Akoya Biosciences (AKYA) 10-Q 19 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity Registrant Name	Akoya Biosciences, Inc.
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AKYA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,110,526
Entity Central Index Key	0001711933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 11,691	$ 17,006
Accounts receivable, net	6,590	6,470
Inventories, net	4,718	4,263
Prepaid expenses and other current assets	1,035	957
Total current assets	24,034	28,696
Property and equipment, net	6,053	5,528
Restricted cash - long term	502	502
Demo inventory, net	1,828	1,494
Intangible assets, net	22,160	22,714
Goodwill	18,262	18,262
Other assets	1,642	464
Total assets	74,481	77,660
Current liabilities
Accounts payable	5,776	5,074
Accrued expenses and other current liabilities	9,151	7,015
Current portion of capital lease obligations	277	197
Deferred revenue	4,116	3,844
Current portion of long-term debt	1,238	1,032
Total current liabilities	20,558	17,162
Deferred revenue, net of current portion	1,059	1,008
Long-term debt, net of current portion and debt discount	33,388	33,488
Deferred tax liability, net	160	170
Capital lease obligations, net of current portion	399	277
Warrant liability	2,360	490
Contingent consideration liability (Note 4), net of current portion	6,260	6,984
Total liabilities	64,184	59,579
Stockholders' deficit:
Series A Convertible Preferred Stock, $0.00001 par value; 5,013,333 shares authorized, issued and outstanding (preference in liquidation of $1,253) at March 31, 2020 and December 31, 2020	1,253	1,253
Accumulated deficit	(61,254)	(52,280)
Total stockholders' deficit	(60,000)	(51,026)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	74,481	77,660
Redeemable Convertible Preferred Stock
Current liabilities
Redeemable convertible preferred stock	70,297	69,107
Series B Redeemable Convertible Preferred Stock
Current liabilities
Redeemable convertible preferred stock	11,680	11,500
Series C Redeemable Convertible Preferred Stock
Current liabilities
Redeemable convertible preferred stock	30,617	30,107
Series D Redeemable Convertible Preferred Stock
Current liabilities
Redeemable convertible preferred stock	28,000	27,500
Class A Common Stock
Stockholders' deficit:
Common Stock
Class B Common Stock
Stockholders' deficit:
Common Stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Series B Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	13,715,330	13,715,330
Preferred stock, shares issued	13,715,330	13,715,330
Preferred stock, shares outstanding	13,715,330	13,715,330
Preferred stock, preference in liquidation	$ 11,680,000	$ 11,500,000
Series C Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	26,732,361	26,732,361
Preferred stock, shares issued	26,732,361	26,732,361
Preferred stock, shares outstanding	26,732,361	26,732,361
Preferred stock, preference in liquidation	$ 30,617,000	$ 30,107,000
Series D Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	16,758,996	16,758,996
Preferred stock, shares issued	16,390,217	16,390,217
Preferred stock, shares outstanding	16,390,217	16,390,217
Preferred stock, preference in liquidation	$ 28,000,000	$ 27,500,000
Class A Common Stock
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	62,220,020	62,220,020
Common stock, shares issued	0	0
Common stock, shares outstanding	$ 0	$ 0
Class B Common Stock
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	16,822,202	16,822,202
Common stock, shares issued	2,835,099	2,563,765
Common stock, shares outstanding	$ 2,835,099	$ 2,563,765
Series A Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,013,333	5,013,333
Preferred stock, shares issued	5,013,333	5,013,333
Preferred stock, shares outstanding	5,013,333	5,013,333
Preferred stock, preference in liquidation	$ 1,253,000	$ 1,253,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 12,212	$ 11,021
Cost of goods sold	4,807	4,325
Gross profit	7,405	6,696
Operating expenses:
Selling, general and administrative	8,179	6,349
Research and development	3,192	2,372
Change in fair value of contingent consideration	426	(1,561)
Depreciation and amortization	1,009	899
Total operating expenses	12,806	8,059
Loss from operations	(5,401)	(1,363)
Other income (expense):
Interest expense, net	(751)	(637)
Change in fair value of warrant liability	(1,870)
Other expense, net	(66)	(105)
Loss before provision for income taxes	(8,088)	(2,105)
Benefit (provision) for income taxes	6	(38)
Net loss	$ (8,082)	$ (2,143)
Net loss per share attributable to common stockholders, basic and diluted	$ (3.54)	$ (1.59)
Weighted-average shares outstanding, basic and diluted	2,706,133	2,288,875
Product
Revenue	$ 9,963	$ 8,929
Cost of goods sold	3,607	3,466
Service and other
Revenue	2,249	2,092
Cost of goods sold	$ 1,200	$ 859

CONSOLIDATED STATEMENTS OF REDE

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrued dividends	$ 1,190
Redeemable Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	69,107
Balance, end of period	70,297
Series B Redeemable Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	11,500
Balance, end of period	11,680
Series C Redeemable Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	30,107
Balance, end of period	30,617
Series D Redeemable Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	27,500
Balance, end of period	$ 28,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Preferred StockSeries A Convertible Preferred Stock	Preferred StockSeries B Redeemable Convertible Preferred Stock	Preferred StockSeries C Redeemable Convertible Preferred Stock	Preferred StockSeries D Redeemable Convertible Preferred Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance, beginning of period at Dec. 31, 2019	$ 1,253	$ 10,780	$ 28,067	$ 25,500	$ 1		$ (31,413)	$ (30,159)
Balance, beginning of period (in shares) at Dec. 31, 2019	5,013,333	13,715,330	26,732,361	16,390,217	2,286,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options						$ 2		2
Exercise of stock options (in shares)					5,495
Accrued dividends		$ 180	$ 510	$ 500		(314)	(876)	(1,190)
Net loss							(2,143)	(2,143)
Stock-based compensation						312		312
Balance, end of period at Mar. 31, 2020	$ 1,253	$ 10,960	$ 28,577	$ 26,000	$ 1		(34,432)	(33,178)
Balance, end of period (in shares) at Mar. 31, 2020	5,013,333	13,715,330	26,732,361	16,390,217	2,292,367
Balance, beginning of period at Dec. 31, 2020	$ 1,253	$ 11,500	$ 30,107	$ 27,500	$ 1		(52,280)	(51,026)
Balance, beginning of period (in shares) at Dec. 31, 2020	5,013,333	13,715,330	26,732,361	16,390,217	2,563,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options						44		44
Exercise of stock options (in shares)					271,334
Accrued dividends		$ 180	$ 510	$ 500		(298)	(892)	(1,190)
Net loss							(8,082)	(8,082)
Stock-based compensation						$ 254		254
Balance, end of period at Mar. 31, 2021	$ 1,253	$ 11,680	$ 30,617	$ 28,000	$ 1		$ (61,254)	$ (60,000)
Balance, end of period (in shares) at Mar. 31, 2021	5,013,333	13,715,330	26,732,361	16,390,217	2,835,099

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (8,082)	$ (2,143)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,041	899
Non-cash interest expense	106	73
Stock-based compensation expense	254	312
Paid-in-kind interest		109
Deferred tax liability	(10)	27
Change in fair value of contingent consideration	426	(1,561)
Change in fair value of warrant liability	1,870
Changes in operating assets and liabilities:
Accounts receivable, net	(120)	6,626
Prepaid expenses and other assets	(1,256)	955
Inventories, net	(430)	(907)
Accounts payable	702	(4,679)
Accrued expenses and other liabilities	772	(274)
Deferred revenue	323	(394)
Net cash used in operating activities	(4,404)	(957)
Investing activities
Interest income reinvested in certificates of deposit		(39)
Purchases of property and equipment	(907)	(1,396)
Net cash used in investing activities	(907)	(1,435)
Financing activities
Proceeds from stock option exercises	44	2
Principal payments on capital leases	(48)	(35)
Payments of contingent consideration		(2,627)
Net cash used in financing activities	(4)	(2,660)
Net decrease in cash, cash equivalents, and restricted cash	(5,315)	(5,052)
Cash, cash equivalents, and restricted cash at beginning of year	17,508	12,137
Cash, cash equivalents, and restricted cash at end of year	12,193	7,085
Supplemental disclosures of cash flow information
Cash paid for interest	638	457
Supplemental disclosures of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	884	791
Accretion of dividends on Series B, C, and D Preferred Stock	$ 1,190	$ 1,190

The company and basis of presen

The company and basis of presentation	3 Months Ended
	Mar. 31, 2021
The company and basis of presentation
The company and basis of presentation	(1) The company and basis of presentation Description of business Akoya Biosciences, Inc. (“Akoya” or the “Company”) is a life sciences technology company, founded on November 13, 2015 as a Delaware corporation with operations based in Marlborough, Massachusetts and Menlo Park, California, delivering spatial biology solutions focused on transforming discovery and clinical research. Spatial biology refers to an evolving technology that enables academic and biopharma scientists to detect and map the distribution of cell types and biomarkers across whole tissue samples at single cell resolution, enabling advancements in their understanding of disease progression and patient response to therapy. Through Akoya’s CODEX and Phenoptics platforms, reagents, software and services, the Company offers end-to-end solutions to perform tissue analysis and spatial phenotyping across the full continuum, from discovery through translational and clinical research. On September 28, 2018, the Company acquired the commercial Phenoptics division of PerkinElmer, Inc. (“PKI”) for multiplex immunofluorescence, with the aim of providing consumers with a full suite of end-to-end solutions for high parameter tissue analysis. The Phenoptics technology offers pathology solutions for cancer immunology and immunotherapy research, including advanced multiplex immunochemistry staining kits, multispectral imaging and whole side scanning instruments, and image analysis software. The Company’s combined portfolio of complementary technologies aims to fuel groundbreaking advancements in cancer immunology, immunotherapy, neurology and a wide range of other applications. The Company sells into three main regions across the world: North America, Asia-Pacific (“APAC”), and Europe-Middle East-Africa (“EMEA”). On April 8, 2021, the Board of Directors of the Company approved a 1-for-2.33 reverse stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock, which was effected on April 9, 2021. The par value of the authorized stock was not adjusted as a result of the reverse stock split. Other than the par value, all issued and outstanding shares of common stock and related per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split and adjustment of the Preferred Stock conversion ratios. In April 2021, the Company completed the initial public offering of its common stock (the “IPO”). In the IPO, the Company issued and sold 7,567,000 shares of its common stock at a price to the public of $20.00 per share, including the exercise by the underwriters of their option to purchase an additional 987,000 shares. The Company received approximately $138.2 million in net proceeds, after deducting underwriting discounts and commissions and other offering expenses. Immediately prior to completing the IPO, on April 20, 2021 all preferred stock converted into 26,545,579 shares of common stock, and all outstanding shares of the Company’s Class B common stock converted on a 1 for 1 basis into 2,563,765 shares of the Company’s Class A common stock. The consolidated financial statements, including share and per share amounts, do not give effect to the related conversion of preferred stock into shares of common stock. Liquidity and going concern At March 31, 2021, the Company has cash and cash equivalents of $11,691 and an accumulated deficit of $61,254. The future success of the Company is dependent on its ability to successfully commercialize its products, successfully launch future products, obtain additional capital and ultimately attain profitable operations. The Company has funded its operations primarily through its preferred stock issuances, debt financing arrangements, and the IPO. The Company is subject to a number of risks similar to other newly commercial life sciences companies, including, but not limited to, development and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional capital. After its acquisition of the Phenoptics division of PKI, the Company has incurred significant commercialization expenses related to product sales, marketing, manufacturing and distribution. The Company may seek to fund its operations through private equity or debt financings, as well as other sources. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed, on favorable terms, or at all. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations, financial condition and the Company’s ability to develop and commercialize existing and future products. In October 2020, the Company entered into a new debt financing arrangement with Midcap Trust, providing for aggregate proceeds of $32,500. $5,000 is available to be drawn upon from March 31, 2021, through June 30, 2021. The Company has incurred losses since its inception and has used cash from operations of $4,404 during the three months ended March 31, 2021. However, we believe that our existing cash and cash equivalents, together with the $5,000 in existing availability under the financing arrangement with Midcap Trust, which is available to be drawn between March 31, 2021 to June 30, 2021, along with the proceeds from the IPO will be adequate to satisfy our current operating plans for at least the next twelve months from the issuance of these financial statements. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Summary of Significant accounti

