Seer (SEER) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39747
Entity Registrant Name	SEER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	SEER
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	false
Entity Shell Company	false
Entity Central Index Key	0001726445
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,895,002
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,044,969

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 56,404	$ 53,208
Short-term investments	263,805	368,031
Other receivables	1,171	899
Inventory	5,263	4,627
Prepaid expenses and other current assets	3,610	2,098
Total current assets	335,381	434,982
Long-term investments	75,806	5,157
Operating lease right-of-use assets	26,363	27,003
Property and equipment, net	22,124	19,408
Restricted cash	524	524
Other assets	997	855
Total assets	461,195	487,929
Current liabilities:
Accounts payable	5,250	2,104
Accrued expenses	7,929	8,298
Deferred revenue	255	133
Operating lease liabilities, current	2,249	1,842
Other current liabilities	122	207
Total current liabilities	15,805	12,584
Operating lease liabilities, net of current portion	27,096	28,032
Other noncurrent liabilities	174	320
Total liabilities	43,075	40,936
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of June 30, 2023 and December 31, 2022; zero shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	686,537	667,739
Accumulated other comprehensive loss	(1,532)	(1,251)
Accumulated deficit	(266,886)	(219,496)
Total stockholders’ equity	418,120	446,993
Total liabilities and stockholders’ equity	461,195	487,929
Nonrelated party
Current assets:
Accounts receivable, net	4,490	4,315
Related party
Current assets:
Accounts receivable, net	638	1,804
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	105,000,000
Common stock, issued (in shares)	63,929,598	63,411,046
Common stock, outstanding (in shares)	63,929,598	63,411,046
Class A common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, issued (in shares)	59,884,629	59,366,077
Common stock, outstanding (in shares)	59,884,629	59,366,077
Class B common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, issued (in shares)	4,044,969	4,044,969
Common stock, outstanding (in shares)	4,044,969	4,044,969

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 4,008	$ 3,621	$ 8,061	$ 6,934
Total cost of revenue	1,727	2,012	3,712	4,080
Gross profit	2,281	1,609	4,349	2,854
Operating expenses:
Research and development	14,148	10,871	28,622	21,607
Selling, general and administrative	16,074	14,172	31,113	28,466
Total operating expenses	30,222	25,043	59,735	50,073
Loss from operations	(27,941)	(23,434)	(55,386)	(47,219)
Other income (expense):
Interest income	4,560	676	8,277	819
Other expense	(50)	(57)	(281)	(61)
Total other income	4,510	619	7,996	758
Net loss	(23,431)	(22,815)	(47,390)	(46,461)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(1,439)	(886)	(281)	(2,577)
Comprehensive loss	$ (24,870)	$ (23,701)	$ (47,671)	$ (49,038)
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.37)	$ (0.37)	$ (0.74)	$ (0.75)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.37)	$ (0.37)	$ (0.74)	$ (0.75)
Weighted-average common shares outstanding, basic (in shares)	63,762,625	62,376,571	63,654,348	62,191,068
Weighted-average common shares outstanding, diluted (in shares)	63,762,625	62,376,571	63,654,348	62,191,068
Product | Nonrelated party
Revenue:
Total revenue	$ 1,645	$ 2,406	$ 3,988	$ 4,555
Total cost of revenue	1,118	1,643	2,554	3,303
Product | Related party
Revenue:
Total revenue	1,358	1,108	2,664	2,178
Total cost of revenue	352	354	830	748
Service | Nonrelated party
Revenue:
Total revenue	467	57	536	137
Total cost of revenue	193	15	200	29
Grant and other | Nonrelated party
Revenue:
Total revenue	538	50	873	64
Total cost of revenue	$ 64	$ 0	$ 128	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		62,015,483
Beginning balance at Dec. 31, 2021	$ 502,916	$ 1	$ 629,981	$ (126,530)	$ (536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		283,251
Issuance of Class A common stock from exercise of options and release of restricted stock units	773		773
Repurchase of Class A common stock (in shares)		(5,841)
Repurchase of Class A common stock	0
Vesting of early exercised stock options and restricted Class A common stock	44		44
Stock-based compensation	8,062		8,062
Other comprehensive gain (loss)	(1,691)				(1,691)
Net loss	(23,646)			(23,646)
Ending balance (in shares) at Mar. 31, 2022		62,292,893
Ending balance at Mar. 31, 2022	486,458	$ 1	638,860	(150,176)	(2,227)
Beginning balance (in shares) at Dec. 31, 2021		62,015,483
Beginning balance at Dec. 31, 2021	502,916	$ 1	629,981	(126,530)	(536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(46,461)
Ending balance (in shares) at Jun. 30, 2022		62,610,179
Ending balance at Jun. 30, 2022	472,043	$ 1	648,146	(172,991)	(3,113)
Beginning balance (in shares) at Mar. 31, 2022		62,292,893
Beginning balance at Mar. 31, 2022	486,458	$ 1	638,860	(150,176)	(2,227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		260,533
Issuance of Class A common stock from exercise of options and release of restricted stock units	445		445
Issuance of common stock in connection with employee stock purchase plan (in shares)		56,753
Issuance of Class A common stock in connection with employee stock purchase plan	420		420
Vesting of early exercised stock options and restricted Class A common stock	43		43
Stock-based compensation	8,378		8,378
Other comprehensive gain (loss)	(886)				(886)
Net loss	(22,815)
Net loss	(22,815)			(22,815)
Ending balance (in shares) at Jun. 30, 2022		62,610,179
Ending balance at Jun. 30, 2022	$ 472,043	$ 1	648,146	(172,991)	(3,113)
Beginning balance (in shares) at Dec. 31, 2022	63,411,046	63,411,046
Beginning balance at Dec. 31, 2022	$ 446,993	$ 1	667,739	(219,496)	(1,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		328,273
Issuance of Class A common stock from exercise of options and release of restricted stock units	30		30
Vesting of early exercised stock options and restricted Class A common stock	43		43
Stock-based compensation	8,724		8,724
Other comprehensive gain (loss)	1,158				1,158
Net loss	(23,959)			(23,959)
Ending balance (in shares) at Mar. 31, 2023		63,739,319
Ending balance at Mar. 31, 2023	$ 432,989	$ 1	676,536	(243,455)	(93)
Beginning balance (in shares) at Dec. 31, 2022	63,411,046	63,411,046
Beginning balance at Dec. 31, 2022	$ 446,993	$ 1	667,739	(219,496)	(1,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)	23,161
Net loss	$ (47,390)
Ending balance (in shares) at Jun. 30, 2023	63,929,598	63,929,598
Ending balance at Jun. 30, 2023	$ 418,120	$ 1	686,537	(266,886)	(1,532)
Beginning balance (in shares) at Mar. 31, 2023		63,739,319
Beginning balance at Mar. 31, 2023	432,989	$ 1	676,536	(243,455)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		121,784
Issuance of Class A common stock from exercise of options and release of restricted stock units	20		20
Issuance of common stock in connection with employee stock purchase plan (in shares)		68,495
Issuance of Class A common stock in connection with employee stock purchase plan	192		192
Vesting of early exercised stock options and restricted Class A common stock	37		37
Stock-based compensation	9,752		9,752
Other comprehensive gain (loss)	(1,439)				(1,439)
Net loss	$ (23,431)			(23,431)
Ending balance (in shares) at Jun. 30, 2023	63,929,598	63,929,598
Ending balance at Jun. 30, 2023	$ 418,120	$ 1	$ 686,537	$ (266,886)	$ (1,532)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net loss	$ (47,390)	$ (46,461)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	18,476	16,440
Depreciation and amortization	2,553	1,776
Loss on disposal of property and equipment	255	0
Net amortization (accretion) of premium on available-for-sale securities	(5,391)	439
Provision for inventory excess and obsolescence	300	0
Non-cash operating lease expense	111	1,004
Changes in operating assets and liabilities:
Accounts receivable, net	719	(1,038)
Prepaid expenses and other assets	(1,654)	(2,471)
Inventory	(2,147)	(3,002)
Accounts payable	(101)	530
Deferred revenue	122	53
Accrued liabilities and other liabilities	(317)	(421)
Net cash used in operating activities	(34,464)	(33,151)
INVESTING ACTIVITIES
Purchases of property and equipment	(1,269)	(2,606)
Purchase of available-for-sale securities	(269,870)	(143,651)
Proceeds from sale of available-for-sale securities	2,990	0
Proceeds from maturities of available-for-sale securities	305,567	24,000
Net cash provided by (used in) investing activities	37,418	(122,257)
FINANCING ACTIVITIES
Repurchase of Class A common stock	0	(20)
Proceeds from exercise of Class A common stock options	50	1,218
Net cash provided by financing activities	242	1,618
Net increase (decrease) in cash, cash equivalents and restricted cash	3,196	(153,790)
Cash, cash equivalents and restricted cash, beginning of period	53,732	233,337
Cash, cash equivalents and restricted cash, end of period	56,928	79,547
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Property and equipment purchases included in accounts payable and accrued expenses	3,398	1,578
Inventory transferred to property and equipment	1,211	0
Lease liability obtained in exchange for right-of-use assets	514	6,855
Class A common stock
FINANCING ACTIVITIES
Proceeds from issuance of Class A common stock in connection with employee stock purchase plan	$ 192	$ 420

