Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40344 | |
Entity Registrant Name | Akoya Biosciences, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5586242 | |
Entity Address, Address Line One | 100 Campus Drive | |
Entity Address, Address Line Two | 6th Floor | |
Entity Address, City or Town | Marlborough | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01752 | |
City Area Code | 855 | |
Local Phone Number | 896-8401 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Trading Symbol | AKYA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,940,867 | |
Entity Central Index Key | 0001711933 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 93,328 | $ 74,229 |
Marketable securities | 6,989 | |
Accounts receivable, net | 12,866 | 9,729 |
Inventories, net | 16,131 | 14,486 |
Prepaid expenses and other current assets | 3,845 | 6,764 |
Total current assets | 126,170 | 112,197 |
Property and equipment, net | 11,139 | 10,174 |
Restricted cash | 323 | 303 |
Demo inventory, net | 1,546 | 2,084 |
Intangible assets, net | 19,125 | 20,048 |
Goodwill | 18,262 | 18,262 |
Operating lease right of use assets, net | 9,629 | 10,785 |
Financing lease right of use assets, net | 1,990 | 1,490 |
Other assets | 695 | 688 |
Total assets | 188,879 | 176,031 |
Current liabilities | ||
Accounts payable | 11,732 | 10,628 |
Accrued expenses and other current liabilities | 14,728 | 16,519 |
Current portion of operating lease liabilities | 2,894 | 3,009 |
Current portion of financing lease liabilities | 822 | 620 |
Deferred revenue | 7,214 | 6,279 |
Total current liabilities | 37,390 | 37,055 |
Deferred revenue, net of current portion | 2,495 | 2,114 |
Long-term debt, net of debt discount | 63,636 | 63,277 |
Deferred tax liability, net | 87 | 87 |
Operating lease liabilities, net of current portion | 7,253 | 8,203 |
Financing lease liabilities, net of current portion | 1,066 | 675 |
Contingent consideration liability (Note 4), net of current portion | 5,051 | 6,039 |
Total liabilities | 116,978 | 117,450 |
Stockholders' equity | ||
Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | ||
Common Stock, $0.00001 par value; 500,000,000 shares authorized at March 31, 2023 and December 31, 2022; 38,399,071 and 38,288,188 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 2 | 2 |
Additional paid in capital | 278,252 | 225,333 |
Accumulated deficit | (206,353) | (166,748) |
Accumulated other comprehensive loss | (6) | |
Total stockholders' equity | 71,901 | 58,581 |
Total liabilities and stockholders' equity | $ 188,879 | $ 176,031 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 48,821,941 | 38,288,188 |
Common stock, shares outstanding | 48,821,941 | 38,288,188 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | $ 23,521 | $ 17,894 | $ 44,931 | $ 34,788 |
Cost of goods sold | 11,405 | 7,553 | 20,522 | 14,351 |
Gross profit | 12,116 | 10,341 | 24,409 | 20,437 |
Operating expenses: | ||||
Selling, general and administrative | 22,708 | 20,590 | 44,466 | 38,783 |
Research and development | 6,273 | 5,598 | 12,046 | 11,312 |
Change in fair value of contingent consideration | 530 | (1,156) | 757 | (956) |
Depreciation and amortization | 1,847 | 1,617 | 3,818 | 3,160 |
Total operating expenses | 31,358 | 26,649 | 61,087 | 52,299 |
Loss from operations | (19,242) | (16,308) | (36,678) | (31,862) |
Other income (expense): | ||||
Interest expense | (2,175) | (849) | (4,229) | (1,598) |
Interest income | 737 | 54 | 1,502 | 76 |
Other expense, net | (105) | (286) | (153) | (382) |
Loss before provision for income taxes | (20,785) | (17,389) | (39,558) | (33,766) |
Provision for income taxes | (18) | (106) | (47) | (128) |
Net loss | $ (20,803) | $ (17,495) | $ (39,605) | $ (33,894) |
Net loss per share attributable to common stockholders, basic | $ (0.51) | $ (0.47) | $ (1) | $ (0.90) |
Net loss per share attributable to common stockholders, diluted | $ (0.51) | $ (0.47) | $ (1) | $ (0.90) |
Weighted-average shares outstanding, basic | 40,639,714 | 37,612,331 | 39,489,261 | 37,538,821 |
Weighted-average shares outstanding, diluted | 40,639,714 | 37,612,331 | 39,489,261 | 37,538,821 |
Product | ||||
Revenue | $ 17,147 | $ 14,161 | $ 32,671 | $ 27,504 |
Cost of goods sold | 7,788 | 5,198 | 13,539 | 9,278 |
Service and other | ||||
Revenue | 6,374 | 3,733 | 12,260 | 7,284 |
Cost of goods sold | $ 3,617 | $ 2,355 | $ 6,983 | $ 5,073 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (20,803) | $ (17,495) | $ (39,605) | $ (33,894) |
Other comprehensive income: | ||||
Unrealized gain on marketable securities | (92) | 6 | (92) | |
Total other comprehensive income | (92) | 6 | (92) | |
Comprehensive loss | $ (20,803) | $ (17,587) | $ (39,599) | $ (33,986) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated other comprehensive income (loss) | Total |
Balance, beginning of period at Dec. 31, 2021 | $ 2 | $ 217,456 | $ (96,107) | $ 121,351 | |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 37,424,101 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 55 | 55 | |||
Exercise of stock options (in shares) | 78,257 | ||||
Net loss | (16,399) | (16,399) | |||
Stock-based compensation | 1,545 | 1,545 | |||
Balance, end of period at Mar. 31, 2022 | $ 2 | 219,056 | (112,506) | 106,552 | |
Balance, end of period (in shares) at Mar. 31, 2022 | 37,502,358 | ||||
Balance, beginning of period at Dec. 31, 2021 | $ 2 | 217,456 | (96,107) | 121,351 | |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 37,424,101 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | (92) | ||||
Net loss | (33,894) | ||||
Balance, end of period at Jun. 30, 2022 | $ 2 | 220,941 | (130,001) | $ (92) | 90,850 |
Balance, end of period (in shares) at Jun. 30, 2022 | 37,766,655 | ||||
Balance, beginning of period at Mar. 31, 2022 | $ 2 | 219,056 | (112,506) | 106,552 | |
Balance, beginning of period (in shares) at Mar. 31, 2022 | 37,502,358 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 164 | 164 | |||
Exercise of stock options (in shares) | 264,297 | ||||
Other comprehensive income (loss) | (92) | (92) | |||
Net loss | (17,495) | (17,495) | |||
Stock-based compensation | 1,721 | 1,721 | |||
Balance, end of period at Jun. 30, 2022 | $ 2 | 220,941 | (130,001) | (92) | 90,850 |
Balance, end of period (in shares) at Jun. 30, 2022 | 37,766,655 | ||||
Balance, beginning of period at Dec. 31, 2022 | $ 2 | 225,333 | (166,748) | (6) | 58,581 |
Balance, beginning of period (in shares) at Dec. 31, 2022 | 38,288,188 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 58 | 58 | |||
Exercise of stock options (in shares) | 88,756 | ||||
Vesting of restricted stock units | (94) | (94) | |||
Vesting of restricted stock units (in shares) | 22,127 | ||||
Other comprehensive income (loss) | 6 | 6 | |||
Net loss | (18,802) | (18,802) | |||
Stock-based compensation | 2,375 | 2,375 | |||
Balance, end of period at Mar. 31, 2023 | $ 2 | 227,672 | (185,550) | 42,124 | |
Balance, end of period (in shares) at Mar. 31, 2023 | 38,399,071 | ||||
Balance, beginning of period at Dec. 31, 2022 | $ 2 | 225,333 | (166,748) | $ (6) | 58,581 |
Balance, beginning of period (in shares) at Dec. 31, 2022 | 38,288,188 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Other comprehensive income (loss) | 6 | ||||
Net loss | (39,605) | ||||
Balance, end of period at Jun. 30, 2023 | $ 2 | 278,252 | (206,353) | 71,901 | |
Balance, end of period (in shares) at Jun. 30, 2023 | 48,821,941 | ||||
Balance, beginning of period at Mar. 31, 2023 | $ 2 | 227,672 | (185,550) | 42,124 | |
Balance, beginning of period (in shares) at Mar. 31, 2023 | 38,399,071 | ||||
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 143 | 143 | |||
Exercise of stock options (in shares) | 379,418 | ||||
Vesting of restricted stock units (in shares) | 38,452 | ||||
Issuance of common stock, net of costs | 47,817 | 47,817 | |||
Issuance of common stock, net of costs (in shares) | 10,005,000 | ||||
Net loss | (20,803) | (20,803) | |||
Stock-based compensation | 2,620 | 2,620 | |||
Balance, end of period at Jun. 30, 2023 | $ 2 | $ 278,252 | $ (206,353) | $ 71,901 | |
Balance, end of period (in shares) at Jun. 30, 2023 | 48,821,941 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net loss | $ (39,605) | $ (33,894) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 4,208 | 3,309 |
Non-cash interest expense | 359 | 226 |
Stock-based compensation expense | 4,995 | 3,266 |
Deferred taxes | 99 | |
Change in fair value of contingent consideration | 757 | (956) |
Net accretion of marketable securities | (5) | (43) |
Operating lease right-of-use asset | 1,156 | (1,278) |
Change in inventory reserve | 2,198 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (3,137) | (1,028) |
Prepaid expenses and other assets | 2,342 | (1,062) |
Inventories, net | (4,045) | (4,131) |
Accounts payable | 1,104 | 3,937 |
Accrued expenses and other liabilities | (2,140) | (2,190) |
Operating lease liabilities | (1,065) | 1,372 |
Deferred revenue | 1,316 | 1,055 |
Net cash used in operating activities | (31,562) | (31,318) |
Investing activities | ||
Purchases of property and equipment | (2,227) | (2,702) |
Maturities Of /(Payments To Acquire) Marketable Securities | 7,000 | (40,774) |
Net cash provided by (used in) investing activities | 4,773 | (43,476) |
Financing activities | ||
Issuance of common stock, net of costs | 48,071 | |
Proceeds from stock option exercises | 201 | 219 |
Settlement of restricted stock units for tax withholding obligations | (94) | |
Proceeds from debt | 10,000 | |
Principal payments on financing leases | (321) | (316) |
Payments of debt issuance costs | (33) | (100) |
Payments of deferred at-the-market offering costs | (207) | |
Payments of contingent consideration | (1,709) | (1,207) |
Net cash improved by financing activities | 45,908 | 8,596 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 19,119 | (66,198) |
Cash, cash equivalents, and restricted cash at beginning of year | 74,532 | 113,381 |
Cash, cash equivalents, and restricted cash at end of year | 93,651 | 47,183 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 3,705 | 1,290 |
Supplemental disclosures of non-cash activities | ||
Right-of-use asset obtained in exchange for lease liabilities | 914 | |
Unpaid offering costs related to sale of common stock in underwritten offer | 254 | |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 596 | $ 1,815 |
The company and basis of presen
The company and basis of presentation | 6 Months Ended |
Jun. 30, 2023 | |
