TransMedics (TMDX) 10-K 27 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	TransMedics Group, Inc.
Entity Central Index Key	0001756262
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Public Float			$ 4,870
Entity Common Stock, Shares Outstanding		33,662,363
Entity File Number	001-38891
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	83-2181531
Entity Address, Address Line One	200 Minuteman Road
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	552-0900
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	TMDX
Security Exchange Name	NASDAQ
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders scheduled to be held on May 22, 2025, which Definitive Proxy will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2024 , are incorporated by reference into Part II and Part III of this Form 10-K.
Auditor Opinion	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of TransMedics Group, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO because a material weakness in internal control over financial reporting existed as of that date as the Company did not design and maintain effective controls to verify that inventory movements are appropriately recorded in the interim financial statements. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness referred to above is described in Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 9A. We considered this material weakness in determining the nature, timing, and extent of audit tests applied in our audit of the 2024 consolidated financial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidated financial statements.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 336,650	$ 394,812
Accounts receivable	97,722	63,576
Inventory	46,554	44,235
Prepaid expenses and other current assets	16,290	8,031
Total current assets	497,216	510,654
Property, plant and equipment, net	285,970	173,941
Operating lease right-of-use assets	6,481	6,546
Restricted cash	500	500
Goodwill	11,549	11,990
Acquired intangible assets, net	2,152	2,354
Other non-current assets	208	62
Total assets	804,076	706,047
Current liabilities:
Accounts payable	10,292	12,717
Accrued expenses and other current liabilities	45,152	38,221
Deferred revenue	1,742	1,961
Operating lease liabilities	2,727	2,035
Total current liabilities	59,913	54,934
Convertible senior notes, net	449,939	447,140
Long-term debt, net	59,372	59,064
Operating lease liabilities, net of current portion	6,249	7,707
Total liabilities	575,473	568,845
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, no par value; 25,000,000 shares authorized; no shares issued or outstanding
Common stock, no par value; 150,000,000 shares authorized; 33,617,972 shares and 32,670,803 shares issued and outstanding as of December 31, 2024 and 2023, respectively	697,208	641,106
Accumulated other comprehensive loss	(364)	(199)
Accumulated deficit	(468,241)	(503,705)
Total stockholders’ equity	228,603	137,202
Total liabilities and stockholders’ equity	$ 804,076	$ 706,047

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	33,617,972	32,670,803
Common Stock, Shares, Outstanding	33,617,972	32,670,803

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 441,540	$ 241,623	$ 93,459
Cost of revenue:
Total cost of revenue	179,459	87,530	28,187
Gross profit	262,081	154,093	65,272
Operating expenses:
Research, development and clinical trials	55,968	36,055	26,812
Acquired in-process research and development expenses		27,212
Selling, general and administrative	168,617	119,553	69,897
Total operating expenses	224,585	182,820	96,709
Income (loss) from operations	37,496	(28,727)	(31,437)
Other income (expense):
Interest expense	(14,409)	(10,791)	(3,726)
Interest income and other income (expense), net	12,693	12,847	(1,002)
Total other income (expense), net	(1,716)	2,056	(4,728)
Income (loss) before income taxes	35,780	(26,671)	(36,165)
(Provision) benefit for income taxes	(316)	1,643	(66)
Net income (loss)	$ 35,464	$ (25,028)	$ (36,231)
Net income (loss) per share, basic	$ 1.07	$ (0.77)	$ (1.23)
Net income (loss) per share, diluted	$ 1.01	$ (0.77)	$ (1.23)
Weighted average common shares outstanding, basic	33,229,953	32,517,372	29,556,633
Weighted average common shares outstanding, diluted	35,216,837	32,517,372	29,556,633
Net product revenue [Member]
Revenue:
Total revenue	$ 273,866	$ 176,069	$ 79,234
Cost of revenue:
Total cost of revenue	58,345	41,015	16,970
Service Revenue [Member]
Revenue:
Total revenue	167,674	65,554	14,225
Cost of revenue:
Total cost of revenue	$ 121,114	$ 46,515	$ 11,217

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 35,464	$ (25,028)	$ (36,231)
Other comprehensive income (loss):
Foreign currency translation adjustment	(165)	26	(73)
Unrealized gains on marketable securities, net of tax of $0			36
Total other comprehensive income (loss)	(165)	26	(37)
Comprehensive income (loss)	$ 35,299	$ (25,002)	$ (36,268)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2021	$ 67,854	$ 510,488	$ (188)	$ (442,446)
Balance, Shares at Dec. 31, 2021		27,791,615
Issuance of common stock upon the exercise of common stock options	4,667	$ 4,667
Issuance of common stock upon the exercise of common stock options, Shares		507,795
Issuance of common stock in connection with employee stock purchase plan	509	$ 509
Issuance of common stock in connection with employee stock purchase plan, Shares		30,143
Issuance of common stock in public offering, net of discounts and issuance costs	139,854	$ 139,854
Issuance of common stock in public offering, net of discounts and issuance costs, Shares		3,737,500
Issuance of restricted common stock, Shares		26,093
Restricted common stock forfeitures, Shares		(1,778)
Issuance of common stock in connection with exercise of warrants	438	$ 438
Issuance of common stock in connection with exercise of warrants, Shares		50,000
Stock-based compensation expense	10,321	$ 10,321
Foreign currency translation adjustment	(73)		(73)
Unrealized gains on marketable securities	36		36
Net income (loss)	(36,231)			(36,231)
Balance at Dec. 31, 2022	187,375	$ 666,277	(225)	(478,677)
Balance, Shares at Dec. 31, 2022		32,141,368
Issuance of common stock upon the exercise of common stock options	6,155	$ 6,155
Issuance of common stock upon the exercise of common stock options, Shares		493,935
Issuance of common stock in connection with employee stock purchase plan	955	$ 955
Issuance of common stock in connection with employee stock purchase plan, Shares		25,894
Issuance of restricted common stock, Shares		10,304
Restricted common stock forfeitures, Shares		(698)
Stock-based compensation expense	19,791	$ 19,791
Purchases of capped calls related to convertible senior notes	(52,072)	(52,072)
Foreign currency translation adjustment	26		26
Net income (loss)	(25,028)			(25,028)
Balance at Dec. 31, 2023	137,202	$ 641,106	(199)	(503,705)
Balance, Shares at Dec. 31, 2023		32,670,803
Issuance of common stock upon the exercise of common stock options	$ 20,813	$ 20,813
Issuance of common stock upon the exercise of common stock options, Shares	796,764	796,764
Issuance of common stock in connection with employee stock purchase plan	$ 2,061	$ 2,061
Issuance of common stock in connection with employee stock purchase plan, Shares		31,303
Issuance of restricted common stock, Shares		4,160
Vesting of restricted stock units, Shares		103,166
Conversion of convertible senior notes into common stock	4	$ 4
Conversion of convertible senior notes into common stock (Shares)		41
Issuance of common stock in connection with exercise of warrants, Shares		11,735
Stock-based compensation expense	33,224	$ 33,224
Foreign currency translation adjustment	(165)		(165)
Net income (loss)	35,464			35,464
Balance at Dec. 31, 2024	$ 228,603	$ 697,208	$ (364)	$ (468,241)
Balance, Shares at Dec. 31, 2024		33,617,972

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Discounts and issuance costs	$ 676

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 35,464	$ (25,028)	$ (36,231)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	19,758	8,177	3,478
Stock-based compensation expense	33,224	19,791	10,321
Acquired in-process research and development expenses		27,212
Deferred taxes		(1,660)
Loss on extinguishment of debt			575
Loss on sale of marketable securities			107
Non-cash interest expense and end of term accretion expense	3,111	2,128	465
Non-cash lease expense	1,564	1,041	717
Net amortization of premiums on marketable securities			381
Unrealized foreign currency transaction (gains) losses	665	(342)	1,129
Loss on disposal of fixed assets	17
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts receivable	(34,310)	(33,816)	(21,678)
Inventory	(8,353)	(28,092)	(8,024)
Prepaid expenses and other current assets	(6,262)	(2,101)	2,521
Other non-current assets	(149)	(54)
Accounts payable	(1,396)	6,957	(3,270)
Accrued expenses and other current liabilities	7,938	14,250	3,437
Deferred revenue	(203)	83
Operating lease liabilities	(2,265)	(1,574)	255
Net cash provided by (used in) operating activities	48,803	(13,028)	(45,817)
Cash flows from investing activities:
Purchases of property, plant and equipment	(129,744)	(151,847)	(11,907)
Purchase of business, net of cash acquired	441	(14,894)
Purchase of in-process research and development assets		(27,212)
Purchases of marketable securities			(10,496)
Proceeds from sales and maturities of marketable securities			76,916
Net cash provided by (used in) investing activities	(129,303)	(193,953)	54,513
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $14,620		445,380
Purchases of capped calls related to convertible senior notes		(52,072)
Proceeds from issuance of long-term debt, net of issuance costs			58,509
Repayments of long-term debt			(36,050)
Proceeds from issuance of common stock in public offering, net of underwriting discounts and commissions and issuance costs paid			139,854
Proceeds from issuance of common stock upon exercise of stock options	20,813	6,155	4,667
Proceeds from issuance of common stock upon exercise of warrants			438
Proceeds from issuance of common stock in connection with employee stock purchase plan	2,061	955	509
Net cash provided by financing activities	22,874	400,418	167,927
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(536)	193	(1,021)
Net increase (decrease) in cash, cash equivalents and restricted cash	(58,162)	193,630	175,602
Cash, cash equivalents and restricted cash, beginning of period	395,312	201,682	26,080
Cash, cash equivalents and restricted cash, end of period	337,150	395,312	201,682
Supplemental disclosure of cash flow information:
Cash paid for interest	11,297	8,089	3,260
Supplemental disclosure of non-cash activities:
Transfers of inventory to property, plant and equipment	5,803	4,574	2,135
Purchases of property, plant and equipment included in accounts payable and accrued expenses	2,062	2,454	$ 62
Operating lease liabilities arising from obtaining right-of-use assets	1,499	$ 2,171
Conversion of convertible senior notes into common stock	$ 4

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Convertible senior notes, issuance costs paid	$ 14,620

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have adopted processes designed to identify, assess and manage material risks from cybersecurity threats to our information systems. Those processes include response to and an assessment of internal and external threats to the security, confidentiality, integrity and availability of our data and systems along with other material risks to our operations, at least annually or whenever there are material changes to our systems or operations. These processes include plans to be used in the event of a cybersecurity incident, including incident reporting and business continuity. As part of our risk management process, we engage outside providers to conduct periodic internal and external penetration testing . We store our data in cloud environments with security appropriate to the data involved and have adopted controls around, among other things, vendor risk assessment, access and acceptable use and backup and recovery. Although we have experienced cybersecurity incidents in the past, cybersecurity threats, including as a result of previous cybersecurity incidents, have not materially affected the Company , including its business strategy, results of operations or financial condition. Our executive team, along with our Audit Committee, assess and manage cybersecurity risk as part of our overall business strategy, financial planning and capital allocation. Our Audit Committee and Board of Directors engage with members of the executive team and are briefed on cybersecurity risks at least once each calendar year and with respect to any potentially material cybersecurity incidents. Our Chief Information Officer reports regularly, and at least annually, to our Audit Committee and such report may address overall assessment of our compliance with our cybersecurity policies, and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures . Our Chief Information Officer has served in various senior information technology roles, responsible for information security for over 20 years.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our executive team, along with our Audit Committee, assess and manage cybersecurity risk as part of our overall business strategy, financial planning and capital allocation. Our Audit Committee and Board of Directors engage with members of the executive team and are briefed on cybersecurity risks at least once each calendar year and with respect to any potentially material cybersecurity incidents. Our Chief Information Officer reports regularly, and at least annually, to our Audit Committee and such report may address overall assessment of our compliance with our cybersecurity policies, and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee and Board of Directors engage with members of the executive team and are briefed on cybersecurity risks at least once each calendar year and with respect to any potentially material cybersecurity incidents. Our Chief Information Officer reports regularly, and at least annually, to our Audit Committee and such report may address overall assessment of our compliance with our cybersecurity policies, and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures .
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Information Officer reports regularly, and at least annually, to our Audit Committee and such report may address overall assessment of our compliance with our cybersecurity policies, and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures .
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer has served in various senior information technology roles, responsible for information security for over 20 years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,464	$ (25,028)	$ (36,231)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our fiscal quarter ended December 31, 2024, certain of our directors and officers entered into a contract, instruction or written plan for the purchase or sale of our securities that is intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to these contracts, instructions, and written plans as “Rule 10b5-1 trading plans” and each one as a “Rule 10b5-1 trading plan.” We describe the material terms of these Rule 10b5-1 trading plans in the table below. Rule 10b5-1 Trading Plans Maximum Number of Securities to Scheduled be Purchased or Action Commencement Termination Sold Pursuant to Covers and Date of Trading of Trading Security the Rule 10b5-1 Purchase Director/Officer of Action Period Period (1) Covered Trading Plan (2) Or Sale Tamer Khayal Adoption 12/05/2024 7-Mar-25 9-Mar-26 Common Stock 33,269 (3) Sale Edward Basile Adoption 11/06/2024 28-Feb-25 13-Feb-26 Common Stock 19,285 Sale (1) The plan is subject to earlier termination under certain circumstances specified in the plan, including upon the sale or purchase (as applicable) of all shares subject to the plan and upon either party to a plan giving notice of termination within the time prescribed under the plan. (2) Subject to adjustments for stock splits, stock combinations, stock dividends and other similar changes to our common stock. (3) The maximum number of securities to be sold pursuant to the Rule 10b5-1 Trading Plan is equal to 33,269 , plus shares that may be received by Dr. Khayal in connection with vesting of restricted stock units prior to the scheduled termination date.
Rule10b5-1 Trading Plan [Member] | Tamer Khayal [Member]
Trading Arrangements, by Individual
Name	Tamer Khayal
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	12/05/2024
Expiration Date	9-Mar-26	[1]
Arrangement Duration	368 days
Aggregate Available	33,269	[2],[3]
Rule10b5-1 Trading Plan [Member] | Edward Basile [Member]
Trading Arrangements, by Individual
Name	Edward Basile
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	11/06/2024
Expiration Date	13-Feb-26	[1]
Arrangement Duration	351 days
Aggregate Available	19,285	[2]
[1] The plan is subject to earlier termination under certain circumstances specified in the plan, including upon the sale or purchase (as applicable) of all shares subject to the plan and upon either party to a plan giving notice of termination within the time prescribed under the plan. Subject to adjustments for stock splits, stock combinations, stock dividends and other similar changes to our common stock. The maximum number of securities to be sold pursuant to the Rule 10b5-1 Trading Plan is equal to 33,269 , plus shares that may be received by Dr. Khayal in connection with vesting of restricted stock units prior to the scheduled termination date.