Organization and Description of

Organization and Description of the Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	ORGANIZATION AND DESCRIPTION OF THE BUSINESS Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California, with wholly-owned subsidiaries in Massachusetts and the United Kingdom. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease. Since inception, the Company has devoted substantially all of its resources to research and development activities, including with respect to the Proteograph Product Suite, building its commercial infrastructure including manufacturing, operations, sales and marketing and service and support functions, establishing and maintaining our intellectual property portfolio, hiring personnel, raising capital, becoming a publicly-traded company, and providing general and administrative support for these activities. The Company is subject to a number of risks, similar to other early-stage life science companies, including, but not limited to, development and commercialization of its products, market acceptance of its products, development by its competitors of new technological innovations, protection of its intellectual property, and raising additional capital. Liquidity As of June 30, 2023, the Company has incurred significant losses and has had negative cash flows from operations. As of June 30, 2023, the Company had cash and cash equivalents and short-term investments of $320.2 million and an accumulated deficit of $266.9 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents and investments as of June 30, 2023 provide sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying unaudited condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 6, 2023. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 27, 2023, First-Citizens Bank & Trust Company assumed all of SVB’s deposits and loans. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. As of June 30, 2023, the Company held $0.9 million in SVB and has not experienced any losses on its deposits of cash and cash equivalents. For the three and six months ended June 30, 2023, the Company recognized revenue from a related party that represented 34% and 33%, respectively, of the Company’s total revenue. For each of the three and six months ended June 30, 2022, the Company recognized revenue from a related party that represented 31% of the Company’s total revenue. For the three and six months ended June 30, 2023, 17% and 20%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. For the three and six months ended June 30, 2022, 33% and 29%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. As of June 30, 2023 and December 31, 2022, there was one related party customer which represented 12% and 25%, respectively, of the total accounts receivable balance. As of June 30, 2023, there were two additional customers which represented 14% and 12% of the total accounts receivable balance. As of December 31, 2022, there were two additional customers which represented 10% and 12% of the total accounts receivable balance. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, all amounts recorded as cash and cash equivalents consist of cash and money market funds and are stated at fair value. Restricted cash as of June 30, 2023 and December 31, 2022 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 56,404 $ 53,208 Restricted cash 524 524 Total cash and cash equivalents and restricted cash $ 56,928 $ 53,732 Accounts Receivable, Net Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Balances are written off when they are ultimately determined to be uncollectible. There were $4,000 and $30,000 allowances for credit losses related to accounts receivable as of June 30, 2023 and December 31, 2022, respectively. Revenue Recognition The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument’s functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return. At times, the Company may enter into arrangements with payment terms which exceed one year from the transfer of control of the product or service. In such cases, the Company assesses whether the arrangement contains a significant financing component. If a significant financing component exists, the transaction price is adjusted for the financing portion of the arrangement, which is recorded as interest income over the payment term using the effective interest method. The Company does not assess whether a significant financing component exists when, at contract inception, the period between the transfer of control to a customer and final payment is one year or less. The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer. The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Grant and Other Revenue Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant- funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed. The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional. A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers , and are therefore accounted for in accordance with ASC 842, Leases . Each of these contracts is evaluated as a lease arrangement, either as an operating lease or a sales-type lease using the lease classification guidance. The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative standalone selling prices. The standalone selling price is based on the price the Company would sell that promised good or service separately to a customer. If a standalone price is not available for a component, it is estimated using the best information available.

