| Delaware (State or other jurisdiction of incorporation or organization) | | | 3829 (Primary Standard Industrial Classification Code Number) | | | 45-4524096 (I.R.S. Employer Identification Number) | |
| Mark J. Macenka Michael J. Minahan Goodwin Procter LLP 100 Northern Ave. Boston, MA 02210 (617) 570-1000 | | | Eric Blanchard Darren DeStefano Brent Siler Cooley LLP 55 Hudson Yards New York, NY 10001 (212) 479-6000 | |
| Large Accelerated Filer ☐ | | | Accelerated Filer ☐ | |
| Non-Accelerated Filer ☒ | | | Smaller Reporting Company ☒ | |
Emerging Growth Company ☒ | |
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Title of each Class of Securities to be Registered | | | | Shares to be Registered | | | | Proposed Maximum Aggregate Offering Price Per Share(1) | | | | Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee(2) | | | | | Maximum Aggregate Offering Price(2) | | | | Amount of Registration Fee | | ||||||||||||||||||
Common Stock, par value $0.001 per share | | | | | | 7,187,500 | | | | | | $ | 17.00 | | | | | | $ | 122,187,500 | | | | | | $ | 13,331 | | | | | | | $ | 119,985,250 | | | | | | $ | 11,123 | | |
| | | Per Share | | | Total | | ||||||
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Underwriting | | | | $ | | | | | $ | | | ||
Proceeds, before expenses | | | | $ | | | | | $ | | |
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| | Year Ended December 31, | | Nine Months Ended September 30, | | | Year Ended December 31, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||||||||||
| | (in thousands, except per share data) | | | (in thousands except share and per share amounts) | | ||||||||||||||||||||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Product and service revenue | | | $ | 13,738 | | | | $ | 15,344 | | | | $ | 8,292 | | | | $ | 18,844 | | | | | $ | 15,344 | | | | $ | 24,756 | | | | $ | 18,844 | | | | $ | 25,557 | | | ||||||||
License and contract revenue | | | | 8,316 | | | | | 2,628 | | | | | 1,332 | | | | | 2,333 | | | | | | 2,628 | | | | | 2,138 | | | | | 2,333 | | | | | 808 | | | ||||||||
Total revenue | | | | 22,054 | | | | | 17,972 | | | | | 9,624 | | | | | 21,177 | | | | | | 17,972 | | | | | 26,894 | | | | | 21,177 | | | | | 26,365 | | | ||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Product and service cost of revenue | | | | 9,002 | | | | | 9,098 | | | | | 5,397 | | | | | 8,121 | | | | | | 9,098 | | | | | 11,114 | | | | | 8,121 | | | | | 12,062 | | | ||||||||
License and contract cost of revenue | | | | 659 | | | | | 731 | | | | | 418 | | | | | 712 | | | | | | 731 | | | | | 857 | | | | | 712 | | | | | 204 | | | ||||||||
Total cost of revenue | | | | 9,661 | | | | | 9,829 | | | | | 5,815 | | | | | 8,833 | | | | | | 9,829 | | | | | 11,971 | | | | | 8,833 | | | | | 12,266 | | | ||||||||
Gross profit | | | | 12,393 | | | | | 8,143 | | | | | 3,809 | | | | | 12,344 | | | | | | 8,143 | | | | | 14,923 | | | | | 12,344 | | | | | 14,099 | | | ||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | | 9,528 | | | | | 8,993 | | | | | 7,020 | | | | | 5,953 | | | | | | 8,993 | | | | | 8,235 | | | | | 5,953 | | | | | 9,322 | | | ||||||||
Selling, general and administrative | | | | 9,304 | | | | | 11,294 | | | | | 8,624 | | | | | 8,320 | | | | | | 11,294 | | | | | 12,503 | | | | | 8,320 | | | | | 23,318 | | | ||||||||
Total operating expenses | | | | 18,832 | | | | | 20,287 | | | | | 15,644 | | | | | 14,273 | | | | | | 20,287 | | | | | 20,738 | | | | | 14,273 | | | | | 32,640 | | | ||||||||
Loss from operations | | | | (6,439) | | | | | (12,144) | | | | | (11,835) | | | | | (1,929) | | | | | | (12,144) | | | | | (5,815) | | | | | (1,929) | | | | | (18,541) | | | ||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Interest expense | | | | (1,147) | | | | | (1,530) | | | | | (1,276) | | | | | (732) | | | | | | (1,530) | | | | | (976) | | | | | (732) | | | | | (446) | | | ||||||||
Other income (expense), net | | | | 50 | | | | | 301 | | | | | 227 | | | | | 68 | | | | | | 301 | | | | | (6,028) | | | | | 68 | | | | | 283 | | | ||||||||
Total other expense, net | | | | (1,097) | | | | | (1,229) | | | | | (1,049) | | | | | (664) | | | | | | (1,229) | | | | | (7,004) | | | | | (664) | | | | | (163) | | | ||||||||
Net loss and comprehensive loss | | | | (7,536) | | | | | (13,373) | | | | | (12,884) | | | | | (2,593) | | | |||||||||||||||||||||||||||||
Net loss | | | | (13,373) | | | | | (12,819) | | | | | (2,593) | | | | | (18,704) | | | |||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | | | | (76) | | | | | (109) | | | | | (79) | | | | | (74) | | | | | | (109) | | | | | (90) | | | | | (74) | | | | | — | | | ||||||||
Net loss attributable to common stockholders | | | $ | (7,612) | | | | $ | (13,482) | | | | $ | (12,963) | | | | $ | (2,667) | | | | | $ | (13,482) | | | | $ | (12,909) | | | | $ | (2,667) | | | | $ | (18,704) | | | ||||||||
Net loss per share attributable to common stockholders, basic and diluted(1) | | | $ | (1.55) | | | | $ | (2.70) | | | | $ | (2.60) | | | | $ | (0.53) | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic and diluted(1) | | | | 4,907 | | | | | 4,990 | | | | | 4,990 | | | | | 4,996 | | | |||||||||||||||||||||||||||||
Pro forma net loss per share attributable to common stockholders, basic and diluted (unaudited)(1) | | | | | | | | $ | (0.71) | | | | | | | | | $ | (0.13) | | | |||||||||||||||||||||||||||||
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(1) | | | | | | | | | 18,983 | | | | | | | | | | 19,688 | | | |||||||||||||||||||||||||||||
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Net loss per share attributable to common stockholders, basic and diluted | | | $ | (2.70) | | | | $ | (2.35) | | | | $ | (0.53) | | | | $ | (0.68) | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic and diluted | | | | 4,990,416 | | | | | 5,485,032 | | | | | 4,995,878 | | | | | 27,446,149 | | |
| | | As of September 30, 2021 | | |||||||||
| | | Actual | | | As Adjusted(2)(3) | | ||||||
| | | (in thousands) | | |||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 138,815 | | | | | $ | 236,450 | | |
Working capital(1) | | | | | 144,423 | | | | | | 242,058 | | |
Total assets | | | | | 166,303 | | | | | | 263,938 | | |
Long-term debt, net of discount, including current portion | | | | | 15,000 | | | | | | 15,000 | | |
Deferred revenue, including current portion | | | | | 15,253 | | | | | | 15,253 | | |
Total stockholders’ equity | | | | | 122,776 | | | | | | 220,411 | | |
| | | As of September 30, 2020 | | |||||||||||||||
| | | Actual | | | Pro Forma(2) | | | Pro Forma As Adjusted(3) | | |||||||||
| | | (in thousands) | | |||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 19,712 | | | | | $ | 19,712 | | | | | $ | 110,012 | | |
Working capital(1) | | | | | 22,071 | | | | | | 22,071 | | | | | | 113,239 | | |
Total assets | | | | | 43,404 | | | | | | 43,404 | | | | | | 132,836 | | |
Long-term debt, net of discount, including current portion | | | | | 14,817 | | | | | | 14,817 | | | | | | 14,817 | | |
Deferred revenue, including current portion | | | | | 9,256 | | | | | | 9,256 | | | | | | 9,256 | | |
Commercial services agreement liability – related party | | | | | 375 | | | | | | 375 | | | | | | 375 | | |
Preferred stock warrant liability | | | | | 754 | | | | | | — | | | | | | — | | |
Redeemable convertible preferred stock | | | | | 71,091 | | | | | | — | | | | | | — | | |
Total stockholders’ equity (deficit) | | | | | (65,608) | | | | | | 6,237 | | | | | | 96,537 | | |
| | | As of September 30, 2020 | | |||||||||||||||
| | | Actual | | | Pro Forma | | | Pro Forma As Adjusted | | |||||||||
| | | (in thousands, except share and per share data) | | |||||||||||||||
Cash | | | | $ | 19,712 | | | | | $ | 19,712 | | | | | $ | 110,012 | | |
Long-term debt, net of discount, including current portion | | | | $ | 14,817 | | | | | $ | 14,817 | | | | | $ | 14,817 | | |
Commercial services agreement liability | | | | | 375 | | | | | | 375 | | | | | | 375 | | |
Preferred stock warrant liability – related party | | | | | 754 | | | | | | — | | | | | | — | | |
Redeemable convertible preferred stock, $0.001 par value; 24,156,877 shares authorized, 23,905,267 shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted | | | | | 71,091 | | | | | | — | | | | | | — | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | |
Preferred stock, $0.001 par value; no shares authorized, issued or outstanding, actual; 5,000,000 shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted | | | | | — | | | | | | — | | | | | | — | | |
Common stock, $0.001 par value; 36,976,630 shares authorized, 5,001,312 shares issued and outstanding at September 30, 2020, actual; 100,000,000 shares authorized, 19,693,241 shares issued and outstanding, pro forma; 100,000,000 shares authorized, 25,943,241 shares issued and outstanding, pro forma as adjusted | | | | | 5 | | | | | | 20 | | | | | | 26 | | |
Additional paid-in capital | | | | | 2,629 | | | | | | 74,459 | | | | | | 164,753 | | |
Accumulated deficit | | | | | (68,242) | | | | | | (68,242) | | | | | | (68,242) | | |
Total stockholders’ equity (deficit) | | | | | (65,608) | | | | | | 6,237 | | | | | | 96,537 | | |
Total capitalization | | | | $ | 21,429 | | ��� | | | $ | 21,429 | | | | | $ | 111,729 | | |
| | | As of September 30, 2021 | | |||||||||
| | | Actual | | | As Adjusted | | ||||||
| | | (in thousands, except share and per share data) | | |||||||||
Cash and cash equivalents | | | | $ | 138,815 | | | | | $ | 236,450 | | |
Long-term debt, net of discount, including current portion | | | | $ | 15,000 | | | | | $ | 15,000 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued or outstanding, actual and as adjusted | | | | | | | | | | | | | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,865,070 shares issued and outstanding at September 30, 2021, actual; 100,000,000 shares authorized, 30,615,070 shares issued and outstanding, as adjusted | | | | | 28 | | | | | | 31 | | |
Additional paid-in capital | | | | | 219,920 | | | | | | 317,552 | | |
Accumulated deficit | | | | | (97,172) | | | | | | (97,172) | | |
Total stockholders’ equity | | | | | 122,776 | | | | | | 220,411 | | |
Total capitalization | | | | $ | 137,776 | | | | | $ | 235,411 | | |
| Assumed initial public offering price per share | | | | | | | | $ | 16.00 | | | Assumed public offering price per share | | | | | | | | $ | 37.94 | | | ||||
| Historical net tangible book value (deficit) per share as of September 30, 2020 | | | $ | (13.29) | | | | | | | | Historical net tangible book value per share as of September 30, 2021 | | | $ | 4.41 | | | | | | | | ||||
| Increase per share attributable to the pro forma adjustments described above | | | | 13.56 | | | | | | | | Increase in as adjusted net tangible book value per share attributable to new investors purchasing common stock in this offering | | | | 2.79 | | | | | | | | ||||
| Pro forma net tangible book value per share as of September 30, 2020 | | | | 0.27 | | | | | | | | As adjusted net tangible book value per share after this offering | | | | | | | | | 7.20 | | | ||||
| Increase in pro forma as adjusted net tangible book value per share attributable to new investors purchasing common stock in this offering | | | | 3.45 | | | | | | | | Dilution per share to new investors purchasing common stock in this offering | | | | | | | | $ | 30.74 | | | ||||