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 PhenoCycler ™ ® ) ™ (formerly ™) On September 28, 2018, the Company acquired the commercial Quantitative Pathology Solutions (“QPS”) 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 QPS 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”). 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 June 30, 2023, the consolidated statements of operations, the consolidated statements of comprehensive loss and the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 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 June 30, 2023, the results of its operations for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2022 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, 2022 included in the Annual Report on Form 10-K filed with the SEC on March 6, 2023. Liquidity and going concern At June 30, 2023, the Company had cash and cash equivalents of $93,328 and an accumulated deficit of $206,353. 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 through the sale of shares of our common stock. The Company completed its initial public offering of the Company’s common stock in April of 2021 (the “IPO”) and completed a follow-on public offering of the Company’s common stock in June of 2023, as further described in Note 10 below. 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. The Company has incurred losses since its inception and has used cash from operations of $31,562 during the six months ended June 30, 2023. However, the Company believes that its existing cash and cash equivalents will be adequate to satisfy its 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 | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of significant accounting policies | (2) Summary of significant accounting policies Significant accounting policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC and have not materially changed during the six months ended June 30, 2023. Reclassifications Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation. Revenue recognition The Company follows ASC 606, Revenue from Contracts with Customers The Company generates revenue from the sale and installation of instruments, related warranty services, reagents, software (both company-owned and with third parties), and laboratory services. 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. The Company generally 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. 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 one-year In June 2022, the Company entered into a Companion Diagnostic Agreement with Acrivon Therapeutics, Inc. (the “Acrivon Agreement”) to co-develop, validate, and commercialize Acrivon’s OncoSignature® test. The Company will be paid through an upfront payment and at the achievement of certain developmental, commercial, and FDA milestones during the development, that could aggregate to $10,850. The Acrivon Agreement is in the scope of ASC 606, Revenue from Contracts with Customers The costs incurred by the Company under this arrangement are included as research and development expenses in the Company’s Consolidated Statements of Operations as these costs are related to the development of new services and technology to be owned and offered by the Company. 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 Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue Product revenue Instruments $ 11,276 $ 9,463 $ 20,883 $ 17,984 Consumables 5,819 4,495 11,531 9,123 Standalone software products 52 203 257 397 Total product revenue $ 17,147 $ 14,161 $ 32,671 $ 27,504 Service and other revenue $ 6,374 $ 3,733 $ 12,260 $ 7,284 Total revenue $ 23,521 $ 17,894 $ 44,931 $ 34,788 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 June 30, 2023 or December 31, 2022. The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales, as well as lab services. The Company classifies contract liabilities associated with service based warranties in deferred revenue, and contract liabilities associated with lab services in accrued expenses. Contract liabilities are classified as current or noncurrent based on the timing of when the Company expects to service the warranty, or complete the lab services contract. 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 and six months ended June 30, 2023 and 2022. Stock-based compensation The Company records stock-based compensation for awards granted to employees, non-employees, and to members of the Board of Directors of the Company (the “Board”) for their services on the Board 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 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 Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price becomes available. 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. For restricted stock units (“RSUs”) issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant. 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 11 for further details on the Company’s stock-based compensation plans. Net loss per share attributable to common stockholders Basic and diluted net loss per common share outstanding is determined by dividing net loss by the weighted average common shares outstanding during the period. For purposes of the diluted net loss per share calculations, stock options, unvested restricted stock units, and the outstanding warrant, are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. Comprehensive income (loss) Components of comprehensive income (loss), including net loss, are reported in the financial statements in the period in which they are recognized. Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net loss and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders which for the three and six months ended June 30, 2023 consist of unrealized gain (loss) on marketable securities. Marketable securities Marketable securities represent holdings of available-for-sale marketable debt securities in accordance with the Company’s investment policy. Short-term marketable securities mature within one year from the balance sheet date while long-term marketable securities mature after one year. Investments in marketable securities are recorded at fair value, with any unrealized gains and losses reported within accumulated other comprehensive income as a separate component of stockholders’ equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are reflected as a component of other expense. Interest on securities sold is determined based on the specific identification method and reflected as interest income. Any realized gains or losses on the sale of investment are reflected as realized (loss) gain on investments. 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. The Company has elected to avail itself of this extended transition period and, as a result, the Company 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 adopted accounting standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments 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. The Company adopted ASU 2017-04 on January 1, 2023. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Significant risks and uncertain
Significant risks and uncertainties including business and credit concentrations | 6 Months Ended |
Jun. 30, 2023 | |
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, marketable securities, and receivables. The Company’s cash equivalents are held by large, credit worthy financial institutions. Marketable securities consist of short-term investments. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these banks generally exceed federally insured limits. 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 credit losses. The allowance for credit loss 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. The Company had an allowance for credit loss of $45 and $45 at June 30, 2023 and December 31, 2022, respectively. For the three and six months ended June 30, 2023, no single customer accounted for more than 10% of revenue. For the three months ended June 30, 2022, one customer accounted for 13% of revenue. For the six months ended June 30, 2022, no customers accounted for more than 10% of revenue. As of June 30, 2023 and December 31, 2022, no single customer accounted for more than 10% of accounts receivable. |
Fair value of financial instrum
Fair value of financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022: Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 93,328 $ 93,328 $ — $ — Total Assets $ 93,328 $ 93,328 $ — $ — Liabilities: Contingent consideration – Short term portion $ 1,745 $ — $ — $ 1,745 Contingent consideration – Long term portion 5,051 — — 5,051 Total Liabilities $ 6,796 $ — $ — $ 6,796 Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 74,229 $ 73,973 $ 256 $ — U.S. Treasury securities 6,989 — 6,989 — Total Assets $ 81,218 $ 73,973 $ 7,245 $ — Liabilities: Contingent consideration – Short term portion $ 1,709 $ — $ — $ 1,709 Contingent consideration – Long term portion 6,039 — — 6,039 Total Liabilities $ 7,748 $ — $ — $ 7,748 The following is a summary of cash, cash equivalents, and marketable securities as of June 30, 2023 and December 31, 2022: June 30, 2023 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cash and cash equivalents $ 93,328 $ — $ — $ 93,328 Total cash and cash equivalents $ 93,328 $ — $ — $ 93,328 December 31, 2022 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cash and cash equivalents $ 74,229 $ — $ — $ 74,229 Marketable securities: U.S. Treasury securities due in one year or less 6,995 — (6) 6,989 Total marketable securities 6,995 — (6) 6,989 Total cash, cash equivalents, and marketable securities $ 81,224 $ — $ (6) $ 81,218 The Company had no material realized gains or losses on its available-for-sale securities for the three and six months ended June 30, 2023 and 2022. The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration 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 recurring Level 3 fair value measurements of the Company’s contingent consideration liability include the following significant unobservable inputs: Fair Value as of June 30, Valuation Unobservable Contingent Consideration Liability 2023 Technique Inputs Revenue-based Payments $ 6,796 Discounted Cash Flow Analysis under the Income Approach Revenue discount factor, discount rate |
Property and equipment, net
Property and equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property and equipment, net | |
Property and equipment, net | (5) Property and equipment, net Property and equipment consists of the following: Estimated Useful June 30, December 31, Life (Years) 2023 2022 Furniture and fixtures 7 $ 1,201 $ 452 Computers, laptop and peripherals 5 5,283 4,762 Laboratory equipment 5 8,629 7,302 Leasehold improvements Shorter of the lease life or 7 3,961 3,983 Total property and equipment 19,074 16,499 Less: Accumulated depreciation (7,935) (6,325) Property and equipment, net $ 11,139 $ 10,174 Depreciation expense of $721 and $1,419 relating to property and equipment was charged to operations for the three and six months ended June 30, 2023, respectively. Depreciation expense of $548 and $982 relating to property and equipment was charged to operations for the three and six months ended June 30, 2022, respectively. Depreciation expense of $151 and $230 relating to property and equipment was charged to cost of sales for the three and six months ended June 30, 2023, respectively. Depreciation expense of $39 and $115 relating to property and equipment was charged to cost of sales for the three and six months ended June 30, 2022, respectively. Demo inventory consists of the following: Estimated June 30, December 31, Life (Years) 2023 2022 Demo inventory – gross 3 $ 4,466 $ 4,453 Less: Accumulated depreciation (2,920) (2,369) Demo inventory, net $ 1,546 $ 2,084 Depreciation expense of $326 and $652 relating to demo equipment was charged to operations for the three and six months ended June 30, 2023, respectively. Depreciation expense of $293 and $645 relating to demo equipment was charged to operations for the three and six months ended June 30, 2022, respectively. |