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value of Financial Instruments	FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands). June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 53,185 $ — $ — $ 53,185 Total cash equivalents 53,185 — — 53,185 Investments: U.S. Treasury securities — 228,282 — 228,282 U.S. Non-Treasury securities — 22,592 — 22,592 Commercial paper — 48,300 — 48,300 Corporate debt securities — 40,437 — 40,437 Total investments — 339,611 — 339,611 Total assets measured at fair value $ 53,185 $ 339,611 $ — $ 392,796 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 53,208 $ — $ — $ 53,208 Total cash equivalents 53,208 — — 53,208 Investments: U.S. Treasury securities — 227,692 — 227,692 U.S. Non-Treasury securities — 10,702 — 10,702 Commercial paper — 55,433 — 55,433 Corporate debt securities — 79,361 — 79,361 Total investments — 373,188 — 373,188 Total assets measured at fair value $ 53,208 $ 373,188 $ — $ 426,396 There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds) as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data. The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities. The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands): June 30, 2023 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Cash equivalents: Money market funds $ 53,185 $ — $ — $ 53,185 Total cash equivalents 53,185 — — 53,185 Investments: U.S. Treasury securities 229,551 6 (1,275) 228,282 U.S. Non-Treasury securities 22,654 — (62) 22,592 Commercial paper 48,356 — (56) 48,300 Corporate debt securities 40,582 3 (148) 40,437 Total investments 341,143 9 (1,541) 339,611 Total assets measured at fair value $ 394,328 $ 9 $ (1,541) $ 392,796 December 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Cash equivalents: Money market funds $ 53,208 $ — $ — $ 53,208 Total cash equivalents 53,208 — — 53,208 Investments: U.S. Treasury securities 228,563 25 (896) 227,692 U.S. Non-Treasury securities 10,699 6 (3) 10,702 Commercial paper 55,561 3 (131) 55,433 Corporate debt securities 79,616 6 (261) 79,361 Total investments 374,439 40 (1,291) 373,188 Total assets measured at fair value $ 427,647 $ 40 $ (1,291) $ 426,396 As of June 30, 2023 and December 31, 2022, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. Approximately $8,000 of the Company’s investments have been in a continuous unrealized loss position for 12 months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of June 30, 2023, $75.8 million of available-for-sale investments had remaining maturities between one

Other Financial Statement Infor

Other Financial Statement Information	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Other Financial Statement Information	OTHER FINANCIAL STATEMENT INFORMATION Inventory Inventory consists of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 1,472 $ 2,129 Work-in-progress 126 271 Finished goods 3,665 2,227 Total inventory $ 5,263 $ 4,627 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): June 30, December 31, 2023 2022 Laboratory equipment $ 26,550 $ 21,122 Computer equipment and software 881 876 Furniture and fixtures 684 575 Leasehold improvements 3,380 3,375 Construction-in-progress 278 1,281 Property and equipment 31,773 27,229 Less: accumulated depreciation and amortization (9,649) (7,821) Total property and equipment, net $ 22,124 $ 19,408 Depreciation and amortization expense related to property and equipment was $1.3 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense related to property and equipment was $2.6 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued compensation $ 5,101 $ 6,139 Accrued taxes 644 335 Accrued inventory 683 156 Accrued research and development 379 235 Accrued professional services 300 322 Other 822 1,111 Total accrued expenses $ 7,929 $ 8,298

Revenue and Deferred Revenue

Revenue and Deferred Revenue	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Revenue and Deferred Revenue	REVENUE AND DEFERRED REVENUE Product revenue consists of an instrument with embedded software essential to the instrument’s functionality, consumables and platform evaluation agreements. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 10. Grant and other revenue consists of grant revenue from services performed specifically for the reimbursement of research-related expense and other revenue which relates to lease arrangements, as further discussed in Note 8. Deferred revenue activity for the period ended June 30, 2023 and December 31, 2022 are as follows (in thousands): June 30, December 31, 2023 2022 Balance, beginning of period $ 133 $ 376 Additions 648 233 Revenue recognized (495) (476) Balance, end of period $ 286 $ 133 Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. As of June 30, 2023, $1.6 million of revenue is expected to be recognized from the remaining performance obligations, of which 56% is expected to be recognized within 12 months and the remainder thereafter. Grant and Other Revenue

Capital Stock and Stockholders'

Capital Stock and Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Capital Stock and Stockholders' Equity	CAPITAL STOCK AND STOCKHOLDERS’ EQUITY As of June 30, 2023, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock. Common Stock Common stock issued and outstanding is as follows: June 30, December 31, 2023 2022 Class A common stock 59,884,629 59,366,077 Class B common stock 4,044,969 4,044,969 Total common stock issued and outstanding 63,929,598 63,411,046 Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. Common stock issued and outstanding on the condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders’ equity includes shares related to early exercised options and restricted stock that are subject to repurchase.

