awards is based on the grant date fair value. The Company determines the fair value of RSUs based on the closing value of its stock price listed on Nasdaq at the date of the grant. The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option-pricing model. The fair value of stock option awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. Stock option awards that include a service condition and a performance condition are considered expected to vest when the performance condition is probable of being met. Compensation expense associated with performance awards that are determined to be probable of achievement is recognized over the requisite service period, provided the grantee remains an employee or consultant of the Company through each applicable vesting date. For performance awards not initially assessed as probable of achievement, the Company records a cumulative adjustment to compensation expense in the period the Company changes its determination that a performance condition becomes probable of being achieved. The Company ceases recognition of compensation expense in any periods where the Company determines the attainment of a performance condition is no longer probable. If the performance goals are determined to be improbable, no compensation expense is recognized and any previously recognized compensation expense is reversed. Product Warranties The Company provides a 13-month from shipment date assurance-type warranty on its platforms and chip consumables. Upon shipment, the Company establishes an accrual for estimated warranty expenses based on historical data and trends of product reliability and costs of repairing and replacing defective products. The Company exercises judgment in estimating the expected product warranty costs, using data such as the actual and projected product failure rates, estimated repair costs, freight, material, labor, and overhead costs. While management believes that historical experience provides a reliable basis for estimating such warranty cost, unforeseen quality issues or component failure rates could result in future costs in excess of such estimates, or alternatively, improved quality and reliability in the Company’s products could result in actual expenses that are below those currently estimated. Leases The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter, if modified. The lease term includes any renewal options and termination options that the Company is reasonably certain to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments and is included in operating expenses in the condensed consolidated statements of operations and comprehensive loss. For all leases, rent payments that are based on a fixed index or rate at the lease commencement date are included in the measurement of lease assets and lease liabilities at the lease commencement date. The Company has elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance and insurance. The Company also acts as a lessor to provide equipment financing through sales-type lease arrangements with certain qualified customers. Revenue from sales-type leases is presented on a gross basis when the company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business. Amounts due and receivable under these arrangements are recorded at the outset of the arrangement as a contract asset in prepaid expenses and other current assets and other assets until such time that invoices are issued in accordance with the terms of the lease, at which point they are recorded as trade accounts receivable in the condensed consolidated balance sheets. Net Loss Attributable to Common Stockholders Per Share Net loss attributable to common stockholders per share is computed by dividing the weighted-average number of common shares outstanding for the period. Diluted net loss per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. In computing diluted net loss per share, the Company utilizes the treasury stock method. The Company applies the two-class method to compute basic and diluted net loss or income per share when it has issued shares that meet the definition of participating securities. The two-class method determines net (loss) or income per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net (loss) income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all net (loss) income for the period had been distributed. The Company’s convertible preferred stock participates in any dividends declared by the Company and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method. |
Significant Risks and Uncertain
Significant Risks and Uncertainties Including Business and Credit Concentrations | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties Including Business and Credit Concentrations | Significant Risks and Uncertainties Including Business and Credit Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and trade receivables. The Company’s cash and cash equivalents are held by large, credit worthy financial institutions. The Company invests its excess cash in money market funds. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these banks may exceed the amounts of insurance provided on such deposits. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs periodic credit evaluations of its customers and generally does not require collateral. Accounts receivable are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts and the aging of the related invoices and represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. At each of September 30, 2021 and 2020, the Company had not recorded any material allowance for doubtful accounts. Most of the Company’s customers are located in the United States and Asia Pacific. For the three months ended September 30, 2021, four customers accounted for 16%, 15%, 10% and 10% of revenue. For the nine months ended September 30. 2021, three customers accounted for 21%, 15% and 10% of revenue. For the three months ended September 30, 2020, five customers accounted for 12%, 11%, 11%, 11% and 10% of revenue. For the nine months ended September 30, 2020, one customer accounted for 10% of revenue. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Revenue From Contracts With Customers Disaggregation of revenue The following table depicts the disaggregation of revenue by type of customer or sales channel, market segment as defined by nature of workflows and activities of the end customer and timing of revenue recognition (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Type of Sales Channel Direct sales channel $ 16,567 $ 18,073 $ 37,109 $ 38,804 Distributor channel 7,757 135 25,093 3,751 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 Market Antibody therapeutics $ 18,440 $ 12,964 $ 47,226 $ 34,741 Synthetic biology 2,562 2,193 6,402 4,365 Gene therapy 2,053 — 5,336 — Agricultural biology 642 — 642 — Cell therapy 627 3,051 2,596 3,449 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 Timing of Revenue Recognition Goods and services transferred at a point in time $ 16,619 $ 13,786 $ 42,205 $ 33,364 Goods and services transferred over time 7,705 4,422 19,997 9,191 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 Revenues by market are determined by the revenue associated with workflows that the Company’s customers are utilizing, primarily on our Beacon platform, or by the nature of the workflows that the Company is developing under joint development and partnership agreements. Revenues by geographical markets are presented in Note 15. Performance Obligations A significant number of the Company’s product and service sales, as well as its feasibility study arrangements, are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of September 30, 2021, the aggregate amount of remaining performance obligations that are unsatisfied or partially unsatisfied related to customer contracts extending over one year w as $6.6 million, which includes deferred revenue on the Company’s condensed consolidated balance sheets, of which approximately 45% is e xpected to be recognized as revenue in the next 12 months, with the remainder recognized afterwards. Contract balances The following table provides information about receivables, contract assets and deferred revenue from contracts with customers (in thousands): September 30, December 31, Trade accounts receivable $ 24,713 $ 12,939 Contract assets, which are included in “Prepaid expenses and other current assets” 1,689 1,310 Contract assets, long-term, which are included in “Other assets” 1,832 1,375 Deferred revenue (current) 11,282 5,482 Deferred revenue (non-current) 1,819 1,709 The contract liabilities of $13.1 million and $7.2 million as of September 30, 2021 and December 31, 2020, respectively, consisted of deferred revenue related to extended warranty service agreements, joint development agreements, and advanced billings on advanced automation systems arrangements. Revenue recorded during the three and nine months ended September 30, 2021 i ncluded $0.6 million and $4.9 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 31, 2020. Sales-type lease arrangements The Company also enters into sales-type lease arrangements with certain qualified customers. Revenue related to lease elements from sales-type leases is presented as product revenue and was none and $2.7 million for the three and nine months ended September 30, 2021, respectively and none for the three and nine months ended September 30, 2020. The following tables presents the future maturity of the Company’s fixed-term customer leases and reconciles the undiscounted cash flows from the amounts due from customers under such arrangements as of September 30, 2021 (in thousands): Year ending December 31, Sales-Type Remainder of 2021 $ 893 2022 2,098 2023 445 2024 and thereafter 853 Total undiscounted cash flows $ 4,289 Less: unearned income (549) Total amounts due from customers, gross $ 3,740 |
