Singular Genomics Systems (OMIC) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Singular Genomics Systems, Inc.
Entity Central Index Key	0001850906
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40443
Entity Tax Identification Number	81-2948451
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3010 Science Park Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-7830
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OMIC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		74,092,970

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 24,109	$ 16,233
Short-term investments	126,629	157,708
Accounts receivable	137	565
Inventory, net	13,081	13,572
Prepaid expenses and other current assets	2,519	4,150
Total current assets	166,475	192,228
Right-of-use lease assets	57,094	57,797
Property and equipment, net	13,854	13,692
Restricted cash	600	600
Other noncurrent assets	1,078	1,150
Total assets	239,101	265,467
Current liabilities:
Accounts payable	2,012	2,587
Accrued expenses	3,265	6,079
Lease liabilities, current	7,822	7,764
Other current liabilities	2,980	1,857
Total current liabilities	16,079	18,287
Lease liabilities, non current	58,092	58,623
Long-term debt, net of issuance costs	7,627	8,901
Other noncurrent liabilities	605	650
Total liabilities	82,403	86,461
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 400,000,000 shares authorized, 74,067,366 and 73,823,161 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	7	7
Additional paid-in capital	519,361	516,439
Accumulated other comprehensive gain (loss)	(51)	155
Accumulated deficit	(362,619)	(337,595)
Total stockholders' equity	156,698	179,006
Total liabilities and stockholders' equity	239,101	265,467
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Stockholders' equity:
Series A common stock equivalent convertible preferred stock, $0.0001 par value; 7,000 shares authorized, 2,500 shares issued and outstanding at March 31, 2024 and December 31, 2023	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	74,067,366	73,823,161
Common stock, shares outstanding	74,067,366	73,823,161
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	7,000	7,000
Temporary equity, shares issued	2,500	2,500
Temporary equity, shares outstanding	2,500	2,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 442	$ 863
Cost of revenue	861	807
Gross margin	(419)	56
Operating expenses:
Research and development	11,494	12,230
Selling, general and administrative	14,935	13,204
Total operating expenses	26,429	25,434
Loss from operations	(26,848)	(25,378)
Other income (expense):
Interest income	2,108	2,004
Interest expense	(284)	(259)
Total other income	1,824	1,745
Net loss	$ (25,024)	$ (23,633)
Basic and diluted net loss per share, Basic	$ (0.34)	$ (0.33)
Basic and diluted net loss per share, Diluted	$ (0.34)	$ (0.33)
Weighted Average Number of Shares Outstanding, Basic	73,925,966	71,926,412
Weighted Average Number of Shares Outstanding, Diluted	73,925,966	71,926,412

Statements of Comprehensive Los

Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net loss	$ (25,024)	$ (23,633)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	(206)	446
Comprehensive loss	$ (25,230)	$ (23,187)

Statements of Preferred Stock a

Statements of Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit [Member]
Balance at Dec. 31, 2022	$ 260,321	$ 7		$ 503,926	$ (837)	$ (242,775)
Balance (in shares) at Dec. 31, 2022		71,854,688	2,500
Vesting of common stock issued for early exercise of stock options	97			97
Vesting of common stock issued for early exercise of stock options (in shares)		121,799
Issuance of common stock in connection with exercise of stock options	13			13
Issuance of common stock in connection with exercise of stock options (in shares)		19,479
Stock-based compensation	3,081			3,081
Unrealized gain (loss) on available- for-sale marketable securities	446				446
Net loss	(23,633)					(23,633)
Balance at Mar. 31, 2023	240,325	$ 7		507,117	(391)	(266,408)
Balance (in shares) at Mar. 31, 2023		71,995,966	2,500
Balance at Dec. 31, 2023	179,006	$ 7		516,439	155	(337,595)
Balance (in shares) at Dec. 31, 2023		73,823,161	2,500
Vesting of common stock issued for early exercise of stock options	26			26
Vesting of common stock issued for early exercise of stock options (in shares)		16,255
Issuance of common stock in connection with vesting of restricted stock units		227,950
Stock-based compensation	2,896			2,896
Unrealized gain (loss) on available- for-sale marketable securities	(206)				(206)
Net loss	(25,024)					(25,024)
Balance at Mar. 31, 2024	$ 156,698	$ 7		$ 519,361	$ (51)	$ (362,619)
Balance (in shares) at Mar. 31, 2024		74,067,366	2,500

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (25,024)	$ (23,633)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,896	3,081
Amortization of right-of-use lease assets	703	1,024
Depreciation	1,019	793
Accretion of debt issuance costs	39	38
Amortization of premium (accretion of discount) on short-term investments	(751)	1,327
Changes in operating assets and liabilities:
Accounts receivable	428	899
Inventory, net	(1,320)	831
Prepaid expenses and other current assets	1,651	1,031
Other noncurrent assets	72	0
Accounts payable	(28)	(1,781)
Accrued expenses	(2,706)	(1,447)
Other current liabilities	(190)	92
Lease liabilities	(473)	(276)
Other noncurrent liabilities	(19)	87
Net cash used in operating activities	(23,703)	(17,934)
Investing activities
Purchases of short-term investments	(19,184)	(7,018)
Maturities of shot-term investments	50,619	72,144
Sales of short-term investments	169	7,981
Purchases of property and equipment	(25)	(162)
Net cash provided (used) by investing activities	31,579	72,945
Financing activities
Proceeds from issuance of common stock under equity incentive plans	0	13
Repurchases of common stock under equity incentive plans	0	(7)
Net cash provided by financing activities	0	6
Net increase in cash and cash equivalents and restricted cash	7,876	55,017
Cash and cash equivalents and restricted cash, beginning of year	16,833	75,977
Cash and cash equivalents and restricted cash, end of year	24,709	130,994
Supplemental disclosure for cash activities
Interest paid	246	216
Supplemental disclosure for non-cash activities
Inventory transferred to property and equipment	1,180	1,009
Purchases of inventory included in accounts payable	594	562
Purchases of inventory included in accrued expenses	59	217
Vesting of common stock issued for early exercise of stock options	26	97
Purchase of property and equipment included in accounts payable	$ 0	$ 97