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	EQUITY INCENTIVE PLANSAs of June 30, 2023, there are 14,570,948 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan, 3,290,184 of which shares are available for issuance in connection with grants of future awards. Stock Options Stock option activity for the six months ended June 30, 2023 is as follows: Options Outstanding Weighted-Average Exercise Price Balance at December 31, 2022 10,214,430 $ 13.90 Options granted 3,259,009 4.38 Options exercised (23,161) 2.20 Options forfeited (159,766) 11.69 Balance at June 30, 2023 13,290,512 $ 11.61 Vested and exercisable, June 30, 2023 6,109,830 $ 8.80 Market Condition Options In February 2023, the Company granted options to purchase an aggregate of 1,794,000 shares of the Company’s Class A common stock to certain Company executives, with vesting subject to market conditions (Market Condition Options). The Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $6.885 per share (the Market Price Milestone). If the Market Price Milestone is achieved, 25% of each Market Condition Option will vest upon certification of such achievement, subject to the recipient’s continued service through the Market Price Milestone achievement date, and an additional 25% of each Market Condition Option will then vest on each of the one-, two- or three-year anniversaries of the Market Price Milestone achievement date, respectively, subject to the recipient’s continued service through the applicable anniversary date. In the event of the Company’s change in control during the seven-year performance period, the performance period will be shortened, achievement of the Market Price Milestone will be assessed based on the per share value of consideration that stockholders receive in the transaction (the change in control price), and if the Market Price Milestone is achieved on that basis, each Market Condition Option will vest in full as of immediately prior to the change in control, subject to the recipient’s continued service as of immediately prior to the change in control. The Market Condition Option has a grant date fair value of approximately $5.2 million determined using a lattice-binomial option-pricing model based on a Monte Carlo simulation. The following assumptions were used to determine the grant date fair value of $2.80 - $3.02: (i) risk-free interest rate: 3.94%; (ii) expected volatility: 83.1%; and (iii) expected dividend yield: 0.0%. Compensation expense is recognized using an accelerated attribution method based on the derived service periods for each of the tranches. Failure to meet the market condition for an award does not result in reversal of previously recognized expense, so long as the service is provided for the duration of the respective derived service period. The Company recognized compensation expense of $1.0 million and $1.4 million related to the Market Condition Options for the three and six months ended June 30, 2023, respectively. As of June 30, 2023, there was $3.8 million in unrecognized compensation related to unvested Market Condition Options, which the Company expects to recognize over a remaining weighted-average period of 2.03 years. Restricted Stock Awards Certain stock options granted provide stock option holders the right to exercise unvested stock options in exchange for restricted shares of Class A common stock. The Company has also issued restricted shares of Class A common stock to employees and directors. There were 52,182 shares and 60,787 shares of restricted stock that were unvested and subject to repurchase as of June 30, 2023 and December 31, 2022, respectively. Restricted Stock Units Restricted Stock Unit activity for the six months ended June 30, 2023 is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at December 31, 2022 1,650,976 $ 18.23 Granted 2,514,844 4.50 Vested (426,896) 19.35 Forfeited (83,885) 8.96 Balance at June 30, 2023 3,655,039 $ 8.87 Employee Stock Purchase Plan A total of 1,829,437 shares of Class A common stock are reserved for issuance under the 2020 Employee Stock Purchase Plan (ESPP) as of June 30, 2023. During the six months ended June 30, 2023, 68,495 shares of Class A common stock were issued under the ESPP. Stock-Based Compensation The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 406 $ 278 $ 735 $ 485 Research and development 2,733 2,392 5,281 4,393 Selling, general and administrative 6,613 5,708 12,460 11,562 Total stock-based compensation $ 9,752 $ 8,378 $ 18,476 $ 16,440 In February 2022, in connection with a leave of absence taken by one of our executives, a total of 1,330,892 share-based awards were modified to extend the overall term and change the timing of the vesting of the awards. The total incremental stock-based compensation associated with the modification is $0.9 million, which will be recognized over the next eight years. Effective on September 30, 2022, the executive resigned from his position as President of the Company and the Company’s Board of Directors. On June 21, 2022, the Board of Directors approved an option repricing to reduce the exercise price of certain vested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share that were held by employees who were not members of the Board or Director or officers for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (“Non-Section 16 employees”) to $19.00 per share, which was the Company’s initial public offering price. The Board of Directors also approved the repricing of certain unvested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share that were held by Non-Section 16 employees to $7.40 per share, which was the closing price of the Company’s Class A common stock on the Nasdaq Global Select Market on the date of the approval of the repricing. Except for the exercise price, the amended stock options have the same terms and conditions (including vesting schedule, number of shares, and expiration date) and will continue to be governed by the terms of the 2020 Equity Incentive Plan.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	LEASESAs a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end on September 30, 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of June 30, 2023 and December 31, 2022, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. In addition, the Company leases approximately 6,000 square feet of office space in San Diego, California pursuant to a lease that runs through September 2024. As of June 30, 2023, the remaining weighted-average lease term was 9.1 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 6.2%. The components of lease costs related to the Company’s operating leases were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 1,038 $ 958 $ 2,076 $ 1,771 Variable lease costs (138) 84 23 278 Short-term lease costs 10 69 20 138 Total lease costs $ 910 $ 1,111 $ 2,119 $ 2,187 Variable lease costs are primarily comprised of common area maintenance. As of June 30, 2023, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows: Years ending December 31, (in thousands) 2023 (remaining six months) $ 1,976 2024 3,969 2025 3,846 2026 3,957 2027 4,072 Thereafter 21,065 Total undiscounted future minimum lease payments 38,885 Present value adjustment for minimum lease commitments (9,540) Total operating lease liabilities $ 29,345 As a lessor, the Company has contracts for equipment leased to customers. The Company accounts for the non-lease component under the revenue recognition ASC 606 guidance and the lease component under ASC 842 guidance. For an arrangement that has been classified as a sales-type lease, revenue is recognized when the transfer of control of the underlying leased asset has occurred and the net investment lease recorded, which is calculated at the present value of the remaining lease payments due from the lessee.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Purchase Commitments and Obligations The Company has certain purchase commitments related to its inventory management with certain manufacturing suppliers wherein the Company is required to purchase the amounts forecasted in a blanket purchase order within a certain time period. The contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude orders for goods and services entered into in the normal course of business that are not enforceable or subject to change. These outstanding commitments amounted to $1.7 million and $5.7 million as of June 30, 2023 and December 31, 2022, respectively. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. The Company has entered into indemnification agreements with certain directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of the status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2023 and December 31, 2022, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Contingencies From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprised the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ. The Company has concluded that PrognomiQ is a VIE due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomiQ and does not have control over the PrognomiQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomiQ and therefore has accounted for its investment in PrognomiQ using the equity method. As of the year ended December 31, 2022, the carrying value of the Company’s investment in PrognomiQ is nil due to recognized net losses based on its percentage of ownership in PrognomiQ. PrognomiQ constitutes a related party and, as of June 30, 2023 and December 31, 2022, the Company held $0.6 million and $1.5 million in related party receivables, respectively, on the condensed consolidated balance sheets representing amounts due from product sales. For the three and six months ended June 30, 2023, the Company recognized revenue of $1.4 million and $2.7 million, respectively, which is presented as related party revenue on the condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables. For the three and six months ended June 30, 2022, the Company recognized revenue of $1.1 million and $2.2 million, respectively, which is presented as related party revenue on the condensed consolidated statements of operations and comprehensive loss and is comprised of the sale of instruments and consumables, and services performed. During 2022, a member of the Company’s Board of Directors served as a board member and an executive officer at a company that is a customer of the Company. As of June 30, 2023 and December 31, 2022, the Company recorded nil and $0.3 million in related party receivables, respectively, on the condensed consolidated balance sheets, representing revenue from product sales. There was no revenue recognized for the three and six months ended June 30, 2023 and 2022. The Company has a contract for equipment leased to this customer that has been classified as a sales-type lease. As of each of June 30, 2023 and December 31, 2022, the lease receivables related to the sales-type lease are $0.2 million. The lease receivables are presented as prepaid expenses and other current assets on the condensed consolidated balance sheets.