Summary of Significant accounting policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of significant accounting policies	(2) Summary of significant accounting policies Principles of consolidation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Akoya Biosciences UK Ltd. (“Akoya UK”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited interim financial information The accompanying consolidated balance sheet as of March 31, 2021, and the consolidated statements of operations, the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit, and the consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2021, the results of its operations for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated April 15, 2021 for the IPO filed with the SEC on April 19, 2021 pursuant to Rule 424(b)(4) relating to our Registration Statement on Form S-1 (File No. 333-254760). Foreign currency translation The functional currency for the Akoya UK subsidiary is British Pound Sterling. The balance sheet is translated from the functional currency to the U.S. dollar, or the reporting currency, at the exchange rate as of the balance sheet date. Revenues, expenses, and cash flows are translated at average rates during each reporting period. The effects of foreign currency translation adjustments are charged directly to operations and are included in other expense and were determined to be immaterial for the three months ended March 31, 2021 and 2020. Foreign exchange transaction gains and losses are included in other expense, net in the accompanying consolidated statements of operations and were determined to be immaterial for the three months ended March 31, 2021 and 2020. Use of estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrant, the useful lives of property and equipment, revenue recognition, determining the fair value of intangible assets, accrued expenses, income tax accounting, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, contingent consideration, goodwill and intangible asset impairment review, and other contingencies. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment. Concentrations of credit risk Cash and cash equivalents are financial instruments that potentially subject the Company to concentrations of credit risk. The Company maintains its cash deposits, which at times may exceed federally insured limits, with large financial institutions and, accordingly, the Company believes their cash and cash equivalents are subject to minimal credit risk. Cash and cash equivalents and restricted cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company records cash and cash equivalents as restricted when it is unable to freely use such cash and cash equivalents for general operating purposes. As of March 31, 2021 and December 31, 2020, restricted cash is recorded as long term and consists of a security deposit in a financial institution that is restricted from use as collateral for our letter of credit associated with our office and laboratory space in Marlborough, MA (Note 12), as well as cash restricted from use for the Company’s corporate credit card program. Accounts receivable The Company’s accounts receivable consists of amounts due from sales to commercial customers. At each reporting period, management reviews all outstanding balances to determine if the facts and circumstances of each customer relationship indicate the need for a reserve. The Company does not require collateral and had an allowance for doubtful accounts of $80 and $103 at March 31, 2021 and December 31, 2020, respectively. Inventory Inventories are stated at the lower of cost or net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, direct labor and manufacturing overhead, on a first-in, first -out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their realizable value in the period in which the impairment is first identified. Shipping and handling costs incurred for inventory purchases are capitalized and recorded upon sale within the cost of goods sold in the consolidated statements of operations. Inventory is primarily raw materials as the Company utilizes contract manufacturers to produce the final products, which are typically drop-shipped directly to customers. Fair value measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820, Fair Value Measurements (“ASC 820”), establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy defines three levels of valuation inputs: Level 1 — Quoted unadjusted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability (Note 4). For certain financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate their fair values as of March 31, 2021 and December 31, 2020 because of their short- term nature. At March 31, 2020 and December 31, 2020 the carrying value of the Company’s debt approximated fair value, which was determined using Level 3 inputs, using market quotes from brokers and is based on current rates offered for similar debt (Note 8). Property and equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment. Demo inventory Demo inventory is considered a hybrid between fixed asset and regular inventory as the Company occasionally sells the demo product to customers upon request. Potential customers and key opinion leaders use demo inventory in the field for a trial period and on occasion purchase the inventory within a few months of usage. Demo inventory that is not purchased by the potential customer or key opinion leader is returned to the Company. Demo inventory is recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to demo inventory. Upon sale, Demo inventory, if and when sold, is recorded as product revenue and the remaining carrying value is booked through cost of goods sold. Business combinations — intangible assets and contingent consideration The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. The Company’s intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from 4 to 15 years. Further, for those arrangements which arise from a business combination that involve potential future contingent consideration, the Company records on the date of acquisition a liability equal to the fair value of the estimated additional consideration the Company may be obligated to make in the future. The Company re-measures this liability each reporting period and records changes in the fair value through changes in fair value of contingent consideration within the Company’s consolidated statements of operations. The Company records amounts currently due as it relates to contingent consideration within accrued expenses. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount rates, periods, timing and amount of projected revenue or timing or likelihood of achieving regulatory, revenue or commercialization-based milestones. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, useful life or probability of achieving regulatory or revenue-based milestones could result in different purchase price allocations and recognized amortization expense and contingent consideration expense or benefit in current and future periods. Impairment of long-lived assets and goodwill The Company evaluates its long-lived assets, including demo inventory, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset or asset group are compared to the carrying amount to determine whether the asset’s value is recoverable. During this analysis, the Company reevaluates the significant assumptions used in determining the original cost and estimated lives of long-lived assets. Although the assumptions may vary from asset to asset, they generally include operating results, changes in the use of the asset, cash flows and other indicators of value. The Company then determines whether the remaining useful life continues to be appropriate or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ recovery. If the carrying value of the asset exceeds such projected undiscounted cash flows, the asset will be written down to its estimated fair value. The Company tests goodwill for impairment annually and tests intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable (i.e., upon occurrence of a triggering event). The Company performs its annual impairment review of goodwill at November 1 (and if and when triggering events occur between annual impairment tests). Upon completion of its quantitative assessment as of November 1, 2020, the Company has concluded that goodwill is not impaired. No events or changes in circumstances have indicated that the Company’s intangible assets with useful lives are impaired as of March 31, 2021. Revenue recognition The Company follows ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from the sale and installation of instruments, related warranty services, reagents and software (both company -owned and with third parties). Pursuant to ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration the Company expects to be entitled to receive in exchange for these goods and services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, the Company performs the following five steps: (i) identification of the customer contract; (ii) identification of the performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company evaluates all promised goods and services within a customer contract and determines which of those are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. Promised goods or services are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. Most of the Company’s contracts with customers contain multiple performance obligations (i.e., sale of an instrument and warranty services). For these contracts, the Company accounts for individual performance obligations separately if they are distinct (i.e. capable of being distinct and separable from other promises in the contract). The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Excluded from the transaction price are sales tax and other similar taxes which are presented on a net basis. Product Revenue Product revenue is generated by the sale of instruments and consumable reagents predominantly through the Company’s direct sales force in the United States and in geographic regions outside the United States such as APAC and EMEA. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty) or price protection allowances to its customers. When an instrument is purchased by a customer, the Company recognizes revenue when the related performance obligation is satisfied (i.e. when the control of an instrument has passed to the customer). Revenue from the sale of consumables is recognized upon shipment to the customer. The Company’s perpetual software licenses generally have significant stand-alone functionality to the customer upon delivery and are considered to be functional intellectual property (IP). The Company’s perpetual software licenses are considered distinct performance obligations, and revenue allocated to the software license is typically recognized upon provision of the license/software code to the customer (i.e., when the software is available for access and download by the customer). Service and Other Revenue Product sales of instruments include a service-based warranty typically for one year following the installation of the purchased instrument, with an extended warranty for an additional year sold in many cases. These are separate performance obligations as they are service-based warranties and are recognized on a straight-line basis over the service delivery period. After completion of the service period, customers have an option to renew or extend the warranty services, typically for additional one-year periods in exchange for additional consideration. The extended warranties are also service-based warranties that represent separate purchasing decisions. The Company recognizes revenue allocated to the extended warranty performance obligation on a straight-line basis over the service delivery period. Revenue from separately charged installation services is recognized upon completion of the installation process. Additionally, the Company provides laboratory services, in which revenue is recognized as services are performed. For laboratory services, we generally use the cost-to-cost approach to measure the extent of progress towards completion of the performance obligation because we believe it best depicts the transfer of assets to the customer. Under the cost -to -cost measure approach, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The Company records shipping and handling billed to customers as service and other revenue and the related costs in cost of service and other revenue in the consolidated statements of operations. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by type of products, and between service and other revenue, as it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following table disaggregates the Company’s revenue by major source: Three months ended March 31, 2021 March 31, 2020 Revenue Product revenue Instruments $ 6,837 $ 6,650 Consumables 2,544 2,066 Standalone software products 582 213 Total product revenue $ 9,963 $ 8,929 Service and other revenue $ 2,249 $ 2,092 Total revenue $ 12,212 $ 11,021 Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together requires significant judgment. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration, based on the most likely amount, to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative standalone selling price method. The corresponding revenue is recognized as the related performance obligations are satisfied as discussed in the revenue categories above. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling price based on the price at which the performance obligation in the contract (i.e. instrument, service warranty, installation) would be sold separately. As the first-year warranty for each instrument is embedded in the instrument price, the amount allocated to the first-year warranty has been determined based on the separately identifiable price of the Company’s extended warranty offering when it is sold on a renewal basis. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and the expected costs and margin related to the performance obligations. Contracts in which only one performance obligation is identified (i.e., consumables and standalone software products) do not require allocation of the transaction price. Contract Assets and Liabilities The Company did not record any contract assets at March 31, 2021 or December 31, 2020. The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales. The Company classifies these contract liabilities in deferred revenue as current or noncurrent based on the timing of when the Company expects to service the warranty. Cost to Obtain and Fulfill a Contract Under ASC 606, the Company is required to capitalize certain costs to obtain customer contracts and costs to fulfill customer contracts. These costs are required to be amortized to expense on a systemic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates, compared to previously being expensed as incurred. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. Capitalizable costs to obtain contracts, such as commissions, and costs to fulfill customer contracts were determined to be immaterial for the three months ended March 31, 2021 and 2020. Redeemable convertible preferred stock The Company has classified redeemable convertible preferred stock as temporary equity on the accompanying consolidated balance sheets because it becomes redeemable due to the passage of time or could become redeemable due to certain change in control clauses that are outside of the Company’s control. The redeemable convertible preferred stock is adjusted to the redemption value over time through the date of the earliest redemption date. These increases are recorded as charges against retained earnings, if any, and then to additional paid-in capital. Then, in the absence of additional paid-in capital, the accretion is charged to the accumulated deficit. Research and development costs Costs incurred in the research and development of the Company’s product candidates are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including activities associated with performing services under research revenue arrangements, costs associated with the manufacture of developing products and include salaries and benefits, stock compensation, research related facility and overhead costs, laboratory supplies, equipment and contract services. Capitalized software development costs Since the Company sells standalone licensed software products to its customers, the Company applies the software revenue recognition guidance related to accounting for the costs of such software to be sold, leased or otherwise marketed in accordance with ASC 985‑20, Costs of Software to be Sold, Leased, or Marketed , or ASC 985‑20. Such guidance requires capitalization of certain software development costs subsequent to the establishment of technological feasibility. The Company has determined that costs eligible for capitalization under ASC 985‑20 during the three months ended March 31, 2021 and 2020 were immaterial. The Company accounts for costs to develop or obtain internal-use software in accordance with ASC 350‑40, Internal-Use Software , or ASC 350‑40. The Company also accounts for costs of significant upgrades and enhancements resulting in additional functionality under ASC 350‑40. These costs are primarily development costs related to our cloud-based Proxima software which will be accessed by customers on a subscription basis. Proxima is an open solution designed to meet both requirements by enabling the storage, sharing, analysis, and visualization of spatial phenotyping images and experimental results generated on our platforms. The Company determined Proxima was ready to be sold in 2021, and thus started amortizing the associated capitalized intangible asset as of January 1, 2021. Costs incurred for maintenance, training, and minor modifications or enhancements are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Development costs related to internal-use software were $659 in 2020 and recorded as an intangible asset on our December 31, 2020 consolidated balance sheet. The Company estimated the useful life of such asset to be five years. The Company determined costs eligible for capitalization under ASC 350‑40 during the three months ended March 31, 2021 were immaterial. Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss consists of net loss and other comprehensive loss, which includes certain changes in equity that are excluded from net loss. The Company’s comprehensive loss equals reported net loss for all periods presented. Deferred offering costs The Company capitalizes certain legal, professional accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed as a charge to operating expenses. As of March 31, 2021 and December 31, 2020, $1,439 and $269, respectively, of deferred offering costs were included in other assets in the accompanying consolidated balance sheets. Stock-based compensation The Company records stock-based compensation for options granted to employees and to members of the board of directors for their services on the board of directors based on the grant date fair value of awards issued, and the expense is recorded on a straight-line basis over the requisite service period, which is generally four years. The Company accounts for non-employee stock-based compensation arrangements based on the fair value of the consideration received or the equity instruments issued, whichever is more reliably measurable. The measurement date for non-employee awards is generally the date that the performance of services required for the non-employee award is complete. In accordance with authoritative guidance, the fair value of non-employee stock -based awards is estimated on the date of grant, and subsequently revalued at each reporting period over their vesting period using the Black-Scholes option-pricing model. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock options. The use of the Black-Scholes-Merton option -pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk -free interest rates and expected dividend yields of the common stock. The expected term was determined according to the simplified method, which is the average of the vesting tranche dates and the contractual term. Due to the lack of company-specific historical and implied volatility, the Company bases its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, companies with comparable characteristics are selected, including enterprise value and position within the industry, and with historical price information sufficient to meet the expected life of the stock-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its stock-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon issues with remaining maturities similar to the expected term of the options. The Company has not paid, and does not anticipate paying, cash dividends on shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company has elected to account for forfeitures as they occur; any compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition will be reversed in the period of the forfeiture. Refer to Note 10 for further details on the Company’s stock-based compensation plan. Warrant to purchase redeemable convertible preferred stock The Company reviews the terms of all warrants issued in connection with the applicable accounting guidance and classifies warrants as a long-term liability on the consolidated balance sheets if the warrant may conditionally obligate the Company to transfer assets, including repurchase of the issuers’ shares, at some point in the future. Warrants to purchase shares of redeemable convertible preferred stock meet these criteria and therefore require liability-classification. Liability-classified warrants are subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a component of other income (expense) in the consolidated statements of operations. The Company estimates the fair value of these warrants at issuance and each financial reporting date thereafter using the valuation model as discussed in Note 4. Income taxes The Company provides for income taxes using the liability method. The Company provides deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the Company’s financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets and liabilities are recorded net as long term. A valuation allowance is provided to reduce the deferred tax assets to the amount that will more likely than not be realized. The Company applies ASC 740 Income Taxes (“ASC 740”) in accounting for uncertainty in income taxes. The Company has identified an uncertain tax position; however, this

Significant risks and uncertain

Significant risks and uncertainties including business and credit concentrations	3 Months Ended
	Mar. 31, 2021
Significant risks and uncertainties including business and credit concentrations
Significant risks and uncertainties including business and credit concentrations	(3) 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 receivables. The Company’s cash equivalents are held by large, credit worthy financial institutions. The Company invests its excess cash in certificates of deposits. 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 accounts receivable. In 2019, PKI served as our distributor for Europe and parts of APAC, and thus represented a significant concentration of revenue and accounts receivable. For the three months ended March 31, 2021, no customers accounted for more than 10% of revenue. For the three months ended March 31, 2020, PKI accounted for 26% of revenue. One customer accounted for 11% of accounts receivable at March 31, 2020. No customers accounted for greater than 10% of accounts receivable at December 31, 2020.