Business

Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. Business Description of Business Singular Genomics Systems, Inc. (the “Company”) is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4 Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the Company is currently developing the G4X Spatial Sequencer, which will leverage the Company’s proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. The Company’s mission is to empower researchers and clinicians to advance science and medicine. The Company was incorporated in the state of Delaware in June 2016 and has its principal operations in San Diego, California. Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2024 and December 31, 2023, had an accumulated deficit of $ 362.6 million and $ 337.6 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2024, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2024, the Company had cash, cash equivalents and short-term investments of $ 150.7 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2024 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited financial statements .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2023, significant estimates and assumptions include the value of lease liabilities and right-of-use lease assets. There were no changes to the Company's significant estimates and assumptions subsequent to December 31, 2023 . Summary of Significant Accounting Policies During the three months ended March 31, 2024, other than the policies described below, there were no changes to the Company’s significant accounting policies as described in Note 2 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2024 2023 Cash and cash equivalents $ 24,109 $ 16,233 Restricted cash 600 600 Total $ 24,709 $ 16,833 Short-term Investments Short-term investments primarily consisted of treasury securities, corporate debt securities and asset-backed securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Amortized Gross Estimated U.S. treasury securities $ 125,507 $ ( 51 ) $ 125,456 Corporate debt securities 1,173 - 1,173 Total $ 126,680 $ ( 51 ) $ 126,629 December 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 149,129 $ 158 $ 149,287 Corporate debt securities 8,255 ( 3 ) 8,252 Asset-backed securities $ 169 $ - $ 169 Total $ 157,553 $ 155 $ 157,708 The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, 2024 2023 Due within one year $ 126,629 $ 157,540 Due after one but within five years - 168 Total $ 126,629 $ 157,708 As of March 31, 2024, the Company considered the nature and number of available-for-sale debt securities in an unrealized loss position. The Company reviews its portfolio of available-for-sale debt securities at least quarterly to determine if any investment is impaired, whether due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at March 31, 2024 were primarily due to increases in market interest rates. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more-likely-than-not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at March 31, 2024 . Revenue Recognition The Company generates revenue from sales of its products, which currently consist of the G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period. Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company regularly enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and with consideration of current market conditions, which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied, as discussed above. The Company has entered into instrument arrangements with certain customers, under which the Company provides the G4 instrument at no cost to the customer, other than shipping, and the customer pays for consumables at list price, or at list price plus a mark-up, as consumables are ordered, shipped and invoiced. Revenue is recognized as consumables are shipped to the customer and disclosed within consumables revenue below. The G4 instrument provided to the customer is recorded on the balance sheet as property and equipment and disclosed as instruments at customer sites under Note 6 to these financial statements. Depreciation expense for these instruments is included in cost of revenue. Revenue associated with any lease elements of these arrangements was not material during the three months ended March 31, 2024 and 2023. During the three months ended March 31, 2024 , the Company recognized $ 0.2 million of revenue for G4 instruments and $ 0.2 million of revenue for G4 consumables and services. Contract liabilities, which consists of deferred revenue, as of March 31, 2024 and December 31, 2023 were $ 0.2 million and $ 0.3 million, respectively. As of March 31, 2024, $ 0.2 million of this balance was classified as current. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned. For the three months ended March 31, 2024, all of the Company’s revenue was generated within the United States. During the period, the Company generated approximately 59 % of revenue from its top three customers. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of short-term investments in a variety of interest-bearing instruments, which have included U.S. government and agency securities, high-grade U.S. corporate bonds and asset-backed securities. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or marketable securities. Long-lived Asset Impairment Long-lived assets consist primarily of right-of-use lease assets and property and equipment. During the year ended December 31, 2023 , the Company identified an indicator of impairment of its long-lived assets due to a sustained decline in the trading price of the Company’s common stock over the preceding year, resulting in the Company’s market capitalization being below its net asset value. Although the Company is confident in the utility of its long-lived assets, and there have been no changes in their intended use, the implied cash flows based on the market capitalization of the Company indicated its long-lived assets may not be recoverable. In determining the fair value of its long-lived assets, the Company used a combination of discounted cash flows and observable market data. As a result of its fair value analysis, the Company recorded a $ 1.9 million impairment charge on its property and equipment as selling, general and administrative expense in the statement of operations during the year ended December 31, 2023. The above indicator of impairment continued to exist as of March 31, 2024. The Company updated its fair value analysis as of March 31, 2024 and recorded no additional impairment . No impairment loss was recorded during the three months ended March 31, 2024 or March 31, 2023 . Recent Accounting Pronouncements There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Other amendments to GAAP that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements For accounting purposes, fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs where there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash, cash equivalents and short-term investments. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs. The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 18,215 $ - $ - $ 18,215 Money market funds 5,894 - - 5,894 Total cash and cash equivalents 24,109 - - 24,109 Short-term investments: U.S. Treasury securities 125,456 - - 125,456 Corporate debt securities - 1,173 - 1,173 Total short-term investments 125,456 1,173 - 126,629 Total cash and cash equivalents and short-term investments $ 149,565 $ 1,173 $ - $ 150,738 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 16,184 $ - $ - $ 16,184 Money market funds 49 - - 49 Total cash and cash equivalents 16,233 - - 16,233 Short-term investments: U.S. Treasury securities 149,286 - - 149,286 Corporate debt securities - 8,253 - 8,253 Asset-backed securities - 169 - 169 Total short-term investments 149,286 8,422 - 157,708 Total cash and cash equivalents and short-term investments $ 165,519 $ 8,422 $ - $ 173,941

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	4. Inventory Inventory consisted of the following (in thousands): March 31, December 31, 2024 2023 Raw materials $ 10,596 $ 11,627 Work in process 2,046 1,276 Finished goods 439 669 Total inventory $ 13,081 $ 13,572

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2024 2023 Prepaid expenses $ 1,116 $ 1,672 Interest receivable 1,039 1,019 Current deposits and other current assets 364 1,459 Total prepaid expenses and other current assets $ 2,519 $ 4,150

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6 . Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2024 2023 Equipment 5 years $ 12,837 $ 12,837 Computers and software 3 years 3,445 3,445 Leasehold improvements 14 years or less 2,244 2,244 Furniture and fixtures 5 years or less 660 660 Instruments at customer sites 5 years 3,707 2,527 Total property and equipment, gross 22,893 21,713 Less: accumulated depreciation ( 9,039 ) ( 8,021 ) Total property and equipment, net $ 13,854 $ 13,692 Transfers of assets from inventory to property and equipment are transferred at standard cost and recognized at carrying value.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued Expenses	7 . Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued compensation and other employee benefits $ 1,982 $ 5,229 Accrued research and development expenses 278 264 Accrued professional services 361 178 Accrued other expenses 644 408 Total accrued expenses $ 3,265 $ 6,079