| Pro forma as adjusted net tangible book value per share after this offering | | | | | | | | | 3.72 | | | ||||||||||||||||
| Dilution per share to new investors purchasing common stock in this offering | | | | | | | | $ | 12.28 | | |
| | | Shares Purchased | | | Total Consideration | | | Average Price Per Share | | |||||||||||||||||||||
| | | Number | | | Percent | | | Amount | | | Percentage | | ||||||||||||||||||
Existing stockholders | | | | | 19,693,241 | | | | | | 75.9% | | | | | $ | 70,974,639 | | | | | | 41.5% | | | | | $ | 3.60 | | |
Investors participating in this offering | | | | | 6,250,000 | | | | | | 24.1 | ��� | | | | | 100,000,000 | | | | | | 58.5 | | | | | $ | 16.00 | | |
Total | | | | | 25,943,241 | | | | | | 100.0% | | | | | | 170,974,639 | | | | | | 100.0% | | | | | | | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | (in thousands, except per share data) | | |||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
License and contract revenue | | | | | 8,316 | | | | | | 2,628 | | | | | | 1,332 | | | | | | 2,333 | | |
Total revenue | | | | | 22,054 | | | | | | 17,972 | | | | | | 9,624 | | | | | | 21,177 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 9,002 | | | | | | 9,098 | | | | | | 5,397 | | | | | | 8,121 | | |
License and contract cost of revenue | | | | | 659 | | | | | | 731 | | | | | | 418 | | | | | | 712 | | |
Total cost of revenue | | | | | 9,661 | | | | | | 9,829 | | | | | | 5,815 | | | | | | 8,833 | | |
Gross profit | | | | | 12,393 | | | | | | 8,143 | | | | | | 3,809 | | | | | | 12,344 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 9,528 | | | | | | 8,993 | | | | | | 7,020 | | | | | | 5,953 | | |
Selling, general and administrative | | | | | 9,304 | | | | | | 11,294 | | | | | | 8,624 | | | | | | 8,320 | | |
Total operating expenses | | | | | 18,832 | | | | | | 20,287 | | | | | | 15,644 | | | | | | 14,273 | | |
Loss from operations | | | | | (6,439) | | | | | | (12,144) | | | | | | (11,835) | | | | | | (1,929) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,147) | | | | | | (1,530) | | | | | | (1,276) | | | | | | (732) | | |
Other income (expense), net | | | | | 50 | | | | | | 301 | | | | | | 227 | | | | | | 68 | | |
Total other expense, net | | | | | (1,097) | | | | | | (1,229) | | | | | | (1,049) | | | | | | (664) | | |
Net loss and comprehensive loss | | | | | (7,536) | | | | | | (13,373) | | | | | | (12,884) | | | | | | (2,593) | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | (76) | | | | | | (109) | | | | | | (79) | | | | | | (74) | | |
Net loss attributable to common stockholders(1) | | | | $ | (7,612) | | | | | $ | (13,482) | | | | | $ | (12,963) | | | | | $ | (2,667) | | |
Net loss per share attributable to common stockholders, basic and diluted(1) | | | | $ | (1.55) | | | | | $ | (2.70) | | | | | $ | (2.60) | | | | | $ | (0.53) | | |
Weighted average common shares outstanding, basic and diluted(1) | | | | | 4,907 | | | | | | 4,990 | | | | | | 4,990 | | | | | | 4,996 | | |
Pro forma net loss per share attributable to common stockholders, basic and diluted (unaudited)(1) | | | | | | | | | | $ | (0.71) | | | | | | | | | | | $ | (0.13) | | |
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(1) | | | | | | | | | | | 18,983 | | | | | | | | | | | | 19,688 | | |
|
| | | As of December 31, | | | As of September 30, 2020 | | | ||||||||||||||
| | | 2018 | | | 2019 | | | ||||||||||||||
| | | (in thousands) | | | | | |||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | ||
Cash and cash equivalents | | | | $ | 7,072 | | | | | $ | 17,913 | | | | | $ | 19,712 | | | | ||
Working capital(1) | | | | | 12,444 | | | | | | 22,526 | | | | | | 22,071 | | | | ||
Total assets | | | | | 27,748 | | | | | | 37,662 | | | | | | 43,404 | | | | ||
Deferred revenue, including current portion | | | | | 1,313 | | | | | | 2,061 | | | | | | 9,256 | | | | ||
Long-term debt, net of discount, including current portion | | | | | 9,650 | | | | | | 14,769 | | | | | | 14,817 | | | | ||
Commercial services agreement liability – related party | | | | | 750 | | | | | | 750 | | | | | | 375 | | | | ||
Preferred stock warrant liability | | | | | 1,341 | | | | | | 728 | | | | | | 754 | | | | ||
Redeemable convertible preferred stock | | | | | 53,089 | | | | | | 71,017 | | | | | | 71,091 | | | | ||
Total stockholders’ deficit | | | | | (50,176) | | | | | | (63,168) | | | | | | (65,608) | | | |
| | Year Ended December 31, | | Nine Months Ended September 30, | | | Year Ended December 31, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||||||||||
Product Placements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
MX908 | | | | 187 | | | | | 192 | | | | | 100 | | | | | 280 | | | | | | 192 | | | | | 331 | | | | | 280 | | | | | 301 | | | ||||||||
Rebel | | | | — | | | | | 13 | | | | | — | | | | | 18 | | | | | | 13 | | | | | 33 | | | | | 18 | | | | | 34 | | | ||||||||
ZipChip Interface | | | | 29 | | | | | 43 | | | | | 25 | | | | | 21 | | | | | | 43 | | | | | 26 | | | | | 21 | | | | | 18 | | | ||||||||
Total placements | | | | 216 | | | | | 248 | | | | | 125 | | | | | 319 | | | | | | 248 | | | | | 390 | | | | | 319 | | | | | 353 | | |
| | | As of December 31, | | | As of September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
Cumulative Product Placements: | | | | | | | | | | | | | | | | | | | |
MX908 | | | | | 635 | | | | | | 827 | | | | | | 1,107 | | |
Rebel | | | | | — | | | | | | 13 | | | | | | 31 | | |
ZipChip Interface | | | | | 88 | | | | | | 131 | | | | | | 152 | | |
Cumulative product placements | | | | | 723 | | | | | | 971 | | | | | | 1,290 | | |
| | | As of September 30, 2021 | | |||
Cumulative Product Placements: | | | | | | | |
MX908 | | | | | 1,459 | | |
Rebel | | | | | 80 | | |
ZipChip Interface | | | | | 175 | | |
Cumulative Product Placements | | | | | 1,714 | | |
| | Year Ended December 31, | | Nine Months Ended September 30, | | | Year Ended December 31, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||
Product and service revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Device sales revenue | | | $ | 12,094 | | | | $ | 13,038 | | | | $ | 6,819 | | | | $ | 16,766 | | | | | $ | 13,038 | | | | $ | 21,269 | | | | $ | 16,766 | | | | $ | 20,167 | | | ||||||||
Consumables and service revenue | | | | 1,644 | | | | | 2,306 | | | | | 1,473 | | | | | 2,078 | | | | | | 2,306 | | | | | 3,487 | | | | | 2,078 | | | | | 5,390 | | | ||||||||
Total product and service revenue | | | | 13,738 | | | | | 15,344 | | | | | 8,292 | | | | | 18,844 | | | | | | 15,344 | | | | | 24,756 | | | | | 18,844 | | | | | 25,557 | | | ||||||||
License and contract revenue | | | | 8,316 | | | | | 2,628 | | | | | 1,332 | | | | | 2,333 | | | | | | 2,628 | | | | | 2,138 | | | | | 2,333 | | | | | 808 | | | ||||||||
Total revenue | | | $ | 22,054 | | | | $ | 17,972 | | | | $ | 9,624 | | | | $ | 21,177 | | | | | $ | 17,972 | | | | $ | 26,894 | | | | $ | 21,177 | | | | $ | 26,365 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Product and Service Revenue by Device: | | | | | | | | | | | | | | | | | | | | | | | | | |
Handheld | | | | $ | 11,582 | | | | | $ | 10,518 | | | | | $ | 6,141 | | | | | $ | 14,491 | | |
Desktop | | | | | 2,156 | | | | | | 4,826 | | | | | | 2,151 | | | | | | 4,353 | | |
Total product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2019 | | | 2020 | | | 2020 | | | 2021 | | ||||||||||||
| | | (in thousands) | | | (in thousands) | | ||||||||||||||||||
Product and Service Revenue by Device: | | | | | | | | | | | | | | | | | | | | | | | | | |
Handheld | | | | $ | 10,518 | | | | | $ | 17,613 | | | | | $ | 14,491 | | | | | $ | 17,877 | | |
Desktop | | | | | 4,826 | | | | | | 7,143 | | | | | | 4,353 | | | | | | 7,680 | | |
Total product and service revenue | | | | $ | 15,344 | | | | | $ | 24,756 | | | | | $ | 18,844 | | | | | $ | 25,557 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2019 | | | 2020 | | | 2020 | | | 2021 | | ||||||||||||
| | | (in thousands) | | | (in thousands) | | ||||||||||||||||||
Product and Service Revenue by Market: | | | | | | | | | | | | | | | | | | | | | | | | | |
Government | | | | $ | 10,324 | | | | | $ | 17,382 | | | | | $ | 14,475 | | | | | $ | 18,018 | | |
Pharmaceuticals/Biotechnology | | | | | 4,474 | | | | | | 7,096 | | | | | | 4,100 | | | | | | 7,475 | | |
Academia | | | | | 546 | | | | | | 278 | | | | | | 269 | | | | | | 64 | | |
Total product and service revenue | | | | $ | 15,344 | | | | | $ | 24,756 | | | | | $ | 18,844 | | | | | $ | 25,557 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Product and Service Revenue by Market: | | | | | | | | | | | | | | | | | | | | | | | | | |
Government | | | | $ | 11,443 | | | | | $ | 10,324 | | | | | $ | 6,226 | | | | | $ | 14,475 | | |
Pharmaceutical/Biotechnology | | | | | 2,266 | | | | | | 4,474 | | | | | | 1,717 | | | | | | 4,100 | | |
Academia | | | | | 29 | | | | | | 546 | | | | | | 349 | | | | | | 269 | | |
Total product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
| | | Nine Months Ended September 30, | | | | | | | | |||||||||
| | | 2020 | | | 2021 | | | Change | | |||||||||
| | | (in thousands) | | |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 18,844 | | | | | $ | 25,557 | | | | | $ | 6,713 | | |
License and contract revenue | | | | | 2,333 | | | | | | 808 | | | | | | (1,525) | | |
Total revenue | | | | | 21,177 | | | | | | 26,365 | | | | | | 5,188 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 8,121 | | | | | | 12,062 | | | | | | 3,941 | | |
License and contract cost of revenue | | | | | 712 | | | | | | 204 | | | | | | (508) | | |
Total cost of revenue | | | | | 8,833 | | | | | | 12,266 | | | | | | 3,433 | | |
Gross profit | | | | | 12,344 | | | | | | 14,099 | | | | | | 1,755 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 5,953 | | | | | | 9,322 | | | | | | 3,369 | | |
Selling, general and administrative | | | | | 8,320 | | | | | | 23,318 | | | | | | 14,998 | | |
Total operating expenses | | | | | 14,273 | | | | | | 32,640 | | | | | | 18,367 | | |
Loss from operations | | | | | (1,929) | | | | | | (18,541) | | | | | | (16,612) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (732) | | | | | | (446) | | | | | | 286 | | |
Other income (expense), net | | | | | 68 | | | | | | 283 | | | | | | 215 | | |
Total other expense, net | | | | | (664) | | | | | | (163) | | | | | | 501 | | |
Net loss | | | | $ | (2,593) | | | | | $ | (18,704) | | | | | $ | (16,111) | | |
| | | Nine Months Ended September 30, | | | | | | | | |||||||||
| | | 2019 | | | 2020 | | | Change | | |||||||||
| | | (in thousands) | | |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 8,292 | | | | | $ | 18,844 | | | | | $ | 10,552 | | |
License and contract revenue | | | | | 1,332 | | | | | | 2,333 | | | | | | 1,001 | | |
Total revenue | | | | | 9,624 | | | | | | 21,177 | | | | | | 11,553 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 5,397 | | | | | | 8,121 | | | | | | 2,724 | | |
License and contract cost of revenue | | | | | 418 | | | | | | 712 | | | | | | 294 | | |
Total cost of revenue | | | | | 5,815 | | | | | | 8,833 | | | | | | 3,018 | | |
Gross profit | | | | | 3,809 | | | | | | 12,344 | | | | | | 8,535 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 7,020 | | | | | | 5,953 | | | | | | (1,067) | | |