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation TransMedics Group, Inc. (“TransMedics Group” and, together with its consolidated subsidiaries, the “Company”) was incorporated in the Commonwealth of Massachusetts in October 2018. TransMedics, Inc. (“TransMedics”), an operating company and wholly owned subsidiary of TransMedics Group, was incorporated in the State of Delaware in August 1998. The Company is a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. The Company developed the Organ Care System (“OCS”) to replace a decades-old standard of care. The OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment. The Company’s OCS technology replicates many aspects of the organ’s natural living and functioning environment outside of the human body. The Company also developed its National OCS Program (“NOP”), an innovative turnkey solution to provide outsourced organ procurement, OCS perfusion management and transplant logistics services, to provide transplant programs in the United States with a more efficient process to procure donor organs with the OCS. The Company's logistics services include aviation transportation, ground transportation and other coordination activity. On August 16, 2023, the Company acquired Summit Aviation, Inc. and Northside Property Group, LLC (together “Summit”). Summit was a charter flight operator based in Bozeman, Montana. The acquisition enabled TransMedics to add aviation transportation services to its NOP and become a comprehensive national provider of donor organ procurement and delivery in the United States. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Prior to 2024, the Company had incurred recurring annual losses since inception. As of December 31, 2024, the Company had an accumulated deficit of $ 468.2 million. The Company generated net income of $ 35.5 million for the year ended December 31, 2024. The Company believes that its existing cash of $ 336.7 million as of December 31, 2024 will be sufficient to fund its operations, capital expenditures, and debt service payments for at least the next 12 months following the filing of this Annual Report on Form 10-K. If the Company needs to seek additional funding through equity financings, debt financings or strategic alliances, the Company may not be able to obtain financing on acceptable terms, or at all, and the terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders. If the Company is unable to obtain funding when needed, the Company will be required to delay, reduce or eliminate some or all of its research and development programs, product expansion or commercialization efforts, or the Company may be unable to continue operations. The Company is subject to risks and uncertainties common to companies in the medical device industry and of similar size, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, uncertainty of market acceptance of products, and the need to obtain additional financing to fund operations. Products currently under development will require additional research and development efforts, including additional clinical testing and regulatory approval, prior to commercialization. These efforts require additional capital, adequate personnel, infrastructure and extensive compliance-reporting capabilities. The Company’s research and development may not be successfully completed, adequate protection for the Company’s technology may not be obtained, the Company may not obtain necessary government regulatory approval on its expected timeline or at all, and approved products may not prove commercially viable. The Company operates in an environment of rapid change in technology and competition. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of assets acquired and liabilities assumed in business combinations, including acquired intangible assets and the resulting goodwill, and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. Risk of Concentrations of Credit, Significant Customers and Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of December 31, 2024 and 2023 , the Company had no allowance for credit losses. Significant customers are those that accounted for 10 % or more of the Company’s revenue or accounts receivable. For the years ended December 31, 2024 and 2023 , no customer accounted for more than 10 % of revenue. For the year ended December 31, 2022, one customer accounted for 14 % of revenue. As of December 31, 2024 and 2023 , no customer accounted for more than 10 % of accounts receivable. Certain of the components and subassemblies included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers, as are sterilization services. Although the Company seeks to reduce dependence on those limited sources of suppliers, manufacturers and service providers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. Deferred Financing Costs Deferred financing costs related to a recognized debt liability are recorded as a reduction of the carrying amount of the debt liability and amortized to interest expense using the effective interest method over the repayment term of the debt. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash As of December 31, 2024 and 2023 , the Company maintained two letters of credit totaling $ 0.5 million for the benefit of the landlord of its leased property. The Company was required to maintain a separate cash balance of $ 0.5 million to secure the letters of credit. Related to this separate cash balance, the Company classified $ 0.5 million as restricted cash (non-current) on its consolidated balance sheets as of December 31, 2024 and 2023. Cash, cash equivalents and restricted cash on the consolidated statements of cash flows includes $ 0.5 million of restricted cash in each of the years presented. Accounts Receivable Accounts receivable are presented net of an allowance for credit losses, which is an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and monitors economic conditions to identify facts and circumstances that may indicate its receivables are at risk of collection. The Company provides reserves against accounts receivable for estimated credit losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions and historical credit loss activity. Amounts deemed uncollectible are charged or written-off against the reserve. As of December 31, 2024 and 2023 , the Company had no allowance for credit losses. During the years ended December 31, 2024, 2023 and 2022, the Company did no t record any provisions for credit losses and has written off only insignificant balances. Inventory Inventory is valued at the lower of cost or net realizable value. Cost is computed using the first-in, first-out method. The Company regularly reviews inventory quantities on-hand for excess and obsolete inventory and, when circumstances indicate, records charges to write down inventories to their estimated net realizable value, after evaluating historical sales, future demand, market conditions and expected product life cycles. Such charges are classified as cost of revenue in the consolidated statements of operations. Any write-down of inventory to net realizable value creates a new cost basis. At the end of each reporting period, the Company assesses whether losses should be accrued on long-term manufacturing purchase commitments in accordance with ASC Topic 330, Inventory , which requires that losses that are expected to arise from firm, noncancelable and unhedged commitments for the future purchase of inventory, measured in the same way as inventory losses, should be recognized in the current period in the consolidated statements of operations unless they are deemed recoverable through firm sales contracts or when there are other circumstances that reasonably assure continuing sales without price decline. As of the end of each reporting period presented in the accompanying consolidated financial statements, the Company did not identify any potential losses arising from remaining future purchase commitments as compared to estimated future customer sales through the remainder of the term of the manufacturing purchase commitment and, as a result, did no t recognize any loss provision for future-period remaining purchase commitments for the year ended December 31, 2024 . Spare Parts Inventory Spare parts are used in aviation operations and are generally not for sale. Spare parts inventory is comprised of repairable and expendable spare aircraft parts, which are valued at the lower of cost or net realizable value, using the specific identification method. Storage costs and miscellaneous materials and supplies costs related to inventory or to support flight equipment are expensed as incurred. As of December 31, 2024, spare parts inventory of $ 4.0 million is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets. The Company had no spare parts inventory as of December 31, 2023. The Company determines, based on the evidence that exists, whether or not it is appropriate to maintain a reserve for excess and obsolete spare parts inventory. The reserve is based on historical experience related to the disposal of inventory due to damage, physical deterioration, obsolescence, or other causes. As of December 31, 2024, the Company had no allowance for spare parts excess and obsolescence. Business Combinations In determining whether an acquisition should be accounted for as a business combination or asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is not deemed to be a business and the acquisition is accounted for as an asset acquisition. If this is not the case, the Company then further evaluates whether the acquisition includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the acquisition is a business and accounts for it as a business combination. The Company accounts for business combinations using the acquisition method of accounting. In accordance with this method, assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Determining the fair value of assets acquired and liabilities assumed is judgmental in nature and can involve the use of significant estimates and assumptions. Fair value and useful life determinations are based on, among other things, valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. Actual results may vary from these estimates and may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever comes first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within operating results. Transaction costs related to business combinations are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations. Asset Acquisitions The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the asset or group of assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to expense at the acquisition date. On August 2, 2023 , the Company acquired certain assets related to lung and heart perfusion technology from Bridge to Life Ltd. and its subsidiary Tevosol, Inc., together (“BTL”). The Company intends to further develop these technologies to expand its product offerings and indications for organ transplantation. The Company accounted for the purchase of BTL as an asset acquisition as substantially all of the fair value of gross assets acquired were concentrated on a single set of identifiable activities consisting of lung and heart perfusion technology, referred to as the in-process research and development (“IPR&D”) asset. Due to the stage of development of the IPR&D asset at the date of acquisition, it was not yet probable that there was future economic benefit from this asset. Absent successful clinical results and regulatory approval for the asset applications, there was no alternative future use associated with the asset. Accordingly, the value of the IPR&D asset of $ 27.2 million was expensed as research and development expense during the year ended December 31, 2023 in the consolidated statements of operations. Goodwill and Acquired Intangible Assets The Company records goodwill when consideration paid in a business combination exceeds the value of the net assets acquired. The Company’s estimates of fair value are based upon assumptions believed to be reasonable at that time, but that are inherently uncertain and unpredictable. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter, or more frequently if facts and circumstances warrant a review, such as significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. The Company has determined that there is a single reporting unit for the purpose of conducting this goodwill impairment assessment. The Company has the option of performing either a qualitative or quantitative assessment to determine whether further impairment testing is necessary. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. The quantitative goodwill impairment test requires management to estimate and compare the fair value of the reporting unit with its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets, goodwill is not impaired. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss up to the amount of goodwill. Intangible assets are recorded at their estimated fair values at the date of acquisition and are reported net of accumulated amortization. The Company amortizes acquired intangible assets with finite lives over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Transplant aircraft 10 years Flight school aircraft 5 years OCS Consoles 5 years Manufacturing equipment 5 years Computer equipment and software 3 years Laboratory equipment 3 years Office, trade show and training equipment 5 years Leasehold improvements Shorter of term of lease or the useful life of the improvement Depreciation and amortization expense of aircraft is recognized over the estimated useful lives of each asset to their salvage value. Salvage values estimated for transplant and flight school aircraft are approximately 50 % of the original purchase price. Costs incurred for OCS Consoles are recorded as inventory unless and until the Company determines that an OCS Console will either be used for the NOP or loaned to a customer for its use, at which time the Company reclassifies the cost of the OCS Console from inventory to property, plant and equipment and begins to depreciate the OCS Console over its estimated useful life. Such depreciation expense is classified as a cost of revenue. The Company retains title to all OCS Consoles loaned to customers. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in income (loss) from operations. Expenditures for repairs and maintenance are charged to expense as incurred. Impairment of Long-Lived Assets Long-lived assets consist primarily of property, plant and equipment, right-of-use assets and intangible assets with finite lives. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in income (loss) from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did no t record any impairment losses on long-lived assets during the years ended December 31, 2024, 2023 and 2022 . Software Development Costs The Company incurs costs to develop computer software that is embedded in the hardware components of the Company’s OCS Console and OCS Perfusion Sets. Research and development costs related to this software are expensed as incurred, except for costs of internally developed or externally purchased software that qualify for capitalization. Software development costs incurred subsequent to the establishment of technological feasibility, but prior to the general release of the product, are capitalized and amortized over their estimated useful life. Due to the short time period between achieving technological feasibility and product release and the insignificant amount of costs incurred during such periods, the Company did no t capitalize any software development costs during the years ended December 31, 2024, 2023 and 2022. The Company also capitalizes development costs related to internal-use software when it is probable that the expenditures will result in additional functionality. Costs incurred in the preliminary and post-implementation stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use and depreciated over their estimated useful life. Capitalization ceases upon completion of all substantial testing performed to ensure the product is ready for its intended use. The Company capitalized costs associated with the development of internal-use software during the year ended December 31, 2024 (see Note 5). Leases The Company accounts for leases under ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use asset and lease liability at the lease commencement date and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. The Company’s policy is to not record leases with an original term of twelve months or less on its consolidated balance sheets and recognize those lease payments in the income statement on a straight-line basis over the lease term. In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease components. The Company has elected to not separate lease and non-lease components. Only the fixed costs for lease components and their associated non-lease components are accounted for as a single lease component and recognized as part of a right-of-use asset and lease liability. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations. Revenue from leasing arrangements is not subject to the revenue standard for contracts with customers and remains separately accounted for under ASC 842. In accordance with ASC 842, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. The Company’s OCS Console implied rental agreements qualify as sales-type leases with certain variable payments that meet specified criteria such that a day-one loss would be recognized under ASC 842. Therefore, in accordance with ASC 842, such leases are accounted for as operating leases and the Company does not derecognize the leased asset (the OCS Console) at the time of the sale but depreciates the leased asset over the useful life of the asset. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value (a level 2 measurement) at each balance sheet date due to its variable interest rate, which approximates a market interest rate. The Company's 1.50 % convertible senior notes, due 2028 (the "Notes") are carried at the face value less unamortized debt discount and issuance costs on the consolidated balance sheets, and the fair value of the convertible senior notes is presented at each reporting period for disclosure purposes only (see Note 8). Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company has developed and commercialized a proprietary system to preserve and deliver human organs for transplant in a near-physiologic condition to address the limitations of cold storage organ preservation. Product Warranties The Company provides a one-year warranty on its OCS Consoles and disposable sets and replaces or repairs any OCS Console or disposable set that does not function in accordance with the product specifications . OCS Consoles returned to the Company may be refurbished and redeployed. Estimated warranty costs are recorded at the time of shipment of the OCS Console or disposable set. Warranty costs are estimated based on the current expected product replacement or repair cost and expected replacement or repair rates based on historical experience. The Company evaluates its warranty accrual at the end of each reporting period and makes adjustments as necessary. As of December 31, 2024 and 2023 , the warranty accrual was less than $ 0.1 million. Revenue Recognition The Company generates net product revenue primarily from sales of its single-use, organ-specific disposable sets used on its organ-specific OCS Consoles. To a lesser extent, the Company also generates product revenue from the sale of OCS Consoles to customers and the implied rental of OCS Consoles loaned to customers at no charge. For each new transplant procedure, these customers purchase an additional OCS disposable set for use on their existing organ-specific OCS Console. The Company also generates service revenue by providing outsourced organ procurement, OCS perfusion management and transplant logistics services under its NOP in the United States. The Company recognizes revenue from sales to customers applying the following five steps: (1) identification of the contract, or contracts, with a customer, (2) identification of the performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract, and (5) recognition of revenue when, or as, performance obligations are satisfied. Substantially all of the Company’s customer contracts have multiple-performance obligations that contain deliverables consisting of OCS Perfusion Sets and OCS Solutions. Customer contract deliverables may also include organ procurement, OCS perfusion management and transplant logistics services under the Company's NOP or OCS Console, whether sold or loaned to the customer. The Company evaluates each promise within a multiple-performance obligation arrangement to determine whether it represents a distinct performance obligation. The primary performance obligations in the Company’s customer arrangements from which it derives revenue are the OCS Perfusion Sets, the OCS Solutions, the OCS Console, organ procurement, OCS perfusion management and transplant logistics services. When a customer order includes an OCS Console, the Company has determined that customer training and the equipment set-up of the OCS Console, each performed by the Company, are not distinct because they are not sold on a standalone basis and can only be performed by the Company in conjunction with a sale or loan of its OCS Console. In addition, the Company has determined that the OCS Console itself is not distinct because the customer cannot benefit from the OCS Console without the training and equipment set-up having been completed. As a result, when the order includes an OCS Console, the Company has concluded that training, OCS Console equipment set-up, and the OCS Console itself are highly interdependent and represent a single, combined performance obligation. The Company recognizes revenue from the single, combined performance obligation only once the OCS Console has arrived at the customer site and the training and equipment set-up have been completed by the Company. Customer orders may include the loan of an OCS Console as well as OCS disposable sets used in each transplant procedure. When the Company loans the OCS Console to the customer, it retains title to the console at all times and does not require minimum purchase commitments from the customer related to any OCS products. In such cases, the Company invoices the customer for OCS disposable sets based on customer orders received for each new transplant procedure and the prices set forth in the customer agreement. Over time, the Company typically recovers the cost of the loaned OCS Console through the customer’s continued purchasing and use of additional OCS disposable sets. For these reasons, the Company has determined that part of the arrangement consideration for the disposable set is an implied rental payment for use of the OCS Console. Therefore, the Company allocates the arrangement consideration between the lease deliverables (i.e., the OCS Console) and non-lease deliverables (i.e., the OCS disposable sets) based on the relative estimated standalone selling price of each distinct performance obligation. To date, the amounts allocated to lease deliverables have been insignificant. Revenue from sales to customers of OCS Perfusion Sets, OCS Solutions and OCS Consoles is classified as net product revenue in the Company's consolidated statements of operations. Revenue from sales to customers of organ procurement, OCS perfusion management and transplant logistics services is classified as service revenue in the Company’s consolidated statements of operations. Revenue is recognized when control is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the product or services. When a customer order includes disposable sets and organ procurement, OCS perfusion management or transplant logistics services, the Company has determined that the disposable sets and services constitute separate performance obligations and recognizes revenue as the disposable sets and services are each delivered to the customer. Payments Made to Customers Under some of the Company’s customer clinical trial agreements, the Company makes payments to its customers for reimbursements of clinical trial materials and for specified clinical documentation related to the customer’s use of its OCS products. The Company also makes payments to customers involved in post-approval studies for information related to the transplant procedures performed. The Company determines the appropriate accounting treatments for these payments depending on the nature of the payment and whether they are for distinct goods or services. Contract Assets and Liabilities The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company had no contract assets as of December 31, 2024 and 2023. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liabilities are deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Remaining Performance Obligations The Company generally satisfies performance obligations within one year of the contract inception date, which amounts are included in deferred revenue and are not material. Other Revenue Considerations The Company only includes estimated variable amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company does not assess whether promised goods or services are performance obligations if they are deemed immaterial in the context of the contract with the customer. Additionally, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Revenue is reported net of taxes. Distributors The Company markets and sells its products to end customers globally. A small portion of the Company’s revenue is generated by sales to a limited number of distributors in Europe and Asia-Pacific. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. Research, Development and Clinical Trials Costs Research, development and clinical trials expenses consist of costs incurred for research activities, product development, hardware and software engineering and clinical trial activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation, testing, regulatory, data management and consulting costs. Research, development and clin