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	8 . Long-term Debt Silicon Valley Bank Loan In November 2019, the Company entered into a loan and security agreement with SVB pursuant to which SVB agreed to lend to the Company up to $ 15.0 million in a series of term loans (the “2019 SVB Loan”). Contemporaneously, the Company borrowed $ 2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $ 7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65 % above the prime rate or (ii) 5.90 %. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50 % was to be due on the maturity date. On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an amended and restated loan and security agreement (the “2021 SVB Loan,” together with the 2022 SVB Loan Amendment (defined below), the “SVB Loan”) with SVB. The 2021 SVB Loan provided for term loans in an aggregate principal amount of up to $ 35.5 million to be delivered in three tranches. The tranches consisted of: (i) a term loan advance to the Company in an aggregate principal amount of $ 10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $ 15.0 million (the “Second Tranche”) ; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $ 10.0 million. The proceeds from the First Tranche were used to repay in full the then-existing indebtedness under the 2019 SVB Loan. The SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75 % plus the prime rate as reported in The Wall Street Journal and (ii) 4.00 %. As of March 31, 2024, the SVB Loan bears interest at an annual rate of 9.25 % . The SVB Loan has an initial interest-only period of 36 months, or until September 2024, from which point the Company is required to make interest and principal payments through the maturity date. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00 % will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet. On September 30, 2022, the Company entered into an amendment to the 2021 SVB Loan (the “2022 SVB Loan Amendment”). The 2022 SVB Loan Amendment extended the period to draw down the additional tranches totaling $ 25.0 million from September 30, 2022 to March 31, 2024 , provided that in order for the Company to access the Second Tranche availability the Company must achieve a six-month trailing revenue hurdle. The draw period for the additional tranches of up to $ 25.0 million under the SVB Loan have expired without being drawn. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement indicating that SVBB had assumed the obligations and commitments of former SVB. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank. As of March 31, 2024 and December 31, 2023, the unamortized debt issuance costs related to the SVB Loan were $ 0.2 million and $ 0.4 million, respectively. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method. As of March 31, 2024, the current portion of the SVB Loan of $ 2.6 million, which consists of principal payments due in the next 12 months, is included in other current liabilities on the balance sheet, and the remaining noncurrent amount is recorded in long-term debt, net of issuance costs. The SVB Loan and unamortized discount balances as of March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, 2024 2023 Total debt $ 10,500 $ 10,500 Less: issuance costs ( 248 ) ( 287 ) Total debt, net of issuance costs $ 10,252 $ 10,213 Less: current portion of long-term debt 2,625 1,312 Total long-term debt $ 7,627 $ 8,901 Future minimum payments of outstanding principal and interest at the rate in effect as of March 31, 2024 under the SVB Loan are as follows (in thousands): As of March 31, 2024 2024 (9 months remaining) $ 2,122 2025 5,886 2026 4,510 Total future minimum payments 12,518 Less: interest, Final Payment fee ( 2,018 ) Total debt 10,500 Less: issuance costs ( 248 ) Total debt, net of issuance costs $ 10,252 The Company is subject to customary affirmative and restrictive covenants under the SVB Loan. The Company’s obligations under the SVB Loan are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the SVB Loan. The SVB Loan provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the SVB Loan. After the occurrence of an event of default, SVB may, among other remedies, accelerate the payment of all outstanding obligations. As of March 31, 2024 and December 31, 2023 , the Company was in compliance with all covenants under the SVB Loan and there had been no events of default.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9 . Commitments and Contingencies Columbia License Agreement In 2016, the Company entered into an Exclusive License Agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company’s achievement of certain development and commercialization milestones, which could total up to $ 3.9 million over the life of the License Agreement. As of March 31, 2024, the Company accrued $ 0.5 million related to these milestones. During the three months ended March 31, 2024 and 2023, the Company pai d $ 0 and $ 0.1 million, respectively, to Columbia pursuant to the terms of the License Agreement. Operating Leases Overview of Operating Leases In November 2019, the Company entered into a lease agreement for office and laboratory space in San Diego, California (the “3033 Lease”). The Company gained access to the leased space and began recognizing rent expense under the 3033 Lease in May 2020. The Company has since amended the 3033 Lease, most recently in September 2023, which extended the term of the lease and provided a tenant improvement allowance of approximately $ 1.0 million. The term of the 3033 Lease will end in October 2036. The Company provided a standby letter of credit in the amount of $ 0.2 million as a security deposit during the term of the lease. As of March 31, 2024, $ 0.2 million was pledged as collateral for the letter of credit and recorded as restricted cash. In June 2020, the Company entered into a lease agreement for office and laboratory space in San Diego, California (the “3010 Lease”). The Company gained access to the leased space and began recognizing rent expense under the 3010 Lease in April 2022. The Company has since amended the 3010 Lease, most recently in September 2023, which extended the term of the lease. The term of the 3010 Lease will end in October 2036. The Company provided a standby letter of credit in the amount of $ 0.4 million as a security deposit during the term of the lease. As of March 31, 2024, $ 0.4 million was pledged as collateral for the letter of credit and recorded as restricted cash. In April 2021, the Company entered into a lease agreement for office and manufacturing space in San Diego, California (the “MR Lease”). The Company gained access to the leased space and began recognizing rent expense under the MR Lease in June 2021. The term of the MR Lease will end in July 2026. In January 2022, the Company entered into a lease agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings to be constructed in connection with One Alexandria Square in La Jolla, California. In July 2023, the Company entered into an agreement to terminate the OAS Lease. Pursuant to this agreement, the OAS Lease terminated, effective September 13, 2023. In connection with the lease termination, ARE agreed to pay the Company lease termination payments of (a) approximately $ 1.8 million, which the Company received in September 2023, and (b) an additional amount of approximately $ 1.0 million, which the Company received in January 2024. In addition, ARE refunded the Company approximately $ 1.1 million in prepaid base rent under the terms of the OAS Lease in September 2023 and returned to the Company a letter of credit in the amount of approximately $ 1.1 million, previously issued to ARE pursuant to the terms of the OAS Lease, in November 2023. Accounting for Operating Leases During the three months ended March 31, 2024, the Company incurred $ 2.9 million of lease costs, of which $ 0.8 million was related to variable lease payments, which primarily comprised common area maintenance, and $ 2.1 million related to straight-line operating lease cost. During the three months ended March 31, 2023, the Company incurred $ 3.0 million of lease costs, of which $ 0.9 million was related to variable lease payments, which primarily comprised common area maintenance, and $ 2.1 million related to straight-line operating lease cost. As of March 31, 2024, future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands): 2024 (9 months remaining) $ 6,097 2025 5,716 2026 8,607 2027 8,580 2028 8,837 Thereafter 79,058 Future non-cancelable minimum lease payments 116,895 Less: present value discount ( 50,981 ) Total lease liabilities 65,914 Less: current portion 7,822 Lease liabilities, noncurrent $ 58,092 Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officers or directors are or were serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The Company considers the fair value of the indemnification rights and agreements as minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2024 or December 31, 2023. Other Contingencies We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Preferred Stock	10 . Preferred Stock Series A Common Stock Equivalent Convertible Preferred Stock In January 2022, the Company entered into an exchange agreement (the “Exchange Agreement”) with Deerfield Private Design Fund IV, L.P. (the “Deerfield Holder”), pursuant to which the Deerfield Holder exchanged an aggregate of 2,500,000 shares of the Company’s common stock held by the Deerfield Holder for 2,500 shares of a newly created class of non-voting preferred stock designated as Series A Common Stock Equivalent Convertible Preferred Stock. Additionally, in connection with the issuance of the Series A Common Stock Equivalent Convertible Preferred Stock, the Company filed a Certificate of Designation, Preferences and Rights of Series A Common Stock Equivalent Convertible Preferred Stock, par value $ 0.0001 per share, of the Company with the Secretary of State of the State of Delaware. Each outstanding share of Series A Common Stock Equivalent Convertible Preferred Stock is entitled to a de minimis liquidation preference of $ 0.0001 per share. The Series A Common Stock Equivalent Convertible Preferred Stock is convertible into 1,000 shares of common stock for each share of Series A Common Stock Equivalent Convertible Preferred Stock at the option of the holder. Additionally, the ability of a holder to convert non-voting Series A Common Stock Equivalent Convertible Preferred Stock into common stock is prohibited to the extent that, upon such conversion, such holder, its affiliates and other persons whose ownership of common stock would be aggregated with that of such holder for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 4.9 % of the total number of shares of common stock then outstanding. The Company classifies Series A Common Stock Equivalent Convertible Preferred Stock as permanent equity on the balance sheet because it is not redeemable for cash or other assets of the Company and is not considered debt under ASC 480 Distinguishing Liabilities from Equity . There are no features of the Series A Common Stock Equivalent Convertible Preferred Stock that require bifurcation and separate accounting under ASC 815 Derivatives and Hedging . Series A Common Stock Equivalent Convertible Preferred Stock is considered a participating security for purposes of calculating earnings per share under ASC 260 Earnings Per Share because it participates in dividends ratably on an as-converted basis with common stock.