Allowance for credit losses
Allowance for credit losses | 6 Months Ended |
Jun. 30, 2023 | |
Allowance for credit losses | |
Allowance for credit losses | (6) Allowance for credit losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances. The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted. As of June 30, 2023, the Company’s accounts receivable balance was $12,866, net of $45 of allowance for credit losses. The following table provides a roll-forward of the allowance for credit losses for the six months ended June 30, 2023 that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Balance at January 1, 2023 $ 45 Change in provision — Balance at June 30, 2023 $ 45 |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2023 | |
Intangible assets and goodwill | |
Intangible assets and goodwill | (7) Intangible assets Intangible assets as of June 30, 2023 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 $ (3,742) $ 8,058 15 Developed technology 8,300 (3,289) 5,011 12 Licenses 213 (181) 32 15 Trade names and trademarks 6,300 (2,964) 3,336 12 Capitalized software 3,200 (512) 2,688 5 Non-compete agreements 300 (300) — 4 Total intangible assets $ 30,113 $ (10,988) $ 19,125 Intangible assets as of December 31, 2022 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 $ (3,348) $ 8,452 15 Developed technology 8,300 (2,943) 5,357 12 Licenses 213 (36) 177 15 Trade names and trademarks 6,300 (2,550) 3,750 12 Capitalized software 2,631 (319) 2,312 5 Non-compete agreements 300 (300) — 4 Total intangible assets $ 29,544 $ (9,496) $ 20,048 Total amortization expense for the three and six months ended June 30, 2023 was $675 and $1,492, respectively. Total amortization expense for the three and six months ended June 30, 2022 was $649 and $1,267, respectively. As of June 30, 2023 the amortization expense related to identifiable intangible assets in future periods is expected to be as follows: 2023 remaining $ 1,475 2024 2,903 2025 2,903 2026 2,872 2027 1,885 Thereafter 7,087 Total $ 19,125 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | (8) Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2023 2022 Payroll and compensation $ 6,853 $ 8,288 Current portion of contingent consideration 1,745 1,709 Inventory purchases 1,554 488 Customer deposits 1,965 3,652 Other accrued expenses 2,611 2,382 Total accrued expenses and other current liabilities $ 14,728 $ 16,519 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure | |
Debt | (9) Debt Term Loan Agreements In October 2020, the Company entered into a debt financing arrangement with Midcap Financial Trust (the “Midcap Trust Term Loan”), for a $37,500 credit facility, consisting of a senior, secured term loan. The Company received $32,500 in aggregate proceeds as a result of the debt financing. The term of the Midcap Trust Term Loan is interest only for 36 months followed by 24 months of straight-line amortization. Interest on the outstanding balance of the Midcap Trust 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%. At the time of final payment under the Midcap Trust Term Loan, the Company is required to pay Midcap Financial Trust a final payment fee of 5.00% of the amount borrowed under the Midcap Trust Term Loan. If the Midcap Trust Term Loan is prepaid prior to the end of the term, the Company shall pay to Midcap Financial Trust 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. On March 21, 2022, the Company entered into Amendment No. 1 to the Midcap Trust Term Loan, which amended certain provisions to permit certain additional debt and capital leases. On June 1, 2022, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the Midcap Trust Term Loan, which permitted the draw of a second tranche of $10,000, which was drawn on June 1, 2022. Additionally, the amendment provides the Company with a new third tranche pursuant to which the Company may draw $10,000 any time after September 30, 2022 until September 30, 2023. The amendment also delayed the amortization start dates for the outstanding loan amounts from November 1, 2023 until April 1, 2025, at which point the Company will repay the principal amounts in seven equal monthly installments until the maturity date. Finally, Amendment No. 2 amended the interest rate payable on the term loan to apply an interest rate equal to the Secured Overnight Financing Rate (“SOFR”) rate (with a floor of 1.61448%) plus 6.35%. Substantially all other terms and conditions, and covenants of the credit agreement remain unchanged. In connection with Amendment No. 2, the Company agreed to pay a $75 commitment fee as well as a 0.25% fee upon the funding of each of the second tranche and third tranche amounts. The Company accounted for Amendment No. 2 as a modification pursuant to ASC 470-50. On September 30, 2022, the Company drew the third tranche of $10,000 related to Amendment No. 2. On November 7, 2022, the Company entered into Amendment No. 3 (“Amendment No. 3”) to the Midcap Trust Term Loan, which permitted the draw of two additional tranches, each totaling $11,250 , the first of which was drawn on November 7, 2022. The remaining tranche will become available for draw after June 30, 2023 but before December 31, 2023, and is subject to the Company achieving certain trailing twelve month revenue targets. Amendment No. 3 also delayed the amortization start dates for the outstanding loan amounts from April 1, 2025 until December 1, 2025 (subject to further extension upon certain conditions), at which point the Company will repay the principal amounts in equal monthly installments until the new maturity date of November 1, 2027, which was extended pursuant to Amendment No. 3. In addition, Amendment No. 3 amended the interest rate payable on the term loan to apply an interest rate equal to the SOFR rate (with a floor of 2.50% ) plus 6.80% , and reset the call protection to begin as of November 7, 2025. Finally, Amendment No. 3 provides for a commitment fee of $74 payable on November 7, 2022 on the new tranche amounts and an exit fee of 4.75% . As part of Amendment No. 3, the Company paid $779 for the accrued amount of the final payment fee. Substantially all other terms and conditions, and covenants of the credit agreement remain unchanged. The Company accounted for Amendment No. 3 as a modification pursuant to ASC 470-50. The interest rate was 12.07% at June 30, 2023. A final payment fee of $3,028 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three and six months ended June 30, 2023, the Company recorded $151 and $301, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan. For the three and six months ended June 30, 2022, the Company recorded $80 and $173, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan. Debt consists of the following: June 30, December 31, 2023 2022 Midcap Trust Term Loan $ 63,750 $ 63,750 Unamortized debt discount (507) (565) Accretion of final fee 393 92 Total long-term debt, net $ 63,636 $ 63,277 As of June 30, 2023, future principal payments due under the Midcap Trust Term Loan, excluding the $3,028 final payment fee, are as follows: Midcap Trust Year ended: Term Loan December 31, 2023 $ — December 31, 2024 — December 31, 2025 2,656 December 31, 2026 31,875 December 31, 2027 29,219 Total minimum principal payments $ 63,750 |
Stockholders equity
Stockholders equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholder's equity | |
Stockholder's equity | (10) Stockholder’s equity The Company’s Amended and Restated Certificate of Incorporation authorizes it to issue 500,000,000 shares of common stock, $0.00001 par value per share, and 10,000,000 shares of preferred stock, par value $0.00001 per share. Each share of Class A common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board, subject to the prior rights of holders of all classes of stock outstanding. As of June 30, 2023 and December 31, 2022, a total of 48,821,941 and 38,288,188 shares of common stock were issued outstanding In September 2019, the Company entered into a Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP (“Innovatus”), under which Innovatus agreed to make a term loan to the Company in an aggregate principal amount of $25,000 (the “Innovatus Term Loan”), which was repaid in October 2020. 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, 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 full value of the warrant or a portion of its full value. Prior to the IPO, since the underlying Series D redeemable convertible preferred stock was classified outside of permanent equity, the preferred stock warrant was classified as other long-term liabilities in the accompanying balance sheet. In connection with the IPO, the preferred stock warrant was converted to a warrant to purchase shares of the Company’s common stock, pursuant to its preexisting terms. As such, the Company assessed the classification of the common stock warrant and determined it met the criteria to be classified within stockholders’ equity. Accordingly, the fair value of the warrant liability was reclassified to stockholders’ equity. In the third quarter of 2022, Innovatus exercised its warrant to purchase the Company’s common stock. On November 7, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. (“Piper Sandler”) with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.00001 per share (the “Common Stock”), having an aggregate offering price of up to $50.0 million (the “Placement Shares”) through Piper Sandler as its sales agent. S ubject to the terms and conditions of the Equity Distribution Agreement, Piper Sandler may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made through The Nasdaq Global Select Market, on any other existing trading market for the Common Stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company will pay Piper Sandler a commission equal to 3.0% of the gross proceeds of any Common Stock sold through Piper Sandler under the Equity Distribution Agreement and has provided Piper Sandler with customary indemnification rights. As of June 30, 2023, we have not sold any shares of common stock under the ATM program. Issuance costs incurred related to the Equity Distribution Agreement are classified as long-term assets on the balance sheet at June 30, 2023 and December 31, 2022. On June 7, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC and Piper Sandler & Co. (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell up to 10,005,000 shares of common stock (the “Shares”), which included 1,305,000 shares (the “Optional Shares”) subject to a 30-day On June 8, 2023, the Underwriters exercised their option to purchase the Optional Shares in full. The Company received approximately $47.8 million in net proceeds from the Offering, after deducting the underwriting discounts and commissions and offering expenses payable by the Company. The Offering closed on June 12, 2023. |
Stock compensation plans
Stock compensation plans | 6 Months Ended |
Jun. 30, 2023 | |
Stock compensation plans | |
