Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39562 | |
Entity Registrant Name | PULMONX CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0424412 | |
Entity Address, Address Line One | 700 Chesapeake Drive | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
Country Region | 1 | |
City Area Code | 650 | |
Local Phone Number | 364-0400 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | LUNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,690,233 | |
Entity Central Index Key | 0001127537 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 198,703 | $ 231,561 |
Restricted cash | 231 | 231 |
Short-term marketable securities | 10,774 | 0 |
Accounts receivable, net | 6,884 | 4,228 |
Inventory | 13,401 | 10,741 |
Prepaid expenses and other current assets | 3,091 | 3,228 |
Total current assets | 233,084 | 249,989 |
Property and equipment, net | 2,773 | 1,474 |
Goodwill | 2,333 | 2,333 |
Intangible assets, net | 339 | 400 |
Right of use assets | 7,827 | 8,976 |
Long-term marketable securities | 2,024 | 0 |
Other long-term assets | 560 | 536 |
Total assets | 248,940 | 263,708 |
Current liabilities | ||
Accounts payable | 2,156 | 1,472 |
Accrued liabilities | 10,499 | 8,651 |
Income taxes payable | 5 | 94 |
Deferred revenue | 85 | 71 |
Term loan, current | 1,889 | 0 |
Current lease liabilities | 1,692 | 2,238 |
Total current liabilities | 16,326 | 12,526 |
Deferred tax liability | 71 | 62 |
Long-term lease liabilities | 7,141 | 7,618 |
Credit agreement | 544 | 564 |
Term loan | 14,938 | 16,804 |
Total liabilities | 39,020 | 37,574 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 36,580,617 shares issued and outstanding as of June 30, 2021 and 35,693,753 shares issued and outstanding as of December 31, 2020 | 36 | 36 |
Additional paid-in capital | 475,561 | 467,147 |
Accumulated other comprehensive income | 1,479 | 1,685 |
Accumulated deficit | (267,156) | (242,734) |
Total stockholders’ equity | 209,920 | 226,134 |
Total liabilities, preferred stock and stockholders’ equity | $ 248,940 | $ 263,708 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 36,580,617 | 35,693,753 |
Common stock, outstanding (in shares) | 36,580,617 | 35,693,753 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 12,203 | $ 3,673 | $ 21,447 | $ 12,291 |
Cost of goods sold | 3,174 | 2,661 | 5,807 | 5,629 |
Gross profit | 9,029 | 1,012 | 15,640 | 6,662 |
Operating expenses | ||||
Research and development | 3,506 | 1,426 | 6,540 | 2,991 |
Selling, general and administrative | 17,620 | 11,112 | 33,224 | 21,301 |
Total operating expenses | 21,126 | 12,538 | 39,764 | 24,292 |
Loss from operations | (12,097) | (11,526) | (24,124) | (17,630) |
Interest income | 102 | 15 | 207 | 89 |
Interest expense | (206) | (912) | (423) | (1,811) |
Other income (expense), net | (96) | 568 | 65 | 421 |
Net loss before tax | (12,297) | (11,855) | (24,275) | (18,931) |
Income tax expense | 80 | 56 | 147 | 143 |
Net loss | (12,377) | (11,911) | (24,422) | (19,074) |
Other comprehensive income | ||||
Currency translation adjustment | 66 | (34) | (206) | 248 |
Change in unrealized losses on marketable securities | 3 | (1) | 0 | (6) |
Total other comprehensive income (loss) | 69 | (35) | (206) | 242 |
Comprehensive loss | $ (12,308) | $ (11,946) | $ (24,628) | $ (18,832) |
Net loss per share attributable common stockholders, basic (in dollars per share) | $ (0.34) | $ (6.15) | $ (0.68) | $ (9.93) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.34) | $ (6.15) | $ (0.68) | $ (9.93) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 36,042,614 | 1,935,433 | 35,708,548 | 1,921,073 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 36,042,614 | 1,935,433 | 35,708,548 | 1,921,073 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 17,583,150 | ||||
Beginning balance at Dec. 31, 2019 | $ 205,339 | ||||
Convertible Preferred Stock | |||||
Issuance of convertible preferred stock (in shares) | 213,876 | ||||
Issuance of convertible preferred stock | $ 2,260 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 17,797,026 | ||||
Ending balance at Mar. 31, 2020 | $ 207,599 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,100,203 | ||||
Beginning balance at Dec. 31, 2019 | (187,378) | $ 2 | $ 21,750 | $ 1,373 | $ (210,503) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 7,164 | ||||
Issuance of common stock upon exercise of stock options | 11 | 11 | |||
Change in shares subject to repurchase | 2 | 2 | |||
Stock-based compensation expense | 209 | 209 | |||
Currency translation adjustment | 282 | 282 | |||
Change in unrealized losses on marketable securities | (5) | (5) | |||
Net loss | (7,163) | (7,163) | |||
Ending balance (in shares) at Mar. 31, 2020 | 2,107,367 | ||||
Ending balance at Mar. 31, 2020 | $ (194,042) | $ 2 | 21,972 | 1,650 | (217,666) |
Beginning balance (in shares) at Dec. 31, 2019 | 17,583,150 | ||||
Beginning balance at Dec. 31, 2019 | $ 205,339 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 17,797,026 | ||||
Ending balance at Jun. 30, 2020 | $ 207,599 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,100,203 | ||||
Beginning balance at Dec. 31, 2019 | (187,378) | $ 2 | 21,750 | 1,373 | (210,503) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Currency translation adjustment | 248 | ||||
Change in unrealized losses on marketable securities | (6) | ||||
Net loss | (19,074) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 2,108,292 | ||||
Ending balance at Jun. 30, 2020 | $ (205,765) | $ 2 | 22,195 | 1,615 | (229,577) |
Beginning balance (in shares) at Mar. 31, 2020 | 17,797,026 | ||||
Beginning balance at Mar. 31, 2020 | $ 207,599 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 17,797,026 | ||||
Ending balance at Jun. 30, 2020 | $ 207,599 | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 2,107,367 | ||||
Beginning balance at Mar. 31, 2020 | (194,042) | $ 2 | 21,972 | 1,650 | (217,666) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 925 | ||||
Issuance of common stock upon exercise of stock options | 1 | 1 | |||
Change in shares subject to repurchase | 63 | 63 | |||
Stock-based compensation expense | 159 | 159 | |||
Currency translation adjustment | (34) | (34) | |||
Change in unrealized losses on marketable securities | (1) | (1) | |||
Net loss | (11,911) | (11,911) | |||
Ending balance (in shares) at Jun. 30, 2020 | 2,108,292 | ||||
Ending balance at Jun. 30, 2020 | $ (205,765) | $ 2 | 22,195 | 1,615 | (229,577) |
Beginning balance (in shares) at Dec. 31, 2020 | 35,693,753 | 35,693,753 | |||
Beginning balance at Dec. 31, 2020 | $ 226,134 | $ 36 | 467,147 | 1,685 | (242,734) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 122,856 | ||||
Issuance of common stock upon exercise of stock options | 273 | 273 | |||
Repurchase of early exercised common stock options (in shares) | (12,945) | ||||
Change in shares subject to repurchase | 66 | 66 | |||
Stock-based compensation expense | 2,462 | 2,462 | |||
Currency translation adjustment | (272) | (272) | |||
Change in unrealized losses on marketable securities | (3) | (3) | |||
Net loss | (12,045) | (12,045) | |||
Ending balance (in shares) at Mar. 31, 2021 | 35,803,664 | ||||
Ending balance at Mar. 31, 2021 | $ 216,615 | $ 36 | 469,948 | 1,410 | (254,779) |
Beginning balance (in shares) at Dec. 31, 2020 | 35,693,753 | 35,693,753 | |||
Beginning balance at Dec. 31, 2020 | $ 226,134 | $ 36 | 467,147 | 1,685 | (242,734) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 776,465 | ||||
Currency translation adjustment | $ (206) | ||||
Change in unrealized losses on marketable securities | 0 | ||||
Net loss | $ (24,422) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 36,580,617 | 36,580,617 | |||
Ending balance at Jun. 30, 2021 | $ 209,920 | $ 36 | 475,561 | 1,479 | (267,156) |
Beginning balance (in shares) at Mar. 31, 2021 | 35,803,664 | ||||
Beginning balance at Mar. 31, 2021 | 216,615 | $ 36 | 469,948 | 1,410 | (254,779) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 653,609 | ||||
Issuance of common stock upon exercise of stock options | 1,133 | 1,133 | |||
Issuance of shares pursuant to Employee Stock Purchase Plan (in shares) | 123,344 | ||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 1,992 | 1,992 | |||
Change in shares subject to repurchase | 12 | 12 | |||
Stock-based compensation expense | 2,476 | 2,476 | |||
Currency translation adjustment | 66 | 66 | |||
Change in unrealized losses on marketable securities | 3 | 3 | |||
Net loss | $ (12,377) | (12,377) | |||
Ending balance (in shares) at Jun. 30, 2021 | 36,580,617 | 36,580,617 | |||
Ending balance at Jun. 30, 2021 | $ 209,920 | $ 36 | $ 475,561 | $ 1,479 | $ (267,156) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (24,422) | $ (19,074) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 4,580 | 368 |
Change in fair value of derivative liabilities | 0 | (710) |
Allowance for doubtful accounts | (1) | (7) |
Inventory write-downs | 665 | 282 |
Depreciation and amortization expense | 287 | 233 |
Amortization of debt discount and debt issuance costs | 64 | 416 |
Write-off of deferred offering costs | 0 | 3,030 |
Amortization of premiums and discounts on short-term marketable securities | 16 | (35) |
Non-cash lease expense | 1,149 | 520 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (2,732) | 2,919 |
Inventory | (3,125) | (3,054) |
Prepaid expenses and other current assets | 216 | 271 |
Other assets | (29) | 184 |
Accounts payable | 293 | (769) |
Accrued liabilities | 1,874 | (1,698) |
Income taxes payable | (87) | (97) |
Lease liabilities | (1,137) | (216) |
Deferred tax liability | 11 | 20 |
Deferred revenue | 16 | (125) |
Net cash used in operating activities | (22,362) | (17,542) |
Cash flows from investing activities | ||
Purchases of investments | (15,314) | 0 |
