Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | 10x Genomics, Inc. | |
Entity Central Index Key | 0001770787 | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | TXG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity File Number | 001-39035 | |
Entity Tax Identification Number | 45-5614458 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 6230 Stoneridge Mall Road | |
Entity Address, Address Line Two | Pleasanton | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94588 | |
City Area Code | 925 | |
Local Phone Number | 401-7300 | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 57,934,388 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,426,639 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 372,428 | $ 424,166 |
Accounts receivable, net | 30,851 | 33,371 |
Inventory | 19,357 | 15,270 |
Prepaid expenses and other current assets | 7,096 | 8,033 |
Total current assets | 429,732 | 480,840 |
Property and equipment, net | 52,384 | 48,821 |
Restricted cash | 59,475 | 52,327 |
Operating lease right-of-use assets | 44,048 | 0 |
Other assets | 24,745 | 23,935 |
Total assets | 610,384 | 605,923 |
Current liabilities: | ||
Accounts payable | 13,505 | 13,028 |
Accrued compensation and related benefits | 18,623 | 12,394 |
Accrued expenses and other current liabilities | 20,093 | 24,448 |
Term loans, current portion | 9,882 | |
Deferred revenue, current | 3,394 | 3,297 |
Operating lease liabilities | 3,453 | 0 |
Total current liabilities | 59,068 | 63,049 |
Term loans, noncurrent portion | 0 | 19,837 |
Accrued contingent liabilities | 73,314 | 68,658 |
Accrued license fee, noncurrent | 11,223 | 16,251 |
Deferred rent, noncurrent | 16,120 | |
Operating lease liabilities, noncurrent | 56,166 | 0 |
Other noncurrent liabilities | 1,545 | 1,925 |
Total liabilities | 201,316 | 185,840 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Common stock, $0.00001 par value; 1,100,000,000 shares authorized and 98,145,208 shares issued and outstanding as of March 31, 2020; 1,100,000,000 shares authorized and 96,241,596 shares issued and outstanding as of December 31, 2019 | 2 | 2 |
Additional paid-in capital | 692,617 | 682,494 |
Accumulated deficit | (283,510) | (262,367) |
Accumulated other comprehensive loss | (41) | (46) |
Total stockholders' equity | 409,068 | 420,083 |
Total liabilities and stockholders' equity | $ 610,384 | $ 605,923 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 1,100,000,000 | 1,100,000,000 |
Common Stock, Shares Issued | 98,145,208 | 96,241,596 |
Common Stock, Outstanding | 98,145,208 | 96,241,596 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 71,905 | $ 53,578 |
Cost of revenue | 15,108 | 13,965 |
Gross profit | 56,797 | 39,613 |
Operating expenses: | ||
Research and development | 25,992 | 14,965 |
Selling, general and administrative | 50,387 | 26,893 |
Accrued contingent liabilities | 302 | 790 |
Total operating expenses | 76,681 | 42,648 |
Loss from operations | (19,884) | (3,035) |
Other income (expense): | ||
Interest income | 1,318 | 263 |
Interest expense | (662) | (684) |
Other expenses, net | (96) | (146) |
Loss on extinguishment of debt | (1,521) | |
Total other expense | (961) | (567) |
Loss before provision for income taxes | (20,845) | (3,602) |
Provision for income taxes | 298 | 34 |
Net loss | (21,143) | (3,636) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 5 | (24) |
Comprehensive loss | $ (21,138) | $ (3,660) |
Net loss per share, basic and diluted | $ (0.22) | $ (0.25) |
Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 96,829,093 | 14,801,867 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit | Accumulated other comprehensive income (loss) | Common class A [Member] | Common class A [Member]Common stock [Member] | Common class A [Member]Additional paid-in capital [Member] | Convertible preferred stock [Member] |
Beginning balance at Dec. 31, 2018 | $ (219,987) | $ 1 | $ 11,165 | $ (231,116) | $ (37) | ||||
Beginning balance, shares at Dec. 31, 2018 | 14,549,801 | ||||||||
Beginning balance of temporary equity at Dec. 31, 2018 | $ 243,244 | ||||||||
Beginning balance of temporary equity, shares at Dec. 31, 2018 | 67,704,278 | ||||||||
Issuance of Class A common stock upon exercise of options | $ 923 | $ 923 | |||||||
Issuance of Class A common stock upon exercise of options, shares | 898,858 | ||||||||
Vesting of shares subject to repurchase, including early exercised options | 72 | 72 | |||||||
Stock-based compensation | 1,359 | 1,359 | |||||||
Net loss | (3,636) | (3,636) | |||||||
Other comprehensive loss | (24) | (24) | |||||||
Ending balance at Mar. 31, 2019 | $ (221,293) | $ 1 | 13,519 | (234,752) | (61) | ||||
Ending balance, shares at Mar. 31, 2019 | 15,448,659 | ||||||||
Ending balance of temporary equity at Mar. 31, 2019 | $ 243,244 | ||||||||
Ending balance of temporary equity, shares at Mar. 31, 2019 | 67,704,278 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 420,083 | $ 2 | 682,494 | (262,367) | (46) | ||||
Beginning balance, shares at Dec. 31, 2019 | 96,241,596 | ||||||||
Issuance of Class A common stock upon exercise of options | $ 3,283 | $ 3,283 | |||||||
Issuance of Class A common stock upon exercise of options, shares | 1,903,612 | 1,903,612 | |||||||
Vesting of shares subject to repurchase, including early exercised options | $ 122 | 122 | |||||||
Stock-based compensation | 6,718 | 6,718 | |||||||
Net loss | (21,143) | (21,143) | |||||||
Other comprehensive loss | 5 | 5 | |||||||
Ending balance at Mar. 31, 2020 | $ 409,068 | $ 2 | $ 692,617 | $ (283,510) | $ (41) | ||||
Ending balance, shares at Mar. 31, 2020 | 98,145,208 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net loss | $ (21,143) | $ (3,636) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,189 | 1,036 |
Stock-based compensation | 6,718 | 1,359 |
Loss on disposal of property and equipment | 557 | |
Loss on extinguishment of debt | 1,521 | |
Accretion of discount on term loan | 17 | 23 |
Amortization of right-of-use assets | 1,071 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,521 | 2,674 |
Inventory | (4,087) | (2,586) |
Prepaid expenses and other current assets | 601 | (6,900) |
Other assets | (1,210) | (56) |
Accounts payable | (653) | (1,269) |
Accrued compensation and other related benefits | 6,191 | 38 |
Deferred revenue | 471 | 323 |
Accrued contingent liabilities | 4,656 | 8,644 |
Accrued expenses and other current liabilities | 4,585 | 1,773 |
Deferred rent, noncurrent | 7,280 | |
Operating lease liability | (1,282) | 0 |
Other noncurrent liabilities | (5,742) | 58 |
Net cash (used in) provided by operating activities | (2,576) | 9,318 |
Investing activities: | ||
Purchases of property and equipment | (8,079) | (9,367) |
Net cash used in investing activities | (8,079) | (9,367) |
Financing activities: | ||
Payments on financing arrangement | (5,846) | 0 |
Payments on term loans | (31,256) | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 3,283 | 923 |
Net cash (used in) provided by financing activities | (33,819) | 923 |
Effect of exchange rates on changes in cash, cash equivalents, and restricted cash | (116) | (2) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (44,590) | 872 |
Cash, cash equivalents, and restricted cash at beginning of period | 476,493 | 70,088 |
Cash, cash equivalents, and restricted cash at end of period | 431,903 | 70,960 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,670 | 559 |
Cash paid for taxes | 117 | 0 |
Noncash investing and financing activities | ||