Stock compensation plans | (11) Stock compensation plans 2021 Equity Incentive Plan On March 24, 2021, the Board, and on April 8, 2021, the Company’s stockholders, approved and adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”). The 2021 Plan became effective immediately prior to 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 Company’s 2015 Equity Incentive Plan (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 were 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 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 Board. 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. Under the 2015 Plan, stock options were generally granted with exercise prices equal to or greater than the fair value of the common stock as determined by the Board, expired no later than 10 years from the date of grant, and vested over various periods not exceeding four years. While no shares are available for future issuance under the 2015 Plan, it continues to govern outstanding equity awards granted thereunder. Stock Options During the six months ended June 30, 2023 and 2022, the Company granted options with an aggregate fair value of $7,325 and $8,798, respectively, which are being recorded as 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. During the six months ended June 30, 2023, the Company granted options to purchase 1,467,154 shares of common stock at a weighted average fair value of $4.99 per share and a weighted average exercise price of $9.17 per share. During the six months ended June 30, 2022, the Company granted options to purchase 1,672,328 shares of common stock at a weighted average fair value of $5.29 per share and a weighted average exercise price of $10.53 per share. For the three and six months ended June 30, 2023 and 2022, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Three months ended Three months ended Six months ended Six months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Weighted-average risk-free interest rate 3.7 % 2.9 % 3.8 % 2.5 % Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 54.3 % 50.5 % 53.5 % 50.2 % Expected term 5.6 years 5.9 years 5.9 years 6.0 years Restricted Stock Units During the six months ended June 30, 2023 and 2022, the Company granted RSUs with an aggregate fair value of Stock-Based Compensation Stock-based compensation related to the Company’s stock-based awards was recorded as an expense and allocated as follows: Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Cost of goods sold $ 83 $ 60 $ 169 $ 107 Selling, general and administrative 2,186 1,378 4,108 2,603 Research and development 351 283 718 556 Total stock-based compensation $ 2,620 $ 1,721 $ 4,995 $ 3,266 As of June 30, 2023 and 2022, there was $15,752 and $20,295, respectively, of total unrecognized compensation cost related to non-vested stock options. The Company expects to recognize that cost over a remaining weighted-average period of 2.6 years and 3.0 years as of June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022 there was $11,692 and $3,033 of total unrecognized compensation cost related to non-vested RSUs. The Company expects to recognize that cost over a remaining weighted-average period of 3.5 and 3.8 years as of June 30, 2023 and 2022, respectively. |
Employee stock purchase plan
Employee stock purchase plan | 6 Months Ended |
Jun. 30, 2023 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Employee stock purchase plan | (11) Stock compensation plans 2021 Equity Incentive Plan On March 24, 2021, the Board, and on April 8, 2021, the Company’s stockholders, approved and adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”). The 2021 Plan became effective immediately prior to 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 Company’s 2015 Equity Incentive Plan (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 were 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 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 Board. 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. Under the 2015 Plan, stock options were generally granted with exercise prices equal to or greater than the fair value of the common stock as determined by the Board, expired no later than 10 years from the date of grant, and vested over various periods not exceeding four years. While no shares are available for future issuance under the 2015 Plan, it continues to govern outstanding equity awards granted thereunder. Stock Options During the six months ended June 30, 2023 and 2022, the Company granted options with an aggregate fair value of $7,325 and $8,798, respectively, which are being recorded as 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. During the six months ended June 30, 2023, the Company granted options to purchase 1,467,154 shares of common stock at a weighted average fair value of $4.99 per share and a weighted average exercise price of $9.17 per share. During the six months ended June 30, 2022, the Company granted options to purchase 1,672,328 shares of common stock at a weighted average fair value of $5.29 per share and a weighted average exercise price of $10.53 per share. For the three and six months ended June 30, 2023 and 2022, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Three months ended Three months ended Six months ended Six months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Weighted-average risk-free interest rate 3.7 % 2.9 % 3.8 % 2.5 % Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 54.3 % 50.5 % 53.5 % 50.2 % Expected term 5.6 years 5.9 years 5.9 years 6.0 years Restricted Stock Units During the six months ended June 30, 2023 and 2022, the Company granted RSUs with an aggregate fair value of Stock-Based Compensation Stock-based compensation related to the Company’s stock-based awards was recorded as an expense and allocated as follows: Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Cost of goods sold $ 83 $ 60 $ 169 $ 107 Selling, general and administrative 2,186 1,378 4,108 2,603 Research and development 351 283 718 556 Total stock-based compensation $ 2,620 $ 1,721 $ 4,995 $ 3,266 As of June 30, 2023 and 2022, there was $15,752 and $20,295, respectively, of total unrecognized compensation cost related to non-vested stock options. The Company expects to recognize that cost over a remaining weighted-average period of 2.6 years and 3.0 years as of June 30, 2023 and 2022, respectively. As of June 30, 2023 and 2022 there was $11,692 and $3,033 of total unrecognized compensation cost related to non-vested RSUs. The Company expects to recognize that cost over a remaining weighted-average period of 3.5 and 3.8 years as of June 30, 2023 and 2022, respectively. |
ESPP | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Employee stock purchase plan | (12) Employee stock purchase plan On March 24, 2021, the Board, and on April 8, 2021, the Company’s stockholders, approved and adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective in connection with the closing of the Company’s 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 Board. No shares have been issued under the ESPP at June 30, 2023 and December 31, 2022, respectively. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income taxes | |
Income taxes | (13) Income taxes During the three and six months ended June 30, 2023, the Company recorded a tax provision of $18 and $47, respectively. During the three and six months ended June 30, 2022, the Company recorded a tax provision of $106 and $128, respectively. The tax 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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and contingencies | |
Commitments and contingencies | (14) Commitments and contingencies License Agreements 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%. This contingent consideration is subject to remeasurement. The Company recorded approximately $1,745 and $1,709 of accrued royalties for projected net sales in 2023, and actual net sales in 2022, as of June 30, 2023 and December 31, 2022, respectively. Such amounts are payable in the first quarter of 2024 and 2023, respectively. Changes in the fair value of the Company’s long-term portion of the contingent consideration liability during the six months ended June 30, 2023 and 2022 were as follows: Balance as of December 31, 2022 $ 6,039 Reclassification of FY 2023 payment to accrued expenses (1,745) Change in contingent consideration value 757 Balance as of June 30, 2023 $ 5,051 Balance as of December 31, 2021 $ 7,850 Reclassification of FY 2022 payment to accrued expenses (1,295) Change in contingent consideration value (956) Balance as of June 30, 2022 $ 5,599 |
Net loss per share attributable
Net loss per share attributable to common stockholders | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per share attributable to common stockholders | |
Net loss per share attributable to common stockholders | (15) 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 Six months ended June 30, June 30, 2023 2022 2023 2022 Net loss $ (20,803) $ (17,495) $ (39,605) $ (33,894) Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted 40,639,714 37,612,331 39,489,261 37,538,821 Basic and diluted net loss per common share outstanding $ (0.51) $ (0.47) $ (1.00) $ (0.90) The Company’s potential dilutive securities, which include stock options, unvested restricted stock units, and the outstanding 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: June 30, 2023 2022 Outstanding stock options 6,381,561 6,696,436 Unvested restricted stock units 1,181,327 301,575 Warrant to purchase common stock — 158,274 Total 7,562,888 7,156,285 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segments | |
Segments | (16) 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 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 Six months ended June 30, June 30, 2023 2022 2023 2022 North America $ 13,810 $ 9,478 $ 25,661 $ 18,802 APAC 4,110 4,271 8,497 7,780 EMEA 5,601 4,145 10,773 8,206 Total Revenue $ 23,521 $ 17,894 $ 44,931 $ 34,788 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 North America 59 % 53 % 57 % 54 % APAC 17 % 24 % 19 % 22 % EMEA 24 % 23 % 24 % 24 % Total Revenue 100 % 100 % 100 % 100 % North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the three and six months ended June 30, 2023, the Company had no countries outside of the United States with more than 10% of total revenue. For the three and six months ended June 30, 2022, the Company had one country outside of the United States with 19% and 14% of total revenue, respectively. As of June 30, 2023 and December 31, 2022, substantially all of the Company’s long-lived assets are located in the United States. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions | |
Related party transactions | (17) Related party transactions Argonaut Manufacturing Services Inc. (“AMS”) is a portfolio company of Telegraph Hill Partners, which holds greater than 5% of the Company’s total outstanding shares. During the three and six months ended June 30, 2023, the Company incurred costs of goods sold of approximately $1,814 and $3,761, respectively, related to sales of consumables manufactured by AMS. During the three and six months ended June 30, 2022, the Company incurred costs of goods sold of approximately $1,443 and $2,413, respectively, related to sales of consumables manufactured by AMS. As of June 30, 2023 and December 31, 2022, $3,890 and $7,545, respectively, is included in inventory related to consumables manufactured by AMS. As of June 30, 2023 and December 31, 2022, the Company had $1,550 and $1,271 in accounts payable, respectively, due to AMS. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | (18) Leases The Company is a lessee under operating leases of offices, warehouse space, laboratory space, and auto leases, and financing leases of computer equipment, staining equipment, and furniture. Some leases include an option to renew, with renewal terms that can extend the lease term by five years. The exercise of lease renewal options is at the Company’s sole discretion. None of these options to renew are recognized as part of the Company’s right-to-use asset or lease liability as of June 30, 2023, as renewal was determined to not be reasonably assured. The table below summarizes the Company’s lease costs for the three and six months ended June 30, 2023: Three months ended June 30, Six months ended June 30, Lease Costs Classification 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets Cost of service and other revenue $ 89 $ 18 $ 160 $ 34 Amortization of right-of-use assets Depreciation and amortization 125 127 255 266 Interest on lease liabilities Interest expense, net 44 14 64 20 Operating lease cost: Rent expense Cost of product revenue 28 — 56 — Rent expense Selling, general and administrative 783 806 1,567 1,516 Total lease cost $ 1,069 $ 965 $ 2,102 $ 1,836 As of June 30, 2023, future minimum commitments under ASC 842 under the Company’s operating leases were as follows: Maturity of operating lease liabilities As of June 30, 2023 2023 remaining $ 1,597 2024 2,777 2025 2,839 2026 2,636 2027 1,104 Thereafter 998 Total lease payments $ 11,951 Less: discount to lease payments (1,804) Total operating lease liabilities $ 10,147 As of June 30, 2023, future minimum commitments under ASC 842 under the Company’s financing leases were as follows: Maturity of financing lease liabilities As of June 30, 2023 2023 remaining $ 433 2024 798 2025 444 2026 239 2027 239 Thereafter 60 Total lease payments $ 2,213 Less: discount to lease payments (325) Total financing lease liabilities $ 1,888 The table below summarizes the weighted-average remaining lease term (in years), the weighted-average incremental borrowing rate (in percentages), as well as supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022: Six months ended June 30, Lease Term, Discount Rates, and Other 2023 2022 Weighted average remaining lease term Operating leases 4.2 years 5.0 years Financing leases 3.2 years 2.5 years Weighted average incremental borrowing rate Operating leases 7.85 % 7.85 % Financing leases 9.11% % 6.24 % Cash payments of amounts included in lease liabilities Operating cash flows from operating leases $ 1,533 $ 1,405 Operating cash flows from finance leases 64 20 Financing cash flows from finance leases 321 316 |
Reduction in force
Reduction in force | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Reduction in force | (19) Reduction in force On June 7, 2023, the Company executed a reduction in force in connection with certain operating expense cost savings initiatives. In connection with the reduction in force, each of the Company’s Chief Medical Officer (“CMO”) and the Company’s Chief People Officer (“CPO”) were terminated. On June 27, 2023, the Company entered into a Separation Agreement and Release with its former CMO in connection with his termination of employment on June 7, 2023. Under such agreement, in consideration for his release of claims relating thereto, the former executive is entitled to the severance payments and benefits set forth in the Company’s Executive Severance Plan, dated March 23, 2022, and described in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on April 20, 2023. On July 3, 2023, the Company entered into a Separation Agreement and Release with its former CPO, in connection with her termination of employment on June 7, 2023. Under such agreement, in consideration for her release of claims relating thereto and in lieu of any severance payments and benefits set forth in the Company’s Executive Severance Plan to which she may otherwise be entitled, the former executive is entitled to (i) an award of 53,652 RSU’s under the Company’s 2021 Equity Incentive Plan, each representing a right to receive an issuance of one share of the Company’s common stock and (ii) payment by the Company of the applicable premiums for continuing health care coverage for the former executive and her eligible dependents for a period of nine months commencing July 2023. Such RSUs vested fully on the eighth day following the date of execution of her Separation Agreement. During the quarter ended June 30, 2023, the Company recorded $2,056 for charges related to the reduction in force, of which $650 was related to the Company’s former CMO and the Company’s former CPO. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | (20) Subsequent events The Company has evaluated subsequent events from the consolidated balance sheet date through August 7, 2023, which is the date the consolidated financial statements were issued. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Reclassifications | Reclassifications Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation. |
Revenue recognition | Revenue recognition The Company follows ASC 606, Revenue from Contracts with Customers The Company generates revenue from the sale and installation of instruments, related warranty services, reagents, software (both company-owned and with third parties), and laboratory services. 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. The Company generally 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. 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 one-year In June 2022, the Company entered into a Companion Diagnostic Agreement with Acrivon Therapeutics, Inc. (the “Acrivon Agreement”) to co-develop, validate, and commercialize Acrivon’s OncoSignature® test. The Company will be paid through an upfront payment and at the achievement of certain developmental, commercial, and FDA milestones during the development, that could aggregate to $10,850. The Acrivon Agreement is in the scope of ASC 606, Revenue from Contracts with Customers The costs incurred by the Company under this arrangement are included as research and development expenses in the Company’s Consolidated Statements of Operations as these costs are related to the development of new services and technology to be owned and offered by the Company. 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 Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue Product revenue Instruments $ 11,276 $ 9,463 $ 20,883 $ 17,984 Consumables 5,819 4,495 11,531 9,123 Standalone software products 52 203 257 397 Total product revenue $ 17,147 $ 14,161 $ 32,671 $ 27,504 Service and other revenue $ 6,374 $ 3,733 $ 12,260 $ 7,284 Total revenue $ 23,521 $ 17,894 $ 44,931 $ 34,788 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 June 30, 2023 or December 31, 2022. The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales, as well as lab services. The Company classifies contract liabilities associated with service based warranties in deferred revenue, and contract liabilities associated with lab services in accrued expenses. Contract liabilities are classified as current or noncurrent based on the timing of when the Company expects to service the warranty, or complete the lab services contract. 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 and six months ended June 30, 2023 and 2022. |
Stock-based compensation | Stock-based compensation The Company records stock-based compensation for awards granted to employees, non-employees, and to members of the Board of Directors of the Company (the “Board”) for their services on the Board 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 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 Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price becomes available. 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. For restricted stock units (“RSUs”) issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant. 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 11 for further details on the Company’s stock-based compensation plans. |
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 by the weighted average common shares outstanding during the period. For purposes of the diluted net loss per share calculations, stock options, unvested restricted stock units, and the outstanding warrant, are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. |
Comprehensive income (loss) | Comprehensive income (loss) Components of comprehensive income (loss), including net loss, are reported in the financial statements in the period in which they are recognized. Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net loss and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders which for the three and six months ended June 30, 2023 consist of unrealized gain (loss) on marketable securities. |
Marketable securities | Marketable securities Marketable securities represent holdings of available-for-sale marketable debt securities in accordance with the Company’s investment policy. Short-term marketable securities mature within one year from the balance sheet date while long-term marketable securities mature after one year. Investments in marketable securities are recorded at fair value, with any unrealized gains and losses reported within accumulated other comprehensive income as a separate component of stockholders’ equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are reflected as a component of other expense. Interest on securities sold is determined based on the specific identification method and reflected as interest income. Any realized gains or losses on the sale of investment are reflected as realized (loss) gain on investments. |
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. The Company has elected to avail itself of this extended transition period and, as a result, the Company 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 adopted accounting standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments 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. The Company adopted ASU 2017-04 on January 1, 2023. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of disaggregation of revenue | Three months ended Six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue Product revenue Instruments $ 11,276 $ 9,463 $ 20,883 $ 17,984 Consumables 5,819 4,495 11,531 9,123 Standalone software products 52 203 257 397 Total product revenue $ 17,147 $ 14,161 $ 32,671 $ 27,504 Service and other revenue $ 6,374 $ 3,733 $ 12,260 $ 7,284 Total revenue $ 23,521 $ 17,894 $ 44,931 $ 34,788 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of financial assets and liabilities at fair value on a recurring basis | Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 93,328 $ 93,328 $ — $ — Total Assets $ 93,328 $ 93,328 $ — $ — Liabilities: Contingent consideration – Short term portion $ 1,745 $ — $ — $ 1,745 Contingent consideration – Long term portion 5,051 — — 5,051 Total Liabilities $ 6,796 $ — $ — $ 6,796 Quoted Prices in Active Significant Markets for Other Significant Balance at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 74,229 $ 73,973 $ 256 $ — U.S. Treasury securities 6,989 — 6,989 — Total Assets $ 81,218 $ 73,973 $ 7,245 $ — Liabilities: Contingent consideration – Short term portion $ 1,709 $ — $ — $ 1,709 Contingent consideration – Long term portion 6,039 — — 6,039 Total Liabilities $ 7,748 $ — $ — $ 7,748 |