Stock Incentive Plan

Stock Incentive Plan	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	11 . Stock Incentive Plan s 2021 and 2016 Equity Incentive Plans The Company’s Board of Directors and stockholders adopted and approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) in May 2021, which was amended in July 2022. The 2021 Plan replaced the Company’s 2016 Equity Incentive Plan adopted in September 2016 (the “2016 Plan”); however, awards outstanding under the 2016 Plan will continue to be governed by their existing terms. The number of shares of the Company’s common stock that were initially available for issuance under the 2021 Plan equaled the sum of 7,500,000 shares plus 585,720 shares that were then available for issuance under the 2016 Plan. The 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units. As of March 31, 2024, 6,318,044 shares of common stock remained available for future grants under the 2021 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan is increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. In general, to the extent that any awards under the 2021 Plan are forfeited, terminated, expired or lapsed without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to an award. Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2021 Plan (and previously the 2016 Plan) at an exercise price of not less than 100 % of the fair market value of the Company’s common stock on the grant date. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. Common stock reserved for future issuance under equity incentive plans consisted of the following as of March 31, 2024: Stock options and restricted stock units issued and outstanding under all Plans 16,780,427 Authorized for future grants under the 2021 Plan 6,318,044 Authorized for future purchases under the ESPP 1,278,910 Total as of March 31, 2024 24,377,381 The table above does not include 18,129 shares of common stock for early exercised stock options that remain subject to the Company’s repurchase right. Stock Option Activity The following table summarizes stock option activity during the three months ended March 31, 2024: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2023 11,751,749 $ 4.18 Exercisable at December 31, 2023 6,045,163 4.55 Canceled or forfeited ( 641,110 ) 4.01 Outstanding at March 31, 2024 11,110,639 $ 4.20 7.7 $ 127 Exercisable at March 31, 2024 6,453,705 $ 4.49 7.1 $ 62 Options outstanding as of March 31, 2024 consist of stock options vested and expected to vest, assuming no forfeitures. Aggregate intrinsic value as of March 31, 2024 in the table above is the total in-the-money value of the options, which is the aggregate of the difference of each option with an exercise price lower than the Company’s last closing stock price per share of $ 0.51 as of March 31, 2024. The 2016 Plan allows for the early exercise of awards by plan participants, subject to the Company’s right of repurchase at the lower of the original exercise price or fair market value for unvested awards. At March 31, 2024 and December 31, 2023, the Company had a liability for the cash received from the early exercise of stock options in the amount of $ 0.1 million . The Company reduces the liability as the underlying stock options vest in accordance with the vesting terms of the awards or when the Company repurchases unvested awards. As of March 31, 2024 and December 31, 2023, there were 18,129 and 34,384 , respectively, of early exercised stock options that remain subject to the Company’s repurchase right. Restricted Stock Unit Activity Restricted stock units (“RSUs”) represent the right to receive common stock, subject to vesting for continued service to the Company. The following table summarizes RSU activity during the three months ended March 31, 2024: Number of Units Weighted-Average Outstanding at December 31, 2023 4,077,449 $ 1.02 Granted 2,253,750 0.54 Vested ( 227,950 ) 1.18 Canceled ( 433,461 ) 0.87 Outstanding at March 31, 2024 5,669,788 $ 0.83 Employee Stock Purchase Plan In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 730,000 shares of common stock were initially reserved for issuance under the ESPP. As of March 31, 2024, 1,278,910 shares of common stock remained available for future issuance under the ESPP. The price at which common stock is purchased by employees under the ESPP is equal to 85 % of the fair market value of the Company's common stock on the first day of the offering period or purchase date, whichever is lower. The number of shares of common stock reserved for issuance under the ESPP is increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2041, by a number equal to the lesser of: (a) 1,460,000 shares of common stock (subject to proportionate adjustment in the event of a stock split, stock dividend, reverse stock split, etc.), (b) 1% of the total number of shares of common stock outstanding as of the last day of the prior fiscal year, or (c) a number of shares of common stock determined by the Company’s Board of Directors. During the three months ended March 31, 2024 and 2023, no shares of common stock were issued under the ESPP. Stock-based Compensation Summary The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 918 $ 923 Selling, general and administrative 1,978 2,158 Total stock-based compensation expense $ 2,896 $ 3,081 As of March 31, 2024, total unrecognized stock-based compensation expense was $ 16.7 million and is expected to be recognized over a weighted-average period of approximately 2.2 years. The following table shows the weighted-average assumptions used to calculate the fair value of the stock option awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2024 2023 Expected volatility - 78.48 % Expected term (years) - 5.4 - 6.1 Expected dividend yield - 0.00 % Risk-free interest rate - 3.65 % The fair value of RSUs is determined as the closing market price of our common stock on the grant date. The fair value of RSUs is recognized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period of the award. There were no option award grants during the three months ended March 31, 2024 .