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | 2,811 | 3,230 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 7,634 | 0 |
Deferred offering costs in accounts payable and accrued expenses and other current liabilities | $ 0 | $ 375 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Organization and Description of Business 1 Initial Public Offering The Company’s registration statement on Form S-1 Risk and Uncertainties We are subject to risks and uncertainties as a result of the global COVID-19 COVID-19 Basis of Presentation The accompanying condensed consolidated financial statements, which include the Company’s accounts and the accounts of its wholly-owned subsidiaries, are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The condensed consolidated balance sheets at December 31, 2019 have been derived from the audited consolidated financial statements of the Company at that date. Certain information and footnote disclosures typically included in the Company’s audited consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. All intercompany transactions and balances have been eliminated. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense s The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2019 included in the Annual Report on Form 10-K |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the three months ended March 31, 2020, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K Segment Information The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. Fair Value of Financial Instruments The Company determines the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritized the inputs into three broad levels as follows: Level 1: Quoted prices in active markets for identical instruments Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Cash and cash equivalents are comprised of money market funds and cash. Money market funds are highly liquid investments which are actively traded and are comprised of United States government securities. The pricing information for the Company’s money market funds is Leases The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses and costs of goods sold over the reasonably assured lease term. The Company has elected to not separate lease and non-lease non-lease Internal-Use The Company capitalizes costs incurred to develop internal-use . Impairment of Long-Lived Assets The Company evaluates long-lived assets, such as property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. There were no impairment losses recorded for the three-month periods ended March 31, 2020 and 2019. Revenue Recognition Commencing on January 1, 2019, the Company recognized revenues in accordance with Accounting Standards Codification ( “ ASC ” ) Topic 606 – Revenue from Contracts with Customers. The Company generates revenue from sales of products and services. The Company’s products consist of instruments and consumables. The Company began shipping its Chromium Connect instrument during the first quarter of 2020. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. In instances where right of payment or transfer of title is contingent upon the customer’s acceptance of the product, revenue is deferred until all acceptance criteria have been met. Instrument service agreements, which relate to extended warranties, are typically entered into for one-year one-year The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. Stock-Based Compensation The Company’s stock-based awards are comprised of stock options and , The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and the expected stock price volatility over the expected term. For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The Company had no publicly available stock price information prior to its IPO and limited publicly available stock price information subsequent to its IPO and therefore, the Company has used the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues Stock-based compensation expense for nonemployee stock options is measured based on fair market value using the Black-Scholes option pricing model and is recorded as the options vest. Prior to January 1, 2019, nonemployee stock options subject to vesting were revalued periodically over the requisite service period, which was generally the same as the vesting term of the award. From January 1, 2019, the grant date fair market value of nonemployee stock options is recognized in the condensed consolidated statements of operations on a straight-line basis over the requisite service period and forfeitures are recognized as they occur. Net Loss Per Share Net loss per share is computed using the two-class method The Company’s participating securities included the Company’s convertible preferred stock, as the holders woul d hav e been was have non-forfeitable dividend Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. For the calculation of diluted net loss per share, basic net loss per share is adjusted by the effect of dilutive securities, including convertible preferred stock, awards under the Company’s equity compensation plan and common stock warrants. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) right-of-use ASC Topic 840 – Leases The Company elected the practical expedients to not reassess its prior conclusions about lease identification under the new standard, to not reassess lease classification and to not reassess initial direct costs. Adoption of Topic 842 resulted in the recognition of operating lease right-of-use The following table summarizes the impact of Topic 842 on our condensed consolidated balance sheet as of January 1, 2020 (in thousands): December 31, Adjustments the January 1, Assets: Operating lease right-of-use $ — $ 38,005 $ 38,005 Prepaid expenses and other current assets 8,033 (434 ) 7,599 Total assets $ 8,033 $ 37,571 $ 45,604 Liabilities: Accrued expenses and other current liabilities $ 24,448 $ (99 ) $ 24,349 Operating lease liabilities — 3,086 3,086 Deferred rent, noncurrent 16,120 (16,120 ) — Operating lease liabilities, noncurrent — 50,704 50,704 Total liabilities $ 40,568 $ 37,571 $ 78,139 The adjustments due to the adoption of Topic 842 related to the recognition of operating lease right-of-use In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) available-for-sale and accounts receivable 2016-13. The Company calculates the allowance for credit losses as a percentage of the trade accounts receivable balance based on collection history and current economic trends that we expect will impact the level of credit losses over the life of our receivables. The allowance is re-evaluated on a regular basis and adjusted, as required. Trade accounts receivable are considered past due based on the contractual payment terms. Once a trade account receivable is deemed uncollectible, it is charged against this allowance. The Company early adopted this standard on a modified retrospective basis effective January 1, 2020. impact In November 2019, the FASB issued ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) internal-use 350-40, Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Other Financial Statement Infor