Summary of cash, cash equivalents, and marketable securities | The following is a summary of cash, cash equivalents, and marketable securities as of June 30, 2023 and December 31, 2022: June 30, 2023 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cash and cash equivalents $ 93,328 $ — $ — $ 93,328 Total cash and cash equivalents $ 93,328 $ — $ — $ 93,328 December 31, 2022 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cash and cash equivalents $ 74,229 $ — $ — $ 74,229 Marketable securities: U.S. Treasury securities due in one year or less 6,995 — (6) 6,989 Total marketable securities 6,995 — (6) 6,989 Total cash, cash equivalents, and marketable securities $ 81,224 $ — $ (6) $ 81,218 |
Contingent consideration - Long term portion | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of significant unobservable inputs for fair value measurements | Fair Value as of June 30, Valuation Unobservable Contingent Consideration Liability 2023 Technique Inputs Revenue-based Payments $ 6,796 Discounted Cash Flow Analysis under the Income Approach Revenue discount factor, discount rate |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property and equipment, net | |
Schedule of property and equipment | Estimated Useful June 30, December 31, Life (Years) 2023 2022 Furniture and fixtures 7 $ 1,201 $ 452 Computers, laptop and peripherals 5 5,283 4,762 Laboratory equipment 5 8,629 7,302 Leasehold improvements Shorter of the lease life or 7 3,961 3,983 Total property and equipment 19,074 16,499 Less: Accumulated depreciation (7,935) (6,325) Property and equipment, net $ 11,139 $ 10,174 |
Schedule of Demo inventory | Estimated June 30, December 31, Life (Years) 2023 2022 Demo inventory – gross 3 $ 4,466 $ 4,453 Less: Accumulated depreciation (2,920) (2,369) Demo inventory, net $ 1,546 $ 2,084 |
Allowance for credit losses (Ta
Allowance for credit losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Allowance for credit losses | |
Roll-forward of allowance for credit losses | Balance at January 1, 2023 $ 45 Change in provision — Balance at June 30, 2023 $ 45 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible assets and goodwill | |
Schedule of Intangible assets | Intangible assets as of June 30, 2023 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 $ (3,742) $ 8,058 15 Developed technology 8,300 (3,289) 5,011 12 Licenses 213 (181) 32 15 Trade names and trademarks 6,300 (2,964) 3,336 12 Capitalized software 3,200 (512) 2,688 5 Non-compete agreements 300 (300) — 4 Total intangible assets $ 30,113 $ (10,988) $ 19,125 Intangible assets as of December 31, 2022 are summarized as follows: Accumulated Useful Life Cost Amortization Net (in years) Customer relationships $ 11,800 $ (3,348) $ 8,452 15 Developed technology 8,300 (2,943) 5,357 12 Licenses 213 (36) 177 15 Trade names and trademarks 6,300 (2,550) 3,750 12 Capitalized software 2,631 (319) 2,312 5 Non-compete agreements 300 (300) — 4 Total intangible assets $ 29,544 $ (9,496) $ 20,048 |
Schedule of amortization expense related to identifiable intangible assets in future periods | 2023 remaining $ 1,475 2024 2,903 2025 2,903 2026 2,872 2027 1,885 Thereafter 7,087 Total $ 19,125 |
Accrued expense and other curre
Accrued expense and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other liabilities | June 30, December 31, 2023 2022 Payroll and compensation $ 6,853 $ 8,288 Current portion of contingent consideration 1,745 1,709 Inventory purchases 1,554 488 Customer deposits 1,965 3,652 Other accrued expenses 2,611 2,382 Total accrued expenses and other current liabilities $ 14,728 $ 16,519 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure | |
Schedule of Components of debt | June 30, December 31, 2023 2022 Midcap Trust Term Loan $ 63,750 $ 63,750 Unamortized debt discount (507) (565) Accretion of final fee 393 92 Total long-term debt, net $ 63,636 $ 63,277 |
Schedule of Debt maturities | Midcap Trust Year ended: Term Loan December 31, 2023 $ — December 31, 2024 — December 31, 2025 2,656 December 31, 2026 31,875 December 31, 2027 29,219 Total minimum principal payments $ 63,750 |
Stock compensation plans (Table
Stock compensation plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock compensation plans | |
Schedule of weighted-average assumptions used to estimate the fair value | Three months ended Three months ended Six months ended Six months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Weighted-average risk-free interest rate 3.7 % 2.9 % 3.8 % 2.5 % Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 54.3 % 50.5 % 53.5 % 50.2 % Expected term 5.6 years 5.9 years 5.9 years 6.0 years |
Schedule of Stock-based compensation expense allocated | Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Cost of goods sold $ 83 $ 60 $ 169 $ 107 Selling, general and administrative 2,186 1,378 4,108 2,603 Research and development 351 283 718 556 Total stock-based compensation $ 2,620 $ 1,721 $ 4,995 $ 3,266 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 $ 6,039 Reclassification of FY 2023 payment to accrued expenses (1,745) Change in contingent consideration value 757 Balance as of June 30, 2023 $ 5,051 Balance as of December 31, 2021 $ 7,850 Reclassification of FY 2022 payment to accrued expenses (1,295) Change in contingent consideration value (956) Balance as of June 30, 2022 $ 5,599 |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per share attributable to common stockholders | |
Schedule of Computation of basic and diluted earnings per common share | Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Net loss $ (20,803) $ (17,495) $ (39,605) $ (33,894) Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted 40,639,714 37,612,331 39,489,261 37,538,821 Basic and diluted net loss per common share outstanding $ (0.51) $ (0.47) $ (1.00) $ (0.90) |
Schedule of Antidilutive shares excluded from computation | June 30, 2023 2022 Outstanding stock options 6,381,561 6,696,436 Unvested restricted stock units 1,181,327 301,575 Warrant to purchase common stock — 158,274 Total 7,562,888 7,156,285 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segments | |
Schedule of revenues by geographical market | 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 Six months ended June 30, June 30, 2023 2022 2023 2022 North America $ 13,810 $ 9,478 $ 25,661 $ 18,802 APAC 4,110 4,271 8,497 7,780 EMEA 5,601 4,145 10,773 8,206 Total Revenue $ 23,521 $ 17,894 $ 44,931 $ 34,788 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 North America 59 % 53 % 57 % 54 % APAC 17 % 24 % 19 % 22 % EMEA 24 % 23 % 24 % 24 % Total Revenue 100 % 100 % 100 % 100 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Summary of lease costs | Three months ended June 30, Six months ended June 30, Lease Costs Classification 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets Cost of service and other revenue $ 89 $ 18 $ 160 $ 34 Amortization of right-of-use assets Depreciation and amortization 125 127 255 266 Interest on lease liabilities Interest expense, net 44 14 64 20 Operating lease cost: Rent expense Cost of product revenue 28 — 56 — Rent expense Selling, general and administrative 783 806 1,567 1,516 Total lease cost $ 1,069 $ 965 $ 2,102 $ 1,836 |
Schedule of future minimum commitments under ASC 842 of operating leases | Maturity of operating lease liabilities As of June 30, 2023 2023 remaining $ 1,597 2024 2,777 2025 2,839 2026 2,636 2027 1,104 Thereafter 998 Total lease payments $ 11,951 Less: discount to lease payments (1,804) Total operating lease liabilities $ 10,147 |
Schedule of future minimum commitments under ASC 842 of financing leases | Maturity of financing lease liabilities As of June 30, 2023 2023 remaining $ 433 2024 798 2025 444 2026 239 2027 239 Thereafter 60 Total lease payments $ 2,213 Less: discount to lease payments (325) Total financing lease liabilities $ 1,888 |
Schedule of supplemental lease information | Six months ended June 30, Lease Term, Discount Rates, and Other 2023 2022 Weighted average remaining lease term Operating leases 4.2 years 5.0 years Financing leases 3.2 years 2.5 years Weighted average incremental borrowing rate Operating leases 7.85 % 7.85 % Financing leases 9.11% % 6.24 % Cash payments of amounts included in lease liabilities Operating cash flows from operating leases $ 1,533 $ 1,405 Operating cash flows from finance leases 64 20 Financing cash flows from finance leases 321 316 |
The company and basis of pres_2
The company and basis of presentation - Initial public offering (Details) | 6 Months Ended |
Jun. 30, 2023 region | |
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 - Liquidity and going concern (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
The company and basis of presentation | |||
Cash and cash equivalents | $ 93,328 | $ 74,229 | |
Accumulated deficit | (206,353) | $ (166,748) | |
Cash used from operations | $ (31,562) | $ (31,318) |
Summary of significant accoun_4
Summary of significant accounting policies - Service and Other Revenue and Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||||
Standard service-based warranty terms | 1 year | |||||
Extended service-based warranty terms | 1 year | |||||
Revenue | $ 23,521 | $ 17,894 | $ 44,931 | $ 34,788 | ||
Contract assets | 0 | $ 0 | $ 0 | |||
Practical expedient elected | true | |||||
Acrivon Agreement | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Potential aggregate upfront payments | $ 10,850 | |||||
Product | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 17,147 | 14,161 | $ 32,671 | 27,504 | ||
Instruments | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 11,276 | 9,463 | 20,883 | 17,984 | ||
Consumables | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 5,819 | 4,495 | 11,531 | 9,123 | ||
Standalone software products | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 52 | 203 | 257 | 397 | ||
Service and other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | $ 6,374 | $ 3,733 | $ 12,260 | $ 7,284 |
Summary of significant accoun_5
Summary of significant accounting policies - Deferred offering costs and stock-based compensation (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Requisite service period | 4 years |
Expected dividend yield | 0% |
Significant risks and uncerta_2
Significant risks and uncertainties including business and credit concentrations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) customer | Jun. 30, 2023 USD ($) customer | Jun. 30, 2022 customer | Dec. 31, 2022 USD ($) | |
Concentration Risk [Line Items] | ||||
Allowance for credit loss | $ | $ 45 | $ 45 | $ 45 | |
Revenue from Contract with Customer Benchmark | Customers | ||||
Concentration Risk [Line Items] | ||||
Number of customers with concentration risk | 0 | 0 | ||
Revenue from Contract with Customer Benchmark | Customers | One Customer | ||||
Concentration Risk [Line Items] | ||||
Number of customers with concentration risk | 1 | |||