Fair value of financial instrum

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2021
Fair value of financial instruments
Fair value of financial instruments	(4) Fair value of financial instruments The Company measures the following financial liabilities at fair value on a recurring basis. There were no transfers between levels of the fair value hierarchy during any of the periods presented. The following tables set forth the Company’s financial assets and liabilities carried at fair value categorized using the lowest level of input applicable to each financial instrument as of March 31, 2021 and December 31, 2020: Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable March 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Liabilities: Warrant liability $ 2,360 $ — $ — $ 2,360 Contingent consideration – Long term portion $ 6,260 $ — $ — $ 6,260 $ 8,620 $ — $ — $ 8,620 Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable December 31, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Liabilities: Warrant liability $ 490 $ — $ — $ 490 Contingent consideration – Long term portion $ 6,984 $ — $ — $ 6,984 $ 7,474 $ — $ — $ 7,474 The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability and warrant liability. In those circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments the Company expects to make as of the acquisition date. The Company re-measures this liability each reporting period and records changes in the fair value through changes in fair value of Contingent consideration on the Company’s consolidated statements of operations. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount rates, periods, timing and amount of projected revenue. The Company uses the Black-Scholes option pricing model to value the warrant liability for the Series D Preferred Stock warrant. The Black Scholes option pricing model is based on the estimated market value of the underlying redeemable convertible preferred stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates, expected dividends, and expected volatility of the price of the underlying redeemable convertible preferred stock. Changes in the fair value of the Company’s long-term portion of the contingent consideration liability during the three months ended March 31, 2021 and 2020 were as follows: Balance as of December 31, 2019 $ 8,139 Contingent consideration paid (171) Reclassification of FY 2020 payment to accrued expenses (1,590) Change in contingent consideration value (1,474) Balance as of March 31, 2020 $ 4,904 Balance as of December 31, 2020 $ 6,984 Reclassification of FY 2021 payment to accrued expenses (1,150) Change in contingent consideration value 426 Balance as of March 31, 2021 $ 6,260 The difference between the amount paid in 2020 and the amount included in accrued expenses at December 31, 2019 is $87 and is included in the change in fair value of contingent consideration in our March 31, 2020 consolidated statement of operations. The recurring Level 3 fair value measurements of the Company’s contingent consideration liability include the following significant unobservable inputs: Fair Value as of March 31, Valuation Unobservable Contingent Consideration Liability 2021 Technique Inputs Revenue-based Payments $ 6,260 Discounted Cash Revenue discount factor, discount rate Changes in the fair value of the Company’s warrant liability during the three months ended March 31, 2021 and 2020 were as follows: Balance as of December 31, 2019 $ 192 Change in fair value of warrant liability — Balance as of March 31, 2020 $ 192 Balance as of December 31, 2020 $ 490 Change in fair value of warrant liability 1,870 Balance as of March 31, 2021 $ 2,360 The recurring Level 3 fair value measurements of the Company’s warrant liability include the following significant unobservable inputs: Fair Value as of March 31, Valuation Unobservable Warrant Liability 2021 Technique Inputs Warrant to purchase 368,780 shares of Series D Preferred Stock $ 2,360 Black Scholes option Expected volatility, term,

Property and equipment, net

Property and equipment, net	3 Months Ended
	Mar. 31, 2021
Property and equipment, net
Property and equipment, net	(5) Property and equipment, net Property and equipment consists of the following: Estimated Useful March 31, December 31, Life (Years) 2021 2020 Furniture and fixtures 7 $ 358 $ 358 Computers, laptop and peripherals 5 2,773 2,367 Laboratory equipment 5 4,309 3,806 Leasehold improvements Shorter of the lease life or 7 1,261 1,261 Total property and equipment 8,701 7,792 Less: Accumulated depreciation (2,648) (2,264) Property and equipment, net $ 6,053 $ 5,528 Depreciation expense of $384 and $322 relating to property and equipment was charged to operations for the three months ended March 31, 2021 and 2020, respectively. Demo inventory consists of the following: Estimated March 31, December 31, Life (Years) 2021 2020 Demo inventory – gross 3 $ 2,443 $ 2,010 Less: Accumulated depreciation (615) (516) Demo inventory, net $ 1,828 $ 1,494 Depreciation expense of $103 and $57 relating to demo equipment was charged to operations for the three months ended March 31, 2021 and 2020, respectively.

Intangible assets and goodwill

Intangible assets and goodwill	3 Months Ended
	Mar. 31, 2021
Intangible assets and goodwill
Intangible assets and goodwill	(6) Intangible assets and goodwill Intangible assets as of March 31, 2021 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 (1,971) 9,829 15 Developed technology $ 8,300 (1,733) 6,567 12 Licenses $ 63 (22) 41 15 Trade names and trademarks $ 6,300 (1,315) 4,985 12 Capitalized software $ 659 (33) 626 5 Non-compete agreements $ 300 (188) 112 4 Total intangible assets $ 27,422 (5,262) 22,160 Intangible assets as of December 31, 2020 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 (1,774) 10,026 15 Developed technology $ 8,300 (1,560) 6,740 12 Licenses $ 63 (20) 43 15 Trade names and trademarks $ 6,300 (1,184) 5,116 12 Capitalized software $ 659 — 659 5 Non-compete agreements $ 300 (170) 130 4 Total intangible assets $ 27,422 (4,708) 22,714 Total amortization expense was $554 and $520 for the three months ended March 31, 2021 and 2020, respectively. In November 2015, the Company entered into a license agreement with Stanford University (“Stanford”), pursuant to which Stanford granted the Company an exclusive, worldwide, sublicensable license under certain patent rights to make, use, import and commercialize products for diagnostic, industrial and research and development purposes. In accordance with the agreement, the Company capitalized non-refundable royalties paid to Stanford totaling $63, subject to straight-line amortization over a period of 15 years, or the term of the related agreement. As of March 31, 2021, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows: 2021 remaining 1,661 2022 2,195 2023 2,140 2024 2,140 2025 2,139 Thereafter 11,885 Total $ 22,160 As of March 31, 2021 and December 31, 2020, the goodwill balance is $18,262.

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2021
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	(7) Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2021 2020 Accrued payroll and compensation $ 2,002 $ 2,225 Current portion of contingent consideration 2,740 1,590 Accrued inventory purchases 1,073 478 Other accrued expenses 3,336 2,722 Total accrued expenses and other current liabilities $ 9,151 $ 7,015

Debt and capital lease obligati

Debt and capital lease obligations	3 Months Ended
	Mar. 31, 2021
Debt and capital lease obligations
Debt and capital lease obligations	(8) Debt and capital lease obligations Term Loan Agreements In September 2019, the Company entered into a Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP (the “Lender”), under which the Lender agreed to make a term loan to the Company in an aggregate principal amount of $25,000 (the “Innovatus Term Loan”). Amounts borrowed under the Loan and Security Agreement have an initial maturity date of September 1, 2024 and accrue interest at a floating annual rate equal to the sum of (a) the greater of 5.25% or the prime rate and (b) 3.75%. For each of the first 24 months, the Company will be paying 7.25% as cash interest and deferring 1.75% of interest until October 1, 2022. Principal payments (including the amortization of the accrued interest) of $1,079 per month commence on October 1, 2022. A final payment fee of $750 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three months ended March 31, 2021 and 2020, the Company recorded $0 and $31, respectively, related to the amortization of the final payment fee associated with the Innovatus Term Loan. In October 2020, the Company entered into a new debt financing arrangement with Midcap Trust (the “Term Loan”), for a $37,500 credit facility, consisting of a senior, secured term loan to refinance all existing indebtedness with Innovatus. The Company received $32,500 in aggregate proceeds as a result of the debt financing, and the remaining $5,000 is available to be drawn from March 31, 2021, through June 30, 2021. In connection with its entry into the Term Loan, in October 2020, the Company paid off the full balance of the Innovatus Term Loan of $26,882, including the principal, accrued interest, prepayment fee, and final fee. The term of the Term Loan is interest only for 36 months followed by 24‑months of straight-line amortization. Interest on the outstanding balance of the Term Loan shall be payable monthly in arrears at an annual rate of one-month LIBOR plus 6.35%, subject to a LIBOR floor of 1.50%. The interest rate was 7.85% at March 31, 2021. At the time of final payment under the Term Loan, the Company is required to pay Midcap a final payment fee of 5.00% of the amount borrowed under the Term Loan. If the Term Loan is prepaid prior to the end of the Term, the Company shall pay to Midcap a fee as compensation for the costs of being prepared to make funds available in an amount determined by multiplying the amount being prepaid by (i) three percent (3.00%) in the first year, two percent, (2.00%) in the second year and one percent (1.00%) in the third year and thereafter. A final payment fee of $1,625 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three ended March 31, 2021, the Company recorded $81 related to the amortization of the final payment fee associated with the Term Loan. Paycheck Protection Program Loan In April 2020, the Company received a $2,476 small business loan under the Payroll Protection Program, part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”). In December 2020, we applied for forgiveness of the full loan amount. Any such forgiveness of indebtedness, in accordance with the CARES Act, does not give rise to federal taxable income. If not forgiven, the note bears interest at a rate of 1.00% and payments are scheduled to begin the latter of March 2021, or upon response by the SBA regarding our forgiveness application. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. Such loan provides for customary events of default, including, among others, those relating to failure to make payment when due and breaches of representations. The Company may prepay the principal of the loan at any time without incurring any prepayment charges. The loan is subject to all the terms and conditions applicable under the PPP and is subject to review by the Small Business Association (the “SBA”) for compliance with program requirements, including the Company’s certification that the current economic uncertainty made the PPP loan request necessary to support ongoing operations. In June 2020, the Payroll Protection Program Flexibility Act (“PPPFA”) was signed into law adjusting certain key terms of loans issued under the PPP. In accordance with the PPPFA, the initial deferral period may be extended from six to up to ten months and the loan maturity may be extended from two to five years. The PPPFA also provided for certain other changes, including the extent to which the loan may be forgiven. The loan’s principal and accrued interest are forgivable to the extent that the proceeds are used for eligible purposes, subject to certain limitations, and that the Company maintains its payroll levels over a twenty-four-week period following the loan date. The loan forgiveness amount may be reduced if the Company terminates employees or reduces salaries during the twenty -four-week period. The Company believes that it has used the proceeds for eligible purposes consistent with the provisions of the PPPFA. However, there can be no assurance that any portion of the loan will be forgiven. As the legal form of the loan is a debt obligation, the Company is accounting for it as debt under Accounting Standards Codification (ASC) 470, Debt and recorded a short-term debt obligation of $1,200, and a long-term debt obligation of $1,300 in the consolidated balance sheet as of March 31, 2021. If any amount of the loan is ultimately forgiven, income from the extinguishment of debt would be recognized as a gain on loan extinguishment in the consolidated statement of operations. Debt consists of the following: March 31, December 31, 2021 2020 Midcap Trust Term Loan 32,500 32,500 PPP Loan 2,476 2,476 Total debt $ 34,976 $ 34,976 Unamortized debt discount (489) (515) Accretion of final fee 139 59 Total debt, net $ 34,626 $ 34,520 Less amount included as short-term $ (1,238) $ (1,032) Long-term debt, net $ 33,388 $ 33,488 As of March 31, 2021, future principal payments due under the Midcap Trust Term Loan and PPP Loan, excluding the $1,625 final payment fee, are as follows: Midcap Trust Year ended: Term Loan PPP Loan December 31, 2021 $ — $ 1,032 December 31, 2022 $ — $ 1,238 December 31, 2023 $ 2,708 $ 206 December 31, 2024 $ 16,250 $ — December 31, 2025 $ 13,542 $ — Total minimum principal payments $ 32,500 $ 2,476 As a condition precedent to the Innovatus Term Loan, the Company also sold shares of Series D Preferred Stock at the same terms provided to the other investors as described in Note 9 for an aggregate amount of $2,000 to the Lender as part of the Series D Financing. Additionally, as a condition precedent to the Innovatus Term Loan, the Company agreed to receive at least $25,000 in net proceeds from the Series D Financing by December 2019, which the Company completed on September 27, 2019, as discussed below. In connection with the Loan and Security Agreement, the Company also issued the Lender a warrant to purchase 368,779 additional shares of Series D Preferred Stock (the “Series D Warrant”) at a purchase price of $ 1.53 per share. The expiration date of the warrant is September 27, 2029. The holder may at any time and from time to time exercise this Warrant, in whole or in part, and on any exercise of the Warrant, the Holder may elect to receive Shares equal to the value of the Warrant or portion. The initial warrant value of $192 was recorded as a debt discount and is being amortized over the term of the Innovatus Term Loan. See Note 4 for valuation of Warrant. For the three months ended March 31, 2021, the Company entered into two leases for staining equipment computer equipment and furniture which are classified as capital lease obligations in the consolidated balance sheets as of March 31, 2021. In 2020, the Company entered into a lease for staining equipment which is classified as a capital lease in the consolidated balance sheets. As of March 31, 2021 and December 31, 2020 and 2019, the current portion of the lease obligations totaled $277 and $197, respectively, and the long-term portion totaled $399 and $277, respectively.