Maturities of short-term marketable securities | 2,500 | 13,605 |
Purchases of property and equipment | (903) | (142) |
Net cash (used in) provided by investing activities | (13,717) | 13,463 |
Cash flows from financing activities | ||
Proceeds from borrowing under term loans, net of payment of lender fees and costs | 0 | 16,764 |
Proceeds from Credit Agreement | 0 | 527 |
Repayment of term loans | 0 | (17,248) |
Proceeds from the issuance of convertible note, net of payment of lender fees and costs | 0 | 32,950 |
Proceeds from Paycheck Protection Program loan | 0 | 2,666 |
Repayment of Paycheck Protection Program loan | 0 | (2,666) |
Debt issuance cost | (41) | (162) |
Payments of deferred offering costs | 0 | (2,462) |
Proceeds from exercise of warrants for Series C-1 convertible preferred stock | 0 | 2,261 |
Proceeds from exercise of common stock options | 1,381 | 77 |
Proceeds from issuance of common stock under the employee stock purchase plan | 1,992 | 0 |
Payments for repurchase of early exercised common stock options | (26) | 0 |
Net cash provided by financing activities | 3,306 | 32,707 |
Effect of exchange rate changes on cash and cash equivalents | (85) | 183 |
Net (decrease) increase in cash and cash equivalents | (32,858) | 28,811 |
Cash, cash equivalents and restricted cash, at beginning of the period | 231,792 | 14,767 |
Cash, cash equivalents and restricted cash, at end of the period | 198,934 | 43,578 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||
Cash and cash equivalents | 198,703 | 43,347 |
Restricted cash | 231 | 231 |
Cash, cash equivalents and restricted cash in consolidated balance sheets | 198,934 | 43,578 |
Supplemental non-cash items: | ||
Lapse in repurchase rights of common stock | 78 | 65 |
Purchases of property and equipment in accounts payable | 608 | 24 |
Accrued interest for convertible note | 0 | 351 |
Issuance of derivative instrument related to convertible notes | 0 | 3,900 |
Amount receivable from exercise of common stock options | 25 | 0 |
Operating lease right of use assets obtained in exchange for new lease liabilities | 0 | 735 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 226 | 91 |
Cash paid for interest | $ 360 | $ 2,698 |
Formation and Business of the C
Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation and Business of the Company | Formation and Business of the Company The Company Pulmonx Corporation (the “Company”) was incorporated in the state of California in December 1995 as Pulmonx and reincorporated in the state of Delaware in December 2013. The Company is a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (“COPD”). The Company’s solution, which is comprised of the Zephyr Endobronchial Valve (“Zephyr Valve”), the Chartis Pulmonary Assessment System (“Chartis System”) and the StratX Lung Analysis Platform (“StratX Platform”), is designed to treat a broad pool of patients for whom medical management has reached its limits and either do not want or are ineligible for surgical approaches. The Company has subsidiaries in the Cayman Islands, Germany, Switzerland, Australia, the United Kingdom, the Netherlands, Italy, France and Hong Kong. Initial Public Offering On September 30, 2020, the Company’s registration statement on Form S-1 (File No. 333-248635) relating to its initial public offering (“IPO”) of common stock became effective. The IPO closed on October 5, 2020 at which time the Company issued 11,500,000 shares of its common stock at a price of $19.00 per share, which included the issuance of shares in connection with the exercise by the underwriters of their option to purchase up to 1,500,000 additional shares. The Company received an aggregate of $218.5 million gross proceeds, before underwriting discounts, commissions and offering costs, and approximately $201.4 million in net proceeds after deducting underwriting discounts and commissions and offering costs. In addition, upon closing the IPO, all outstanding shares of the Company’s convertible preferred stock converted into 17,797,026 shares of common stock. Additionally, the $33.0 million aggregate outstanding principal amount and $0.8 million accrued interest of the 2020 Notes converted into 2,561,484 shares of common stock at a conversion price of $13.20 per share. In connection with the completion of its IPO, on October 5, 2020, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.001 per share. Liquidity and Going Concern The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $267.2 million as of June 30, 2021. During the six months ended June 30, 2021 and June 30, 2020, the Company used $22.4 million and $17.5 million of cash in its operating activities, respectively. As of June 30, 2021, the Company had cash, cash equivalents and marketable securities of $211.5 million. Historically, the Company’s activities have been financed through private placements of equity securities, debt and sale of common stock in the IPO. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Management believes that the Company’s existing cash, cash equivalents and marketable securities will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these unaudited interim condensed consolidated financial statements. Impact of the COVID-19 Pandemic In response to the novel coronavirus, or COVID-19 pandemic, numerous state and local jurisdictions imposed travel bans, restrictions, social distancing requirements, quarantines, stay-at-home orders and other significant measures beginning in March 2020. In the markets in which we operate, elective, specialty and other procedures and appointments were suspended or canceled. The COVID-19 pandemic significantly delayed and decreased the number of procedures performed using the Company’s products. As a result, we experienced a material adverse impact on our business, financial condition and results of operations in 2020. Beginning in March 2021, we observed indicators of recovery in our US markets, which was sustained through the second quarter. Despite these signs of recovery in our US markets, we may see regional variations in procedure volumes from a resurgence of the COVID-19 pandemic and its variants in some states. In international markets, our business faced continued pressure during the second quarter as the spring COVID-19 surge led to a new wave of lockdowns across a number of markets in Europe. In June, we saw a recovery of sales in many European markets as COVID-19 cases decreased and hospitals began to re-open to procedures. The Company’s unaudited interim condensed consolidated financial statements reflect judgments and estimates that could change in the future as a result of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted the Company’s business, financial condition and results of operations by decreasing and delaying procedures performed using its products. While we have seen many regions begin to stabilize with improvements in procedure volumes, there continues to be variability and uncertainty as variants of the virus emerge. We can make no assurance regarding any future level of demand for our products, and COVID-19 may adversely impact our results of operations and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Reverse Stock Split On September 22, 2020, the Company effected a 1-for-10 reverse stock split of the Company’s common stock and convertible preferred stock. The par value and authorized shares of common stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, stock options and per share amounts contained in the accompanying financial statements and notes to the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 15, 2021. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2021 and condensed consolidated results of operations for the three and six months ended June 30, 2021 and 2020 and condensed consolidated cash flows for the six months ended June 30, 2021 and 2020 have been made. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to inventories, the recoverability of long term assets, valuation of equity instruments and equity-linked instruments, valuation of common stock, stock-based compensation, valuation of the derivative liability, intangible assets, goodwill, debt and related features, deferred tax assets and related valuation allowances and impact of contingencies. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The derivative liabilities were carried at fair value based on unobservable market inputs. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates their fair value. The fair value of marketable debt securities is estimated using Level 2 inputs based on their quoted market values (Note 4). Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. As of June 30, 2021 and December 31, 2020, the Company also had cash on deposit with foreign banks of approximately $4.3 million and $5.6 million, respectively, that was not federally insured. The Company earns revenue from the sale of its products to distributors and other customers such as hospitals. Sales of Zephyr Valves and delivery catheters accounted for most of the Company’s revenue for the six months ended June 30, 2021 and 2020. The Company’s accounts receivable are derived from revenue earned from distributors and customers. The Company performs ongoing credit evaluations of its customers’ and distributors’ financial condition and generally requires no collateral from its customers and distributors. At June 30, 2021 and December 31, 2020, no customer or distributor accounted for more than 10% of accounts receivable. During the three and six months ended June 30, 2021 and June 30, 2020, no customer or distributor accounted for more than 10% of revenue. The Company relies on single source suppliers for the components, sub-assemblies and materials for its products. These components, sub-assemblies and materials are critical and there are no or relatively few alternative sources of supply. The Company’s suppliers have generally met the Company’s demand for their products and services on a timely basis in the past. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO, are capitalized and recorded on the balance sheet. During the year ended December 31, 2020, the Company wrote off deferred offering costs of $3.0 million as, in May 2020, the Company withdrew its registration statement that was filed with the SEC in February 2020. After the registration statement was withdrawn in May 2020, an additional $1.8 million in deferred offering costs were incurred related to the Company’s October 2020 IPO. In connection with the IPO, all deferred offering costs incurred after May 2020 were recorded as reduction of the gross proceeds from the IPO in the additional paid-in capital on the accompanying balance sheet as of December 31, 2020. There were no deferred offering costs capitalized as of June 30, 2021. Foreign Currency Translation and Transaction Gains and Losses The functional currencies of the Company’s wholly owned subsidiaries in the Cayman Islands and the Netherlands are the U.S. dollar. The functional currencies of the Company’s wholly owned subsidiaries in Switzerland, Germany, Australia, the United Kingdom, France and Hong Kong are the Swiss franc. The functional currency of the Company’s subsidiary in Italy is the Euro. Accordingly, asset and liability accounts of Switzerland, Germany, Australia, the United Kingdom, Italy and Hong Kong operations are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the condensed consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive income (loss) in the condensed consolidated statements of operations and comprehensive loss and was $0.1 million and less than $(0.1) million during the three months ended June 30, 2021 and 2020, respectively, and $(0.2) million and $0.2 million during the six months ended June 30, 2021 and 2020, respectively. Foreign currency transaction gains and losses are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss and was $(0.1) million and $0.2 million during the three months ended June 30, 2021 and 2020, respectively, and $0.1 million and $(0.3) million during the six months ended June 30, 2021 and 2020, respectively. Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, and convertible preferred stock warrants are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of convertible preferred stock and the holders of the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not have a material impact on the Company’s unaudited interim condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company may elect to apply ASU 2020-04 as its contracts referenced in London Interbank Offered Rate (“LIBOR”) are impacted by reference rate reform. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting For Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. ASU 2020-06 also simplifies the diluted net income per share calculation in certain areas. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this principle on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new guidance will require financial instruments to be measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. In November 2019, the FASB issued ASU 2019-10, according to which, the new standard is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies (“SRC”) as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, including the Company, the new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; Level 3 – Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – Financial assets and liabilities held by the Company measured at fair value on a recurring basis include money market funds, marketable securities, convertible preferred stock warrant liability and derivative liabilities. Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis – The Company determines the fair value of long-lived assets held and used, such as intangible assets, by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. As noted above, there have been no impairment charges recorded to date. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates the fair value and is classified as a Level 2 liability. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,017 $ — $ — $ 1,017 Commercial paper — 1,000 — 1,000 Cash equivalents 1,017 1,000 — 2,017 U.S. Treasury bonds 1,518 — — 1,518 U.S. Government agency bonds — 3,517 — 3,517 Corporate bonds — 767 — 767 Commercial paper — 6,996 — 6,996 Marketable securities 1,518 11,280 — 12,798 Total financial assets $ 2,535 $ 12,280 $ — $ 14,815 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2021. December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 10,533 $ — $ — $ 10,533 Cash equivalents 10,533 — — 10,533 Total financial assets $ 10,533 $ — $ — $ 10,533 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2020. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): June 30, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Treasury bonds $ 1,518 $ — $ — $ 1,518 U.S. Government agency bonds 3,517 — — 3,517 Corporate bonds 767 — — 767 Commercial paper 7,996 — — 7,996 Marketable securities $ 13,798 $ — $ — $ 13,798 Amounts recognized on the consolidated balance sheet Cash equivalents $ 1,000 Short-term marketable securities 10,774 Long-term marketable securities 2,024 Marketable securities $ 13,798 The Company did not have any marketable securities as of December 31, 2020. Accrued interest receivable on marketable securities of less than $0.1 million is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company valued a Success Fee derivative liability based on the Success Fee amount of $1.9 million and the probability and estimated timing of a liquidity event. On October 5, 2020, the Success Fee derivative liability was settled upon the Company paying $1.9 million pursuant to the Success Fee Agreement to Oxford Finance LLC. The Company valued a 2020 Notes derivative liability using the “with and without” methodology. The “with and without” methodology involves valuing the convertible note on an as is basis and then valuing the 2020 Notes without each individual embedded derivative. The difference between the value of the 2020 Notes with the embedded derivatives and the value without each individual embedded derivative equals the fair value of that embedded derivative. The Company used a Monte Carlo Simulation to value the embedded derivatives. The first step of each simulation was to forecast the Company’s Series G-1 convertible preferred stock price through the expiration of the 2020 Notes. In order to estimate the future share price of the Series G-1 convertible preferred stock, the Company applied a “random walk” model based upon a Geometric Brownian Motion process with a constant drift. The fair value of the 2020 Notes derivative liability was determined using the following assumptions: June 30, April 17, 2020 2020 Risk-free interest rate 0.2 % 0.2 % Current Series G-1 convertible preferred stock value per share $ 0.85 $ 0.84 Series G-1 convertible preferred stock volatility 32.5 % 34.4 % Upon the closing of the IPO in October 2020, the 2020 Notes converted pursuant to a qualified initial public offering (Note 6). As a result, the Company concluded that the 2020 Notes derivative had no value upon the closing of the IPO, because value of the notes with and without the such derivative was the same. The change in fair value of derivative liabilities is summarized below (in thousands): Success Fee Derivative Liability 2020 Notes Derivative Liability Beginning fair value, January 1, 2020 $ 1,165 $ — Fair value at inception — 3,900 Change in fair value (110) (600) Ending fair value, June 30, 2020 $ 1,055 $ 3,300 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following (in thousands): June 30, December 31, 2021 2020 Cash $ 196,686 $ 221,028 Cash equivalents: Money market funds 1,017 10,533 Commercial paper 1,000 — Total cash and cash equivalents $ 198,703 $ 231,561 Inventory Inventory consists of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 3,127 $ 3,342 Work in process 382 227 Finished goods 9,892 7,172 Total inventory $ 13,401 $ 10,741 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 1,351 $ 381 Prepaid insurance 779 2,131 VAT receivable 297 339 Other current assets 664 377 Total prepaid expenses and other current assets $ 3,091 $ 3,228 Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2021 2020 Machinery and equipment $ 1,590 $ 1,447 Computer equipment and software 1,147 1,062 Furniture and fixtures 215 229 Leasehold improvements 172 57 Construction in progress 1,626 452 Total 4,750 3,247 Less: accumulated depreciation (1,977) (1,773) Property and equipment, net $ 2,773 $ 1,474 Depreciation expense for the three months ended June 30, 2021 and June 30, 2020 was $0.1 million and $0.1 million, respectively. Depreciation expense for the six months ended June 30, 2021 and June 30, 2020 was $0.2 million and $0.2 million, respectively. Goodwill Goodwill was $2.3 million as of June 30, 2021 and December 31, 2020 arising from the Company’s acquisition of Emphasys Medical, Inc, in March 2009. No goodwill impairment losses have been recognized since the acquisition. There were no acquisitions or dispositions of goodwill in six months ended June 30, 2021 and 2020. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through June 30, 2021, there have been no events or changes in circumstances that indicated that the carrying value of goodwill may not be recoverable. As a result, no impairment charge was recorded during the six months ended June 30, 2021. Intangible Assets Intangible assets consist of the following (in thousands): June 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,354) $ 304 Trademarks 191 (156) 35 Total intangible assets $ 1,849 $ (1,510) $ 339 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,299) $ 359 Trademarks 191 (150) 41 Total intangible assets $ 1,849 $ (1,449) $ 400 Amortization expense relating to the intangibles totaled less than $0.1 million during each of the three months ended June 30, 2021 and June 30, 2020, respectively. Amortization expense relating to the intangibles totaled $0.1 million during each six months ended June 30, 2021 and June 30, 2020, respectively. Future amortization expense is as follows as of June 30, 2021 (in thousands): 2021 (remaining six months) $ 62 2022 123 2023 123 2024 31 Total amortization expense $ 339 Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Accrued employee bonuses and commissions $ 3,266 $ 2,374 Accrued vacation 2,017 1,810 Other accrued personnel related expenses 1,002 1,368 Accrued professional fees 1,900 1,313 Sales taxes, franchise tax and VAT 515 521 Liability for early exercise of stock options 524 629 Accrued inventory purchases 378 57 Other 897 579 Total accrued liabilities $ 10,499 $ 8,651 |