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Income Statement [Abstract]
Net Loss Per Share	12. Net Loss per Share The Company’s preferred stock was considered a participating security for purposes of calculating earnings per share because it had a right to participate in dividends with common stock. However, because the Company’s preferred stock does not have a contractual obligation to share in the losses of the Company on a basis that is objectively determinable, it was excluded from the calculation of basic net loss per share. The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented because their inclusion would have been anti-dilutive: March 31, 2024 2023 Employee stock options and RSUs issued and outstanding 16,780,427 13,178,609 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 2,500,000 Common stock subject to the Company’s repurchase right 18,129 392,966 Total 19,298,556 16,071,575

Workforce Reduction

Workforce Reduction	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Workforce Reduction	13. Workforce Reduction On March 14, 2024, the officers of the Company approved a plan for a workforce reduction of approximately 20 % of headcount in order to focus the Company’s resources more heavily on its spatial sequencing roadmap. During the three months ended March 31, 2024, expenses for these activitie s were $ 1.5 million, with $ 0.3 million included in research and development expense and $ 1.2 million included in selling, general and administrative expense. Total expense comprised $ 1.2 million for one-time termination benefits to the affected employees, including cash severance and healthcare benefits, and $ 0.3 million f or the acceleration of stock-based compensation to affected employees. As of March 31, 2024, the Company had paid approximately $ 0.9 million f or cash severance; the remaining $ 0.3 million for cash severance and healthcare benefits is included in accrued payroll and related expenses and is expected to be paid in the second quarter of 2024. Further, the Company expects to incur and pay an additional $ 0.2 million in the second quarter of 2024 related to its March 2024 workforce reduction.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Liquidity and Capital Resources	Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2024 and December 31, 2023, had an accumulated deficit of $ 362.6 million and $ 337.6 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2024, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2024, the Company had cash, cash equivalents and short-term investments of $ 150.7 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2024 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited financial statements .
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2023, significant estimates and assumptions include the value of lease liabilities and right-of-use lease assets. There were no changes to the Company's significant estimates and assumptions subsequent to December 31, 2023 .
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2024 2023 Cash and cash equivalents $ 24,109 $ 16,233 Restricted cash 600 600 Total $ 24,709 $ 16,833
Short-term Investments	Short-term Investments Short-term investments primarily consisted of treasury securities, corporate debt securities and asset-backed securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Amortized Gross Estimated U.S. treasury securities $ 125,507 $ ( 51 ) $ 125,456 Corporate debt securities 1,173 - 1,173 Total $ 126,680 $ ( 51 ) $ 126,629 December 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 149,129 $ 158 $ 149,287 Corporate debt securities 8,255 ( 3 ) 8,252 Asset-backed securities $ 169 $ - $ 169 Total $ 157,553 $ 155 $ 157,708 The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, 2024 2023 Due within one year $ 126,629 $ 157,540 Due after one but within five years - 168 Total $ 126,629 $ 157,708 As of March 31, 2024, the Company considered the nature and number of available-for-sale debt securities in an unrealized loss position. The Company reviews its portfolio of available-for-sale debt securities at least quarterly to determine if any investment is impaired, whether due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at March 31, 2024 were primarily due to increases in market interest rates. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more-likely-than-not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at March 31, 2024 .
Revenue Recognition	Revenue Recognition The Company generates revenue from sales of its products, which currently consist of the G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period. Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company regularly enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and with consideration of current market conditions, which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied, as discussed above. The Company has entered into instrument arrangements with certain customers, under which the Company provides the G4 instrument at no cost to the customer, other than shipping, and the customer pays for consumables at list price, or at list price plus a mark-up, as consumables are ordered, shipped and invoiced. Revenue is recognized as consumables are shipped to the customer and disclosed within consumables revenue below. The G4 instrument provided to the customer is recorded on the balance sheet as property and equipment and disclosed as instruments at customer sites under Note 6 to these financial statements. Depreciation expense for these instruments is included in cost of revenue. Revenue associated with any lease elements of these arrangements was not material during the three months ended March 31, 2024 and 2023. During the three months ended March 31, 2024 , the Company recognized $ 0.2 million of revenue for G4 instruments and $ 0.2 million of revenue for G4 consumables and services. Contract liabilities, which consists of deferred revenue, as of March 31, 2024 and December 31, 2023 were $ 0.2 million and $ 0.3 million, respectively. As of March 31, 2024, $ 0.2 million of this balance was classified as current. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned. For the three months ended March 31, 2024, all of the Company’s revenue was generated within the United States. During the period, the Company generated approximately 59 % of revenue from its top three customers.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of short-term investments in a variety of interest-bearing instruments, which have included U.S. government and agency securities, high-grade U.S. corporate bonds and asset-backed securities. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or marketable securities.
Long-lived Asset Impairment	Long-lived Asset Impairment Long-lived assets consist primarily of right-of-use lease assets and property and equipment. During the year ended December 31, 2023 , the Company identified an indicator of impairment of its long-lived assets due to a sustained decline in the trading price of the Company’s common stock over the preceding year, resulting in the Company’s market capitalization being below its net asset value. Although the Company is confident in the utility of its long-lived assets, and there have been no changes in their intended use, the implied cash flows based on the market capitalization of the Company indicated its long-lived assets may not be recoverable. In determining the fair value of its long-lived assets, the Company used a combination of discounted cash flows and observable market data. As a result of its fair value analysis, the Company recorded a $ 1.9 million impairment charge on its property and equipment as selling, general and administrative expense in the statement of operations during the year ended December 31, 2023. The above indicator of impairment continued to exist as of March 31, 2024. The Company updated its fair value analysis as of March 31, 2024 and recorded no additional impairment . No impairment loss was recorded during the three months ended March 31, 2024 or March 31, 2023 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Other amendments to GAAP that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption .

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported the Balance Sheet	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2024 2023 Cash and cash equivalents $ 24,109 $ 16,233 Restricted cash 600 600 Total $ 24,709 $ 16,833
Schedule of Short-Term Investments Held	The following tables summarize the short-term investments held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Amortized Gross Estimated U.S. treasury securities $ 125,507 $ ( 51 ) $ 125,456 Corporate debt securities 1,173 - 1,173 Total $ 126,680 $ ( 51 ) $ 126,629 December 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 149,129 $ 158 $ 149,287 Corporate debt securities 8,255 ( 3 ) 8,252 Asset-backed securities $ 169 $ - $ 169 Total $ 157,553 $ 155 $ 157,708
Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held	The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held by the Company at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, 2024 2023 Due within one year $ 126,629 $ 157,540 Due after one but within five years - 168 Total $ 126,629 $ 157,708

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 18,215 $ - $ - $ 18,215 Money market funds 5,894 - - 5,894 Total cash and cash equivalents 24,109 - - 24,109 Short-term investments: U.S. Treasury securities 125,456 - - 125,456 Corporate debt securities - 1,173 - 1,173 Total short-term investments 125,456 1,173 - 126,629 Total cash and cash equivalents and short-term investments $ 149,565 $ 1,173 $ - $ 150,738 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 16,184 $ - $ - $ 16,184 Money market funds 49 - - 49 Total cash and cash equivalents 16,233 - - 16,233 Short-term investments: U.S. Treasury securities 149,286 - - 149,286 Corporate debt securities - 8,253 - 8,253 Asset-backed securities - 169 - 169 Total short-term investments 149,286 8,422 - 157,708 Total cash and cash equivalents and short-term investments $ 165,519 $ 8,422 $ - $ 173,941

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): March 31, December 31, 2024 2023 Raw materials $ 10,596 $ 11,627 Work in process 2,046 1,276 Finished goods 439 669 Total inventory $ 13,081 $ 13,572

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2024 2023 Prepaid expenses $ 1,116 $ 1,672 Interest receivable 1,039 1,019 Current deposits and other current assets 364 1,459 Total prepaid expenses and other current assets $ 2,519 $ 4,150

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2024 2023 Equipment 5 years $ 12,837 $ 12,837 Computers and software 3 years 3,445 3,445 Leasehold improvements 14 years or less 2,244 2,244 Furniture and fixtures 5 years or less 660 660 Instruments at customer sites 5 years 3,707 2,527 Total property and equipment, gross 22,893 21,713 Less: accumulated depreciation ( 9,039 ) ( 8,021 ) Total property and equipment, net $ 13,854 $ 13,692

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses Consisted	Accrued expenses consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued compensation and other employee benefits $ 1,982 $ 5,229 Accrued research and development expenses 278 264 Accrued professional services 361 178 Accrued other expenses 644 408 Total accrued expenses $ 3,265 $ 6,079

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt and Unamortized Debt Discount Balances	The SVB Loan and unamortized discount balances as of March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, 2024 2023 Total debt $ 10,500 $ 10,500 Less: issuance costs ( 248 ) ( 287 ) Total debt, net of issuance costs $ 10,252 $ 10,213 Less: current portion of long-term debt 2,625 1,312 Total long-term debt $ 7,627 $ 8,901
Summary of Future Minimum Principal Payments on Long-term Debt	Future minimum payments of outstanding principal and interest at the rate in effect as of March 31, 2024 under the SVB Loan are as follows (in thousands): As of March 31, 2024 2024 (9 months remaining) $ 2,122 2025 5,886 2026 4,510 Total future minimum payments 12,518 Less: interest, Final Payment fee ( 2,018 ) Total debt 10,500 Less: issuance costs ( 248 ) Total debt, net of issuance costs $ 10,252

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases	As of March 31, 2024, future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands): 2024 (9 months remaining) $ 6,097 2025 5,716 2026 8,607 2027 8,580 2028 8,837 Thereafter 79,058 Future non-cancelable minimum lease payments 116,895 Less: present value discount ( 50,981 ) Total lease liabilities 65,914 Less: current portion 7,822 Lease liabilities, noncurrent $ 58,092

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity during the three months ended March 31, 2024: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2023 11,751,749 $ 4.18 Exercisable at December 31, 2023 6,045,163 4.55 Canceled or forfeited ( 641,110 ) 4.01 Outstanding at March 31, 2024 11,110,639 $ 4.20 7.7 $ 127 Exercisable at March 31, 2024 6,453,705 $ 4.49 7.1 $ 62
Summary of Equity Based Compensation Expense	The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 918 $ 923 Selling, general and administrative 1,978 2,158 Total stock-based compensation expense $ 2,896 $ 3,081
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table shows the weighted-average assumptions used to calculate the fair value of the stock option awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2024 2023 Expected volatility - 78.48 % Expected term (years) - 5.4 - 6.1 Expected dividend yield - 0.00 % Risk-free interest rate - 3.65 % The fair value of RSUs is determined as the closing market price of our common stock on the grant date. The fair value of RSUs is recognized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period of the award. There were no option award grants during the three months ended March 31, 2024 .
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance under equity incentive plans consisted of the following as of March 31, 2024: Stock options and restricted stock units issued and outstanding under all Plans 16,780,427 Authorized for future grants under the 2021 Plan 6,318,044 Authorized for future purchases under the ESPP 1,278,910 Total as of March 31, 2024 24,377,381
Schedule of Restricted Stock Unit Activity	The following table summarizes RSU activity during the three months ended March 31, 2024: Number of Units Weighted-Average Outstanding at December 31, 2023 4,077,449 $ 1.02 Granted 2,253,750 0.54 Vested ( 227,950 ) 1.18 Canceled ( 433,461 ) 0.87 Outstanding at March 31, 2024 5,669,788 $ 0.83