Stockholder's equity

Stockholder's equity	3 Months Ended
	Mar. 31, 2021
Stockholder's equity.
Stockholder's equity	(9) Stockholder’s equity Common Stock The Company has authorized 79,042,222 shares of Common Stock, $ 0.00001 par value per share, of which 62,220,020 shares are designated Class A common stock (“Class A Common Stock”) and 16,822,202 shares are designated Class B common stock (“Class B Common Stock” or collectively the “Common Stock”). Each share of Class A Common Stock is entitled to one vote. The holders of Class B Common Stock are not entitled to vote. The holders of Common Stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of March 31, 2021 and December 31, 2020 and 2019, a total of 2,835,099 and 2,563,765 shares of Class B Common Stock were issued and outstanding, respectively, and 5,457,669 and 4,932,952 shares of Class B Common Stock were reserved for issuance upon the exercise of outstanding stock options, respectively, under the Company’s 2015 Equity Incentive Plan. As of March 31, 2021 and December 31, 2020, no shares of Class A Common Stock were issued and outstanding. Please refer to subsequent events at Note 16 as it relates to our common stock subsequent to the IPO. Preferred Stock The Company has authorized 62,220,020 shares of Preferred Stock, $0.00001 par value per share, of which 5,013,333 shares were designated Series A convertible preferred stock (“Series A Preferred Stock), 13,715,330 shares were designated Series B redeemable convertible preferred stock (“Series B Preferred Stock”), 26,732,361 shares were designated Series C redeemable convertible preferred stock (“Series C Preferred Stock”), and 16,758,996 shares were designated Series D redeemable convertible preferred stock (“Series D Preferred Stock, or collectively the “Preferred Stock”). In November 2015, the Company issued 5,013,333 shares of Series A Preferred Stock at a purchase price of $0.25 per share. The issuance resulted in cash proceeds of $1,253. In July 2017, the Company issued 13,715,330 shares of Series B Preferred Stock at a purchase price of $0.6562 per share. The issuance resulted in cash proceeds of $8,943, net of issuance costs. In September and November 2018, the Company issued 25,684,033 and 1,048,328 shares of Series C Preferred Stock, respectively, at a purchase price of $0.9539 per share. The issuances resulted in cash proceeds of $25,437, net of issuance costs. On September 27, 2019, the Company issued 16,390,217 shares of Series D Preferred Stock at a purchase price of $1.5253 per share. The issuance resulted in cash proceeds of $24,824 net of issuance costs (the “Series D Financing”). As of March 31, 2021 and December 31, 2020, the Preferred Stock have the following rights, preferences and privileges: Conversion rights Each share of Preferred Stock is convertible at the option of the holder into Class A Common Stock shares at any time after the date of issuance. The number of Class A Common Stock shares to be issued in the event of a conversion is determined by dividing the original issue price of $0.25, $0.6562, $0.9539 and $1.5253 for Series A, B, C and D Preferred Stock, respectively, by the conversion price of $0.5825, $1,5289, $2.2226 and $3.5539 for Series A, B, C and D Preferred Stock, respectively. The Preferred Stock automatically converts into shares of Class A Common Stock at the earlier of (i) the closing of an initial public offering of the Company’s Common Stock at a price per share of at least $3.05 with gross proceeds to the Company of at least $50,000 or (ii) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of two-thirds of the voting power of the then outstanding shares of Series D Preferred Stock, voting together as a separate class. Redemption After the fifth anniversaries of the Series B, C and D original issuance dates, respectively, shares of the respective class of Preferred Stock may be redeemed at a price equal to the original issue price per share, plus all dividends accrued but unpaid and all declared but unpaid other dividends (the “Redemption Price”), in two semi-annual installments commencing not more than 180 days after receipt by the Company of written notice from two-thirds of the voting power of then outstanding shares of each respective class requesting redemption. No explicit redemption rights exist for Series A Preferred Stock. Since the Series B, C, and D are redeemable upon a liquidation event, which is not considered to be within the Company’s control, they have been classified in temporary equity on the accompanying consolidated balance sheets. Dividends Dividends accrue at a rate of 8% per annum on the original issuance price of Series B, C and D Preferred Stock (the “Accruing Dividends”). Accruing Dividends become due and payable if the Preferred Stock is redeemed by election of the majority holders of Series B, Series C or Series D Preferred Stock on or after the fifth anniversary of the applicable original issuance dates, or upon the occurrence of a liquidation event if the Series B, C or D Redemption Price, respectively, exceeds the aggregate of the Liquidation Preference plus Common Participation, as defined below, for that series of Preferred Stock. Except for the Accruing Dividends payable to holders of Series B, C and D Preferred Stock, holders of the Preferred Stock and Common Stock are entitled to receive dividends declared by the board of directors on an equal basis according to the number of shares of Common Stock and Common Stock into which the Preferred Stock is then convertible. Liquidation Preference Upon liquidation, dissolution or winding-up of the Company, or a merger, consolidation, lease or transfer of the Company (a “Deemed Liquidation Event”), shareholders of Series A, B, C and D Preferred Stock are entitled to receive a liquidation preference in priority to holders of common stock equal to $0.25, $0.6562, $0.9539, and $1.5253 per share, respectively, plus any declared but unpaid dividends (the “Liquidation Preference”). In any such event, Series D and C Preferred Stockholders would receive first priority in liquidation payments; Series B Preferred Stockholders would receive next priority after Series C Preferred Stockholders, and Series A Preferred Stockholders would receive next priority after Series B Preferred Stockholders. Any remaining amounts would be distributed to holders of Preferred Stock and Common Stock on a pro rata basis, with the shares of Preferred Stock treated as if they have been converted into shares of Common Stock (the “Common Participation”). In the event that the aggregate of the Liquidation Preference and Common Participation for Series B, C and D Preferred Stockholders, respectively, would fall short of the Liquidation Preference plus any accrued dividends not yet paid for that series of Preferred Stock, the assets would be distributed (i) first among Series D and C Preferred Stockholders in proportion to their aggregate Liquidation Preference amounts, plus any accrued but unpaid dividends until such amounts are paid in full; (ii) second, to Series B Preferred Stockholders in proportion to their aggregate Liquidation Preference amounts, plus any accrued but unpaid dividends until such amounts are paid in full; (iii) third, to Series A Preferred Stockholders and Common Stockholders pro rata based on the number of shares held by each holder, with the shares of Series A Preferred Stock treated as if they have been converted into shares of Common Stock. Voting Rights Holders of Series A, B, C and D Preferred Stock are entitled to vote as a single class with the holders of Class A Common Stock, and have one vote for each equivalent common share into which the preferred stock is convertible. Holders of the shares of Series D Preferred Stock, exclusively and as a separate class, are entitled to elect two directors of the Company, Series C Preferred Stock, exclusively and as a separate class, are entitled to elect three directors of the Company, and holders of the shares of Series B Preferred Stock, exclusively and as a separate class, are entitled to elect one director of the Company.

Stock compensation plan

Stock compensation plan	3 Months Ended
	Mar. 31, 2021
Stock compensation plan
Stock compensation plan	(10) Stock compensation plan 2015 Equity Incentive Plan The Company’s 2015 Equity Incentive Plan (the “2015 Plan”) was established for granting stock incentive awards to directors, officers, employees and consultants to the Company. The 2015 Plan provided for the grant of incentive and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units as determined by the board of directors. Under the 2015 Plan, stock options are generally granted with exercise prices equal to or greater than the fair value of the common stock as determined by the board of directors, expire no later than 10 years from the date of grant, and vest over various periods not exceeding four years. Stock Options During the three months ended March 31, 2021 and 2020, the Company granted options to employees with an aggregate fair value of $9,322 and $327, respectively, which are being amortized into compensation expense over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted-average period of time that the options granted are expected to be outstanding), volatility of the Company’s common stock and an assumed-risk-free interest rate. The fair value of the shares of common stock underlying the stock options has historically been determined by the Board of Directors. Because there has been no public market for the Company’s common stock, the Board of Directors has determined fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including valuation of comparable companies, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock, and general and industry specific economic outlook, amongst other factors. In determining the fair value of the common stock, the methodologies used to estimate the enterprise value were performed using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Accounting Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . The fair value of the underlying common stock will be determined by the Board of Directors, after consideration of a third-party valuation report, until the Company’s common stock is listed on an established stock exchange or national market system. Expected Volatility. Since the Company is a private entity with no historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of similar entities, referred to as “guideline” companies. In evaluating similarity, the Company considered factors such as industry, stage of life cycle and size. Expected Term. The Company derived the expected term using the “simplified” method (the expected term is determined as the average of the time-to-vesting and the contractual life of the options), as the Company had limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. Risk-Free Interest Rate. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. Dividend Yield. The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model. During the three months ended March 31, 2021, the Company granted options to purchase 1,343,700 shares of common stock at a weighted average fair value of $6.96 per share and a weighted average exercise price of $14.25 per share. During the three months ended March 31, 2020, the Company granted options to purchase 721,741 shares of common stock at a weighted average fair value of $0.47 per share and a weighted average exercise price of $0.53 per share. For the three months ended March 31, 2021 and 2020, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Three months Three months ended ended March 31, March 31, 2021 2020 Weighted-average risk-free interest rate 1.0 % 1.1 % Expected dividend yield 0 % 0 % Expected volatility 51.0 % 45.1 % Expected term 6.1 years 4.9 years Stock-based compensation related to the Company’s stock-based awards was recorded as an expense and allocated as follows: Three months ended March 31, 2021 2020 Cost of goods sold $ 16 $ 2 Selling, general and administrative 183 231 Research and development 55 79 Total stock-based compensation $ 254 $ 312 As of March 31, 2021 and 2020, there was $9,051 and $ 451, respectively, of total unrecognized compensation cost related to non-vested stock options granted to employees under the 2015 Plan. The Company expects to recognize that cost over a remaining weighted-average period of 3.9 and 2.9 years as of March 31, 2021 and 2020, respectively. Stock incentive awards to nonemployees were determined to be immaterial as of March 31, 2021 and December 31, 2020.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2021
Income taxes
Income taxes	(11) Income taxes During the three months ended March 31, 2021 and 2020, the Company recorded a tax benefit of $6 and a tax provision of $38, respectively. The year to date tax benefit and provision consist primarily of foreign income taxes and state taxes in the United States. The provision differs from the U.S. federal statutory rate of 21% primarily due to the full valuation allowance recorded against the U.S. deferred tax assets, including the current year to date losses. The Company maintains a valuation allowance against its U.S. deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and contingencies
Commitments and contingencies	(12) Commitments and contingencies Operating Leases In November 2017, the Company entered into a month to month tenancy agreement for office and laboratory space in Menlo Park, CA. In connection with this agreement, the Company paid a security deposit totaling $56, which is recorded as a component of prepaid expenses and other current assets in the Consolidated Balance Sheet. In July 2019, the Company entered into a seven-year office lease agreement for office and laboratory space in Marlborough, MA. In connection with this agreement, the Company paid a security deposit totaling $450 in the form of a letter of credit, which is recorded as restricted cash in the Consolidated Balance Sheet. Additionally, in July 2019, the Company signed a seven-year lease agreement for office and laboratory space in Menlo Park, CA. In connection with this agreement, the Company paid a security deposit totaling $181, which is recorded as a component of long-term assets in the Consolidated Balance Sheet; the lease commencement date was May 2020. Contractual cash payments for the Marlborough and Menlo Park lease as of March 31, 2021 by fiscal year are as follows: 2021 remaining $ 906 2022 $ 1,179 2023 $ 1,219 2024 $ 1,259 2025 $ 1,300 Thereafter $ 1,399 Total $ 7,262 Total rent expense for the three months ended March 31, 2021 and 2020 was $319 and $273, respectively. License Agreements In November 2015, the Company entered into a license agreement with The Board of Trustees of the Leland Stanford Junior University (“Stanford”), pursuant to which Stanford granted the Company an exclusive, worldwide, sublicensable license under certain patent rights to make, use, import and commercialize products for diagnostic, industrial and research and development purposes. The Company agreed to pay annual license maintenance fees ranging from $20 to $50 for the royalty-bearing license to certain patents. The Company also issued a total of 91,559 shares of Class B common stock pursuant to the agreement in 2015, which were recorded at fair value at the date of issuance. The Company is required to pay royalties on net sales of products that are covered by patent rights under the agreement at a rate of 2.25%, subject to reductions and offsets in certain circumstances. In September 2018, in connection with the acquisition of the QPS division of PKI, the Company entered into a License Agreement with PKI, pursuant to which PKI granted the Company an exclusive, nontransferable, sublicensable license under certain patent rights to make, use, import and commercialize QPS products and services. The Company is required to pay royalties on net sales of products and services that are covered by patent rights under the agreement at a rate ranging from 1.0% to 7.0%. The Company recorded approximately $2.5 and $1.8 of accrued royalties in connection with this agreement as of March 31, 2021 and December 31, 2020, respectively, payable in the first quarter of 2022 and 2021, respectively. Research Agreements In 2019 the Company entered into a research arrangement with an unrelated third party. Under this arrangement, we are obligated to pay such third party $0.5, $0.4, and $0.1 in 2021, 2022, and 2023, respectively.

