Butterfly Network (BFLY) 10-K 4 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39292
Entity Registrant Name	Butterfly Network, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4618156
Entity Address, Address Line One	1600 District Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	557-4800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Public Float			$ 355.5
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Entity Central Index Key	0001804176
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Class A Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	BFLY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		181,707,275
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Class A common stock,each at an exercise price of $11.50 per share
Trading Symbol	BFLY WS
Security Exchange Name	NYSE
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		26,426,937

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 134,437	$ 162,561
Marketable securities		75,250
Accounts receivable, net	13,418	14,685
Inventories	73,022	59,970
Current portion of vendor advances	2,815	35,182
Prepaid expenses and other current assets	7,571	9,489
Total current assets	231,263	357,137
Property and equipment, net	25,321	31,331
Intangible assets, net	10,317
Non-current portion of vendor advances	15,276
Operating lease assets	15,675	21,567
Other non-current assets	6,422	7,535
Total assets	304,274	417,570
Current liabilities:
Accounts payable	5,090	7,211
Deferred revenue, current	15,625	15,856
Accrued purchase commitments, current	131	2,146
Accrued expenses and other current liabilities	23,425	26,116
Total current liabilities	44,271	51,329
Deferred revenue, non-current	7,394	4,957
Warrant liabilities	826	5,370
Operating lease liabilities	22,835	29,966
Other non-current liabilities	8,895	588
Total liabilities	84,221	92,210
Commitments and contingencies (Note 18)
Stockholders' equity:
Additional paid-in capital	949,670	921,278
Accumulated deficit	(729,638)	(595,938)
Total stockholders' equity	220,053	325,360
Total liabilities and stockholders' equity	304,274	417,570
Class A Common Stock
Stockholders' equity:
Common stock	18	17
Class B Common Stock
Stockholders' equity:
Common stock	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock shares issued	181,221,794	174,459,956
Common stock, shares outstanding (in shares)	181,221,794	174,459,956
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	27,000,000	27,000,000
Common stock shares issued	26,426,937	26,426,937
Common stock, shares outstanding (in shares)	26,426,937	26,426,937

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 65,900	$ 73,390	$ 62,565
Cost of revenue:
Total cost of revenue	49,044	33,930	45,511
Gross profit	16,856	39,460	17,054
Operating expenses:
Research and development	55,616	88,044	74,461
Sales and marketing	39,073	59,494	49,604
General and administrative	49,613	77,596	85,717
Other	18,164	7,346
Total operating expenses	162,466	232,480	209,782
Loss from operations	(145,610)	(193,020)	(192,728)
Interest income	7,450	3,384	2,573
Interest expense		(2)	(651)
Change in fair value of warrant liabilities	4,544	20,859	161,095
Other income (expense), net	(2)	98	(2,577)
Loss before provision for income taxes	(133,618)	(168,681)	(32,288)
Provision for income taxes	82	42	121
Net loss and comprehensive loss	$ (133,700)	$ (168,723)	$ (32,409)
Net loss per common share - basic	$ (0.65)	$ (0.84)	$ (0.19)
Net loss per common share - diluted	$ (0.65)	$ (0.84)	$ (0.19)
Weighted-average common shares outstanding - basic	205,385,544	199,848,386	173,810,053
Weighted-average common shares outstanding - diluted	205,385,544	199,848,386	173,810,053
Product
Revenue:
Total revenue	$ 40,036	$ 50,263	$ 47,868
Cost of revenue:
Total cost of revenue	40,655	26,804	29,308
Software and other services
Revenue:
Total revenue	25,864	23,127	14,697
Cost of revenue:
Total cost of revenue	$ 8,389	$ 7,126	2,238
Loss on product purchase commitments
Cost of revenue:
Total cost of revenue			$ 13,965

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Convertible Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total
Convertible Preferred Stock, Balance at beginning of the period at Dec. 31, 2020	$ 360,937
Convertible Preferred Stock, Balance at beginning of the period (in shares) at Dec. 31, 2020	107,197,118
Increase (Decrease) in Convertible Preferred Stock
Conversion of convertible preferred stock	$ (360,937)
Conversion of convertible preferred stock (in shares)	(107,197,118)
Balance at beginning of the period at Dec. 31, 2020		$ 1		$ 32,874	$ (394,806)			$ (361,931)
Balance at beginning of the period (in shares) at Dec. 31, 2020		6,593,291
Increase (Decrease) in Stockholders' Equity
Net loss					(32,409)			(32,409)
Common stock issued upon exercise of stock options and warrants		$ 1		21,708				21,709
Common stock issued upon exercise of stock options and warrants (in shares)		8,886,801
Common stock issued upon vesting of restricted stock units, net (in shares)		1,018,828
Conversion of convertible preferred stock		$ 8	$ 3	360,926				360,937
Conversion of convertible preferred stock (in shares)		80,770,178	26,426,937
Conversion of convertible debt		$ 1		49,916				49,917
Conversion of convertible debt (in shares)		5,115,140
Net equity infusion from the Business Combination		$ 6		361,281				361,287
Net equity infusion from the Business Combination (in shares)		69,228,811
Stock-based compensation expense				48,181				48,181
Balance at end of the period at Dec. 31, 2021		$ 17	$ 3	874,886	(427,215)			447,691
Balance at end of the period (in shares) at Dec. 31, 2021		171,613,049	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss					(168,723)			(168,723)
Common stock issued upon exercise of stock options and warrants				2,982				$ 2,982
Common stock issued upon exercise of stock options and warrants (in shares)		1,081,313						1,081,213
Common stock issued upon vesting of restricted stock units, net				(106)				$ (106)
Common stock issued upon vesting of restricted stock units, net (in shares)		1,765,594
Stock-based compensation expense				43,516				43,516
Balance at end of the period at Dec. 31, 2022		$ 17	$ 3	921,278	(595,938)			325,360
Balance at end of the period (in shares) at Dec. 31, 2022		174,459,956	26,426,937			174,459,956	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss					(133,700)			(133,700)
Common stock issued upon exercise of stock options and warrants				228				$ 228
Common stock issued upon exercise of stock options and warrants (in shares)		180,467						180,467
Common stock issued upon vesting of restricted stock units, net		$ 1						$ 1
Common stock issued upon vesting of restricted stock units, net (in shares)		6,581,371
Stock-based compensation expense				28,164				28,164
Balance at end of the period at Dec. 31, 2023		$ 18	$ 3	$ 949,670	$ (729,638)			$ 220,053
Balance at end of the period (in shares) at Dec. 31, 2023		181,221,794	26,426,937			181,221,794	26,426,937

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (133,700)	$ (168,723)	$ (32,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and impairments	10,574	5,935	2,090
Write-down of vendor advance			2,300
Non-cash interest expense on convertible debt			389
Write-down of inventories	21,083	783	889
Stock-based compensation expense	27,480	42,531	47,798
Change in fair value of warrant liabilities	(4,544)	(20,859)	(161,095)
Gain on lease termination	(214)
Other	633	615	1,900
Changes in operating assets and liabilities:
Accounts receivable	(162)	(3,063)	(6,127)
Inventories	(34,135)	(24,510)	(11,285)
Prepaid expenses and other assets	2,979	3,819	(10,669)
Vendor advances	17,091	5,100	(2,621)
Accounts payable	(1,875)	1,216	(10,521)
Deferred revenue	2,206	2,266	7,314
Accrued purchase commitments	(2,015)	(17,383)	(23,063)
Change in operating lease assets and liabilities	(635)	2,257	1,901
Accrued expenses and other liabilities	(3,586)	901	4,022
Net cash used in operating activities	(98,820)	(169,115)	(189,187)
Cash flows from investing activities:
Purchases of marketable securities	(297)	(75,534)	(1,019,003)
Sales of marketable securities	76,484		1,017,010
Purchases of property, equipment, and intangible assets, including capitalized software	(5,783)	(18,302)	(7,877)
Sales of property and equipment	10	57
Net cash provided by (used in) investing activities	70,414	(93,779)	(9,870)
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants	228	2,982	21,707
Net proceeds from equity infusion from the Business Combination			548,403
Payment of loan payable			(4,366)
Payments of debt issuance costs			(52)
Other financing activities		(101)
Net cash provided by financing activities	228	2,881	565,692
Net (decrease) increase in cash, cash equivalents, and restricted cash	(28,178)	(260,013)	366,635
Cash, cash equivalents, and restricted cash, beginning of period	166,828	426,841	60,206
Cash, cash equivalents, and restricted cash, end of period	138,650	166,828	426,841
Supplemental disclosure of non-cash investing and financing activities
Acquisition of property, equipment, and intangible assets, including capitalized software	$ 9,247	$ 4,501	$ 1,841