Balance Sheet Accounts
Balance Sheet Accounts | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Accounts | Balance Sheet Accounts Inventory The following table shows the components of inventory (in thousands): September 30, December 31, Raw materials $ 8,378 $ 6,675 Finished goods 4,832 4,372 Total $ 13,210 $ 11,047 Prepaid expenses and other current assets The following table shows the components of prepaid expenses and other current assets (in thousands): September 30, December 31, Contract asset $ 1,689 $ 1,310 Vendor deposits 1,495 1,346 Deferred costs 487 292 Prepaid insurance 3,485 2,401 Other 3,832 2,826 Total $ 10,988 $ 8,175 Accrued expenses and other current liabilities The following table shows the components of accrued expenses and other current liabilities (in thousands): September 30, December 31, Accrued payroll and employee related expenses $ 4,243 $ 4,152 Lease liability – short-term 2,909 1,909 Accrued product warranty 1,289 1,271 Accrued legal expenses 707 606 Other 1,062 463 Total $ 10,210 $ 8,401 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company’s cash equivalents, accounts receivable and accounts payable approximate fair value due to their relatively short maturities. The Company classifies its cash equivalents, which are comprised primarily of money market funds, within Level 1, as it uses quoted market prices in the determination of fair value. The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): September 30, Quoted Prices Significant Significant Assets Money Market Funds $ 25,137 $ 25,137 $ — $ — Total $ 25,137 $ 25,137 $ — $ — December 31, Quoted Prices Significant Significant Assets Money Market Funds $ 25,133 $ 25,133 $ — $ — Total $ 25,133 $ 25,133 $ — $ — The carrying values and fair values of the Company’s financial instruments not measured at fair value were as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities $ 19,746 $ 19,288 $ 19,895 $ 19,949 The Company estimated the fair value of its long-term debt using a market-based approach that considers an average cost of debt. The Company has incorporated its own credit risk for all liability fair value measurements. Such fair value measurements are considered Level 2 under the fair value hierarchy. |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net comprised the following (in thousands): September 30, December 31, Equipment, tooling and molds $ 30,740 $ 21,118 Computer software and equipment 2,945 2,153 Furniture, fixtures and other 1,809 1,739 Leasehold improvements 5,656 5,597 Construction in process 4,091 275 Total property and equipment $ 45,241 $ 30,882 Less: Accumulated depreciation (20,242) (16,338) Property and equipment, net $ 24,999 $ 14,544 Total depreciation expense for the three and nine months ended September 30, 2021 was $1.3 million and $4.0, respectively. Total depreciation expense for three and nine months ended September 30, 2020 was $1.3 million and $3.9 million, respectively. During the three and nine months ended September 30, 2021 and 2020, losses on the impairment and disposal of property and equipment was not material. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases office, manufacturing, distribution and laboratory facilities in Emeryville, California under multiple operating leases. During the third quarter of 2021 the company extended the term for its leases related to the facilities in Emeryville and these leases will now expire in 2029. Also during the third quarter of 2021, the company entered into a seven year lease of space for office and laboratory operations in Lexington, Massachusetts, which commenced on July 1, 2021. Commitments under this lease total approximately $4.0 million. The Company also leases two facilities in Shanghai, China for office and laboratory facilities under operating lease agreements that were entered into in July 2020. Future payments associated with the Company’s operating lease liabilities as of September 30, 2021 are as follows (in thousands): Operating leases Undiscounted lease payments for the year ending December 31, Remainder of 2021 $ 1,060 2022 4,202 2023 4,275 2024 4,355 2025 4,486 Thereafter 16,843 Total undiscounted lease payments 35,221 Less: implied interest (5,796) Less: tenant improvement allowances receivable (1,426) Present value of operating lease payments 27,999 Less: current portion (2,909) Total long-term operating lease liabilities $ 25,090 Rent expense for the three and nine months ended September 30, 2021 was $1.0 million and $2.7 million, respectively. Rent expense for the three and nine months ended September 30, 2020 was $0.6 million and $1.8 million, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for operating leases were $0.6 million and $1.7 million for the three and nine months ended September 30, 2021, respectively, including non-lease components such as common area maintenance fees. Variable lease payments for operating leases were $0.4 million and $1.0 million for the three and nine months ended September 30, 2020, respectively, including non-lease components such as common area maintenance fees. The following information presents certain quantitative information related to our lease arrangements (in thousands): Nine months ended September 30, 2021 Right-of-use assets obtained in exchange for new operating lease liabilities - New leases $ 3,348 Right-of-use assets obtained in exchange for new operating lease liabilities - Modification of existing leases $ 8,320 Cash paid for amounts included in the measurement of lease liabilities $ 2,628 The following summarizes additional information related to operating leases: September 30, 2021 Weighted-average remaining lease term (years) 7.76 Weighted-average discount rate 4.67 % |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable On May 23, 2018, the Company entered into a Loan and Security Agreement with East West Bank (“EWB”) providing it the ability to borrow up to $20.0 million. The loan facility was fully drawn as of May 23, 2018. On June 30, 2021, the Company entered into an Amended and Restated Loan and Security Agreement (the “Agreement”) with EWB. Pursuant to the Agreement, EWB provided a $20.0 million term loan (“the Term Loan”) which shall be used to refinance the term loan outstanding under the Loan and Security Agreement dated May 23, 2018. The Term Loan matures in 48 months and bears interest at a fixed rate of 4.17%. The Term Loan has an initial interest-only period of 24 months, which can be extended to up to 36 months based on the achievement of certain liquidity measures, and can be pre-paid without penalty at any time. The Agreement grants EWB a security interest in and liens on all assets of the Company, excluding intellectual property, which is subject to a double negative pledge. In addition, certain other terms of the original agreements as previously in effect were amended by the Agreement, including certain financial covenants. The Amended and Restated Loan and Security Agreement was accounted for as a debt modification and the Company capitalized incremental debt issuance costs. Furthermore, the Agreement also provided the Company with a new $10.0 million revolving credit (the “Revolving Line”), which bears interest on the outstanding daily balance thereof of 0.70% above the Prime Rate (as defined in the Agreement). No amounts were outstanding under the Revolving Line as of September 30, 2021. The following is a schedule of payments due on notes payable as of September 30, 2021 (in thousands): September 30, Year Ending December 31: Remainder of 2021 $ 213 2022 846 2023 