Long Term Debt and Convertible
Long Term Debt and Convertible Notes | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt and Convertible Notes | Long Term Debt and Convertible Notes Term Loan Oxford Finance Loan From August 2014 until February 2020, the Company was party to a Loan and Security Agreement with Oxford Finance LLC, which provided the ability to borrow up to $20.0 million in term loans (“Oxford Finance Loan”). In 2014, the Company borrowed $15.0 million. The term loan bore interest at 8.96% and had a five-year term. The first 36 months were interest only payments followed by 24 months of equal payments of principal and interest. A final payment of 8.50% of the term loan amount was due at maturity and was being accreted using the effective interest rate method. The term loan was collateralized by assets, including cash and cash equivalents, accounts receivable and property and equipment. The Oxford Finance Loan was subsequently amended in 2017 and 2018 to extend the interest only period and to extend the maturity date to July 1, 2020, and at the Company’s option, further extend the maturity date to May 1, 2021. In 2019, the Company elected to extend the maturity date to May 2021. In connection with the original agreement in August 2014, the Company also entered into the Success Fee Agreement. In the event of a sale or other disposition by the Company of all or substantially all of its assets, a merger or consolidation, or an initial public offering (a “Liquidity Event”), before the termination of the agreement on August 28, 2021, the Company was required to pay up to $2.5 million (the “Success Fee”) to Oxford Finance LLC, the amount of which would be based on actual borrowings, up to $20.0 million. This agreement was identified as a freestanding derivative under ASC 815, Derivatives (“Success Fee”) and was remeasured to its fair value at the end of each reporting period and any change in fair value is recognized as change in other income (expense), net in the statements of operations and comprehensive loss (Note 4). On October 5, 2020, in connection with the IPO, the Company paid $1.9 million pursuant to the Success Fee Agreement to Oxford Finance LLC based on the $15.0 million borrowed. On February 20, 2020, the Company repaid its entire obligation under the term loan agreement with Oxford Finance LLC amounting to $17.3 million, including outstanding loan amount of $15.0 million, final payment of $1.3 million, amendment fees of $0.9 million and accrued interest of $0.1 million. The repayment of the obligation under the term loan agreement with Oxford Finance LLC was accounted as extinguishment and the Company recorded a loss on extinguishment of $0.4 million included in interest expense in the condensed consolidated statements of operations and comprehensive loss. During the three and six months ended June 30, 2020, the Company recorded interest expense related to deferred financing and debt issuance costs of Oxford Finance Loan of $0 and less than $0.1 million, respectively. Interest expense on the term loan amounted to $0 and $0.4 million during the three and six months ended June 30, 2020, respectively. CIBC Loan On February 20, 2020, the Company executed a Loan and Security Agreement (the “CIBC Agreement”) with Canadian Imperial Bank of Commerce (“CIBC”) to raise up to $32.0 million in debt financing (“CIBC Loan”) consisting of $17.0 million advanced at the closing of the agreement (“Tranche A”), with the option to drawing up to an additional $8.0 million (“Tranche B”) on or before February 20, 2022. The term loan also provides for an additional financing tranche (“Tranche C”) of up to $7.0 million on or prior to February 20, 2022, which is conditioned upon achieving a trailing six-month revenue of at least $20.0 million as of the date of any Tranche C borrowing. The availability of Tranche B and Tranche C is further conditioned upon the joining of Pulmonx International Sàrl to the CIBC Agreement and the execution by Pulmonx International Sàrl of Swiss-law collateral documentation in favor of CIBC. The CIBC Loan originally had a five-year term maturing on February 20, 2025, which included 24 months of interest only payments followed by 36 months of equal payments of principal and interest. The interest only period can be extended to 36 months if the Company achieves three-month trailing revenue of at least $20.0 million as of February 20, 2022. The CIBC Loan bears interest at a floating rate equal to 1.0% above the Wall Street Journal Prime Rate at any time. The Tranche C loan will bear interest at a floating rate equal to 1.5% above the Wall Street Journal Prime Rate at any time. The CIBC Loan is collateralized by substantially all of the Company’s assets, including cash and cash equivalents, accounts receivable, intellectual property and equipment. The Company may prepay the loan, subject to certain requirements. The CIBC Agreement includes customary restrictive covenants, financial covenants, events of default and other customary terms and conditions. In April 2020, the Company entered into a First Amendment to CIBC Agreement that changed the maturity date to March 15, 2022, which would be automatically extended to February 20, 2025 if the maturity of all outstanding convertible notes (see below) was extended to a date no earlier than May 21, 2025 or all convertible notes converted into convertible preferred stock of the Company. An amendment fee of $0.2 million was paid. The Tranche B drawing is conditioned to achieving a trailing six-month revenue of at least $15.0 million as of the date of any Tranche B borrowing. On the date of drawing Tranche B Loan or Tranche C Loan, the Company will pay a structuring fee in an amount equal to 1.0% of the amount of Tranche B Loan or Tranche C Loan. The amendment was accounted for as a debt modification and no gain or loss was recognized. In December 2020, to address certain post-close covenants for which the Company was not in compliance, the Company entered into a Second Amendment to the CIBC Agreement that extended the compliance of such covenants to June 30, 2021. In March 2021, the Company entered into a Third Amendment to CIBC Agreement which extended the maturity date from March 15, 2022 to February 20, 2025, and modified certain financial covenants. Per the amended terms, 36 equal payments of principal plus accrued interest will be due beginning March 31, 2022. The beginning of principal repayment can be extended to March 31, 2023 if the Company achieves three-month trailing revenue of at least $20.0 million as of February 20, 2022. In connection with the Third Amendment the Company paid fees to CIBC of less than $0.1 million which were recorded as a discount on the CIBC Loan and are being accreted over the life of the term loan using the effective interest method. The amendment was accounted for as a debt modification and no gain or loss was recognized. In June 2021, the Company entered into an amended and restated loan and security agreement with CIBC that extended the compliance of certain post-close covenants to March 31, 2022. As of June 30, 2021, the CIBC Loan had an annual effective interest rate of 4.78% per year. The financial covenants in the CIBC Agreement require that, when the cash and cash equivalents of the Company is less than $100.0 million, the Company have revenue for the trailing three-month period ending on the last day of each fiscal quarter of not less than 80.0% of the revenue for the trailing three-month period, as set forth in the annual projections delivered to the CIBC. Further, the Company is required to maintain unrestricted cash in an aggregate amount equal to or greater than the Adjusted EBITDA loss as defined in the CIBC Agreement for the four-month period ending on any date of determination. As of June 30, 2021, the Company was in compliance with all covenants contained in CIBC Agreement. The CIBC Loan consists of the following (in thousands): June 30, December 31, 2021 2020 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (173) (196) Term loan $ 16,827 $ 16,804 The Company paid $0.4 million fees to the lender and third parties which is reflected as a discount on the CIBC Loan and is being accreted over the life of the term loan using the effective interest method. During each three months ended June 30, 2021 and 2020, the Company recorded interest expense related to debt discount and debt issuance costs of CIBC Loan of less than $0.1 million, respectively. During the six months ended June 30, 2021 and 2020, the Company recorded interest expense related to debt discount and debt issuance costs of CIBC Loan of $0.1 million and less than $0.1 million, respectively. Interest expense on the CIBC Loan amounted $0.2 million and $0.2 million during the three months ended June 30, 2021 and 2020, respectively. Interest expense on the CIBC Loan amounted $0.4 million and $0.3 million during the six months ended June 30, 2021 and 2020, respectively. Credit Agreement In April 2020, Pulmonx International Sàrl, a wholly-owned subsidiary of the Company, entered into a COVID-19 Credit Agreement with UBS Switzerland AG to receive up to 0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) under Swiss Federal Government program to mitigate the economic impact of the spread of the coronavirus. In May 2020, Pulmonx International Sàrl received $0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) under the COVID-19 Credit Agreement. The COVID-19 Credit Agreement bears no interest and is payable within 60 months after receipt of funds. As of June 30, 2021, Pulmonx International Sàrl did not make any repayment of credit agreement. 