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
Organization and Description of Business
Organization and Description of Business	Note 1. Organization and Description of Business ​ Butterfly Network, Inc., formerly known as Longview Acquisition Corp. (the “Company”), was incorporated in Delaware on February 4, 2020. The Company’s legal name became Butterfly Network, Inc. following the Business Combination. The prior period financial information represents the financial results and condition of BFLY Operations, Inc. (formerly Butterfly Network, Inc.). ​ The Company is an innovative digital health business transforming care with hand-held, whole-body ultrasound. Powered by its proprietary Ultrasound-on-Chip™ technology, the Company’s solution enables the acquisition of imaging information from an affordable, powerful device that fits in a healthcare professional’s pocket with a combination of cloud-connected software and hardware technology that is easily accessed through a mobile app. ​ The Company operates wholly-owned subsidiaries in Australia, Germany, the Netherlands, Taiwan, and the United Kingdom. ​ The Company has incurred net losses and negative cash flows from operating activities in each year since inception, and we expect to continue to incur losses for at least the next few years. The Company expects its cash and cash equivalents of $134.4 million at December 31, 2023 will be sufficient to fund operations and capital requirements for at least the next twelve months from the date the consolidated financial statements are issued. We may need to satisfy our future cash needs through the sale of equity securities, debt financings, working capital lines of credit or partnerships, or a combination of one or more of these sources. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation ​ The accompanying consolidated financial statements include the accounts of BFLY Operations, Inc. (formerly Butterfly Network, Inc.) and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. ​ Certain prior period amounts presented on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2022 have been reclassified to conform to the current period presentation. See the Operating Expenses – Other section of this note for additional information regarding these reclassifications. ​ Functional Currency ​ The Company’s worldwide operations utilize the U.S. dollar (“USD”) as the functional currency considering the significant dependency of each subsidiary on the Company. Subsidiary operations are financed through the funding received from the Company in USD. For foreign entities where the USD is the functional currency, all foreign currency-denominated monetary assets and liabilities are remeasured at end-of-period exchange rates. Exchange gains and losses arising from the remeasurement of foreign currency-denominated monetary assets and liabilities are included in the Company’s operating results in the consolidated statements of operations and comprehensive loss. ​ Concentration of Credit Risk ​ Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. As of December 31, 2023 and 2022, substantially all of the Company’s cash and cash equivalents and marketable securities were invested in money market accounts and mutual funds, respectively, with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents and marketable securities. ​ As of December 31, 2023 and 2022, no customer accounted for more than 10% of the Company’s accounts receivable. For the years ended December 31, 2023, 2022, and 2021, no customer accounted for more than 10% of the Company’s total revenue. ​ Segment Information ​ The Company’s chief operating decision maker, its chief executive officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. ​ Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions include: ​ ● revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations and determination of the standalone selling price (“SSP”) of performance obligations; ● assumptions underlying the warranty liability calculation; ● assumptions underlying the measurement of the purchase commitment loss; ● measurement and allocation of capitalized costs, the net realizable value (the selling price as well as estimated costs of completion, disposal and transportation) of inventory, and demand and future use of inventory; ● assumptions underlying incremental borrowing rate calculations; ● assumptions underlying the warrant liability calculation; ● assumptions underlying the measurement of contingent losses; and ● assumptions underlying the fair value used in the stock-based compensation expense calculation. ​ The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions about future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates, and any such differences may be material to the Company’s consolidated financial statements. ​ Revenue Recognition ​ The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ​ ● Step 1: Identify Contracts with Customers: The Company typically enters into contracts with customers through direct sales executed via signed contracts with payment terms of 60 days or less. Multi-year software subscriptions typically require advance payment for each annual subscription period. ● Step 2: Identify Performance Obligations: The Company’s contracts with customers often include multiple performance obligations. The Company has identified the following performance obligations in its contracts with customers: ● Hardware devices and accessories ● Software subscriptions, including renewal subscriptions, which represent an obligation to provide the customer with ongoing access to the Company’s cloud-hosted software applications on a continuous basis throughout the subscription period ● Implementation and integration services ● Extended warranties and customer service ● Step 3: Determine Transaction Price: The Company’s contracts with customers include variable consideration in the form of refunds and credits for product returns and price concessions. The Company estimates variable consideration using the expected value method based on a portfolio of data from similar contracts. ● Step 4: Allocate Transaction Price to Performance Obligations: The Company allocates transaction price to the performance obligations in contracts with customers based on the relative SSPs of the goods and services. For the software subscriptions and renewal subscriptions, which the Company sells to customers on a standalone basis, the Company uses the observable SSPs of new and renewal subscriptions, respectively. The Company’s sales of hardware devices and accessories represent single performance obligations. ● Step 5: Recognize Revenue as Performance Obligations are Satisfied: Each sale of a hardware device or accessory is a performance obligation satisfied at a point in time when control of the good transfers from the Company to the customer based on shipping terms. The Company’s software subscriptions, extended warranties and customer service are stand-ready performance obligations that are satisfied over time by providing the customer with ongoing access to the Company’s resources. The Company uses the time-elapsed (i.e., straight-line) measure of progress to recognize revenue as these performance obligations are satisfied evenly over the respective service periods. The implementation and integration services are a performance obligation satisfied over time, and the Company uses the costs incurred as inputs into the measure of progress to recognize revenue as it satisfies the performance obligation. ​ Deferred Revenue ​ Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from software subscriptions and other services and is reduced as the revenue recognition criteria are met. Deferred revenue is classified as current or non-current on the consolidated balance sheets based on the expected timing of revenue recognition. The deferred revenue that will be recognized as revenue within the next twelve months is classified as current, and the deferred revenue that will be recognized thereafter is classified as non-current. ​ Warranties ​ The Company offers a standard product warranty that its products will function according to standard specifications and free of significant defects for a period of one year from when control is transferred to the customer. The Company evaluated the warranty liability under ASC Topic 606 and determined that it is an assurance-type warranty. When product revenue is recognized, an estimate of future warranty costs is recognized as cost of product revenue and accrued expenses. Factors that affect the estimate of future warranty costs include historical and current product failure rates, service delivery costs incurred in correcting product failures and warranty policies and business practices. ​ Cash and Cash Equivalents ​ All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. As of December 31, 2023 and 2022, cash and cash equivalents consist principally of cash and money market accounts. ​ Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Accounts receivable are recognized as the original amount invoiced less an allowance for doubtful accounts based on the probability of future collection. I n accordance with ASC Topic 326, Financial Instruments-Credit Losses , the Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions. Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. The following table summarizes the allowance for doubtful accounts activity: ​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2021 ​ $ 440 Additions ​ 315 Deductions – write offs ​ (227) Allowance for doubtful accounts as of December 31, 2022 ​ ​ 528 Additions ​ ​ 1,446 Deductions – write offs ​ ​ (187) Allowance for doubtful accounts as of December 31, 2023 ​ $ 1,787 ​ Inventories ​ Inventories primarily consist of raw materials, work-in-progress and finished goods which are purchased and held by the Company’s third-party contract manufacturers. Inventories are stated at the lower of actual cost, determined using the average cost method, or net realizable value. Actual cost includes all direct and indirect production costs to convert materials into a finished product. Net realizable value is based upon an estimated average selling price reduced by the estimated costs of completion, disposal and transportation. The determination of net realizable value involves certain judgments including estimating average selling prices. The Company reduces the value of inventory for estimated obsolescence or lack of marketability by the difference between the cost of the affected inventory and the net realizable value. ​ The valuation of inventories also requires the Company to estimate excess and obsolete inventory. The Company considers new product development schedules, the effect that new products might have on the sale of existing products, product obsolescence, product merchantability and whether older products can be remanufactured into new products, among other factors. ​ Losses expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventories are recognized unless the losses are recoverable through firm sales contracts or other means. ​ Restricted Cash ​ Restricted cash includes deposits in financial institutions restricted according to an agreement and used to secure a lease agreement. The Company classifies the amount restricted according to an agreement as prepaid expenses and other current assets as the Company expects the deposit to be released from restriction within the next twelve months. The Company classifies the amount used to secure a lease agreement within other non-current assets as the lease is long-term. The amount shown as restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statement of cash flows. ​ Vendor Advances ​ Vendor advances represent amounts paid to third-party vendors for future services to be received related to production of the Company’s inventories. The amounts are presented net of write offs. The classification of vendor advances as current or non-current is based on the estimated timing of inventory delivery. ​ Property and Equipment ​ Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. ​ Useful lives for property and equipment are as follows: ​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 years Machinery and equipment 3 – 5 years Furniture and fixtures 5 – 7 years Leasehold improvements Lesser of estimated useful life or remaining lease term ​ Expenditures for major renewals and improvements are capitalized. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost of those assets and the related accumulated depreciation and amortization is eliminated from the balance sheet, and any resulting gains or losses are included in the statements of operations and comprehensive loss in the period of disposal. ​ Capitalized Software Development Costs ​ Costs to develop or obtain software for internal use are capitalized and recorded as capitalized software development costs on the consolidated balance sheets as a component of property and equipment. The Company capitalizes qualifying costs associated with internal-use software incurred during the application development stage if management with relevant authority authorizes the project, it is probable the project will be completed and the software will be used to perform the function intended. Costs incurred during the preliminary project and post-implementation stages, including training and maintenance, are expensed as incurred. Capitalized costs are amortized on a project-by-project basis using the straight-line method over the estimated economic life of the software, which is three years, beginning when the software is substantially ready for use. Amortization expense is classified in the consolidated statements of operations and comprehensive loss based on the nature of the software. ​ Leases ​ The Company primarily enters into leases for office space that are classified as operating leases. The Company determines if an agreement is or contains a lease at inception. Leases may terminate its leases with the notice required in the lease agreement and upon payment of a termination fee, if required. The Company’s leases do not include substantial variable payments based on indexes or rates. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. ​ The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s incremental borrowing rate is estimated to approximate an interest rate on a collateralized basis with similar terms and payments and in similar economic environments. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company recognizes a single lease cost on a straight-line basis over the lease term, and the Company includes all cash payments within cash flows from operating activities as the change in operating lease assets and liabilities in the consolidated statements of cash flows. ​ The Company does not have any finance leases as of December 31, 2023 and 2022. ​ Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets, including its property and equipment, definite-lived intangible assets, and operating lease assets, for impairment at least annually or whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If the recorded value of the asset is less than the undiscounted cash flows, the asset is written down to its estimated fair value. ​ Warrant Liability ​ The Company’s outstanding warrants include publicly-traded warrants (the “Public Warrants”), which were issued as one Derivatives and Hedging—Contracts in Entity’s Own Equity Derivatives and Hedging ​ Cost of Revenue ​ Cost of product revenue includes manufacturing costs, personnel costs and benefits, inbound freight, packaging, warranty replacement costs, payment processing fees and inventory obsolescence and write offs. Cost of software and other services revenue includes personnel costs, cloud hosting costs, amortization of capitalized software development costs and payment processing fees. ​ Research and Development ​ R&D expenses primarily consist of personnel costs and benefits, facilities expenses, consulting and professional fees, fabrication services, software and other outsourcing expenses. Substantially all of the Company’s R&D expenses are related to developing new products and services and improving existing products and services. R&D expenses are expensed as incurred. ​ Sales and Marketing ​ Sales and marketing expenses primarily consist of personnel costs and benefits, third-party logistics, fulfillment and outbound shipping costs, facilities expenses, advertising, and travel and entertainment. Advertising expenses are expensed as incurred. For the years ended December 31, 2023, 2022, and 2021, advertising expenses were $4.3 million, $5.8 million and $8.3 million, respectively. ​ General and Administrative ​ General and administrative expenses primarily consist of personnel costs and benefits, insurance, patent fees, software costs, facilities costs and outside services. Outside services consist of professional services, legal fees and other professional fees. ​ Operating Expenses – Other ​ The Company classifies certain operating expenses that are not representative of the Company’s ongoing operations as other on the consolidated statements of operations and comprehensive loss. These include costs related to the Company’s reductions in force, litigation, and legal settlements. To conform to current period presentation of the consolidated statements of operations and comprehensive loss, the Company reclassified certain expenses presented as research and development, sales and marketing, and general and administrative in its Annual Report on Form 10-K for the year ended December 31, 2022 as other in this Annual Report on Form 10-K. ​ The following table summarizes the Company’s operating expenses reclassified as other from research and development, sales and marketing, and general and administrative (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2022 Reclassified from: ​ ​ ​ Research and development ​ $ 1,077 Sales and marketing ​ ​ 394 General and administrative ​ 5,875 Total reclassified as other ​ $ 7,346 ​ The following table summarizes the types of expenses classified as other in the Company’s consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 Employment-related expenses ​ $ 8,701 ​ $ 2,019 Legal-related expenses ​ 9,463 ​ 5,327 Total other ​ $ 18,164 ​ $ 7,346 ​ See Note 15 “Reductions in Force” for additional information regarding the employment-related expenses classified as other in the consolidated statements of operations and comprehensive loss. Net Loss per Common Share ​ We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all of the Company’s potential common shares outstanding of the Company’s common stock to the extent the potential shares are dilutive. Basic and diluted net loss per share were the same for each period presented in the consolidated statements of operations and comprehensive loss as the inclusion of all potential shares of the Company’s common stock would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic net loss per share calculation excludes the Company’s convertible preferred stock as it does not participate in net losses of the Company. Refer to Note 12 “Net Loss Per Share” for further discussion. ​ Stock-Based Compensation Expense ​ The measurement of stock-based compensation expense for all stock-based payment awards, including stock options and restricted stock units granted to employees, directors and nonemployees, is based on the estimated fair value of the awards on the grant date. ​ The Company recognizes stock-based compensation expense for its awards on a straight-line basis over the requisite service period of the individual grants, which is generally the vesting period, based on the awards’ estimated grant date fair values. Generally, awards fully vest three ​ The Company granted performance-based restricted stock units during the years ended December 31, 2023, 2022, and 2021. The Company accounted for these awards according to the relevant provisions of ASC Topic 718, Compensation-Stock Compensation ​ Income Taxes ​ The Company accounts for income taxes using 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 consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year 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 recovered from future taxable income 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 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 consolidated 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 consolidated financial statements. The amount of the 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. ​ Recent Accounting Pronouncements Issued but Not Yet Adopted ​ In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Revenue Recognition
Revenue Recognition	Note 3. Revenue Recognition Disaggregation of Revenue ​ The Company disaggregates revenue from contracts with customers by product type and by geographical market. The Company believes that these categories aggregate the payor types by nature, amount, timing and uncertainty of its revenue streams. The following table summarizes the Company’s disaggregated revenues (in thousands) for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognition ​ 2023 2022 2021 By product type: ​ ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 40,036 ​ $ 50,263 ​ $ 47,868 Software and other services ​ Over time ​ 25,864 ​ 23,127 ​ 14,697 Total revenue ​ ​ ​ $ 65,900 ​ $ 73,390 ​ $ 62,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ By geographical market: ​ ​ ​ ​ ​ United States ​ ​ ​ $ 52,116 ​ $ 51,072 ​ $ 42,993 International ​ ​ ​ 13,784 ​ 22,318 ​ 19,572 Total revenue ​ ​ ​ $ 65,900 ​ $ 73,390 ​ $ 62,565 ​ Contract Balances ​ Contract balances represent amounts presented in the consolidated balance sheets when the Company has either transferred goods or services to the customer or the customer has paid consideration to the Company under the contract. These contract balances include trade accounts receivable and deferred revenue. The Company recognizes a receivable when it has an unconditional right to payment, and payment terms are typically 60 days for product and software and other services sales on credit. The amount of revenue recognized during the years ended December 31, 2023 and 2022 that was included in the deferred revenue balance at the beginning of the period was $14.9 million and $13.0 million, respectively. ​ Transaction Price Allocated to Remaining Performance Obligations ​ As of December 31, 2023, the Company had $32.0 million of remaining performance obligations. The Company expects to recognize approximately 60% of its remaining performance obligations as revenue in the next twelve months thereafter ​ Costs of Obtaining or Fulfilling Contracts ​ The Company incurs incremental costs of obtaining contracts and costs of fulfilling contracts with customers. Incremental costs of obtaining contracts, which include commissions and referral fees paid to third parties as a result of obtaining contracts with customers, are capitalized to the extent that the Company expects to recover such costs. Costs of fulfilling contracts that relate specifically to a contract with a customer, result from activities that generate resources for the Company and enable the Company to satisfy its performance obligations in the contract with the customer are capitalized to the extent that the Company expects to recover such costs. Capitalized costs are amortized in a pattern that is consistent with the Company’s transfer of the related goods and services to the customer. The Company had $1.4 million and $1.1 million of capitalized costs of obtaining or fulfilling contracts as of December 31, 2023 and 2022, respectively. The Company’s amortization costs for capitalized costs of obtaining or fulfilling contracts was $0.6 million for the year ended December 31, 2023. The Company’s amortization costs for capitalized costs of obtaining or fulfilling contracts was not significant for the years ended December 31, 2022 and 2021. ​ Practical Expedients and Accounting Policy Elections ​ In determining the transaction price of its contracts with customers, the Company estimates variable consideration using a portfolio of data from similar contracts. ​ As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component in contracts in which the period between when the Company transfers the promised good or service to the customer and when the customer pays for that good or service is a year or less. ​ The Company has made an accounting policy election to exclude all sales taxes from the transaction price of its contracts with customers. Accordingly, sales taxes collected from customers and remitted to government authorities are not included in revenue and are accounted for as a liability until they have been remitted to the respective government authority.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 4. Fair Value of Financial Instruments Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. ​ The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ​ ● Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. ● Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. ● Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values due to the short-term or on demand nature of these instruments. ​ There were no transfers between fair value measurement levels during the years ended December 31, 2023 and 2022. ​ The Company’s investments in marketable securities are ownership interests in mutual funds. The equity securities are stated at fair value, as determined by quoted market prices. As the securities have readily determinable fair value, unrealized gains and losses are reported as other income (expense), net on the consolidated statements of operations and comprehensive loss. Subsequent gains or losses realized upon redemption or sale of these securities are also recorded as other income (expense), net on the consolidated statements of operations and comprehensive loss. The Company considers all of its investments in marketable securities as available for use in current operations and therefore classifies these securities within current assets on the consolidated balance sheets. The Company did not hold any equity securities as of December 31, 2023. For the year ended December 31, 2022, the Company recognized $0.3 million of unrealized losses that relate to equity securities still held as of December 31, 2022. The Company did not hold any equity securities as of December 31, 2021. ​ The Company determined the fair value of its Public Warrants as Level 1 financial instruments, as they are traded in active markets. Because any transfer of Private Warrants from the initial holder of the Private Warrants would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant. Accordingly, the Private Warrants are classified as Level 2 financial instruments. ​ The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 December 31, 2023: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 552 ​ $ 552 ​ $ — ​ $ — Private Warrants ​ ​ 274 ​ ​ — ​ ​ 274 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 826 ​ $ 552 ​ $ 274 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ Mutual funds ​ $ 75,250 ​ $ 75,250 ​ $ — ​ $ — Total assets at fair value on a recurring basis ​ $ 75,250 ​ $ 75,250 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 3,588 ​ $ 3,588 ​ $ — ​ $ — Private Warrants ​ ​ 1,782 ​ ​ — ​ ​ 1,782 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 5,370 ​ $ 3,588 ​ $ 1,782 ​ $ — ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories
Inventories	Note 5. Inventories A summary of inventories is as follows at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Raw materials ​ $ 49,366 ​ 41,265 Work-in-progress ​ 3,384 ​ 1,962 Finished goods ​ 20,272 ​ 16,743 Total inventories ​ $ 73,022 ​ $ 59,970 ​ Work-in-progress represents inventory items in intermediate stages of production by third party manufacturers. For the years ended December 31, 2023, 2022, and 2021, net realizable value inventory adjustments and excess and obsolete inventory charges were $21.1 million, $0.8 million and $0.9 million, respectively, and were recognized in cost of product revenue.