6,617 2024 10,406 2025 4,210 Total payments due 22,292 Less: Interest payments, loan discounts and financing costs (2,546) Current portion, less loan discounts and financing costs — Notes payable, net of current portion $ 19,746 Total interest cost incurred for the three and nine months ended September 30, 2021 was $0.2 million and $0.9 million, respectively. Total interest cost incurred for the three and nine months ended September 30, 2020 was $0.4 million and $1.1 million, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Stock-based compensation Stock-based compensation related to the Company's stock-based awards was recorded as an expense and allocated as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Cost of sales $ 85 $ 116 $ 190 $ 176 Research and development 1,508 820 4,168 1,884 General and administrative 2,562 1,406 6,431 2,521 Sales and marketing 1,807 193 5,296 485 Total stock-based compensation $ 5,962 $ 2,535 $ 16,085 $ 5,066 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s provision for income taxes was $54,000 and $97,000, respectively, for the three and nine months ended September 30, 2021 and $118,000 and $142,000, respectively, for the three and nine months ended September 30, 2020. The Company maintains a full valuation allowance on its deferred tax assets, and intends to do so until there is sufficient evidence to support the reversal of all or some portion of these allowances. |
Statements of Cash Flows
Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows The supplemental cash flow information consists of the following (in thousands): Nine months ended September 30, 2021 2020 Cash paid for interest $ 828 $ 1,028 Cash paid for income taxes $ 3 $ 18 Non-cash investing and financing activities Inventory transferred to property and equipment (1) $ 2,830 $ — Change in accounts payable and accrued liabilities related to purchases of property and equipment $ 1,238 $ 274 Release of repurchase rights on early exercised options $ — $ 264 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its financial statements for these matters when a loss is known and considered probable and the amount can be reasonably estimated. The Company does not recognize gain contingencies until they are realized. Legal costs incurred relating to loss contingencies are expensed as incurred. In July 2020, AbCellera Biologics Inc. (“AbCellera”) filed a complaint in the United States District Court for the District of Delaware, alleging that the Company infringed and continues to infringe, directly and indirectly, the following patents exclusively licensed by AbCellera by making, using, offering for sale, selling and/or importing the Company’s Beacon and Culture Station instruments and the OptoSelect chips, and sale of the Opto Plasma B Discovery Workflow: U.S. Patent Nos. 10,107,812, 10,274,494, 10,466,241, 10,578,618, 10,697,962, 10,087,408, 10,421,936 and 10,704,018 (“AbCellera I”). In August 2020, AbCellera filed a second complaint in the United States District Court for the District of Delaware, making the same allegations with regard to U.S. Patent Nos. 10,718,768, 10,738,270, 10,746,737, and 10,753,933 (“AbCellera II”). In September 2020, AbCellera filed amended complaints in each of AbCellera I and AbCellera II adding The University of British Columbia (“UBC”) as a named plaintiff. Also in September 2020, AbCellera and UBC filed a third complaint in the United States District Court for the District of Delaware, making the same allegations with regard to U.S. Patent Nos. 10,775,376, 10,775,377, and 10,775,378 (“AbCellera III”). AbCellera and UBC are seeking, among other things, judgment of infringement, a permanent injunction and damages (including lost profits, a reasonable royalty, reasonable costs and attorney’s fees and treble damages for willful infringement). In addition to procedural motions, the Company has filed an answer and counterclaims in response to each of the AbCellera I, AbCellera II and AbCellera III lawsuits. The Company’s counterclaims in each lawsuit include counts for declaratory judgment of non-infringement of the asserted patents, for declaratory judgment of invalidity of the asserted patents and for declaratory judgment of unenforceability of the asserted patents due to inequitable conduct. The Company filed a motion to transfer the AbCellera I, AbCellera II and AbCellera III lawsuits to the United States District Court for the Northern District of California, which was granted and where the lawsuits have been consolidated and are now pending (the “consolidated lawsuit”). On May 6, 2021, and pursuant to Court Order, AbCellera and UBC reduced, without prejudice, the asserted patents in the consolidated lawsuit to the following: US Patent Nos. 10,087,408, 10,421,936, 10,738,270, 10,697,962, 10,753,933, 10,775,376 and 10,775,378. On July 1, 2021, the court granted the Company’s motion to amend its answer and counterclaims to add federal and state unfair competition counterclaims against AbCellera Biologics; on July 22, 2021, the Company filed its amended answer and counterclaims. Also on July 1, 2021 the court issued a Case Management Order that, among other things, scheduled a jury trial date of December 12, 2022, and requires AbCellera and UBC to reduce the number of asserted patents to no more than two, and the total asserted patent claims to no more than four per patent prior to the trial. Also in July 2021, the Company filed petitions for Inter Partes Review (“IPR”) with the United States Patent & Trademark Office (“USPTO”), challenging the validity of various asserted claims of U.S. Patent No. 10,087,408 and all asserted claims of U.S. Patent No. 10,421,936, then filed a motion in the district court to stay the consolidated lawsuit pending the outcome of the IPR proceedings. In August 2021, the Company filed a third petition for IPR with the USPTO, challenging the validity of all asserted claims of U.S. Patent No. 10,739,270. Also in August 2021, the court granted the Company’s motion to stay the consolidated AbCellera I, AbCellera II, and AbCellera III lawsuits pending the outcome of the IPR proceedings. In August 2020, the Company filed a complaint in the United States District Court for the Northern District of California against AbCellera and Lineage BioSciences, Inc., an entity previously acquired by AbCellera (“AbCellera IV”). The complaint included two counts of unfair competition and one count of a declaratory judgment of non-infringement of U.S. Patent No. 10,058,839. The Company was seeking, among other things, damages and a judgment of non-infringement. In October 2020, the Company filed an amended complaint asserting the same three counts and AbCellera and Lineage filed a motion to dismiss the amended complaint, which was granted, without prejudice, in part. In light of the Company’s amended answer and counterclaims in the consolidated lawsuits, which were amended to include its federal and state unfair competition claims as discussed above, in July 2021 the Company filed a notice of dismissal without prejudice in the AbCellera IV lawsuit, resulting in its termination. The Company believes that the patent assertions by AbCellera and UBC are without merit and intends to defend itself vigorously. The Company also intends to proceed with its claims and counterclaims against AbCellera and UBC. Outcomes in litigation can be uncertain and it is possible a court may disagree with the Company’s positions. An adverse determination in these lawsuits could subject the Company to significant liabilities, require it to seek licenses from or pay royalties to AbCellera and/or UBC, or prevent it from manufacturing, selling or using certain of its products, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. No provision has been made for litigation because the Company believes that it is not probable that a liability had been incurred as of September 30, 2021. The Company is not currently involved in any other claims or legal actions, nor is management aware of any potential claims or legal actions, for which the ultimate disposition could have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Product Warranty The table below represents the activity in the product warranty accrual included in accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 1,190 $ 1,184 $ 1,271 $ 1,065 Adjustments to existing warranties (46) (349) (412) (562) Provision for new warranties 354 410 971 960 Settlement of pre-existing warranties (209) (181) (541) (399) Balance, end of period $ 1,289 $ 1,064 $ 1,289 $ 1,064 |
Net Loss Attributable to Common