Acquisition of Summit

Acquisition of Summit	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Acquisition of Summit	3. Acquisition of Summit On August 16, 2023 , the Company acquired Summit pursuant to the terms of an equity purchase agreement. Summit was a charter flight operator based in Bozeman, Montana. The acquisition enabled TransMedics to add aviation transportation services to its NOP and become a comprehensive national provider of donor organ procurement and delivery in the United States. The acquisition was accounted for as a purchase of a business under ASC Topic 805, Business Combinations . Under the acquisition method of accounting, the assets and liabilities were recorded as of the acquisition date, at their respective fair values. The preliminary purchase consideration of $ 14.9 million reflected an upfront cash payment of $ 18.0 million, net of cash acquired and working capital adjustments. In 2024, the Company recorded a final working capital adjustment of $ 0.4 million to the purchase price and goodwill. The Company’s consolidated financial statements as of December 31, 2024 reflect the final allocation of the purchase price to the assets and liabilities assumed based on fair value as of the date of the acquisition. The following tables summarize the final allocation of the purchase price (in thousands): Assets Acquired and Liabilities Assumed: Accounts receivable $ 2,089 Other current assets 1,040 Property, plant and equipment 5,922 Right-of-use asset 288 Intangible assets 2,430 Goodwill 11,549 Total assets acquired 23,318 Accounts payable and other current liabilities ( 6,917 ) Deferred tax liabilities ( 1,660 ) Operating lease liabilities ( 288 ) Total allocation of purchase price consideration, $ 14,453 Property, plant and equipment consisted primarily of flight school aircraft and construction-in-progress related to a commercial aircraft hangar that Summit was in the process of constructing at the date of acquisition. Flight school aircraft were valued using market comparisons adjusted for aircraft-specific condition. The fair value of construction-in-progress approximated its cost. Intangible assets consisted primarily of a customer relationship asset of $ 2.3 million related to flight school revenue and was valued using the multi-period excess earnings method, a form of the income approach. Significant assumptions and estimates utilized in this model include the revenue growth rate, contract renewal probability and the discount rate. Intangible assets are being amortized on a straight-line basis to selling, general and administrative over their estimated useful lives of 12 years as of the acquisition date. Goodwill was recognized for the excess purchase price over the fair value of the net assets acquired. Goodwill is primarily attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and anticipated synergies between Summit’s existing business processes and the NOP. Goodwill from the acquisition is included within the Company’s one reporting unit and is included in the Company’s enterprise-level annual review for impairment. Goodwill resulting from the acquisition is no t deductible for tax purposes. Deferred tax liabilities relate to the differences between the fair value recognized in purchase accounting and the tax basis of property, plant and equipment and intangible assets. The net deferred tax liability is a source of income to support the recognition of a portion of existing deferred tax assets. Therefore, the Company recorded a tax benefit of $ 1.7 million in 2023 for the release of a portion of its valuation allowance related to the net deferred tax liabilities recorded in purchase accounting.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory	4. Inventory Inventory consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ 28,027 $ 25,823 Work-in-process 3,274 3,806 Finished goods 15,253 14,606 $ 46,554 $ 44,235 The Company recorded an immaterial out-of-period adjustment in the fourth quarter of 2024 to reduce inventory by $ 2.1 million due to inventory-related transactions not being recorded timely and accurately. This adjustment is immaterial to both the current and prior periods.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	5. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands): December 31, 2024 2023 Transplant aircraft $ 252,090 $ 141,855 Flight school aircraft 3,717 3,484 OCS Consoles 19,193 14,491 Manufacturing equipment 10,496 6,898 Computer equipment and software 3,979 3,021 Laboratory equipment 2,904 1,875 Office, trade show and training equipment 4,698 4,006 Leasehold improvements 22,949 13,354 Construction-in-progress 6,658 6,250 326,684 195,234 Less: Accumulated depreciation and amortization ( 40,714 ) ( 21,293 ) $ 285,970 $ 173,941 During the years ended December 31, 2024, 2023 and 2022, total depreciation and amortization expense was $ 19.6 million, $ 8.1 million and $ 3.5 million, respectively. Construction-in-progress as of December 31, 2024 primarily relates to capitalized internal-use software that has not yet been placed in service. Construction-in-progress as of December 31, 2023 primarily related to construction of a commercial aircraft hangar at Bozeman Yellowstone International Airport in Bozeman, Montana. The aircraft hangar was placed in service in June 2024 and is included in leasehold improvements as of December 31, 2024. The Company capitalized costs associated with the development of internal-use software of $ 4.4 million in the year ended December 31, 2024, included in construction-in-progress. The Company did no t have capitalized costs for internal-use software in the years ended December 31, 2023 and 2022. Substantially all of the Company's property, plant and equipment are held in the United States.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. Goodwill and Intangible Assets The carrying amount of goodwill was $ 11.5 million and $ 12.0 million as of December 31, 2024 and 2023, respectively, and related to the Company’s acquisition of Summit. The decrease in goodwill from the year ended December 31, 2023 was due to final working capital adjustments to the purchase price of Summit. Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. To date, the Company has had no impairments to goodwill. Acquired intangible assets consisted of the following (in thousands): December 31, 2024 Weighted Average Useful Life Gross Amount Accumulated Amortization Carrying Value (in years) Customer relationship 12 $ 2,320 $ 265 $ 2,055 Other 12 110 13 97 $ 2,430 $ 278 $ 2,152 December 31, 2023 Weighted Average Useful Life Gross Amount Accumulated Amortization Carrying Value (in years) Customer relationship 12 $ 2,320 $ 73 $ 2,247 Other 12 110 3 107 $ 2,430 $ 76 $ 2,354 Amortization expense is recorded within selling, general and administrative expense. Amortization expense for the years ended December 31, 2024 and 2023 was $ 0.2 million and $ 0.1 million, respectively. Future amortization expense of the intangible assets as of December 31, 2024, is expected to be as follows (in thousands): Year Ending December 31, 2025 $ 203 2026 203 2027 203 2028 203 2029 203 Thereafter 1,137 $ 2,152

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2024
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2024 2023 Accrued payroll and related expenses $ 22,523 $ 20,300 Accrued transportation costs 3,818 4,381 Accrued research, development and clinical trials expenses 4,179 1,771 Accrued other 14,632 11,769 $ 45,152 $ 38,221

Long-Term Debt and Financing Ar

Long-Term Debt and Financing Arrangements	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Financing Arrangements	8. Long-Term Debt and Financing Arrangements Convertible Senior Notes Convertible senior notes consisted of the following (in thousands): December 31, 2024 2023 Principal amount of convertible senior notes $ 459,996 $ 460,000 Less: Current portion of convertible senior notes — — Convertible senior notes, net of current portion 459,996 460,000 Debt discount, net of accretion ( 10,057 ) ( 12,860 ) Convertible senior notes, net of discount and current portion $ 449,939 $ 447,140 As of December 31, 2024, the estimated fair value of the Notes was $ 473.3 million. The fair value was determined based on the quoted price of the last trade of the Notes prior to the end of the reporting period in an inactive market, which is considered as Level 2 in the fair value hierarchy. On May 11, 2023, the Company issued $ 460.0 million aggregate principal amount of the Notes, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, pursuant to an indenture dated May 11, 2023, by and between the Company and U.S. Bank Trust Company, National Association (the “Indenture”). The initial conversion price of the Notes is approximately $ 94.00 per share of common stock, which represents a premium of approximately 32.5 % over the closing price of the Company’s common stock on May 8, 2023. The Notes will mature on June 1, 2028 , unless earlier repurchased, redeemed or converted. The Company used $ 52.1 million of the proceeds from the sale of the Notes to fund the cost of entering into capped call transactions, described below. The proceeds from the issuance of the Notes were approximately $ 393.3 million, net of capped call transaction costs of $ 52.1 million and initial purchaser discounts and other debt issuance costs totaling $ 14.6 million. The Notes bear interest at a rate of 1.50 % per year and interest is payable semiannually in arrears on June 1 and December 1 of each year. The initial conversion rate is 10.6388 shares of common stock per $ 1,000 principal amount of the Notes, which represents an initial conversion price of approximately $ 94.00 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events as described in the Indenture. Before March 1, 2028 , noteholders have the right to convert their Notes only upon the occurrence of certain events, including certain corporate events, and during the five business days immediately after any ten consecutive trading days in which the trading price per $ 1,000 principal amount of Notes is less than ninety-eight percent ( 98 %) of the as converted value. Additionally, the noteholder can convert their Notes during any calendar quarter (and only during such calendar quarter), commencing after the calendar quarter ending on September 30, 2023 but before March 1, 2028 , provided the last reported sale price of the common stock for at least 20 trading days is greater than or equal to 130 % of the conversion price during the 30 consecutive trading days ending on the last trading day of a calendar quarter. From and after March 1, 2028, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company has the right to elect to settle conversions either in cash, shares or in a combination of cash and shares of its common stock. Prior to June 8, 2026, the Notes will not be redeemable. On or after June 8, 2026, the Company may redeem for cash all or any portion of the Notes (subject to the partial redemption limitation set forth in the Indenture), at its option, if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. In addition, calling any Note for redemption will constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption. A conditional conversion feature of the Notes was triggered on June 30, 2024 and again on September 30, 2024, as the last reported sale price of the Company's common stock was greater than or equal to 130 % of the conversion price of the Notes for at least 20 trading days during the period of 30 consecutive trading days ending on and including the last trading day of each of the quarters ended June 30, 2024 and September 30, 2024, respectively, and the Notes therefore became convertible at the noteholders’ election in the immediately following calendar quarters ended September 30, 2024 and December 31, 2024, respectively. If this condition or another conversion condition is met in the future, the Notes may again become convertible, otherwise the Notes will be convertible at the noteholders’ election from March 1, 2028 through the close of business on the second scheduled trading day immediately before the maturity date. The Company accounts for the Notes as a single liability in accordance with ASC Topic 470-20 as the Company concluded that embedded conversion features within the Notes do not meet the requirements for bifurcation. Initial purchaser discounts and other debt issuance costs related to the Notes totaling $ 14.6 million were recorded by the Company as a debt discount. The debt discount is reflected as a reduction of the carrying value of the Notes on the Company’s consolidated balance sheets and is being accreted to interest expense over the term of the Notes using the effective interest method. During the years ended December 31, 2024 and 2023, the Company recognized $ 9.7 million and $ 6.2 million, respectively, in interest expense related to the 1.50 % cash coupon of the Notes and amortization of the debt issuance costs. During the years ended December 31, 2024 and 2023, the effective interest rate on the outstanding Notes was approximately 2.1 % . Capped Call Transactions In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution counterparties (the “Option Counterparties”). The Capped Calls are generally intended to reduce or offset the potential dilution to the common stock upon any conversion of the Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Notes. The Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $ 52.1 million incurred to purchase the Capped Calls was recorded as a reduction to common stock on the accompanying consolidated balance sheets. Each of the Capped Calls has an initial strike price of approximately $ 94.00 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $ 141.88 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, approximately 4,893,848 shares of the Company’s common stock, which is the same number of shares of the Company’s common stock initially underlying the Notes. The Capped Calls are subject to automatic exercise over a 40 trading day period commencing on April 3, 2028 , subject to earlier termination under certain circumstances. Long-term debt Long-term debt consisted of the following (in thousands): December 31, 2024 2023 Principal amount of long-term debt $ 60,000 $ 60,000 Less: Current portion of long-term debt — — Long-term debt, net of current portion 60,000 60,000 Debt discount, net of accretion ( 628 ) ( 936 ) Long-term debt, net of discount and current portion $ 59,372 $ 59,064 In July 2022, the Company entered into a credit agreement with Canadian Imperial Bank of Commerce (“CIBC”), as amended by the First Amendment to Credit Agreement, dated as of May 8, 2023, by and among the Company and CIBC (the “First Amendment”), the Second Amendment to Credit Agreement, dated as of June 23, 2023, by and among the Company, and CIBC (the “Second Amendment”), the Third Amendment to Credit Agreement, dated as of November 9, 2023, by and among the Company, and CIBC (the “Third Amendment”) (as amended, the “CIBC Credit Agreement”), pursuant to which the Company borrowed $ 60.0 million. In connection with the CIBC Credit Agreement, the Company repaid all amounts due under its previously outstanding credit agreement and recorded a loss on extinguishment of debt of $ 0.6 million during 2022, which amount was classified as other expense in the consolidated statements of operations. On May 8, 2023, the Company entered into the First Amendment, which among other items, allowed for the issuance of the Notes and capped call transactions. On June 23, 2023, the Company entered into the Second Amendment, which among other items, permits the Company to make acquisitions of equity or assets of another entity, subject to the conditions under the Second Amendment, including acquisitions, without further consent of CIBC, up to a maximum amount of $ 50.0 million for the cash payable in connection with an individual acquisition and a maximum amount in aggregate of $ 150.0 million for the total cash consideration payable for all acquisitions made by the Company on or after June 23, 2023. The definition of consolidated adjusted EBITDA was also amended by the Second Amendment to add a provision for the pro forma effect of any acquisitions that occur during the period. Additionally, pursuant to the Second Amendment, the parties agreed to extend the start of the principal repayment period to July 31, 2026, on which date the Company is obligated to begin repayment of the term loans in equal monthly installments until the maturity date in July 2027. On November 9, 2023, the Company entered into the Third Amendment, which, among other items, permits the Company to make acquisitions of equity or assets of another entity, subject to the conditions under the Third Amendment, without further consent of CIBC, for cash consideration in a maximum aggregate amount of $ 300.0 million for all such acquisitions made by the Company on or after November 9, 2023. Borrowings under the CIBC Credit Agreement bear interest at an annual rate equal to either, at the Company’s option, (i) the secured overnight financing rate for an interest period selected by the Company, subject to a minimum of 1.50 %, plus 2.0 % or (ii) 1.0 % plus the higher of a) the prime rate subject to a minimum of 4.0 % or b) the Federal Funds Effective Rate, plus 0.5 %. At the Company’s option, the Company may prepay borrowings outstanding under the CIBC Credit Agreement, without a prepayment fee. In connection with entering into the CIBC Credit Agreement, the Company paid upfront fees and other costs of $ 1.5 million, which were recorded by the Company as a debt discount. The debt discount is reflected as a reduction of the carrying value of long-term debt on the Company’s consolidated balance sheets and is being accreted to interest expense over the term of the CIBC Credit Agreement using the effective interest method. All obligations under the CIBC Credit Agreement are guaranteed by the Company and each of its material subsidiaries. All obligations of the Company and each guarantor are secured by substantially all of the Company’s and each guarantor’s assets, including their intellectual property, subject to certain exceptions. Under the CIBC Credit Agreement, the Company has agreed to customary representations and warranties, events of default and certain affirmative and negative covenants to which it will remain subject until maturity. The financial covenants include, among other covenants, (x) a requirement to maintain a minimum liquidity amount of the greater of either (i) the consolidated adjusted EBITDA loss (or gain) for the trailing four month period (only if EBITDA is negative) and (ii) $ 10.0 million, and (y) a requirement to maintain total net revenue of at least 75 % of the level set forth in the total revenue plan presented to CIBC . As discussed above, the definition of consolidated adjusted EBITDA was amended to include the pro forma effect of acquisitions. The obligations under the CIBC Credit Agreement are subject to acceleration upon the occurrence of specified events of default, including payment default, change in control, bankruptcy, insolvency, certain defaults under other material debt, certain events with respect to governmental approvals (if such events could cause a material adverse change in the Company’s business), failure to comply with certain covenants and a material adverse change in the Company’s business, operations or financial condition. As of December 31, 2024, the Company was in compliance with all financial covenants of the CIBC Credit Agreement. During the continuance of an event of default, the interest rate per annum will be equal to the rate that would have otherwise been applicable at the time of the event of default plus 2.0 %. If an event of default (other than certain events of bankruptcy or insolvency) occurs and is continuing, CIBC may declare all or any portion of the outstanding principal amount of the borrowings plus accrued and unpaid interest to be due and payable. Upon the occurrence of certain events of bankruptcy or insolvency, all of the outstanding principal amount of the borrowings plus accrued and unpaid interest will automatically become due and payable. In addition, the Company may be required to prepay outstanding borrowings, subject to certain exceptions, with portions of net cash proceeds of certain asset sales and certain casualty and condemnation events. The Company assessed all terms and features of the CIBC Credit Agreement in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the debt. The Company determined that all features of the CIBC Credit Agreement are either clearly and closely associated with a debt host or have a de minimis fair value and, as such, do not require separate accounting as a derivative liability. As of December 31, 2024, the stated interest rate applicable to borrowings under the CIBC Credit Agreement was 6.4 % . During the years ended December 31, 2024, 2023 and 2022, the Company recognized $ 4.7 million, $ 4.6 million and $ 3.7 million, respectively, in interest expense related to the stated interest rate on outstanding borrowings and amortization of the debt issuance costs. During the years ended December 31, 2024, 2023 and 2022, the weighted average effective interest rate on outstanding borrowings under the CIBC Credit Agreement was approximately 7.7 % , 7.7 % and 6.6 %, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	9. Equity Preferred Stock As of December 31, 2024 , the Company’s articles of organization authorized the Company to issue up to 25,000,000 shares of preferred stock, no par value per share, all of which is undesignated. The preferred stock will have such rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, as shall be determined by the Company’s boards of directors upon issuance. Common Stock As of December 31, 2024 , the Company’s articles of organization authorized the Company to issue up to 150,000,000 shares of common stock, no par value per share. Each share of common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders. The holders of common stock are entitled to receive dividends, if any, as may be declared by the board of directors, as described above. Through December 31, 2024 , no dividends had been declared or paid. Warrants In April 2024, warrants for the purchase of 14,440 shares of common stock at an exercise price of $ 17.47 per share were exercised in a cashless exercise resulting in the issuance of 11,735 shares of common stock. In November 2022, warrants were exercised to purchase 50,000 shares of common stock at an exercise price of $ 8.75 per share for total proceeds of $ 0.4 million. As of December 31, 2024 , the Company had no outstanding warrants.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation 2019 Stock Incentive Plan The 2019 Stock Incentive Plan (the “2019 Plan”) provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, unrestricted stock units, and other stock-based awards to employees, directors, and consultants of the Company and its subsidiaries. The number of shares of common stock of TransMedics Group initially available for issuance under the 2019 Plan was 3,428,571 shares, plus the number of shares underlying awards under the previously outstanding 2014 Stock Incentive Plan (the “2014 Plan”), not to exceed 1,595,189 shares, that expire or are terminated, surrendered, or cancelled without the delivery of shares, are forfeited to or repurchased by TransMedics Group or otherwise become available again for grant. Since the effectiveness of the Company’s 2019 Plan in April 2019, no awards have been made or will be made under the 2014 Plan. Shares withheld in payment of the exercise or purchase price of an award or in satisfaction of tax withholding requirements, and the shares covered by a stock appreciation right for which any portion is settled in stock, will reduce the number of shares available for issuance under the 2019 Plan. In addition, the number of shares available for issuance under the 2019 Plan (i) will not be increased by any shares delivered under the 2019 Plan that are subsequently repurchased using proceeds directly attributable to stock option exercises and (ii) will not be reduced by any awards that are settled in cash or that expire, become unexercisable, terminate or are forfeited to or repurchased by TransMedics Group without the issuance of stock under the 2019 Plan. On May 25, 2023, the shareholders of the Company approved the Amended and Restated TransMedics Group, Inc. 2019 Stock Incentive Plan (the “Amended Plan”) to among other things, (i) increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares, (ii) prohibit the payment of dividend or dividend equivalents on a current basis with respect to unvested awards, (iii) extend the expiration date of the Amended Plan until June 1, 2033 and (iv) increase the annual limits on non-employee director compensation. As of December 31, 2024, 897,989 shares of common stock were available for issuance under the Amended Plan. 2021 Inducement Plan In August 2021, the Company’s board of directors approved the TransMedics Group, Inc. Inducement Plan (the “Inducement Plan”). Pursuant to the terms of the Inducement Plan, the Company may grant nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, restricted stock unit awards and performance awards to individuals who were not previously employees or directors of the Company or individuals returning to employment after a bona fide period of non-employment with the Company. A total of 1,000,000 shares of the Company’s common stock were initially available for issuance under the Inducement Plan. On November 2, 2023, the Company's board of directors approved an increase of 500,000 to shares available under the Inducement Plan. As of December 31, 2024, 536,871 shares of common stock remained available for issuance under the Inducement Plan. Awards granted under the 2019 Plan and Inducement Plan vest over periods determined by the board of directors and expire no longer than ten years from the date of the grant. The exercise price for stock options granted is not less than the fair value of common shares based on quoted market prices. 2019 Employee Stock Purchase Plan Pursuant to the Company’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”), certain employees of the Company are eligible to purchase common stock of the Company at a reduced price during offering periods. The 2019 ESPP permits participants to purchase common stock using funds contributed through payroll deductions, subject to the limitations set forth in the Internal Revenue Code, at a purchase price of 85 % of the lower of the closing price of the Company’s common stock on the first trading day of the offering period or the closing price on the applicable purchase date, which is the final trading day of the applicable offering period. A total of 371,142 shares of common stock of TransMedics Group were initially reserved for issuance under the 2019 ESPP. During the year ended December 31, 2024 , 31,303 shares were issued under the 2019 ESPP and as of December 31, 2024, 233,256 shares remained available for issuance under the 2019 ESPP. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. Because there had been no public market for the Company's common stock prior to the Company's initial public offering, there is limited Company-specific historical and implied volatility data. Accordingly, the Company bases its estimates of expected volatility on a combination of the Company's own historical volatility and historical volatility of a group of publicly-traded companies with similar characteristics to itself. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.25 % 4.15 % 2.33 % Expected term (in years) 6.03 6.03 6.03 Expected volatility 68 % 69 % 59 % Expected dividend yield 0 % 0 % 0 % The following table summarizes the Company’s option activity since December 31, 2023: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2023 3,289,051 $ 30.69 7.52 $ 159,343 Granted 379,828 88.26 Exercised ( 796,764 ) 26.12 Forfeited ( 96,905 ) 58.85 Expired ( 1,654 ) 64.48 Outstanding as of December 31, 2024 2,773,556 $ 38.88 6.71 $ 76,855 Vested and expected to vest as of 2,773,556 $ 38.88 6.71 $ 76,855 Options exercisable as of December 31, 2024 1,837,750 $ 29.54 5.95 $ 62,463 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022, was $ 80.1 million, $ 31.0 million and $ 15.0 million, respectively. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2024, 2023 and 2022 was $ 57.12 per share, $ 41.75 per share and $ 11.32 per share, respectively. The Company has no t granted any stock-based awards with performance-based vesting conditions. Restricted Common Stock Shares of unvested restricted common stock may not be sold or transferred by the holder. If the holder’s service to the Company and its affiliates ceases for any reason, unvested shares of restricted common stock held by these individuals will immediately be forfeited for no consideration, as provided in the individual restricted stock agreements. The following table summarizes the Company's restricted common stock activity since December 31, 2023: Shares Weighted Average Grant Date Fair Value Unvested restricted common stock as of December 31, 2023 9,606 $ 72.83 Issued 4,160 156.00 Vested ( 9,606 ) 72.83 Forfeited — — Unvested restricted common stock as of December 31, 2024 4,160 $ 156.00 The aggregate fair value of restricted stock that vested during the years ended December 31, 2024 and 2023 was $ 1.4 million and $ 1.7 million, respectively. There was no restricted stock vesting during the year ended December 31, 2022. The Company granted restricted common stock during the years ended December 31, 2024, 2023 and 2022 with a weighted average grant-date fair value of $ 156.00 , $ 72.75 and $ 28.74 per share, respectively. Restricted Common Stock Units The following table summarizes the Company's restricted common stock unit activity since December 31, 2023: Shares Weighted Average Grant Date Fair Value Unvested restricted stock units as of December 31, 2023 328,366 $ 64.38 Granted 253,865 89.60 Vested ( 103,372 ) 65.62 Forfeited ( 48,609 ) 72.11 Unvested restricted stock units as of December 31, 2024 430,250 $ 78.09 The aggregate fair value of restricted stock units that vested during the year ended December 31, 2024 was $ 11.3 million. There was no restricted stock units vesting during the years ended December 31, 2023 and 2022. The Company granted restricted common stock units during the years ended December 31, 2024 and 2023 with a weighted average grant-date fair value of $ 89.60 and $ 63.74 per share, respectively. The Company did no t grant restricted common stock units during the year ended December 31, 2022. Stock-Based Compensation The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations (in thousands): Year Ended December 31, 2024 2023 2022 Cost of revenue $ 1,480 $ 438 $ 125 Research, development and clinical trials 4,194 2,823 1,465 Selling, general and administrative expenses 27,550 16,530 8,731 $ 33,224 $ 19,791 $ 10,321 As of December 31, 2024, total unrecognized compensation cost related to unvested share-based awards was $ 54.6 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Income (Loss) Before Income Taxes The domestic and foreign components of income (loss) before income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 United States $ 35,318 $ ( 27,038 ) $ ( 36,416 ) Foreign 462 367 251 $ 35,780 $ ( 26,671 ) $ ( 36,165 ) Tax Provision Components The components of income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current income tax expense: Federal $ — $ — $ — State 216 25 — Foreign 100 24 66 Deferred income tax expense (benefit): Federal — ( 1,292 ) — State — ( 400 ) — Foreign — — — Income tax expense (benefit) $ 316 $ ( 1,643 ) $ 66 The Company recorded a deferred tax benefit of $ 1.7 million for the release of a portion of its valuation allowance related to the net deferred tax liabilities recorded in purchase accounting during the year ended December 31, 2023. As part of the allocation of the purchase price of Summit, the Company recorded deferred tax liabilities for the differences between the fair value recognized in purchase accounting and the tax basis of property, plant and equipment and intangible assets. The net deferred tax liability is a source of income to support the recognition of a portion of its existing deferred tax assets. Therefore, the Company released the same amount of its valuation allowance. The Company maintains a valuation allowance on its overall net deferred tax asset as it deems it more likely than not that the net deferred tax asset will not be realized. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2024 2023 2022 Federal statutory income tax rate 21.0 % ( 21.0 )% ( 21.0 )% State taxes, net of federal benefit ( 2.2 )% ( 7.1 )% ( 5.4 )% Federal and state research and development tax ( 12.0 )% ( 10.2 )% ( 5.4 )% State deferred tax adjustment ( 1.3 )% ( 27.5 )% — Nondeductible items 3.1 % 1.2 % 0.7 % Stock-based compensation expense ( 38.5 )% ( 5.7 )% ( 3.5 )% Deferred tax effect of change in state blended rate 6.2 % ( 5.9 )% 16.2 % Return to provision 2.5 % ( 1.5 )% 2.6 % Other 0.1 % ( 0.1 )% 0.1 % Change in deferred tax asset valuation allowance 22.0 % 71.6 % 15.8 % Effective income tax rate 0.9 % ( 6.2 )% 0.1 % Net deferred tax assets consisted of the following (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 106,684 $ 99,332 Capitalized research and development expense 23,157 14,062 Acquired in-process research and development expenses 6,181 7,275 Research and development tax credit carryforwards 20,232 16,195 Accrued expenses 5,820 5,657 Stock-based compensation expense 8,103 6,704 Lease liability 2,180 2,600 Section 163(j) interest 280 191 Other 578 400 Total deferred tax assets 173,215 152,416 Deferred tax liabilities: Property, plant and equipment ( 22,256 ) ( 9,055 ) Right-of-use assets ( 1,554 ) ( 1,721 ) Intangible assets ( 546 ) ( 654 ) Total deferred tax liabilities ( 24,356 ) ( 11,430 ) Valuation allowance ( 148,859 ) ( 140,986 ) Net deferred tax assets $ — $ — As of December 31, 2024, the Company had federal net operating loss carryforwards of $ 404.1 million, which may be available to offset future taxable income, of which $ 204.6 million of the total net operating loss carryforwards expire at various dates between 2025 and 2037 , while the remaining $ 199.5 million do not expire but are limited in their usage to an annual deduction equal to 80 % of annual taxable income. As of December 31, 2024, the Company had state net operating loss carryforwards of $ 349.6 million, which may be available to offset future taxable income and expire at various dates between 2030 and 2044 . As of December 31, 2024, the Company also had U.S. federal and state research and development tax credit carryforwards of $ 13.2 million and $ 8.3 million, respectively, which may be available to offset future tax liabilities and expire at various dates between 2025 and 2044 . As of December 31, 2024 , the Company had no foreign net operating loss carryforwards. Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position. As required by ASC 740, management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards. Management has determined that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets and, as a result, a valuation allowance has been recorded. As of December 31, 2024 and 2023 , the Company had no accrued interest or penalties related to uncertain tax positions and no amounts had been recognized in the Company’s consolidated statements of operations. The Company's policy is to record any interest or penalties related to income taxes as part of the income tax provision. The Company generated research credits for the tax years ending after December 31, 2001 but has not conducted a study to document qualified activities. This study may result in an adjustment to the Company's research and development carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an unrecognized tax benefit for the year ended December 31, 2024. A full valuation allowance has been provided against the Company's research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research credit carryforward and the valuation allowance. The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending federal or state tax examinations. The Company has open tax years subject to examination from fiscal year 2021 to present. To the extent that the Company has carryforward attributes, the tax years in which the attribute was generated may still be adjusted upon examination by federal, state or local tax authorities if they either have been or will be used in the future. Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2024 related primarily to current year federal and state net operating losses generated, capitalized research and development costs, and federal and state research and development tax credits generated, partially offset by an increase in deferred tax liabilities related to depreciation expense. Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2023 related primarily to current year federal and state net operating losses generated, acquired IPR&D and capitalized research and development costs. Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2022 related primarily to the capitalization of research and development costs required under Section 174 and current year federal and state net operating losses generated, partially offset by a decrease in deferred tax assets related to state net operating loss carryforwards due to a change in the state effective tax rate. The changes in the valuation allowance were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Valuation allowance as of beginning of year $ ( 140,986 ) $ ( 121,891 ) $ ( 116,164 ) Decreases recorded as benefit to income tax provision — — — Increases recorded to income tax provision ( 7,873 ) ( 19,095 ) ( 5,727 ) Valuation allowance as of end of year $ ( 148,859 ) $ ( 140,986 ) $ ( 121,891 )