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2023
Restricted Cash
Restricted Cash	Note 6. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash from the consolidated balance sheets to the consolidated statements of cash flows as of December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 134,437 ​ $ 162,561 Restricted cash included within prepaid expenses and other current assets ​ 199 ​ 253 Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,014 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 138,650 ​ $ 166,828 ​ In 2021, the Company delivered a $4.0 million letter of credit for the Company’s Burlington, MA lease, secured by a deposit of the same amount with a financial institution that issued the letter of credit. The deposit is classified as restricted cash and included in other non-current assets on the consolidated balance sheets. In 2022, the Company received $5.5 million as part of an agreement with the Gates Foundation. Due to a legal restriction in the agreement, these funds are classified as restricted cash and included in prepaid expenses and other current assets on the consolidated balance sheets. As of December 31, 2023, the Company has released $5.3 million of the Gates Foundation funds from restricted cash as the Company partially fulfilled its obligations under the agreement.

Other Non-Current Assets

Other Non-Current Assets	12 Months Ended
	Dec. 31, 2023
Other Non-Current Assets
Other Non-Current Assets	Note 7. Other Non-Current Assets Other non-current assets consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Security deposits ​ $ 989 ​ $ 1,882 Restricted cash ​ ​ 4,014 ​ ​ 4,014 Other long-term assets ​ ​ 1,419 ​ ​ 1,639 Total other non-current assets ​ $ 6,422 ​ $ 7,535 ​

Property, Equipment, and Intang

Property, Equipment, and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Property, Equipment, and Intangible Assets
Property, Equipment, and Intangible Assets	Note 8. Property, Equipment, and Intangible Assets Property and equipment, net, are recorded at historical cost and consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Capitalized internally developed software ​ $ 17,722 ​ $ 14,746 Leasehold improvements ​ ​ 11,102 ​ ​ 13,793 Machinery and equipment ​ 9,930 ​ 9,663 Furniture and fixtures ​ 2,152 ​ 2,121 Construction in progress ​ 2,566 ​ 1,937 Other ​ 44 ​ 125 ​ ​ 43,516 ​ 42,385 Less: accumulated depreciation and amortization ​ (18,195) ​ (11,054) Property and equipment, net ​ $ 25,321 ​ $ 31,331 ​ Total depreciation and amortization expense related to property and equipment amounted to $8.7 million, $5.9 million, and $2.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. For the Company’s capitalized internally developed software assets, accumulated amortization was $9.4 million and $3.9 million as of December 31, 2023 and 2022, respectively. Amortization expense recognized on these capitalized internally developed software assets was $5.5 million, $3.3 million, and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. ​ During 2023, the Company acquired $10.3 million of technology licenses with a weighted-average useful life of 8 years. The Company also recognized a commitment on its consolidated balance sheets related to the acquired technology licenses, with $1.3 million recognized for the current portion in accrued expenses and other current liabilities and $7.6 million recognized for the non-current portion other non-current liabilities as of December 31, 2023. The Company's intangible assets consist of the following at December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Amount Technology licenses ​ $ 10,317 ​ $ — ​ $ 10,317 ​ Estimated amortization expense for the Company’s capitalized internally developed software assets and intangible assets over the next five years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 $ 6,785 ​ $ 4,018 ​ $ 1,766 ​ $ 1,333 ​ $ 1,128 ​ The Company fully impaired its leasehold improvements related to a lease that was terminated during the third quarter of 2023. The Company recognized an impairment loss of $1.8 million for the year ended December 31, 2023 in operating expenses on the consolidated statements of operations and comprehensive loss. See Note 18, “Leases” for further discussion of the terminated lease. The Company did not recognize any impairment losses for the years ended December 31, 2022 and 2021.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Employee compensation ​ $ 9,442 ​ $ 12,166 Customer deposits ​ 1,613 ​ 1,135 Accrued warranty liability ​ 297 ​ 287 Non-income tax ​ 1,197 ​ 1,442 Professional fees ​ 2,481 ​ 3,450 Current portion of operating lease liabilities ​ ​ 2,192 ​ ​ 1,926 Other ​ 6,203 ​ 5,710 Total accrued expenses and other current liabilities ​ $ 23,425 ​ $ 26,116 ​ Warranty expense activity for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance, beginning of period ​ $ 873 ​ $ 1,116 ​ $ 1,826 Warranty provision charged to operations ​ 276 ​ 296 ​ 58 Warranty claims ​ (452) ​ (539) ​ (768) Balance, end of period ​ $ 697 ​ $ 873 ​ $ 1,116 ​ The Company classifies its accrued warranty liability based on the timing of expected warranty activity. The future costs of expected activity greater than one year is recorded within other non-current liabilities on the consolidated balance sheet.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)	Note 10. Stockholders’ Equity (Deficit) Common stock ​ Dividends ​ Holders of the Company’s Class A and Class B common stock are not entitled to receive dividends unless declared by the Board. Any such dividends would be subject to the preferential dividend rights of the holders of the then outstanding preferred stock or any other series stock having preferential rights. Holders of the Class A and Class B common stock will share ratably, if and when any dividend is declared, out of funds legally available. There have been no dividends declared to date. ​ Voting rights ​ The holders of shares of the Class A common stock are entitled to 1 vote per share on all matters on which the shares shall be entitled to vote. The holders of shares of the Class B common stock are entitled to 20 votes per share on all matters on which the shares shall be entitled to vote. Generally, holders of all classes of common stock vote together as a single class. ​ Liquidation Rights ​ On the liquidation, dissolution, distribution of assets or winding up of the Company, each holder of Class B common stock, together with each holder of Class A common stock, will be entitled, pro rata on a per share basis, to all assets of the Company of whatever kind available for distribution to the holders of common stock, subject to the designations, preferences, limitations, restrictions and relative rights of any other class or series of preferred stock of the Company then outstanding and unless disparate or different treatment of the shares of Class A common stock and Class B common stock is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class. ​ Other Matters ​ Holders of shares of Class A common stock do not have subscription, redemption or conversion rights. ​ Holders of Class B common stock have the right to convert shares of their Class B common stock into fully paid and non-assessable shares of Class A common stock, on a one-to-one basis, at the option of the holder at any time upon written notice to the Company. Holders of Class B common stock will have their Class B common stock automatically converted into Class A common stock, on a one-to-one basis, upon the occurrence of any of the events described below: ​ (1) Any sale, assignment, transfer, conveyance, hypothecation, or other transfer or disposition, directly or indirectly, of any Class B common stock or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation, or otherwise), including, without limitation the transfer of a share of Class B common stock to a broker or other nominee or the transfer of, or entering into a binding agreement with respect to, voting control over such share by proxy or otherwise, other than a permitted transfer. ​ (2) Upon the first date on which Dr. Rothberg, together with all other qualified stockholders, collectively cease to beneficially own at least 20% of the number of Class B common stock (as such number of shares is equitably adjusted in respect of any reclassification, stock dividend, subdivision, combination, or recapitalization of the Class B common stock) collectively beneficially owned by Dr. Rothberg and permitted transferees of Class B common stock as of the effective time of the Merger. ​ (3) Upon the date specified by the affirmative vote of the holders of at least two -thirds (2/3) of the outstanding shares of Class B common stock, voting as a separate class. ​