Other Financial Statement Information | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Statement Information | 3. Other Financial Statement Information Inventory Inventory was comprised of the following as of the dates indicated (in thousands): March 31, December 31, Purchased materials $ 9,124 $ 6,436 Work in progress 4,539 3,996 Finished goods 5,694 4,838 Inventory $ 19,357 $ 15,270 Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Gross Accumulated Intangibles, Gross Accumulated Intangibles, Technology licenses $ 22,504 $ (823 ) $ 21,681 $ 22,504 $ (440 ) $ 22,064 Customer relationships 204 (39 ) 165 204 (32 ) 172 Trademarks 204 (91 ) 113 204 (74 ) 130 Total intangible assets, net $ 22,912 $ (953 ) $ 21,959 $ 22,912 $ (546 ) $ 22,366 The estimated annual amortization of intangible assets for the next five years is shown below (in thousands) : Estimated Annual Amortization 2020 (excluding the three months ended March 31, 2020) $ 1,223 2021 1,625 2022 1,562 2023 1,533 2024 1,502 Thereafter 14,514 Total $ 21,959 Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures and asset impairments, among other factors. Accrued Compensation and Related Benefits Accrued compensation and related benefits were comprised of the following as of the dates indicated (in thousands): March 31, December 31, Accrued payroll and related costs $ 9,544 $ 470 Employee stock purchase program liability 3,442 1,862 Accrued bonus 2,668 6,154 Accrued commissions 1,551 2,473 Other 1,418 1,435 Accrued compensation and related benefits $ 18,623 $ 12,394 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities were comprised of the following as of the dates indicated (in thousands): March 31, December 31, Accrued legal expenses $ 4,078 $ 4,375 Accrued license fee 5,275 6,183 Accrued royalties for licensed technologies 1,918 2,025 Accrued property and equipment 1,051 3,885 Accrued consulting 1,736 1,173 Product warranties 366 467 Customer deposits 1,076 1,304 Taxes payable 923 1,087 Other 3,670 3,949 Accrued expenses and other current liabilities $ 20,093 $ 24,448 Product Warranties Changes in the reserve for product warranties were as follows for the periods indicated (in thousands): March 31, December 31, Beginning of period $ 467 $ 804 Additions charged to cost of revenue 72 741 Repairs and replacements (173 ) (1,078 ) End of period $ 366 $ 467 Revenue and Deferred Revenue As of March 31, 2020, the aggregate amount of the sales instru m ts as of The following table represents revenue by source for the periods indicated (in thousands): Three Months Ended March 31, 2020 2019 Instruments $ 9,141 $ 6,848 Consumables 61,428 45,851 Services 1,336 879 Total revenue $ 71,905 $ 53,578 The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands): Three Months Ended March 31, 2020 2019 North America $ 39,732 $ 28,509 Europe, Middle East and Africa 13,158 12,255 China 10,997 8,114 Asia Pacific 8,018 4,700 Total revenue $ 71,905 $ 53,578 Revenue for the United States, which is included in North America in the table above, was 53% and 50% of consolidated revenue for the three months ended March 31, 2020 and 2019, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt In September 2016, the Company entered into a Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank (as amended and restated in February 2018 and as further amended, restated or supplemented from time to time, the “Loan and Security Agreement”), which includes a term loan and revolving line of credit. for an f or for interest of debt non-accreted of debt The revolving line of credit continues to be in effect and provides the Company with a revolving line of credit of up to $25.0 million through December 2022. The amount available on the revolving line of credit is based on 80% of eligible receivables and is subject to a borrowing base calculation. Principal amounts outstanding under the revolving line of credit would accrue interest at a floating per annum rate equal to the greater of The Wall Street Journal prime rate plus 0.25% or 4.5% and would be repayable monthly. Upon termination of the Loan and Security Agreement for any reason prior to the revolving line of credit’s maturity in December 2022 , a termination fee of $250,000 w ould |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Lease Agreements The Company leases office, laboratory, manufacturing, distribution and server space with lease terms ranging from 2 to 11 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. The Company performed evaluations of these contracts and determined them to be operating leases. For the three months ended March 31, 2020, the Company incurred $1.9 million of operating lease costs. The Company also incurred $0.1 million of variable lease costs for the three months ended March 31, 2020. The variable lease cost is comprised primarily of the Company’s proportionate share of operating expenses, property taxes and insurance and is classified as lease cost due to the Company’s election to not separate lease and non-lease Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2020 was $1.3 million and was included in net cash used in operating activities in the Company’s condensed consolidated statements of cash flows. The maturity of the Company’s operating lease liabilities as of March 31, 2020 is as follows (in thousands): Operating Leases 2020 (excluding the three months ended March 31, 2020) $ 4,752 2021 8,843 2022 7,904 2023 8,052 2024 7,805 Thereafter 42,375 Total lease payments $ 79,731 Less: imputed interest (20,112 ) Present value of operating lease liabilities $ 59,619 Operating lease liabilities, current 3,453 Operating lease liabilities, non-current 56,166 The following table summarizes additional information related to operating leases as of March 31, 2020: Weighted-average remaining lease term Operating leases 9.2 years Weighted-average discount rate Operating leases 6.2 % The Company’s future undiscounted lease payments under operating leases (as defined by prior guidance) as of December 31, 2019 are as follow (in thousands): Rent Payments 2020 $ 6,247 2021 7,581 2022 6,794 2023 6,947 2024 7,064 Thereafter 38,346 Total minimum lease payments $ 72,979 Litigation The Company is regularly subject to claims, lawsuits, arbitration proceedings, administrative actions and other legal and regulatory proceedings involving commercial disputes, competition, intellectual property disputes and other matters, and the Company may become subject to additional types of claims, lawsuits, arbitration proceedings, administrative actions, government investigations and legal and regulatory proceedings in the future. Amongst other matters, the Company is currently a defendant in the lawsuits and proceedings described below. Other than with respect to the 2015 Delaware Action, losses are not probable or estimable for the lawsuits and proceedings described below. The 2015 Delaware Action In February 2015, Raindance Technologies, Inc. (“Raindance”) and the University of Chicago filed suit against the Company in the U.S. District Court for the District of Delaware, accusing substantially all of the Company’s products of infringing certain patents. In May 2017, Bio-Rad (“Bio-Rad”) Bio-Rad Bio-Rad pre- In response to the jury award, the Company established an accrual of $30.6 million as of December 31, 2018, which was recorded as an operating expense on the condensed consolidated statement of operations for the year ended December 31, 2018. Additionally, beginning in the fourth quarter of 2018, the Company also began recording an accrual for estimated royalties to Bio-Rad In July 2019, the Court awarded supplemental damages for the period from June 30, 2018 through the end of the trial in November 2018 and established the interest rates for pre- Bio-Rad pre- Bio-Rad’s In July 2019, the Court also granted Bio-Rad Bio-Rad In August 2019, the Court ordered that the Company may post a bond in the amount of $52 million in