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	12. Leases The Company leases its office, laboratory and manufacturing space under two noncancelable leases that expire in December 2027 and include a lease incentive, fixed payment escalations, and rent holidays. The leases include an option to renew for an additional five years . The option to extend the lease term was not included in the right-of-use asset and the lease liability as it was not reasonably certain of being exercised. The Company classified the leases as operating leases under ASC 842. Annual base rent increases at an average rate of 2.5 % each year until the end of the term. The Company is also obligated to pay the landlord certain costs, taxes, and operating expenses, subject to certain exclusions. As these costs are generally variable in nature, they are not included in the measurement of the right-of-use asset and related lease liability. In June 2023, the Company amended one of its lease agreements to add space through the remainder of the lease term and under the existing terms of the lease. In connection with the acquisition of Summit, the Company acquired a 20-year operating lease with one 10-year renewal option, for space at the Bozeman Yellowstone International Airport in Bozeman, Montana where the Company constructed a commercial aircraft hangar (see Note 3). In June 2024, the Company entered into a lease for office and hangar space in Dallas, Texas that expires June 30, 2027 , subject to certain early termination provisions. Fixed monthly payments total $ 1.7 million over the three-year term of the lease. The Company is also obligated to pay the landlord certain variable costs. The Company recorded a right-of-use asset and related lease liability of $ 1.5 million in the third quarter of 2024, upon commencement of the lease. The Company also leases office space for its NOP and hangar space for its aircraft at various locations in the United States under short-term leases. The components of the Company’s lease expense under ASC 842 are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Operating lease cost $ 2,215 $ 1,692 $ 1,353 Short-term lease cost 1,861 1,606 806 Variable lease cost 1,920 1,495 718 $ 5,996 $ 4,793 $ 2,877 Supplemental disclosure of cash flow information related to the leases were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of $ 2,916 $ 2,246 $ 1,948 The weighted-average remaining lease term as of December 31, 2024 and 2023 was 3.7 years and 4.7 years, respectively. The weighted-average discount rate as of December 31, 2024 and 2023 was 6.9 % . Because the interest rate implicit in the leases was not readily determinable, the Company’s estimated incremental borrowing rate was used to calculate the present value of the leases. In determining its incremental borrowing rate, the Company considered its credit quality and assessed interest rates available in the market for similar borrowings, adjusted for the impact of collateral over the term of the leases. Future payments for the Company’s operating lease liabilities as of December 31, 2024 are as follows (in thousands): Year Ending December 31, 2025 $ 3,259 2026 3,326 2027 3,117 2028 25 2029 25 Thereafter 584 Total future minimum lease payments 10,336 Less: imputed interest ( 1,360 ) Total operating lease liabilities $ 8,976 The following table represents operating lease liabilities on the consolidated balance sheets (in thousands): December 31, 2024 Current operating lease liabilities $ 2,727 Operating lease liabilities, net of current portion 6,249 Total operating lease liabilities $ 8,976

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies 401(k) Savings Plan The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Effective January 1, 2023, the Company instituted an employer matching program for the 401(k) plan pursuant to which the Company will match 100 % of the first 3 % of each participating employee’s eligible compensation contributed to the plan and 50 % of up to an additional 2 % each participating employee’s eligible compensation contributed to the plan. For the years ended December 31, 2024 and 2023, the Company recorded expense of $ 3.3 million and $ 1.4 million, respectively, related to these matching contributions. Prior to 2023, the Company had no t made any contributions to the plan. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements, negligence or willful misconduct, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or services as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2024 and 2023. Unconditional Purchase Commitment In January 2021, the Company entered into an unconditional $ 9.5 million purchase commitment, in the ordinary course of business, for goods with specified annual minimum quantities to be purchased through December 2029 . The contract is not cancellable without penalty. The remaining purchase commitment as of December 31, 2024 was $ 5.0 million. Legal Proceedings On February 14, 2025, a class action captioned Merly Jewik v. TransMedics Group, Inc., et al., Case No. 1:25-cv-10385, was filed against the Company in the United States District Court for the District of Massachusetts. The complaint purports to assert claims against the Company and certain of its current and former officers pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, on behalf of a putative class of investors who purchased or otherwise acquired the Company’s shares between February 28, 2023 and January 10, 2025 (the “class period”). Plaintiff seeks to recover damages allegedly caused by purported misstatements and omissions contained in certain risk disclosures set forth in the Company’s 2022 and 2023 Annual Reports. The complaint alleges the disclosures at issue were false or misleading, because they failed to describe what plaintiff alleges were coercive business and marketing tactics, anticompetitive conduct and fraudulent billing activities on the part of the Company. The complaint claims these alleged statements and omissions operated to artificially inflate the price paid for the Company's common stock during the class period. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. At this time, the Company is unable to predict the outcome of the class action litigation or reasonably estimate a range of possible losses. The Company expenses as incurred the costs related to such legal proceedings.