Net Loss Per Share Attributable

Net Loss Per Share Attributable To Common Stockholders	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	11. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (23,431) $ (22,815) $ (47,390) $ (46,461) Denominator: Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted 63,762,625 62,376,571 63,654,348 62,191,068 Net loss per share attributable to common stockholders, basic and diluted $ (0.37) $ (0.37) $ (0.74) $ (0.75) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): June 30, 2023 2022 Class A common stock options issued and outstanding 13,290,512 11,741,948 Restricted common stock subject to future vesting 52,182 108,534 Restricted stock units 3,655,039 1,845,172 Total 16,997,733 13,695,654

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn August 8, 2023, the Company implemented a reduction in force of approximately 12% of its workforce. The Company estimates that it will incur approximately $0.6 million of costs, consisting primarily of cash severance payments, which it expects to recognize in the third quarter of 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 6, 2023.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 27, 2023, First-Citizens Bank & Trust Company assumed all of SVB’s deposits and loans. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. As of June 30, 2023, the Company held $0.9 million in SVB and has not experienced any losses on its deposits of cash and cash equivalents. For the three and six months ended June 30, 2023, the Company recognized revenue from a related party that represented 34% and 33%, respectively, of the Company’s total revenue. For each of the three and six months ended June 30, 2022, the Company recognized revenue from a related party that represented 31% of the Company’s total revenue. For the three and six months ended June 30, 2023, 17% and 20%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. For the three and six months ended June 30, 2022, 33% and 29%, respectively, of the total revenue was generated outside of the United States, primarily from countries in Asia and Europe. As of June 30, 2023 and December 31, 2022, there was one related party customer which represented 12% and 25%, respectively, of the total accounts receivable balance. As of June 30, 2023, there were two additional customers which represented 14% and 12% of the total accounts receivable balance. As of December 31, 2022, there were two additional customers which represented 10% and 12% of the total accounts receivable balance.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, all amounts recorded as cash and cash equivalents consist of cash and money market funds and are stated at fair value. Restricted cash as of June 30, 2023 and December 31, 2022 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Balances are written off when they are ultimately determined to
Revenue Recognition	Revenue Recognition The Company generates revenue from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument’s functionality, and consumables as well as platform evaluation agreements. The Company began recognizing revenue from shipments of its Proteograph Product Suite during the second quarter of 2021. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer and revenue is recognized upon delivery of the reports. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon order for services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return. At times, the Company may enter into arrangements with payment terms which exceed one year from the transfer of control of the product or service. In such cases, the Company assesses whether the arrangement contains a significant financing component. If a significant financing component exists, the transaction price is adjusted for the financing portion of the arrangement, which is recorded as interest income over the payment term using the effective interest method. The Company does not assess whether a significant financing component exists when, at contract inception, the period between the transfer of control to a customer and final payment is one year or less. The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer. The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Grant and Other Revenue Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant- funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed. The Company recognizes revenue for research and development services contracts when control is transferred, which is upon completion of the services and when results of the services have been transferred to the customer. Upfront payments and fees received are recorded as deferred revenue until the Company performs its obligations under its arrangements. Amounts payable to the Company are recorded as other receivables when its right to consideration is unconditional. A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers , and are therefore accounted for in accordance with ASC 842, Leases . Each of these contracts is evaluated as a lease arrangement, either as an operating lease or a sales-type lease using the lease classification guidance. The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative standalone selling prices. The standalone selling price is based on the price the Company would sell that promised good or service separately to a customer. If a standalone price is not available for a component, it is estimated using the best information available.
Fair Value Measurements	The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 56,404 $ 53,208 Restricted cash 524 524 Total cash and cash equivalents and restricted cash $ 56,928 $ 53,732
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 56,404 $ 53,208 Restricted cash 524 524 Total cash and cash equivalents and restricted cash $ 56,928 $ 53,732