lieu of payment of the final judgment. Bio-Rad On October 10, 2019, the Court denied the Company’s motion to decrease the bond amount, and, without addressing Bio-Rad’s The ITC 1068 Action On July 31, 2017, Bio-Rad On December 18, 2019, the ITC issued its final determination in the ITC 1068 Action (the “Final Determination”). The Final Determination affirmed the Initial Determination that the Company’s Next GEM microfluidic chips and gel bead manufacturing microfluidic chips do not infringe any of the claims asserted against them. The Final Determination also affirmed the ruling that the Company’s GEM microfluidic chips infringe the ‘664, ‘682 and ‘635 patents but not the ‘160 patent. The ITC issued (1) a limited exclusion order prohibiting the unlicensed importation of the GEM microfluidic chips into the United States and (2) a cease and desist order preventing the Company from selling such imported GEM microfluidic chips in the United States. The ITC expressly allowed the importation and sale of the GEM microfluidic chips for use by researchers who were using such chips as of December 18, 2019, and who have a documented need to continue receiving such chips for a specific current ongoing research project for which that need cannot be met by any alternative product. The Final Determination was subject to a 60-day The Company appealed the Final Determination to the Federal Circuit. The Company expects oral arguments to be held around the first quarter of 2021 and a decision around mid-2021. The Northern District of California Action On July 31, 2017, Bio-Rad The Germany Action On July 31, 2017, Bio-Rad Bio-Rad On February 13, 2018, Bio-Rad Bio-Rad Bio-Rad Euros for statutory costs in the condensed consolidated balance sheet as of March 31, 2020. The Company is unable to estimate any additional potential exposure related to the matter beyond the statutory costs that have been accrued. The Court’s ruling did not address the Company’s Next GEM products, which were not accused in this action and which constitute substantially all of the Company’s sales in Germany. The Company is currently appealing the Court’s ruling. On April 6, 2020, the Munich Higher Regional Court (the “Higher Court”) issued a ruling completely staying enforcement of the ruling of the lower Court, including the injunction, subject to the payment of a bond by the Company. The Higher Court found that the lower Court’s claim construction was not justifiable and that the facts did not provide a basis for a finding of infringement. On April 16, 2020, the Company paid a 2.8 million Euro bond to the Higher Court to completely stay enforcement of the ruling. The bond is refundable upon a favorable ruling on the merits by the Higher Court. The Company expects the Higher Court to rule on the merits around the end of 2020. The 2018 Delaware Action On October 25, 2018, Bio-Rad Bio-Rad In October 2019, the Company filed four petitions for inter partes The Massachusetts Action On September 11, 2019, Bio-Rad Bio-Rad Bio-Rad On December 18, 2019, Bio-Rad Bio-Rad Bio-Rad On January 24, 2020, the Company filed antitrust counterclaims against Bio-Rad Bio-Rad On February 5, 2020, the Company filed additional counterclaims against Bio-Rad Bio-Rad’s ATAC-seq Bio-Rad On March 25, 2020, the Court held a hearing with respect to (a) the Company’s motion to dismiss Bio-Rad’s (c) Bio-Rad’s Bio-Rad’s Bio-Rad’s On March 23, 2020, Stilla moved for a 90 day stay of the case due to the impact of COVID-19 Bio-Rad’s Bio-Rad’s The 2019 Becton Dickinson Settlement and Patent Cross License Agreement On November 15, 2018, Becton, Dickinson and Company (“BD”) and Cellular Research, Inc. filed suit against the Company in the U.S. District Court for the District of Delaware, alleging that the Company infringed certain patents. In September 2019, the Company filed counterclaims alleging that BD and Cellular Research, Inc. (together, the “BD Entities”) infringed a number of the Company’s patents. In October 2019, the Company entered into a settlement and patent cross license agreement (the “BD Agreement”) with the BD Entities. The BD Agreement resolved all outstanding patent litigation between the parties (the “BD Litigation”), which was dismissed with prejudice on October 21, 2019. Under the terms of the BD Agreement, the BD Entities granted the Company and its affiliates, and the Company granted BD and its affiliates, a worldwide, royalty-free, non-exclusive, fully paid-up license March 20 For certain of the Company’s litigation matters, the Company is required to make milestone payments to the Company’s legal counsel based on certain litigation outcomes. Based on the occurrence in the first quarter of 2020 of one such milestone in one of the Company’s litigation matters, a milestone payment to the Company’s legal counsel in the amount of $5 million was triggered in the first quarter of 2020. The Company expects to trigger additional such milestone payments during the pendency of litigation, though the timing and amounts of such payments is uncertain. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | 6. Capital Stock As of March 31, 2020, Class A common stock and Class B common stock issued and outstanding was 54,649,791 shares and 43,495,417 shares, respectively. During the first quarter of 2020, 31,774,013 shares of Class B common stock were converted to shares of Class A common stock upon the election of the holders of such shares. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 7. Equity Incentive Plans A As of March 31, 2020, the number of shares of Class A common stock issuable under the Amended and Restated 2012 Stock Plan which includes shares issuable upon the exercise of outstanding awards is 13,185,273. Following the adoption of the 2019 Omnibus Incentive Plan in September 2019, any awards outstanding under the Amended and Restated 2012 Stock Plan continue to be governed by their existing terms but no further awards may be granted under the Amended and Restated 2012 Stock Plan. 2019 Omnibus Incentive Plan As of March 31, 2020, the number of shares of Class A common stock under the 2019 Omnibus Incentive Plan which includes shares issuable in connection with outstanding awards and shares available for issuance in connection with the grant of future awards is 11,000,000. 2019 Employee Stock Purchase Plan A total of 2,000,000 shares of Class A common stock were reserved for issuance under the 2019 Employee Stock Purchase Plan (“ESPP”). As of March 31, 2020, no shares of Class A common stock have been purchased under the ESPP. Stock-based Compensation The Company recorded stock-based compensation expense in the condensed consolidated statement of operations for the periods presented as follows (in thousands): Three months ended March 31, 2020 2019 Cost of revenue $ 247 $ 32 Research and development 2,887 507 Selling, general and administrative 3,584 820 Total stock-based compensation expense $ 6,718 $ 1,359 Restricted Stock Units The Company began granting restricted stock unit awards (“RSUs”) to employees and other service providers during the three months ended March 31, 2020. RSU activity for the three months ended March 31, 2020 is as follows: Restricted Stock Weighted-Average Outstanding as of December 31, 2019 — $ — Granted 58,254 $ 84.70 Outstanding as of March 31, 2020 58,254 $ 84.70 Stock Options Stock options activity for the three months ended March 31, 2020 is as follows: Stock o Weighted-Average Outstanding as of December 31, 2019 15,918,243 $ 6.82 Granted 663,644 $ 80.03 Exercised (1,903,612 ) $ 1.73 Forfeited (150,134 ) $ 11.09 Outstanding as of March 31, 2020 14,528,141 $ 10.79 Early Exercise of Options Stock options granted under the Amended and Restated 2012 Stock Plan provide certain employee and director option holders the right to exercise unvested options in exchange for restricted shares of Class A common stock which are subject to repurchase by the Company at the original issuance price in the event the optionee’s employment is terminated either voluntarily or involuntarily prior to the applicable vesting date. The consideration received for the early exercised options is recorded as a liability on the condensed consolidated balance sheets and reclassified to stockholders’ deficit as the shares vest. As of March 31, 2020 and December 31, 2019, the total repurchase liability related to the unvested early exercised options was $372,000 and $494,000, respectively, which is included in other current and noncurrent liabilities on the condensed consolidated balance sheets. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 8. Income Tax The Company’s provision for income taxes was $298,000 for the three months ended March 31, 2020 with an effective tax rate of 1.4% and $34,000 for the three months ended March 31, 2019 with an effective tax rate of 0.9%. Deferred tax assets generated from the Company’s domestic net operating losses have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. These provisions are not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share and per share data): Three months ended March 31, 2020 2019 Net loss $ (21,143 ) $ (3,636 ) Weighted average shares used in computing net loss per share, basic and diluted 96,829,093 14,801,867 Net loss per share, basic and diluted $ (0.22 ) $ (0.25 ) The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three months ended 2020 2019 Convertible preferred stock (on an if-converted — 67,704,278 Stock-options to purchase common stock 14,528,141 14,321,097 Shares subject to repurchase 115,625 201,750 Common stock warrants — 266,099 Restricted stock units 58,254 — Shares committed under ESPP 103,830 — Total 14,805,850 82,493,224 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Segment Information | Segment Information The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company determines the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritized the inputs into three broad levels as follows: Level 1: Quoted prices in active markets for identical instruments Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Cash and cash equivalents are comprised of money market funds and cash. Money market funds are highly liquid investments which are actively traded and are comprised of United States government securities. The pricing information for the Company’s money market funds is |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets, such as property and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. There were no impairment losses recorded for the three-month periods ended March 31, 2020 and 2019. |
Revenue Recognition | Revenue Recognition Commencing on January 1, 2019, the Company recognized revenues in accordance with Accounting Standards Codification ( “ ASC ” ) Topic 606 – Revenue from Contracts with Customers. The Company generates revenue from sales of products and services. The Company’s products consist of instruments and consumables. The Company began shipping its Chromium Connect instrument during the first quarter of 2020. The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. In instances where right of payment or transfer of title is contingent upon the customer’s acceptance of the product, revenue is deferred until all acceptance criteria have been met. Instrument service agreements, which relate to extended warranties, are typically entered into for one-year one-year The Company regularly enters into contracts that include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts. |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based awards are comprised of stock options and , The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and the expected stock price volatility over the expected term. For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The Company had no publicly available stock price information prior to its IPO and limited publicly available stock price information subsequent to its IPO and therefore, the Company has used the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues Stock-based compensation expense for nonemployee stock options is measured based on fair market value using the Black-Scholes option pricing model and is recorded as the options vest. Prior to January 1, 2019, nonemployee stock options subject to vesting were revalued periodically over the requisite service period, which was generally the same as the vesting term of the award. From January 1, 2019, the grant date fair market value of nonemployee stock options is recognized in the condensed consolidated statements of operations on a straight-line basis over the requisite service period and forfeitures are recognized as they occur. |
Net Loss Per Share | Net Loss Per Share Net loss per share is computed using the two-class method The Company’s participating securities included the Company’s convertible preferred stock, as the holders woul d hav e been was have non-forfeitable dividend Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. For the calculation of diluted net loss per share, basic net loss per share is adjusted by the effect of dilutive securities, including convertible preferred stock, awards under the Company’s equity compensation plan and common stock warrants. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) right-of-use ASC Topic 840 – Leases The Company elected the practical expedients to not reassess its prior conclusions about lease identification under the new standard, to not reassess lease classification and to not reassess initial direct costs. Adoption of Topic 842 resulted in the recognition of operating lease right-of-use The following table summarizes the impact of Topic 842 on our condensed consolidated balance sheet as of January 1, 2020 (in thousands): December 31, Adjustments the January 1, Assets: Operating lease right-of-use $ — $ 38,005 $ 38,005 Prepaid expenses and other current assets 8,033 (434 ) 7,599 Total assets $ 8,033 $ 37,571 $ 45,604 Liabilities: Accrued expenses and other current liabilities $ 24,448 $ (99 ) $ 24,349 Operating lease liabilities — 3,086 3,086 Deferred rent, noncurrent 16,120 (16,120 ) — Operating lease liabilities, noncurrent — 50,704 50,704 Total liabilities $ 40,568 $ 37,571 $ 78,139 The adjustments due to the adoption of Topic 842 related to the recognition of operating lease right-of-use In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) available-for-sale and accounts receivable 2016-13. The Company calculates the allowance for credit losses as a percentage of the trade accounts receivable balance based on collection history and current economic trends that we expect will impact the level of credit losses over the life of our receivables. The allowance is re-evaluated on a regular basis and adjusted, as required. Trade accounts receivable are considered past due based on the contractual payment terms. Once a trade account receivable is deemed uncollectible, it is charged against this allowance. The Company early adopted this standard on a modified retrospective basis effective January 1, 2020. impact In November 2019, the FASB issued ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) internal-use 350-40, |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of the impact of Topic 842 on our condensed consolidated balance sheet | The following table summarizes the impact of Topic 842 on our condensed consolidated balance sheet as of January 1, 2020 (in thousands): December 31, Adjustments the January 1, Assets: Operating lease right-of-use $ — $ 38,005 $ 38,005 Prepaid expenses and other current assets 8,033 (434 ) 7,599 Total assets $ 8,033 $ 37,571 $ 45,604 Liabilities: Accrued expenses and other current liabilities $ 24,448 $ (99 ) $ 24,349 Operating lease liabilities — 3,086 3,086 Deferred rent, noncurrent 16,120 (16,120 ) — Operating lease liabilities, noncurrent — 50,704 50,704 Total liabilities $ 40,568 $ 37,571 $ 78,139 |