Net Loss Attributable to Common Stockholders Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Attributable to Common Stockholders Per Share | Net Loss Attributable to Common Stockholders Per Share Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards. Awards granted with performance conditions are excluded from the shares used to compute diluted earnings per share until the performance conditions associated with the awards are met. The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except share and per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (20,403) $ (8,601) $ (53,992) $ (29,456) Cumulative undeclared dividends on Series D convertible preferred stock — (140) — (1,735) Net loss attributable to common stockholders, basic and diluted $ (20,403) $ (8,741) $ (53,992) $ (31,191) Denominator Weighted-average shares used to compute net income per share, basic and diluted 67,213,282 53,596,982 66,428,303 20,041,080 Net loss per share Net loss per share attributable to common stockholders, basic and diluted $ (0.30) $ (0.16) $ (0.81) $ (1.56) Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented as they had an anti-dilutive effect: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Convertible preferred stock (on an if-converted basis) — — — — Options to purchase common stock 7,080,020 9,818,701 7,080,020 9,818,701 Restricted stock units — — — — Restricted shares of common stock related to early exercise of options 520,494 7,344 520,494 7,344 Warrants to purchase Series C convertible preferred stock — — — — Total 7,600,514 9,826,045 7,600,514 9,826,045 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company has one business activity and there are no segment managers who are held accountable for operations. Accordingly, the Company has one operating segment. The Company’s principal operations and decision-making functions are located in the United States. The following table provides the Company’s revenues by geographical market based on the location where the services were provided or to which product was shipped (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 North America $ 11,134 $ 7,050 $ 27,370 $ 21,200 Asia Pacific 9,797 6,061 27,496 13,165 Europe 3,393 5,097 7,336 8,190 $ 24,324 $ 18,208 $ 62,202 $ 42,555 North America includes the United States and related territories. Asia Pacific also includes Australia. As of September 30, 2021 and December 31, 2020, substantially all of the Company’s long-lived assets were located in the United States of America. |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Berkeley Lights in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation of S-X of the U.S. Securities and Exchange Commission (“the SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Berkeley Lights’ management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial information have been included. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in its condensed consolidated financial statements and the accompanying notes. Despite the Company’s intentions to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other period. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Annual Report on Form 10-K filed with the SEC on March 12, 2021. |
Revenue Recognition | Revenue Recognition The Company derives revenue from primarily two sources, product and service revenues, which are discussed further below. The Company recognizes revenue using a five step process. This process involves identifying the contract with a customer, identifying the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract based on their stand-alone selling price, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. The Company’s agreements with customers often include multiple performance obligations, which can sometimes be included in separate contracts entered into within a reasonably short period of time. The Company considers an entire customer arrangement to determine if separate contracts should be considered combined for the purposes of revenue recognition. In order to determine the stand-alone selling price, the Company conducts a periodic analysis to determine whether various goods or services have an observable stand-alone selling price as well as to identify significant changes to current stand-alone selling prices. If the Company does not have an observable stand-alone selling price for a particular good or service, then the stand-alone selling price for that particular good or service is estimated using an approach that maximizes the use of observable inputs. The Company’s process for determining stand-alone selling price requires judgment and considers multiple factors that are reasonably available and maximizes the use of observable inputs that may vary over time depending upon the unique facts and circumstances related to each performance obligation. The Company believes that this method results in an estimate that represents the price the Company would charge for the product offerings if they were sold separately. For most of its performance obligations, the Company has established stand-alone selling price as a range rather than a single value, such range being plus or minus 15% of the weighted average of observable prices. If the contractually stated prices of all the performance obligations in a contract fall within their respective stand-alone selling price ranges, the Company will allocate the transaction price at the contractually stated amounts. In situations where the contractually stated price for one or more performance obligations in a contract fall(s) outside of their respective stand-alone selling price range, the Company will use the mid-point of the respective stand-alone selling price range for performance obligations in the contract priced outside of their respective stand-alone selling price range(s) and the contract values for performance obligations priced within their respective stand-alone selling price range(s), to allocate the transaction price on a relative stand-alone selling price basis. Taxes, such as sales, value-add and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales. In certain markets, our products are sold to customers primarily through distributors. The terms of sales transactions to our distributors are substantially consistent with the terms of our direct sales to end customers. The following describes the nature of the Company’s primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions the Company enters into with its customers. Product revenues Product revenues are comprised of two major revenue streams, direct platform sales and consumables. Direct platform sales revenues are comprised of advanced automation systems, which include the Beacon and Lightning systems, (including fully-paid workflow licenses) as well as Culture Station instruments. Consumables revenues are comprised of OptoSelect chips required to run the system as well as reagent kits. Direct platform sales also include revenue from certain historical subscription arrangements in which customers are able to subscribe to a specific workflow and pay a quarterly fee over a fixed period of time which covers the annual workflow license, the advanced automation system, as well as warranty and service. While the majority of the Company’s revenue under its Tech Access subscription falls into the service category, consumables and certain other deliverables under the Tech Access subscription are categorized a product revenues. The Company’s standard arrangement with its customers is generally a purchase order or an executed contract. Revenue on product sales is recognized when control has transferred to the customer which typically occurs when the product has been shipped to the customer, risk of loss has transferred to the customer and the Company has a present right to payment for the system, chip or kit, as applicable. In certain limited circumstances when a product sale includes client acceptance provisions, the Company will first assess such terms to determine if the control of the good is being transferred to the customer in accordance with the agreed-upon specifications in the contract. To the extent that such acceptance provisions can be objectively determined to be aligned with the standard specifications of the arrangement, are defined and easily evaluated for completion, as well as do not afford the customer any additional rights or create additional performance obligations for the Company, such provisions would be determined perfunctory and would not preclude revenue recognition presuming all other criteria are met. If such acceptance provisions are considered to be substantive, revenue is recognized either when client acceptance has been obtained, client acceptance provisions have lapsed, or the Company has objective evidence that the criteria specified in the client acceptance