Selling, general and administrative | | | | | 8,624 | | | | | | 8,320 | | | | | | (304) | | |
Total operating expenses | | | | | 15,644 | | | | | | 14,273 | | | | | | (1,371) | | |
Loss from operations | | | | | (11,835) | | | | | | (1,929) | | | | | | 9,906 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,276) | | | | | | (732) | | | | | | 544 | | |
Other income (expense), net | | | | | 227 | | | | | | 68 | | | | | | (159) | | |
Total other expense, net | | | | | (1,049) | | | | | | (664) | | | | | | 385 | | |
Net loss | | | | $ | (12,884) | | | | | $ | (2,593) | | | | | $ | 10,291 | | |
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | Amount | | % | | | 2020 | | 2021 | | Amount | | % | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | | | | | | (dollars in thousands) | | | | | | | ||||||||||||||||||||||||||||||||||
Product and service revenue | | | $ | 8,292 | | | | $ | 18,844 | | | | $ | 10,552 | | | | | 127% | | | | | $ | 18,844 | | | | $ | 25,557 | | | | $ | 6,713 | | | | | 36% | | | ||||||||
Product and service cost of revenue | | | | 5,397 | | | | | 8,121 | | | | | 2,724 | | | | | 50% | | | | | | 8,121 | | | | | 12,062 | | | | | 3,941 | | | | | 49% | | | ||||||||
Gross profit | | | $ | 2,895 | | | | $ | 10,723 | | | | $ | 7,828 | | | | | 270% | | | | | $ | 10,723 | | | | $ | 13,495 | | | | $ | 2,772 | | | | | 26% | | | ||||||||
Gross profit margin | | | | 35% | | | | | 57% | | | | | 22% | | | | | | | | | | | 57% | | | | | 53% | | | | | (4)% | | | | | | | |
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | Amount | | % | | | 2020 | | 2021 | | Amount | | % | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | | | | | | (dollars in thousands) | | | | | | | ||||||||||||||||||||||||||||||||||
Device sales revenue | | | $ | 6,819 | | | | $ | 16,766 | | | | $ | 9,947 | | | | | 146% | | | | | $ | 16,766 | | | | $ | 20,167 | | | | $ | 3,401 | | | | | 20% | | | ||||||||
Consumables and service revenue | | | | 1,473 | | | | | 2,078 | | | | | 605 | | | | | 41% | | | | | | 2,078 | | | | | 5,390 | | | | | 3,312 | | | | | 159% | | | ||||||||
Total product and service revenue | | | $ | 8,292 | | | | $ | 18,844 | | | | $ | 10,552 | | | | | 127% | | | | | $ | 18,844 | | | | $ | 25,557 | | | | $ | 6,713 | | | | | 36% | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
| | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
License and contract revenue | | | | $ | 2,333 | | | | | $ | 808 | | | | | $ | (1,525) | | | | | | (65)% | | |
License and contract cost of revenue | | | | | 712 | | | | | | 204 | | | | | | (508) | | | | | | (71)% | | |
Gross profit | | | | $ | 1,621 | | | | | $ | 604 | | | | | $ | (1,017) | | | | | | (63)% | | |
Gross profit margin | | | | | 69% | | | | | | 75% | | | | | | 6% | | | | | | | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
| | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Research and development expenses | | | | $ | 5,953 | | | | | $ | 9,322 | | | | | $ | 3,369 | | | | | | 57% | | |
Percentage of total revenue | | | | | 28% | | | | | | 35% | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
| | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Selling, general and administrative expenses | | | | $ | 8,320 | | | | | $ | 23,318 | | | | | $ | 14,998 | | | | | | 180% | | |
Percentage of total revenue | | | | | 39% | | | | | | 88% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||
| | | 2019 | | | 2020 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 15,344 | | | | | $ | 24,756 | | | | | $ | 9,412 | | |
License and contract revenue | | | | | 2,628 | | | | | | 2,138 | | | | | | (490) | | |
Total revenue | | | | | 17,972 | | | | | | 26,894 | | | | | | 8,922 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 9,098 | | | | | | 11,114 | | | | | | 2,016 | | |
License and contract cost of revenue | | | | | 731 | | | | | | 857 | | | | | | 126 | | |
Total cost of revenue | | | | | 9,829 | | | | | | 11,971 | | | | | | 2,142 | | |
Gross profit | | | | | 8,143 | | | | | | 14,923 | | | | | | 6,780 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 8,993 | | | | | | 8,235 | | | | | | (758) | | |
Selling, general and administrative | | | | | 11,294 | | | | | | 12,503 | | | | | | 1,209 | | |
Total operating expenses | | | | | 20,287 | | | | | | 20,738 | | | | | | 451 | | |
Loss from operations | | | | | (12,144) | | | | | | (5,815) | | | | | | 6,329 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,530) | | | | | | (976) | | | | | | 554 | | |
Other income (expense), net | | | | | 301 | | | | | | (6,028) | | | | | | (6,329) | | |
Total other expense, net | | | | | (1,229) | | | | | | (7,004) | | | | | | (5,775) | | |
Net loss | | | | $ | (13,373) | | | | | $ | (12,819) | | | | | $ | 554 | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Product and service revenue | | | | $ | 15,344 | | | | | $ | 24,756 | | | | | $ | 9,412 | | | | | | 61% | | |
Product and service cost of revenue | | | | | 9,098 | | | | | | 11,114 | | | | | | 2,016 | | | | | | 22% | | |
Gross profit | | | | $ | 6,246 | | | | | $ | 13,642 | | | | | $ | 7,396 | | | | | | 118% | | |
Gross profit margin | | | | | 41% | | | | | | 55% | | | | | | 14% | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | |||||||||||||||||||||
Device sales revenue | | | | $ | 13,038 | | | | | $ | 21,269 | | | | | $ | 8,231 | | | | | | 63% | | |
Consumables and service revenue | | | | | 2,306 | | | | | | 3,487 | | | | | | 1,181 | | | | | | 51% | | |
Total product and service revenue | | | | $ | 15,344 | | | | | $ | 24,756 | | | | | $ | 9,412 | | | | | | 61% | | |
| | Nine Months Ended September 30, | | Change | | | Year Ended December 31, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | Amount | | % | | | 2019 | | 2020 | | Amount | | % | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | | | | | | (dollars in thousands) | | | | | | | ||||||||||||||||||||||||||||||||||
License and contract revenue | | | $ | 1,332 | | | | $ | 2,333 | | | | $ | 1,001 | | | | | 75% | | | | | $ | 2,628 | | | | $ | 2,138 | | | | $ | (490) | | | | | (19)% | | | ||||||||
License and contract cost of revenue | | | | 418 | | | | | 712 | | | | | 294 | | | | | 70% | | | | | | 731 | | | | | 857 | | | | | 126 | | | | | 17% | | | ||||||||
Gross profit | | | $ | 914 | | | | $ | 1,621 | | | | $ | 707 | | | | | 77% | | | | | $ | 1,897 | | | | $ | 1,281 | | | | $ | (616) | | | | | (32)% | | | ||||||||
Gross profit margin | | | | 69% | | | | | 69% | | | | | 0% | | | | | | | | | | | 72% | | | | | 60% | | | | | (12)% | | | | | | | |
| | Nine Months Ended September 30, | | Change | | | Year Ended December 31, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | Amount | | % | | | 2019 | | 2020 | | Amount | | % | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | | | | | | (dollars in thousands) | | | | | | | ||||||||||||||||||||||||||||||||||
Research and development expenses | | | $ | 7,020 | | | | $ | 5,953 | | | | $ | (1,067) | | | | | (15)% | | | | | $ | 8,993 | | | | $ | 8,235 | | | | $ | (758) | | | | | (8)% | | | ||||||||
Percentage of total revenue | | | | 73% | | | | | 28% | | | | | | | | | | | | | | | | 50% | | | | | 31% | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | Change | | | Year Ended December 31, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | Amount | | % | | | 2019 | | 2020 | | Amount | | % | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | | | | | | (dollars in thousands) | | | | | | | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | | | $ | 8,624 | | | | $ | 8,320 | | | | $ | (304) | | | | | (4)% | | | | | $ | 11,294 | | | | $ | 12,503 | | | | $ | 1,209 | | | | | 11% | | | ||||||||
Percentage of total revenue | | | | 90% | | | | | 39% | | | | | | | | | | | | | | | | 63% | | | | | 46% | | | | | | | | | | | | |
| | | Year Ended December 31, | | | | | | | | |||||||||
| | | 2018 | | | 2019 | | | Change | | |||||||||
| | | (in thousands) | | |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 1,606 | | |
License and contract revenue | | | | | 8,316 | | | | | | 2,628 | | | | | | (5,688) | | |
Total revenue | | | | | 22,054 | | | | | | 17,972 | | | | | | (4,082) | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 9,002 | | | | | | 9,098 | | | | | | 96 | | |
License and contract cost of revenue | | | | | 659 | | | | | | 731 | | | | | | 72 | | |
Total cost of revenue | | | | | 9,661 | | | | | | 9,829 | | | | | | 168 | | |
Gross profit | | | | | 12,393 | | | | | | 8,143 | | | | | | (4,250) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 9,528 | | | | | | 8,993 | | | | | | (535) | | |
Selling, general and administrative | | | | | 9,304 | | | | | | 11,294 | | | | | | 1,990 | | |
Total operating expenses | | | | | 18,832 | | | | | | 20,287 | | | | | | 1,455 | | |
Loss from operations | | | | | (6,439) | | | | | | (12,144) | | | | | | (5,705) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,147) | | | | | | (1,530) | | | | | | (383) | | |
Other income (expense), net | | | | | 50 | | | | | | 301 | | | | | | 251 | | |
Total other expense, net | | | | | (1,097) | | | | | | (1,229) | | | | | | (132) | | |
Net loss | | | | $ | (7,536) | | | | | $ | (13,373) | | | | | $ | (5,837) | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 1,606 | | | | | | 12% | | |
Product and service cost of revenue | | | | | 9,002 | | | | | | 9,098 | | | | | | 96 | | | | | | 1% | | |
Gross profit | | | | $ | 4,736 | | | | | $ | 6,246 | | | | | $ | 1,510 | | | | | | 32% | | |
Gross profit margin | | | | | 34% | | | | | | 41% | | | | | | 7% | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Device sales revenue | | | | $ | 12,094 | | | | | $ | 13,038 | | | | | $ | 944 | | | | | | 8% | | |
Consumables and service revenue | | | | | 1,644 | | | | | | 2,306 | | | | | | 662 | | | | | | 40% | | |
Total product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 1,606 | | | | | | 12% | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
License and contract revenue | | | | $ | 8,316 | | | | | $ | 2,628 | | | | | $ | (5,688) | | | | | | (68)% | | |
License and contract cost of revenue | | | | | 659 | | | | | | 731 | | | | | | 72 | | | | | | 11% | | |
Gross profit | | | | $ | 7,657 | | | | | $ | 1,897 | | | | | $ | (5,760) | | | | | | (75)% | | |
Gross profit margin | | | | | 92% | | | | | | 72% | | | | | | (20)% | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Research and development expenses | | | | $ | 9,528 | | | | | $ | 8,993 | | | | | $ | (535) | | | | | | (6)% | | |
Percentage of total revenue | | | | | 43% | | | | | | 50% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | Amount | | | % | | ||||||||||||
| | | (dollars in thousands) | | | | | | | | |||||||||||||||
Selling, general and administrative expenses | | | | $ | 9,304 | | | | | $ | 11,294 | | | | | $ | 1,990 | | | | | | 21% | | |
Percentage of total revenue | | | | | 42% | | | | | | 63% | | | | | | | | | | | | | | |
| | | Three Months Ended | | |||||||||||||||||||||||||||||||||||||||
| | | March 31, 2019 | | | June 30, 2019 | | | Sept. 30, 2019 | | | Dec 31, 2019 | | | March 31, 2020 | | | June 30, 2020 | | | Sept. 30, 2020 | | |||||||||||||||||||||
| | | (in thousands) | | | ||||||||||||||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 2,340 | | | | | $ | 2,691 | | | | | $ | 3,261 | | | | | $ | 7,052 | | | | | $ | 2,639 | | | | | $ | 10,378 | | | | | $ | 5,827 | | |