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands). June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 53,185 $ — $ — $ 53,185 Total cash equivalents 53,185 — — 53,185 Investments: U.S. Treasury securities — 228,282 — 228,282 U.S. Non-Treasury securities — 22,592 — 22,592 Commercial paper — 48,300 — 48,300 Corporate debt securities — 40,437 — 40,437 Total investments — 339,611 — 339,611 Total assets measured at fair value $ 53,185 $ 339,611 $ — $ 392,796 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 53,208 $ — $ — $ 53,208 Total cash equivalents 53,208 — — 53,208 Investments: U.S. Treasury securities — 227,692 — 227,692 U.S. Non-Treasury securities — 10,702 — 10,702 Commercial paper — 55,433 — 55,433 Corporate debt securities — 79,361 — 79,361 Total investments — 373,188 — 373,188 Total assets measured at fair value $ 53,208 $ 373,188 $ — $ 426,396
Schedule of Debt Securities, Available-for-sale, Unrealized Gain	The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands): June 30, 2023 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Cash equivalents: Money market funds $ 53,185 $ — $ — $ 53,185 Total cash equivalents 53,185 — — 53,185 Investments: U.S. Treasury securities 229,551 6 (1,275) 228,282 U.S. Non-Treasury securities 22,654 — (62) 22,592 Commercial paper 48,356 — (56) 48,300 Corporate debt securities 40,582 3 (148) 40,437 Total investments 341,143 9 (1,541) 339,611 Total assets measured at fair value $ 394,328 $ 9 $ (1,541) $ 392,796 December 31, 2022 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value Assets: Cash equivalents: Money market funds $ 53,208 $ — $ — $ 53,208 Total cash equivalents 53,208 — — 53,208 Investments: U.S. Treasury securities 228,563 25 (896) 227,692 U.S. Non-Treasury securities 10,699 6 (3) 10,702 Commercial paper 55,561 3 (131) 55,433 Corporate debt securities 79,616 6 (261) 79,361 Total investments 374,439 40 (1,291) 373,188 Total assets measured at fair value $ 427,647 $ 40 $ (1,291) $ 426,396

Other Financial Statement Inf_2

Other Financial Statement Information (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 1,472 $ 2,129 Work-in-progress 126 271 Finished goods 3,665 2,227 Total inventory $ 5,263 $ 4,627
Schedule of Property and Equipment	Property and equipment, net consists of the following (in thousands): June 30, December 31, 2023 2022 Laboratory equipment $ 26,550 $ 21,122 Computer equipment and software 881 876 Furniture and fixtures 684 575 Leasehold improvements 3,380 3,375 Construction-in-progress 278 1,281 Property and equipment 31,773 27,229 Less: accumulated depreciation and amortization (9,649) (7,821) Total property and equipment, net $ 22,124 $ 19,408
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued compensation $ 5,101 $ 6,139 Accrued taxes 644 335 Accrued inventory 683 156 Accrued research and development 379 235 Accrued professional services 300 322 Other 822 1,111 Total accrued expenses $ 7,929 $ 8,298

Revenue and Deferred Revenue (T

Revenue and Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Deferred Revenue Activity	Deferred revenue activity for the period ended June 30, 2023 and December 31, 2022 are as follows (in thousands): June 30, December 31, 2023 2022 Balance, beginning of period $ 133 $ 376 Additions 648 233 Revenue recognized (495) (476) Balance, end of period $ 286 $ 133

Capital Stock and Stockholder_2

Capital Stock and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	Common stock issued and outstanding is as follows: June 30, December 31, 2023 2022 Class A common stock 59,884,629 59,366,077 Class B common stock 4,044,969 4,044,969 Total common stock issued and outstanding 63,929,598 63,411,046

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the six months ended June 30, 2023 is as follows: Options Outstanding Weighted-Average Exercise Price Balance at December 31, 2022 10,214,430 $ 13.90 Options granted 3,259,009 4.38 Options exercised (23,161) 2.20 Options forfeited (159,766) 11.69 Balance at June 30, 2023 13,290,512 $ 11.61 Vested and exercisable, June 30, 2023 6,109,830 $ 8.80
Schedule of Restricted Stock Unit Activity	Restricted Stock Unit activity for the six months ended June 30, 2023 is as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at December 31, 2022 1,650,976 $ 18.23 Granted 2,514,844 4.50 Vested (426,896) 19.35 Forfeited (83,885) 8.96 Balance at June 30, 2023 3,655,039 $ 8.87
Schedule of Components of Stock-based Compensation Expensed	The following table summarizes the components of stock-based compensation recognized in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 406 $ 278 $ 735 $ 485 Research and development 2,733 2,392 5,281 4,393 Selling, general and administrative 6,613 5,708 12,460 11,562 Total stock-based compensation $ 9,752 $ 8,378 $ 18,476 $ 16,440

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease, Cost	The components of lease costs related to the Company’s operating leases were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 1,038 $ 958 $ 2,076 $ 1,771 Variable lease costs (138) 84 23 278 Short-term lease costs 10 69 20 138 Total lease costs $ 910 $ 1,111 $ 2,119 $ 2,187
Schedule of Future Minimum Commitments Under Facility Operating Lease	As of June 30, 2023, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows: Years ending December 31, (in thousands) 2023 (remaining six months) $ 1,976 2024 3,969 2025 3,846 2026 3,957 2027 4,072 Thereafter 21,065 Total undiscounted future minimum lease payments 38,885 Present value adjustment for minimum lease commitments (9,540) Total operating lease liabilities $ 29,345