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023
Equity Incentive Plan
Equity Incentive Plan	Note 11. Equity Incentive Plan The Company’s 2012 Employee, Director and Consultant Equity Incentive Plan (the "2012 Plan") was approved by the Board and the Company’s stockholders in March 2012. In connection with the closing of the Business Combination, the Company has not granted and will not grant any additional awards under the 2012 Plan. However, the 2012 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. As of December 31, 2023, the number of shares of common stock reserved for issuance under the 2012 Plan was 5.4 million. ​ The Butterfly Network, Inc. Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”, and together with the 2012 Plan, the “Plans”) was approved by the Board in the fourth quarter of 2020 and by the stockholders in the first quarter of 2021. The 2020 Plan is administered by the Board. The Board may grant stock-based awards, restricted stock and options to purchase shares either as incentive stock options or non-qualified stock options. The restricted stock and options grants are subject to certain terms and conditions, option periods and conditions, exercise rights and privileges and are fully discussed in the 2020 Plan. Grants under the Plans are included in the tables below. ​ As of December 31, 2023, the number of shares of common stock reserved for issuance under the 2020 Plan was 44.9 million and 20.6 million common shares remain available for issuance under the 2020 Plan. ​ Stock option activity ​ Each stock option grant carries varying vesting schedules whereby the options may be exercised at the participant’s sole discretion provided they are an employee, director or consultant of the Company on the applicable vesting date. Each option shall terminate not more than ten years from the grant date. ​ A summary of the stock option activity under the Plans is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term ​ (in thousands) Outstanding at December 31, 2021 16,243,532 ​ 8.11 7.63 24,398 Granted 869,778 ​ 4.37 Exercised (1,081,213) ​ 2.76 Forfeited (3,460,185) ​ 10.43 Outstanding at December 31, 2022 12,571,912 ​ 7.67 5.62 1,342 Granted — ​ — Exercised (180,467) ​ 1.26 Forfeited (4,952,258) ​ 10.14 Outstanding at December 31, 2023 7,439,187 ​ 6.17 ​ 4.68 ​ — Options exercisable at December 31, 2022 9,478,419 ​ 7.06 4.75 1,263 Options exercisable at December 31, 2023 6,537,433 ​ 5.88 ​ 4.37 ​ — ​ The total intrinsic value excludes those options whereby the stock price does not exceed the exercise price of the option. ​ Additional information about the Company’s stock option activity during the years ended December 31, 2023, 2022 and 2021 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Cash proceeds from the exercise of stock options (in millions) ​ $ 0.2 ​ $ 3.0 ​ $ 21.7 Total intrinsic value of stock options exercised (in millions) ​ 0.2 ​ 3.6 ​ 80.9 Weighted average grant date fair value of options granted ​ — ​ 2.79 ​ 6.47 ​ The intrinsic value of a stock option that’s been exercised is the amount by which the stock price exceeds the exercise price of the option on the date of exercise. ​ Valuation of stock options ​ In accordance with ASC Topic 718, Compensation-Stock Compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Risk-free interest rate 3.6% – 3.9% ​ 1.7% – 3.0% ​ 0.6% – 1.4% Expected dividend yield 0% ​ 0% ​ 0% Expected term 5.0 years ​ 5.8 years – 6.5 years ​ 5.5 years – 6.2 years Expected volatility 76% ​ 70% – 73% ​ 51% – 63% ​ The Company did not grant any stock options during the years ended December 31, 2023. The assumptions for 2023 shown above were used to value the market-based restricted stock units granted in 2023 as described below. The Company did not grant any options to non-employees during the years ended December 31, 2022 and 2021. ​ Risk-free interest rate ​ The risk-free interest rate for periods within the expected term of the awards is based on the U.S. Treasury yield curve in effect on the grant date. ​ Expected dividend yield ​ The Company has never declared or paid any cash dividends and does not expect to pay any cash dividends in the foreseeable future. ​ Expected term ​ For employee awards, the Company calculates the expected term using the “simplified” method, which is the simple average of the vesting period and the contractual term. The simplified method is applied as the Company does not have sufficient historical data to provide a reasonable basis for an estimate of the expected term. The Company calculates the expected term for employee awards that take into account the effects of employee’s expected exercise and post-vesting employment termination behavior. For non-employee awards, the expected term is determined on an award by award basis. ​ Expected volatility ​ Prior to the closing of the Business Combination, as the Company was privately held from inception until the closing of the Business Combination in 2021, there was no specific historical or implied volatility information available. Accordingly, the Company estimates the expected volatility on the historical stock volatility of a group of similar companies that are publicly traded over a period equivalent to the expected term of the stock-based awards. ​ Subsequent to the closing of the Business Combination, the Company considered the historical stock volatilities of its’ peer companies, the historical volatility of the Company's stock price, and the implied stock price volatility derived from the price of exchange traded options on the Company's stock. Due to the lack of historical and implied volatility data of the Company’s common stock for a significant portion of 2021, the Company primarily estimated the expected volatility using the historical stock volatility of a group of similar companies that are publicly traded over a period equivalent to the expected term of the stock-based awards. During 2023 and 2022, the Company used a combination of the historical and implied volatilities of its own stock and of peer companies as described above. ​ Exercise price ​ The exercise price is taken directly from the grant notice issued to employees and non-employees. ​ Restricted stock unit activity ​ A summary of the restricted stock unit activity under the Plans is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant Date ​ ​ Stock Units ​ Fair Value Outstanding at December 31, 2021 3,958,825 ​ 13.73 Granted 12,076,285 ​ 3.98 Vested (2,947,832) ​ 11.80 Forfeited (3,125,987) ​ 6.85 Outstanding at December 31, 2022 9,961,291 ​ 4.55 Granted 16,082,613 ​ 2.23 Vested (5,418,832) ​ 4.09 Forfeited (5,055,089) ​ 3.65 Outstanding at December 31, 2023 15,569,983 ​ 2.61 ​ The total fair value of the restricted stock units vested was $7.3 million, $10.7 million, and $10.4 million during the years ended December 31, 2023, 2022, and 2021, respectively. ​ Included in the table above are performance-based restricted stock units that include certain service conditions in the award. In 2022, the Company granted 0.2 million performance-based restricted stock units to certain executives. The service condition for these awards is satisfied by providing service to the Company based on the defined service period per the award agreement. The performance-based conditions are objective performance metrics defined in the award agreement. An insignificant amount of expense for these awards was recognized during the years ended December 31, 2023 and 2022. ​ Also included in the table above are market-based restricted stock units that include a service condition. In 2023, the Company granted 1.8 million of these awards to certain executives. The market-based conditions for these awards are objective metrics related to the Company’s stock price defined in the award agreement. The service condition for these awards is satisfied by providing service to the Company through the achievement date of the market-based conditions. The grant date fair value of the awards is recognized as stock-based compensation expense over the derived service period. The grant date fair value and derived service period were determined by using a Monte Carlo simulation with similar risk-free interest rate, expected dividend yield, and expected volatility assumptions as those used by the Company for determining the grant date fair value of its stock options. The Company recognized $2.5 million of expense for these awards during the year ended December 31, 2023. ​ Award accelerations and modifications ​ On January 23, 2021, Legacy Butterfly’s former CEO resigned from his position. Pursuant to the separation agreement between the former CEO and Legacy Butterfly, he received equity-based compensation including the acceleration of vesting of 1.6 million service-based options. The acceleration was pursuant to the original award agreements. The Company recognized $2.6 million of incremental stock-based compensation expense related to the acceleration of this option award during the year ended December 31, 2021. ​ On December 30, 2022, the Company’s CEO resigned from his position. Pursuant to the separation agreement between the CEO and the Company, he received equity-based compensation including the acceleration of vesting of 1.7 million of the CEO’s service-based stock options and service-based restricted stock units. This acceleration was pursuant to the original award agreements. As a modification to the original award agreements, 0.1 million performance-based restricted stock units had an acceleration of vesting, and 0.3 million service-based stock options had their post-employment exercise period extended. The Company recognized a total of $7.8 million of incremental stock-based compensation expense during the year ended December 31, 2022 related to the acceleration of these awards pursuant to the original award agreements and the modifications to the original award agreements. The incremental stock-based compensation expense resulting from the modifications was not significant. ​ Stock-based compensation expense ​ The Company’s stock-based compensation expense for the periods presented was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Research and development ​ $ 9,772 ​ $ 12,834 ​ 9,081 Sales and marketing ​ 4,260 ​ 5,974 ​ 8,074 General and administrative ​ 13,448 ​ 23,723 ​ 30,643 Total stock-based compensation expense ​ $ 27,480 ​ $ 42,531 ​ $ 47,798 ​ No related tax benefits of the stock-based compensation expense have been recognized and no related tax benefits have been realized from the exercise of stock options due to the Company’s net operating loss carryforwards. The Company has capitalized $0.7 million, $1.0 million and $0.4 million of stock-based compensation expense as part of the cost of its capitalized internally developed software assets during the years ended December 31, 2023, 2022 and 2021, respectively. ​ Total unrecognized stock-based compensation expense as of December 31, 2023 was $33.0 million which will be recognized over the remaining weighted average vesting period of 2.0 years.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Net Loss Per Share
Net Loss Per Share	Note 12. Net Loss Per Share We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, including those presented in the table below, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic earnings per share (“EPS”) calculation excludes preferred stock as it does not participate in net losses of the Company. ​ As the Company uses the two-class method required for companies with multiple classes of common stock, the following table presents the calculation of basic and diluted net loss per share for each class of the Company’s common stock outstanding (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (116,497) ​ $ (17,203) ​ $ (133,700) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (116,497) ​ $ (17,203) ​ $ (133,700) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 178,958,607 ​ 26,426,937 ​ 205,385,544 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 178,958,607 ​ 26,426,937 ​ 205,385,544 ​ Basic and diluted net loss per share ​ $ (0.65) ​ $ (0.65) ​ $ (0.65) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (146,412) ​ $ (22,311) ​ $ (168,723) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (146,412) ​ $ (22,311) ​ $ (168,723) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,421,449 ​ 26,426,937 ​ 199,848,386 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,421,449 ​ 26,426,937 ​ 199,848,386 ​ Basic and diluted net loss per share ​ $ (0.84) ​ $ (0.84) ​ $ (0.84) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Class A Class B Common Stock Numerator: ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Denominator: ​ ​ ​ Weighted-average common shares outstanding ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Denominator for basic and diluted net loss per share – weighted-average common stock ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Basic and diluted net loss per share ​ $ (0.19) ​ $ (0.19) ​ $ (0.19) ​ For the periods presented above, the net loss per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per-share dividends or distributions in liquidation in accordance with the Company’s Restated Certificate. The undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. ​ Anti-dilutive common equivalent shares were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Outstanding options to purchase common stock ​ 7,439,187 ​ 12,571,912 16,243,532 Outstanding restricted stock units ​ 15,569,983 ​ 9,961,291 ​ 3,577,894 Outstanding warrants ​ 20,652,690 ​ 20,652,690 ​ 20,652,837 Total anti-dilutive common equivalent shares ​ 43,661,860 ​ 43,185,893 40,474,263 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	Note 13. Income Taxes Income (loss) before provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 Federal ​ $ (133,961) ​ $ (169,122) ​ $ (32,706) Foreign ​ 343 ​ 441 ​ 418 Loss before provision for income taxes ​ $ (133,618) ​ $ (168,681) ​ $ (32,288) ​ The Company recorded a tax provision of $0.08 million, $0.04 million and $0.12 million for the years ended December 31, 2023, 2022 and 2021, respectively, due to foreign income and return to provision adjustments. Due to the Company’s loss position domestically, the Company has not recorded a significant federal tax provision for the years ended December 31, 2023, 2022, and 2021. ​ A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 Income at US statutory rate ​ 21.00 % 21.00 % 21.00 % State taxes, net of federal benefit ​ 4.65 ​ 2.21 ​ 15.42 ​ Stock compensation ​ (2.57) ​ (5.01) ​ (10.10) ​ Change in fair value of warrants ​ 0.71 ​ 2.60 ​ 104.78 ​ Tax credits ​ 1.74 ​ 2.16 ​ 12.51 ​ Valuation allowance ​ (25.47) ​ (22.91) ​ (142.86) ​ Other ​ (0.12) ​ (0.08) ​ (1.13) ​ ​ ​ (0.06) % (0.03) % (0.38) % ​ Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 Deferred tax assets ​ ​ Net operating loss carryforwards ​ $ 151,230 ​ $ 135,733 Tax credits ​ 16,288 ​ 14,047 Stock compensation ​ 4,812 ​ 3,680 Accruals and reserves ​ 2,061 ​ 2,747 Inventory reserve ​ ​ 15,207 ​ ​ 8,797 Lease liability ​ ​ 6,114 ​ ​ 7,646 Depreciation ​ ​ 2,197 ​ ​ 914 Capitalized tax R&E ​ ​ 25,844 ​ ​ 15,127 Other ​ 1,581 ​ 3,901 Total deferred tax assets ​ ​ 225,334 ​ ​ 192,592 Valuation allowance ​ (221,454) ​ (187,421) Total deferred tax assets ​ ​ 3,880 ​ ​ 5,171 Deferred tax liabilities ​ ​ Right-of-use asset ​ ​ (3,829) ​ ​ (5,171) Net deferred tax assets ​ $ 51 ​ $ — ​ As of December 31, 2023 and 2022, the Company had federal net operating loss (“NOL”) carryforwards of approximately $609.8 million and $552.2 million, respectively. As of December 31, 2023 and 2022, the Company had state NOL carryforwards of approximately $407.8 million and $352.9 million, respectively. Of the $609.8 million of federal NOL carryforwards, $73.7 million will begin to expire at various dates in 2031 and $536.1 million may be carried forward indefinitely. The state NOL carryforwards will begin to expire in 2031. As of December 31, 2023, the Company also had federal and state tax credits of $14.1 million and $1.9 million, which will begin to expire in 2032 and 2022, respectively. ​ The Tax Cuts and Jobs Act resulted in significant changes to the treatment of research and experimental (“R&E”) expenditures under Section 174. For tax years beginning after December 31, 2021, companies are required to capitalize and amortize all R&E expenditures that are paid or incurred in connection with their trade or business. Specifically, costs for U.S. based R&E activities must be amortized over five years. Previously, these expenses could be deducted in the year incurred. The implementation of this provision didn’t increase our cash income tax payment in 2023 due to our significant pre-tax net loss. ​ Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2023 and 2022, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2023 and 2022. ​ The Company’s valuation allowance increased by $34.0 million and $38.7 million for the years ended December 31, 2023 and 2022, respectively, due primarily to the generation of NOLs. ​ The utilization of NOLs and tax credit carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that have occurred previously or may occur in the future. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, (“IRC”), a corporation that undergoes an ownership change may be subject to limitations on its ability to utilize its pre-change NOLs and other tax attributes otherwise available to offset future taxable income and/or tax liability. An ownership change is defined as a cumulative change of 50% or more in the ownership positions of certain stockholders during a rolling three-year period. The Company conducted an ownership analysis under IRC Section 382 based upon publicly available information as of December 31, 2023 and determined that there has not been an ownership change since the last ownership change event on February 12, 2021 that would limit the Company’s utilization of its NOLs and tax credits. ​ The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which the Company operates or does business. ASC 740-10 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. ​ The Company records uncertain tax positions as liabilities in accordance with ASC 740-10 and adjusts these liabilities when the Company’s judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2023 and 2022, the Company has not recorded any uncertain tax positions in its financial statements. ​ The Company recognizes interest and penalties related to unrecognized tax benefits within the provision for income taxes on the consolidated statements of operations and comprehensive loss. As of December 31, 2023 and 2022, there was no significant accrued interest or penalties. ​ The Company files 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, state and foreign jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax years are still open under statute from December 31, 2019 to the present. Federal and state net operating losses are subject to review by taxing authorities in the year utilized. ​ From time to time, the Company applies for government assistance in the form of non-income tax refundable credits based on meeting various eligibility criteria. To account for government assistance, where there is limited GAAP guidance for for-profit entities, the Company analogizes to International Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance. Under that standard, the Company recognizes government assistance when there is reasonable assurance that it will comply with the relevant conditions and that the assistance will be received. During the year ended December 31, 2022, the Company received a tax credit paid in cash of $0.9 million under the state of Massachusetts Life Sciences Tax Incentive Program and recorded the receipt as other income (expense), net on the consolidated statements of operations and comprehensive loss. The government grant is subject to claw-back if the Company fails to meet certain targets in the tax year following the time of the award. During the year ended December 31, 2023, the Company determined that it did not ultimately meet the required targets in 2022 and expects to repay the tax credit received. As a result, the Company has accrued $0.9 million for the expected repayment in other non-current liabilities on the consolidated balance sheets as of December 31, 2023 and recognized a corresponding expense in other income (expense), net on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. ​

401(k) Retirement Plan

401(k) Retirement Plan	12 Months Ended
	Dec. 31, 2023
401(k) Retirement Plan
401(k) Retirement Plan	Note 14. 401(k) Retirement Plan ​ The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. In 2022, the Company began making matching contributions to the 401(k) plan. The expense related to the matching contributions was $0.8 million and $1.3 million for the years ended December 31, 2023 and 2022, respectively. The Company did not make any matching contributions to the 401(k) plan for the year ended December 31, 2021.