Concentration Risk, Percentage | 13% | |||
Accounts Receivable. | Customers | ||||
Concentration Risk [Line Items] | ||||
Number of customers with concentration risk | 0 | 0 |
Fair value of financial instr_3
Fair value of financial instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of liability transferred out of level 3 | $ 0 | $ 0 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 93,328 | 81,218 |
Financial liabilities at fair value | 6,796 | 7,748 |
Amount of liability transferred into level 3 | 0 | 0 |
Recurring | Cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 93,328 | 74,229 |
Recurring | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 6,989 | |
Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 93,328 | 73,973 |
Financial liabilities at fair value | 0 | 0 |
Recurring | Level 1 | Cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 93,328 | 73,973 |
Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 0 | |
Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 0 | 7,245 |
Financial liabilities at fair value | 0 | 0 |
Recurring | Level 2 | Cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 0 | 256 |
Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets at fair value | 6,989 | |
Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 6,796 | 7,748 |
Contingent consideration - Short term portion | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 1,745 | 1,709 |
Contingent consideration - Short term portion | Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 0 | 0 |
Contingent consideration - Short term portion | Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 0 | 0 |
Contingent consideration - Short term portion | Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 1,745 | 1,709 |
Contingent consideration - Long term portion | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 5,051 | 6,039 |
Contingent consideration - Long term portion | Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 0 | 0 |
Contingent consideration - Long term portion | Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | 0 | 0 |
Contingent consideration - Long term portion | Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial liabilities at fair value | $ 5,051 | $ 6,039 |
Fair value of financial instr_4
Fair value of financial instruments - Cash, cash equivalents and marketable securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Net Investment Income [Line Items] | ||
Cost | $ 93,328 | $ 81,224 |
Gross Unrealized Losses | (6) | |
Estimated Fair Value | 93,328 | 81,218 |
Cash and cash equivalents | ||
Net Investment Income [Line Items] | ||
Cost | 93,328 | 74,229 |
Estimated Fair Value | $ 93,328 | 74,229 |
Marketable securities | ||
Net Investment Income [Line Items] | ||
Cost | 6,995 | |
Gross Unrealized Losses | (6) | |
Estimated Fair Value | 6,989 | |
U.S. Treasury securities due in one year or less | ||
Net Investment Income [Line Items] | ||
Cost | 6,995 | |
Gross Unrealized Losses | (6) | |
Estimated Fair Value | $ 6,989 |
Fair value of financial instr_5
Fair value of financial instruments - Recurring Basis Unobservable (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Expenses. | Operating Expenses. | |
Valuation Technique and Input, Description [Abstract] | |||
Contingent consideration liability | $ 5,051 | $ 6,039 | |
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 | 6,039 | $ 7,850 | |
Reclassification of FY payment to accrued expenses | (1,745) | (1,295) | |
Change in contingent consideration value | 757 | (956) | |
Balance, end of period | 5,051 | $ 5,599 | |
Contingent consideration - Long term portion | Series D Redeemable Convertible Preferred Stock | Discounted Cash Flow Analysis under the Income Approach | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, end of period | $ 6,796 |
Property and equipment, net (De
Property and equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 19,074 | $ 19,074 | $ 16,499 | ||
Less: Accumulated depreciation | (7,935) | (7,935) | (6,325) | ||
Property and equipment, net | 11,139 | 11,139 | $ 10,174 | ||
Operating Expenses | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | 721 | $ 548 | 1,419 | $ 982 | |
Cost of goods sold | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | 151 | $ 39 | $ 230 | $ 115 | |
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in Years) | 7 years | 7 years | |||
Property and equipment | 1,201 | $ 1,201 | $ 452 | ||
Computers, laptop and peripherals | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in Years) | 5 years | 5 years | |||
Property and equipment | 5,283 | $ 5,283 | $ 4,762 | ||
Laboratory equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in Years) | 5 years | 5 years | |||
Property and equipment | 8,629 | $ 8,629 | $ 7,302 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Life (in Years) | 7 years | 7 years | |||
Property and equipment | $ 3,961 | $ 3,961 | $ 3,983 |
Property and equipment, net - D
Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property and equipment, net | |||||
Estimated life (years) | 3 years | 3 years | |||
Demo inventory - gross | $ 4,466 | $ 4,466 | $ 4,453 | ||
Less: Accumulated depreciation | (2,920) | (2,920) | (2,369) | ||
Demo inventory, net | 1,546 | 1,546 | $ 2,084 | ||
Depreciation expense relating to demo equipment | $ 326 | $ 293 | $ 652 | $ 645 |
Allowance for credit losses (De
Allowance for credit losses (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Allowance for credit losses | |
Accounts receivable | $ 12,866 |
Roll-forward of allowance for credit losses | |
Allowance for credit losses, beginning of period | 45 |
Change in provision | 0 |
Allowance for credit losses, end of period | $ 45 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | $ 30,113 | $ 30,113 | $ 29,544 | ||
Accumulated amortization | (10,988) | (10,988) | (9,496) | ||
Total | 19,125 | 19,125 | 20,048 | ||
Operating Expenses | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 675 | $ 649 | 1,492 | $ 1,267 | |
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | 11,800 | 11,800 | 11,800 | ||
Accumulated amortization | (3,742) | (3,742) | (3,348) | ||
Total | 8,058 | $ 8,058 | $ 8,452 | ||
Useful life (in years) | 15 years | 15 years | |||
Developed technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | 8,300 | $ 8,300 | $ 8,300 | ||
Accumulated amortization | (3,289) | (3,289) | (2,943) | ||
Total | 5,011 | $ 5,011 | $ 5,357 | ||
Useful life (in years) | 12 years | 12 years | |||
Licenses | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | 213 | $ 213 | $ 213 | ||
Accumulated amortization | (181) | (181) | (36) | ||
Total | 32 | $ 32 | $ 177 | ||
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 | $ 6,300 | ||
Accumulated amortization | (2,964) | (2,964) | (2,550) | ||
Total | 3,336 | $ 3,336 | $ 3,750 | ||
Useful life (in years) | 12 years | 12 years | |||
Capitalized software | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | 3,200 | $ 3,200 | $ 2,631 | ||
Accumulated amortization | (512) | (512) | (319) | ||
Total | 2,688 | $ 2,688 | $ 2,312 | ||
Useful life (in years) | 5 years | 5 years | |||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, cost | 300 | $ 300 | $ 300 | ||
Accumulated amortization | $ (300) | $ (300) | $ (300) | ||
Useful life (in years) | 4 years | 4 years |
Intangible assets - Amortizatio
Intangible assets - Amortization expense related to identifiable intangible assets in future periods (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortization expense related to identifiable intangible assets in future periods | ||
2023 remaining | $ 1,475 | |
2024 | 2,903 | |
2025 | 2,903 | |
2026 | 2,872 | |
2027 | 1,885 | |
Thereafter | 7,087 | |
Total | $ 19,125 | $ 20,048 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued expenses and other current liabilities | ||
Accrued payroll and compensation | $ 6,853 | $ 8,288 |
Current portion of contingent consideration | 1,745 | 1,709 |
Inventory purchases | 1,554 | 488 |
Customer deposits | 1,965 | 3,652 |
Other accrued expenses | 2,611 | 2,382 |
Total accrued expenses and other current liabilities | $ 14,728 | $ 16,519 |
Debt - Term Loan Agreements (De
Debt - Term Loan Agreements (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Nov. 07, 2022 USD ($) | Jun. 01, 2022 USD ($) payment | Oct. 31, 2020 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Proceeds from debt financing | $ 10,000 | ||||||||
Midcap Trust Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 37,500 | ||||||||
Proceeds from debt financing | $ 32,500 | ||||||||
Term of interest-only payments | 36 months | ||||||||
Period of straight-line amortization | 24 months | ||||||||
Effective interest rate at end of period | 12.07% | 12.07% | |||||||
Final payment fee to be paid upon termination (as a percent) | 5% | ||||||||
Prepayment fee percent , year one | 3% | ||||||||
Prepayment fee percent, year two | 2% | ||||||||
Prepayment fee percent, year three | 1% | ||||||||
Final payment fee to be paid upon termination | $ 3,028 | ||||||||
Amortization of final payment fee | $ 151 | $ 80 | $ 301 | $ 173 | |||||
Midcap Trust Term Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate variable rate spread | 6.35% | ||||||||
Interest rate floor | 1.50% | ||||||||
Midcap Trust Term Loan - Amendment 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 10,000 | ||||||||
Number of principal payment installments | payment | 7 | ||||||||
Commitment fee | $ 75 | ||||||||
Funding percentage fee | 0.25% | ||||||||
Midcap Trust Term Loan - Amendment 2 | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate variable rate spread | 6.35% | ||||||||
Interest rate floor | 1.61448% | ||||||||
Midcap Trust Term Loan - Tranche 3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 10,000 | $ 10,000 | |||||||
Midcap Trust Term Loan - Amendment 3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 11,250 | ||||||||
Commitment fee | $ 74 | ||||||||
Exit fee percentage | 4.75% | ||||||||
Payment of accrued final fee | $ (779) | ||||||||
Midcap Trust Term Loan - Amendment 3 | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate variable rate spread | 6.80% | ||||||||
Interest rate floor | 2.50% |
Debt - Debt components (Details
Debt - Debt components (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt discount | $ (507) | $ (565) |
Accretion of final fee | 393 | 92 |
Total debt, net | 63,636 | 63,277 |
Long-term debt, net of debt discount | 63,636 | 63,277 |
Midcap Trust Term Loan | ||
Debt Instrument [Line Items] | ||
Total minimum principal payments | $ 63,750 | $ 63,750 |
Debt - Debt maturities (Details
Debt - Debt maturities (Details) - Midcap Trust Term Loan - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
December 31, 2025 | $ 2,656 | |
December 31, 2026 | 31,875 | |
December 31, 2027 | 29,219 | |
Total minimum principal payments | $ 63,750 | $ 63,750 |
Stockholders equity (Details)
Stockholders equity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 08, 2023 USD ($) $ / shares shares | Jun. 07, 2023 $ / shares shares | Nov. 07, 2022 USD ($) $ / shares | Jun. 30, 2023 Vote $ / shares shares | Dec. 31, 2022 Vote $ / shares shares | Sep. 30, 2019 USD ($) $ / shares shares | |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||