License and contract revenue | | | | | 640 | | | | | | 507 | | | | | | 185 | | | | | | 1,296 | | | | | | 1,362 | | | | | | 750 | | | | | | 221 | | |
Total revenue | | | | | 2,980 | | | | | | 3,198 | | | | | | 3,446 | | | | | | 8,348 | | | | | | 4,001 | | | | | | 11,128 | | | | | | 6,048 | | |
|
| | | Three Months Ended | | |||||||||||||||||||||||||||||||||||||||
| | | March 31, 2019 | | | June 30, 2019 | | | Sept. 30, 2019 | | | Dec 31, 2019 | | | March 31, 2020 | | | June 30, 2020 | | | Sept. 30, 2020 | | |||||||||||||||||||||
| | | (in thousands) | | | ||||||||||||||||||||||||||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 1,432 | | | | | | 1,506 | | | | | | 2,459 | | | | | | 3,701 | | | | | | 1,570 | | | | | | 4,471 | | | | | | 2,080 | | |
License and contract cost of revenue | | | | | 92 | | | | | | 181 | | | | | | 145 | | | | | | 313 | | | | | | 333 | | | | | | 247 | | | | | | 132 | | |
Total cost of revenue | | | | | 1,524 | | | | | | 1,687 | | | | | | 2,604 | | | | | | 4,014 | | | | | | 1,903 | | | | | | 4,718 | | | | | | 2,212 | | |
Gross profit | | | | | 1,456 | | | | | | 1,511 | | | | | | 842 | | | | | | 4,334 | | | | | | 2,098 | | | | | | 6,410 | | | | | | 3,836 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 2,421 | | | | | | 2,407 | | | | | | 2,191 | | | | | | 1,974 | | | | | | 2,156 | | | | | | 1,846 | | | | | | 1,951 | | |
Selling, general and administrative | | | | | 2,748 | | | | | | 3,035 | | | | | | 2,840 | | | | | | 2,671 | | | | | | 2,706 | | | | | | 2,436 | | | | | | 3,178 | | |
Total operating expenses | | | | | 5,169 | | | | | | 5,442 | | | | | | 5,031 | | | | | | 4,645 | | | | | | 4,862 | | | | | | 4,282 | | | | | | 5,129 | | |
Income (loss) from operations | | | | | (3,713) | | | | | | (3,931) | | | | | | (4,189) | | | | | | (311) | | | | | | (2,764) | | | | | | 2,128 | | | | | | (1,293) | | |
Total other expense, net | | | | | (231) | | | | | | (228) | | | | | | (591) | | | | | | (179) | | | | | | (202) | | | | | | (33) | | | | | | (429) | | |
Net income (loss) | | | | $ | (3,944) | | | | | $ | (4,159) | | | | | $ | (4,780) | | | | | $ | (490) | | | | | $ | (2,966) | | | | | $ | 2,095 | | | | | $ | (1,722) | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (8,898) | | | | | $ | (11,004) | | | | | $ | (11,253) | | | | | $ | 1,799 | | |
Net cash used in investing activities | | | | | (1,167) | | | | | | (392) | | | | | | (278) | | | | | | (9) | | |
Net cash provided by financing activities | | | | | 3,993 | | | | | | 22,237 | | | | | | 22,233 | | | | | | 9 | | |
Net increase (decrease) in cash and cash equivalents | | | | $ | (6,072) | | | | | $ | 10,841 | | | | | $ | 10,702 | | | | | $ | 1,799 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2019 | | | 2020 | | | 2020 | | | 2021 | | ||||||||||||
| | | (in thousands) | | | (in thousands) | | ||||||||||||||||||
Cash provided by (used in) operating activities | | | | $ | (11,004) | | | | | $ | 4,131 | | | | | $ | 1,799 | | | | | $ | (19,862) | | |
Cash used in investing activities | | | | | (392) | | | | | | (9) | | | | | | (9) | | | | | | (683) | | |
Cash provided by financing activities | | | | | 22,237 | | | | | | 137,192 | | | | | | 9 | | | | | | 193 | | |
Net increase in cash and cash equivalents | | | | $ | 10,841 | | | | | $ | 141,314 | | | | | $ | (1,799) | | | | | $ | (20,352) | | |
| | Payments Due by Period | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | Less Than 1 Year | | 1 to 3 Years | | 4 to 5 Years | | More Than 5 Years | | | Total | | Less Than 1 Year | | 1 to 3 Years | | 4 to 5 Years | | More Than 5 Years | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease commitments(1) | | | $ | 10,478 | | | | $ | 1,792 | | | | $ | 3,540 | | | | $ | 3,711 | | | | $ | 1,435 | | | | | $ | 8,775 | | | | $ | 1,799 | | | | $ | 3,665 | | | | $ | 3,311 | | | | $ | — | | | ||||||||||
Debt obligations(2) | | | | 17,213 | | | | | 900 | | | | | 12,223 | | | | | 4,090 | | | | | — | | | | | | 16,313 | | | | | 5,788 | | | | | 10,525 | | | | | — | | | | | — | | | ||||||||||
Total | | | $ | 27,691 | | | | $ | 2,692 | | | | $ | 15,763 | | | | $ | 7,801 | | | | $ | 1,435 | | | | | $ | 25,088 | | | | $ | 7,587 | | | | $ | 14,190 | | | | $ | 3,311 | | | | $ | — | | |
Grant Date | | | Number of Shares Subject to Options Granted | | | Per Share Exercise Price of Options | | | Per Share Fair Value of Common Stock on Grant Date | | | Per Share Estimated Fair Value of Options | | ||||||||||||
January 21, 2019 | | | | | 317,120 | | | | | $ | 1.58 | | | | | $ | 1.58 | | | | | $ | 0.83 | | |
April 24, 2019 | | | | | 25,808 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.93 | | |
June 20, 2019 | | | | | 15,978 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.93 | | |
September 10, 2019 | | | | | 18,742 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.93 | | |
November 13, 2019 | | | | | 12,291 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.93 | | |
December 12, 2019 | | | | | 2,458 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.93 | | |
January 31, 2020 | | | | | 28,267 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.92 | | |
March 25, 2020 | | | | | 6,759 | | | | | $ | 1.79 | | | | | $ | 1.79 | | | | | $ | 0.98 | | |
June 16, 2020 | | | | | 27,041 | | | | | $ | 1.05 | | | | | $ | 1.73 (1) | | | | | $ | 1.14 | | |
July 28, 2020 | | | | | 2,458 | | | | | $ | 1.05 | | | | | $ | 1.73 (1) | | | | | $ | 1.14 | | |
August 27, 2020 | | | | | 177,914 | | | | | $ | 1.05 | | | | | $ | 3.24(1) | | | | | $ | 2.51 | | |
September 14, 2020 | | | | | 386,570 | | | | | $ | 3.24 | | | | | $ | 3.24 | | | | | $ | 1.79 | | |
September 21, 2020 | | | | | 314,669 | | | | | $ | 3.24 | | | | | $ | 3.24 | | | | | $ | 1.79 | | |
September 30, 2020 | | | | | 107,553 | | | | | $ | 3.24 | | | | | $ | 3.24 | | | | | $ | 1.79 | | |
November 3, 2020 | | | | | 125,376 | | | | | $ | 7.91 | | | | | $ | 7.91 | | | | | $ | 4.40 | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
Fair value of preferred stock | | | | $ | 3.47 | | | | | $ | 5.67 | | | | | $ | 5.46 | | |
Risk-free interest rate | | | | | 2.6% | | | | | | 1.9% | | | | | | 0.5% | | |
Expected volatility | | | | | 67% | | | | | | 51% | | | | | | 60% | | |
Expected dividend yield | | | | | — | | | | | | — | | | | | | — | | |
Remaining contractual term (in years) | | | | | 4 | | | | | | 8 | | | | | | 7 | | |
| | | | ||
| Conventional laboratory Mass Spec | | | Our Mass Spec | |
| | | |
| | | |||
|
| MX908 Settings/Configuration | | | Laboratory Mass Spec Settings/Configuration | |
| | | |
| • Amgen Inc. | | | • | |
New England BioLabs Inc. | | ||||
| • Biogen Inc. | | | • Sanofi S.A. | |
| • Bristol-Myers Squibb Co. | | | • | |
| • Dana-Farber Cancer Institute | | | • Teva Pharmaceutical Industries | |
| • Lonza Group AG | | | • Transcenta Holding Limited | |
| • Merck & Co. Inc. | | | • WuXi AppTec | |
| • Federal Emergency Management Agency Center for Domestic Preparedness | | | • United States Department of Homeland Security | |
| • The National Institute for BioProcessing Research and Training | | | • U.S. Centers for Disease Control and Prevention | |
| • The National Institute for Innovation in Manufacturing Biopharmaceuticals | | | • U.S. Food and Drug Administration | |
| • United States Army • Ohio Attorney General Bureau of Criminal Investigation (BCI) | | | • United States Marine Corps • Ohio Organized Crime Investigations Commission (OOCIC) | |
| • Boston University | | | • North Carolina State University | |
| • Duke University | | | • University of Kentucky | |
| • Johns Hopkins University | | | • University of North Carolina-Chapel Hill | |
Name | | | Age | | | Position | | |||
Executive Officers | | | | | | | | |||
Kevin J. Knopp, Ph.D. | | | | | President, Chief Executive Officer and Director | | ||||
Joseph H. Griffith IV | | | | | Chief Financial Officer | | ||||
Christopher Brown, Ph.D. | | | | | Chief Technology Officer | | ||||
| | | | Vice President, | ||||||
| ||||||||||
John | | | | | Vice President, Government | | ||||
Michael S. Turner | | | | | Vice President, General Counsel | | ||||
Key Senior Management | | | | | | | | |||
Steve Davenport | | | 56 | | | Vice President, Commercial Sales | | |||
Maura Fitzpatrick | | | 51 | | | Vice President, Product Management & Marketing | | |||
Michele Fournier | | | 57 | | | Chief People Officer | | |||
Kevin McCallion, Ph.D. | | | 56 | | | Vice President, Production and New Product Introduction | |
Name | | | Age | | | Position | | |||
Nicolas Barthelemy | | | | | Director | | ||||
Keith L. Crandell | | | 61 | | | | ||||
Marcia Eisenberg, Ph.D. | | | 62 | | | Director | | |||
E. Kevin Hrusovsky | | | | | Chairman | | ||||
| | | | Director | | |||||
| | | | Director | | |||||
| | | | Director | |
Name and principal position | | Year | | Salary ($) | | Option Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | | Year | | Salary ($) | | Option Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Kevin J. Knopp, Ph.D. | | | | 2019 | | | | | 287,481 | | | | | 92,219 | | | | | 64,622 | | | | | 238 | | | | | 444,560 | | | | | | 2020 | | | | | 284,431 | | | | | 218,794 | | | | | 87,082 | | | | | 238 | | | | | 590,545 | | | ||||||||||||
President and Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2019 | | | | | 287,481 | | | | | 92,219 | | | | | 64,622 | | | | | 238 | | | | | 444,560 | | | ||||||||||||
John Kenneweg | | | | 2019 | | | | | 209,879 | | | | | 51,233 | | | | | 112,000 | | | | | — | | | | | 373,112 | | | | | | 2020 | | | | | 205,974 | | | | | 65,638 | | | | | 300,878 | | | | | — | | | | | 572,490 | | | ||||||||||||
Vice President, Government | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2019 | | | | | 209,879 | | | | | 51,233 | | | | | 112,000 | | | | | — | | | | | 373,112 | | | ||||||||||||
Christopher Brown, Ph.D. | | | | 2019 | | | | | 256,190 | | | | | 51,233 | | | | | 59,325 | | | | | 1,988 | | | | | 368,736 | | | |||||||||||||||||||||||||||||||||||||||||||
Chief Technology Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Michael S. Turner(4) | | | | 2020 | | | | | 81,732 | | | | | 544,522 | | | | | 16,104 | | | | | — | | | | | 642,358 | | | |||||||||||||||||||||||||||||||||||||||||||
Vice President, General Counsel and Secretary | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Option Awards(1) | | | Option Awards(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Vesting Commencement Date | | Option Exercise Price ($) | | Option Expiration Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | ||||||||||||||||||||||||||||||||||||
Kevin J. Knopp, Ph.D. | | | | 92,188(2) | | | | | 30,730(2) | | | | | 1/1/2017 | | | | | 1.75 | | | | | 1/1/2027 | | | | | | 120,357(2) | | | | | 2,561(2) | | | | | 1.75 | | | | | 1/1/2027 | | | |||||||||
| | | | 53,015(3) | | | | | 57,611(3) | | | | | 1.58 | | | | | 1/21/2029 | | | |||||||||||||||||||||||||||||||||||
| | | | 25,351(3) | | | | | 85,275(3) | | | | | 1/21/2019 | | | | | 1.58 | | | | | 1/21/2029 | | | | | | 7,682(4) | | | | | 115,236(4) | | | | | 3.24 | | | | | 9/21/2030 | | | |||||||||
John Kenneweg | | | | 153,033 | | | | | — | | | | | 2/12/2013 | | | | | 0.35 | | | | | 2/12/2023 | | | | | | 153,033 | | | | | — | | | | | 0.35 | | | | | 4/18/2023 | | | |||||||||