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Income Statement [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented because their inclusion would have been anti-dilutive: March 31, 2024 2023 Employee stock options and RSUs issued and outstanding 16,780,427 13,178,609 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 2,500,000 Common stock subject to the Company’s repurchase right 18,129 392,966 Total 19,298,556 16,071,575

Business - Additional Informati

Business - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Accumulated deficit	$ (362,619)	$ (337,595)
Cash Cash Equivalents And Short Term Investments	$ 150,700
Period of operations sufficient to fund	12 months

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Deferred revenue current	$ 200
Revenues, Total	442	$ 863
Deferred revenue	200		$ 300
Long-lived asset impairment	0	$ 0	$ 1,900
Consumables And Service [Member]
Revenue Recognized	200
Consumables Products [Member]
Revenue Recognized	$ 200
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Number Of Customers | Segment	3
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Revenue from major customers percentage	59%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,109	$ 16,233
Restricted cash	600	600
Total	$ 24,709	$ 16,833	$ 130,994	$ 75,977

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost	$ 126,680	$ 157,553
Gross Unrealized Gains (Losses)	(51)	155
Estimated Fair Value	126,629	157,708
U.S. treasury securities
Amortized Cost	125,507	149,129
Gross Unrealized Gains (Losses)	(51)	158
Estimated Fair Value	125,456	149,287
Asset-Backed Securities
Amortized Cost		169
Gross Unrealized Gains (Losses)		0
Estimated Fair Value		169
Corporate Debt Securities
Amortized Cost	1,173	8,255
Gross Unrealized Gains (Losses)	0	(3)
Estimated Fair Value	$ 1,173	$ 8,252

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 126,629	$ 157,540
Estimated Fair Value, Due after one but within five years	0	168
Total	$ 126,629	$ 157,708

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 150,738	$ 173,941
Cash
Assets:
Total assets	18,215	16,184
Money market funds
Assets:
Total assets	5,894	49
Cash and Cash Equivalents
Assets:
Total assets	24,109	16,233
U.S. treasury securities
Assets:
Total assets	125,456	149,286
Asset-Backed Securities
Assets:
Total assets		169
Corporate Debt Securities
Assets:
Total assets	1,173	8,253
Total short-term investments
Assets:
Total assets	126,629	157,708
Level 1
Assets:
Total assets	149,565	165,519
Level 1 | Cash
Assets:
Total assets	18,215	16,184
Level 1 | Money market funds
Assets:
Total assets	5,894	49
Level 1 | Cash and Cash Equivalents
Assets:
Total assets	24,109	16,233
Level 1 | U.S. treasury securities
Assets:
Total assets	125,456	149,286
Level 1 | Total short-term investments
Assets:
Total assets	125,456	149,286
Level 2
Assets:
Total assets	1,173	8,422
Level 2 | Asset-Backed Securities
Assets:
Total assets		169
Level 2 | Corporate Debt Securities
Assets:
Total assets	1,173	8,253
Level 2 | Total short-term investments
Assets:
Total assets	$ 1,173	$ 8,422

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Shares sold and issued, aggregate principal amount	$ 10,500	$ 10,500

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 10,596	$ 11,627
Work in process	2,046	1,276
Finished Goods	439	669
Total inventory	$ 13,081	$ 13,572

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,116	$ 1,672
Interest receivable	1,039	1,019
Current deposits and other current assets	364	1,459
Total prepaid expenses and other current assets	$ 2,519	$ 4,150

Property and Equipment, Net (Ad

Property and Equipment, Net (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Impairment, Long-Lived Asset, Held-for-Use, Total	$ 0	$ 0	$ 1.9

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment	$ 22,893	$ 21,713
Less: Accumulated depreciation	(9,039)	(8,021)
Total property and equipment, net	$ 13,854	13,692
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 12,837	12,837
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 3,445	3,445
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Usefil Life	14 years or less
Property and equipment	$ 2,244	2,244
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Usefil Life	5 years or less
Property and equipment	$ 660	660
Instruments at customer site [Member]
Property Plant And Equipment [Line Items]
Usefil Life	5 years
Property and equipment	$ 3,707	$ 2,527

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and other employee benefits	$ 1,982	$ 5,229
Accrued research and development expenses	278	264
Accrued professional services	361	178
Accrued other expenses	644	408
Total accrued expenses	$ 3,265	$ 6,079

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Sep. 30, 2022	Nov. 30, 2019	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Total debt, net of issuance costs			$ 10,252	$ 10,213
Loan, maturity date			Sep. 01, 2026
Percentage of variable annual interest rate			0.75%
Interest rate during the period			4%
Interest rate due on maturity date			4%
Debt issuance costs, net			$ 248	400
Debt instrument face amount			$ 10,500	$ 10,500
Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 35,500
Loan and Security Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000			10,000
Line of credit facility, current borrowing capacity		$ 2,500
Loan and Security Agreement | Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Total debt, net of issuance costs						$ 7,500
2019 SVB Loan
Debt Instrument [Line Items]
Loan, maturity date		Sep. 01, 2023
Percentage of variable annual interest rate		0.65%
Interest rate during the period		5.90%
Interest rate due on maturity date			5.50%
2021 SVB Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000		$ 25,000
Line of credit facility, current borrowing capacity			$ 2,600
Loan, maturity date	Mar. 31, 2024
Debt instrument, interest per annum			9.25%
First Tranche
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity					10,500
Second Tranche
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 15,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total debt	$ 10,500	$ 10,500
Less: issuance costs	(248)	(287)
Total debt, net of issuance costs	10,252	10,213
Less: current portion of long-term debt	2,625	1,312
Total long-term debt	$ 7,627	$ 8,901

Long-Term Debt - Schedule of Fu

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (9 months remaining)	$ 2,122
2025	5,886
2026	4,510
Total future minimum payments	12,518
Less: interest, Final Payment Fee	(2,018)
Total debt	10,500	$ 10,500
Less: issuance costs	(248)	(400)
Total debt, net of issuance costs	$ 10,252	$ 10,213