Net loss per share attributable

Net loss per share attributable to common stockholders	3 Months Ended
	Mar. 31, 2021
Net loss per share attributable to common stockholders
Net loss per share attributable to common stockholders	(13) Net loss per share attributable to common stockholders 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: Three months ended March 31, 2021 2020 Net loss $ (8,082) $ (2,143) Dividends accrued on redeemable convertible preferred stock (1,190) (1,190) Accretion of redeemable convertible preferred stock (296) (296) Adjusted net loss attributable to common stockholders $ (9,568) $ (3,629) Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted 2,706,133 2,288,875 Basic and diluted net loss per common share outstanding $ (3.54) $ (1.59) The Company’s potential dilutive securities, which include stock options, convertible preferred stock, and warrant, have been excluded from the computation of diluted net loss per share attributable to common stockholders whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three months ended March 31, 2021 2020 Series A Convertible Preferred Stock (as converted to common stock) Series B Redeemable Convertible Preferred Stock (as converted to common stock) 5,886,405 5,886,405 Series C Redeemable Convertible Preferred Stock (as converted to common stock) 11,473,110 11,473,110 Series D Redeemable Convertible Preferred Stock (as converted to common stock) 7,034,423 7,034,423 Outstanding stock options 4,947,296 3,852,087 Performance-based stock options 21,459 28,163 Warrant to purchase Series D convertible preferred stock (as converted to common stock) 158,274 158,274 Total 31,672,608 30,584,103

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segments
Segments	(14) 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 a single reportable segment structure. 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: Three months ended March 31, 2021 2020 North America $ 5,209 $ 4,865 APAC 3,690 3,856 EMEA 3,313 2,300 Total Revenue $ 12,212 $ 11,021 Three months ended March 31, 2021 2020 North America 43 % 44 % APAC 30 % 35 % EMEA 27 % 21 % Total Revenue 100 % 100 % North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the three months ended March 31, 2021 and 2020, we had one country with 18% and another country with 24% of total revenue, respectively. As of March 31, 2021 and December 31, 2020, substantially all of the Company’s long-lived assets are located in the United States of America.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2021
Related party transactions
Related party transactions	(15) Related party transactions During the three months ended March 31, 2021 and 2020, the Company incurred costs of goods sold of approximately $0.5 and $0.2, respectively, related to sales of consumables manufactured by Argonaut Manufacturing services. As of March 31, 2021 and December 31, 2020, $1.4 and $1.3, respectively, is included in inventory related to consumables manufactured by Argonaut Manufacturing services. As of March 31, 2021 and December 31, 2020 and 2019, the Company had $0.1 and $0.6 in accounts payable, respectively, due to Argonaut Manufacturing services. Argonaut Manufacturing services is a portfolio company of Telegraph Hill Partners, which holds greater than 5% of our total outstanding shares.

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2021
Subsequent events
Subsequent events	(16) Subsequent events The Company has evaluated subsequent events from the Consolidated Balance Sheet date through May 19, 2021, which is the date the consolidated financial statements were issued. (a) In February 2021, the board of directors approved and in April 2021, its stockholders approved the number of shares of common stock authorized for issuance under the 2015 Plan to be increased from 4,947,214 shares to 6,020,175 shares (an increase by 1,072,961 shares). (b) On April 8, 2021, the Board of Directors of the Company approved a 1‑for‑2.33 reverse stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock, which was effected on April 9, 2021. All issued and outstanding shares of common stock and related per share amounts contained in the accompanying consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. The par value of the authorized stock was not adjusted as a result of the reverse stock split. Other than the par value, all share and per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split and adjustment of the Preferred Stock conversion ratios. On April 8, 2021, the Board of Directors approved the conversion of all outstanding shares of the Company’s Class B common stock on a 1 for 1 basis into 2,563,765 shares of the Company’s Class A common stock, which will be effected upon the completion of the proposed IPO. (c) On March 24, 2021, the Company’s board of directors and on April 8, 2021, its stockholders approved and adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”). The 2021 Plan will become effective immediately prior to and contingent upon the closing of the IPO. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company. A total of 1,727,953 shares of common stock were approved to be initially reserved for issuance under the 2021 Plan. The number of shares under the 2015 Plan subject to outstanding awards as of the effective date of the 2021 Plan that are subsequently canceled, forfeited or repurchased by the Company will be added to the shares reserved under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2021 Plan, beginning with January 1, 2022 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. (d) On March 24, 2021, the Company’s board of directors and on April 8, 2021, its stockholders approved and adopted the 2021 Employee stock Purchase Plan (the “ESPP”). The ESPP will become effective on immediately prior to and contingent upon the closing of the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. A total of 172,795 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2022 and ending with January 1, 2030, by an amount equal to 0.5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. (e) On April 20, 2021, the Company completed the initial public offering of its common stock (the “IPO”). In the IPO, the Company issued and sold 7,567,000 shares of its common stock at a price to the public of $20.00 per share, including the exercise by the underwriters of their option to purchase an additional 987,000 shares. In connection with the IPO, on April 20, 2021 all preferred stock converted into 26,545,579 shares of common stock, and all outstanding shares of our Class B common stock converted on a 1 for 1 basis into 2,563,765 shares of our common stock. On April 20, 2021, in connection with the closing of the IPO, the Company’s amended and restated certificate of incorporation, as filed with the Secretary of State of the State of Delaware, and the Company’s amended and restated bylaws became effective.