| | | | 12,291 | | | | | — | | | | | 1/16/2015 | | | | | 0.93 | | | | | 1/16/2025 | | | | | | 12,291 | | | | | — | | | | | 0.93 | | | | | 1/16/2025 | | | |||||||||
| | | | 20,742(4) | | | | | 6,914(4) | | | | | 12/2/2016 | | | | | 0.96 | | | | | 12/2/2026 | | | | | | 27,656 | | | | | — | | | | | 0.96 | | | | | 12/2/2026 | | | |||||||||
| | | | 14,084(3) | | | | | 47,375(3) | | | | | 1/21/2019 | | | | | 1.58 | | | | | 1/21/2029 | | | | | | 29,451(3) | | | | | 32,008(3) | | | | | 1.58 | | | | | 1/21/2029 | | | |||||||||
Christopher Brown, Ph.D. | | | | 92,188(2) | | | | | 30,730(2) | | | | | 1/1/2017 | | | | | 1.75 | | | | | 1/1/2027 | | | ||||||||||||||||||||||||||||||
| | | | 14,084(3) | | | | | 47,375(3) | | | | | 1/21/2019 | | | | | 1.58 | | | | | 1/21/2029 | | | | | | 2,307(5) | | | | | 34,568(5) | | | | | 3.24 | | | | | 9/14/2030 | | | |||||||||
Michael S. Turner | | | | 2,562(6) | | | | | 120,355(6) | | | | | 7.91 | | | | | 11/3/2030 | | |
| | Fees Earned or Paid in Cash ($) | | Option Awards ($)(1) | | All Other Compensation ($) | | Total ($) | | | Fees Earned or Paid in Cash ($)(1) | | Option Awards ($)(2)(3)(4) | | Total ($) | | ||||||||||||||||||||||||||||
J. Michael Ramsey, Ph.D.(2) | | | | 60,000 | | | | | — | | | | | — | | | | | 60,000 | | | |||||||||||||||||||||||
Nicolas Barthelemy | | | | 1,899 | | | | | 291,728 | | | | | 293,627 | | | ||||||||||||||||||||||||||||
Keith L. Crandell | | | | 2,205 | | | | | 263,703 | | | | | 265,908 | | | ||||||||||||||||||||||||||||
E. Kevin Hrusovsky | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2,589 | | | | | 218,794 | | | | | 221,383 | | | |||||||
Nicolas Barthelemy | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||
Keith Crandell | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||
Sharon Kedar(5) | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
J. Michael Ramsey, Ph.D.(6) | | | | 61,438 | | | | | 263,703 | | | | | 325,141 | | | ||||||||||||||||||||||||||||
Mark Spoto | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2,742 | | | | | 263,703 | | | | | 266,445 | | | |||||||
Sharon Kedar(3) | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | Member Annual Fee | | | Chairman Annual Fee | | ||||||
Board of Directors | | | | $ | 37,500 | | | | | $ | 25,000* | | |
Audit Committee | | | | | 9,000 | | | | | | 18,000 | | |
Compensation Committee | | | | | 6,000 | | | | | | 12,000 | | |
Nominating and Corporate Governance Committee | | | | | 5,000 | | | | | | 10,000 | | |
Name | | | Shares of Common Stock Purchased | | | Aggregate Cash Purchase Price | | ||||||
ARCH Venture Fund VII, L.P.(1) | | | | | 300,000 | | | | | $ | 6,000,000 | | |
Northpond Ventures, LP.(2) | | | | | 100,000 | | | | | | 2,000,000 | | |
E. Kevin Hrusovsky | | | | | 50,000 | | | | | | 1,000,000 | | |
Nicolas Barthelemy | | | | | 14,000 | | | | | | 280,000 | | |
Mark Spoto | | | | | 1,000 | | | | | | 20,000 | | |
Trent Basarsky, Ph.D. | | | | | 5,000 | | | | | | 100,000 | | |
Michael S. Turner | | | | | 5,000 | | | | | | 100,000 | | |
Total | | | | | 475,000 | | | | | $ | 9,500,000 | | |
Stockholder | | | Shares of Series E Preferred Stock | | | Total Purchase Price | | ||||||
Northpond Ventures, LP(1) | | | | | 1,589,826 | | | | | $ | 10,000,005 | | |
The Barthelemy 2001 Trust(2) | | | | | 31,796 | | | | | | 199,996 | | |
ARCH Venture Fund VII, L.P.(3) | | | | | 293,818 | | | | | | 1,848,115 | | |
SAEV Guernsey Holdings Limited(4) | | | | | 74,448 | | | | | | 468,277 | | |
Yodabyte Investments, LLC(5) | | | | | 96,979 | | | | | | 609,998 | | |
Stockholder | | Shares of Series E Preferred Stock | | Total Purchase Price | | | Shares of Series E Preferred Stock | | Total Purchase Price | | ||||||||||||||||
ARCH Venture Fund VII, L.P.(1) | | | | 727,869 | | | | | 4,101,614 | | | | | | 355,229 | | | | | 2,001,751 | | | ||||
SAEV Guernsey Holdings Limited(2) | | | | 727,869 | | | | | 4,101,614 | | | | | | 81,978 | | | | | 461,954 | | | ||||
RE Sidecar 4, LLC(3) | | | | 150,840 | | | | | 849,998 | | | | | | 150,840 | | | | | 849,998 | | | ||||
Yodabyte Investments, LLC (3) | | | | 177,459 | | | | | 999,999 | | |
| | | Shares Beneficially Owned | | |||||||||
Name and address of beneficial owner(1) | | | Number | | | Percentage | | ||||||
> 5% Stockholders: | | | | | | | | | | | | | |
ARCH Venture Fund VII, L.P.(2) | | | | | 5,725,045 | | | | | | 20.5% | | |
ARK Investment Management LLC(3) | | | | | 2,769,761 | | | | | | 9.9% | | |
BlackRock, Inc.(4) | | | | | 2,939,478 | | | | | | 10.5% | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
E. Kevin Hrusovsky(5) | | | | | 541,736 | | | | | | 1.9% | | |
Nicolas Barthelemy(6) | | | | | 97,259 | | | | | | * | | |
Keith L. Crandell(7) | | | | | 5,730,471 | | | | | | 20.6% | | |
Marcia Eisenberg, Ph.D.(8) | | | | | 488 | | | | | | * | | |
Fenel M. Eloi(9) | | | | | 1,664 | | | | | | * | | |
Jeffrey P. George(10) | | | | | 1,664 | | | | | | * | | |
Mark Spoto(11) | | | | | 515,513 | | | | | | 1.8% | | |
Kevin J. Knopp, Ph.D.(12) | | | | | 1,535,200 | | | | | | 5.5% | | |
John Kenneweg(13) | | | | | 207,277 | | | | | | * | | |
Michael S. Turner(14) | | | | | 13,885 | | | | | | * | | |
Directors and Executive Officers as a group (13 persons)(15) | | | | | 10,274,929 | | | | | | 35.4% | | |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned Prior to Offering | | | Percentage of Shares Beneficially Owned | | ||||||||||||
| Before Offering | | | After Offering | | ||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | |
ARCH Venture Fund VII, L.P.(1) | | | | | 5,425,045 | | | | | | 27.5% | | | | | | 20.9% | | |
Razor’s Edge Funds(2) | | | | | 1,943,641 | | | | | | 9.9% | | | | | | 7.5% | | |
SAEV Guernsey Holdings Limited(3) | | | | | 1,256,047 | | | | | | 6.4% | | | | | | 4.8% | | |
UTEC 2 L.P.(4) | | | | | 1,201,622 | | | | | | 6.1% | | | | | | 4.6% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | |
Christopher Brown(5) | | | | | 1,257,943 | | | | | | 6.3% | | | | | | 4.8% | | |
E. Kevin Hrusovsky(6) | | | | | 457,077 | | | | | | 2.3% | | | | | | 1.8% | | |
John Kenneweg(7) | | | | | 224,735 | | | | | | 1.1% | | | | | | * | | |
J. Michael Ramsey(8) | | | | | 1,597,737 | | | | | | 8.1% | | | | | | 6.1% | | |
Keith Crandell(9) | | | | | 5,425,045 | | | | | | 27.5% | | | | | | 20.9% | | |
Kevin Knopp(10) | | | | | 1,534,108 | | | | | | 7.7% | | | | | | 5.9% | | |
Mark Spoto(11) | | | | | 1,943,641 | | | | | | 9.9% | | | | | | 7.5% | | |
Nicolas Barthelemy(12) | | | | | 73,215 | | | | | | * | | | | | | * | | |
Sharon Kedar(13) | | | | | 977,091 | | | | | | 5.0% | | | | | �� | 3.8% | | |
Executive officers and directors as a group (12 persons)(14) | | | | | 14,035,868 | | | | | | 63.4% | | | | | | 49.4% | | |
Underwriter | | | Number of Shares | | |||
Cowen and Company, LLC | | | | | | | |
SVB Leerink LLC | | | | | | | |
William Blair & Company, L.L.C. | | | | | | | |
Stifel, Nicolaus & Company, Incorporated | | | | | | | |
Total | | | | | | |
| | | Total | | ||||||
| | | Per Share | | | Without Option | | | With Option | |
Public offering price | | | | | | | | | | |
Underwriting discounts and commissions | | | | | | | | | | |
Proceeds, before expenses | | | | | | | | | | |
| | | December 31, | | | September 30, 2020 | | | Pro Forma September 30, 2020 | | |||||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | | (unaudited) | | ||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 7,072 | | | | | $ | 17,913 | | | | | $ | 19,712 | | | | | $ | 19,712 | | |
Accounts receivable, net | | | | | 4,132 | | | | | | 5,005 | | | | | | 9,312 | | | | | | 9,312 | | |
Unbilled receivables | | | | | 2,204 | | | | | | 74 | | | | | | 127 | | | | | | 127 | | |
Inventory | | | | | 3,523 | | | | | | 5,237 | | | | | | 4,835 | | | | | | 4,835 | | |
Prepaid expenses and other current assets | | | | | 272 | | | | | | 351 | | | | | | 430 | | | | | | 430 | | |
Total current assets | | | | | 17,203 | | | | | | 28,580 | | | | | | 34,416 | | | | | | 34,416 | | |
Operating lease, right-of-use assets | | | | | 8,180 | | | | | | 7,245 | | | | | | 6,467 | | | | | | 6,467 | | |
Property and equipment, net | | | | | 1,834 | | | | | | 1,326 | | | | | | 934 | | | | | | 934 | | |
Deferred offerings costs | | | | | — | | | | | | — | | | | | | 868 | | | | | | 868 | | |
Other long-term assets | | | | | 531 | | | | | | 511 | | | | | | 719 | | | | | | 719 | | |
Total assets | | | | $ | 27,748 | | | | | $ | 37,662 | | | | | $ | 43,404 | | | | | $ | 43,404 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 645 | | | | | $ | 577 | | | | | $ | 612 | | | | | $ | 612 | | |
Accrued expenses | | | | | 2,853 | | | | | | 2,909 | | | | | | 4,882 | | | | | | 4,882 | | |
Deferred revenue | | | | | 951 | | | | | | 1,490 | | | | | | 2,227 | | | | | | 2,227 | | |
Operating lease liabilities | | | | | 310 | | | | | | 1,078 | | | | | | 1,124 | | | | | | 1,124 | | |
Current portion of long-term debt | | | | | — | | | | | | — | | | | | | 3,500 | | | | | | 3,500 | | |
Total current liabilities | | | | | 4,759 | | | | | | 6,054 | | | | | | 12,345 | | | | | | 12,345 | | |
Long-term debt, net of discount and current portion | | | | | 9,650 | | | | | | 14,769 | | | | | | 11,317 | | | �� | | | 11,317 | | |
Operating lease liabilities, net of current portion | | | | | 7,973 | | | | | | 6,941 | | | | | | 6,101 | | | | | | 6,101 | | |
Deferred revenue, net of current portion | | | | | 362 | | | | | | 571 | | | | | | 7,029 | | | | | | 7,029 | | |
Commercial services agreement liability–related party | | | | | 750 | | | | | | 750 | | | | | | 375 | | | | | | 375 | | |
Preferred stock warrant liability | | | | | 1,341 | | | | | | 728 | | | | | | 754 | | | | | | — | | |
Total liabilities | | | | | 24,835 | | | | | | 29,813 | | | | | | 37,921 | | | | | | 37,167 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock (Series A, B, C, D and E), $0.001 par value; 21,338,912 shares authorized at December 31, 2018 and 24,156,877 shares authorized at December 31, 2019 and September 30, 2020 (unaudited); 20,749,831 shares issued and outstanding at December 31, 2018 and 23,905,267 shares issued and outstanding at December 31, 2019 and September 30, 2020 (unaudited); liquidation preference of $71,285 at December 31, 2019 and September 30, 2020 (unaudited); no shares issued or outstanding, pro forma at September 30, 2020 (unaudited) | | | | | 53,089 | | | | | | 71,017 | | | | | | 71,091 | | | | | | — | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.001 par value; 32,803,254 shares and 36,976,630 shares authorized at December 31, 2018 and 2019, respectively, and 36,976,630 shares authorized at September 30, 2020 (unaudited); 4,990,272 shares and 4,990,702 shares issued and outstanding at December 31, 2018 and 2019, respectively, and 5,001,312 shares issued and outstanding at September 30, 2020 (unaudited); 19,693,241 shares issued and outstanding, pro forma at September 30, 2020 (unaudited) | | | | | 5 | | | | | | 5 | | | | | | 5 | | | | | | 20 | | |
Additional paid-in capital | | | | | 2,095 | | | | | | 2,476 | | | | | | 2,629 | | | | | | 74,459 | | |
Accumulated deficit | | | | | (52,276) | | | | | | (65,649) | | | | | | (68,242) | | | | | | (68,242) | | |
Total stockholders’ equity (deficit) | | | | | (50,176) | | | | | | (63,168) | | | | | | (65,608) | | | | | | 6,237 | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | | | | $ | 27,748 | | | | | $ | 37,662 | | | | | $ | 43,404 | | | | | $ | 43,404 | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