2020 Notes In April 2020, the Company entered into a Note Purchase Agreement and Convertible Promissory Notes (collectively the “2020 Notes Agreement”) with certain investors (the “Lenders”) to issue convertible promissory notes (the “2020 Notes”) for a maximum aggregate amount of $66.0 million. In April 2020, the Company received $33.0 million in gross proceeds from issuance of the 2020 Notes. Upon meeting customary closing conditions, the Company can draw up to an additional $33.0 million, provided that any such draw be for no less than $5.0 million on or prior to April 17, 2022. All unpaid interest and principal will be due and payable upon request of the majority of Lenders (“Majority Holders”) on or after the earlier of April 17, 2022 or an event of default. The 2020 Notes accrue interest at a rate equal to 2.0% above the Wall Street Journal Prime Rate. The Company may prepay the 2020 Notes prior to April 17, 2022 only with the consent of the Majority Holders. The 2020 Notes included embedded derivatives that were required to be bifurcated from the 2020 Notes and accounted for separately as a single, compound embedded derivative instrument under ASC 815, Derivatives (“2020 Notes derivative liability”). The Company determined that a share settled redemption in the case of a financing or an IPO as described in the 2020 Notes represented an embedded derivative that was not clearly and closely related to the debt host and had accounted for these settlement alternatives as separate embedded derivative liability. The fair value of the 2020 derivative liability of $3.9 million was recorded on the issuance date of the 2020 Notes resulting in a debt discount, which was reported as a direct deduction from the face amount of the 2020 Notes. The 2020 derivative liability was remeasured to its fair value at the end of each reporting period and any change in fair value is recognized in other income (expense), net in the statements of operations and comprehensive loss (Note 4). The change in fair value of $0.6 million and $0.6 million during the three and six months ended June 30, 2020, respectively, was recorded as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. Upon the closing of the IPO in October 2020, the $33.0 million aggregate outstanding principal amount and $0.8 million accrued interest of the 2020 Notes converted into 2,561,484 shares of common stock pursuant to the Qualified IPO conversion at the $13.20 per share fixed price. The Company determined that the 2020 Notes derivative had no value upon the closing of the IPO, because value of the notes with and without such derivative was the same. During the three and six months ended June 30, 2020, the Company recorded interest expense of $0.7 million and $0.7 million on the 2020 Notes, respectively. At June 30, 2021, the Company retained the ability to draw up to an additional $33.0 million under the 2020 Notes Agreement until the maturity date in April 2022. The Company’s obligations with respect to the 2020 Notes are unsecured and subordinated to its obligations with respect to the CIBC Loan. The 2020 Notes have customary events of default. Contractual Maturities of Financing Obligations As of June 30, 2021, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2021 (remaining six months) $ 364 2022 5,369 2023 6,078 2024 5,837 2025 1,493 Total 19,141 Less: unamortized debt discount (173) Less: interest (1,597) Term loan and credit agreement $ 17,371 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company’s contract liabilities consist of deferred revenue for remaining performance obligations by the Company to the customer after delivery, which was $0.1 million and $0.1 million as of June 30, 2021 and December 31, 2020, respectively. The deferred revenue as of December 31, 2019 was $0.2 million, which was recognized as revenue during the year ended December 31, 2020. The deferred revenue as of December 31, 2020 was $0.1 million, which was recognized as revenue during the six months ended June 30, 2021. The Company disaggregates its revenue by major geographic region, which has been disclosed in Note 14, “Segment Information”. |
Leases, Lease Commitments and C
Leases, Lease Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases, Lease Commitments and Contingencies | Leases, Lease Commitments and Contingencies The Company has a lease for its headquarters location in Redwood City, California. In October 2019, the Company renewed its lease for the headquarters location in Redwood City, California for an additional five years commencing in August 2020 and expiring in July 2025. The monthly base rent during the renewed term is $0.1 million and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. The Company is eligible to receive a tenant improvement allowance of $0.2 million on commencement of the renewal term in August 2020. During 2013, the Company entered into a five-year lease for office facilities in Switzerland. The Company had an option to extend the lease through January 2022, which was not exercised by the Company. Per the lease terms, in the event the option to extend is not exercised, the lease remains in force and can be terminated with 12-months’ notice. In April 2020, the Company executed a sublease for another office facility in Redwood City, California for a three-year term commencing on June 1, 2020. The lease agreement provides for early termination if the Company or Sublandlord elects to terminate the lease by providing the other party at least 180 days prior written notice. The early termination may only occur on or after the expiration of the 18th full calendar month of the sublease term. The lease term for this lease is 18 months as the possible exercise of the early termination option by the Sublandlord is not within the Company’s control. The monthly base rent during the term is less than $0.1 million and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. In September 2020, the Company amended a sublease agreement entered in April 2020, to include additional facility space in Redwood City, California for a four-year term. The amendment was accounted as a separate sublease agreement. The sublease agreement contained a rent-free period through February 14, 2021, after which rent is approximately $0.1 million per month and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. The Company is eligible to receive a tenant improvement allowance of $0.6 million to fund facility enhancements. The sublease agreement can be extended for an additional twelve The Company has leases on two vehicle leases with terms ranging from 2 to 4 years. Operating lease cost consists of the following (in thousands): Six Months Ended June 30, 2021 2020 Operating lease cost $ 1,452 $ 802 Short-term lease cost 6 6 Variable lease cost 293 120 Total lease cost $ 1,751 $ 928 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of June 30, 2021 (in thousands): 2021 (remaining six months) $ 1,437 2022 2,098 2023 2,795 2024 2,589 2025 1,007 Total minimum lease payments 9,926 Less: Amount of lease payments representing interest 1,093 Present value of future minimum lease payments $ 8,833 Less: Current lease liabilities 1,692 Long-term lease liabilities $ 7,141 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, Right of use asset $ 7,827 $ 8,976 Weighted average remaining lease term (years) 3.70 4.13 Weighted average discount rate (percent) 6.2 6.1 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,330 $ 498 Right-of-use assets obtained in exchange for lease liabilities $ — $ 735 Contingencies From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determinable that such a liability for litigation and contingencies are both probable and reasonably estimable. In December 2018, a former distributor outside the United States filed suit alleging the Company’s subsidiary, PulmonX International Sàrl, conducted unfair competitive practices and violated the exclusive distribution rights as a result of the subsidiary’s termination of its distribution agreement. The complaint seeks pecuniary and non-pecuniary damages. The Company is in the initial stages of evaluating this matter and does not believe the impact of any such matter will be material to the Company’s results of operation or financial position. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense for the three months ended June 30, 2021 and June 30, 2020 was $0.1 million and $0.1 million, respectively. The income tax expense for the six months ended June 30, 2021 and June 30, 2020 was $0.1 million and $0.1 million, respectively. The income tax expense was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. The difference between the Company’s effective income tax rate and the U.S. federal statutory rate is primarily attributable to state income taxes, foreign income taxes, the effect of certain permanent differences, and full valuation allowance against net deferred tax assets. The income tax expense for the six months ended June 30, 2021 and 2020 relates primarily to state minimum income tax and income tax on the Company’s earnings in foreign jurisdictions. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act enacted in March 2020 did not provide an income tax benefit for the Company given its historical U.S. losses and a full valuation allowance against its net U.S. deferred tax assets. |