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Jan. 31, 2022	Jun. 30, 2020	Nov. 30, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Commitment And Contingencies [Line Items]
Prepayment for rent	$ 1.1
Accrued Payment related to Milestone				$ 0.5
Lease costs				2.9	$ 3
Variable Lease, Cost				0.8	0.9
Operating lease cost				2.1	2.1
Building 2
Commitment And Contingencies [Line Items]
Reduction of lease liability for lease termination						$ 1.8
Lease Incentive, Payable, Current	1
Security Deposit	$ 1.1
License Agreement [Member]
Commitment And Contingencies [Line Items]
Restricted Cash				0.4
Development And Commercialization Milestones Payments				3.9
Aggregate Amount Paid To The Terms Of The Agreement				0	$ 0.1
3033 Lease Agreement
Commitment And Contingencies [Line Items]
Payments for (Proceeds from) Tenant Allowance			$ 1
Line of Credit Facility, Increase (Decrease), Net, Total			$ 0.2
Restricted Cash				$ 0.2
3010 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Line of Credit Facility, Increase (Decrease), Net, Total		$ 0.4

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (9 months remaining)	$ 6,097
2025	5,716
2026	8,607
2027	8,580
2028	8,837
Thereafter	79,058
Future non-cancelable minimum lease payments	116,895
Less: present value discount	(50,981)
Total lease liabilities	65,914
Less: current portion	7,822
Lease liabilities, noncurrent	$ 58,092	$ 58,623

Preferred Stock - Additional in

Preferred Stock - Additional informations (Details)	1 Months Ended
	Jan. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 0.0001
Percentage of amended shares of common stock	4.90%
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	1,000
Deerfield Holder [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	2,500,000
Deerfield Holder [Member] | Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	2,500
Deerfield Holder [Member] | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details)	Mar. 31, 2024 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	24,377,381

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	24,377,381
Stock incentive plan description	The number of shares of common stock reserved for issuance under the 2021 Plan is increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors.
Liability for cash received from early exercise of stock	$ 0.1
Number of early exercise stock option remain subject to repurchase	18,129		34,384
Common stock, shares issued	74,067,366		73,823,161
Unrecognized stock-based compensation expense	$ 16.7
Cost not yet recognized, period for recognition	2 years 2 months 12 days
Option Award Grants	0
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 0.51
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Number of early exercise stock option remain subject to repurchase	18,129
2021 Plan | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase Price of Common Stock Expressed As A Percentage	100%
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	585,720
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance				730,000
Share-based payment award, number of shares available for grant	6,318,044
Purchase Price of Common Stock Expressed As A Percentage		85%

Stock Incentive Plans - Common

Stock Incentive Plans - Common stock reserved for future issuance (Details)	Mar. 31, 2024 shares
Stock Options Issued and Outstanding [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options and restricted stock units issued and outstanding under all Plans	16,780,427
Authorized For Future Options Grants [Member] | 2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for future grants under the 2021 Plan	6,318,044
Authorized for issuance under the ESPP Plan [Member] | 2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for issuance under the ESPP	1,278,910

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at December 31, 2023 | shares	11,751,749
Number of Options, Exercisable at December 31, 2023 | shares	6,045,163
Canceled | shares	(641,110)
Number of Options, Outstanding at March 31, 2024 | shares	11,110,639
Number of Options Exercisable at March 31, 2024 | shares	6,453,705
Weighted average exercise price (per share), Outstanding at December 31, 2023 | $ / shares	$ 4.18
Weighted average exercise price (per share), Exercisable at December 31, 2023 | $ / shares	4.55
Weighted average exercise price (per share), Cancelled / Forfeited | $ / shares	4.01
Weighted average exercise price (per share), Outstanding at March 31, 2024 | $ / shares	4.2
Weighted average exercise price (per share), Exercisable at March 31, 2024 | $ / shares	$ 4.49
Weighted average remaining contract term (in years), Outstanding	7 years 8 months 12 days
Weighted average remaining contract term (in years), Exercisable	7 years 1 month 6 days
Aggregate intrinsic value Outstanding at March 31, 2024 | $	$ 127
Aggregate intrinsic value Exercisable at March 31, 2024 | $	$ 62

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at December 31, 2023 | shares	11,751,749
Canceled | shares	(641,110)
Number of Options, Outstanding at March 31, 2024 | shares	11,110,639
Weighted average exercise price (per share), Outstanding at December 31, 2023 | $ / shares	$ 4.18
Canceled Weighted-Average Grant Date Fair Value (per Unit) | $ / shares	4.01
Weighted average exercise price (per share), Outstanding at March 31, 2024 | $ / shares	$ 4.2
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at December 31, 2023 | shares	4,077,449
Granted | shares	2,253,750
Vested | shares	227,950
Canceled | shares	(433,461)
Number of Options, Outstanding at March 31, 2024 | shares	5,669,788
Weighted average exercise price (per share), Outstanding at December 31, 2023 | $ / shares	$ 1.02
Vested Weighted-Average Grant Date Fair Value per Share | $ / shares	1.18
Canceled Weighted-Average Grant Date Fair Value (per Unit) | $ / shares	0.87
Weighted average exercise price (per share), Granted | $ / shares	0.54
Weighted average exercise price (per share), Outstanding at March 31, 2024 | $ / shares	$ 0.83

Stock Incentive Plan - Summar_2

Stock Incentive Plan - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,896	$ 3,081
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	918	923
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 1,978	$ 2,158

Stock Incentive Plan - Schedule

Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	0%	78.48%
Expected term (years)	0 years
Expected dividend yield	0%	0%
Risk-free interest rate	0%	3.65%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)		5 years 4 months 24 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)		6 years 1 month 6 days

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	19,298,556	16,071,575
Employee stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	16,780,427	13,178,609
Series A Common Stock Equivalent Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	2,500,000	2,500,000
Common stock subject to the Company's repurchase right
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	18,129	392,966

Workforce Reduction (Additional

Workforce Reduction (Additional Information) (Details) - Employee Severance [Member] - USD ($) $ in Millions		3 Months Ended
	Mar. 14, 2024	Jun. 30, 2024	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Workforce reduction	20%
Restructuring Cost	$ 1.5
Severance Costs	1.2
Acceleration of stock-based compensation	0.3
Cash [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			$ 0.9
Subsequent Event [Member]
Restructuring Cost and Reserve [Line Items]
Additional workforce reduction cost for future period		$ 0.2
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Cost	0.3
General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Cost	$ 1.2
Payroll And Related Expenses [Member] | Subsequent Event [Member] | Cash [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		$ 0.3