Revenue and Segment Information

Revenue and Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Revenue and Segment Information	14. Revenue and Segment Information Disaggregated Revenue The Company disaggregates revenue from contracts with customers related to OCS transplant by organ type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands): Year Ended December 31, 2024 2023 2022 OCS transplant revenue by country United States Lung total revenue $ 15,755 $ 10,548 $ 7,967 Heart total revenue 96,663 59,080 29,902 Liver total revenue 309,462 151,719 46,169 Total United States OCS 421,880 221,347 84,038 All other countries Lung revenue 1,926 1,272 880 Heart revenue 13,198 14,012 8,451 Liver revenue 158 104 90 Total all other countries OCS 15,282 15,388 9,421 Total OCS transplant revenue $ 437,162 $ 236,735 $ 93,459 (1) Revenue by country is categorized based on the location of the end customer. Total OCS transplant revenue includes product and service revenue. (2) Service revenue unrelated to OCS transplant, which was $ 4.4 million and $ 4.9 million for the years ended December 31, 2024 and 2023, is not included in this table. Payments to Customers In connection with its clinical trials, the Company makes payments to customers for reimbursement of clinical trial materials and customer’s costs incurred to execute specific clinical trial protocols related to the Company’s OCS products, which are recorded as a reduction of revenue. The Company records the reduction of revenue in the same period as the revenue is recognized and records a corresponding accrual for its estimate of the payments. The Company updates its clinical trial accrual estimates as information related to clinical trial payments is received with a corresponding adjustment to revenue. The reconciliation of gross product revenue to net product revenue for these certain payments is shown below (in thousands): Year Ended December 31, 2024 2023 2022 Gross product revenue from sales to customers $ 273,680 $ 176,047 $ 77,854 Less: clinical trial payment estimates ( 186 ) ( 22 ) ( 1,380 ) Total net product revenue $ 273,866 $ 176,069 $ 79,234 The Company also makes payments to customers to obtain information related to post-approval studies or existing standard-of-care protocols unrelated to the Company's OCS products and records such payments as operating expenses. For the years ended December 31, 2024, 2023 and 2022, the Company recorded $ 6.0 million, $ 2.4 million and $ 1.9 million, respectively, of operating expense related to these costs. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the Chief Executive Officer . The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. The CODM also utilizes the consolidated balance sheet for resource allocation and segment asset information is not provided to the CODM to allocate resources. As a single reportable segment entity, the Company’s segment performance measure is net income (loss). Significant segment expenses, as provided to the CODM, are presented below (in thousands): Year Ended December 31, 2024 2023 2022 Total Revenue $ 441,540 $ 241,623 $ 93,459 Less: Cost of net product revenue 58,345 41,015 16,970 Cost of service revenue 121,114 46,515 11,217 Research, development and clinical trials: Personnel related (including stock-based 21,927 15,489 9,818 Laboratory supplies and research materials 13,990 7,939 5,404 Consulting and third-party services 12,920 5,788 5,277 Clinical trials costs 478 1,077 1,778 Facility related and other 6,653 5,762 4,535 Acquired in-process research and development — 27,212 — Selling, general and administrative: Personnel related (including stock-based 109,475 72,717 40,551 Professional and consultant fees 18,313 17,401 7,991 NOP support 12,289 11,985 8,463 Tradeshows and conferences 4,328 4,575 4,788 Facility related and other 24,212 12,875 8,104 Other segment items(1) 2,032 ( 3,699 ) 4,794 Net income (loss) $ 35,464 $ ( 25,028 ) $ ( 36,231 ) (1) Other segment items include interest income, interest expense, foreign currency exchange gains and losses and income taxes. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions Employment of Dr. Amira Hassanein Dr. Amira Hassanein, who serves as Product Director for the Company’s OCS Lung program, is the sister of Dr. Waleed Hassanein, the Company’s President, Chief Executive Officer and a member of the Company’s board of directors. The Company paid Dr. Amira Hassanein $ 0.5 million in total compensation in the year ended December 31, 2024 and $ 0.4 million in total compensation in each of the years ended December 31, 2023 and 2022, for her services as an employee.

Net Income (Loss) per Share

Net Income (Loss) per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	15. Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards, using the treasury stock method, and outstanding convertible notes, using the if-converted method. A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except share and per share amounts): Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) $ 35,464 $ ( 25,028 ) $ ( 36,231 ) Denominator: Weighted average basic common shares 33,229,953 32,517,372 29,556,633 Effect of dilutive securities: Options to purchase common stock 1,783,507 — — Restricted stock units 193,476 — — Warrants to purchase common stock 3,470 — — Restricted stock awards 3,197 — — Employee stock purchase plan 3,234 — — Weighted average dilutive common shares 35,216,837 32,517,372 29,556,633 Net income (loss) per share: Basic $ 1.07 $ ( 0.77 ) $ ( 1.23 ) Diluted $ 1.01 $ ( 0.77 ) $ ( 1.23 ) The Company excluded the following potential common shares, presented based on weighted average shares outstanding, from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect: Year Ended December 31, 2024 2023 2022 Convertible senior notes 4,893,838 3,150,834 — Options to purchase common stock 371,502 2,595,161 3,295,161 Employee stock purchase plan 10,170 13,262 15,892 Restricted stock units 9,912 141,906 — Restricted stock awards 1,125 13,586 14,851 Warrants to purchase common stock — 14,440 57,043 5,286,547 5,929,189 3,382,947

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events In separate transactions in January 2025 and February 2025, the Company acquired two fixed-wing aircraft from two separate sellers for a total purchase price of $ 28.4 million. The Company plans to utilize these aircraft as part of the NOP's aviation transportation services.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of assets acquired and liabilities assumed in business combinations, including acquired intangible assets and the resulting goodwill, and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
Risk of Concentrations of Credit, Significant Customers and Significant Suppliers	Risk of Concentrations of Credit, Significant Customers and Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of December 31, 2024 and 2023 , the Company had no allowance for credit losses. Significant customers are those that accounted for 10 % or more of the Company’s revenue or accounts receivable. For the years ended December 31, 2024 and 2023 , no customer accounted for more than 10 % of revenue. For the year ended December 31, 2022, one customer accounted for 14 % of revenue. As of December 31, 2024 and 2023 , no customer accounted for more than 10 % of accounts receivable. Certain of the components and subassemblies included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers, as are sterilization services. Although the Company seeks to reduce dependence on those limited sources of suppliers, manufacturers and service providers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs related to a recognized debt liability are recorded as a reduction of the carrying amount of the debt liability and amortized to interest expense using the effective interest method over the repayment term of the debt.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash As of December 31, 2024 and 2023 , the Company maintained two letters of credit totaling $ 0.5 million for the benefit of the landlord of its leased property. The Company was required to maintain a separate cash balance of $ 0.5 million to secure the letters of credit. Related to this separate cash balance, the Company classified $ 0.5 million as restricted cash (non-current) on its consolidated balance sheets as of December 31, 2024 and 2023. Cash, cash equivalents and restricted cash on the consolidated statements of cash flows includes $ 0.5 million of restricted cash in each of the years presented.
Accounts Receivable	Accounts Receivable Accounts receivable are presented net of an allowance for credit losses, which is an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and monitors economic conditions to identify facts and circumstances that may indicate its receivables are at risk of collection. The Company provides reserves against accounts receivable for estimated credit losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions and historical credit loss activity. Amounts deemed uncollectible are charged or written-off against the reserve. As of December 31, 2024 and 2023 , the Company had no allowance for credit losses. During the years ended December 31, 2024, 2023 and 2022, the Company did no t record any provisions for credit losses and has written off only insignificant balances.
Inventory	Inventory Inventory is valued at the lower of cost or net realizable value. Cost is computed using the first-in, first-out method. The Company regularly reviews inventory quantities on-hand for excess and obsolete inventory and, when circumstances indicate, records charges to write down inventories to their estimated net realizable value, after evaluating historical sales, future demand, market conditions and expected product life cycles. Such charges are classified as cost of revenue in the consolidated statements of operations. Any write-down of inventory to net realizable value creates a new cost basis. At the end of each reporting period, the Company assesses whether losses should be accrued on long-term manufacturing purchase commitments in accordance with ASC Topic 330, Inventory , which requires that losses that are expected to arise from firm, noncancelable and unhedged commitments for the future purchase of inventory, measured in the same way as inventory losses, should be recognized in the current period in the consolidated statements of operations unless they are deemed recoverable through firm sales contracts or when there are other circumstances that reasonably assure continuing sales without price decline. As of the end of each reporting period presented in the accompanying consolidated financial statements, the Company did not identify any potential losses arising from remaining future purchase commitments as compared to estimated future customer sales through the remainder of the term of the manufacturing purchase commitment and, as a result, did no t recognize any loss provision for future-period remaining purchase commitments for the year ended December 31, 2024 .
Spare Parts Inventory	Spare Parts Inventory Spare parts are used in aviation operations and are generally not for sale. Spare parts inventory is comprised of repairable and expendable spare aircraft parts, which are valued at the lower of cost or net realizable value, using the specific identification method. Storage costs and miscellaneous materials and supplies costs related to inventory or to support flight equipment are expensed as incurred. As of December 31, 2024, spare parts inventory of $ 4.0 million is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets. The Company had no spare parts inventory as of December 31, 2023. The Company determines, based on the evidence that exists, whether or not it is appropriate to maintain a reserve for excess and obsolete spare parts inventory. The reserve is based on historical experience related to the disposal of inventory due to damage, physical deterioration, obsolescence, or other causes. As of December 31, 2024, the Company had no allowance for spare parts excess and obsolescence.
Business Combinations	Business Combinations In determining whether an acquisition should be accounted for as a business combination or asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is not deemed to be a business and the acquisition is accounted for as an asset acquisition. If this is not the case, the Company then further evaluates whether the acquisition includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the acquisition is a business and accounts for it as a business combination. The Company accounts for business combinations using the acquisition method of accounting. In accordance with this method, assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Determining the fair value of assets acquired and liabilities assumed is judgmental in nature and can involve the use of significant estimates and assumptions. Fair value and useful life determinations are based on, among other things, valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. Actual results may vary from these estimates and may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever comes first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within operating results. Transaction costs related to business combinations are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets The Company records goodwill when consideration paid in a business combination exceeds the value of the net assets acquired. The Company’s estimates of fair value are based upon assumptions believed to be reasonable at that time, but that are inherently uncertain and unpredictable. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter, or more frequently if facts and circumstances warrant a review, such as significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. The Company has determined that there is a single reporting unit for the purpose of conducting this goodwill impairment assessment. The Company has the option of performing either a qualitative or quantitative assessment to determine whether further impairment testing is necessary. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. The quantitative goodwill impairment test requires management to estimate and compare the fair value of the reporting unit with its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets, goodwill is not impaired. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss up to the amount of goodwill. Intangible assets are recorded at their estimated fair values at the date of acquisition and are reported net of accumulated amortization. The Company amortizes acquired intangible assets with finite lives over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis.
Asset Acquisitions	Asset Acquisitions The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the asset or group of assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to expense at the acquisition date. On August 2, 2023 , the Company acquired certain assets related to lung and heart perfusion technology from Bridge to Life Ltd. and its subsidiary Tevosol, Inc., together (“BTL”). The Company intends to further develop these technologies to expand its product offerings and indications for organ transplantation. The Company accounted for the purchase of BTL as an asset acquisition as substantially all of the fair value of gross assets acquired were concentrated on a single set of identifiable activities consisting of lung and heart perfusion technology, referred to as the in-process research and development (“IPR&D”) asset. Due to the stage of development of the IPR&D asset at the date of acquisition, it was not yet probable that there was future economic benefit from this asset. Absent successful clinical results and regulatory approval for the asset applications, there was no alternative future use associated with the asset. Accordingly, the value of the IPR&D asset of $ 27.2 million was expensed as research and development expense during the year ended December 31, 2023 in the consolidated statements of operations.
Property Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Transplant aircraft 10 years Flight school aircraft 5 years OCS Consoles 5 years Manufacturing equipment 5 years Computer equipment and software 3 years Laboratory equipment 3 years Office, trade show and training equipment 5 years Leasehold improvements Shorter of term of lease or the useful life of the improvement Depreciation and amortization expense of aircraft is recognized over the estimated useful lives of each asset to their salvage value. Salvage values estimated for transplant and flight school aircraft are approximately 50 % of the original purchase price. Costs incurred for OCS Consoles are recorded as inventory unless and until the Company determines that an OCS Console will either be used for the NOP or loaned to a customer for its use, at which time the Company reclassifies the cost of the OCS Console from inventory to property, plant and equipment and begins to depreciate the OCS Console over its estimated useful life. Such depreciation expense is classified as a cost of revenue. The Company retains title to all OCS Consoles loaned to customers. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in income (loss) from operations. Expenditures for repairs and maintenance are charged to expense as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property, plant and equipment, right-of-use assets and intangible assets with finite lives. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in income (loss) from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did no t record any impairment losses on long-lived assets during the years ended December 31, 2024, 2023 and 2022 .
Software Development Costs	Software Development Costs The Company incurs costs to develop computer software that is embedded in the hardware components of the Company’s OCS Console and OCS Perfusion Sets. Research and development costs related to this software are expensed as incurred, except for costs of internally developed or externally purchased software that qualify for capitalization. Software development costs incurred subsequent to the establishment of technological feasibility, but prior to the general release of the product, are capitalized and amortized over their estimated useful life. Due to the short time period between achieving technological feasibility and product release and the insignificant amount of costs incurred during such periods, the Company did no t capitalize any software development costs during the years ended December 31, 2024, 2023 and 2022. The Company also capitalizes development costs related to internal-use software when it is probable that the expenditures will result in additional functionality. Costs incurred in the preliminary and post-implementation stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use and depreciated over their estimated useful life. Capitalization ceases upon completion of all substantial testing performed to ensure the product is ready for its intended use. The Company capitalized costs associated with the development of internal-use software during the year ended December 31, 2024 (see Note 5).
Leases	Leases The Company accounts for leases under ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use asset and lease liability at the lease commencement date and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. The Company’s policy is to not record leases with an original term of twelve months or less on its consolidated balance sheets and recognize those lease payments in the income statement on a straight-line basis over the lease term. In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease components. The Company has elected to not separate lease and non-lease components. Only the fixed costs for lease components and their associated non-lease components are accounted for as a single lease component and recognized as part of a right-of-use asset and lease liability. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations. Revenue from leasing arrangements is not subject to the revenue standard for contracts with customers and remains separately accounted for under ASC 842. In accordance with ASC 842, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. The Company’s OCS Console implied rental agreements qualify as sales-type leases with certain variable payments that meet specified criteria such that a day-one loss would be recognized under ASC 842. Therefore, in accordance with ASC 842, such leases are accounted for as operating leases and the Company does not derecognize the leased asset (the OCS Console) at the time of the sale but depreciates the leased asset over the useful life of the asset.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value (a level 2 measurement) at each balance sheet date due to its variable interest rate, which approximates a market interest rate. The Company's 1.50 % convertible senior notes, due 2028 (the "Notes") are carried at the face value less unamortized debt discount and issuance costs on the consolidated balance sheets, and the fair value of the convertible senior notes is presented at each reporting period for disclosure purposes only (see Note 8).
Segment Information	Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company has developed and commercialized a proprietary system to preserve and deliver human organs for transplant in a near-physiologic condition to address the limitations of cold storage organ preservation.
Product Warranties	Product Warranties The Company provides a one-year warranty on its OCS Consoles and disposable sets and replaces or repairs any OCS Console or disposable set that does not function in accordance with the product specifications . OCS Consoles returned to the Company may be refurbished and redeployed. Estimated warranty costs are recorded at the time of shipment of the OCS Console or disposable set. Warranty costs are estimated based on the current expected product replacement or repair cost and expected replacement or repair rates based on historical experience. The Company evaluates its warranty accrual at the end of each reporting period and makes adjustments as necessary. As of December 31, 2024 and 2023 , the warranty accrual was less than $ 0.1 million.
Revenue Recognition	Revenue Recognition The Company generates net product revenue primarily from sales of its single-use, organ-specific disposable sets used on its organ-specific OCS Consoles. To a lesser extent, the Company also generates product revenue from the sale of OCS Consoles to customers and the implied rental of OCS Consoles loaned to customers at no charge. For each new transplant procedure, these customers purchase an additional OCS disposable set for use on their existing organ-specific OCS Console. The Company also generates service revenue by providing outsourced organ procurement, OCS perfusion management and transplant logistics services under its NOP in the United States. The Company recognizes revenue from sales to customers applying the following five steps: (1) identification of the contract, or contracts, with a customer, (2) identification of the performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract, and (5) recognition of revenue when, or as, performance obligations are satisfied. Substantially all of the Company’s customer contracts have multiple-performance obligations that contain deliverables consisting of OCS Perfusion Sets and OCS Solutions. Customer contract deliverables may also include organ procurement, OCS perfusion management and transplant logistics services under the Company's NOP or OCS Console, whether sold or loaned to the customer. The Company evaluates each promise within a multiple-performance obligation arrangement to determine whether it represents a distinct performance obligation. The primary performance obligations in the Company’s customer arrangements from which it derives revenue are the OCS Perfusion Sets, the OCS Solutions, the OCS Console, organ procurement, OCS perfusion management and transplant logistics services. When a customer order includes an OCS Console, the Company has determined that customer training and the equipment set-up of the OCS Console, each performed by the Company, are not distinct because they are not sold on a standalone basis and can only be performed by the Company in conjunction with a sale or loan of its OCS Console. In addition, the Company has determined that the OCS Console itself is not distinct because the customer cannot benefit from the OCS Console without the training and equipment set-up having been completed. As a result, when the order includes an OCS Console, the Company has concluded that training, OCS Console equipment set-up, and the OCS Console itself are highly interdependent and represent a single, combined performance obligation. The Company recognizes revenue from the single, combined performance obligation only once the OCS Console has arrived at the customer site and the training and equipment set-up have been completed by the Company. Customer orders may include the loan of an OCS Console as well as OCS disposable sets used in each transplant procedure. When the Company loans the OCS Console to the customer, it retains title to the console at all times and does not require minimum purchase commitments from the customer related to any OCS products. In such cases, the Company invoices the customer for OCS disposable sets based on customer orders received for each new transplant procedure and the prices set forth in the customer agreement. Over time, the Company typically recovers the cost of the loaned OCS Console through the customer’s continued purchasing and use of additional OCS disposable sets. For these reasons, the Company has determined that part of the arrangement consideration for the disposable set is an implied rental payment for use of the OCS Console. Therefore, the Company allocates the arrangement consideration between the lease deliverables (i.e., the OCS Console) and non-lease deliverables (i.e., the OCS disposable sets) based on the relative estimated standalone selling price of each distinct performance obligation. To date, the amounts allocated to lease deliverables have been insignificant. Revenue from sales to customers of OCS Perfusion Sets, OCS Solutions and OCS Consoles is classified as net product revenue in the Company's consolidated statements of operations. Revenue from sales to customers of organ procurement, OCS perfusion management and transplant logistics services is classified as service revenue in the Company’s consolidated statements of operations. Revenue is recognized when control is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the product or services. When a customer order includes disposable sets and organ procurement, OCS perfusion management or transplant logistics services, the Company has determined that the disposable sets and services constitute separate performance obligations and recognizes revenue as the disposable sets and services are each delivered to the customer. Payments Made to Customers Under some of the Company’s customer clinical trial agreements, the Company makes payments to its customers for reimbursements of clinical trial materials and for specified clinical documentation related to the customer’s use of its OCS products. The Company also makes payments to customers involved in post-approval studies for information related to the transplant procedures performed. The Company determines the appropriate accounting treatments for these payments depending on the nature of the payment and whether they are for distinct goods or services. Contract Assets and Liabilities The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company had no contract assets as of December 31, 2024 and 2023. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liabilities are deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Remaining Performance Obligations The Company generally satisfies performance obligations within one year of the contract inception date, which amounts are included in deferred revenue and are not material. Other Revenue Considerations The Company only includes estimated variable amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company does not assess whether promised goods or services are performance obligations if they are deemed immaterial in the context of the contract with the customer. Additionally, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Revenue is reported net of taxes. Distributors The Company markets and sells its products to end customers globally. A small portion of the Company’s revenue is generated by sales to a limited number of distributors in Europe and Asia-Pacific. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same.
Research, Development and Clinical Trials Costs	Research, Development and Clinical Trials Costs Research, development and clinical trials expenses consist of costs incurred for research activities, product development, hardware and software engineering and clinical trial activities, including salaries and bonuses, stock-based compensation, employee benefits, facilities costs, laboratory supplies, depreciation, testing, regulatory, data management and consulting costs. Research, development and clinical trials costs are expensed as incurred. Advance payments for goods or services to be received in the future for use in research, development and clinical trials activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the related goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered or the services rendered.
Patent Costs	Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as selling, general and administrative expenses.
Foreign Currency Translation	Foreign Currency Translation The functional currency of each of the Company’s foreign subsidiaries is the currency of the local country. Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using the period-end exchange rates, and income and expense items are translated into U.S. dollars using average exchange rates in effect during each period. The effects of these foreign currency translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. The Company also incurs transaction gains and losses resulting from intercompany transactions as well as transactions with customers or vendors denominated in currencies other than the functional currency of the legal entity in which the transaction is recorded. Realized and unrealized foreign currency transaction gains (losses) are included in the consolidated statements of operations as a component of other income (expense) and totaled $( 0.7 ) million, $ 0.3 million and $( 1.3 ) million for the years ended December 31, 2024, 2023 and 2022 , respectively.
Stock-based Compensation	Stock-Based Compensation The Company accounts for stock-based awards granted to employees, non-employees and directors based on the fair value of the award on the date of grant. The fair value of option awards is measured using the Black-Scholes option-pricing model. The fair value of restricted common stock awards is measured based on the difference between market value of the Company’s common stock on date of grant and the purchase price (if any). The Company measures compensation expense for restricted common stock units based on the fair value on the date of grant using the market value of the Company’s common stock. Generally, the Company issues awards with only service-based vesting conditions. Compensation expense for those awards is recognized over the vesting period of the respective award using the straight-line method. The Company accounts for forfeitures as they occur and records compensation cost assuming all option holders will complete the requisite service period. When the unvested portion of an award is forfeited, the Company reverses compensation expense previously recognized in the period of the forfeiture. The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)	Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only elements of other comprehensive income (loss) are foreign currency translation adjustments and unrealized gains (losses) on marketable securities. As of December 31, 2024, accumulated other comprehensive income (loss) on the consolidated balance sheets consists only of foreign currency translation adjustments.
Net Income (Loss) per Share	Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards, using the treasury stock method, and outstanding convertible notes, using the if-converted method. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company's tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be realized and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by analyzing carryback capacity in periods with taxable income, reversal of existing taxable temporary differences and estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Recently Issued and Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance as of January 1, 2024 , and the adoption did no t have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in their tax rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2023-09 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated Useful Life Transplant aircraft 10 years Flight school aircraft 5 years OCS Consoles 5 years Manufacturing equipment 5 years Computer equipment and software 3 years Laboratory equipment 3 years Office, trade show and training equipment 5 years Leasehold improvements Shorter of term of lease or the useful life of the improvement