Reductions in Force

Reductions in Force	12 Months Ended
	Dec. 31, 2023
Reductions in Force
Reductions in Force	Note 15. Reductions in Force ​ During 2022 and 2023, the Company implemented plans designed to better align the Company’s commercial objectives and prioritization with its existing strengths and offerings as well as improve the Company’s efficiency by reducing operating expenses and extending liquidity. In addition to decreasing other operating expenses, these plans included reductions in force announced in July 2022, January 2023, and July 2023 representing approximately 10%, 25%, and 25% of the Company’s workforce at each announcement date, respectively. For the years ended December 31, 2023 and 2022, the Company incurred $8.7 million and $2.0 million, respectively, of employee severance and benefit costs related to the reductions in force. As of December 31, 2023, $1.1 million of accrued employee severance and benefit costs related to the reductions in force were included in accrued expenses and other current liabilities on the consolidated balance sheets. As of December 31, 2022, the amount of accrued employee severance and benefit costs related to the reductions in force included in accrued expenses and other current liabilities on the consolidated balance sheets was not significant. ​

Warrants

Warrants	12 Months Ended
	Dec. 31, 2023
Warrants
Warrants	Note 16. Warrants ​ Public Warrants ​ The Company issued Public Warrants and Private Warrants in connection with its IPO during the year ended December 31, 2020. As of December 31, 2023, there were an aggregate of 13,799,357 outstanding Public Warrants, which entitle the holder to acquire Class A common stock. Each whole warrant entitles the registered holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment as discussed below, beginning on May 26, 2021. The warrants will expire on February 12, 2026 or earlier upon redemption or liquidation. During the years ended December 31, 2023, 2022, and 2021, the amount of exercises of Public Warrants was not significant. The amount reclassified into equity upon the exercise of the Public Warrants was not significant. ​ Redemptions ​ At any time while the warrants are exercisable, the Company may redeem not less than all of the outstanding Public Warrants: ​ ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption (the “ 30-day redemption period”) to each warrant holder; ● provided that the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders; and ● provided that there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants, and a current prospectus relating thereto, available through the 30 -day redemption period or the Company has elected to require the exercise of the warrants on a “cashless basis” (as described below). ​ If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants at $0.01 per warrant, each holder of Public Warrants will be entitled to exercise their Public Warrants prior to the scheduled redemption date. ​ If the Company calls the Public Warrants for redemption for $0.01 as described above, the Board may elect to require any holder that wishes to exercise his, her or its Public Warrant to do so on a “cashless basis.” If the Board makes such election, all holders of Public Warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” ​over the exercise price of the warrants by (y) the “fair market value.” For purposes of the redemption provisions of the warrants, the “fair market value” means the average last reported sale price of the Class A common stock for the 10 ​ Commencing 90 days after the warrants become exercisable, the Company may redeem not less than all of the outstanding Public Warrants and Private Warrants: ​ ● at $0.10 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption; ● provided that the last reported sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; ● provided that the Private Warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding Public Warrants; and ● provided that there is an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day redemption period. ​ If the foregoing conditions are satisfied and the Company issues a notice of redemption of the warrants at $0.10 per warrant, each warrant holder will be entitled to exercise their warrant prior to the scheduled redemption date on a cashless basis and receive that number of shares based on the redemption date and the “fair market value” of the Class A common stock, in accordance with a table set forth in the warrant agreement. ​ The Company evaluated the Public Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) ​ Private Warrants ​ As of December 31, 2023, there were 6,853,333 Private Warrants outstanding. There have been no exercises of the Private Warrants. The Private Warrants are identical to the Public Warrants, except that so long as they are held by Longview Investors LLC (the “Sponsor”) or any of its permitted transferees, (i) the Private Warrants and the shares of Class A common stock issuable upon the exercise of the Private Warrants are not transferable, assignable or saleable until 30 days after the completion of the Business Combination, (ii) the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and (iii) the Private Warrants are not subject to the Company’s redemption option at the price of $0.01 per warrant. The Private Warrants are subject to the Company’s redemption option at the price of $0.10 per warrant, provided that the other conditions of such redemption are met, as described above. If the Private Warrants are held by a holder other than the Sponsor or any of its permitted transferees, the Private Warrants will be redeemable by the Company in all redemption scenarios applicable to the Public Warrants and exercisable by such holders on the same basis as the Public Warrants. ​ The Company evaluated the Private Warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity , in conjunction with the SEC Division of Corporation Finance’s April 12, 2021 Public Statement, Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) , and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the terms of the warrants provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder, and, because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude the warrant from being classified in equity and thus the warrants should be classified as a liability. ​ The Company recognized gains of $4.5 million, $20.9 million, and $161.1 million as a change in fair value of warrant liabilities in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023, 2022, and 2021. ​

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	Note 17. Leases The Company primarily enters into leases for office space that are classified as operating leases. Most leases are not cancelable prior to their expiration. ​ The Company terminated one of its operating leases for office space and modified another during the third quarter of 2023 that increased its lease payments by $0.2 million. The Company recognized a total decrease of $4.2 million to operating lease assets, $0.7 million to the current portion of operating lease liabilities included in accrued expenses and other current liabilities, and $4.7 million to the non-current portion of operating lease liabilities on the consolidated balance sheets for the lease termination and lease modification. As part of the lease termination, the Company agreed to forfeit a $0.9 million security deposit included in other non-current assets on the consolidated balance sheets. The Company recognized a $0.2 million gain on lease termination within operating expenses on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. ​ The following table presents the components of operating lease cost for the years ended December 31, 2023, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Operating lease cost ​ $ 3,206 ​ $ 4,300 ​ $ 2,927 Short-term lease cost ​ 73 ​ 249 ​ 287 Variable lease cost ​ 317 ​ 353 ​ 100 Total operating lease cost ​ $ 3,596 ​ $ 4,902 ​ $ 3,314 ​ The expected maturities related to the Company’s leases with initial non-cancellable lease terms in excess of one year as of December 31, 2023 are as follows: ​ ​ ​ ​ ​ Year ended December 31, Operating Lease Payments 2024 ​ $ 3,559 2025 ​ 3,664 2026 ​ ​ 3,749 2027 ​ ​ 3,835 2028 ​ ​ 3,921 2029 and thereafter ​ ​ 12,809 Total gross operating lease payments ​ ​ 31,537 Less: imputed interest ​ ​ (6,510) Total operating lease liabilities, reflecting the present value of net lease payments ​ $ 25,027 ​ Additional information related to operating leases is presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Weighted average remaining lease term (in years) ​ 8.4 ​ ​ 8.8 ​ ​ 9.4 ​ Weighted average discount rate ​ 5.9 % ​ 5.5 % ​ 5.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 3,121 ​ $ 2,042 ​ $ 1,012 Non-cash activities involving right-of-use assets and lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ — ​ ​ — ​ ​ 13,929 Derecognition of right-of-use assets ​ ​ 4,163 ​ ​ — ​ ​ — Derecognition of operating lease liabilities ​ ​ 5,401 ​ ​ — ​ ​ — ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 18. Commitments and Contingencies Commitments ​ Purchase commitments: ​ The Company enters into inventory purchase commitments with third-party manufacturers in the ordinary course of business, including a non-cancellable inventory supply agreement with a certain third-party manufacturing vendor. The provisions of the agreement allowed the Company, once it reached a certain cumulative purchase threshold in the fourth quarter of 2021, to pay for a portion of the subsequent inventory purchases using an advance previously paid to the vendor. As of December 31, 2023, the aggregate amount of minimum inventory purchase commitments is $14.8 million and the Company has a vendor advance asset of $1.4 million, net of write-downs, and an insignificant accrued purchase commitment liability. The portion of the balances that is expected to be utilized in the next twelve months is included in current assets and current liabilities in the accompanying consolidated balance sheets. The Company applied the guidance in ASC Topic 330, Inventory The Company reviews its inventory on hand, including inventory acquired under the purchase commitments, for excess and obsolescence (“E&O”) on a quarterly basis. Any E&O inventory acquired that was previously accounted for as a purchase commitment liability accrual or vendor advance write-down is recorded at zero value. During the year ended December 31, 2023, the Company utilized $2.0 million of the accrued purchase commitment liability and $0 of the vendor advance that was previously written down to acquire such E&O inventory. During the year ended December 31, 2022, the Company utilized $17.4 million of the accrued purchase commitment liability and $15.1 million of the vendor advance that was previously written down to acquire such E&O inventory. ​ Contingencies ​ The Company is involved in litigation and legal matters from time to time including our legal structure, which have arisen in the normal course of business. Although the ultimate results of these matters are not currently determinable, management does not expect that they will have a material effect on the Company’s condensed consolidated balance sheets, statements of operations and comprehensive loss, or statements of cash flows. ​ On February 16, 2022, a putative class action lawsuit, styled Rose v. Butterfly Network, Inc., et al. Company intends to vigorously defend against this action. The lawsuit seeks unspecified damages, together with interest thereon, as well as the costs and expenses of litigation. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlement or judgment or the litigation costs of the action. The Company is unable to predict the outcome or reasonably estimate a range of possible loss at this time. ​ On March 9, 2022, Fujifilm filed a complaint against the Company, styled Fujifilm Sonosite, Inc. v. Butterfly Network, Inc. ​ On June 21, 2022, a stockholder derivative action, styled Koenig v. Todd M. Fruchterman, et al. Bhavsar v. Todd M. Fruchterman, et al. ​ The Company enters into agreements that contain indemnification provisions with other parties in the ordinary course of business, including business partners, investors, contractors, customers and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in any particular case. To date, losses recorded in the Company’s condensed consolidated statements of operations and comprehensive loss in connection with the indemnification provisions have not been material. ​ The Company, as well as certain current and former directors and executive officers, is also involved in other legal matters for employment-related claims that have not been fully resolved and for which it is unable to predict the outcome. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation ​ The accompanying consolidated financial statements include the accounts of BFLY Operations, Inc. (formerly Butterfly Network, Inc.) and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. ​ Certain prior period amounts presented on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2022 have been reclassified to conform to the current period presentation. See the Operating Expenses – Other section of this note for additional information regarding these reclassifications.
Functional Currency	Functional Currency ​ The Company’s worldwide operations utilize the U.S. dollar (“USD”) as the functional currency considering the significant dependency of each subsidiary on the Company. Subsidiary operations are financed through the funding received from the Company in USD. For foreign entities where the USD is the functional currency, all foreign currency-denominated monetary assets and liabilities are remeasured at end-of-period exchange rates. Exchange gains and losses arising from the remeasurement of foreign currency-denominated monetary assets and liabilities are included in the Company’s operating results in the consolidated statements of operations and comprehensive loss.
Concentration of Credit Risk	Concentration of Credit Risk ​ Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. As of December 31, 2023 and 2022, substantially all of the Company’s cash and cash equivalents and marketable securities were invested in money market accounts and mutual funds, respectively, with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents and marketable securities. ​ As of December 31, 2023 and 2022, no customer accounted for more than 10% of the Company’s accounts receivable. For the years ended December 31, 2023, 2022, and 2021, no customer accounted for more than 10% of the Company’s total revenue.
Segment Reporting	Segment Information ​ The Company’s chief operating decision maker, its chief executive officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.
Use of Estimates	Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts reported in its consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions include: ​ ● revenue recognition, including determination of the timing and pattern of satisfaction of performance obligations and determination of the standalone selling price (“SSP”) of performance obligations; ● assumptions underlying the warranty liability calculation; ● assumptions underlying the measurement of the purchase commitment loss; ● measurement and allocation of capitalized costs, the net realizable value (the selling price as well as estimated costs of completion, disposal and transportation) of inventory, and demand and future use of inventory; ● assumptions underlying incremental borrowing rate calculations; ● assumptions underlying the warrant liability calculation; ● assumptions underlying the measurement of contingent losses; and ● assumptions underlying the fair value used in the stock-based compensation expense calculation. ​ The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions about future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates, and any such differences may be material to the Company’s consolidated financial statements.
Revenue Recognition	Revenue Recognition ​ The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ​ ● Step 1: Identify Contracts with Customers: The Company typically enters into contracts with customers through direct sales executed via signed contracts with payment terms of 60 days or less. Multi-year software subscriptions typically require advance payment for each annual subscription period. ● Step 2: Identify Performance Obligations: The Company’s contracts with customers often include multiple performance obligations. The Company has identified the following performance obligations in its contracts with customers: ● Hardware devices and accessories ● Software subscriptions, including renewal subscriptions, which represent an obligation to provide the customer with ongoing access to the Company’s cloud-hosted software applications on a continuous basis throughout the subscription period ● Implementation and integration services ● Extended warranties and customer service ● Step 3: Determine Transaction Price: The Company’s contracts with customers include variable consideration in the form of refunds and credits for product returns and price concessions. The Company estimates variable consideration using the expected value method based on a portfolio of data from similar contracts. ● Step 4: Allocate Transaction Price to Performance Obligations: The Company allocates transaction price to the performance obligations in contracts with customers based on the relative SSPs of the goods and services. For the software subscriptions and renewal subscriptions, which the Company sells to customers on a standalone basis, the Company uses the observable SSPs of new and renewal subscriptions, respectively. The Company’s sales of hardware devices and accessories represent single performance obligations. ● Step 5: Recognize Revenue as Performance Obligations are Satisfied: Each sale of a hardware device or accessory is a performance obligation satisfied at a point in time when control of the good transfers from the Company to the customer based on shipping terms. The Company’s software subscriptions, extended warranties and customer service are stand-ready performance obligations that are satisfied over time by providing the customer with ongoing access to the Company’s resources. The Company uses the time-elapsed (i.e., straight-line) measure of progress to recognize revenue as these performance obligations are satisfied evenly over the respective service periods. The implementation and integration services are a performance obligation satisfied over time, and the Company uses the costs incurred as inputs into the measure of progress to recognize revenue as it satisfies the performance obligation. ​ Deferred Revenue ​ Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from software subscriptions and other services and is reduced as the revenue recognition criteria are met. Deferred revenue is classified as current or non-current on the consolidated balance sheets based on the expected timing of revenue recognition. The deferred revenue that will be recognized as revenue within the next twelve months is classified as current, and the deferred revenue that will be recognized thereafter is classified as non-current. ​ Warranties ​ The Company offers a standard product warranty that its products will function according to standard specifications and free of significant defects for a period of one year from when control is transferred to the customer. The Company evaluated the warranty liability under ASC Topic 606 and determined that it is an assurance-type warranty. When product revenue is recognized, an estimate of future warranty costs is recognized as cost of product revenue and accrued expenses. Factors that affect the estimate of future warranty costs include historical and current product failure rates, service delivery costs incurred in correcting product failures and warranty policies and business practices.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. As of December 31, 2023 and 2022, cash and cash equivalents consist principally of cash and money market accounts.
Trade Accounts Receivable and Allowance for Doubtful Accounts	Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Accounts receivable are recognized as the original amount invoiced less an allowance for doubtful accounts based on the probability of future collection. I n accordance with ASC Topic 326, Financial Instruments-Credit Losses , the Company estimates its allowance for doubtful accounts based on historical loss patterns, the number of days that billings are past due, current market conditions, and reasonable and supportable forecasts of future economic conditions. Accounts receivable are written off when deemed uncollectible and collection of the receivable is no longer being actively pursued. The following table summarizes the allowance for doubtful accounts activity: ​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2021 ​ $ 440 Additions ​ 315 Deductions – write offs ​ (227) Allowance for doubtful accounts as of December 31, 2022 ​ ​ 528 Additions ​ ​ 1,446 Deductions – write offs ​ ​ (187) Allowance for doubtful accounts as of December 31, 2023 ​ $ 1,787
Inventories	Inventories ​ Inventories primarily consist of raw materials, work-in-progress and finished goods which are purchased and held by the Company’s third-party contract manufacturers. Inventories are stated at the lower of actual cost, determined using the average cost method, or net realizable value. Actual cost includes all direct and indirect production costs to convert materials into a finished product. Net realizable value is based upon an estimated average selling price reduced by the estimated costs of completion, disposal and transportation. The determination of net realizable value involves certain judgments including estimating average selling prices. The Company reduces the value of inventory for estimated obsolescence or lack of marketability by the difference between the cost of the affected inventory and the net realizable value. ​ The valuation of inventories also requires the Company to estimate excess and obsolete inventory. The Company considers new product development schedules, the effect that new products might have on the sale of existing products, product obsolescence, product merchantability and whether older products can be remanufactured into new products, among other factors. ​ Losses expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventories are recognized unless the losses are recoverable through firm sales contracts or other means.
Restricted Cash	Restricted Cash ​ Restricted cash includes deposits in financial institutions restricted according to an agreement and used to secure a lease agreement. The Company classifies the amount restricted according to an agreement as prepaid expenses and other current assets as the Company expects the deposit to be released from restriction within the next twelve months. The Company classifies the amount used to secure a lease agreement within other non-current assets as the lease is long-term. The amount shown as restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statement of cash flows.
Vendor Advances	Vendor Advances ​ Vendor advances represent amounts paid to third-party vendors for future services to be received related to production of the Company’s inventories. The amounts are presented net of write offs. The classification of vendor advances as current or non-current is based on the estimated timing of inventory delivery. ​
Property and Equipment	Property and Equipment ​ Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. ​ Useful lives for property and equipment are as follows: ​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 years Machinery and equipment 3 – 5 years Furniture and fixtures 5 – 7 years Leasehold improvements Lesser of estimated useful life or remaining lease term ​ Expenditures for major renewals and improvements are capitalized. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost of those assets and the related accumulated depreciation and amortization is eliminated from the balance sheet, and any resulting gains or losses are included in the statements of operations and comprehensive loss in the period of disposal.
Capitalized Software Development Costs	Capitalized Software Development Costs ​ Costs to develop or obtain software for internal use are capitalized and recorded as capitalized software development costs on the consolidated balance sheets as a component of property and equipment. The Company capitalizes qualifying costs associated with internal-use software incurred during the application development stage if management with relevant authority authorizes the project, it is probable the project will be completed and the software will be used to perform the function intended. Costs incurred during the preliminary project and post-implementation stages, including training and maintenance, are expensed as incurred. Capitalized costs are amortized on a project-by-project basis using the straight-line method over the estimated economic life of the software, which is three years, beginning when the software is substantially ready for use. Amortization expense is classified in the consolidated statements of operations and comprehensive loss based on the nature of the software.
Leases	Leases ​ The Company primarily enters into leases for office space that are classified as operating leases. The Company determines if an agreement is or contains a lease at inception. Leases may terminate its leases with the notice required in the lease agreement and upon payment of a termination fee, if required. The Company’s leases do not include substantial variable payments based on indexes or rates. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. ​ The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s incremental borrowing rate is estimated to approximate an interest rate on a collateralized basis with similar terms and payments and in similar economic environments. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company recognizes a single lease cost on a straight-line basis over the lease term, and the Company includes all cash payments within cash flows from operating activities as the change in operating lease assets and liabilities in the consolidated statements of cash flows. ​ The Company does not have any finance leases as of December 31, 2023 and 2022.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets, including its property and equipment, definite-lived intangible assets, and operating lease assets, for impairment at least annually or whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If the recorded value of the asset is less than the undiscounted cash flows, the asset is written down to its estimated fair value.
Warrant Liability	Warrant Liability ​ The Company’s outstanding warrants include publicly-traded warrants (the “Public Warrants”), which were issued as one Derivatives and Hedging—Contracts in Entity’s Own Equity Derivatives and Hedging
Cost of Revenue	Cost of Revenue ​ Cost of product revenue includes manufacturing costs, personnel costs and benefits, inbound freight, packaging, warranty replacement costs, payment processing fees and inventory obsolescence and write offs. Cost of software and other services revenue includes personnel costs, cloud hosting costs, amortization of capitalized software development costs and payment processing fees.
Research and Development	Research and Development ​ R&D expenses primarily consist of personnel costs and benefits, facilities expenses, consulting and professional fees, fabrication services, software and other outsourcing expenses. Substantially all of the Company’s R&D expenses are related to developing new products and services and improving existing products and services. R&D expenses are expensed as incurred.
Sales and Marketing	Sales and Marketing ​ Sales and marketing expenses primarily consist of personnel costs and benefits, third-party logistics, fulfillment and outbound shipping costs, facilities expenses, advertising, and travel and entertainment. Advertising expenses are expensed as incurred. For the years ended December 31, 2023, 2022, and 2021, advertising expenses were $4.3 million, $5.8 million and $8.3 million, respectively. ​
General and Administrative	General and Administrative ​ General and administrative expenses primarily consist of personnel costs and benefits, insurance, patent fees, software costs, facilities costs and outside services. Outside services consist of professional services, legal fees and other professional fees.
Operating Expenses - Other	Operating Expenses – Other ​ The Company classifies certain operating expenses that are not representative of the Company’s ongoing operations as other on the consolidated statements of operations and comprehensive loss. These include costs related to the Company’s reductions in force, litigation, and legal settlements. To conform to current period presentation of the consolidated statements of operations and comprehensive loss, the Company reclassified certain expenses presented as research and development, sales and marketing, and general and administrative in its Annual Report on Form 10-K for the year ended December 31, 2022 as other in this Annual Report on Form 10-K. ​ The following table summarizes the Company’s operating expenses reclassified as other from research and development, sales and marketing, and general and administrative (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2022 Reclassified from: ​ ​ ​ Research and development ​ $ 1,077 Sales and marketing ​ ​ 394 General and administrative ​ 5,875 Total reclassified as other ​ $ 7,346 ​ The following table summarizes the types of expenses classified as other in the Company’s consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 Employment-related expenses ​ $ 8,701 ​ $ 2,019 Legal-related expenses ​ 9,463 ​ 5,327 Total other ​ $ 18,164 ​ $ 7,346 ​ See Note 15 “Reductions in Force” for additional information regarding the employment-related expenses classified as other in the consolidated statements of operations and comprehensive loss.
Net Loss per Common Share	Net Loss per Common Share ​ We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all of the Company’s potential common shares outstanding of the Company’s common stock to the extent the potential shares are dilutive. Basic and diluted net loss per share were the same for each period presented in the consolidated statements of operations and comprehensive loss as the inclusion of all potential shares of the Company’s common stock would have been anti-dilutive. Since the Company was in a net loss position for all periods presented, the basic net loss per share calculation excludes the Company’s convertible preferred stock as it does not participate in net losses of the Company. Refer to Note 12 “Net Loss Per Share” for further discussion.
Stock-Based Compensation Expense	Stock-Based Compensation Expense ​ The measurement of stock-based compensation expense for all stock-based payment awards, including stock options and restricted stock units granted to employees, directors and nonemployees, is based on the estimated fair value of the awards on the grant date. ​ The Company recognizes stock-based compensation expense for its awards on a straight-line basis over the requisite service period of the individual grants, which is generally the vesting period, based on the awards’ estimated grant date fair values. Generally, awards fully vest three ​ The Company granted performance-based restricted stock units during the years ended December 31, 2023, 2022, and 2021. The Company accounted for these awards according to the relevant provisions of ASC Topic 718, Compensation-Stock Compensation
Income Taxes	Income Taxes ​ The Company accounts for income taxes using 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 consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year 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 recovered from future taxable income 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 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 consolidated 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 consolidated financial statements. The amount of the 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.
Recent Accounting Pronouncements Issued but Not Yet Adopted	Recent Accounting Pronouncements Issued but Not Yet Adopted ​ In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of allowance for doubtful accounts	​ ​ ​ ​ ​ (in thousands) Fair Value Allowance for doubtful accounts as of December 31, 2021 ​ $ 440 Additions ​ 315 Deductions – write offs ​ (227) Allowance for doubtful accounts as of December 31, 2022 ​ ​ 528 Additions ​ ​ 1,446 Deductions – write offs ​ ​ (187) Allowance for doubtful accounts as of December 31, 2023 ​ $ 1,787
Schedule of useful life for property and equipment	​ ​ ​ ​ Property and Equipment Estimated Useful Life Software 3 years Machinery and equipment 3 – 5 years Furniture and fixtures 5 – 7 years Leasehold improvements Lesser of estimated useful life or remaining lease term
Schedule of operating expenses reclassified as other	​ The following table summarizes the Company’s operating expenses reclassified as other from research and development, sales and marketing, and general and administrative (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2022 Reclassified from: ​ ​ ​ Research and development ​ $ 1,077 Sales and marketing ​ ​ 394 General and administrative ​ 5,875 Total reclassified as other ​ $ 7,346
Schedule of other expenses	The following table summarizes the types of expenses classified as other in the Company’s consolidated statements of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 Employment-related expenses ​ $ 8,701 ​ $ 2,019 Legal-related expenses ​ 9,463 ​ 5,327 Total other ​ $ 18,164 ​ $ 7,346