License and contract revenue | | | | | 8,316 | | | | | | 2,628 | | | | | | 1,332 | | | | | | 2,333 | | |
Total revenue | | | | | 22,054 | | | | | | 17,972 | | | | | | 9,624 | | | | | | 21,177 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product and service cost of revenue | | | | | 9,002 | | | | | | 9,098 | | | | | | 5,397 | | | | | | 8,121 | | |
License and contract cost of revenue | | | | | 659 | | | | | | 731 | | | | | | 418 | | | | | | 712 | | |
Total cost of revenue | | | | | 9,661 | | | | | | 9,829 | | | | | | 5,815 | | | | | | 8,833 | | |
Gross profit | | | | | 12,393 | | | | | | 8,143 | | | | | | 3,809 | | | | | | 12,344 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 9,528 | | | | | | 8,993 | | | | | | 7,020 | | | | | | 5,953 | | |
Selling, general and administrative | | | | | 9,304 | | | | | | 11,294 | | | | | | 8,624 | | | | | | 8,320 | | |
Total operating expenses | | | | | 18,832 | | | | | | 20,287 | | | | | | 15,644 | | | | | | 14,273 | | |
Loss from operations | | | | | (6,439) | | | | | | (12,144) | | | | | | (11,835) | | | | | | (1,929) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,147) | | | | | | (1,530) | | | | | | (1,276) | | | | | | (732) | | |
Other income (expense), net | | | | | 50 | | | | | | 301 | | | | | | 227 | | | | | | 68 | | |
Total other expense, net | | | | | (1,097) | | | | | | (1,229) | | | | | | (1,049) | | | | | | (664) | | |
Net loss and comprehensive loss | | | | | (7,536) | | | | | | (13,373) | | | | | | (12,884) | | | | | | (2,593) | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | (76) | | | | | | (109) | | | | | | (79) | | | | | | (74) | | |
Net loss attributable to common stockholders | | | | $ | (7,612) | | | | | $ | (13,482) | | | | | $ | (12,963) | | | | | $ | (2,667) | | |
Net loss per share attributable to common stockholders, basic and diluted | | | | $ | (1.55) | | | | | $ | (2.70) | | | | | $ | (2.60) | | | | | $ | (0.53) | | |
Weighted average common shares outstanding, basic and diluted | | | | | 4,907,075 | | | | | | 4,990,416 | | | | | | 4,990,314 | | | | | | 4,995,878 | | |
Pro forma net loss per share attributable to common stockholders, basic and diluted (unaudited) | | | | | | | | | | $ | (0.71) | | | | | | | | | | | $ | (0.13) | | |
Pro forma weighted average common shares outstanding, basic and diluted (unaudited) | | | | | | | | | | | 18,983,092 | | | | | | | | | | | | 19,687,807 | | |
| | | Redeemable Convertible Preferred Stock | | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balances at December 31, 2017 | | | | | 20,039,996 | | | | | $ | 49,091 | | | | | | | 4,862,349 | | | | | $ | 5 | | | | | $ | 1,883 | | | | | $ | (45,117) | | | | | $ | (43,229) | | |
Adjustment due to adoption of ASC 606 | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 377 | | | | | | 377 | | |
Issuance of Series D redeemable convertible preferred stock, net of issuance costs of $78 | | | | | 709,835 | | | | | | 3,922 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | — | | | | | | 76 | | | | | | | — | | | | | | — | | | | | | (76) | | | | | | — | | | | | | (76) | | |
Issuance of common stock upon exercise of stock options | | | | | — | | | | | | — | | | | | | | 127,923 | | | | | | — | | | | | | 71 | | | | | | — | | | | | | 71 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 217 | | | | | | — | | | | | | 217 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,536) | | | | | | (7,536) | | |
Balances at December 31, 2018 | | | | | 20,749,831 | | | | | | 53,089 | | | | | | | 4,990,272 | | | | | | 5 | | | | | | 2,095 | | | | | | (52,276) | | | | | | (50,176) | | |
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $185 | | | | | 2,782,194 | | | | | | 17,315 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock warrant exercises | | | | | 373,242 | | | | | | 504 | | | | | | | — | | | | | | — | | | | | | 222 | | | | | | — | | | | | | 222 | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | — | | | | | | 109 | | | | | | | — | | | | | | — | | | | | | (109) | | | | | | — | | | | | | (109) | | |
Issuance of common stock upon exercise of stock options | | | | | — | | | | | | — | | | | | | | 430 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 267 | | | | | | — | | | | | | 267 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,373) | | | | | | (13,373) | | |
Balances at December 31, 2019 | | | | | 23,905,267 | | | | | | 71,017 | | | | | | | 4,990,702 | | | | | | 5 | | | | | | 2,476 | | | | | | (65,649) | | | | | | (63,168) | | |
Issuance of common stock upon exercise of stock options | | | | | — | | | | | | — | | | | | | | 10,610 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 9 | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | — | | | | | | 74 | | | | | | | — | | | | | | — | | | | | | (74) | | | | | | — | | | | | | (74) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 218 | | | | | | — | | | | | | 218 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,593) | | | | | | (2,593) | | |
Balances at September 30, 2020 (unaudited) | | | | | 23,905,267 | | | | | $ | 71,091 | | | | | | | 5,001,312 | | | | | $ | 5 | | | | | $ | 2,629 | | | | | $ | (68,242) | | | | | $ | (65,608) | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Redeemable Convertible Preferred Stock | | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balances at December 31, 2018 | | | | | 20,749,831 | | | | | $ | 53,089 | | | | | | | 4,990,272 | | | | | $ | 5 | | | | | $ | 2,095 | | | | | $ | (52,276) | | | | | $ | (50,176) | | |
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $185 | | | | | 2,782,194 | | | | | | 17,315 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock upon exercise of stock options | | | | | — | | | | | | — | | | | | | | 430 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | — | | | | | | 79 | | | | | | | — | | | | | | — | | | | | | (79) | | | | | | — | | | | | | (79) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,884) | | | | | | (12,884) | | |
Balances at September 30, 2019 (unaudited) | | | | | 23,532,025 | | | | | $ | 70,483 | | | | | | | 4,990,702 | | | | | $ | 5 | | | | | $ | 2,217 | | | | | $ | (65,160) | | | | | $ | (62,938) | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | | $ | (7,536) | | | | | $ | (13,373) | | | | | $ | (12,884) | | | | | $ | (2,593) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization expense | | | | | 896 | | | | | | 900 | | | | | | 688 | | | | | | 610 | | |
Stock-based compensation expense | | | | | 217 | | | | | | 267 | | | | | | 200 | | | | | | 218 | | |
Change in fair value of preferred stock warrant liability | | | | | 91 | | | | | | (59) | | | | | | (59) | | | | | | 26 | | |
Change in fair value of commercial services agreement liability – related party | | | | | — | | | | | | — | | | | | | — | | | | | | (375) | | |
Noncash interest and loss on extinguishment of debt | | | | | 208 | | | | | | 370 | | | | | | 355 | | | | | | 48 | | |
Provision for inventory obsolescence | | | | | 97 | | | | | | 149 | | | | | | 83 | | | | | | 67 | | |
Loss on disposal of property and equipment | | | | | 256 | | | | | | — | | | | | | — | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | 2,531 | | | | | | (873) | | | | | | (1,941) | | | | | | (4,307) | | |
Unbilled receivables | | | | | (2,130) | | | | | | 2,130 | | | | | | 2,139 | | | | | | (53) | | |
Inventory | | | | | (989) | | | | | | (1,863) | | | | | | (2,732) | | | | | | 126 | | |
Prepaid expenses and other current assets | | | | | 128 | | | | | | (79) | | | | | | (85) | | | | | | (79) | | |
Other long-term assets | | | | | (13) | | | | | | 20 | | | | | | 20 | | | | | | (208) | | |
Accounts payable and accrued expenses | | | | | (1,013) | | | | | | (12) | | | | | | 387 | | | | | | 1,140 | | |
Deferred revenue | | | | | (1,722) | | | | | | 748 | | | | | | 1,899 | | | | | | 7,195 | | |
Right-of-use operating assets | | | | | 1,214 | | | | | | 981 | | | | | | 734 | | | | | | 778 | | |
Operating lease liabilities | | | | | (1,133) | | | | | | (310) | | | | | | (57) | | | | | | (794) | | |
Net cash provided by (used in) operating activities | | | | | (8,898) | | | | | | (11,004) | | | | | | (11,253) | | | | | | 1,799 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (727) | | | | | | (392) | | | | | | (278) | | | | | | (9) | | |
Lease deposit | | | | | (440) | | | | | | — | | | | | | — | | | | | | — | | |
Net cash used in investing activities | | | | | (1,167) | | | | | | (392) | | | | | | (278) | | | | | | (9) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | | | | | 3,922 | | | | | | 17,315 | | | | | | 17,315 | | | | | | — | | |
Proceeds from issuance of common stock upon option exercise | | | | | 71 | | | | | | 1 | | | | | | 1 | | | | | | 9 | | |
Proceeds from exercise of preferred stock warrants | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | |
Proceeds from issuance of notes payable | | | | | — | | | | | | 15,000 | | | | | | 15,000 | | | | | | — | | |
Payments of debt issuance costs | | | | | — | | | | | | (83) | | | | | | (83) | | | | | | — | | |
Repayment of notes payable | | | | | — | | | | | | (10,000) | | | | | | (10,000) | | | | | | — | | |
Proceeds from Paycheck Protection Program loan | | | | | — | | | | | | — | | | | | | — | | | | | | 2,202 | | |
Repayment of Paycheck Protection Program loan | | | | | — | | | | | | — | | | | | | — | | | | | | (2,202) | | |
Net cash provided by financing activities | | | | | 3,993 | | | | | | 22,237 | | | | | | 22,233 | | | | | | 9 | | |
Net increase (decrease) in cash and cash equivalents | | | | | (6,072) | | | | | | 10,841 | | | | | | 10,702 | | | | | | 1,799 | | |
Cash and cash equivalents at beginning of period | | | | | 13,144 | | | | | | 7,072 | | | | | | 7,072 | | | | | | 17,913 | | |
Cash and cash equivalents at end of period | | | | $ | 7,072 | | | | | $ | 17,913 | | | | | $ | 17,774 | | | | | $ | 19,712 | | |
Supplemental disclosure of noncash investing and financing information: | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 868 | | |
Transfers of inventory to property and equipment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 209 | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | $ | 76 | | | | | $ | 109 | | | | | $ | 79 | | | | | $ | 74 | | |
Issuance of preferred stock warrants in connection with notes payable | | | | $ | — | | | | | $ | 168 | | | | | $ | 168 | | | | | $ | — | | |
Issuance of preferred stock warrants in connection with lease agreement | | | | $ | 317 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Exercise of preferred stock warrants | | | | $ | — | | | | | $ | 722 | | | | | $ | — | | | | | $ | — | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid for interest | | | | $ | 889 | | | | | $ | 1,155 | | | | | $ | 720 | | | | | $ | 685 | | |
| | | Year ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Balances at beginning of period | | | | $ | 2,632 | | | | | $ | 1,057 | | | | | $ | 1,057 | | | | | $ | 1,509 | | |
Recognition of revenue included in balance at beginning of the period | | | | | (2,076) | | | | | | (446) | | | | | | (872) | | | | | | (1,059) | | |
Revenue deferred during the period, net of revenue recognized | | | | | 501 | | | | | | 898 | | | | | | 1,476 | | | | | | 8,806 | | |