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (23,431) $ (22,815) $ (47,390) $ (46,461) Denominator: Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted 63,762,625 62,376,571 63,654,348 62,191,068 Net loss per share attributable to common stockholders, basic and diluted $ (0.37) $ (0.37) $ (0.74) $ (0.75)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): June 30, 2023 2022 Class A common stock options issued and outstanding 13,290,512 11,741,948 Restricted common stock subject to future vesting 52,182 108,534 Restricted stock units 3,655,039 1,845,172 Total 16,997,733 13,695,654

Organization and Description _2

Organization and Description of the Business (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, and investments	$ 320,200
Accumulated deficit	$ (266,886)	$ (219,496)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 56,404	$ 53,208
Restricted cash	524	524
Total cash and cash equivalents and restricted cash	$ 56,928	$ 53,732	$ 79,547	$ 233,337

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Basis of Presentation - Narrative (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
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss	$ (4)		$ (4)		$ (30)
Silicon Valley Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash	$ 900		$ 900
Revenue Benchmark | Geographic Concentration Risk | Asia and Europe
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	17%	33%	20%	29%
Major Customer 1 | Revenue Benchmark | Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	34%	31%	33%	31%
Major Customer 1 | Accounts Receivable | Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			12%		25%
Major Customer 2 | Accounts Receivable | Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			14%		10%
Major Customer 3 | Accounts Receivable | Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			12%		12%

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured at Fair Value On a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 53,185	$ 53,208
Total investments	339,611	373,188
Total assets measured at fair value	392,796	426,396
Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	53,185	53,208
U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	228,282	227,692
U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	22,592	10,702
Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	48,300	55,433
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	40,437	79,361
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	53,185	53,208
Total investments	0	0
Total assets measured at fair value	53,185	53,208
Level 1 | Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	53,185	53,208
Level 1 | U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 | U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 | Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 | Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	339,611	373,188
Total assets measured at fair value	339,611	373,188
Level 2 | Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 2 | U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	228,282	227,692
Level 2 | U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	22,592	10,702
Level 2 | Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	48,300	55,433
Level 2 | Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	40,437	79,361
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Total assets measured at fair value	0	0
Level 3 | Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 3 | U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 | U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 | Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 | Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	$ 0	$ 0

Fair Value Measurements and F_4

Fair Value Measurements and Fair Value of Financial Instruments - Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 394,328	$ 427,647
Unrealized Gains	9	40
Unrealized Losses	(1,541)	(1,291)
Fair Value	392,796	426,396
Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	53,185	53,208
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	53,185	53,208
Total cash equivalents | Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	53,185	53,208
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	53,185	53,208
Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	341,143	374,439
Unrealized Gains	9	40
Unrealized Losses	(1,541)	(1,291)
Fair Value	339,611	373,188
Total investments | U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	229,551	228,563
Unrealized Gains	6	25
Unrealized Losses	(1,275)	(896)
Fair Value	228,282	227,692
Total investments | U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	22,654	10,699
Unrealized Gains	0	6
Unrealized Losses	(62)	(3)
Fair Value	22,592	10,702
Total investments | Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	48,356	55,561
Unrealized Gains	0	3
Unrealized Losses	(56)	(131)
Fair Value	48,300	55,433
Total investments | Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	40,582	79,616
Unrealized Gains	3	6
Unrealized Losses	(148)	(261)
Fair Value	$ 40,437	$ 79,361

Fair Value Measurements and F_5

Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in a continuous unrealized loss position, 12 Months or longer	$ (8)	$ (8)
Available-for-sale investments with remaining maturities between one and two years	$ 75,806	5,157
Available-for-sale investments with remaining maturities	1 year
Accrued liabilities, fair value disclosure	$ 1,100	$ 600
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	1 year
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	2 years

Other Financial Statement Inf_3

Other Financial Statement Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 1,472	$ 2,129
Work-in-progress	126	271
Finished goods	3,665	2,227
Total inventory	$ 5,263	$ 4,627

Other Financial Statement Inf_4

Other Financial Statement Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 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	$ 31,773		$ 31,773		$ 27,229
Less: accumulated depreciation and amortization	(9,649)		(9,649)		(7,821)
Total property and equipment, net	22,124		22,124		19,408
Depreciation and amortization expense	1,300	$ 900	2,600	$ 1,800
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	26,550		26,550		21,122
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	881		881		876
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	684		684		575
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	3,380		3,380		3,375
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 278		$ 278		$ 1,281

Other Financial Statement Inf_5

Other Financial Statement Information - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 5,101	$ 6,139
Accrued taxes	644	335
Accrued inventory	683	156
Accrued research and development	379	235
Accrued professional services	300	322
Other	822	1,111
Total accrued expenses	$ 7,929	$ 8,298

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2019
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 286		$ 286		$ 133	$ 376
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Deferred Revenue Arrangement [Line Items]
Revenue recognized from the remaining performance obligations	$ 1,600		$ 1,600
Revenue, remaining performance obligation, percentage	56%		56%
Expected remaining performance obligations	12 months		12 months
Grant | National Institutes of Health
Deferred Revenue Arrangement [Line Items]
Deferred revenue							$ 1,100
Revenue recognized	$ 500	$ 50	$ 800	$ 64

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer Liability [Roll Forward]
Balance, beginning of period	$ 133	$ 376
Additions	648	233
Revenue recognized	(495)	(476)
Balance, end of period	$ 286	$ 133

Capital Stock and Stockholder_3

Capital Stock and Stockholders' Equity - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	105,000,000
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Dividends declared (in dollars per share) | $ / shares	$ 0
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Voting rights | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Voting rights | vote	10

Capital Stock and Stockholder_4

Capital Stock and Stockholders' Equity - Schedule of Common Stock by Class (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock issued (in shares)	63,929,598	63,411,046
Total common stock outstanding (in shares)	63,929,598	63,411,046
Class A common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	59,884,629	59,366,077
Total common stock outstanding (in shares)	59,884,629	59,366,077
Class B common stock
Class of Stock [Line Items]
Total common stock issued (in shares)	4,044,969	4,044,969
Total common stock outstanding (in shares)	4,044,969	4,044,969