Common stock, voting rights (per share) | Vote | 1 | 1 | ||||
Common stock, shares issued | 48,821,941 | 38,288,188 | ||||
Common stock, shares outstanding | 48,821,941 | 38,288,188 | ||||
Common stock, shares reserved for issuance upon the exercise of stock options | 9,207,840 | 7,834,432 | ||||
Telegraph Hill Partners And Other Related Parties [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 3,509,718 | |||||
Innovatus Term Loan | ||||||
Class of Stock [Line Items] | ||||||
Principal amount | $ | $ 25,000 | |||||
Shares called by warrant | 368,779 | |||||
Purchase price (per share) | $ / shares | $ 1.53 | |||||
Equity Distribution Agreement | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value | $ / shares | $ 0.00001 | |||||
Commission percentage on gross proceeds of common stock sold | 3% | |||||
Equity Distribution Agreement | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Aggregate offering price | $ | $ 50,000 | |||||
Underwriting Agreement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 10,005,000 | |||||
Aggregate offering price | $ | $ 47,800 | |||||
Sale of Stock, Price Per Share | $ / shares | $ 5 | |||||
Over-Allotment Option | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 1,305,000 | |||||
Option period (in days) | 30 days | |||||
Sale of Stock, Price Per Share | $ / shares | $ 4.70 |
Stock compensation plans - 2021
Stock compensation plans - 2021 Equity Incentive Plan (Details) - 2021 Plan | Apr. 08, 2021 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares of common stock authorized for issuance | 1,727,953 |
Annual increase in shares available for issuance as a percentage of outstanding shares | 5% |
Stock compensation plans - 2015
Stock compensation plans - 2015 Equity Incentive Plan (Details) - 2015 Plan | 6 Months Ended |
Jun. 30, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Vesting period | 4 years |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares of common stock authorized for issuance | 0 |
Stock compensation plans - Stoc
Stock compensation plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted-average assumptions: | ||||
Expected dividend yield | 0% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted to employees | $ 7,325 | $ 8,798 | ||
Options granted | 1,467,154 | 1,672,328 | ||
Options granted, weighted average fair value per share | $ 4.99 | $ 5.29 | ||
Options granted, weighted average exercise price per share | $ 9.17 | $ 10.53 | ||
Weighted-average assumptions: | ||||
Weighted-average risk-free interest rate | 3.70% | 2.90% | 3.80% | 2.50% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected volatility | 54.30% | 50.50% | 53.50% | 50.20% |
Expected term | 5 years 7 months 6 days | 5 years 10 months 24 days | 5 years 10 months 24 days | 6 years |
Stock compensation plans - Rest
Stock compensation plans - Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate fair value | $ 11,924 | $ 3,263 |
Number of Shares | ||
Granted | 1,090,890 | 309,525 |
Weighted-Average Grant Date Fair Value Per Share | ||
Granted | $ 10.93 | $ 10.68 |
Stock compensation plans - St_2
Stock compensation plans - Stock-based compensation expense and unrecognized compensation cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 2,620 | $ 1,721 | $ 4,995 | $ 3,266 |
Unrecognized compensation | 15,752 | 20,295 | $ 15,752 | $ 20,295 |
Period for recognition | 2 years 7 months 6 days | 3 years | ||
Stock Options | Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 83 | 60 | $ 169 | $ 107 |
Stock Options | Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 2,186 | 1,378 | 4,108 | 2,603 |
Stock Options | Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 351 | 283 | 718 | 556 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation | $ 11,692 | $ 3,033 | $ 11,692 | $ 3,033 |
Period for recognition | 3 years 6 months | 3 years 9 months 18 days |
Employee stock purchase plan (D
Employee stock purchase plan (Details) - shares | Apr. 08, 2021 | Jun. 30, 2023 | Dec. 31, 2022 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Common stock, shares issued | 48,821,941 | 38,288,188 | |
ESPP | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Maximum payroll deduction percentage | 15% | ||
Number of shares of common stock authorized for issuance | 172,795 | ||
Term of automatic increases in shares available for issuance | 10 years | ||
Annual increase in shares available for issuance as a percentage of outstanding shares | 0.50% | ||
Common stock, shares issued | 0 | 0 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income taxes | ||||
Provision for income taxes | $ 18 | $ 106 | $ 47 | $ 128 |
Statutory rate | 21% |
Commitments and contingencies -
Commitments and contingencies - License Agreements (Details) - License Agreement - PKI - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2018 |
Other Commitments [Line Items] | |||
Accrued royalties | $ 1,745,000 | $ 1,709,000 | |
Minimum | |||
Other Commitments [Line Items] | |||
Royalty rate on net sales of the product | 1% | ||
Maximum | |||
Other Commitments [Line Items] | |||
Royalty rate on net sales of the product | 7% |
Net loss per share attributab_3
Net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss per share attributable to common stockholders | ||||||
Net loss | $ (20,803) | $ (18,802) | $ (17,495) | $ (16,399) | $ (39,605) | $ (33,894) |
Weighted-average shares outstanding, basic | 40,639,714 | 37,612,331 | 39,489,261 | 37,538,821 | ||
Weighted-average shares outstanding, diluted | 40,639,714 | 37,612,331 | 39,489,261 | 37,538,821 | ||
Net loss per share attributable to common stockholders, basic | $ (0.51) | $ (0.47) | $ (1) | $ (0.90) | ||
Net loss per share attributable to common stockholders, diluted | $ (0.51) | $ (0.47) | $ (1) | $ (0.90) |
Net loss per share attributab_4
Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Amounts excluded from computation of diluted net loss per share | 7,562,888 | 7,156,285 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Amounts excluded from computation of diluted net loss per share | 6,381,561 | 6,696,436 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Amounts excluded from computation of diluted net loss per share | 1,181,327 | 301,575 |
Warrant to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Amounts excluded from computation of diluted net loss per share | 158,274 |
Segments (Details)
Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment item | Jun. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of business activities | item | 1 | |||
Number of reportable segments | segment | 1 | |||
Total Revenue | $ 23,521 | $ 17,894 | $ 44,931 | $ 34,788 |
Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Number of segment managers | 0 | 0 | ||
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 13,810 | 9,478 | $ 25,661 | 18,802 |
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 4,110 | 4,271 | 8,497 | 7,780 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 5,601 | $ 4,145 | $ 10,773 | $ 8,206 |
Segments - Revenue (Details)
Segments - Revenue (Details) - country | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Concentration Risk [Line Items] | ||||
Number of countries with concentration risk | 0 | |||
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of countries with concentration risk | 1 | |||
Concentration Risk, Percentage | 100% | 100% | 100% | 100% |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | North America | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 59% | 53% | 57% | 54% |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | APAC | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 17% | 24% | 19% | 22% |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | EMEA | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 24% | 23% | 24% | 24% |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | One country | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 19% | 14% |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Inventories, net | $ 16,131,000 | $ 16,131,000 | $ 14,486,000 | ||
Argonaut Manufacturing services | |||||
Related Party Transaction [Line Items] | |||||
Costs of goods sold relating to sales to related party | 1,814,000 | $ 1,443,000 | 3,761,000 | $ 2,413,000 | |
Inventories, net | 3,890,000 | 3,890,000 | 7,545,000 | ||
Accounts payable due to related party | $ 1,550,000 | $ 1,550,000 | $ 1,271,000 | ||
Argonaut Manufacturing services | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Percentage of total outstanding shares owned by related party | 5% | 5% |
Leases - Lease cost classificat
Leases - Lease cost classification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finance lease cost: | ||||
Interest on lease liabilities | $ 44 | $ 14 | $ 64 | $ 20 |
Operating lease cost: | ||||
Total lease cost | 1,069 | 965 | 2,102 | 1,836 |
Cost of service and other revenue | ||||
Finance lease cost: | ||||
Amortization of right-of-use assets | 89 | 18 | 160 | 34 |
Depreciation and amortization | ||||
Finance lease cost: | ||||
Amortization of right-of-use assets | 125 | 127 | 255 | 266 |
Cost of product revenue | ||||
Operating lease cost: | ||||
Rent expense | 28 | 56 | ||
Selling, general and administrative | ||||
Operating lease cost: | ||||
Rent expense | $ 783 | $ 806 | $ 1,567 | $ 1,516 |
Leases - Future minimum commitm
Leases - Future minimum commitments under operating leases (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases | |
2023 remaining | $ 1,597 |
2024 | 2,777 |
2025 | 2,839 |
2026 | 2,636 |
2027 | 1,104 |
Thereafter | 998 |
Total lease payments | 11,951 |
Less: discount to lease payments | (1,804) |
Total operating lease liabilities | $ 10,147 |
Leases - Future minimum commi_2
Leases - Future minimum commitments under financing leases (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases | |
2023 remaining | $ 433 |
2024 | 798 |
2025 | 444 |
2026 | 239 |
2027 | 239 |
Thereafter | 60 |
Total lease payments | 2,213 |
Less: discount to lease payments | (325) |
Total financing lease liabilities | $ 1,888 |
Leases - Weighted-average remai
Leases - Weighted-average remaining lease term, incremental borrowing rate, and supplemental cash flow information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted average remaining lease term | ||
Operating leases | 4 years 2 months 12 days | 5 years |
Financing leases | 3 years 2 months 12 days | 2 years 6 months |
Weighted average incremental borrowing rate | ||
Operating leases | 7.85% | 7.85% |
Financing leases | 9.11% | 6.24% |
Cash payments of amounts included in lease liabilities | ||
Operating cash flows from operating leases | $ 1,533 | $ 1,405 |
Operating cash flows from finance leases | 64 | 20 |
Financing cash flows from finance leases | $ 321 | $ 316 |
Reduction in force (Details)
Reduction in force (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 07, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 2,056 | |||
RSUs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Granted | 1,090,890 | 309,525 | ||
Dr. El-Gabry And Ms. Moy [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 650 | |||
Special Termination Benefits [Member] | Ms. Moy [Member] | RSUs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Granted | 53,652 |