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue Recognition
Schedule of disaggregated revenue	The following table summarizes the Company’s disaggregated revenues (in thousands) for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognition ​ 2023 2022 2021 By product type: ​ ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 40,036 ​ $ 50,263 ​ $ 47,868 Software and other services ​ Over time ​ 25,864 ​ 23,127 ​ 14,697 Total revenue ​ ​ ​ $ 65,900 ​ $ 73,390 ​ $ 62,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ By geographical market: ​ ​ ​ ​ ​ United States ​ ​ ​ $ 52,116 ​ $ 51,072 ​ $ 42,993 International ​ ​ ​ 13,784 ​ 22,318 ​ 19,572 Total revenue ​ ​ ​ $ 65,900 ​ $ 73,390 ​ $ 62,565

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 December 31, 2023: ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 552 ​ $ 552 ​ $ — ​ $ — Private Warrants ​ ​ 274 ​ ​ — ​ ​ 274 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 826 ​ $ 552 ​ $ 274 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ Mutual funds ​ $ 75,250 ​ $ 75,250 ​ $ — ​ $ — Total assets at fair value on a recurring basis ​ $ 75,250 ​ $ 75,250 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 3,588 ​ $ 3,588 ​ $ — ​ $ — Private Warrants ​ ​ 1,782 ​ ​ — ​ ​ 1,782 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 5,370 ​ $ 3,588 ​ $ 1,782 ​ $ — ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Summary of inventories	A summary of inventories is as follows at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Raw materials ​ $ 49,366 ​ 41,265 Work-in-progress ​ 3,384 ​ 1,962 Finished goods ​ 20,272 ​ 16,743 Total inventories ​ $ 73,022 ​ $ 59,970

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2023
Restricted Cash
Summary of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 134,437 ​ $ 162,561 Restricted cash included within prepaid expenses and other current assets ​ 199 ​ 253 Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,014 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 138,650 ​ $ 166,828

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other Non-Current Assets
Schedule of other non-current assets	Other non-current assets consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Security deposits ​ $ 989 ​ $ 1,882 Restricted cash ​ ​ 4,014 ​ ​ 4,014 Other long-term assets ​ ​ 1,419 ​ ​ 1,639 Total other non-current assets ​ $ 6,422 ​ $ 7,535 ​

Property, Equipment, and Inta_2

Property, Equipment, and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Equipment, and Intangible Assets
Schedule of property and equipment, net	Property and equipment, net, are recorded at historical cost and consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Capitalized internally developed software ​ $ 17,722 ​ $ 14,746 Leasehold improvements ​ ​ 11,102 ​ ​ 13,793 Machinery and equipment ​ 9,930 ​ 9,663 Furniture and fixtures ​ 2,152 ​ 2,121 Construction in progress ​ 2,566 ​ 1,937 Other ​ 44 ​ 125 ​ ​ 43,516 ​ 42,385 Less: accumulated depreciation and amortization ​ (18,195) ​ (11,054) Property and equipment, net ​ $ 25,321 ​ $ 31,331
Schedule of company's intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Amount Technology licenses ​ $ 10,317 ​ $ — ​ $ 10,317
Schedule of estimated intangible asset amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 $ 6,785 ​ $ 4,018 ​ $ 1,766 ​ $ 1,333 ​ $ 1,128

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Employee compensation ​ $ 9,442 ​ $ 12,166 Customer deposits ​ 1,613 ​ 1,135 Accrued warranty liability ​ 297 ​ 287 Non-income tax ​ 1,197 ​ 1,442 Professional fees ​ 2,481 ​ 3,450 Current portion of operating lease liabilities ​ ​ 2,192 ​ ​ 1,926 Other ​ 6,203 ​ 5,710 Total accrued expenses and other current liabilities ​ $ 23,425 ​ $ 26,116
Schedule of warranty expense activity	Warranty expense activity for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance, beginning of period ​ $ 873 ​ $ 1,116 ​ $ 1,826 Warranty provision charged to operations ​ 276 ​ 296 ​ 58 Warranty claims ​ (452) ​ (539) ​ (768) Balance, end of period ​ $ 697 ​ $ 873 ​ $ 1,116