Other Financial Statement Inf_2
Other Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Inventory was comprised of the following as of the dates indicated (in thousands): March 31, December 31, Purchased materials $ 9,124 $ 6,436 Work in progress 4,539 3,996 Finished goods 5,694 4,838 Inventory $ 19,357 $ 15,270 |
Schedule of Intangible assets net | Intangible assets, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Gross Accumulated Intangibles, Gross Accumulated Intangibles, Technology licenses $ 22,504 $ (823 ) $ 21,681 $ 22,504 $ (440 ) $ 22,064 Customer relationships 204 (39 ) 165 204 (32 ) 172 Trademarks 204 (91 ) 113 204 (74 ) 130 Total intangible assets, net $ 22,912 $ (953 ) $ 21,959 $ 22,912 $ (546 ) $ 22,366 |
Schedule of accrued compensation and related benefits | Accrued compensation and related benefits were comprised of the following as of the dates indicated (in thousands): March 31, December 31, Accrued payroll and related costs $ 9,544 $ 470 Employee stock purchase program liability 3,442 1,862 Accrued bonus 2,668 6,154 Accrued commissions 1,551 2,473 Other 1,418 1,435 Accrued compensation and related benefits $ 18,623 $ 12,394 |
Schedule of annual amortization of intangible assets | The estimated annual amortization of intangible assets for the next five years is shown below (in thousands) : Estimated Annual Amortization 2020 (excluding the three months ended March 31, 2020) $ 1,223 2021 1,625 2022 1,562 2023 1,533 2024 1,502 Thereafter 14,514 Total $ 21,959 |
Schedule of accrued expense And other current liabilities | Accrued expenses and other current liabilities were comprised of the following as of the dates indicated (in thousands): March 31, December 31, Accrued legal expenses $ 4,078 $ 4,375 Accrued license fee 5,275 6,183 Accrued royalties for licensed technologies 1,918 2,025 Accrued property and equipment 1,051 3,885 Accrued consulting 1,736 1,173 Product warranties 366 467 Customer deposits 1,076 1,304 Taxes payable 923 1,087 Other 3,670 3,949 Accrued expenses and other current liabilities $ 20,093 $ 24,448 |
Schedule of changes in the reserve for product warranties | Changes in the reserve for product warranties were as follows for the periods indicated (in thousands): March 31, December 31, Beginning of period $ 467 $ 804 Additions charged to cost of revenue 72 741 Repairs and replacements (173 ) (1,078 ) End of period $ 366 $ 467 |
Schedule of revenue by source | The following table represents revenue by source for the periods indicated (in thousands): Three Months Ended March 31, 2020 2019 Instruments $ 9,141 $ 6,848 Consumables 61,428 45,851 Services 1,336 879 Total revenue $ 71,905 $ 53,578 |
Schedule of revenue by geography | The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands): Three Months Ended March 31, 2020 2019 North America $ 39,732 $ 28,509 Europe, Middle East and Africa 13,158 12,255 China 10,997 8,114 Asia Pacific 8,018 4,700 Total revenue $ 71,905 $ 53,578 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of company's operating lease liabilities | The maturity of the Company’s operating lease liabilities as of March 31, 2020 is as follows (in thousands): Operating Leases 2020 (excluding the three months ended March 31, 2020) $ 4,752 2021 8,843 2022 7,904 2023 8,052 2024 7,805 Thereafter 42,375 Total lease payments $ 79,731 Less: imputed interest (20,112 ) Present value of operating lease liabilities $ 59,619 Operating lease liabilities, current 3,453 Operating lease liabilities, non-current 56,166 |
Summary of additional information related to operating leases | The following table summarizes additional information related to operating leases as of March 31, 2020: Weighted-average remaining lease term Operating leases 9.2 years Weighted-average discount rate Operating leases 6.2 % |
Summary of Future minimum lease payments under the leases for facilities | The Company’s future undiscounted lease payments under operating leases (as defined by prior guidance) as of December 31, 2019 are as follow (in thousands): Rent Payments 2020 $ 6,247 2021 7,581 2022 6,794 2023 6,947 2024 7,064 Thereafter 38,346 Total minimum lease payments $ 72,979 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |
Summary of the Company's stock option activity | Stock options activity for the three months ended March 31, 2020 is as follows: Stock o Weighted-Average Outstanding as of December 31, 2019 15,918,243 $ 6.82 Granted 663,644 $ 80.03 Exercised (1,903,612 ) $ 1.73 Forfeited (150,134 ) $ 11.09 Outstanding as of March 31, 2020 14,528,141 $ 10.79 |
Recorded stock-based compensation expense in the condensed consolidated statement of operations | The Company recorded stock-based compensation expense in the condensed consolidated statement of operations for the periods presented as follows (in thousands): Three months ended March 31, 2020 2019 Cost of revenue $ 247 $ 32 Research and development 2,887 507 Selling, general and administrative 3,584 820 Total stock-based compensation expense $ 6,718 $ 1,359 |
Summary of RSU activity | The Company began granting restricted stock unit awards (“RSUs”) to employees and other service providers during the three months ended March 31, 2020. RSU activity for the three months ended March 31, 2020 is as follows: Restricted Stock Weighted-Average Outstanding as of December 31, 2019 — $ — Granted 58,254 $ 84.70 Outstanding as of March 31, 2020 58,254 $ 84.70 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share and per share data): Three months ended March 31, 2020 2019 Net loss $ (21,143 ) $ (3,636 ) Weighted average shares used in computing net loss per share, basic and diluted 96,829,093 14,801,867 Net loss per share, basic and diluted $ (0.22 ) $ (0.25 ) |
Shares of common stock equivalents were excluded from the computation of diluted net loss per share | The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three months ended 2020 2019 Convertible preferred stock (on an if-converted — 67,704,278 Stock-options to purchase common stock 14,528,141 14,321,097 Shares subject to repurchase 115,625 201,750 Common stock warrants — 266,099 Restricted stock units 58,254 — Shares committed under ESPP 103,830 — Total 14,805,850 82,493,224 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - Common class A [Member] $ / shares in Units, $ in Millions | Sep. 16, 2019USD ($)$ / sharesshares |
Proceeds from Initial public offer | $ | $ 410.8 |
IPO [Member] | |
Common stock new issue shares | shares | 11,500,000 |
IPO offer price per share | $ / shares | $ 39 |
Offering costs, underwriting commissions and discounts | $ | $ 37.7 |
IPO [Member] | Underwriter offer [Member] | |