provisions have been satisfied. Payment terms are generally thirty to ninety days from the date of invoicing. On a limited basis, the Company also enters into fixed-term sales-type lease arrangements with certain qualified customers. Revenue from sales-type lease arrangements is generally recognized in a manner consistent with platform systems, assuming all other revenue recognition criteria have been met. Service revenues Service revenues primarily consist of joint development agreements, service and warranty, training and installation services, platform support and feasibility studies on the Company’s advanced automation systems and workflows. Joint development agreements are agreements whereby the Company provides services for, among other things, the development of customized workflows, screening capabilities, or for customized consumables or advanced automation systems to meet a specific customer’s needs. These contracts can be executed on a time-and-materials basis and in certain cases include defined milestones associated with these development activities over extended periods of time, some in excess of twenty-four months. The Company’s services are generally provided primarily on a fixed fee basis with defined billing schedules. The Company reviews Joint development agreements for revenue recognition at contract inception and generally recognizes revenue from these contracts over time, using either an input measure of progress based on costs incurred to date relative to total expected costs or on a time and materials basis. The Company recognizes revenue from the sale of extended warranty and enhanced service warranty arrangements over the respective period, while revenue on feasibility studies is recognized over time, using an input measure of progress based on costs incurred to date relative to total expected costs. Revenue on platform support is recognized as the services are performed. Service contracts are typically short-term in nature. Payment terms are generally thirty to ninety days from the date of invoicing. The Company only includes variable consideration in the transaction price to the extent that it is not probable that a significant reversal of revenue will occur for that amount. The constraint estimate is reassessed at each reporting date until the uncertainty is resolved. Contract assets and contract liabilities Contract assets include amounts where revenue recognized exceeds the amount invoiced to the customer and the right to payment is not solely subject to the passage of time. The Company’s contract asset balances of $3.5 million and $2.7 million as of September 30, 2021 and December 31, 2020, respectively, are primarily from its sales-type lease arrangements as well as its development and feasibility study agreements. The Company does not have impairment losses associated with contracts with customers for the three and nine months ended September 30, 2021 and 2020. Contract liabilities consist of fees invoiced or paid by the Company’s customers for which the associated services have not been performed and revenues have not been recognized based on the Company’s revenue recognition criteria described above. Such amounts are reported as deferred revenue on the condensed consolidated balance sheets. Deferred revenue that is expected to be recognized during the following twelve months is recorded as a current liability and the remaining portion is recorded as non-current. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current or long-term on the condensed consolidated balance sheet based on the timing of when the Company expects to complete the related performance obligations and invoice the customers. Contract liabilities are classified as current or long-term on the condensed consolidated balance sheet based on the timing when the revenue recognition associated with the related customer payments and invoicing is expected to occur. Costs to obtain or fulfill a contract Origination costs relate primarily to the payment of sales commissions to individuals that are directly related to sales transactions. Fulfillment costs generally include the direct cost of services such as platform support and feasibility studies. Origination and fulfillment costs that are internal to the Company are generally expensed when incurred because most of those costs are incurred concurrently with the delivery of the related goods and services, which are |
Stock-Based Compensation | Stock-Based Compensation The Company maintains an incentive compensation plan under which incentive stock options, nonqualified stock options and restricted stock units (“RSUs”) are granted primarily to employees and non-employee consultants. Stock-based compensation expense for stock-based awards is based on the grant date fair value. The Company determines the fair value of RSUs based on the closing value of its stock price listed on Nasdaq at the date of the grant. The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option-pricing model. The fair value of stock option awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. Stock option awards that include a service condition and a performance condition are considered expected to vest when the performance condition is probable of being met. Compensation expense associated with performance awards that are determined to be probable of achievement is recognized over the requisite service period, provided the grantee remains an employee or consultant of the Company through each applicable vesting date. For performance awards not initially assessed as probable of achievement, the Company records a cumulative adjustment to compensation expense in the period the Company changes its determination that a performance condition becomes probable of being achieved. The Company ceases recognition of compensation expense in any periods where the Company determines the attainment of a performance condition is no longer probable. If the performance goals are determined to be improbable, no compensation expense is recognized and any previously recognized compensation expense is reversed. |
Product Warranties | Product Warranties The Company provides a 13-month from shipment date assurance-type warranty on its platforms and chip consumables. Upon shipment, the Company establishes an accrual for estimated warranty expenses based on historical data and trends of product reliability and costs of repairing and replacing defective products. The Company exercises judgment in estimating the expected product warranty costs, using data such as the actual and projected product failure rates, estimated repair costs, freight, material, labor, and overhead costs. While management believes that historical experience provides a reliable basis for estimating such warranty cost, unforeseen quality issues or component failure rates could result in future costs in excess of such estimates, or alternatively, improved quality and reliability in the Company’s products could result in actual expenses that are below those currently estimated. |
Leases | Leases The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter, if modified. The lease term includes any renewal options and termination options that the Company is reasonably certain to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments and is included in operating expenses in the condensed consolidated statements of operations and comprehensive loss. For all leases, rent payments that are based on a fixed index or rate at the lease commencement date are included in the measurement of lease assets and lease liabilities at the lease commencement date. The Company has elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance and insurance. The Company also acts as a lessor to provide equipment financing through sales-type lease arrangements with certain qualified customers. Revenue from sales-type leases is presented on a gross basis when the company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business. Amounts due and receivable under these arrangements are recorded at the outset of the arrangement as a contract asset in prepaid expenses and other current assets and other assets until such time that invoices are issued in accordance with the terms of the lease, at which point they are recorded as trade accounts receivable in the condensed consolidated balance sheets. |