Warrants for Convertible Prefer
Warrants for Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants for Convertible Preferred Stock | Warrants for Convertible Preferred Stock In January and February 2020, warrants to purchase 213,876 shares of Series C-1 convertible preferred stock were exercised at an exercise price of $10.57 per share, yielding $2.3 million cash proceeds. Warrants to purchase 1,415 shares of Series C-1 convertible preferred stock warrants expired unexercised. As of June 30, 2021 and December 31, 2020, no Series C-1 convertible preferred stock warrants were outstanding. |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | Convertible Preferred Stock Under the Company’s Amended and Restated Certificate of Incorporation, the Company is not authorized to issue any shares of convertible preferred stock. Upon the closing of the IPO in October 2020, all outstanding shares of the convertible preferred stock converted into 17,797,026 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There was no issued and outstanding convertible preferred stock as of June 30, 2021 and December 31, 2020. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock As of June 30, 2021 and December 31, 2020, the Company’s certificate of incorporation authorized the Company to issue up to 200,000,000 shares of common stock. Common stockholders are entitled to dividends as and when declared by the Board of Directors, subject to the rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holder of each share of common stock is entitled to one vote. Shares Reserved for Future Issuance The Company has reserved shares of common stock for future issuances as follows: June 30, December 31, 2021 2020 Common stock options issued and outstanding 2,483,364 2,923,403 Common stock available for future grants 3,801,039 3,233,794 Common stock available for ESPP 953,593 720,000 Total 7,237,996 6,877,197 Stock Option Plan A summary of stock option activity for the six months ended June 30, 2021 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2021 2,923,403 $ 4.72 Options granted 421,200 43.79 Options exercised (776,465) 1.81 Options canceled (84,774) 10.97 Balance, June 30, 2021 2,483,364 $ 12.04 The weighted average exercise price and aggregate intrinsic value of options outstanding at June 30, 2021 was $12.04 per share and $79.8 million, respectively. June 30, 2021 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 700,417 $ 2.84 5.52 Options vested and expected to vest 2,483,364 $ 12.04 8.15 Total intrinsic value of options vested as of June 30, 2021 was $28.9 million. Early Exercise of Stock Options Under the terms of the individual option grants, all options are fully exercisable on the grant date, subject to the Company’s repurchase right at the original exercise price. Accordingly, options may be exercised prior to vesting. The shares are subject to the Company’s lapsing repurchase right upon termination of employment or over the options’ vesting period of generally four years at the original purchase price. The proceeds initially are recorded in other liabilities from the early exercise of stock options and are reclassified to additional paid-in capital as the Company’s repurchase right lapses. During the six months ended June 30, 2021, the Company repurchased 12,945 shares of common stock for less than $0.1 million. During the six months ended June 30, 2020, the Company did not repurchase shares of common stock. As of June 30, 2021 and December 31, 2020, 294,577 and 355,677 shares, respectively, were subject to repurchase, with an aggregate exercise price of $0.5 million and $0.6 million, respectively, and were recorded in other current liabilities. Restricted Stock Units Activity with respect to restricted stock units was as follows: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2021 — $ — Granted 438,550 $ 43.64 Unvested, June 30, 2021 438,550 $ 43.64 Total Stock-Based Compensation Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of goods sold $ 120 $ 15 $ 210 $ 30 Research and development 288 18 606 33 Selling, general and administrative 1,904 126 3,764 305 Total $ 2,312 $ 159 $ 4,580 $ 368 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options and restricted stock units $ 1,520 $ 159 $ 2,559 $ 368 ESPP 792 — 2,021 — Total $ 2,312 $ 159 $ 4,580 $ 368 Stock-based compensation of $0.3 million and $0 was capitalized into inventory for the three months ended June 30, 2021 and 2020, respectively. Stock-based compensation of $0.5 million and $0 was capitalized into inventory for the six months ended June 30, 2021 and 2020, respectively. Stock-based compensation capitalized in prior periods of $0.1 million and $0 was recognized as cost of sales in the three months ended June 30, 2021 and 2020, respectively. Stock-based compensation capitalized in prior periods of $0.2 million and $0 was recognized as cost of sales in the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $38.6 million of unrecognized compensation costs related to non-vested common stock options and restricted stock units, expected to be recognized over a weighted-average period of 2.31 years. As of June 30, 2021, the Company had unrecognized employee stock-based compensation relating to ESPP awards of approximately $0.1 million, which is expected to be recognized over a weighted-average period of 0.1 years. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (12,377) $ (11,911) $ (24,422) $ (19,074) Denominator Weighted-average common stock outstanding 36,324,022 2,107,710 36,021,469 2,105,481 Less: weighted-average common shares subject to repurchase (281,408) (172,277) (312,921) (184,408) Weighted-average common shares used to compute basic and diluted net loss per share 36,042,614 1,935,433 35,708,548 1,921,073 Net loss per share attributable to common stockholders, basic and diluted $ (0.34) $ (6.15) $ (0.68) $ (9.93) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of June 30, 2021 2020 Convertible preferred stock — 17,797,026 Options to purchase common stock 2,483,364 3,490,688 Unvested early exercised common stock options 294,577 153,839 Unvested restricted stock units 438,550 — Shares committed under ESPP 6,865 — Convertible notes* — — ______________ * At June 30, 2020, the conversion of the 2020 Notes into convertible preferred stock was dependent on the outstanding loan balance including accrued interest and the per share conversion price (see Note 6). Due to these factors the number of convertible preferred stock issuable upon conversion of convertible note is not determinable. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe chief operating decision maker for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company’s Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which the Company operates. Revenue by geographic area is based on the billing address of the customer. The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 6,567 $ 1,481 $ 10,856 $ 5,970 Europe, Middle-East and Africa (“EMEA”) 4,749 1,806 8,793 5,263 Asia Pacific 875 386 1,786 1,019 Other International 12 — 12 39 Total $ 12,203 $ 3,673 $ 21,447 $ 12,291 Revenue from Germany and France represented 11% and 9%, respectively of total revenue for the three months ended June 30, 2021. Revenue from Germany and France represented 25% and 8%, respectively of total revenue for the three months ended June 30, 2020. Revenue from Germany and France represented 12% and 10%, respectively of total revenue for the six months ended June 30, 2021. Revenue from Germany and France represented 20% and 9%, respectively of total revenue for the six months ended June 30, 2020. Long-lived assets by geographic area are based on physical location of those assets. The following table sets forth the Company’s long-lived assets by geographic area (in thousands): June 30, December 31, 2021 2020 United States $ 2,725 $ 1,437 EMEA 42 29 Asia Pacific 6 8 Total $ 2,773 $ 1,474 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to inventories, the recoverability of long term assets, valuation of equity instruments and equity-linked instruments, valuation of common stock, stock-based compensation, valuation of the derivative liability, intangible assets, goodwill, debt and related features, deferred tax assets and related valuation allowances and impact of contingencies. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The derivative liabilities were carried at fair value based on unobservable market inputs. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates their fair value. The fair value of marketable debt securities is estimated using Level 2 inputs based on their quoted market values (Note 4). |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO, are capitalized and recorded on the balance sheet. During the year ended December 31, 2020, the Company wrote off deferred offering costs of $3.0 million as, in May 2020, the Company withdrew its registration statement that was filed with the SEC in February 2020. After the registration statement was withdrawn in May 2020, an additional |