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Incentive Plan
Summary of the stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term ​ (in thousands) Outstanding at December 31, 2021 16,243,532 ​ 8.11 7.63 24,398 Granted 869,778 ​ 4.37 Exercised (1,081,213) ​ 2.76 Forfeited (3,460,185) ​ 10.43 Outstanding at December 31, 2022 12,571,912 ​ 7.67 5.62 1,342 Granted — ​ — Exercised (180,467) ​ 1.26 Forfeited (4,952,258) ​ 10.14 Outstanding at December 31, 2023 7,439,187 ​ 6.17 ​ 4.68 ​ — Options exercisable at December 31, 2022 9,478,419 ​ 7.06 4.75 1,263 Options exercisable at December 31, 2023 6,537,433 ​ 5.88 ​ 4.37 ​ —
Summary of additional information about stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Cash proceeds from the exercise of stock options (in millions) ​ $ 0.2 ​ $ 3.0 ​ $ 21.7 Total intrinsic value of stock options exercised (in millions) ​ 0.2 ​ 3.6 ​ 80.9 Weighted average grant date fair value of options granted ​ — ​ 2.79 ​ 6.47
Schedule of assumptions used to value option grants to employees and non-employees	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Risk-free interest rate 3.6% – 3.9% ​ 1.7% – 3.0% ​ 0.6% – 1.4% Expected dividend yield 0% ​ 0% ​ 0% Expected term 5.0 years ​ 5.8 years – 6.5 years ​ 5.5 years – 6.2 years Expected volatility 76% ​ 70% – 73% ​ 51% – 63%
Summary of the restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Restricted ​ Grant Date ​ ​ Stock Units ​ Fair Value Outstanding at December 31, 2021 3,958,825 ​ 13.73 Granted 12,076,285 ​ 3.98 Vested (2,947,832) ​ 11.80 Forfeited (3,125,987) ​ 6.85 Outstanding at December 31, 2022 9,961,291 ​ 4.55 Granted 16,082,613 ​ 2.23 Vested (5,418,832) ​ 4.09 Forfeited (5,055,089) ​ 3.65 Outstanding at December 31, 2023 15,569,983 ​ 2.61
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Research and development ​ $ 9,772 ​ $ 12,834 ​ 9,081 Sales and marketing ​ 4,260 ​ 5,974 ​ 8,074 General and administrative ​ 13,448 ​ 23,723 ​ 30,643 Total stock-based compensation expense ​ $ 27,480 ​ $ 42,531 ​ $ 47,798

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Net Loss Per Share
Schedule of calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (116,497) ​ $ (17,203) ​ $ (133,700) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (116,497) ​ $ (17,203) ​ $ (133,700) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 178,958,607 ​ 26,426,937 ​ 205,385,544 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 178,958,607 ​ 26,426,937 ​ 205,385,544 ​ Basic and diluted net loss per share ​ $ (0.65) ​ $ (0.65) ​ $ (0.65) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (146,412) ​ $ (22,311) ​ $ (168,723) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (146,412) ​ $ (22,311) ​ $ (168,723) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,421,449 ​ 26,426,937 ​ 199,848,386 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,421,449 ​ 26,426,937 ​ 199,848,386 ​ Basic and diluted net loss per share ​ $ (0.84) ​ $ (0.84) ​ $ (0.84) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Class A Class B Common Stock Numerator: ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (28,048) ​ $ (4,361) ​ $ (32,409) Denominator: ​ ​ ​ Weighted-average common shares outstanding ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Denominator for basic and diluted net loss per share – weighted-average common stock ​ 150,424,024 ​ 23,386,029 ​ 173,810,053 Basic and diluted net loss per share ​ $ (0.19) ​ $ (0.19) ​ $ (0.19)
Schedule of anti-dilutive common equivalent shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Outstanding options to purchase common stock ​ 7,439,187 ​ 12,571,912 16,243,532 Outstanding restricted stock units ​ 15,569,983 ​ 9,961,291 ​ 3,577,894 Outstanding warrants ​ 20,652,690 ​ 20,652,690 ​ 20,652,837 Total anti-dilutive common equivalent shares ​ 43,661,860 ​ 43,185,893 40,474,263 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Schedule of income (loss) before provision for income taxes	Income (loss) before provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 Federal ​ $ (133,961) ​ $ (169,122) ​ $ (32,706) Foreign ​ 343 ​ 441 ​ 418 Loss before provision for income taxes ​ $ (133,618) ​ $ (168,681) ​ $ (32,288)
Schedule of reconciliation of the statutory income tax rate to the effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 Income at US statutory rate ​ 21.00 % 21.00 % 21.00 % State taxes, net of federal benefit ​ 4.65 ​ 2.21 ​ 15.42 ​ Stock compensation ​ (2.57) ​ (5.01) ​ (10.10) ​ Change in fair value of warrants ​ 0.71 ​ 2.60 ​ 104.78 ​ Tax credits ​ 1.74 ​ 2.16 ​ 12.51 ​ Valuation allowance ​ (25.47) ​ (22.91) ​ (142.86) ​ Other ​ (0.12) ​ (0.08) ​ (1.13) ​ ​ ​ (0.06) % (0.03) % (0.38) %
Schedule of net deferred tax assets	Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 Deferred tax assets ​ ​ Net operating loss carryforwards ​ $ 151,230 ​ $ 135,733 Tax credits ​ 16,288 ​ 14,047 Stock compensation ​ 4,812 ​ 3,680 Accruals and reserves ​ 2,061 ​ 2,747 Inventory reserve ​ ​ 15,207 ​ ​ 8,797 Lease liability ​ ​ 6,114 ​ ​ 7,646 Depreciation ​ ​ 2,197 ​ ​ 914 Capitalized tax R&E ​ ​ 25,844 ​ ​ 15,127 Other ​ 1,581 ​ 3,901 Total deferred tax assets ​ ​ 225,334 ​ ​ 192,592 Valuation allowance ​ (221,454) ​ (187,421) Total deferred tax assets ​ ​ 3,880 ​ ​ 5,171 Deferred tax liabilities ​ ​ Right-of-use asset ​ ​ (3,829) ​ ​ (5,171) Net deferred tax assets ​ $ 51 ​ $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Operating lease cost ​ $ 3,206 ​ $ 4,300 ​ $ 2,927 Short-term lease cost ​ 73 ​ 249 ​ 287 Variable lease cost ​ 317 ​ 353 ​ 100 Total operating lease cost ​ $ 3,596 ​ $ 4,902 ​ $ 3,314
Schedule of operating lease expected future payments	​ ​ ​ ​ ​ Year ended December 31, Operating Lease Payments 2024 ​ $ 3,559 2025 ​ 3,664 2026 ​ ​ 3,749 2027 ​ ​ 3,835 2028 ​ ​ 3,921 2029 and thereafter ​ ​ 12,809 Total gross operating lease payments ​ ​ 31,537 Less: imputed interest ​ ​ (6,510) Total operating lease liabilities, reflecting the present value of net lease payments ​ $ 25,027
Schedule of lease term, discount rate and cash flows from operating lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Weighted average remaining lease term (in years) ​ 8.4 ​ ​ 8.8 ​ ​ 9.4 ​ Weighted average discount rate ​ 5.9 % ​ 5.5 % ​ 5.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 3,121 ​ $ 2,042 ​ $ 1,012 Non-cash activities involving right-of-use assets and lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ — ​ ​ — ​ ​ 13,929 Derecognition of right-of-use assets ​ ​ 4,163 ​ ​ — ​ ​ — Derecognition of operating lease liabilities ​ ​ 5,401 ​ ​ — ​ ​ — ​

Organization and Description _2

Organization and Description of Business (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization and Description of Business
Cash and cash equivalents	$ 134,437	$ 162,561

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts as of beginning balance	$ 528	$ 440
Additions	1,446	315
Deductions - write offs	(187)	(227)
Allowance for doubtful accounts as of ending balance	$ 1,787	$ 528

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Capitalized internally developed software
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Minimum | Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Maximum | Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions		12 Months Ended
	May 26, 2020	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of operating segments | segment		1
Warranty period		1 year
Value of public warrants per warrant issued during IPO (as a percent)	33%
Advertising expense | $		$ 4.3	$ 5.8	$ 8.3
Term of stock options		10 years
Capitalized Software
Weighted-average useful life of intangible assets (in years)		3 years
Minimum
Vesting period of stock options		3 years
Maximum
Vesting period of stock options		4 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Operating Expenses - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and development	$ 55,616	$ 88,044	$ 74,461
Sales and marketing	39,073	59,494	49,604
General and administrative	49,613	77,596	$ 85,717
Employment-related expenses		2,019
Legal-related expenses		5,327
Total other	18,164	7,346
Employee Severance
Employment-related expenses	8,701	2,000
Legal-related expenses	9,463
Total other	$ 18,164
Prior period reclassification
Research and development		1,077
Sales and marketing		394
General and administrative		5,875
Total other		$ 7,346

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
Total revenue	$ 65,900	$ 73,390	$ 62,565
United States
Revenue Recognition
Total revenue	52,116	51,072	42,993
International
Revenue Recognition
Total revenue	13,784	22,318	19,572
Devices and accessories
Revenue Recognition
Total revenue	40,036	50,263	47,868
Software and other services
Revenue Recognition
Total revenue	$ 25,864	$ 23,127	$ 14,697

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Payment terms	60 days
Amount of revenue recognized	$ 14.9	$ 13

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue Recognition
Remaining performance obligations	$ 32
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	60%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	40%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Revenue Recognition - Costs of

Revenue Recognition - Costs of Obtaining or Fulfilling Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
Capitalized costs of obtaining or fulfilling contracts	$ 1.4	$ 1.1
Amortization of capitalized costs	$ 0.6	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Fair Value of Financial Instruments
Equity securities, unrealized losses	$ 300
Fair Value, Recurring
Assets
Total assets at fair value on a recurring basis	75,250
Liabilities
Total liabilities at fair value on a recurring basis	5,370	$ 826
Fair Value, Recurring | Public Warrants
Liabilities
Warrants	3,588	552
Fair Value, Recurring | Private Warrants
Liabilities
Warrants	1,782	274
Fair Value, Recurring | Mutual funds
Assets
Mutual funds	75,250
Fair Value, Recurring | Level 1
Assets
Total assets at fair value on a recurring basis	75,250
Liabilities
Total liabilities at fair value on a recurring basis	3,588	552
Fair Value, Recurring | Level 1 | Public Warrants
Liabilities
Warrants	3,588	552
Fair Value, Recurring | Level 1 | Mutual funds
Assets
Mutual funds	75,250
Fair Value, Recurring | Level 2
Liabilities
Total liabilities at fair value on a recurring basis	1,782	274
Fair Value, Recurring | Level 2 | Private Warrants
Liabilities
Warrants	$ 1,782	$ 274

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	$ 49,366	$ 41,265
Work-in-progress	3,384	1,962
Finished goods	20,272	16,743
Total inventories	73,022	59,970
Net realizable value inventory adjustments and excess and obsolete inventory charges	$ 21,083	$ 783	$ 889

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 134,437	$ 162,561
Restricted cash included within prepaid expenses and other current assets	199	253
Restricted cash included within other non-current assets	4,014	4,014
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 138,650	$ 166,828	$ 426,841	$ 60,206
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent

Restricted Cash - Narratives (D

Restricted Cash - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Restricted Cash
Security given as collateral			$ 4
Proceeds received from Bill & Melinda Gates Foundation	$ 5.5
Gate foundation funds released from restricted cash		$ 5.3

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Non-Current Assets
Security deposits	$ 989	$ 1,882
Restricted cash	$ 4,014	$ 4,014
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other non-current assets	Total other non-current assets
Other long-term assets	$ 1,419	$ 1,639
Total other non-current assets	$ 6,422	$ 7,535

Property, Equipment, and Inta_3

Property, Equipment, and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, Net
Property and equipment, gross	$ 43,516	$ 42,385
Less: accumulated depreciation and amortization	(18,195)	(11,054)
Property and equipment, net	25,321	31,331
Depreciation and amortization expense	8,700	5,900	$ 2,100
Operating expenses
Property and Equipment, Net
Impairments of long-lived assets	1,800
Capitalized internally developed software
Property and Equipment, Net
Property and equipment, gross	17,722	14,746
Less: accumulated depreciation and amortization	(9,400)	(3,900)
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	11,102	13,793
Machinery and equipment
Property and Equipment, Net
Property and equipment, gross	9,930	9,663
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	2,152	2,121
Construction in progress
Property and Equipment, Net
Property and equipment, gross	2,566	1,937
Other
Property and Equipment, Net
Property and equipment, gross	$ 44	$ 125

Property, Equipment, and Inta_4

Property, Equipment, and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Equipment, and Intangible Assets
Accumulated amortization	$ 18,195	$ 11,054
Capitalized Software
Property, Equipment, and Intangible Assets
Weighted-average useful life of intangible assets (in years)	3 years
Technology licenses
Property, Equipment, and Intangible Assets
Finite-Lived Intangible Assets Acquired	$ 10,300
Weighted-average useful life of acquired intangible assets (in years)	8 years
Current portion of commitments related to intangible assets	$ 1,300
Noncurrent portion of commitments related to intangible assets	7,600
Capitalized internally developed software
Property, Equipment, and Intangible Assets
Property and equipment included amortization expense	5,500	3,300	$ 500
Accumulated amortization	$ 9,400	$ 3,900

Property, Equipment, and Inta_5

Property, Equipment, and Intangible Assets - Schedule Of Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 10,317
Technology licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,317
Net Carrying Amount	$ 10,317

Property, Equipment, and Inta_6

Property, Equipment, and Intangible Assets - Estimated Intangible Asset Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Estimated intangible asset amortization expense
2024	$ 6,785
2025	4,018
2026	1,766
2027	1,333
2028	$ 1,128

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Employee compensation	$ 9,442	$ 12,166
Customer deposits	1,613	1,135
Accrued warranty liability	297	287
Non-income tax	1,197	1,442
Professional fees	2,481	3,450
Current portion of operating lease liabilities	$ 2,192	$ 1,926
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other	$ 6,203	$ 5,710
Total accrued expenses and other current liabilities	$ 23,425	$ 26,116

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Warranty Expense Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities
Balance, beginning of period	$ 873	$ 1,116	$ 1,826
Warranty provision charged to operations	276	296	58
Warranty claims	(452)	(539)	(768)
Balance, end of period	$ 697	$ 873	$ 1,116