Summary of Significant accoun_2

Summary of Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Principles of consolidation	Principles of consolidation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Akoya Biosciences UK Ltd. (“Akoya UK”). All intercompany balances and transactions have been eliminated in consolidation.
Unaudited interim financial information	Unaudited interim financial information The accompanying consolidated balance sheet as of March 31, 2021, and the consolidated statements of operations, the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit, and the consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2021, the results of its operations for the three months ended March 31, 2021 and 2020, and cash flows for the three months ended March 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated April 15, 2021 for the IPO filed with the SEC on April 19, 2021 pursuant to Rule 424(b)(4) relating to our Registration Statement on Form S-1 (File No. 333-254760).
Foreign currency remeasurement	Foreign currency translation The functional currency for the Akoya UK subsidiary is British Pound Sterling. The balance sheet is translated from the functional currency to the U.S. dollar, or the reporting currency, at the exchange rate as of the balance sheet date. Revenues, expenses, and cash flows are translated at average rates during each reporting period. The effects of foreign currency translation adjustments are charged directly to operations and are included in other expense and were determined to be immaterial for the three months ended March 31, 2021 and 2020. Foreign exchange transaction gains and losses are included in other expense, net in the accompanying consolidated statements of operations and were determined to be immaterial for the three months ended March 31, 2021 and 2020.
Use of estimates	Use of estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrant, the useful lives of property and equipment, revenue recognition, determining the fair value of intangible assets, accrued expenses, income tax accounting, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, contingent consideration, goodwill and intangible asset impairment review, and other contingencies. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.
Segment information	Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment.
Concentrations of credit risk	Concentrations of credit risk Cash and cash equivalents are financial instruments that potentially subject the Company to concentrations of credit risk. The Company maintains its cash deposits, which at times may exceed federally insured limits, with large financial institutions and, accordingly, the Company believes their cash and cash equivalents are subject to minimal credit risk.
Cash and cash equivalents and restricted cash	Cash and cash equivalents and restricted cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company records cash and cash equivalents as restricted when it is unable to freely use such cash and cash equivalents for general operating purposes. As of March 31, 2021 and December 31, 2020, restricted cash is recorded as long term and consists of a security deposit in a financial institution that is restricted from use as collateral for our letter of credit associated with our office and laboratory space in Marlborough, MA (Note 12), as well as cash restricted from use for the Company’s corporate credit card program.
Accounts receivable	Accounts receivable The Company’s accounts receivable consists of amounts due from sales to commercial customers. At each reporting period, management reviews all outstanding balances to determine if the facts and circumstances of each customer relationship indicate the need for a reserve. The Company does not require collateral and had an allowance for doubtful accounts of $80 and $103 at March 31, 2021 and December 31, 2020, respectively.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, direct labor and manufacturing overhead, on a first-in, first -out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their realizable value in the period in which the impairment is first identified. Shipping and handling costs incurred for inventory purchases are capitalized and recorded upon sale within the cost of goods sold in the consolidated statements of operations. Inventory is primarily raw materials as the Company utilizes contract manufacturers to produce the final products, which are typically drop-shipped directly to customers.
Fair value measurements	Fair value measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820, Fair Value Measurements (“ASC 820”), establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy defines three levels of valuation inputs: Level 1 — Quoted unadjusted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability (Note 4). For certain financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate their fair values as of March 31, 2021 and December 31, 2020 because of their short- term nature. At March 31, 2020 and December 31, 2020 the carrying value of the Company’s debt approximated fair value, which was determined using Level 3 inputs, using market quotes from brokers and is based on current rates offered for similar debt (Note 8).
Property and equipment	Property and equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment.
Demo inventory	Demo inventory Demo inventory is considered a hybrid between fixed asset and regular inventory as the Company occasionally sells the demo product to customers upon request. Potential customers and key opinion leaders use demo inventory in the field for a trial period and on occasion purchase the inventory within a few months of usage. Demo inventory that is not purchased by the potential customer or key opinion leader is returned to the Company. Demo inventory is recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to demo inventory. Upon sale, Demo inventory, if and when sold, is recorded as product revenue and the remaining carrying value is booked through cost of goods sold.
Business combinations - intangible assets and contingent consideration	Business combinations — intangible assets and contingent consideration The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. The Company’s intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from 4 to 15 years. Further, for those arrangements which arise from a business combination that involve potential future contingent consideration, the Company records on the date of acquisition a liability equal to the fair value of the estimated additional consideration the Company may be obligated to make in the future. The Company re-measures this liability each reporting period and records changes in the fair value through changes in fair value of contingent consideration within the Company’s consolidated statements of operations. The Company records amounts currently due as it relates to contingent consideration within accrued expenses. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount rates, periods, timing and amount of projected revenue or timing or likelihood of achieving regulatory, revenue or commercialization-based milestones. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, useful life or probability of achieving regulatory or revenue-based milestones could result in different purchase price allocations and recognized amortization expense and contingent consideration expense or benefit in current and future periods.
Impairment of long-lived assets and goodwill	Impairment of long-lived assets and goodwill The Company evaluates its long-lived assets, including demo inventory, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset or asset group are compared to the carrying amount to determine whether the asset’s value is recoverable. During this analysis, the Company reevaluates the significant assumptions used in determining the original cost and estimated lives of long-lived assets. Although the assumptions may vary from asset to asset, they generally include operating results, changes in the use of the asset, cash flows and other indicators of value. The Company then determines whether the remaining useful life continues to be appropriate or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ recovery. If the carrying value of the asset exceeds such projected undiscounted cash flows, the asset will be written down to its estimated fair value. The Company tests goodwill for impairment annually and tests intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable (i.e., upon occurrence of a triggering event). The Company performs its annual impairment review of goodwill at November 1 (and if and when triggering events occur between annual impairment tests). Upon completion of its quantitative assessment as of November 1, 2020, the Company has concluded that goodwill is not impaired. No events or changes in circumstances have indicated that the Company’s intangible assets with useful lives are impaired as of March 31, 2021.
Revenue recognition	Revenue recognition The Company follows ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from the sale and installation of instruments, related warranty services, reagents and software (both company -owned and with third parties). Pursuant to ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration the Company expects to be entitled to receive in exchange for these goods and services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, the Company performs the following five steps: (i) identification of the customer contract; (ii) identification of the performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company evaluates all promised goods and services within a customer contract and determines which of those are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. Promised goods or services are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. Most of the Company’s contracts with customers contain multiple performance obligations (i.e., sale of an instrument and warranty services). For these contracts, the Company accounts for individual performance obligations separately if they are distinct (i.e. capable of being distinct and separable from other promises in the contract). The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Excluded from the transaction price are sales tax and other similar taxes which are presented on a net basis. Product Revenue Product revenue is generated by the sale of instruments and consumable reagents predominantly through the Company’s direct sales force in the United States and in geographic regions outside the United States such as APAC and EMEA. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty) or price protection allowances to its customers. When an instrument is purchased by a customer, the Company recognizes revenue when the related performance obligation is satisfied (i.e. when the control of an instrument has passed to the customer). Revenue from the sale of consumables is recognized upon shipment to the customer. The Company’s perpetual software licenses generally have significant stand-alone functionality to the customer upon delivery and are considered to be functional intellectual property (IP). The Company’s perpetual software licenses are considered distinct performance obligations, and revenue allocated to the software license is typically recognized upon provision of the license/software code to the customer (i.e., when the software is available for access and download by the customer). Service and Other Revenue Product sales of instruments include a service-based warranty typically for one year following the installation of the purchased instrument, with an extended warranty for an additional year sold in many cases. These are separate performance obligations as they are service-based warranties and are recognized on a straight-line basis over the service delivery period. After completion of the service period, customers have an option to renew or extend the warranty services, typically for additional one-year periods in exchange for additional consideration. The extended warranties are also service-based warranties that represent separate purchasing decisions. The Company recognizes revenue allocated to the extended warranty performance obligation on a straight-line basis over the service delivery period. Revenue from separately charged installation services is recognized upon completion of the installation process. Additionally, the Company provides laboratory services, in which revenue is recognized as services are performed. For laboratory services, we generally use the cost-to-cost approach to measure the extent of progress towards completion of the performance obligation because we believe it best depicts the transfer of assets to the customer. Under the cost -to -cost measure approach, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The Company records shipping and handling billed to customers as service and other revenue and the related costs in cost of service and other revenue in the consolidated statements of operations. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by type of products, and between service and other revenue, as it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following table disaggregates the Company’s revenue by major source: Three months ended March 31, 2021 March 31, 2020 Revenue Product revenue Instruments $ 6,837 $ 6,650 Consumables 2,544 2,066 Standalone software products 582 213 Total product revenue $ 9,963 $ 8,929 Service and other revenue $ 2,249 $ 2,092 Total revenue $ 12,212 $ 11,021 Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together requires significant judgment. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration, based on the most likely amount, to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative standalone selling price method. The corresponding revenue is recognized as the related performance obligations are satisfied as discussed in the revenue categories above. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling price based on the price at which the performance obligation in the contract (i.e. instrument, service warranty, installation) would be sold separately. As the first-year warranty for each instrument is embedded in the instrument price, the amount allocated to the first-year warranty has been determined based on the separately identifiable price of the Company’s extended warranty offering when it is sold on a renewal basis. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and the expected costs and margin related to the performance obligations. Contracts in which only one performance obligation is identified (i.e., consumables and standalone software products) do not require allocation of the transaction price. Contract Assets and Liabilities The Company did not record any contract assets at March 31, 2021 or December 31, 2020. The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales. The Company classifies these contract liabilities in deferred revenue as current or noncurrent based on the timing of when the Company expects to service the warranty. Cost to Obtain and Fulfill a Contract Under ASC 606, the Company is required to capitalize certain costs to obtain customer contracts and costs to fulfill customer contracts. These costs are required to be amortized to expense on a systemic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates, compared to previously being expensed as incurred. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. Capitalizable costs to obtain contracts, such as commissions, and costs to fulfill customer contracts were determined to be immaterial for the three months ended March 31, 2021 and 2020.
Redeemable convertible preferred stock	Redeemable convertible preferred stock The Company has classified redeemable convertible preferred stock as temporary equity on the accompanying consolidated balance sheets because it becomes redeemable due to the passage of time or could become redeemable due to certain change in control clauses that are outside of the Company’s control. The redeemable convertible preferred stock is adjusted to the redemption value over time through the date of the earliest redemption date. These increases are recorded as charges against retained earnings, if any, and then to additional paid-in capital. Then, in the absence of additional paid-in capital, the accretion is charged to the accumulated deficit.
Research and development costs	Research and development costs Costs incurred in the research and development of the Company’s product candidates are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including activities associated with performing services under research revenue arrangements, costs associated with the manufacture of developing products and include salaries and benefits, stock compensation, research related facility and overhead costs, laboratory supplies, equipment and contract services.
Capitalized software development costs	Capitalized software development costs Since the Company sells standalone licensed software products to its customers, the Company applies the software revenue recognition guidance related to accounting for the costs of such software to be sold, leased or otherwise marketed in accordance with ASC 985‑20, Costs of Software to be Sold, Leased, or Marketed , or ASC 985‑20. Such guidance requires capitalization of certain software development costs subsequent to the establishment of technological feasibility. The Company has determined that costs eligible for capitalization under ASC 985‑20 during the three months ended March 31, 2021 and 2020 were immaterial. The Company accounts for costs to develop or obtain internal-use software in accordance with ASC 350‑40, Internal-Use Software , or ASC 350‑40. The Company also accounts for costs of significant upgrades and enhancements resulting in additional functionality under ASC 350‑40. These costs are primarily development costs related to our cloud-based Proxima software which will be accessed by customers on a subscription basis. Proxima is an open solution designed to meet both requirements by enabling the storage, sharing, analysis, and visualization of spatial phenotyping images and experimental results generated on our platforms. The Company determined Proxima was ready to be sold in 2021, and thus started amortizing the associated capitalized intangible asset as of January 1, 2021. Costs incurred for maintenance, training, and minor modifications or enhancements are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Development costs related to internal-use software were $659 in 2020 and recorded as an intangible asset on our December 31, 2020 consolidated balance sheet. The Company estimated the useful life of such asset to be five years. The Company determined costs eligible for capitalization under ASC 350‑40 during the three months ended March 31, 2021 were immaterial.
Comprehensive loss	Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss consists of net loss and other comprehensive loss, which includes certain changes in equity that are excluded from net loss. The Company’s comprehensive loss equals reported net loss for all periods presented.
Deferred offering costs	Deferred offering costs The Company capitalizes certain legal, professional accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed as a charge to operating expenses. As of March 31, 2021 and December 31, 2020, $1,439 and $269, respectively, of deferred offering costs were included in other assets in the accompanying consolidated balance sheets.
Stock-based compensation	Stock-based compensation The Company records stock-based compensation for options granted to employees and to members of the board of directors for their services on the board of directors based on the grant date fair value of awards issued, and the expense is recorded on a straight-line basis over the requisite service period, which is generally four years. The Company accounts for non-employee stock-based compensation arrangements based on the fair value of the consideration received or the equity instruments issued, whichever is more reliably measurable. The measurement date for non-employee awards is generally the date that the performance of services required for the non-employee award is complete. In accordance with authoritative guidance, the fair value of non-employee stock -based awards is estimated on the date of grant, and subsequently revalued at each reporting period over their vesting period using the Black-Scholes option-pricing model. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock options. The use of the Black-Scholes-Merton option -pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk -free interest rates and expected dividend yields of the common stock. The expected term was determined according to the simplified method, which is the average of the vesting tranche dates and the contractual term. Due to the lack of company-specific historical and implied volatility, the Company bases its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, companies with comparable characteristics are selected, including enterprise value and position within the industry, and with historical price information sufficient to meet the expected life of the stock-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its stock-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon issues with remaining maturities similar to the expected term of the options. The Company has not paid, and does not anticipate paying, cash dividends on shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company has elected to account for forfeitures as they occur; any compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition will be reversed in the period of the forfeiture. Refer to Note 10 for further details on the Company’s stock-based compensation plan.
Warrant to purchase redeemable convertible preferred stock	Warrant to purchase redeemable convertible preferred stock The Company reviews the terms of all warrants issued in connection with the applicable accounting guidance and classifies warrants as a long-term liability on the consolidated balance sheets if the warrant may conditionally obligate the Company to transfer assets, including repurchase of the issuers’ shares, at some point in the future. Warrants to purchase shares of redeemable convertible preferred stock meet these criteria and therefore require liability-classification. Liability-classified warrants are subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a component of other income (expense) in the consolidated statements of operations. The Company estimates the fair value of these warrants at issuance and each financial reporting date thereafter using the valuation model as discussed in Note 4.
Income taxes	Income taxes The Company provides for income taxes using the liability method. The Company provides deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the Company’s financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets and liabilities are recorded net as long term. A valuation allowance is provided to reduce the deferred tax assets to the amount that will more likely than not be realized. The Company applies ASC 740 Income Taxes (“ASC 740”) in accounting for uncertainty in income taxes. The Company has identified an uncertain tax position; however, this uncertain tax position has not created a liability as of March 31, 2021 and December 31, 2020 as the reserve has been applied against the asset. The Company will recognize interest and penalties related to uncertain tax positions, if any, in income tax expense.
Commitments and contingencies	Commitments and contingencies Indemnification obligations The Company has entered into indemnification agreements with its officers and directors that require the Company to indemnify such individuals for certain events or occurrences while each such officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make is, in many cases, unlimited. The Company has directors’ and officers’ liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid. The Company leases office and laboratory space under operating leases. The Company has standard indemnification arrangements under the leases that require it to indemnify the landlords against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation or nonperformance of any covenant or condition of the Company’s leases. In the ordinary course of business, the Company enters into indemnification agreements with certain suppliers and business partners where the Company has certain indemnification obligations limited to the costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from the Company’s gross negligence or willful misconduct, and in certain instances, breaches, violations or nonperformance of covenants or conditions under the agreements. As of March 31, 2021 and December 31, 2020, the Company had not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. The Company is subject to the possibility of loss contingencies arising in the ordinary course of business. Management considers the likelihood of loss related to an asset, or the incurrence of a liability, as well as its ability to reasonably estimate the amount of the loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired, or a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required. Refer to Note 12 for the details of the Company’s contingencies. Legal proceedings From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no claims or actions pending against the Company currently, the ultimate disposition of which would have a material adverse effect on the Company’s consolidated results of operation, financial condition or cash flows.
Net loss per share attributable to common stockholders	Net loss per share attributable to common stockholders Basic and diluted net loss per common share outstanding is determined by dividing net loss, as adjusted for accretion and accrued dividends on redeemable convertible preferred stock, by the weighted average common shares outstanding during 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 def i nition 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.
Recent Accounting Standards	Recent Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is considered to be an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (Jobs Act). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. Recently issued but not yet adopted accounting standards In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous generally accepted accounting principles. ASU 2016‑02 requires a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016‑02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) and early adoption is permitted. In August 2018, the FASB issued ASU 2018‑11, Targeted Improvements to ASC 842, which provides a new transition option in which an entity initially applies ASU 2016‑02 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In June 2020, the FASB issued an extension in the effective date for all non-public companies. This extended the effective date to annual periods beginning after December 15, 2021 (i.e. calendar year periods beginning on January 1, 2022) and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. Prior period comparative balances will not be adjusted. The Company expects to use the new transition option and will expect to be also utilizing the package of practical expedients that allows it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. The Company expects to use the short-term lease exception for leases with a term of twelve months or less. Additionally, the Company expects to use the practical expedient that allows it to treat each separate lease component of a contract and its associated non-lease components as a single lease component. The Company has not yet adopted ASU 2016‑02 and is continuing to evaluate the impact of adoption on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018‑19, ASU No. 2019‑04, ASU No. 2019‑05, ASU No. 2019‑10, ASU No. 2019‑11 and ASU No. 2020‑03 (“ASU 2016‑13”). The provisions of ASU 2016‑13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016‑13 is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2016‑13 may have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017‑04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead of determining a hypothetical purchase price allocation to measure goodwill impairment, the Company will compare the fair value of a reporting unit with its carrying amount. The update also includes a new requirement to disclose the amount of goodwill allocated to reporting units with zero or negative carrying amounts. This standard is effective for the Company for fiscal years beginning after December 15, 2021, and early adoption is permitted. The Company is in the process of evaluating the impact, if any, that this new guidance will have on the Company’s consolidated financial statements.

Summary of Significant accoun_3

Summary of Significant accounting policies (Tables)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Schedule of disaggregation of revenue	Three months ended March 31, 2021 March 31, 2020 Revenue Product revenue Instruments $ 6,837 $ 6,650 Consumables 2,544 2,066 Standalone software products 582 213 Total product revenue $ 9,963 $ 8,929 Service and other revenue $ 2,249 $ 2,092 Total revenue $ 12,212 $ 11,021

Fair value of financial instr_2

Fair value of financial instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Schedule of financial liabilities at fair value on a recurring basis	Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable March 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Liabilities: Warrant liability $ 2,360 $ — $ — $ 2,360 Contingent consideration – Long term portion $ 6,260 $ — $ — $ 6,260 $ 8,620 $ — $ — $ 8,620 Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable December 31, Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Liabilities: Warrant liability $ 490 $ — $ — $ 490 Contingent consideration – Long term portion $ 6,984 $ — $ — $ 6,984 $ 7,474 $ — $ — $ 7,474
Warrant liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Schedule of changes in the fair value of the liability	Balance as of December 31, 2019 $ 192 Change in fair value of warrant liability — Balance as of March 31, 2020 $ 192 Balance as of December 31, 2020 $ 490 Change in fair value of warrant liability 1,870 Balance as of March 31, 2021 $ 2,360
Schedule of significant unobservable inputs for fair value measurements	Fair Value as of March 31, Valuation Unobservable Warrant Liability 2021 Technique Inputs Warrant to purchase 368,780 shares of Series D Preferred Stock $ 2,360 Black Scholes option Expected volatility, term,
Contingent consideration - Long term portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Schedule of changes in the fair value of the liability	Balance as of December 31, 2019 $ 8,139 Contingent consideration paid (171) Reclassification of FY 2020 payment to accrued expenses (1,590) Change in contingent consideration value (1,474) Balance as of March 31, 2020 $ 4,904 Balance as of December 31, 2020 $ 6,984 Reclassification of FY 2021 payment to accrued expenses (1,150) Change in contingent consideration value 426 Balance as of March 31, 2021 $ 6,260
Schedule of significant unobservable inputs for fair value measurements	Fair Value as of March 31, Valuation Unobservable Contingent Consideration Liability 2021 Technique Inputs Revenue-based Payments $ 6,260 Discounted Cash Revenue discount factor, discount rate

Property and equipment, net (Ta

Property and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2021
Property and equipment, net
Schedule of property and equipment	Estimated Useful March 31, December 31, Life (Years) 2021 2020 Furniture and fixtures 7 $ 358 $ 358 Computers, laptop and peripherals 5 2,773 2,367 Laboratory equipment 5 4,309 3,806 Leasehold improvements Shorter of the lease life or 7 1,261 1,261 Total property and equipment 8,701 7,792 Less: Accumulated depreciation (2,648) (2,264) Property and equipment, net $ 6,053 $ 5,528
Schedule of Demo inventory	Estimated March 31, December 31, Life (Years) 2021 2020 Demo inventory – gross 3 $ 2,443 $ 2,010 Less: Accumulated depreciation (615) (516) Demo inventory, net $ 1,828 $ 1,494

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Intangible assets and goodwill
Schedule of Intangible assets	Intangible assets as of March 31, 2021 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 (1,971) 9,829 15 Developed technology $ 8,300 (1,733) 6,567 12 Licenses $ 63 (22) 41 15 Trade names and trademarks $ 6,300 (1,315) 4,985 12 Capitalized software $ 659 (33) 626 5 Non-compete agreements $ 300 (188) 112 4 Total intangible assets $ 27,422 (5,262) 22,160 Intangible assets as of December 31, 2020 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 (1,774) 10,026 15 Developed technology $ 8,300 (1,560) 6,740 12 Licenses $ 63 (20) 43 15 Trade names and trademarks $ 6,300 (1,184) 5,116 12 Capitalized software $ 659 — 659 5 Non-compete agreements $ 300 (170) 130 4 Total intangible assets $ 27,422 (4,708) 22,714
Schedule of amortization expense related to identifiable intangible assets in future periods	2021 remaining 1,661 2022 2,195 2023 2,140 2024 2,140 2025 2,139 Thereafter 11,885 Total $ 22,160