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2023 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) planParticipant shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 shares	Jun. 21, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) | $ / shares								$ 7.40
Total stock-based compensation | $		$ 900	$ 9,752	$ 8,378	$ 18,476	$ 16,440
Recognition period (in years)		8 years			3 years
Number of grantees affected by modification | planParticipant		1
Modifications to extend term and timing of vesting, of shares (in shares)		1,330,892
Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,794,000
Market condition option, percent	25%
Grant date fair value | $	$ 5,200
Total stock-based compensation | $			1,000		$ 1,400
Unrecognized incremental stock-based compensation | $			$ 3,800		$ 3,800
Recognition period (in years)					2 years 10 days
Market Condition Options | Measurement Input, Share Price | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input | $ / shares	2.80
Market Condition Options | Measurement Input, Share Price | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input | $ / shares	3.02
Market Condition Options | Measurement Input, Risk Free Interest Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0394
Market Condition Options | Measurement Input, Option Volatility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.831
Market Condition Options | Measurement Input, Expected Dividend Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock (in shares)			52,182		52,182		60,787
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized incremental stock-based compensation | $			$ 1,400		$ 1,400
Unexercised stock options (in usd per share) | $ / shares								$ 19
Employee benefits and share-based compensation | $			$ 200		$ 400
2020 Employee Stock Purchase Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			1,829,437		1,829,437
Class A common stock | Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) | $ / shares	$ 6.885
Class A common stock | 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			14,570,948		14,570,948
Class A common stock | 2020 Equity Incentive Plan | Share-based Payments Future Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			3,290,184		3,290,184
Class A common stock | 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in connection with employee stock purchase plan (in shares)					68,495

Equity Incentive Plans - Activi

Equity Incentive Plans - Activity of Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023
Options Outstanding
Beginning balance (in shares)	10,214,430
Options granted (in shares)	3,259,009
Options exercised (in shares)	(23,161)
Options cancelled and forfeited (in shares)	(159,766)
Ending balance (in shares)	13,290,512
Vested and exercisable (in shares)	6,109,830
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 13.90
Options granted (in usd per share)	4.38
Options exercised (in usd per share)	2.20
Options cancelled and forfeited (in usd per share)	11.69
Ending balance (in usd per share)	11.61
Vested and exercisable (in usd per share)	$ 8.80

Equity Incentive Plans - RSU Ac

Equity Incentive Plans - RSU Activity for the Period (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units
Beginning balance (in shares) | shares	1,650,976
Granted (in shares) | shares	2,514,844
Vested (in shares) | shares	(426,896)
Cancelled (in shares) | shares	(83,885)
Ending balance (in shares) | shares	3,655,039
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in usd per share) | $ / shares	$ 18.23
Granted (in usd per share) | $ / shares	4.50
Vested (in usd per share) | $ / shares	19.35
Cancelled (in usd per share) | $ / shares	8.96
Ending balance (in usd per share) | $ / shares	$ 8.87

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-Based Compensation Allocation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 900	$ 9,752	$ 8,378	$ 18,476	$ 16,440
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		406	278	735	485
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		2,733	2,392	5,281	4,393
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		$ 6,613	$ 5,708	$ 12,460	$ 11,562

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	9 years 1 month 6 days	9 years 1 month 6 days
Incremental borrowing rate		6.20%
Sales-type lease, revenue | $	$ 48	$ 88
Building
Lessee, Lease, Description [Line Items]
Letter of credit issued | $	$ 500	$ 500	$ 500
Redwood City, CA | Facility Lease Agreement Letter of Credit | Letter of Credit
Lessee, Lease, Description [Line Items]
Renewal term	5 years	5 years
Redwood City, CA | Building
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of square feet | ft²	51	51
San Diego, CA | Building
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of square feet | ft²	6	6

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 1,038	$ 958	$ 2,076	$ 1,771
Variable lease costs	(138)	84	23	278
Short-term lease costs	10	69	20	138
Total lease costs	$ 910	$ 1,111	$ 2,119	$ 2,187

Leases - Future Minimum Commitm

Leases - Future Minimum Commitments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 1,976
2024	3,969
2025	3,846
2026	3,957
2027	4,072
Thereafter	21,065
Total undiscounted future minimum lease payments	38,885
Present value adjustment for minimum lease commitments	(9,540)
Total operating lease liabilities	$ 29,345

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations outstanding	$ 1.7	$ 5.7

Related Party Transactions - -

Related Party Transactions - - Narrative (Details) - USD ($) $ in Thousands	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]
Prepaid expenses and other current assets	$ 3,610		$ 3,610		$ 2,098
Related party
Related Party Transaction [Line Items]
Accounts receivable, net	638		638		1,804
Related party | PrognomiQ
Related Party Transaction [Line Items]
Total revenue	1,400	$ 1,100	2,700	$ 2,200
Accounts receivable, net	600		600		1,500
Related party | Executive Officer
Related Party Transaction [Line Items]
Accounts receivable, net	0		0		300
Prepaid expenses and other current assets	$ 200		$ 200		$ 200

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (23,431)	$ (23,959)	$ (22,815)	$ (47,390)	$ (46,461)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares)	63,762,625		62,376,571	63,654,348	62,191,068
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	63,762,625		62,376,571	63,654,348	62,191,068
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.37)		$ (0.37)	$ (0.74)	$ (0.75)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.37)		$ (0.37)	$ (0.74)	$ (0.75)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,997,733	13,695,654
Class A common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,290,512	11,741,948
Restricted common stock subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	52,182	108,534
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,655,039	1,845,172

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Employee Severance $ in Millions	Aug. 08, 2023 USD ($)
Subsequent Event [Line Items]
Number of positions eliminated, percent	12%
Forecast
Subsequent Event [Line Items]
Estimated costs of restructuring	$ 0.6