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details)	12 Months Ended
	Dec. 31, 2023 Vote $ / shares
Stockholders' Equity (Deficit)
Dividends declared | $ / shares	$ 0
Common stock, conversion ratio	1
Class A Common Stock
Stockholders' Equity (Deficit)
Votes per share	1
Class B Common Stock
Stockholders' Equity (Deficit)
Votes per share	20
Common stock, beneficial ownership	20%
Number of affirmative vote	67%

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) shares in Millions			12 Months Ended
	Dec. 30, 2022	Jan. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Incentive Plan
Expiration period			10 years
Tax benefits of the stock-based compensation expense			$ 0
Tax benefits from the exercise of stock options			0
Capitalized stock-based compensation expense			700,000	$ 1,000,000	$ 400,000
Unrecognized stock-based compensation expense			$ 33,000,000
Remaining weighted average vesting period			2 years
Employee Stock Option
Equity Incentive Plan
Number of accelerated shares	1.7	1.6
Expense related to acceleration				7,800,000	2,600,000
Employee Stock Option | Maximum
Equity Incentive Plan
Expiration period			10 years
Service Based Restricted Stock Units
Equity Incentive Plan
Number of accelerated shares	0.3
Performance Based Restricted Stock Units
Equity Incentive Plan
Number of accelerated shares	0.1
Restricted stock units
Equity Incentive Plan
Total fair value			$ 7,300,000	$ 10,700,000	$ 10,400,000
2012 Plan
Equity Incentive Plan
Common Stock reserved for issuance			5.4
2020 Plan
Equity Incentive Plan
Common Stock reserved for issuance			44.9
Common shares remain available for issuance			20.6

Equity Incentive Plan - Stock o

Equity Incentive Plan - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Outstanding at beginning of the period	12,571,912	16,243,532
Granted	0	869,778
Exercised	(180,467)	(1,081,213)
Forfeited	(4,952,258)	(3,460,185)
Outstanding at end of the period	7,439,187	12,571,912	16,243,532
Options exercisable	6,537,433	9,478,419
Weighted Average Exercise Price
Outstanding at beginning of year	$ 7.67	$ 8.11
Granted		4.37
Exercised	1.26	2.76
Forfeited	10.14	10.43
Outstanding at end of year	6.17	7.67	$ 8.11
Options exercisable	$ 5.88	$ 7.06
Weighted Average Remaining Contractual Term
Outstanding at the end of year	4 years 8 months 4 days	5 years 7 months 13 days	7 years 7 months 17 days
Options exercisable	4 years 4 months 13 days	4 years 9 months
Aggregate Intrinsic Value
Outstanding at beginning of year	$ 1,342	$ 24,398
Outstanding at end of year		1,342	$ 24,398
Options exercisable		$ 1,263

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional information about stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Incentive Plan
Cash proceeds from the exercise of stock options	$ 0.2	$ 3	$ 21.7
Total intrinsic value of stock options exercised	$ 0.2	$ 3.6	$ 80.9
Weighted average grant date fair value of options granted (in dollars per share)		$ 2.79	$ 6.47

Equity Incentive Plan - Option

Equity Incentive Plan - Option grants to employees and non-employees (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	0	869,778
Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		0	0
Employee Stock Option | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, minimum	3.60%	1.70%	0.60%
Risk free interest rate, maximum	3.90%	3%	1.40%
Expected dividend yield	0%	0%	0%
Expected term	5 years
Expected volatility	76%
Employee Stock Option | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years 9 months 18 days	5 years 6 months
Expected volatility		70%	51%
Employee Stock Option | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		6 years 6 months	6 years 2 months 12 days
Expected volatility		73%	63%

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted stock unit activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Stock-based compensation expense	$ 27,480	$ 42,531	$ 47,798
Restricted stock units
Number of Restricted Stock Units
Outstanding at beginning of the period	9,961,291	3,958,825
Granted	16,082,613	12,076,285
Vested	(5,418,832)	(2,947,832)
Forfeited	(5,055,089)	(3,125,987)
Outstanding at end of the period	15,569,983	9,961,291	3,958,825
Weighted Average Grant Date Fair Value
Outstanding at beginning of year	$ 4.55	$ 13.73
Granted	2.23	3.98
Vested	4.09	11.80
Forfeited	3.65	6.85
Outstanding at end of year	$ 2.61	$ 4.55	$ 13.73
Performance Based Restricted Stock Units | Employees
Number of Restricted Stock Units
Granted		200,000
Market-based restricted stock | Employees
Number of Restricted Stock Units
Granted	1,800,000
Weighted Average Grant Date Fair Value
Stock-based compensation expense	$ 2,500

Equity Incentive Plan - Stock-b

Equity Incentive Plan - Stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Incentive Plan
Total stock-based compensation expense	$ 27,480	$ 42,531	$ 47,798
Research and development
Equity Incentive Plan
Total stock-based compensation expense	9,772	12,834	9,081
Sales and marketing
Equity Incentive Plan
Total stock-based compensation expense	4,260	5,974	8,074
General and administrative
Equity Incentive Plan
Total stock-based compensation expense	$ 13,448	$ 23,723	$ 30,643

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Allocation of undistributed earnings	$ (133,700)	$ (168,723)	$ (32,409)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (133,700)	$ (168,723)	$ (32,409)
Denominator:
Weighted-average common shares outstanding - basic	205,385,544	199,848,386	173,810,053
Weighted-average common shares outstanding - diluted	205,385,544	199,848,386	173,810,053
Basic loss per share	$ (0.65)	$ (0.84)	$ (0.19)
Diluted loss per share	$ (0.65)	$ (0.84)	$ (0.19)
Class A Common Stock
Numerator:
Allocation of undistributed earnings	$ (116,497)	$ (146,412)	$ (28,048)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (116,497)	$ (146,412)	$ (28,048)
Denominator:
Weighted-average common shares outstanding - basic	178,958,607	173,421,449	150,424,024
Weighted-average common shares outstanding - diluted	178,958,607	173,421,449	150,424,024
Basic loss per share	$ (0.65)	$ (0.84)	$ (0.19)
Diluted loss per share	$ (0.65)	$ (0.84)	$ (0.19)
Class B Common Stock
Numerator:
Allocation of undistributed earnings	$ (17,203)	$ (22,311)	$ (4,361)
Numerator for basic and diluted net loss per share - loss available to common stockholders	$ (17,203)	$ (22,311)	$ (4,361)
Denominator:
Weighted-average common shares outstanding - basic	26,426,937	26,426,937	23,386,029
Weighted-average common shares outstanding - diluted	26,426,937	26,426,937	23,386,029
Basic loss per share	$ (0.65)	$ (0.84)	$ (0.19)
Diluted loss per share	$ (0.65)	$ (0.84)	$ (0.19)

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive common equivalent shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Loss Per Share
Total anti-dilutive common equivalent shares	43,661,860	43,185,893	40,474,263
Outstanding options to purchase common stock
Net Loss Per Share
Total anti-dilutive common equivalent shares	7,439,187	12,571,912	16,243,532
Outstanding restricted stock units
Net Loss Per Share
Total anti-dilutive common equivalent shares	15,569,983	9,961,291	3,577,894
Outstanding warrants
Net Loss Per Share
Total anti-dilutive common equivalent shares	20,652,690	20,652,690	20,652,837

Income Taxes - Income (loss) be

Income Taxes - Income (loss) before provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Federal	$ (133,961)	$ (169,122)	$ (32,706)
Foreign	343	441	418
Loss before provision for income taxes	$ (133,618)	$ (168,681)	$ (32,288)

Income Taxes - Statutory income

Income Taxes - Statutory income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income at US statutory rate	21%	21%	21%
State taxes, net of federal benefit	4.65%	2.21%	15.42%
Stock compensation	(2.57%)	(5.01%)	(10.10%)
Change in fair value of warrants	0.71%	2.60%	104.78%
Tax credits	1.74%	2.16%	12.51%
Valuation allowance	(25.47%)	(22.91%)	(142.86%)
Other	(0.12%)	(0.08%)	(1.13%)
Total	(0.06%)	(0.03%)	(0.38%)

Income Taxes - Net deferred tax

Income Taxes - Net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 151,230	$ 135,733
Tax credits	16,288	14,047
Stock compensation	4,812	3,680
Accruals and reserves	2,061	2,747
Inventory reserve	15,207	8,797
Lease liability	6,114	7,646
Depreciation	2,197	914
Capitalized tax R&E	25,844	15,127
Other	1,581	3,901
Total deferred tax assets	225,334	192,592
Valuation allowance	(221,454)	(187,421)
Total deferred tax assets	3,880	5,171
Deferred tax liabilities
Right-of-use asset	(3,829)	$ (5,171)
Net deferred tax assets	$ 51

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Tax provision	$ 80	$ 40	$ 120
Federal tax provision	0	0	$ 0
Valuation allowance related to net operating losses	34,000	38,700
Accrued interest or penalties	0	0
Other noncurrent liabilities
Operating Loss Carryforwards [Line Items]
Accrued repayment tax credit, noncurrent	900
Other income (expense)
Operating Loss Carryforwards [Line Items]
State of Massachusetts Life Sciences tax credit received		900
Expense recognized for expected repayment of tax credit	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss ("NOL") carryforwards	609,800	552,200
Net operating loss ("NOL") carryforwards, subject to expire	73,700
Net operating loss ("NOL") carryforwards, carried forward indefinitely	536,100
Federal and state tax credits	14,100
State
Operating Loss Carryforwards [Line Items]
Net operating loss ("NOL") carryforwards	407,800	$ 352,900
Federal and state tax credits	$ 1,900

401(k) Retirement Plan (Details

401(k) Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
401(k) Retirement Plan
401(k) Employer match contribution	$ 0.8	$ 1.3	$ 0

Reductions in Force (Details)

Reductions in Force (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Employee severance and benefits costs					$ 2,019
Employee Severance
Restructuring Cost and Reserve [Line Items]
Reduction in force (as a percent)	0.25%	0.25%	0.10%
Employee severance and benefits costs				$ 8,701	$ 2,000
Employee Severance | Accrued expenses and other current liabilities
Restructuring Cost and Reserve [Line Items]
Employee severance and benefits costs				$ 1,100

Warrants (Details)

Warrants (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) D $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Warrants
Change in fair value of warrant liabilities | $	$ 4,544	$ 20,859	$ 161,095
Public Warrants
Warrants
Outstanding warrants | shares	13,799,357
Warrants settleable in cash shares held for tender offer percentage	50%
Private Warrants
Warrants
Outstanding warrants | shares	6,853,333
Fair market value trading days | D	30
Warrants exercised | shares	0
Class A Common Stock | Public Warrants
Warrants
Shares called by warrants | shares	1
Exercise price	$ 11.50
Warrant Redemption $0.01 | Public Warrants
Warrants
Warrants redemption price per warrant	$ 0.01
Warrants redemption period	30 days
Warrant Redemption $0.01 | Private Warrants
Warrants
Warrants redemption price per warrant	$ 0.01
Warrant Redemption $0.01 | Class A Common Stock | Public Warrants
Warrants
Trading day period	30 days
Trading day period for cashless basis redemption	10 days
Stock price trigger	$ 18
Threshold trading days | D	20
Warrant Redemption $0.10 | Public Warrants
Warrants
Period of warrants become exercisable	90 days
Warrants redemption price per warrant	$ 0.10
Warrants redemption period	30 days
Warrant Redemption $0.10 | Private Warrants
Warrants
Warrants redemption price per warrant	$ 0.10
Warrant Redemption $0.10 | Class A Common Stock | Public Warrants
Warrants
Stock price trigger	$ 10

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Leases
Security deposits		$ 989	$ 1,882
Increase in operating lease payments	$ 200
Decrease in operating lease assets	4,200
Decrease in current operating lease liability	700
Decrease in noncurrent operating lease liability	$ 4,700
Security deposit forfeited		900
Gain on lease termination		$ 214

Leases - Lease cost (Details)

Leases - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 3,206	$ 4,300	$ 2,927
Short-term lease cost	73	249	287
Variable lease cost	317	353	100
Total operating lease cost	$ 3,596	$ 4,902	$ 3,314

Leases - Operating lease paymen

Leases - Operating lease payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating lease payments
2024	$ 3,559
2025	3,664
2026	3,749
2027	3,835
2028	3,921
2029 and thereafter	12,809
Total gross operating lease payments	31,537
Less: imputed interest	(6,510)
Total operating lease liabilities, reflecting the present value of net lease payments	$ 25,027

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted average remaining lease term (in years)	8 years 4 months 24 days	8 years 9 months 18 days	9 years 4 months 24 days
Weighted average discount rate (as a percent)	5.90%	5.50%	5.50%
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments, included in cash flows from operating activities	$ 3,121	$ 2,042	$ 1,012
Non-cash additions to operating lease assets			$ 13,929
Derecognition of right-of-use assets	4,163
Derecognition of operating lease liabilities	$ 5,401

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies
Increase in operating lease payments	$ 200
Decrease in operating lease assets	4,200
Decrease in current operating lease liability	700
Decrease in noncurrent operating lease liability	$ 4,700
Security deposit forfeited		$ 900
Write-down of vendor advance				$ 2,300
Accrued expenses and other current liabilities
Commitments and Contingencies
Estimated liability for legal contingencies		1,600
Inventory purchase commitments
Commitments and Contingencies
Prepaid vendor advance, net of write-downs		1,400
Net loss on vendor purchase commitment		0		14,000
Write-down of vendor advance				2,300
Increase in accrued purchase commitment liability		2,000	$ 0	$ 11,700
Utilization of accrual of purchase commitment liability			17,400
Utilization of vendor advance previously written down			$ 15,100
Minimum | Inventory purchase commitments
Commitments and Contingencies
Minimum inventory purchase commitments		$ 14,800

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (133,700)	$ (168,723)	$ (32,409)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false