Foreign Currency Translation and Transaction Gains and Losses | Foreign Currency Translation and Transaction Gains and Losses The functional currencies of the Company’s wholly owned subsidiaries in the Cayman Islands and the Netherlands are the U.S. dollar. The functional currencies of the Company’s wholly owned subsidiaries in Switzerland, Germany, Australia, the United Kingdom, France and Hong Kong are the Swiss franc. The functional currency of the Company’s subsidiary in Italy is the Euro. Accordingly, asset and liability accounts of Switzerland, Germany, Australia, the United Kingdom, Italy and Hong Kong operations are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the condensed consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive income (loss) in the condensed consolidated statements of operations and comprehensive loss and was $0.1 million and less than $(0.1) million during the three months ended June 30, 2021 and 2020, respectively, and $(0.2) million and $0.2 million during the six months ended June 30, 2021 and 2020, respectively. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, and convertible preferred stock warrants are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of convertible preferred stock and the holders of the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted ASU 2019-12 as of January 1, 2021 and the adoption did not have a material impact on the Company’s unaudited interim condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company may elect to apply ASU 2020-04 as its contracts referenced in London Interbank Offered Rate (“LIBOR”) are impacted by reference rate reform. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting For Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. ASU 2020-06 also simplifies the diluted net income per share calculation in certain areas. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this principle on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new guidance will require financial instruments to be measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. In November 2019, the FASB issued ASU 2019-10, according to which, the new standard is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies (“SRC”) as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, including the Company, the new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – Financial assets and liabilities held by the Company measured at fair value on a recurring basis include money market funds, marketable securities, convertible preferred stock warrant liability and derivative liabilities. Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis – The Company determines the fair value of long-lived assets held and used, such as intangible assets, by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. As noted above, there have been no impairment charges recorded to date. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates the fair value and is classified as a Level 2 liability. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,017 $ — $ — $ 1,017 Commercial paper — 1,000 — 1,000 Cash equivalents 1,017 1,000 — 2,017 U.S. Treasury bonds 1,518 — — 1,518 U.S. Government agency bonds — 3,517 — 3,517 Corporate bonds — 767 — 767 Commercial paper — 6,996 — 6,996 Marketable securities 1,518 11,280 — 12,798 Total financial assets $ 2,535 $ 12,280 $ — $ 14,815 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2021. December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 10,533 $ — $ — $ 10,533 Cash equivalents 10,533 — — 10,533 Total financial assets $ 10,533 $ — $ — $ 10,533 |
Schedule of Cost, Unrealized Gains and Losses and Fair Value of Marketable Securities | The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): June 30, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Treasury bonds $ 1,518 $ — $ — $ 1,518 U.S. Government agency bonds 3,517 — — 3,517 Corporate bonds 767 — — 767 Commercial paper 7,996 — — 7,996 Marketable securities $ 13,798 $ — $ — $ 13,798 Amounts recognized on the consolidated balance sheet Cash equivalents $ 1,000 Short-term marketable securities 10,774 Long-term marketable securities 2,024 Marketable securities $ 13,798 |
Schedule of Assumptions Used in Determining Fair Value | The fair value of the 2020 Notes derivative liability was determined using the following assumptions: June 30, April 17, 2020 2020 Risk-free interest rate 0.2 % 0.2 % Current Series G-1 convertible preferred stock value per share $ 0.85 $ 0.84 Series G-1 convertible preferred stock volatility 32.5 % 34.4 % |
Schedule of Fair Value of Liabilities | The change in fair value of derivative liabilities is summarized below (in thousands): Success Fee Derivative Liability 2020 Notes Derivative Liability Beginning fair value, January 1, 2020 $ 1,165 $ — Fair value at inception — 3,900 Change in fair value (110) (600) Ending fair value, June 30, 2020 $ 1,055 $ 3,300 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The Company’s cash and cash equivalents consist of the following (in thousands): June 30, December 31, 2021 2020 Cash $ 196,686 $ 221,028 Cash equivalents: Money market funds 1,017 10,533 Commercial paper 1,000 — Total cash and cash equivalents $ 198,703 $ 231,561 |
Schedule of Inventory | Inventory consists of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 3,127 $ 3,342 Work in process 382 227 Finished goods 9,892 7,172 Total inventory $ 13,401 $ 10,741 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 1,351 $ 381 Prepaid insurance 779 2,131 VAT receivable 297 339 Other current assets 664 377 Total prepaid expenses and other current assets $ 3,091 $ 3,228 |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): June 30, December 31, 2021 2020 Machinery and equipment $ 1,590 $ 1,447 Computer equipment and software 1,147 1,062 Furniture and fixtures 215 229 Leasehold improvements 172 57 Construction in progress 1,626 452 Total 4,750 3,247 Less: accumulated depreciation (1,977) (1,773) Property and equipment, net $ 2,773 $ 1,474 |
Schedule Intangible Assets | Intangible assets consist of the following (in thousands): June 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,354) $ 304 Trademarks 191 (156) 35 Total intangible assets $ 1,849 $ (1,510) $ 339 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,299) $ 359 Trademarks 191 (150) 41 Total intangible assets $ 1,849 $ (1,449) $ 400 |
Schedule of Future Amortization Expense | Future amortization expense is as follows as of June 30, 2021 (in thousands): 2021 (remaining six months) $ 62 2022 123 2023 123 2024 31 Total amortization expense $ 339 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Accrued employee bonuses and commissions $ 3,266 $ 2,374 Accrued vacation 2,017 1,810 Other accrued personnel related expenses 1,002 1,368 Accrued professional fees 1,900 1,313 Sales taxes, franchise tax and VAT 515 521 Liability for early exercise of stock options 524 629 Accrued inventory purchases 378 57 Other 897 579 Total accrued liabilities $ 10,499 $ 8,651 |
Long Term Debt and Convertibl_2
Long Term Debt and Convertible Notes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The CIBC Loan consists of the following (in thousands): June 30, December 31, 2021 2020 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (173) (196) Term loan $ 16,827 $ 16,804 |
Schedule of Contractual Maturities of Financing Obligations | As of June 30, 2021, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2021 (remaining six months) $ 364 2022 5,369 2023 6,078 2024 5,837 2025 1,493 Total 19,141 Less: unamortized debt discount (173) Less: interest (1,597) Term loan and credit agreement $ 17,371 |
Leases, Lease Commitments and_2
Leases, Lease Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Cost and Additional Information | Operating lease cost consists of the following (in thousands): Six Months Ended June 30, 2021 2020 Operating lease cost $ 1,452 $ 802 Short-term lease cost 6 6 Variable lease cost 293 120 Total lease cost $ 1,751 $ 928 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, Right of use asset $ 7,827 $ 8,976 Weighted average remaining lease term (years) 3.70 4.13 Weighted average discount rate (percent) 6.2 6.1 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,330 $ 498 Right-of-use assets obtained in exchange for lease liabilities $ — $ 735 |
Schedule of Maturity Analysis of Lease Liabilities | The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of June 30, 2021 (in thousands): 2021 (remaining six months) $ 1,437 2022 2,098 2023 2,795 2024 2,589 2025 1,007 Total minimum lease payments 9,926 Less: Amount of lease payments representing interest 1,093 Present value of future minimum lease payments $ 8,833 Less: Current lease liabilities 1,692 Long-term lease liabilities $ 7,141 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Shares Reserved for Future Issuance | The Company has reserved shares of common stock for future issuances as follows: June 30, December 31, 2021 2020 Common stock options issued and outstanding 2,483,364 2,923,403 Common stock available for future grants 3,801,039 3,233,794 Common stock available for ESPP 953,593 720,000 Total 7,237,996 6,877,197 |
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2021 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2021 2,923,403 $ 4.72 Options granted 421,200 43.79 Options exercised (776,465) 1.81 Options canceled (84,774) 10.97 Balance, June 30, 2021 2,483,364 $ 12.04 |
Schedule of Options Vested and Expected to Vest | June 30, 2021 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 700,417 $ 2.84 5.52 Options vested and expected to vest 2,483,364 $ 12.04 8.15 |
Schedule of Activity with Respect to Restricted Stock Units | Activity with respect to restricted stock units was as follows: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2021 — $ — Granted 438,550 $ 43.64 Unvested, June 30, 2021 438,550 $ 43.64 |