Accrued expense and other curre

Accrued expense and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued expenses and other current liabilities
Schedule of accrued expenses	March 31, December 31, 2021 2020 Accrued payroll and compensation $ 2,002 $ 2,225 Current portion of contingent consideration 2,740 1,590 Accrued inventory purchases 1,073 478 Other accrued expenses 3,336 2,722 Total accrued expenses and other current liabilities $ 9,151 $ 7,015

Debt and capital lease obliga_2

Debt and capital lease obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt and capital lease obligations
Schedule of Components of debt	March 31, December 31, 2021 2020 Midcap Trust Term Loan 32,500 32,500 PPP Loan 2,476 2,476 Total debt $ 34,976 $ 34,976 Unamortized debt discount (489) (515) Accretion of final fee 139 59 Total debt, net $ 34,626 $ 34,520 Less amount included as short-term $ (1,238) $ (1,032) Long-term debt, net $ 33,388 $ 33,488
Schedule of Debt maturities	Midcap Trust Year ended: Term Loan PPP Loan December 31, 2021 $ — $ 1,032 December 31, 2022 $ — $ 1,238 December 31, 2023 $ 2,708 $ 206 December 31, 2024 $ 16,250 $ — December 31, 2025 $ 13,542 $ — Total minimum principal payments $ 32,500 $ 2,476

Stock compensation plan (Tables

Stock compensation plan (Tables)	3 Months Ended
	Mar. 31, 2021
Stock compensation plan
Schedule of weighted-average assumptions used to estimate the fair value	Three months Three months ended ended March 31, March 31, 2021 2020 Weighted-average risk-free interest rate 1.0 % 1.1 % Expected dividend yield 0 % 0 % Expected volatility 51.0 % 45.1 % Expected term 6.1 years 4.9 years
Schedule of Stock-based compensation expense allocated	Three months ended March 31, 2021 2020 Cost of goods sold $ 16 $ 2 Selling, general and administrative 183 231 Research and development 55 79 Total stock-based compensation $ 254 $ 312

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and contingencies
Schedule of Contractual cash lease payments	2021 remaining $ 906 2022 $ 1,179 2023 $ 1,219 2024 $ 1,259 2025 $ 1,300 Thereafter $ 1,399 Total $ 7,262

Net loss per share attributab_2

Net loss per share attributable to common stockholders (Tables)	3 Months Ended
	Mar. 31, 2021
Net loss per share attributable to common stockholders
Schedule of Computation of basic and diluted earnings per common share	Three months ended March 31, 2021 2020 Net loss $ (8,082) $ (2,143) Dividends accrued on redeemable convertible preferred stock (1,190) (1,190) Accretion of redeemable convertible preferred stock (296) (296) Adjusted net loss attributable to common stockholders $ (9,568) $ (3,629) Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted 2,706,133 2,288,875 Basic and diluted net loss per common share outstanding $ (3.54) $ (1.59)
Schedule of Antidilutive shares excluded from computation	Three months ended March 31, 2021 2020 Series A Convertible Preferred Stock (as converted to common stock) Series B Redeemable Convertible Preferred Stock (as converted to common stock) 5,886,405 5,886,405 Series C Redeemable Convertible Preferred Stock (as converted to common stock) 11,473,110 11,473,110 Series D Redeemable Convertible Preferred Stock (as converted to common stock) 7,034,423 7,034,423 Outstanding stock options 4,947,296 3,852,087 Performance-based stock options 21,459 28,163 Warrant to purchase Series D convertible preferred stock (as converted to common stock) 158,274 158,274 Total 31,672,608 30,584,103

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segments
Schedule of revenues by geographical market	Three months ended March 31, 2021 2020 North America $ 5,209 $ 4,865 APAC 3,690 3,856 EMEA 3,313 2,300 Total Revenue $ 12,212 $ 11,021 Three months ended March 31, 2021 2020 North America 43 % 44 % APAC 30 % 35 % EMEA 27 % 21 % Total Revenue 100 % 100 %

The company and basis of pres_2

The company and basis of presentation (Details)	3 Months Ended
	Mar. 31, 2021region
The company and basis of presentation
Number of geographic regions for sales	3

The company and basis of pres_3

The company and basis of presentation - Initial public offering (Details) - Subsequent Event $ / shares in Units, $ in Millions	Apr. 20, 2021shares	Apr. 08, 2021	Apr. 30, 2021USD ($)$ / sharesshares
Subsequent Event [Line Items]
Reverse stock split ratio		2.33
Class A Common Stock
Subsequent Event [Line Items]
Conversion of stock	2,563,765		2,563,765
Conversion Of Preferred Stock At Initial Public Offering [Member]
Subsequent Event [Line Items]
Number of shares of common stock issued on conversion of preferred stock	26,545,579
IPO
Subsequent Event [Line Items]
Stock issued during period			7,567,000
Proceeds from public offering, net of discounts, commissions and other offering costs | $			$ 138.2
Price per share | $ / shares			$ 20
Over-Allotment Option
Subsequent Event [Line Items]
Stock issued during period			987,000

The company and basis of pres_4

The company and basis of presentation - Liquidity and going concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
The company and basis of presentation
Cash and cash equivalents	$ 11,691		$ 17,006
Accumulated deficit	(61,254)		$ (52,280)
Cash used from operations	$ (4,404)	$ (957)

The company and basis of pres_5

The company and basis of presentation -Debt financing arrangement (Details) - Midcap Trust Term Loan - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2020	Jun. 30, 2021
Proceeds received	$ 32,500
Amount available to be drawn during Q2		$ 5,000

Summary of Significant accoun_4

Summary of Significant accounting policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Summary of Significant Accounting Policies
Number of operating segment | segment	1
Allowance for doubtful accounts | $	$ 80	$ 103

Summary of Significant accoun_5

Summary of Significant accounting policies - Intangible assets (Details)	3 Months Ended
	Mar. 31, 2021
Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	4 years
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years

Summary of Significant accoun_6

Summary of Significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Standard service-based warranty terms	1 year
Extended service-based warranty terms	1 year
Revenue	$ 12,212	$ 11,021
Contract assets	$ 0		$ 0
Practical expedient elected	false
Product
Disaggregation of Revenue [Line Items]
Revenue	$ 9,963	8,929
Instruments
Disaggregation of Revenue [Line Items]
Revenue	6,837	6,650
Consumables
Disaggregation of Revenue [Line Items]
Revenue	2,544	2,066
Standalone software products
Disaggregation of Revenue [Line Items]
Revenue	582	213
Service and other
Disaggregation of Revenue [Line Items]
Revenue	$ 2,249	$ 2,092

Summary of Significant accoun_7

Summary of Significant accounting policies - Capitalized software development costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 27,422	$ 27,422
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 659	$ 659
Useful life (in years)	5 years	5 years

Summary of Significant accoun_8

Summary of Significant accounting policies - Deferred offering costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies
Deferred offering costs	$ 1,439		$ 269
Requisite service period	4 years
Expected dividend yield	0.00%	0.00%

Significant risks and uncerta_2

Significant risks and uncertainties including business and credit concentrations (Details) - Customers - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Number of customers with concentration risk	0
Revenue from Contract with Customer Benchmark | PKI
Concentration Risk [Line Items]
Concentration Risk, Percentage		26.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of customers with concentration risk			0
Accounts Receivable [Member] | One Customer
Concentration Risk [Line Items]
Concentration Risk, Percentage		11.00%

Fair value of financial instr_3

Fair value of financial instruments (Details) - Recurring - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 8,620	$ 7,474
Amount of liability transferred into level 3	0	0
Amount of liability transferred out of level 3	0	0
Amount of liability transferred level 1 to level 2	0	0
Amount of liability transferred level 2 to level 1	0	0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	8,620	7,474
Warrant liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	2,360	490
Warrant liability | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Warrant liability | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Warrant liability | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	2,360	490
Contingent consideration - Long term portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	6,260	6,984
Contingent consideration - Long term portion | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 6,260	$ 6,984

Fair value of financial instr_4

Fair value of financial instruments - Recurring Basis Unobservable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Valuation Technique and Input, Description [Abstract]
Contingent consideration liability (Note 4), net of current portion	$ 6,260		$ 6,984
Warrant liability	2,360		$ 490
Contingent consideration - Long term portion | Series D Redeemable Convertible Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	6,984	$ 8,139
Contingent consideration paid		(171)
Reclassification of FY 2020 payment to accrued expenses	(1,150)	(1,590)
Change in fair value	426	(1,474)
Balance, end of period	$ 6,260	4,904
Difference between the amount paid and the amount included in accrued expenses		87
Contingent consideration - Long term portion | Series D Redeemable Convertible Preferred Stock | Discounted Cash Flow Analysis under the Income Approach
Valuation Technique and Input, Description [Abstract]
Valuation Technique	Discounted Cash Flow Analysis under the Income Approach
Contingent consideration - Long term portion | Series D Redeemable Convertible Preferred Stock | Measurement Input, Discount Rate
Valuation Technique and Input, Description [Abstract]
Unobservable Inputs	us-gaap:MeasurementInputDiscountRateMember akya:RevenueDiscountFactorMember
Warrant liability | Series D Redeemable Convertible Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 490	192
Change in fair value	1,870	0
Balance, end of period	2,360	$ 192
Valuation Technique and Input, Description [Abstract]
Warrant liability	$ 2,360
Shares called by warrant	368,780
Warrant liability | Series D Redeemable Convertible Preferred Stock | Black Scholes Option Pricing Model
Valuation Technique and Input, Description [Abstract]
Valuation Technique	Black Scholes Option Pricing Model
Warrant liability | Series D Redeemable Convertible Preferred Stock | Measurement Input, Price Volatility
Valuation Technique and Input, Description [Abstract]
Unobservable Inputs	us-gaap:MeasurementInputPriceVolatilityMember us-gaap:MeasurementInputExpectedTermMember us-gaap:MeasurementInputRiskFreeInterestRateMember

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,701		$ 7,792
Less: Accumulated depreciation	(2,648)		(2,264)
Property and equipment, net	6,053		5,528
Depreciation expense	$ 384	$ 322
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years
Property and equipment, gross	$ 358		358
Computers, laptop and peripherals
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years
Property and equipment, gross	$ 2,773		2,367
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years
Property and equipment, gross	$ 4,309		3,806
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years
Property and equipment, gross	$ 1,261		$ 1,261

Property and equipment, net - D

Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property and equipment, net
Estimated life (years)	3 years
Demo inventory - gross	$ 2,443		$ 2,010
Less: Accumulated depreciation	(615)		(516)
Demo inventory, net	1,828		$ 1,494
Depreciation expense relating to demo equipment	$ 103	$ 57

Intangible assets and goodwil_2

Intangible assets and goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 27,422	$ 27,422
Accumulated amortization	(5,262)	(4,708)
Total	22,160	22,714
Amortization expense	554	520
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	11,800	11,800
Accumulated amortization	(1,971)	(1,774)
Total	$ 9,829	$ 10,026
Useful life (in years)	15 years	15 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 8,300	$ 8,300
Accumulated amortization	(1,733)	(1,560)
Total	$ 6,567	$ 6,740
Useful life (in years)	12 years	12 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 63	$ 63
Accumulated amortization	(22)	(20)
Total	$ 41	$ 43
Useful life (in years)	15 years	15 years
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 6,300	$ 6,300
Accumulated amortization	(1,315)	(1,184)
Total	$ 4,985	$ 5,116
Useful life (in years)	12 years	12 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 659	$ 659
Accumulated amortization	(33)
Total	$ 626	$ 659
Useful life (in years)	5 years	5 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 300	$ 300
Accumulated amortization	(188)	(170)
Total	$ 112	$ 130
Useful life (in years)	4 years	4 years

Intangible assets and goodwil_3

Intangible assets and goodwill - Amortization expense related to identifiable intangible assets in future periods (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortization expense related to identifiable intangible assets in future periods
2021 remaining	$ 1,661
2022	2,195
2023	2,140
2024	2,140
2025	2,139
Thereafter	11,885
Total	$ 22,160	$ 22,714

Intangible assets and goodwil_4

Intangible assets and goodwill - Goodwill balance (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible assets and goodwill
Goodwill balance	$ 18,262	$ 18,262

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued payroll and compensation	$ 2,002	$ 2,225
Current portion of contingent consideration	2,740	1,590
Accrued inventory purchases	1,073	478
Other accrued expenses	3,336	2,722
Total accrued expenses and other current liabilities	$ 9,151	$ 7,015

Debt and capital lease obliga_3

Debt and capital lease obligations - Term Loan Agreements (Details) - USD ($)	1 Months Ended		3 Months Ended
	Oct. 31, 2020	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Final payment fee to be paid upon termination			$ 1,625,000
Amortization of final payment fee			$ 81,000
Period of straight-line amortization			24 months
Effective interest rate at end of period			7.85%
Final payment fee to be paid upon termination (as a percent)			5.00%
Prepayment fee percent , year one			3.00%
Prepayment fee percent, year two			2.00%
Prepayment fee percent, year three			1.00%
Short-term debt obligation			$ 1,238,000			$ 1,032,000
Long-term debt obligation			$ 33,388,000			$ 33,488,000
LIBOR
Debt Instrument [Line Items]
LIBOR floor			1.50%
Innovatus Term Loan
Debt Instrument [Line Items]
Principal amount		$ 25,000,000
Cash interest, effective interest rate for first 24 months		24.00%
Period for deferred interest		$ 7.25
Deferred interest, effective interest rate for first 24 months		1.75%
Monthly principal payment		$ 1,079,000
Frequency of principal payment		1,079 Per Month
Final payment fee to be paid upon termination		$ 750,000
Amortization of final payment fee			$ 0	$ 31,000
Repayments of debt	$ 26,882,000
Innovatus Term Loan | Prime
Debt Instrument [Line Items]
Interest rate a)		5.25%
Interest rate b) variable rate spread		3.75%
Midcap Trust Term Loan
Debt Instrument [Line Items]
Credit facility amount	37,500,000
Proceeds received	$ 32,500,000
Amount available to be drawn during Q2					$ 5,000,000
PPP loan
Debt Instrument [Line Items]
Short-term debt obligation			1,200,000
Long-term debt obligation			$ 1,300,000