Leases | Leases The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter, if modified. The lease term includes any renewal options and termination options that the Company is reasonably certain to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments and is included in operating expenses in the condensed consolidated statements of operations and comprehensive loss. For all leases, rent payments that are based on a fixed index or rate at the lease commencement date are included in the measurement of lease assets and lease liabilities at the lease commencement date. The Company has elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance and insurance. The Company also acts as a lessor to provide equipment financing through sales-type lease arrangements with certain qualified customers. Revenue from sales-type leases is presented on a gross basis when the company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business. Amounts due and receivable under these arrangements are recorded at the outset of the arrangement as a contract asset in prepaid expenses and other current assets and other assets until such time that invoices are issued in accordance with the terms of the lease, at which point they are recorded as trade accounts receivable in the condensed consolidated balance sheets. |
Net Loss Attributable to Common Stockholders Per Share | Net Loss Attributable to Common Stockholders Per Share Net loss attributable to common stockholders per share is computed by dividing the weighted-average number of common shares outstanding for the period. Diluted net loss per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. In computing diluted net loss per share, the Company utilizes the treasury stock method. The Company applies the two-class method to compute basic and diluted net loss or income per share when it has issued shares that meet the definition of participating securities. The two-class method determines net (loss) or income per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net (loss) income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all net (loss) income for the period had been distributed. The Company’s convertible preferred stock participates in any dividends declared by the Company and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table depicts the disaggregation of revenue by type of customer or sales channel, market segment as defined by nature of workflows and activities of the end customer and timing of revenue recognition (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Type of Sales Channel Direct sales channel $ 16,567 $ 18,073 $ 37,109 $ 38,804 Distributor channel 7,757 135 25,093 3,751 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 Market Antibody therapeutics $ 18,440 $ 12,964 $ 47,226 $ 34,741 Synthetic biology 2,562 2,193 6,402 4,365 Gene therapy 2,053 — 5,336 — Agricultural biology 642 — 642 — Cell therapy 627 3,051 2,596 3,449 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 Timing of Revenue Recognition Goods and services transferred at a point in time $ 16,619 $ 13,786 $ 42,205 $ 33,364 Goods and services transferred over time 7,705 4,422 19,997 9,191 Net revenues $ 24,324 $ 18,208 $ 62,202 $ 42,555 |
Schedule of receivables, contract assets and deferred revenue from contracts with customers | The following table provides information about receivables, contract assets and deferred revenue from contracts with customers (in thousands): September 30, December 31, Trade accounts receivable $ 24,713 $ 12,939 Contract assets, which are included in “Prepaid expenses and other current assets” 1,689 1,310 Contract assets, long-term, which are included in “Other assets” 1,832 1,375 Deferred revenue (current) 11,282 5,482 Deferred revenue (non-current) 1,819 1,709 |
Schedule of sales-type lease maturity | The following tables presents the future maturity of the Company’s fixed-term customer leases and reconciles the undiscounted cash flows from the amounts due from customers under such arrangements as of September 30, 2021 (in thousands): Year ending December 31, Sales-Type Remainder of 2021 $ 893 2022 2,098 2023 445 2024 and thereafter 853 Total undiscounted cash flows $ 4,289 Less: unearned income (549) Total amounts due from customers, gross $ 3,740 |
Balance Sheet Accounts (Tables)
Balance Sheet Accounts (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | The following table shows the components of inventory (in thousands): September 30, December 31, Raw materials $ 8,378 $ 6,675 Finished goods 4,832 4,372 Total $ 13,210 $ 11,047 |
Schedule of prepaid expenses and other current assets | The following table shows the components of prepaid expenses and other current assets (in thousands): September 30, December 31, Contract asset $ 1,689 $ 1,310 Vendor deposits 1,495 1,346 Deferred costs 487 292 Prepaid insurance 3,485 2,401 Other 3,832 2,826 Total $ 10,988 $ 8,175 |
Schedule of accrued expenses and other current liabilities | The following table shows the components of accrued expenses and other current liabilities (in thousands): September 30, December 31, Accrued payroll and employee related expenses $ 4,243 $ 4,152 Lease liability – short-term 2,909 1,909 Accrued product warranty 1,289 1,271 Accrued legal expenses 707 606 Other 1,062 463 Total $ 10,210 $ 8,401 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value | The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): September 30, Quoted Prices Significant Significant Assets Money Market Funds $ 25,137 $ 25,137 $ — $ — Total $ 25,137 $ 25,137 $ — $ — December 31, Quoted Prices Significant Significant Assets Money Market Funds $ 25,133 $ 25,133 $ — $ — Total $ 25,133 $ 25,133 $ — $ — |
Schedule of financial instruments not measured at fair value | The carrying values and fair values of the Company’s financial instruments not measured at fair value were as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Long-term debt, including current maturities $ 19,746 $ 19,288 $ 19,895 $ 19,949 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net comprised the following (in thousands): September 30, December 31, Equipment, tooling and molds $ 30,740 $ 21,118 Computer software and equipment 2,945 2,153 Furniture, fixtures and other 1,809 1,739 Leasehold improvements 5,656 5,597 Construction in process 4,091 275 Total property and equipment $ 45,241 $ 30,882 Less: Accumulated depreciation (20,242) (16,338) Property and equipment, net $ 24,999 $ 14,544 |
Leases (Table)
Leases (Table) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of operating lease liabilities maturity | Future payments associated with the Company’s operating lease liabilities as of September 30, 2021 are as follows (in thousands): Operating leases Undiscounted lease payments for the year ending December 31, Remainder of 2021 $ 1,060 2022 4,202 2023 4,275 2024 4,355 2025 4,486 Thereafter 16,843 Total undiscounted lease payments 35,221 Less: implied interest (5,796) Less: tenant improvement allowances receivable (1,426) Present value of operating lease payments 27,999 Less: current portion (2,909) Total long-term operating lease liabilities $ 25,090 |
Schedule of supplemental cash flow information related to operating leases | The following information presents certain quantitative information related to our lease arrangements (in thousands): Nine months ended September 30, 2021 Right-of-use assets obtained in exchange for new operating lease liabilities - New leases $ 3,348 Right-of-use assets obtained in exchange for new operating lease liabilities - Modification of existing leases $ 8,320 Cash paid for amounts included in the measurement of lease liabilities $ 2,628 |
Schedule of additional information related to operating leases | The following summarizes additional information related to operating leases: September 30, 2021 Weighted-average remaining lease term (years) 7.76 Weighted-average discount rate 4.67 % |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of payments due on notes payable | The following is a schedule of payments due on notes payable as of September 30, 2021 (in thousands): September 30, Year Ending December 31: Remainder of 2021 $ 213 2022 846 2023 6,617 2024 10,406 2025 4,210 Total payments due 22,292 Less: Interest payments, loan discounts and financing costs (2,546) Current portion, less loan discounts and financing costs — Notes payable, net of current portion $ 19,746 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation | Stock-based compensation related to the Company's stock-based awards was recorded as an expense and allocated as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Cost of sales $ 85 $ 116 $ 190 $ 176 Research and development 1,508 820 4,168 1,884 General and administrative 2,562 1,406 6,431 2,521 Sales and marketing 1,807 193 5,296 485 Total stock-based compensation $ 5,962 $ 2,535 $ 16,085 $ 5,066 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of cash flow, supplemental disclosures | The supplemental cash flow information consists of the following (in thousands): Nine months ended September 30, 2021 2020 Cash paid for interest $ 828 $ 1,028 Cash paid for income taxes $ 3 $ 18 Non-cash investing and financing activities Inventory transferred to property and equipment (1) $ 2,830 $ — Change in accounts payable and accrued liabilities related to purchases of property and equipment $ 1,238 $ 274 Release of repurchase rights on early exercised options $ — $ 264 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of product warranty liability | The table below represents the activity in the product warranty accrual included in accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 1,190 $ 1,184 $ 1,271 $ 1,065 Adjustments to existing warranties (46) (349) (412) (562) Provision for new warranties 354 410 971 960 Settlement of pre-existing warranties (209) (181) (541) (399) Balance, end of period $ 1,289 $ 1,064 $ 1,289 $ 1,064 |