Common stock new issue shares | shares | 1,500,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2020USD ($)Segment | Mar. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of operating segment | Segment | 1 | |||
Impairment of long lived assets | $ 0 | $ 0 | ||
Operating lease right-of-use assets | 44,048,000 | $ 38,000,000 | $ 0 | |
Operating lease liabilities | 59,619,000 | $ 53,800,000 | ||
Accounting Standards Update 2018-15 [Member] | ||||
Capitalized costs due to adoption of standard | 1,400,000 | |||
Fair value, inputs, level 1 [Member] | Money market funds [Member] | ||||
Fair value of money market instruments | 339,600,000 | $ 398,500,000 | ||
Unrealised gains losses on money market instruments | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of the impact of Topic 842 on our condensed consolidated balance sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Assets: | |||
Operating lease right-of-use assets | $ 44,048 | $ 38,000 | $ 0 |
Prepaid expenses and other current assets | 7,096 | 8,033 | |
Total assets | 610,384 | 605,923 | |
Liabilities: | |||
Accrued expenses and other current liabilities | 20,093 | 24,448 | |
Operating lease liabilities | 59,619 | 53,800 | |
Deferred rent, noncurrent | 16,120 | ||
Operating lease liabilities, noncurrent | 56,166 | 0 | |
Total liabilities | $ 201,316 | 185,840 | |
Previously Reported [Member] | |||
Assets: | |||
Operating lease right-of-use assets | 0 | ||
Prepaid expenses and other current assets | 8,033 | ||
Total assets | 8,033 | ||
Liabilities: | |||
Accrued expenses and other current liabilities | 24,448 | ||
Operating lease liabilities | 0 | ||
Deferred rent, noncurrent | 16,120 | ||
Operating lease liabilities, noncurrent | 0 | ||
Total liabilities | $ 40,568 | ||
Restatement Adjustment [Member] | |||
Assets: | |||
Operating lease right-of-use assets | 38,005 | ||
Prepaid expenses and other current assets | (434) | ||
Total assets | 37,571 | ||
Liabilities: | |||
Accrued expenses and other current liabilities | (99) | ||
Operating lease liabilities | 3,086 | ||
Deferred rent, noncurrent | (16,120) | ||
Operating lease liabilities, noncurrent | 50,704 | ||
Total liabilities | 37,571 | ||
After Adjustment [Member] | |||
Assets: | |||
Operating lease right-of-use assets | 38,005 | ||
Prepaid expenses and other current assets | 7,599 | ||
Total assets | 45,604 | ||
Liabilities: | |||
Accrued expenses and other current liabilities | 24,349 | ||
Operating lease liabilities | 3,086 | ||
Deferred rent, noncurrent | 0 | ||
Operating lease liabilities, noncurrent | 50,704 | ||
Total liabilities | $ 78,139 |
Other Financial Statement Inf_3
Other Financial Statement Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Transaction price allocated to remaining performance obligations | $ 4,600 | ||
Remaining performance obligations percentage | 74.00% | ||
Contract liability | $ 4,600 | $ 4,100 | |
Contract Liability, short-term portion | 3,394 | $ 3,297 | |
Revenues | $ 71,905 | $ 53,578 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction: 2020-09-30 | |||
Expected period of revenue recognition | 12 months | ||
Revenue [Member] | |||
Revenues | $ 1,100 | ||
US (included in North America) | Geographic Concentration Risk [Member] | Revenue [Member] | |||
Percentage Of Revenue | 53.00% | 50.00% |
Other Financial Statement Inf_4
Other Financial Statement Information - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Purchased materials | $ 9,124 | $ 6,436 |
Work in progress | 4,539 | 3,996 |
Finished goods | 5,694 | 4,838 |
Inventory | $ 19,357 | $ 15,270 |
Other Financial Statement Inf_5
Other Financial Statement Information - Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,912 | $ 22,912 |
Accumulated Amortization | (953) | (546) |
Intangibles, Net | 21,959 | 22,366 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,504 | 22,504 |
Accumulated Amortization | (823) | (440) |
Intangibles, Net | 21,681 | 22,064 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 204 | 204 |
Accumulated Amortization | (39) | (32) |
Intangibles, Net | 165 | 172 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 204 | 204 |
Accumulated Amortization | (91) | (74) |
Intangibles, Net | $ 113 | $ 130 |
Other Financial Statement Inf_6
Other Financial Statement Information - Annual Amortization Of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Amortization [Abstract] | ||
2020 (excluding the three months ended March 31, 2020) | $ 1,223 | |
2021 | 1,625 | |
2022 | 1,562 | |
2023 | 1,533 | |
2024 | 1,502 | |
Thereafter | 14,514 | |
Total | $ 21,959 | $ 22,366 |
Other Financial Statement Inf_7
Other Financial Statement Information - Schedule of Accrued Compensation and Related Benefits (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued payroll and related costs | $ 9,544 | $ 470 |
Employee stock purchase program liability | 3,442 | 1,862 |
Accrued bonus | 2,668 | 6,154 |
Accrued commissions | 1,551 | 2,473 |
Other | 1,418 | 1,435 |
Accrued compensation and related benefits | $ 18,623 | $ 12,394 |
Other Financial Statement Inf_8
Other Financial Statement Information - Schedule of Accrued Expense And Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued legal expenses | $ 4,078 | $ 4,375 |
Accrued license fees | 5,275 | 6,183 |
Accrued royalties for licensed technologies | 1,918 | 2,025 |
Accrued property and equipment | 1,051 | 3,885 |
Accrued consulting | 1,736 | 1,173 |
Product warranties | 366 | 467 |
Customer deposits | 1,076 | 1,304 |
Taxes payable | 923 | 1,087 |
Other | 3,670 | 3,949 |
Accrued expenses and other current liabilities | $ 20,093 | $ 24,448 |
Other Financial Statement Inf_9
Other Financial Statement Information - Schedule of Changes in the Reserve for Product Warranties (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Beginning of period | $ 467 | $ 804 |
Additions charged to cost of revenue | 72 | 741 |
Repairs and replacements | (173) | (1,078) |
End of period | $ 366 | $ 467 |
Other Financial Statement In_10
Other Financial Statement Information - Schedule of Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 71,905 | $ 53,578 |
Instuments [Member] | ||
Revenues | 9,141 | 6,848 |
Consumables [Member] | ||
Revenues | 61,428 | 45,851 |
Service [Member] | ||
Revenues | $ 1,336 | $ 879 |
Other Financial Statement In_11
Other Financial Statement Information - Schedule of Revenue by geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 71,905 | $ 53,578 |
North America [Member] | ||
Revenues | 39,732 | 28,509 |
Europe, Middle East and Africa [Member] | ||
Revenues | 13,158 | 12,255 |
China [Member] | ||
Revenues | 10,997 | 8,114 |
Asia Pacific [Member] | ||
Revenues | $ 8,018 | $ 4,700 |
Debt - Additional information (
Debt - Additional information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | $ (1,521,000) | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, maximum borrowing capacity | $ 25,000,000 | |
Debt Instrument, Expiration Date | Dec. 30, 2022 | |
Line of credit facility available as a percentage of receivables | 80.00% | |
Line of credit facility interest rate description | Principal amounts outstanding under the revolving line of credit would accrue interest at a floating per annum rate equal to the greater of The Wall Street Journal prime rate plus 0.25% or 4.5% and would be repayable monthly | |
Non refundable annual commitment fee | $ 62,500 | |
Line of credit facility, termination fee | 250,000 | |
Line of credit, outstanding | $ 0 | $ 0 |
Revolving Credit Facility | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 0.25% | |