Acquisition of Summit (Tables)

Acquisition of Summit (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Summary of Assets Acquired and Liabilities Assumed	The following tables summarize the final allocation of the purchase price (in thousands): Assets Acquired and Liabilities Assumed: Accounts receivable $ 2,089 Other current assets 1,040 Property, plant and equipment 5,922 Right-of-use asset 288 Intangible assets 2,430 Goodwill 11,549 Total assets acquired 23,318 Accounts payable and other current liabilities ( 6,917 ) Deferred tax liabilities ( 1,660 ) Operating lease liabilities ( 288 ) Total allocation of purchase price consideration, $ 14,453

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ 28,027 $ 25,823 Work-in-process 3,274 3,806 Finished goods 15,253 14,606 $ 46,554 $ 44,235 The Company recorded an immaterial out-of-period adjustment in the fourth quarter of 2024 to reduce inventory by $ 2.1 million due to inventory-related transactions not being recorded timely and accurately. This adjustment is immaterial to both the current and prior periods.

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net consisted of the following (in thousands): December 31, 2024 2023 Transplant aircraft $ 252,090 $ 141,855 Flight school aircraft 3,717 3,484 OCS Consoles 19,193 14,491 Manufacturing equipment 10,496 6,898 Computer equipment and software 3,979 3,021 Laboratory equipment 2,904 1,875 Office, trade show and training equipment 4,698 4,006 Leasehold improvements 22,949 13,354 Construction-in-progress 6,658 6,250 326,684 195,234 Less: Accumulated depreciation and amortization ( 40,714 ) ( 21,293 ) $ 285,970 $ 173,941

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	Acquired intangible assets consisted of the following (in thousands): December 31, 2024 Weighted Average Useful Life Gross Amount Accumulated Amortization Carrying Value (in years) Customer relationship 12 $ 2,320 $ 265 $ 2,055 Other 12 110 13 97 $ 2,430 $ 278 $ 2,152 December 31, 2023 Weighted Average Useful Life Gross Amount Accumulated Amortization Carrying Value (in years) Customer relationship 12 $ 2,320 $ 73 $ 2,247 Other 12 110 3 107 $ 2,430 $ 76 $ 2,354
Future Amortization Expense of Intangible Assets	Future amortization expense of the intangible assets as of December 31, 2024, is expected to be as follows (in thousands): Year Ending December 31, 2025 $ 203 2026 203 2027 203 2028 203 2029 203 Thereafter 1,137 $ 2,152

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Accrued Expenses And Other Current Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2024 2023 Accrued payroll and related expenses $ 22,523 $ 20,300 Accrued transportation costs 3,818 4,381 Accrued research, development and clinical trials expenses 4,179 1,771 Accrued other 14,632 11,769 $ 45,152 $ 38,221

Long-Term Debt and Financing _2

Long-Term Debt and Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	Convertible senior notes consisted of the following (in thousands): December 31, 2024 2023 Principal amount of convertible senior notes $ 459,996 $ 460,000 Less: Current portion of convertible senior notes — — Convertible senior notes, net of current portion 459,996 460,000 Debt discount, net of accretion ( 10,057 ) ( 12,860 ) Convertible senior notes, net of discount and current portion $ 449,939 $ 447,140
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following (in thousands): December 31, 2024 2023 Principal amount of long-term debt $ 60,000 $ 60,000 Less: Current portion of long-term debt — — Long-term debt, net of current portion 60,000 60,000 Debt discount, net of accretion ( 628 ) ( 936 ) Long-term debt, net of discount and current portion $ 59,372 $ 59,064

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Assumptions Used to Determine Grant Date Fair Value of Stock Options Granted	The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.25 % 4.15 % 2.33 % Expected term (in years) 6.03 6.03 6.03 Expected volatility 68 % 69 % 59 % Expected dividend yield 0 % 0 % 0 %
Summary of Stock Option Activity	The following table summarizes the Company’s option activity since December 31, 2023: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2023 3,289,051 $ 30.69 7.52 $ 159,343 Granted 379,828 88.26 Exercised ( 796,764 ) 26.12 Forfeited ( 96,905 ) 58.85 Expired ( 1,654 ) 64.48 Outstanding as of December 31, 2024 2,773,556 $ 38.88 6.71 $ 76,855 Vested and expected to vest as of 2,773,556 $ 38.88 6.71 $ 76,855 Options exercisable as of December 31, 2024 1,837,750 $ 29.54 5.95 $ 62,463
Summary of Restricted Common Stock Activity	The following table summarizes the Company's restricted common stock activity since December 31, 2023: Shares Weighted Average Grant Date Fair Value Unvested restricted common stock as of December 31, 2023 9,606 $ 72.83 Issued 4,160 156.00 Vested ( 9,606 ) 72.83 Forfeited — — Unvested restricted common stock as of December 31, 2024 4,160 $ 156.00 The following table summarizes the Company's restricted common stock unit activity since December 31, 2023: Shares Weighted Average Grant Date Fair Value Unvested restricted stock units as of December 31, 2023 328,366 $ 64.38 Granted 253,865 89.60 Vested ( 103,372 ) 65.62 Forfeited ( 48,609 ) 72.11 Unvested restricted stock units as of December 31, 2024 430,250 $ 78.09
Schedule of Stock-Based Compensation Expense	The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations (in thousands): Year Ended December 31, 2024 2023 2022 Cost of revenue $ 1,480 $ 438 $ 125 Research, development and clinical trials 4,194 2,823 1,465 Selling, general and administrative expenses 27,550 16,530 8,731 $ 33,224 $ 19,791 $ 10,321

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Income Taxes	Income (Loss) Before Income Taxes The domestic and foreign components of income (loss) before income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 United States $ 35,318 $ ( 27,038 ) $ ( 36,416 ) Foreign 462 367 251 $ 35,780 $ ( 26,671 ) $ ( 36,165 )
Schedule of Tax Provision Components	Tax Provision Components The components of income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current income tax expense: Federal $ — $ — $ — State 216 25 — Foreign 100 24 66 Deferred income tax expense (benefit): Federal — ( 1,292 ) — State — ( 400 ) — Foreign — — — Income tax expense (benefit) $ 316 $ ( 1,643 ) $ 66
Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate	A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2024 2023 2022 Federal statutory income tax rate 21.0 % ( 21.0 )% ( 21.0 )% State taxes, net of federal benefit ( 2.2 )% ( 7.1 )% ( 5.4 )% Federal and state research and development tax ( 12.0 )% ( 10.2 )% ( 5.4 )% State deferred tax adjustment ( 1.3 )% ( 27.5 )% — Nondeductible items 3.1 % 1.2 % 0.7 % Stock-based compensation expense ( 38.5 )% ( 5.7 )% ( 3.5 )% Deferred tax effect of change in state blended rate 6.2 % ( 5.9 )% 16.2 % Return to provision 2.5 % ( 1.5 )% 2.6 % Other 0.1 % ( 0.1 )% 0.1 % Change in deferred tax asset valuation allowance 22.0 % 71.6 % 15.8 % Effective income tax rate 0.9 % ( 6.2 )% 0.1 %
Schedule of Net deferred Tax Assets	Net deferred tax assets consisted of the following (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 106,684 $ 99,332 Capitalized research and development expense 23,157 14,062 Acquired in-process research and development expenses 6,181 7,275 Research and development tax credit carryforwards 20,232 16,195 Accrued expenses 5,820 5,657 Stock-based compensation expense 8,103 6,704 Lease liability 2,180 2,600 Section 163(j) interest 280 191 Other 578 400 Total deferred tax assets 173,215 152,416 Deferred tax liabilities: Property, plant and equipment ( 22,256 ) ( 9,055 ) Right-of-use assets ( 1,554 ) ( 1,721 ) Intangible assets ( 546 ) ( 654 ) Total deferred tax liabilities ( 24,356 ) ( 11,430 ) Valuation allowance ( 148,859 ) ( 140,986 ) Net deferred tax assets $ — $ —
Summary Changes in the Valuation Allowance for Deferred Tax Assets	Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2022 related primarily to the capitalization of research and development costs required under Section 174 and current year federal and state net operating losses generated, partially offset by a decrease in deferred tax assets related to state net operating loss carryforwards due to a change in the state effective tax rate. The changes in the valuation allowance were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Valuation allowance as of beginning of year $ ( 140,986 ) $ ( 121,891 ) $ ( 116,164 ) Decreases recorded as benefit to income tax provision — — — Increases recorded to income tax provision ( 7,873 ) ( 19,095 ) ( 5,727 ) Valuation allowance as of end of year $ ( 148,859 ) $ ( 140,986 ) $ ( 121,891 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Components of Lease Expense	The components of the Company’s lease expense under ASC 842 are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Operating lease cost $ 2,215 $ 1,692 $ 1,353 Short-term lease cost 1,861 1,606 806 Variable lease cost 1,920 1,495 718 $ 5,996 $ 4,793 $ 2,877
Summary of Supplemental Disclosure of Cash Flow Information Related to Leases	Supplemental disclosure of cash flow information related to the leases were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of $ 2,916 $ 2,246 $ 1,948
Summary of Future Payments for Operating Lease Liabilities	Future payments for the Company’s operating lease liabilities as of December 31, 2024 are as follows (in thousands): Year Ending December 31, 2025 $ 3,259 2026 3,326 2027 3,117 2028 25 2029 25 Thereafter 584 Total future minimum lease payments 10,336 Less: imputed interest ( 1,360 ) Total operating lease liabilities $ 8,976
Summary of Operating Lease Liabilities on Consolidated Balance Sheets	The following table represents operating lease liabilities on the consolidated balance sheets (in thousands): December 31, 2024 Current operating lease liabilities $ 2,727 Operating lease liabilities, net of current portion 6,249 Total operating lease liabilities $ 8,976