Net Loss Attributable to Comm_2
Net Loss Attributable to Common Stockholders Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except share and per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (20,403) $ (8,601) $ (53,992) $ (29,456) Cumulative undeclared dividends on Series D convertible preferred stock — (140) — (1,735) Net loss attributable to common stockholders, basic and diluted $ (20,403) $ (8,741) $ (53,992) $ (31,191) Denominator Weighted-average shares used to compute net income per share, basic and diluted 67,213,282 53,596,982 66,428,303 20,041,080 Net loss per share Net loss per share attributable to common stockholders, basic and diluted $ (0.30) $ (0.16) $ (0.81) $ (1.56) |
Schedule of antidilutive securities excluded from computation of earnings per share | The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented as they had an anti-dilutive effect: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Convertible preferred stock (on an if-converted basis) — — — — Options to purchase common stock 7,080,020 9,818,701 7,080,020 9,818,701 Restricted stock units — — — — Restricted shares of common stock related to early exercise of options 520,494 7,344 520,494 7,344 Warrants to purchase Series C convertible preferred stock — — — — Total 7,600,514 9,826,045 7,600,514 9,826,045 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of revenue by geographic areas | The following table provides the Company’s revenues by geographical market based on the location where the services were provided or to which product was shipped (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 North America $ 11,134 $ 7,050 $ 27,370 $ 21,200 Asia Pacific 9,797 6,061 27,496 13,165 Europe 3,393 5,097 7,336 8,190 $ 24,324 $ 18,208 $ 62,202 $ 42,555 |
The Company and Basis of Pres_3
The Company and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statement [Line Items] | ||||||
Net loss | $ 20,403 | $ 8,601 | $ 53,992 | $ 29,456 | ||
Accumulated deficit | 245,876 | 245,876 | $ 191,884 | |||
Cash and cash equivalents | $ 197,001 | 197,001 | $ 233,408 | |||
Offering costs, underwriting discounts and commissions | $ 0 | $ 2,650 | ||||
Convertible Preferred Stock | ||||||
Organization, Consolidation and Presentation of Financial Statement [Line Items] | ||||||
Number of convertible preferred stock converted (in shares) | 50,462,272 | |||||
IPO | ||||||
Organization, Consolidation and Presentation of Financial Statement [Line Items] | ||||||
Number of shares sold (in shares) | 9,315,000 | |||||
Shares offering price (in dollars per share) | $ 22 | |||||
Net proceeds after deducting offering costs, underwriting discounts and commissions | $ 187,900 | |||||
Offering costs, underwriting discounts and commissions | $ 17,000 | |||||
Underwriters' Option | ||||||
Organization, Consolidation and Presentation of Financial Statement [Line Items] | ||||||
Number of shares sold (in shares) | 1,215,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Revenue Recognition) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)revenueSource | Dec. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Revenue sources | 2 | |
Percentage of median observable prices | 15.00% | |
Contract asset | $ | $ 3.5 | $ 2.7 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue streams | 2 | |
Payment terms | Payment terms are generally thirty to ninety days from the date of invoicing. | |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | Payment terms are generally thirty to ninety days from the date of invoicing. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Product Warranty) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Product warranty, term | 13 months |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties Including Business and Credit Concentrations (Details) - Customer | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue | Customer One | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 16.00% | 12.00% | 21.00% | 10.00% | |
Revenue | Customer Two | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 15.00% | 11.00% | 15.00% | ||
Revenue | Customer Three | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.00% | 11.00% | 10.00% | ||
Revenue | Customer Four | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.00% | 11.00% | |||
Revenue | Customer Five | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.00% | ||||
Accounts Receivable | Customer One | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 17.00% | 42.00% | |||
Accounts Receivable | Customer Two | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 15.00% | 21.00% | |||
Accounts Receivable | Customer Three | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 12.00% | 15.00% | |||
Accounts Receivable | Customer Four | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.00% |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 24,324 | $ 18,208 | $ 62,202 | $ 42,555 |
Goods and services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 16,619 | 13,786 | 42,205 | 33,364 |
Goods and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 7,705 | 4,422 | 19,997 | 9,191 |
Antibody therapeutics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 18,440 | 12,964 | 47,226 | 34,741 |
Synthetic biology | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,562 | 2,193 | 6,402 | 4,365 |
Gene therapy | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,053 | 0 | 5,336 | 0 |
Cell therapy | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 627 | 3,051 | 2,596 | 3,449 |
Agricultural biology | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 642 | 0 | 642 | 0 |
Direct sales channel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 16,567 | 18,073 | 37,109 | 38,804 |
Distributor channel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 7,757 | $ 135 | $ 25,093 | $ 3,751 |
Revenue from Contracts with C_4
Revenue from Contracts with Customer (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||||
Remaining performance obligation | $ 6,600,000 | $ 6,600,000 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Contract liabilities | 13,100,000 | 13,100,000 | $ 7,200,000 | ||
Contract liability , revenue recognized | 600,000 | 4,900,000 | |||
Lease income | $ 0 | $ 0 | $ 2,700,000 | $ 0 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation, percentage | 45.00% | 45.00% | |||
Remaining performance obligation, period | 12 months | 12 months |
Revenue From Contracts With C_5
Revenue From Contracts With Customers (Schedule of Receivables, Contract Assets and Deferred Revenue) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable | $ 24,713 | $ 12,939 |
Contract assets, which are included in “Prepaid expenses and other current assets” | 1,689 | 1,310 |
Contract assets, long-term, which are included in “Other assets” | 1,832 | 1,375 |
Deferred revenue (current) | 11,282 | 5,482 |
Deferred revenue (non-current) | $ 1,819 | $ 1,709 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Sale-type Lease Arrangement (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remainder of 2021 | $ 893 |
2022 | 2,098 |
2023 | 445 |
2024 and thereafter | 853 |
Total undiscounted cash flows | 4,289 |
Less: unearned income | (549) |
Total amounts due from customers, gross | $ 3,740 |
Balance Sheet Accounts (Invento
Balance Sheet Accounts (Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 8,378 | $ 6,675 |
Finished goods | 4,832 | 4,372 |
Total | $ 13,210 | $ 11,047 |
Balance Sheet Accounts (Prepaid
Balance Sheet Accounts (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract asset | $ 1,689 | $ 1,310 |
Vendor deposits | 1,495 | 1,346 |
Deferred costs | 487 | 292 |
Prepaid insurance | 3,485 | 2,401 |
Other | 3,832 | 2,826 |
Total | $ 10,988 | $ 8,175 |
Balance Sheet Accounts (Accrued
Balance Sheet Accounts (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and employee related expenses | $ 4,243 | $ 4,152 |