Balances at end of period | | | | $ | 1,057 | | | | | $ | 1,509 | | | | | $ | 1,661 | | | | | $ | 9,256 | | |
| | | December 31, 2019 | | | September 30, 2020 | | ||||||
| | | | | | | | | (unaudited) | | |||
Deferred revenue expected to be recognized in: | | | | ||||||||||
One year or less | | | | $ | 937 | | | | | $ | 2,227 | | |
One to two years | | | | | 320 | | | | | | 3,951 | | |
Three years and beyond | | | | | 252 | | | | | | 3,078 | | |
| | | | $ | 1,509 | | | | | $ | 9,256 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Product and service revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Device sales revenue | | | | $ | 12,094 | | | | | $ | 13,038 | | | | | $ | 6,819 | | | | | $ | 16,766 | | |
Consumables and service revenue | | | | | 1,644 | | | | | | 2,306 | | | | | | 1,473 | | | | | | 2,078 | | |
Total product and service revenue | | | | | 13,738 | | | | | | 15,344 | | | | | | 8,292 | | | | | | 18,844 | | |
License and contract revenue | | | | | 8,316 | | | | | | 2,628 | | | | | | 1,332 | | | | | | 2,333 | | |
Total revenue | | | | $ | 22,054 | | | | | $ | 17,972 | | | | | $ | 9,624 | | | | | $ | 21,177 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Handheld | | | | $ | 11,582 | | | | | $ | 10,518 | | | | | $ | 6,141 | | | | | $ | 14,491 | | |
Desktop | | | | | 2,156 | | | | | | 4,826 | | | | | | 2,151 | | | | | | 4,353 | | |
Total product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Government | | | | $ | 11,443 | | | | | $ | 10,324 | | | | | $ | 6,226 | | | | | $ | 14,475 | | |
Pharmaceutical/Biotechnology | | | | | 2,266 | | | | | | 4,474 | | | | | | 1,717 | | | | | | 4,100 | | |
Academia | | | | | 29 | | | | | | 546 | | | | | | 349 | | | | | | 269 | | |
Total product and service revenue | | | | $ | 13,738 | | | | | $ | 15,344 | | | | | $ | 8,292 | | | | | $ | 18,844 | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
North America | | | | $ | 19,015 | | | | | $ | 13,686 | | | | | $ | 7,961 | | | | | $ | 18,130 | | |
Europe, Middle East and Africa | | | | | 2,425 | | | | | | 2,954 | | | | | | 668 | | | | | | 1,591 | | |
Asia Pacific | | | | | 614 | | | | | | 1,332 | | | | | | 995 | | | | | | 1,456 | | |
| | | | $ | 22,054 | | | | | $ | 17,972 | | | | | $ | 9,624 | | | | | $ | 21,177 | | |
| | | Fair Value Measurements at December 31, 2018 Using: | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 6,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,808 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock warrant liability | | | | $ | — | | | | | $ | — | | | | | $ | 1,341 | | | | | $ | 1,341 | | |
Commercial services agreement liability—related party | | | | | — | | | | | | — | | | | | | 750 | | | | | | 750 | | |
Totals | | | | $ | — | | | | | $ | — | | | | | $ | 2,091 | | | | | $ | 2,091 | | |
|
| | | Fair Value Measurements at December 31, 2019 Using: | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock warrant liability | | | | $ | — | | | | | $ | — | | | | | $ | 728 | | | | | $ | 728 | | |
Commercial services agreement liability—related party | | | | | — | | | | | | — | | | | | | 750 | | | | | | 750 | | |
Totals | | | | $ | — | | | | | $ | — | | | | | $ | 1,478 | | | | | $ | 1,478 | | |
|
| | | Fair Value Measurements at September 30, 2020 (unaudited) Using: | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock warrant liability | | | | $ | — | | | | | $ | — | | | | | $ | 754 | | | | | $ | 754 | | |
Commercial services agreement liability—related party | | | | | — | | | | | | — | | | | | | 375 | | | | | | 375 | | |
Totals | | | | $ | — | | | | | $ | — | | | | | $ | 1,129 | | | | | $ | 1,129 | | |
| | | December 31, | | | September 30, | | ||||||||||||
| | | 2018 | | | 2019 | | | 2020 | | |||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Fair value of preferred stock | | | | $ | 3.47 | | | | | $ | 5.67 | | | | | $ | 5.46 | | |
Risk-free interest rate | | | | | 2.6% | | | | | | 1.9% | | | | | | 0.5% | | |
Expected volatility | | | | | 67% | | | | | | 51% | | | | | | 60% | | |
Expected dividend yield | | | | | — | | | | | | — | | | | | | — | | |
Remaining contractual term (in years) | | | | | 4 | | | | | | 8 | | | | | | 7 | | |
| | | Total Preferred Stock Warrant Liability | | |||
Fair value at December 31, 2017 | | | | $ | 933 | | |
Issuance of warrants | | | | | 317 | | |
Change in fair value | | | | | 91 | | |
Fair value at December 31, 2018 | | | | | 1,341 | | |
Issuance of warrants | | | | | 168 | | |
Exercise of warrants | | | | | (722) | | |
Change in fair value | | | | | (59) | | |
Fair value at December 31, 2019 | | | | | 728 | | |
Change in fair value | | | | | 26 | | |
Fair value at September 30, 2020 (unaudited) | | | | $ | 754 | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Raw materials | | | | $ | 1,965 | | | | | $ | 2,013 | | | | | $ | 2,148 | | |
Work-in-progress | | | | | 250 | | | | | | 412 | | | | | | 1,418 | | |
Finished goods | | | | | 1,308 | | | | | | 2,812 | | | | | | 1,269 | | |
| | | | $ | 3,523 | | | | | $ | 5,237 | | | | | $ | 4,835 | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Laboratory and demonstration equipment | | | | $ | 3,664 | | | | | $ | 4,056 | | | | | $ | 4,257 | | |
Computer equipment and software | | | | | 417 | | | | | | 417 | | | | | | 417 | | |
Furniture and fixtures | | | | | 193 | | | | | | 193 | | | | | | 193 | | |
Leasehold improvements | | | | | 21 | | | | | | 21 | | | | | | 21 | | |
| | | | | 4,295 | | | | | | 4,687 | | | | | | 4,888 | | |
Less: Accumulated depreciation and amortization | | | | | (2,461) | | | | | | (3,361) | | | | | | (3,954) | | |
| | | | $ | 1,834 | | | | | $ | 1,326 | | | | | $ | 934 | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Accrued employee compensation and benefits | | | | $ | 1,036 | | | | | $ | 1,024 | | | | | $ | 1,653 | | |
Accrued warranty | | | | | 679 | | | | | | 968 | | | | | | 1,229 | | |
Accrued professional fees | | | | | 246 | | | | | | 307 | | | | | | 1,817 | | |
Accrued end of term debt charge | | | | | 425 | | | | | | — | | | | | | — | | |
Accrued other | | | | | 467 | | | | | | 610 | | | | | | 183 | | |
| | | | $ | 2,853 | | | | | $ | 2,909 | | | | | $ | 4,882 | | |
| | | Year ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Accrual balance at beginning of period | | | | $ | 366 | | | | | $ | 679 | | | | | $ | 679 | | | | | $ | 968 | | |
Provision for new warranties | | | | | 488 | | | | | | 533 | | | | | | 337 | | | | | | 804 | | |
Settlements and adjustments made during the period | | | | | (175) | | | | | | (244) | | | | | | (181) | | | | | | (543) | | |
Accrual balance at end of period | | | | $ | 679 | | | | | $ | 968 | | | | | $ | 835 | | | | | $ | 1,229 | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Principal amount of long-term debt | | | | $ | 10,000 | | | | | $ | 15,000 | | | | | $ | 15,000 | | |
Less: Current portion of long-term debt | | | | | — | | | | | | — | | | | | | (3,500) | | |
Long-term debt, net of current portion | | | | | 10,000 | | | | | | 15,000 | | | | | | 11,500 | | |
Debt discount, net of accretion | | | | | (350) | | | | | | (231) | | | | | | (183) | | |
Long-term debt, net of discount and current portion | | | | $ | 9,650 | | | | | $ | 14,769 | | | | | $ | 11,317 | | |
Year Ending December 31: | | | | | | | |
2020 | | | | $ | — | | |
2021 | | | | | 5,000 | | |
2022 | | | | | 6,000 | | |
2023 | | | | | 4,000 | | |
| | | | $ | 15,000 | | |
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Preferred Stock Authorized | | | Preferred Stock Issued and Outstanding | | | Carrying Value | | | Liquidation Preference | | | Common Stock Issuable Upon Conversion | | |||||||||||||||
Series A Preferred Stock | | | | | 8,490,778 | | | | | | 8,280,778 | | | | | $ | 8,281 | | | | | $ | 8,281 | | | | | | 5,089,286 | | |
Series B Preferred Stock | | | | | 4,650,216 | | | | | | 4,441,974 | | | | | | 8,000 | | | | | | 8,000 | | | | | | 2,729,994 | | |
Series C Preferred Stock | | | | | 3,788,068 | | | | | | 3,768,068 | | | | | | 12,949 | | | | | | 13,000 | | | | | | 2,315,818 | | |
Series D Preferred Stock | | | | | 4,409,850 | | | | | | 4,259,011 | | | | | | 23,859 | | | | | | 24,000 | | | | | | 2,617,547 | | |
| | | | | 21,338,912 | | | | | | 20,749,831 | | | | | $ | 53,089 | | | | | $ | 53,281 | | | | | | 12,752,645 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Preferred Stock Authorized | | | Preferred Stock Issued and Outstanding | | | Carrying Value | | | Liquidation Preference | | | Common Stock Issuable Upon Conversion | | |||||||||||||||
Series A Preferred Stock | | | | | 8,490,778 | | | | | | 8,490,778 | | | | | $ | 8,491 | | | | | $ | 8,491 | | | | | | 5,218,350 | | |
Series B Preferred Stock | | | | | 4,650,216 | | | | | | 4,605,216 | | | | | | 8,294 | | | | | | 8,294 | | | | | | 2,830,321 | | |
Series C Preferred Stock | | | | | 3,788,068 | | | | | | 3,768,068 | | | | | | 12,987 | | | | | | 13,000 | | | | | | 2,315,818 | | |
Series D Preferred Stock | | | | | 4,409,850 | | | | | | 4,259,011 | | | | | | 23,904 | | | | | | 24,000 | | | | | | 2,617,547 | | |
Series E Preferred Stock | | | | | 2,817,965 | | | | | | 2,782,194 | | | | | | 17,341 | | | | | | 17,500 | | | | | | 1,709,893 | | |
| | | | | 24,156,877 | | | | | | 23,905,267 | | | | | $ | 71,017 | | | | | $ | 71,285 | | | | | | 14,691,929 | | |
|
| | | September 30, 2020 (unaudited) | | |||||||||||||||||||||||||||
| | | Preferred Stock Authorized | | | Preferred Stock Issued and Outstanding | | | Carrying Value | | | Liquidation Preference | | | Common Stock Issuable Upon Conversion | | |||||||||||||||
Series A Preferred Stock | | | | | 8,490,778 | | | | | | 8,490,778 | | | | | $ | 8,491 | | | | | $ | 8,491 | | | | | | 5,218,350 | | |
Series B Preferred Stock | | | | | 4,650,216 | | | | | | 4,605,216 | | | | | | 8,294 | | | | | | 8,294 | | | | | | 2,830,321 | | |
Series C Preferred Stock | | | | | 3,788,068 | | | | | | 3,768,068 | | | | | | 12,999 | | | | | | 13,000 | | | | | | 2,315,818 | | |
Series D Preferred Stock | | | | | 4,409,850 | | | | | | 4,259,011 | | | | | | 23,938 | | | | | | 24,000 | | | | | | 2,617,547 | | |
Series E Preferred Stock | | | | | 2,817,965 | | | | | | 2,782,194 | | | | | | 17,369 | | | | | | 17,500 | | | | | | 1,709,893 | | |
| | | | | 24,156,877 | | | | | | 23,905,267 | | | | | $ | 71,091 | | | | | $ | 71,285 | | | | | | 14,691,929 | | |
December 31, 2018 | | ||||||||||||||||||||||||
Issuance Date | | | Contractual Term | | | Series of Preferred Stock | | | Number of Preferred Shares Issuable under Warrant | | | Exercise Price | | | Warrant Fair Value | | |||||||||
| | | (in years) | | | | | | | | | | | | | | | | | | (in thousands) | | |||
December 6, 2012 | | | 7 | | | Series A | | | | | 210,000 | | | | | $ | 0.01 | | | | | $ | 369 | | |
December 6, 2012 | | | 7 | | | Series B | | | | | 163,242 | | | | | $ | 0.01 | | | | | | 353 | | |
March 6, 2014 | | | 10 | | | Series B | | | | | 45,000 | | | | | $ | 1.801 | | | | | | 54 | | |
June 23, 2015 | | | 10 | | | Series C | | | | | 20,000 | | | | | $ | 3.45 | | | | | | 37 | | |
March 15, 2017 | | | 10 | | | Series D | | | | | 79,856 | | | | | $ | 5.6351 | | | | | | 264 | | |
September 7, 2018 | | | 10 | | | Series D | | | | | 70,983 | | | | | $ | 5.6351 | | | | | | 264 | | |
| | | | | | | | | | | 589,081 | | | | | | | | | | | $ | 1,341 | | |
|
December 31, 2019 | | ||||||||||||||||||||||||