Revenue and Segment Informati_2

Revenue and Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenue by Organ and Country	The Company disaggregates revenue from contracts with customers related to OCS transplant by organ type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands): Year Ended December 31, 2024 2023 2022 OCS transplant revenue by country United States Lung total revenue $ 15,755 $ 10,548 $ 7,967 Heart total revenue 96,663 59,080 29,902 Liver total revenue 309,462 151,719 46,169 Total United States OCS 421,880 221,347 84,038 All other countries Lung revenue 1,926 1,272 880 Heart revenue 13,198 14,012 8,451 Liver revenue 158 104 90 Total all other countries OCS 15,282 15,388 9,421 Total OCS transplant revenue $ 437,162 $ 236,735 $ 93,459 (1) Revenue by country is categorized based on the location of the end customer. Total OCS transplant revenue includes product and service revenue. (2) Service revenue unrelated to OCS transplant, which was $ 4.4 million and $ 4.9 million for the years ended December 31, 2024 and 2023, is not included in this table.
Schedule of Recognized Revenue Net of Payments	The reconciliation of gross product revenue to net product revenue for these certain payments is shown below (in thousands): Year Ended December 31, 2024 2023 2022 Gross product revenue from sales to customers $ 273,680 $ 176,047 $ 77,854 Less: clinical trial payment estimates ( 186 ) ( 22 ) ( 1,380 ) Total net product revenue $ 273,866 $ 176,069 $ 79,234
Summary of Significant Segment Expenses	Significant segment expenses, as provided to the CODM, are presented below (in thousands): Year Ended December 31, 2024 2023 2022 Total Revenue $ 441,540 $ 241,623 $ 93,459 Less: Cost of net product revenue 58,345 41,015 16,970 Cost of service revenue 121,114 46,515 11,217 Research, development and clinical trials: Personnel related (including stock-based 21,927 15,489 9,818 Laboratory supplies and research materials 13,990 7,939 5,404 Consulting and third-party services 12,920 5,788 5,277 Clinical trials costs 478 1,077 1,778 Facility related and other 6,653 5,762 4,535 Acquired in-process research and development — 27,212 — Selling, general and administrative: Personnel related (including stock-based 109,475 72,717 40,551 Professional and consultant fees 18,313 17,401 7,991 NOP support 12,289 11,985 8,463 Tradeshows and conferences 4,328 4,575 4,788 Facility related and other 24,212 12,875 8,104 Other segment items(1) 2,032 ( 3,699 ) 4,794 Net income (loss) $ 35,464 $ ( 25,028 ) $ ( 36,231 ) (1) Other segment items include interest income, interest expense, foreign currency exchange gains and losses and income taxes. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income (Loss) per Common Share Computations	A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except share and per share amounts): Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) $ 35,464 $ ( 25,028 ) $ ( 36,231 ) Denominator: Weighted average basic common shares 33,229,953 32,517,372 29,556,633 Effect of dilutive securities: Options to purchase common stock 1,783,507 — — Restricted stock units 193,476 — — Warrants to purchase common stock 3,470 — — Restricted stock awards 3,197 — — Employee stock purchase plan 3,234 — — Weighted average dilutive common shares 35,216,837 32,517,372 29,556,633 Net income (loss) per share: Basic $ 1.07 $ ( 0.77 ) $ ( 1.23 ) Diluted $ 1.01 $ ( 0.77 ) $ ( 1.23 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on weighted average shares outstanding, from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect: Year Ended December 31, 2024 2023 2022 Convertible senior notes 4,893,838 3,150,834 — Options to purchase common stock 371,502 2,595,161 3,295,161 Employee stock purchase plan 10,170 13,262 15,892 Restricted stock units 9,912 141,906 — Restricted stock awards 1,125 13,586 14,851 Warrants to purchase common stock — 14,440 57,043 5,286,547 5,929,189 3,382,947

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net income (loss)	$ 35,464	$ (25,028)	$ (36,231)
Accumulated deficit	468,241	503,705
Cash	$ 336,650	$ 394,812

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment Letter	Dec. 31, 2023 USD ($) Letter	Dec. 31, 2022 USD ($)
Letters of credit outstanding	$ 500,000	$ 500,000
Number of letters of credit maintained | Letter	2	2
Restricted cash non-current	$ 500,000	$ 500,000
Restricted cash	500,000	500,000	$ 500,000
Allowance for credit losses	0	0
Provisions for credit losses	0	0	0
Impairment losses on long-lived assets	0	0	0
Provision for loss on contracts	0
Prepaid expenses and other current assets	$ 16,290,000	8,031,000
Number of operating segments | Segment	1
Term of product warranties	1 year
Product warranty description	The Company provides a one-year warranty on its OCS Consoles and disposable sets and replaces or repairs any OCS Console or disposable set that does not function in accordance with the product specifications
Contract with customer, asset, after allowance for credit loss	$ 0	0
Acquired in-process research and development expenses		27,212,000
Acquired in-process research and development expenses		27,212,000
Spare Parts Inventory
Prepaid expenses and other current assets	$ 4,000,000	0
Transplant Aircraft and Flight School Aircraft [Member]
Salvage value percentage	50%
Convertible Senior Notes Due 2028 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.50%
Bridge to Life Ltd [Member]
Acquisition, date	Aug. 02, 2023
ASU 2023-07
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Accounting Standards Update [Extensible Enumeration]	ASU 2023-07
Other Income (Expense) [Member]
Foreign currency transaction gains (losses)	$ (700,000)	300,000	(1,300,000)
Maximum [Member]
Product warranty accrual	$ 100,000	100,000
Performance obligations satisfaction period	1 year
Sold to Customers [Member]
Capitalized software development costs	$ 0	0	$ 0
IPR&D [Member] | Bridge to Life Ltd [Member]
Acquired in-process research and development expenses		$ 27,200,000
Customer Concentration Risk [Member] | Revenue [Member] | Significant Customer Benchmark [Member]
Concentration risk percentage			14%
Customer Concentration Risk [Member] | Revenue [Member] | Significant Customer Benchmark [Member] | Minimum [Member]
Concentration risk percentage	10%	10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Significant Customer Benchmark [Member] | Minimum [Member]
Concentration risk percentage	10%	10%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Assets (Detail)	Dec. 31, 2024
Transplant Aircraft [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	10 years
Flight School Aircraft [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
OCS Consoles [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Manufacturing Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Computer Equipment and Software [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Office, Trade Show and Training Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Acquisition of Summit - Additio

Acquisition of Summit - Additional Information (Detail) - USD ($)		12 Months Ended
	Aug. 16, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Tax benefit		$ (316,000)	$ 1,643,000	$ (66,000)
Summit [Member]
Business Acquisition [Line Items]
Acquisition date	Aug. 16, 2023
Preliminary purchase consideration	$ 14,453,000
Upfront cash payment	18,000,000
Adjustment to purchase price and goodwill		$ 400,000
Intangible assets	2,430,000
Goodwill resulting from the acquisition deductible for tax purposes	0
Tax benefit			$ 1,700,000
Summit [Member] | Preliminary Before Adjustments [Member]
Business Acquisition [Line Items]
Preliminary purchase consideration	14,900,000
Summit [Member] | Customer Relationship Asset [Member]
Business Acquisition [Line Items]
Intangible assets	$ 2,300,000
Estimated useful life	12 years

Acquisition of Summit - Summary

Acquisition of Summit - Summary of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 16, 2023
Business Acquisition [Line Items]
Goodwill	$ 11,549	$ 11,990
Summit [Member]
Business Acquisition [Line Items]
Accounts receivable			$ 2,089
Other current assets			1,040
Property, plant and equipment			5,922
Right-of-use asset			288
Intangible assets			2,430
Goodwill	$ 11,500	$ 12,000	11,549
Total assets acquired			23,318
Accounts payable and other current liabilities			(6,917)
Deferred tax liabilities			(1,660)
Operating lease liabilities			(288)
Total allocation of purchase price consideration, net of cash acquired			$ 14,453

Inventory - Additional Informat

Inventory - Additional Information (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
Inventory Disclosure [Abstract]
Inventory related transactions immaterial out of period adjustment	$ (2.1)

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Current (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 28,027	$ 25,823
Work-in-process	3,274	3,806
Finished goods	15,253	14,606
Inventory, net	$ 46,554	$ 44,235

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 326,684	$ 195,234
Less: Accumulated depreciation and amortization	(40,714)	(21,293)
Property, plant and equipment, net	285,970	173,941
Transplant Aicraft [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	252,090	141,855
Flight School Aircraft [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,717	3,484
OCS Consoles [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	19,193	14,491
Manufacturing Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,496	6,898
Computer Equipment and Software [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,979	3,021
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	2,904	1,875
Office, Trade Show and Training Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	4,698	4,006
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	22,949	13,354
Construction-In-Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,658	$ 6,250

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 19,758,000	$ 8,177,000	$ 3,478,000
Capitalized costs for development of internal use software		0	0
Property, Plant and Equipment [Member]
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	19,600,000	$ 8,100,000	$ 3,500,000
Construction-In-Progress [Member]
Property Plant And Equipment [Line Items]
Capitalized costs for development of internal use software	$ 4,400,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 16, 2023
Goodwill [Line Items]
Carrying amount of goodwill	$ 11,549,000	$ 11,990,000
Amortization expense of intangible assets	200,000	100,000
Impairments to goodwill	0
Summit [Member]
Goodwill [Line Items]
Carrying amount of goodwill	$ 11,500,000	$ 12,000,000	$ 11,549,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,430	$ 2,430
Accumulated Amortization	278	76
Carrying Value	$ 2,152	$ 2,354
Customer Relationship [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in years)	12 years	12 years
Gross Amount	$ 2,320	$ 2,320
Accumulated Amortization	265	73
Carrying Value	$ 2,055	$ 2,247
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in years)	12 years	12 years
Gross Amount	$ 110	$ 110
Accumulated Amortization	13	3
Carrying Value	$ 97	$ 107

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 203
2026	203
2027	203
2028	203
2029	203
Thereafter	1,137
Carrying Value	$ 2,152	$ 2,354

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued payroll and related expenses	$ 22,523	$ 20,300
Accrued transportation costs	3,818	4,381
Accrued research, development and clinical trials expenses	4,179	1,771
Accrued other	14,632	11,769
Accrued expenses and other liabilities current	$ 45,152	$ 38,221

Long-Term Debt and Financing _3

Long-Term Debt and Financing Arrangements - Schedule of Convertible Senior Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible senior notes, net of discount and current portion	$ 449,939	$ 447,140
Convertible Debt [Member]
Debt Instrument [Line Items]
Principal amount	459,996	460,000
Debt discount, net of accretion	(10,057)	(12,860)
Net of current portion	$ 459,996	$ 460,000

Long-Term Debt and Financing _4

Long-Term Debt and Financing Arrangements - Convertible Senior Notes - Additional Information (Detail)					12 Months Ended
	Sep. 30, 2024 TradingDays	Jun. 30, 2024 TradingDays	May 11, 2023 USD ($) TradingDays $ / shares shares	May 08, 2023	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from Convertible Debt						$ 445,380,000
Conversion of per principal amount of notes					$ 4,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Estimated fair value of convertible senior notes					473,300,000
Conversion price per share | $ / shares			$ 94
Premium percentage over closing price				32.50%
Maturity date of notes			Jun. 01, 2028
Interest expense, debt					$ 9,700,000	$ 6,200,000
Percentage of cash coupon of notes and amortization of the debt issuance costs					1.50%	1.50%
Proceeds from Convertible Debt			$ 393,300,000
Debt instrument, frequency of periodic payment			semiannually
Capped call transaction costs net			$ 52,100,000
Purchase discounts and other debt issuance costs			$ 14,600,000
Debt instrument, interest rate			1.50%
Debt instrument, description					The Notes bear interest at a rate of 1.50% per year and interest is payable semiannually in arrears on June 1 and December 1 of each year.
Conversion of per principal amount of notes			$ 1,000
Average effective interest rate					2.10%	2.10%
Convertible Senior Notes [Member] | Used To Fund Capped Call Transactions [Member]
Debt Instrument [Line Items]
Proceeds from Convertible Debt			$ 52,100,000
Convertible Senior Notes [Member] | Per One Thousand Dollars [Member]
Debt Instrument [Line Items]
Initial conversion rate shares of common stock | shares			10.6388
Convertible Senior Notes [Member] | Conversion Feature Triggered [Member]
Debt Instrument [Line Items]
Number of trading days | TradingDays	20	20
Number of consecutive trading days | TradingDays	30	30
Conversion price	130%	130%
Convertible Senior Notes [Member] | Before March 1, 2028 [Member]
Debt Instrument [Line Items]
Conversion of per principal amount of notes			$ 1,000
Debt instrument, redemption period, end date			Mar. 01, 2028
Number of trading days | TradingDays			5
Number of consecutive trading days | TradingDays			10
Convertible Senior Notes [Member] | Calendar Quarter Ending on September 30, 2023 but Before March 1, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument, redemption period, start date			Sep. 30, 2023
Debt instrument, redemption period, end date			Mar. 01, 2028
Number of trading days | TradingDays			20
Number of consecutive trading days | TradingDays			30
Conversion price			130%
Convertible Senior Notes [Member] | On or After June 8, 2026 [Member] | Redeemable Debt [Member]
Debt Instrument [Line Items]
Number of trading days | TradingDays			20
Number of consecutive trading days | TradingDays			30
Conversion price			130%
Convertible Senior Notes [Member] | Maximum [Member] | Before March 1, 2028 [Member]
Debt Instrument [Line Items]
Conversion price			98%
Convertible Debt [Member]
Debt Instrument [Line Items]
Principal amount					$ 459,996,000	$ 460,000,000
Private Placement [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Principal amount			$ 460,000,000

Long-Term Debt and Financing _5

Long-Term Debt and Financing Arrangements - Capped Call Transactions - Additional Information (Detail) $ in Thousands		12 Months Ended
	May 11, 2023 USD ($)	Dec. 31, 2024 TradingDays $ / shares shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Purchases of capped calls related to convertible senior notes | $			$ 52,072
Capped Calls [Member]
Debt Instrument [Line Items]
Purchases of capped calls related to convertible senior notes | $	$ 52,100
Initial conversion price/rate | $ / shares		$ 94
Capped calls, initial cap price per share | $ / shares		141.88
Capped calls, subject to anti-dilution adjustments | shares		4,893,848
Number of trading days subject to automatic exercise | TradingDays		40
Trading day period, commencing date		Apr. 03, 2028

Long-Term Debt and Financing _6

Long-Term Debt and Financing Arrangements - Schedule of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, net of discount and current portion	$ 59,372	$ 59,064
Term Loan Member
Debt Instrument [Line Items]
Principal amount	60,000	60,000
Net of current portion	60,000	60,000
Debt discount, net of accretion	(628)	(936)
Long-term debt, net of discount and current portion	$ 59,372	$ 59,064

Long-Term Debt and Financing _7

Long-Term Debt and Financing Arrangements - Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 10, 2023	Jun. 23, 2023	May 11, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 575
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 60,000	$ 60,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
LIBOR rate							1.50%
Interest rate effective percentage		2.10%	2.10%
Interest expense, debt		$ 9,700	$ 6,200
Orbi Med [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 600
Canadian Imperial Bank of Commerce [Member]
Debt Instrument [Line Items]
Interest rate effective percentage		6.40%
Interest expense, debt		$ 4,700	$ 4,600	$ 3,700
Average effective interest rate		7.70%	7.70%	6.60%
Canadian Imperial Bank of Commerce [Member] | Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	60,000
Description of covenants		The financial covenants include, among other covenants, (x) a requirement to maintain a minimum liquidity amount of the greater of either (i) the consolidated adjusted EBITDA loss (or gain) for the trailing four month period (only if EBITDA is negative) and (ii) $10.0 million, and (y) a requirement to maintain total net revenue of at least 75% of the level set forth in the total revenue plan presented to CIBC
Minimum liquidity covenant amount		$ 10,000
Minimum percentage to maintain total net revenue set forth in total revenue plan presented		75%
Canadian Imperial Bank of Commerce [Member] | Credit Agreement [Member] | Term Loan [Member] | In Event Of Default [Member]
Debt Instrument [Line Items]
Increasing applicable margin		2%
Canadian Imperial Bank of Commerce [Member] | Credit Agreement [Member] | Term Loan [Member] | Upfront Fees and Other Costs [Member]
Debt Instrument [Line Items]
Debt instrument discount gross	$ 1,500
Canadian Imperial Bank of Commerce [Member] | Credit Agreement [Member] | Interest Rate Option Two | Term Loan [Member]
Debt Instrument [Line Items]
LIBOR rate	1%
Canadian Imperial Bank of Commerce [Member] | Maximum [Member] | Credit Agreement [Member] | Aggregate All Acquisitions [Member]
Debt Instrument [Line Items]
Credit Agreement Acquisition Cash Consideration					$ 300,000	$ 150,000
Canadian Imperial Bank of Commerce [Member] | Maximum [Member] | Credit Agreement [Member] | Individual Acquisition [Member]
Debt Instrument [Line Items]
Credit Agreement Acquisition Cash Consideration						$ 50,000
Canadian Imperial Bank of Commerce [Member] | Term Secured Overnight Financing Rate [Member] | Credit Agreement [Member] | Interest Rate Option One [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Canadian Imperial Bank of Commerce [Member] | Term Secured Overnight Financing Rate [Member] | Minimum [Member] | Credit Agreement [Member] | Interest Rate Option One [Member] | Term Loan [Member]
Debt Instrument [Line Items]
LIBOR rate	1.50%
Canadian Imperial Bank of Commerce [Member] | Prime Rate | Minimum [Member] | Credit Agreement [Member] | Interest Rate Option Two | Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4%
Canadian Imperial Bank of Commerce [Member] | Amount Over Federal Funds Effective Rate [Member] | Minimum [Member] | Credit Agreement [Member] | Interest Rate Option Two | Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2024	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred stock, shares authorized			25,000,000		25,000,000
Preferred stock, no par value			$ 0		$ 0
Common stock, shares authorized			150,000,000		150,000,000
Common stock, no par value			$ 0		$ 0
Common stock, voting rights			Each share of common stock is entitled to one vote on all matters submitted to a vote of the Company’s stockholders.
Common stock, dividends, declared			$ 0
Common stock, dividends, paid			$ 0
Warrants for purchase of shares of common stock	14,440
Warrants exercised to purchase shares of common stock	11,735	50,000
Common stock exercise price	$ 17.47	$ 8.75
Outstanding warrants			0
Proceeds from issuance of warrants		$ 400		$ 438