Lease liability - short-term [Extensible Enumeration] | Total | Total |
Lease liability – short-term | $ 2,909 | $ 1,909 |
Accrued product warranty | 1,289 | 1,271 |
Accrued legal expenses | 707 | 606 |
Other | 1,062 | 463 |
Total | $ 10,210 | $ 8,401 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | $ 25,137 | $ 25,133 |
Total | 25,137 | 25,133 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | 25,137 | 25,133 |
Total | 25,137 | 25,133 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Schedule of Financial Instruments Not Measured at Fair Value) (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 19,746 | $ 19,895 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 19,288 | $ 19,949 |
Property and Equipment, net (Sc
Property and Equipment, net (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 45,241 | $ 30,882 |
Less: Accumulated depreciation | (20,242) | (16,338) |
Property and equipment, net | 24,999 | 14,544 |
Equipment, tooling and molds | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 30,740 | 21,118 |
Computer software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,945 | 2,153 |
Furniture, fixtures and other | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,809 | 1,739 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,656 | 5,597 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,091 | $ 275 |
Property and Equipment, net (Na
Property and Equipment, net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 1,300 | $ 1,300 | $ 3,957 | $ 3,902 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Rent expense | $ 1 | $ 0.6 | $ 2.7 | $ 1.8 |
Variable lease payments | $ 0.6 | $ 0.4 | $ 1.7 | $ 1 |
Building | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of lease | 7 years | 7 years | ||
Future minimum payments due | $ 4 | $ 4 |
Leases (Maturity Schedule of Op
Leases (Maturity Schedule of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 1,060 | |
2022 | 4,202 | |
2023 | 4,275 | |
2024 | 4,355 | |
2025 | 4,486 | |
Thereafter | 16,843 | |
Total undiscounted lease payments | 35,221 | |
Less: implied interest | (5,796) | |
Less: tenant improvement allowances receivable | (1,426) | |
Present value of operating lease payments | 27,999 | |
Less: current portion | (2,909) | $ (1,909) |
Total long-term operating lease liabilities | $ 25,090 | $ 15,899 |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Cash Flow Information Related to Operating Leases) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Leases [Abstract] | |
Right-of-use assets obtained in exchange for new operating lease liabilities - New leases | $ 3,348 |
Right-of-use assets obtained in exchange for new operating lease liabilities - Modification of existing leases | 8,320 |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,628 |
Leases (Schedule of Additional
Leases (Schedule of Additional Information Related to Operating Leases) (Details) | Sep. 30, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 7 years 9 months 3 days |
Weighted-average discount rate | 4.67% |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 23, 2018 |
Debt Instrument [Line Items] | ||||||
Interest cost | $ 200,000 | $ 400,000 | $ 900,000 | $ 1,100,000 | ||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 10,000,000 | |||||
Amount outstanding | $ 0 | $ 0 | ||||
Revolving Credit Facility | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.70% | |||||
Notes Payable | EWB Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 20,000,000 | |||||
Notes Payable | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 20,000,000 | |||||
Note payable, term (in years) | 48 months | |||||
Interest rate | 4.17% | |||||
Interest-only period | 24 months | |||||
Interest-only period with extension | 36 months |
Notes Payable (Schedule of Paym
Notes Payable (Schedule of Payment Due on Notes Payable) (Details) - Notes Payable - EWB Loan $ in Thousands | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2021 | $ 213 |
2022 | 846 |
2023 | 6,617 |
2024 | 10,406 |
2025 | 4,210 |
Total payments due | 22,292 |
Interest payments, loan discounts and financing costs | (2,546) |
Current portion, less loan discounts and financing costs | 0 |
Notes payable, net of current portion | $ 19,746 |
Stock Compensation Plans (Stock
Stock Compensation Plans (Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 5,962 | $ 2,535 | $ 16,085 | $ 5,066 |
Cost of sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 85 | 116 | 190 | 176 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 1,508 | 820 | 4,168 | 1,884 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 2,562 | 1,406 | 6,431 | 2,521 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 1,807 | $ 193 | $ 5,296 | $ 485 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 54 | $ 118 | $ 97 | $ 142 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash paid for interest | $ 828 | $ 1,028 |
Cash paid for income taxes | 3 | 18 |
Non-cash investing and financing activities | ||
Inventory transferred to property and equipment | 2,830 | 0 |
Change in accounts payable and accrued liabilities related to purchases of property and equipment | 1,238 | 274 |
Release of repurchase rights on early exercised options | $ 0 | $ 264 |
Commitment and Contingencies (N
Commitment and Contingencies (Narrative) (Details) | Jul. 01, 2021patentclaim | Oct. 31, 2020claim | Aug. 31, 2020claim | Sep. 30, 2021USD ($) |
Loss Contingencies [Line Items] | ||||
Number of counts in amended complaint | 3 | |||
Loss contingency accrual | $ | $ 0 | |||
AbCellera and UBC | ||||
Loss Contingencies [Line Items] | ||||
Case management order, maximum number of patents allegedly infringed | patent | 2 | |||
Case management order, maximum asserted patent claims per patent | 4 | |||
AbCellera, Unfair Competition | ||||
Loss Contingencies [Line Items] | ||||
Counter claims filed | 2 | |||
AbCellera, Non-Infringement | ||||
Loss Contingencies [Line Items] | ||||
Counter claims filed | 1 |
Commitment and Contingencies (P
Commitment and Contingencies (Product Warranty) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance, beginning of period | $ 1,190 | $ 1,184 | $ 1,271 | $ 1,065 |
Adjustments to existing warranties | (46) | (349) | (412) | (562) |
Provision for new warranties | 354 | 410 | 971 | 960 |
Settlement of pre-existing warranties | (209) | (181) | (541) | (399) |
Balance, end of period | $ 1,289 | $ 1,064 | $ 1,289 | $ 1,064 |
Net Loss Attributable to Comm_3
Net Loss Attributable to Common Stockholders Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||
Net loss attributable to common stockholders | $ (20,403) | $ (8,601) | $ (53,992) | $ (29,456) |
Cumulative undeclared dividends on Series D convertible preferred stock | 0 | (140) | 0 | (1,735) |
Net loss attributable to common stockholders, basic | (20,403) | (8,741) | (53,992) | (31,191) |
Net loss attributable to common stockholders, diluted | $ (20,403) | $ (8,741) | $ (53,992) | $ (31,191) |
Denominator | ||||
Weighted-average shares used to compute net income per share, basic (in shares) | 67,213,282 | 53,596,982 | 66,428,303 | 20,041,080 |
Weighted-average shares used to compute net income per share, diluted (in shares) | 67,213,282 | 53,596,982 | 66,428,303 | 20,041,080 |
Net loss per share | ||||
Net loss attributable to common stockholders per share, basic (in dollars per share) | $ (0.30) | $ (0.16) | $ (0.81) | $ (1.56) |
Net loss attributable to common stockholders per share, diluted (in dollars per share) | $ (0.30) | $ (0.16) | $ (0.81) | $ (1.56) |
Net Loss Attributable to Comm_4
Net Loss Attributable to Common Stockholders Per Share (Schedule of Antidilutive Securities) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 7,600,514 | 9,826,045 | 7,600,514 | 9,826,045 |
Convertible preferred stock (on an if-converted basis) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 0 | 0 | 0 | 0 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 7,080,020 | 9,818,701 | 7,080,020 | 9,818,701 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 0 | 0 | 0 | 0 |
Restricted shares of common stock related to early exercise of options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 520,494 | 7,344 | 520,494 | 7,344 |
Warrants to purchase Series C convertible preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 0 | 0 | 0 | 0 |
Segments (Details)
Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Total revenue | $ 24,324 | $ 18,208 | $ 62,202 | $ 42,555 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 11,134 | 7,050 | 27,370 | 21,200 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 9,797 | 6,061 | 27,496 | 13,165 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 3,393 | $ 5,097 | $ 7,336 | $ 8,190 |