Issuance Date | | | Contractual Term | | | Series of Preferred Stock | | | Number of Preferred Shares Issuable under Warrant | | | Exercise Price | | | Warrant Fair Value | | |||||||||
| | | (in years) | | | | | | | | | | | | | | | | | | (in thousands) | | |||
March 6, 2014 | | | 10 | | | Series B | | | | | 45,000 | | | | | $ | 1.801 | | | | | $ | 50 | | |
June 23, 2015 | | | 10 | | | Series C | | | | | 20,000 | | | | | $ | 3.450 | | | | | | 34 | | |
March 15, 2017 | | | 10 | | | Series D | | | | | 79,856 | | | | | $ | 5.6351 | | | | | | 244 | | |
September 7, 2018 | | | 10 | | | Series D | | | | | 70,983 | | | | | $ | 5.6351 | | | | | | 236 | | |
August 29, 2019 | | | 10 | | | Series E | | | | | 35,771 | | | | | $ | 6.290 | | | | | | 164 | | |
| | | | | | | | | | | 251,610 | | | | | | | | | | | $ | 728 | | |
|
September 30, 2020 (unaudited) | | ||||||||||||||||||||||||
Issuance Date | | | Contractual Term (in years) | | | Series of Preferred Stock | | | Number of Preferred Shares Issuable under Warrant | | | Exercise Price | | | Warrant Fair Value (in thousands) | | |||||||||
March 6, 2014 | | | 10 | | | Series B | | | | | 45,000 | | | | | $ | 1.801 | | | | | $ | 81 | | |
June 23, 2015 | | | 10 | | | Series C | | | | | 20,000 | | | | | $ | 3.450 | | | | | | 43 | | |
March 15, 2017 | | | 10 | | | Series D | | | | | 79,856 | | | | | $ | 5.6351 | | | | | | 241 | | |
September 7, 2018 | | | 10 | | | Series D | | | | | 70,983 | | | | | $ | 5.6351 | | | | | | 229 | | |
August 29, 2019 | | | 10 | | | Series E | | | | | 35,771 | | | | | $ | 6.290 | | | | | | 160 | | |
| | | | | | | | | | | 251,610 | | | | | | | | | | | $ | 754 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Risk-free interest rate | | | | | 2.8% | | | | | | 2.5% | | | | | | 2.5% | | | | | | 0.4% | | |
Expected volatility | | | | | 47% | | | | | | 52% | | | | | | 52% | | | | | | 60% | | |
Expected dividend yield | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Expected term (in years) | | | | | 6 | | | | | | 6 | | | | | | 6 | | | | | | 6 | | |
| | | Number of Shares | | | Weighted Average Exercise Price | | | Weighted Average Contractual Term | | | Aggregate Intrinsic Value | | ||||||||||||
| | | | | | | | | | | | | | | (in years) | | | (in thousands) | | ||||||
Outstanding as of December 31, 2018 | | | | | 1,897,608 | | | | | $ | 1.14 | | | | | | 7.2 | | | | | $ | 924 | | |
Granted | | | | | 392,397 | | | | | | 1.62 | | | | | | | | | | | | | | |
Exercised | | | | | (430) | | | | | | 1.75 | | | | | | | | | | | | | | |
Forfeited | | | | | (41,918) | | | | | | 1.68 | | | | | | | | | | | | | | |
Outstanding as of December 31, 2019 | | | | | 2,247,657 | | | | | | 1.23 | | | | | | 6.7 | | | | | $ | 1,282 | | |
Granted | | | | | 1,051,231 | | | | | | 2.76 | | | | | | | | | | | | | | |
Exercised | | | | | (10,610) | | | | | | 0.83 | | | | | | | | | | | | | | |
Forfeited | | | | | (16,575) | | | | | | 1.42 | | | | | | | | | | | | | | |
Outstanding as of September 30, 2020 (unaudited) | | | | | 3,271,703 | | | | | $ | 1.72 | | | | | | 7.2 | | | | | $ | 4,988 | | |
Vested and expected to vest as of December 31, 2019 | | | | | 2,211,100 | | | | | $ | 1.23 | | | | | | 6.6 | | | | | $ | 1,275 | | |
Options exercisable as of December 31, 2019 | | | | | 1,514,515 | | | | | $ | 1.05 | | | | | | 5.9 | | | | | $ | 1,135 | | |
Vested and expected to vest as of September 30, 2020 (unaudited) | | | | | 3,196,290 | | | | | $ | 1.70 | | | | | | 7.2 | | | | | $ | 4,926 | | |
Options exercisable as of September 30, 2020 (unaudited) | | | | | 1,761,161 | | | | | $ | 1.13 | | | | | | 5.5 | | | | | $ | 3,736 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Cost of revenue | | | | $ | 6 | | | | | $ | 9 | | | | | $ | 6 | | | | | $ | 12 | | |
Research and development expenses | | | | | 69 | | | | | | 78 | | | | | | 60 | | | | | | 52 | | |
Selling, general and administrative expenses | | | | | 142 | | | | | | 180 | | | | | | 134 | | | | | | 154 | | |
| | | | $ | 217 | | | | | $ | 267 | | | | | $ | 200 | | | | | $ | 218 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Operating lease cost | | | | $ | 858 | | | | | $ | 1,763 | | | | | $ | 1,322 | | | | | $ | 1,322 | | |
Short-term lease cost | | | | | 15 | | | | | | 12 | | | | | | 8 | | | | | | 10 | | |
Variable lease cost | | | | | 133 | | | | | | 268 | | | | | | 171 | | | | | | 158 | | |
| | | | $ | 1,006 | | | | | $ | 2,043 | | | | | $ | 1,501 | | | | | $ | 1,490 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | | | | $ | 645 | | | | | $ | 1,092 | | | | | $ | 646 | | | | | $ | 1,338 | | |
Operating lease liabilities arising from obtaining right-of-use assets | | | | $ | 8,162 | | | | | $ | 46 | | | | | $ | — | | | | | $ | — | | |
| | | December 31, | | | September 30, 2020 | | ||||||||||||
| | | 2018 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Weighted-average remaining lease term—operating leases (in years) | | | | | 6.6 | | | | | | 5.6 | | | | | | 5.0 | | |
Weighted-average discount rate—operating leases | | | | | 9.5% | | | | | | 9.5% | | | | | | 9.5% | | |
| Year Ending December 31, | | | | | | | |
| 2020 | | | | $ | 1,792 | | |
| 2021 | | | | | 1,752 | | |
| 2022 | | | | | 1,788 | | |
| 2023 | | | | | 1,833 | | |
| 2024 | | | | | 1,878 | | |
| Thereafter | | | | | 1,435 | | |
| Total future minimum lease payments | | | | | 10,478 | | |
| Less: imputed interest | | | | | (2,459) | | |
| Total operating lease liabilities | | | | $ | 8,019 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Numerator: | | | | | | ||||||||||||||||||||
Net loss and comprehensive loss | | | | $ | (7,536) | | | | | $ | (13,373) | | | | | $ | (12,884) | | | | | $ | (2,593) | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | (76) | | | | | | (109) | | | | | | (79) | | | | | | (74) | | |
Net loss attributable to common stockholders | | | | $ | (7,612) | | | | | $ | (13,482) | | | | | $ | (12,963) | | | | | $ | (2,667) | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding basic and diluted | | | | | 4,907,075 | | | | | | 4,990,416 | | | | | | 4,990,314 | | | | | | 4,995,878 | | |
Net loss per share attributable to common stockholders, basic and diluted | | | | $ | (1.55) | | | | | $ | (2.70) | | | | | $ | (2.60) | | | | | $ | (0.53) | | |
|
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2018 | | | 2019 | | | 2019 | | | 2020 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||
Redeemable convertible preferred stock (as converted to common stock) | | | | | 12,752,645 | | | | | | 14,691,929 | | | | | | 14,691,929 | | | | | | 14,691,929 | | |
Warrants for the purchase of redeemable convertible preferred stock (as converted to common stock) | | | | | 362,040 | | | | | | 154,634 | | | | | | 384,024 | | | | | | 154,634 | | |
Stock options to purchase common stock | | | | | 1,897,608 | | | | | | 2,247,657 | | | | | | 2,243,196 | | | | | | 3,271,703 | | |
| | | | | 15,012,293 | | | | | | 17,094,220 | | | | | | 17,319,149 | | | | | | 18,118,266 | | |
| | | Year Ended December 31, 2019 | | | Nine Months Ended September 30, 2020 | | ||||||
| | | (unaudited) | | | (unaudited) | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to common stockholders | | | | $ | (13,482) | | | | | $ | (2,667) | | |
Plus: Change in fair value of preferred stock warrant liability | | | | | (59) | | | | | | 26 | | |
Plus: Accretion of redeemable convertible preferred stock to redemption value | | | | | 109 | | | | | | 74 | | |
Pro forma net loss attributable to common stockholders | | | | $ | (13,432) | | | | | $ | (2,567) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted | | | | | 4,990,416 | | | | | | 4,995,878 | | |
Pro forma adjustment to reflect automatic conversion of redeemable convertible preferred stock to common stock upon the completion of the proposed IPO | | | | | 13,992,676 | | | | | | 14,691,929 | | |
Pro forma weighted average common shares outstanding, basic and diluted | | | | | 18,983,092 | | | | | | 19,687,807 | | |
Pro forma net loss per share attributable to common stockholders, basic and diluted | | | | $ | (0.71) | | | | | $ | (0.13) | | |
| | | Year Ended December 31, | | |||||||||
| | | 2018 | | | 2019 | | ||||||
Federal statutory income tax rate | | | | | (21.0)% | | | | | | (21.0)% | | |
State income taxes, net of federal benefit | | | | | (3.1) | | | | | | (3.7) | | |
Federal and state research and development tax credits | | | | | (12.7) | | | | | | (5.7) | | |
Nondeductible items | | | | | 1.2 | | | | | | 0.6 | | |
Other | | | | | 0.8 | | | | | | (0.4) | | |
Change in valuation allowance | | | | | 34.8 | | | | | | 30.2 | | |
Effective income tax rate | | | | | 0.0% | | | | | | 0.0% | | |
| | | December 31, | | |||||||||
| | | 2018 | | | 2019 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards | | | | $ | 10,143 | | | | | $ | 13,123 | | |
Research and development tax credit carryforwards | | | | | 4,945 | | | | | | 5,706 | | |
Lease liability | | | | | 2,008 | | | | | | 1,986 | | |
Capitalized start up costs | | | | | 154 | | | | | | 140 | | |
Capitalized research and development costs | | | | | 445 | | | | | | 333 | | |
Accrued expenses and other | | | | | 1,206 | | | | | | 1,426 | | |
Total deferred tax assets | | | | | 18,901 | | | | | | 22,714 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Right-of-use asset | | | | | (1,983) | | | | | | (1,794) | | |
Depreciation and amortization | | | | | (57) | | | | | | (17) | | |
Total deferred tax liabilities | | | | | (2,040) | | | | | | (1,811) | | |
Valuation allowance | | | | | (16,861) | | | | | | (20,903) | | |
Net deferred tax assets | | | | $ | — | | | | | $ | — | | |
| | | Year Ended December 31, | | |||||||||
| | | 2018 | | | 2019 | | ||||||
Valuation allowance as of beginning of year | | | | $ | 14,325 | | | | | $ | 16,861 | | |
Increases recorded to income tax provision | | | | | 2,536 | | | | | | 4,042 | | |
Valuation allowance as of end of year | | | | $ | 16,861 | | | | | $ | 20,903 | | |
| | Amount to be Paid | | | Amount to be Paid | | ||||||||
SEC registration fee | | | $ | 13,331 | | | | | $ | 11,117 | | | ||
FINRA filing fee | | | | 18,829 | | | | | | 18,488 | | | ||
Nasdaq Global Market listing fee | | | | 150,000 | | | | | | — | | | ||
Printing and mailing | | | | 165,000 | | | | | | 80,000 | | | ||
Legal fees and expenses | | | | 1,200,000 | | | | | | 150,000 | | | ||
Accounting fees and expenses | | | | 1,060,000 | | | | | | 150,000 | | | ||
Transfer agent and registrar fees and expenses | | | | 5,000 | | | | | | 5,000 | | | ||
Miscellaneous | | | | 87,840 | | | | | | 25,395 | | | ||
Total | | | $ | 2,700,000 | | | | | $ | 440,000 | | |
NUMBER | | | | |
21.1** | | | | |
| | | ||
| | | ||
| | |
| Signature | | | Title | |
| /s/ Kevin J. Knopp, Ph.D. Kevin J. Knopp, Ph.D. | | | Chief Executive Officer and Director (Principal Executive Officer) | |
| /s/ Joseph H. Griffith IV Joseph H. Griffith IV | | | Chief Financial Officer (Principal Financial and Accounting Officer) | |
| Nicolas Barthelemy | | | Director | |
| Keith L. Crandell | | | Director | |
| | ||||
| | Director | | ||
| Fenel M. Eloi | | | Director | |
| Signature | | | Title | |
| /s/ Jeffrey P. George Jeffrey P. George | | | Director | |
| /s/ E. Kevin Hrusovsky E. Kevin Hrusovsky | | | Chairman of the Board of Directors | |
| /s/ Mark Spoto Mark Spoto | | | Director | |