Revolving Credit Facility | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument spread on variable rate | 4.50% | |
Tranche A | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Early payment of debt | $ 30,500,000 | |
Early payment of debt principal amount | 28,300,000 | |
Debt Instrument, Periodic Payment | 1,800,000 | |
Early payment of debt termination fees | 300,000 | |
Early payment of debt interest amount | 100,000 | |
Loss on extinguishment of debt | $ 1,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | Apr. 16, 2020USD ($) | Oct. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Sep. 13, 2019USD ($) |
Accrual provision | $ 302 | $ 790 | ||||||||||
Operating lease costs | 1,900 | |||||||||||
variable lease costs | 100 | |||||||||||
Operating lease payment | $ 1,300 | |||||||||||
Maximum [Member] | ||||||||||||
Operating lease term | 11 years | |||||||||||
Minimum [Member] | ||||||||||||
Operating lease term | 2 years | |||||||||||
Subsequent Event [Member] | ||||||||||||
Payment of litigation settlement expense | $ 2,800 | |||||||||||
Milestone Payment [Member] | ||||||||||||
Other Commitment | $ 5,000 | |||||||||||
Bio Rad [Member] | ||||||||||||
Company bear the legal cost of court | € | € 61,000 | |||||||||||
BD Entities [Member] | Intellectual Property [Member] | ||||||||||||
Purchase price of asset acquired | $ 25,000 | |||||||||||
Asset Acquisition, Annual Payments | $ 6,250 | |||||||||||
Bio RadLaboratories Inc [Member] | ||||||||||||
Damages awarded | $ 35,000 | $ 24,000 | ||||||||||
Royalty percentage on sales | 15.00% | |||||||||||
Royalty expense | $ 7,400 | |||||||||||
Loss contingency | 73,300 | $ 38,000 | $ 38,000 | |||||||||
Bond amount | $ 52,000 | $ 52,000 | ||||||||||
Potential Decrease in Pre Security Bond Amount | $ 35,000 | |||||||||||
Potential Increased Pre Security Bond Amount | $ 61,000 | |||||||||||
Bio RadLaboratories Inc [Member] | Assets Held In Trust [Member] | ||||||||||||
Cash collateral | $ 45,000 | |||||||||||
Bio RadLaboratories Inc [Member] | Operating Expense [Member] | ||||||||||||
Accrual provision | $ 30,600 | |||||||||||
Pre and post judgment interest | 300 | 800 | ||||||||||
Bio RadLaboratories Inc [Member] | Cost of Sales [Member] | ||||||||||||
Royalty expense | $ 4,400 | $ 7,900 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of company's operating lease liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Lessee Operating Lease Liability Maturity [Abstract] | |||
2020 (excluding the three months ended March 31, 2020) | $ 4,752 | ||
2021 | 8,843 | ||
2022 | 7,904 | ||
2023 | 8,052 | ||
2024 | 7,805 | ||
Thereafter | 42,375 | $ 38,346 | |
Total lease payments | 79,731 | ||
Less: imputed interest | (20,112) | ||
Present value of operating lease liabilities | 59,619 | $ 53,800 | |
Operating lease liabilities, current | 3,453 | 0 | |
Operating lease liabilities, non-current | $ 56,166 | $ 0 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of additional information related to operating leases (Detail) | Mar. 31, 2020 |
Disclosure of Additional Information Related To Operating Leases [Abstract] | |
Operating leases | 9 years 2 months 12 days |
Operating leases | 6.20% |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Future minimum lease payments under the leases for facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 6,247 | |
2021 | 7,581 | |
2022 | 6,794 | |
2023 | 6,947 | |
2024 | 7,064 | |
Thereafter | $ 42,375 | 38,346 |
Total future minimum lease commitments | $ 72,979 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Common stock shares issued | 98,145,208 | 96,241,596 |
Common stock shares outstanding | 98,145,208 | 96,241,596 |
Shares Converted From Class B to Class A [Member] | ||
Conversion of Stock, Shares Converted | 31,774,013 | |
Common class A [Member] | ||
Common stock shares issued | 54,649,791 | |
Common stock shares outstanding | 43,495,417 | |
Common class B [Member] | ||
Common stock shares issued | 54,649,791 | |
Common stock shares outstanding | 43,495,417 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Total repurchase liability related to the unvested early exercised options | $ 372,000 | |
Total repurchase liability related to the unvested early exercised options | $ 494,000 | |
Common Class A [Member] | 10x Genomics, Inc. 2012 Stock Plan [Member] | ||
Common stock issuable upon the exercise of stock options | 13,185,273 | |
Common Class A [Member] | 2019 Omnibus Incentive Plan [Member] | ||
Common stock issuable upon the exercise of stock options | 11,000,000 | |
Common Class A [Member] | 2019 Employee Stock Purchase Plan [Member] | ||
Common stock reserved for issuance | 2,000,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary Of Company's Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | shares | 15,918,243 |
Outstanding Stock options - Granted | shares | 663,644 |
Outstanding Stock options - Exercised | shares | (1,903,612) |
Outstanding Stock options - Forfeited | shares | (150,134) |
Ending balance | shares | 14,528,141 |
Weighted-Average exercise price - Beginning balance | $ / shares | $ 6.82 |
Weighted-Average exercise price - Granted | $ / shares | 80.03 |
Weighted-Average exercise price - Exercised | $ / shares | 1.73 |
Weighted-Average exercise price - Forfeited | $ / shares | 11.09 |
Weighted-Average exercise price - Ending balance | $ / shares | $ 10.79 |
Equity Incentive Plans - Record
Equity Incentive Plans - Recorded Stock-Based Compensation Expense in the Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Expensed [Line Items] | ||
Stock-based compensation expense | $ 6,718 | $ 1,359 |
Cost of revenue [Member] | ||
Share-based Payment Arrangement, Expensed [Line Items] | ||
Stock-based compensation expense | 247 | 32 |
Research and development [Member] | ||
Share-based Payment Arrangement, Expensed [Line Items] | ||
Stock-based compensation expense | 2,887 | 507 |
Selling, general and administrative [Member] | ||
Share-based Payment Arrangement, Expensed [Line Items] | ||
Stock-based compensation expense | $ 3,584 | $ 820 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | $ 298 | $ 34 |
Effective tax rate | 1.40% | 0.90% |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (21,143) | $ (3,636) |
Weighted average shares used in computing net loss per share, basic and diluted | 96,829,093 | 14,801,867 |
Net loss per share, basic and diluted | $ (0.22) | $ (0.25) |
Net Loss Per Share - Shares of
Net Loss Per Share - Shares of Common Stock Equivalents Were Excluded From The Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,805,850 | 82,493,224 |
Convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 67,704,278 | |
Stock-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 | 14,528,141 | 14,321,097 |
Shares subject to repurchase [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 115,625 | 201,750 |
Common stock warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 266,099 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 58,254 | 0 |
Shares committed under ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 103,830 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of RSU activity (Detail) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items] | |
Restricted Stock Units, Beginning balance | shares | 0 |
Restricted Stock Units, Granted | shares | 58,254 |
Restricted Stock Units, Ending balance | shares | 58,254 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 84.70 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 84.70 |