Debt and capital lease obliga_4

Debt and capital lease obligations - Debt components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 34,976	$ 34,976
Unamortized debt discount	(489)	(515)
Accretion of final fee	139	59
Total debt, net	34,626	34,520
Amount included as short-term	(1,238)	(1,032)
Long-term debt, net of current portion and debt discount	33,388	33,488
Midcap Trust Term Loan
Debt Instrument [Line Items]
Total minimum principal payments	32,500	32,500
PPP loan
Debt Instrument [Line Items]
Total minimum principal payments	2,476	$ 2,476
Amount included as short-term	(1,200)
Long-term debt, net of current portion and debt discount	$ 1,300

Debt and capital lease obliga_5

Debt and capital lease obligations - Debt maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 34,976	$ 34,976
Midcap Trust Term Loan
Debt Instrument [Line Items]
December 31, 2023	2,708
December 31, 2024	16,250
December 31, 2025	13,542
Total minimum principal payments	32,500	32,500
PPP loan
Debt Instrument [Line Items]
December 31, 2021	1,032
December 31, 2022	1,238
December 31, 2023	206
Total minimum principal payments	$ 2,476	$ 2,476

Debt and capital lease obliga_6

Debt and capital lease obligations - Sale of Series D Preferred Stock (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Temporary Equity [Line Items]
Purchase price (per share) | $ / shares	$ 1.53
Warrant value recorded as debt discount	$ 192
Series D Warrant
Temporary Equity [Line Items]
Shares called by warrant | shares	368,779
Series D Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Proceeds from sale of stock	$ 2,000
Minimum offering proceeds required as condition of debt arrangement	$ 25,000

Debt and capital lease obliga_7

Debt and capital lease obligations - Capital lease obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt and capital lease obligations
Current portion of capital lease obligations	$ 277	$ 197
Long-term portion of capital lease obligations	$ 399	$ 277

Stockholder's equity (Details)

Stockholder's equity (Details)	Sep. 27, 2019USD ($)$ / sharesshares	Nov. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jul. 31, 2017USD ($)$ / sharesshares	Nov. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2021USD ($)Vote$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Preferred stock redemption notice period						180 days
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares						13,715,330	13,715,330
Preferred stock, par value | $ / shares						$ 0.00001	$ 0.00001
Stock issued during period | shares				13,715,330
Shares Issued, Price Per Share | $ / shares				$ 0.6562		0.6562
Proceeds from issuance of redeemable preferred stock, net of issuance costs | $				$ 8,943,000
Preferred stock conversion price | $ / shares						$ 15,289
Preferred stock, preference in liquidation | $						$ 11,680,000	$ 11,500,000
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares						26,732,361	26,732,361
Preferred stock, par value | $ / shares						$ 0.00001	$ 0.00001
Stock issued during period | shares		1,048,328	25,684,033
Shares Issued, Price Per Share | $ / shares		$ 0.9539	$ 0.9539			0.9539
Proceeds from issuance of redeemable preferred stock, net of issuance costs | $		$ 25,437,000	$ 25,437,000
Preferred stock conversion price | $ / shares						$ 2.2226
Preferred stock, preference in liquidation | $						$ 30,617,000	$ 30,107,000
Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares						16,758,996	16,758,996
Preferred stock, par value | $ / shares						$ 0.00001	$ 0.00001
Stock issued during period | shares	16,390,217
Shares Issued, Price Per Share | $ / shares	$ 1.5253					1.5253
Proceeds from issuance of redeemable preferred stock, net of issuance costs | $	$ 24,824,000
Preferred stock conversion price | $ / shares						$ 3.5539
Preferred stock, preference in liquidation | $						$ 28,000,000	$ 27,500,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized | shares						62,220,020	62,220,020
Common stock, par value | $ / shares						$ 0.00001	$ 0.00001
Common stock, shares issued | shares						0	0
Common stock, shares outstanding | $						$ 0	$ 0
Proceeds from issuance of redeemable preferred stock, net of issuance costs | $						$ 50,000
Preferred stock, automatic conversion trigger, IPO minimum price | $ / shares						$ 3.05
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized | shares						16,822,202	16,822,202
Common stock, par value | $ / shares						$ 0.00001	$ 0.00001
Common stock, shares issued | shares						2,835,099	2,563,765
Common stock, shares outstanding | $						$ 2,835,099	$ 2,563,765
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares						5,013,333	5,013,333
Preferred stock, par value | $ / shares						$ 0.00001	$ 0.00001
Stock issued during period | shares					5,013,333
Shares Issued, Price Per Share | $ / shares					$ 0.25	0.25
Proceeds from issuance of preferred stock | $					$ 1,253,000
Preferred stock conversion price | $ / shares						$ 0.5825
Preferred stock, preference in liquidation | $						$ 1,253,000	$ 1,253,000
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized | shares						79,042,222
Common stock, par value | $ / shares						$ 0.00001
Common Stock | Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion price | $ / shares						0.6562
Common Stock | Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion price | $ / shares						0.9539
Common Stock | Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion price | $ / shares						$ 1.5253
Common Stock | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized | shares						62,220,020
Common Stock Voting Rights Per Share | Vote						1
Common stock, shares issued | shares						0	0
Common Stock, Shares, Outstanding | shares						0	0
Common Stock | Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized | shares						16,822,202
Common stock, shares issued | shares						2,835,099	2,563,765
Common Stock, Shares, Outstanding | shares						2,835,099	2,563,765
Common stock, shares reserved for issuance upon the exercise of stock options | shares						5,457,669	4,932,952
Common Stock | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion price | $ / shares						$ 0.25
Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares						62,220,020
Preferred stock, par value | $ / shares						$ 0.00001
Dividend accrual rate per annum						8.00%
Preferred Stock | Class A Common Stock
Class of Stock [Line Items]
Common Stock Voting Rights Per Share | Vote						1

Stock compensation plan (Detail

Stock compensation plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	1,343,700	721,741
Options granted, weighted average fair value per share	$ 6.96	$ 0.47
Options granted, weighted average exercise price per share	$ 14.25	$ 0.53
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average risk-free interest rate	1.00%	1.10%
Expected dividend yield	0.00%	0.00%
Expected volatility	51.00%	45.10%
Expected term	6 years 1 month 6 days	4 years 10 months 24 days
Stock-based compensation	$ 254	$ 312
Period for recognition	3 years 10 months 24 days	2 years 10 months 24 days
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation	$ 16	$ 2
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation	183	231
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation	55	79
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to employees	$ 9,322	327
Share-based Payment Arrangement, Grantee Status [Extensible List]	us-gaap:ShareBasedPaymentArrangementEmployeeMember
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Unrecognized compensation	$ 9,051	$ 451

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income taxes
Benefit (provision) for income taxes	$ 6	$ (38)
Statutory rate	21.00%

Commitments and contingencies -

Commitments and contingencies - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jul. 31, 2019	Nov. 30, 2017
Lessee, Lease, Description [Line Items]
2021 remaining	$ 906
2022	1,179
2023	1,219
2024	1,259
2025	1,300
Thereafter	1,399
Total	7,262
Rent expense	$ 319	$ 273
Office and laboratory space | Menlo Park, CA | Month To Month Lease
Lessee, Lease, Description [Line Items]
Security deposit				$ 56
Office and laboratory space | Menlo Park, CA | Seven Year Lease
Lessee, Lease, Description [Line Items]
Security deposit			$ 181
Term of contract			7 years
Office lease | Marlborough, MA | Seven Year Lease
Lessee, Lease, Description [Line Items]
Security deposit			$ 450
Term of contract			7 years

Commitments and contingencies_2

Commitments and contingencies - License Agreements (Details) - USD ($)	1 Months Ended
	Nov. 30, 2015	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2018
Other Commitments [Line Items]
Royalty rate on net sales of the product	2.25%
Class B Common Stock
Other Commitments [Line Items]
Shares issued pursuant to the agreement	91,559
License Agreement | Stanford | Minimum
Other Commitments [Line Items]
Annual license maintenance fee commitment	$ 20,000
License Agreement | Stanford | Maximum
Other Commitments [Line Items]
Annual license maintenance fee commitment	$ 50,000
License Agreement | PKI
Other Commitments [Line Items]
Accrued royalties		$ 2,500	$ 1,800
License Agreement | PKI | Minimum
Other Commitments [Line Items]
Royalty rate on net sales of the product					1.00%
License Agreement | PKI | Maximum
Other Commitments [Line Items]
Royalty rate on net sales of the product					7.00%
Research Arrangement
Other Commitments [Line Items]
Amount required to pay 2021				$ 500
Amount required to pay 2022				400
Amount required to pay 2023				$ 100

Net loss per share attributab_3

Net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net loss per share attributable to common stockholders
Net loss	$ (8,082)	$ (2,143)
Dividends accrued on redeemable convertible preferred stock	(1,190)	(1,190)
Accretion of redeemable convertible preferred stock	(296)	(296)
Adjusted net loss attributable to common stockholders	$ (9,568)	$ (3,629)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted	2,706,133	2,288,875
Basic and diluted net loss per common share outstanding	$ (3.54)	$ (1.59)

Net loss per share attributab_4

Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	31,672,608	30,584,103
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	2,151,641	2,151,641
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	5,886,405	5,886,405
Series C Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	11,473,110	11,473,110
Series D Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	7,034,423	7,034,423
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	4,947,296	3,852,087
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	21,459	28,163
Series D Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	158,274	158,274

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segment | segment	1
Total Revenue	$ 12,212	$ 11,021
North America
Disaggregation of Revenue [Line Items]
Total Revenue	5,209	4,865
APAC
Disaggregation of Revenue [Line Items]
Total Revenue	3,690	3,856
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	$ 3,313	$ 2,300

Segments - Revenue (Details)

Segments - Revenue (Details) - Revenue from Contract with Customer Benchmark - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
North America
Concentration Risk [Line Items]
Concentration Risk, Percentage	43.00%	44.00%
APAC
Concentration Risk [Line Items]
Concentration Risk, Percentage	30.00%	35.00%
EMEA
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	21.00%
One country
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%
Another country
Concentration Risk [Line Items]
Concentration Risk, Percentage		24.00%

Related party transactions (Det

Related party transactions (Details) - Argonaut Manufacturing services - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Costs of goods sold relating to sales to related party	$ 500	$ 200
Inventory purchased from related party	1,400		$ 1,300
Accounts payable due to related party	$ 100		$ 600
Percentage of total outstanding shares owned by related party	5.00%

Subsequent events (Details)

Subsequent events (Details) - $ / shares	Apr. 20, 2021	Apr. 08, 2021	Apr. 30, 2021	Feb. 28, 2021
2015 Plan
Subsequent Event [Line Items]
Increase in number of shares of common stock authorized for issuance				1,072,961
2015 Plan | Minimum
Subsequent Event [Line Items]
Number of shares of common stock authorized for issuance				4,947,214
2015 Plan | Maximum
Subsequent Event [Line Items]
Number of shares of common stock authorized for issuance				6,020,175
Subsequent Event
Subsequent Event [Line Items]
Reverse stock split ratio		2.33
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Conversion of stock	26,545,579
Subsequent Event | IPO
Subsequent Event [Line Items]
Shares Issued			7,567,000
Price per share			$ 20
Subsequent Event | IPO | Common Stock
Subsequent Event [Line Items]
Shares Issued	7,567,000
Price per share	$ 20
Subsequent Event | IPO | Preferred Stock
Subsequent Event [Line Items]
Conversion of stock	(26,545,579)
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Shares Issued			987,000
Subsequent Event | Over-Allotment Option | Common Stock
Subsequent Event [Line Items]
Shares Issued	987,000
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Conversion of stock	2,563,765		2,563,765
Subsequent Event | Class B Common Stock
Subsequent Event [Line Items]
Stock Conversion Ratio		1
Conversion of stock		(2,563,765)
Subsequent Event | Class B Common Stock | IPO
Subsequent Event [Line Items]
Conversion of stock	2,563,765
Subsequent Event | 2015 Plan | Common Stock
Subsequent Event [Line Items]
Number of shares of common stock authorized for issuance			6,020,175
Subsequent Event | 2021 Plan
Subsequent Event [Line Items]
Number of shares of common stock authorized for issuance		1,727,953
Period within which the number of shares of common stock available for issuance under the plan will be automatically increased		10 years
Shares that will be automatically increased and become available for issuance under the plan as a percent to the outstanding shares		5.00%
Subsequent Event | 2021 ESPP
Subsequent Event [Line Items]
Number of shares of common stock authorized for issuance		172,795
Period within which the number of shares of common stock available for issuance under the plan will be automatically increased		10 years
Shares that will be automatically increased and become available for issuance under the plan as a percent to the outstanding shares		0.50%
Maximum percentage of payroll deduction that is eligible to purchase stock		15.00%