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 02, 2023	May 25, 2023	Apr. 15, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Aggregate intrinsic value of stock options exercised				$ 80,100	$ 31,000	$ 15,000
Weighted average grant-date fair value of stock options granted				$ 57.12	$ 41.75	$ 11.32
Allocated Share-based Compensation Expense				$ 33,224	$ 19,791	$ 10,321
Unrecognized compensation cost related to unvested employee and director stock-based awards				$ 54,600
Weighted average period for unrecognized compensation cost				2 years 1 month 6 days
Common Stock
Number of shares issued				31,303	25,894	30,143
Restricted stock vesting				103,166
Restricted stock awards [Member] | Common Stock
Weighted average grant-date fair value granted				$ 156	$ 72.75	$ 28.74
Shares granted				4,160
Aggregate fair value of restricted stock vested				$ 1,400	$ 1,700
Restricted stock vesting				(9,606)		0
Performance-based Vesting [Member]
Shares granted				0
Restricted Stock Units [Member] | Common Stock
Weighted average grant-date fair value granted				$ 89.6	$ 63.74
Shares granted				253,865		0
Aggregate fair value of restricted stock vested				$ 11,300
Restricted stock vesting				(103,372)	0	0
2019 Stock Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized			3,428,571
Share based compensation arrangement by share based payment award number of shares available for grant				897,989
2019 Stock Plan [Member] | Common Stock
Share-based compensation arrangement by sharebased payment award, number of additional shares authorized		1,000,000
2019 Stock Plan [Member] | From 2014 Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized			1,595,189
2019 Employee Stock Purchase Plan [Member]
Share-based compensation arrangement by share-based payment award, number of shares authorized			371,142
Share based compensation arrangement by share based payment award number of shares available for grant				233,256
Purchase price of common stock, percent			85%
Number of shares issued				31,303
2021 Inducement Plan [Member] | Common Stock
Share-based compensation arrangement by share-based payment award, number of shares authorized							1,000,000
Share-based compensation arrangement by sharebased payment award, number of additional shares authorized	500,000
Share based compensation arrangement by share based payment award number of shares available for grant				536,871
2019 Plan and Inducement Plan [Member] | Employee Stock Option | Maximum [Member]
Plans expire term				10 years

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Determine Grant Date Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Risk-free interest rate	4.25%	4.15%	2.33%
Expected term (in years)	6 years 10 days	6 years 10 days	6 years 10 days
Expected volatility	68%	69%	59%
Expected dividend yield	0%	0%	0%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Beginning Balance	3,289,051
Granted	379,828
Exercised	(796,764)
Forfeited	(96,905)
Expired	(1,654)
Ending Balance	2,773,556	3,289,051
Vested and expected to vest as of December 31, 2024	2,773,556
Options exercisable as of December 31, 2024	1,837,750
Weighted Average Exercise Price
Beginning Balance	$ 30.69
Granted	88.26
Exercised	26.12
Forfeited	58.85
Expired	64.48
Ending Balance	38.88	$ 30.69
Vested and expected to vest as of December 31, 2024	38.88
Options exercisable as of December 31, 2024	$ 29.54
Weighted Average Contractual Term
Options Outstanding	6 years 8 months 15 days	7 years 6 months 7 days
Vested and expected to vest as of December 31, 2024	6 years 8 months 15 days
Options exercisable as of December 31, 2024	5 years 11 months 12 days
Aggregate Intrinsic Value
Options Outstanding	$ 76,855	$ 159,343
Vested and expected to vest as of December 31, 2024	76,855
Options exercisable as of December 31, 2024	$ 62,463

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Common Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Stock, Vested	103,166
Restricted stock awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Stock, Beginning Balance	9,606
Unvested Stock, Issued \ Granted	4,160
Unvested Stock, Vested	(9,606)		0
Unvested Stock, Ending Balance	4,160	9,606
Weighted Average Grant Date Fair Value
Unvested Stock, Beginning Balance	$ 72.83
Unvested Stock, Issued \ Granted	156	$ 72.75	$ 28.74
Unvested Stock, Vested	72.83
Unvested Stock, Ending Balance	$ 156	$ 72.83
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Stock, Beginning Balance	328,366
Unvested Stock, Issued \ Granted	253,865		0
Unvested Stock, Vested	(103,372)	0	0
Unvested Stock, Forfeited	(48,609)
Unvested Stock, Ending Balance	430,250	328,366
Weighted Average Grant Date Fair Value
Unvested Stock, Beginning Balance	$ 64.38
Unvested Stock, Issued \ Granted	89.6	$ 63.74
Unvested Stock, Vested	65.62
Unvested Stock, Forfeited	72.11
Unvested Stock, Ending Balance	$ 78.09	$ 64.38

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allocated Share-based Compensation Expense	$ 33,224	$ 19,791	$ 10,321
Cost of revenue [Member]
Allocated Share-based Compensation Expense	1,480	438	125
Research, development and clinical trials expenses [Member]
Allocated Share-based Compensation Expense	4,194	2,823	1,465
Selling, general and administrative expenses [Member]
Allocated Share-based Compensation Expense	$ 27,550	$ 16,530	$ 8,731

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Deferred tax benefit		$ (1,660,000)
Open Tax Year	2021 2022 2023 2024
Accrued interest or penalties related to uncertain tax positions	$ 0	$ 0
U.S. Federal [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 404,100,000
Operating loss carryforwards begin to expire	2025
Operating loss carryforwards expiration end	2037
U.S. Federal [Member] | Expirable [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 204,600,000
U.S. Federal [Member] | Non-expirable [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 199,500,000
Percentage of annual deduction of taxable income	80%
State [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 349,600,000
Operating loss carryforwards begin to expire	2030
Operating loss carryforwards expiration end	2044
Foreign [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 0
Research and Development Tax Credits [Member]
Income Taxes [Line Items]
Tax credits carryforwards begin to expire	2025
Tax credits carryforwards end to expire	2044
Research and Development Tax Credits [Member] | U.S. Federal [Member]
Income Taxes [Line Items]
Tax credit carryforwards	$ 13,200,000
Research and Development Tax Credits [Member] | State [Member]
Income Taxes [Line Items]
Tax credit carryforwards	$ 8,300,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 35,318	$ (27,038)	$ (36,416)
Foreign	462	367	251
Income (loss) before income taxes	$ 35,780	$ (26,671)	$ (36,165)

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Provision Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax expense:
State	$ 216	$ 25
Foreign	100	24	$ 66
Deferred income tax expense (benefit)
Federal		(1,292)
State		(400)
Income tax expense (benefit)	$ 316	$ (1,643)	$ 66

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21%	(21.00%)	(21.00%)
State taxes, net of federal benefit	(2.20%)	(7.10%)	(5.40%)
Federal and state research and development tax credits	(12.00%)	(10.20%)	(5.40%)
State deferred tax adjustment	(1.30%)	(27.50%)
Nondeductible items	3.10%	1.20%	0.70%
Stock-based compensation expense	(38.50%)	(5.70%)	(3.50%)
Deferred tax effect of change in state blended rate	6.20%	(5.90%)	16.20%
Return to provision	2.50%	(1.50%)	2.60%
Other	0.10%	(0.10%)	0.10%
Change in deferred tax asset valuation allowance	22%	71.60%	15.80%
Effective income tax rate	0.90%	(6.20%)	0.10%

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 106,684	$ 99,332
Capitalized research and development expense	23,157	14,062
Acquired in-process research and development expenses	6,181	7,275
Research and development tax credit carryforwards	20,232	16,195
Accrued expenses	5,820	5,657
Stock-based compensation expense	8,103	6,704
Lease liability	2,180	2,600
Section 163(j) interest	280	191
Other	578	400
Total deferred tax assets	173,215	152,416
Deferred tax liabilities:
Property, plant and equipment	(22,256)	(9,055)
Right-of-use assets	(1,554)	(1,721)
Intangible assets	(546)	(654)
Total deferred tax liabilities	(24,356)	(11,430)
Valuation allowance	$ (148,859)	$ (140,986)	$ (121,891)	$ (116,164)

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance as of beginning of year	$ (140,986)	$ (121,891)	$ (116,164)
Increases recorded to income tax provision	(7,873)	(19,095)	(5,727)
Valuation allowance as of end of year	$ (148,859)	$ (140,986)	$ (121,891)

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 16, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Fixed monthly payments			$ 2,916	$ 2,246	$ 1,948
ROU asset			6,481	$ 6,546
Lease liability			$ 8,976
Operating lease, weighted-average remaining lease term			3 years 8 months 12 days	4 years 8 months 12 days
Operating lease, weighted-average discount rate			6.90%	6.90%
Office, Laboratory and Manufacturing Space [Member]
Lessee, Lease, Description [Line Items]
Lease expiration month and year			Dec. 31, 2027
Lessee, operating lease, existence of option to extend [true false]			true
Lessee operating lease description			two noncancelable leases that expire in December 2027 and include a lease incentive, fixed payment escalations, and rent holidays. The leases include an option to renew for an additional five years.
Lessee, operating lease, renewal term			5 years
Lease base rent annual increase			2.50%
Dallas Office and Hangar [Member]
Lessee, Lease, Description [Line Items]
Lease expiration month and year		Jun. 30, 2027
Lessee, operating lease term		3 years
ROU asset						$ 1,500
Lease liability						$ 1,500
Dallas Office and Hangar [Member] | Monthly Payments [Member]
Lessee, Lease, Description [Line Items]
Fixed monthly payments		$ 1,700
Summit [Member] | Bozeman Hangar [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, existence of option to extend [true false]	true
Lessee, operating lease, renewal term	10 years
Lessee, operating lease term	20 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,215	$ 1,692	$ 1,353
Short-term lease cost	1,861	1,606	806
Variable lease cost	1,920	1,495	718
Lease expense	$ 5,996	$ 4,793	$ 2,877

Leases - Summary of Supplementa

Leases - Summary of Supplemental Disclosure of Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,916	$ 2,246	$ 1,948

Leases - Summary of Future Paym

Leases - Summary of Future Payments for Operating Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 3,259
2026	3,326
2027	3,117
2028	25
2029	25
Thereafter	584
Total future minimum lease payments	10,336
Less: imputed interest	(1,360)
Lease liabilities	$ 8,976

Leases - Summary of Operating L

Leases - Summary of Operating Lease Liabilities on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Current operating lease liabilities	$ 2,727	$ 2,035
Operating lease liabilities, net of current portion	6,249	$ 7,707
Total operating lease liabilities	$ 8,976

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined contribution plan, contribution amount		$ 3.3	$ 1.4	$ 0
Recorded unconditional purchase commitment, minimum quantity required	$ 9.5
Recorded unconditional purchase commitment, maturity year and month	2029-12
Remaining purchase commitment		$ 5
First 3% of Compensation Contributed [Member]
Defined contribution plan, matching percentage of each employee's contribution		100%
100% Match [Member]
Defined contribution plan, percentage of matching contribution		3%
Excess of 3% to 5% of Compensation Contributed [Member]
Defined contribution plan, matching percentage of each employee's contribution		50%
Fifty Percent Match [Member] | Additional Maximum [Member]
Defined contribution plan, percentage of matching contribution		2%

Segment Reporting and Geographi

Segment Reporting and Geographic Data - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1

Revenue and Segment Informati_3

Revenue and Segment Information - Schedule of Net Revenue by Organ and Country (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue		$ 441,540	$ 241,623	$ 93,459
OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	437,162	236,735	93,459
United States [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	421,880	221,347	84,038
All Other Countries [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	15,282	15,388	9,421
Lung revenue [Member] | United States [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	15,755	10,548	7,967
Lung revenue [Member] | All Other Countries [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	1,926	1,272	880
Heart revenue [Member] | United States [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	96,663	59,080	29,902
Heart revenue [Member] | All Other Countries [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	13,198	14,012	8,451
Liver revenue [Member] | United States [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	309,462	151,719	46,169
Liver revenue [Member] | All Other Countries [Member] | OCS transplant revenue
Disaggregation Of Revenue [Line Items]
Total OCS transplant revenue	[1],[2]	$ 158	$ 104	$ 90
[1] Revenue by country is categorized based on the location of the end customer. Total OCS transplant revenue includes product and service revenue. Service revenue unrelated to OCS transplant, which was $ 4.4 million and $ 4.9 million for the years ended December 31, 2024 and 2023, is not included in this table.

Revenue and Segment Informati_4

Revenue and Segment Information - Schedule of Net Revenue by Organ and Country (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 441,540	$ 241,623	$ 93,459
Unrelated to OCS Transplant [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 4,400	$ 4,900

Revenue and Segment Informati_5

Revenue and Segment Information - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Research development and clinical trials expenses	$ 6	$ 2.4	$ 1.9
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the Chief Executive Officer. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. The CODM also utilizes the consolidated balance sheet for resource allocation and segment asset information is not provided to the CODM to allocate resources. As a single reportable segment entity, the Company’s segment performance measure is net income (loss). Significant segment expenses, as provided to the CODM, are presented below (in thousands):
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Revenue Benchmark | Significant Customer Benchmark [Member] | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage			14%
Revenue Benchmark | Minimum [Member] | Significant Customer Benchmark [Member] | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	10%	10%
Accounts Receivable | Minimum [Member] | Significant Customer Benchmark [Member] | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	10%	10%

Revenue and Segment Informati_6

Revenue and Segment Information - Schedule of Recognized Revenue Net of Payments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 441,540	$ 241,623	$ 93,459
Net product revenue [Member]
Disaggregation of Revenue [Line Items]
Gross product revenue from sales to customers	273,680	176,047	77,854
Less: clinical trial payment estimates	(186)	(22)	(1,380)
Total revenue	$ 273,866	$ 176,069	$ 79,234

Revenue and Segment Informati_7

Revenue and Segment Information - Summary of Significant Segment Expenses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue		$ 441,540	$ 241,623	$ 93,459
Total cost of revenue		179,459	87,530	28,187
Research, development and clinical trials:
Research, development and clinical trials		55,968	36,055	26,812
Acquired in-process research and development expenses			27,212
Selling, general and administrative:
Selling, general and administrative		168,617	119,553	69,897
Other segment items	[1]	2,032	(3,699)	4,794
Net income (loss)		35,464	(25,028)	(36,231)
Cost of net product revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue		273,866	176,069	79,234
Total cost of revenue		58,345	41,015	16,970
Cost of service revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue		167,674	65,554	14,225
Total cost of revenue		121,114	46,515	11,217
Personnel related (including stock-based compensation expense)
Research, development and clinical trials:
Research, development and clinical trials		21,927	15,489	9,818
Selling, general and administrative:
Selling, general and administrative		109,475	72,717	40,551
Laboratory supplies and research materials
Research, development and clinical trials:
Research, development and clinical trials		13,990	7,939	5,404
Consulting and third-party services
Research, development and clinical trials:
Research, development and clinical trials		12,920	5,788	5,277
Clinical trials costs
Research, development and clinical trials:
Research, development and clinical trials		478	1,077	1,778
Professional and consultant fees
Selling, general and administrative:
Selling, general and administrative		18,313	17,401	7,991
NOP support
Selling, general and administrative:
Selling, general and administrative		12,289	11,985	8,463
Tradeshows and conferences
Selling, general and administrative:
Selling, general and administrative		4,328	4,575	4,788
Facility related and other
Research, development and clinical trials:
Research, development and clinical trials		6,653	5,762	4,535
Selling, general and administrative:
Selling, general and administrative		$ 24,212	$ 12,875	$ 8,104
[1] Other segment items include interest income, interest expense, foreign currency exchange gains and losses and income taxes. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Net Income (Loss) per Share - R

Net Income (Loss) per Share - Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income (Loss) per Common Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss)	$ 35,464	$ (25,028)	$ (36,231)
Weighted average common shares outstanding, basic	33,229,953	32,517,372	29,556,633
Weighted average common shares outstanding, diluted	35,216,837	32,517,372	29,556,633
Net income (loss) per share, basic	$ 1.07	$ (0.77)	$ (1.23)
Net income (loss) per share, diluted	$ 1.01	$ (0.77)	$ (1.23)
Employee stock purchase plan [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	3,234
Warrants to purchase common stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	3,470
Options to purchase common stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	1,783,507
Restricted stock units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	193,476
Restricted stock awards [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	3,197

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	5,286,547	5,929,189	3,382,947
Convertible senior notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	4,893,838	3,150,834
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	371,502	2,595,161	3,295,161
Employee stock purchase plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	10,170	13,262	15,892
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	9,912	141,906
Restricted stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,125	13,586	14,851
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		14,440	57,043

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Director [Member]
Related Party Transaction [Line Items]
Compensation expense	$ 0.5	$ 0.4	$ 0.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	2 Months Ended
	Feb. 27, 2025 USD ($) Seller Aircraft
Subsequent Event [Line Items]
Number of fixed wing aircraft acquired | Aircraft	2
Number of fixed wing aircraft sellers | Seller	2
Purchase price of fixed wing aircraft | $	$ 28.4