Schedule of Total Stock-Based Compensation | Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of goods sold $ 120 $ 15 $ 210 $ 30 Research and development 288 18 606 33 Selling, general and administrative 1,904 126 3,764 305 Total $ 2,312 $ 159 $ 4,580 $ 368 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options and restricted stock units $ 1,520 $ 159 $ 2,559 $ 368 ESPP 792 — 2,021 — Total $ 2,312 $ 159 $ 4,580 $ 368 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (12,377) $ (11,911) $ (24,422) $ (19,074) Denominator Weighted-average common stock outstanding 36,324,022 2,107,710 36,021,469 2,105,481 Less: weighted-average common shares subject to repurchase (281,408) (172,277) (312,921) (184,408) Weighted-average common shares used to compute basic and diluted net loss per share 36,042,614 1,935,433 35,708,548 1,921,073 Net loss per share attributable to common stockholders, basic and diluted $ (0.34) $ (6.15) $ (0.68) $ (9.93) |
Schedule of Potentially Dilutive Securities Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of June 30, 2021 2020 Convertible preferred stock — 17,797,026 Options to purchase common stock 2,483,364 3,490,688 Unvested early exercised common stock options 294,577 153,839 Unvested restricted stock units 438,550 — Shares committed under ESPP 6,865 — Convertible notes* — — ______________ * At June 30, 2020, the conversion of the 2020 Notes into convertible preferred stock was dependent on the outstanding loan balance including accrued interest and the per share conversion price (see Note 6). Due to these factors the number of convertible preferred stock issuable upon conversion of convertible note is not determinable. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 6,567 $ 1,481 $ 10,856 $ 5,970 Europe, Middle-East and Africa (“EMEA”) 4,749 1,806 8,793 5,263 Asia Pacific 875 386 1,786 1,019 Other International 12 — 12 39 Total $ 12,203 $ 3,673 $ 21,447 $ 12,291 |
Schedule of Long-lived Assets by Geographic Area | The following table sets forth the Company’s long-lived assets by geographic area (in thousands): June 30, December 31, 2021 2020 United States $ 2,725 $ 1,437 EMEA 42 29 Asia Pacific 6 8 Total $ 2,773 $ 1,474 |
Formation and Business of the_2
Formation and Business of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 05, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||
Accrued interest | $ 1,597 | |||
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Convertible preferred stock, shares authorized (in shares) | 10,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Accumulated deficit | $ 267,156 | $ 242,734 | ||
Cash used in operating activities | 22,362 | $ 17,542 | ||
Cash, cash equivalents and marketable securities | $ 211,500 | |||
2020 Notes Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate outstanding principal amount of debt | $ 33,000 | |||
Accrued interest | 800 | |||
2020 Notes Agreement | Convertible Debt | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Accrued interest | $ 800 | |||
2020 Notes Agreement | Convertible Debt | Common Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued upon conversion of debt (in shares) | 2,561,484 | |||
Conversion price per share (in dollars per share) | $ 13.20 | |||
Common Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of convertible securities (in shares) | 17,797,026 | |||
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued in transaction (in shares) | 11,500,000 | |||
Share price (in dollars per share) | $ 19 | |||
Proceeds from initial public offering | $ 218,500 | |||
Proceeds from initial public offering, net of issuance costs | $ 201,400 | |||
Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued in transaction (in shares) | 1,500,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Sep. 22, 2020 | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock split ratio | 0.1 | |||||||
Cash on deposit with foreign banks | $ 4,300 | $ 4,300 | $ 5,600 | |||||
Write-off of deferred offering costs | $ 3,000 | |||||||
Deferred offering costs | 1,800 | 1,800 | ||||||
Other comprehensive income (loss,) foreign currency translation adjustments | 66 | $ (272) | $ (34) | $ 282 | (206) | $ 248 | ||
Foreign currency transaction gains and (losses) | (100) | 200 | $ 100 | $ (300) | ||||
Maximum | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive income (loss,) foreign currency translation adjustments | $ 100 | $ (100) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Short-term marketable securities | $ 13,798 | |
U.S. Treasury bonds | ||
Assets: | ||
Short-term marketable securities | 1,518 | |
U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 3,517 | |
Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 767 | |
Recurring Basis | ||
Assets: | ||
Cash equivalents | 2,017 | $ 10,533 |
Short-term marketable securities | 12,798 | |
Total financial assets | 14,815 | 10,533 |
Recurring Basis | U.S. Treasury bonds | ||
Assets: | ||
Short-term marketable securities | 1,518 | |
Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 3,517 | |
Recurring Basis | Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 767 | |
Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 6,996 | |
Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,017 | 10,533 |
Short-term marketable securities | 1,518 | |
Total financial assets | 2,535 | 10,533 |
Level 1 | Recurring Basis | U.S. Treasury bonds | ||
Assets: | ||
Short-term marketable securities | 1,518 | |
Level 1 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 1 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 1 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 2 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,000 | 0 |
Short-term marketable securities | 11,280 | |
Total financial assets | 12,280 | 0 |
Level 2 | Recurring Basis | U.S. Treasury bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 2 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 3,517 | |
Level 2 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 767 | |
Level 2 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 6,996 | |
Level 3 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Short-term marketable securities | 0 | |
Total financial assets | 0 | 0 |
Level 3 | Recurring Basis | U.S. Treasury bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 3 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 3 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 0 | |
Level 3 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | |
Money market funds | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,017 | 10,533 |
Money market funds | Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,017 | 10,533 |
Money market funds | Level 2 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Money market funds | Level 3 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | $ 0 |
Commercial paper | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,000 | |
Commercial paper | Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | |
Commercial paper | Level 2 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,000 | |
Commercial paper | Level 3 | Recurring Basis | ||
Assets: | ||
Cash equivalents | $ 0 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gains and Losses and Fair Value (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 13,798,000 | |
Unrealized Losses | 0 | |
Unrealized Gains | 0 | |
Fair Value | 13,798,000 | |
Amounts recognized on the consolidated balance sheet | ||
Short-term marketable securities | 10,774,000 | $ 0 |
Long-term marketable securities | 2,024,000 | 0 |
Marketable securities | 13,798,000 | $ 0 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 1,518,000 | |
Unrealized Losses | 0 | |
Unrealized Gains | 0 | |
Fair Value | 1,518,000 | |
U.S. Government agency bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 3,517,000 | |
Unrealized Losses | 0 | |
Unrealized Gains | 0 | |
Fair Value | 3,517,000 | |
Corporate bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 767,000 | |
Unrealized Losses | 0 | |
Unrealized Gains | 0 | |
Fair Value | 767,000 | |
Commercial paper | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 7,996,000 | |
Unrealized Losses | 0 | |
Unrealized Gains | 0 | |
Fair Value | 7,996,000 | |
Amounts recognized on the consolidated balance sheet | ||
Cash equivalents | $ 1,000,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Oct. 05, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | |||
Marketable securities | $ 13,798,000 | $ 0 | |
Accrued interest receivable on marketable securities, less than | 100,000 | ||
Oxford Finance Loan | Medium-term Notes | |||
Derivative [Line Items] | |||
Payments of debt fees | $ 1,900,000 | ||
Success fee derivative liability | |||
Derivative [Line Items] | |||
Success Fee amount | $ 1,900,000 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation Assumptions (Details) - 2020 Notes Derivative Liability - Valuation Technique, Option Pricing Model | Jun. 30, 2020 | Apr. 17, 2020 |
Risk-free interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.002 | 0.002 |
Current Series G-1 convertible preferred stock value per share | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.85 | 0.84 |
Series G-1 convertible preferred stock volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.325 | 0.344 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Fair Value of Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Success Fee Derivative Liability | ||
Derivative Liability | ||
Beginning fair value | $ 1,165 | |
Fair value at inception | 0 | |
Change in fair value | (110) | |
Ending fair value | $ 1,055 | 1,055 |
2020 Notes Derivative Liability | ||
Derivative Liability | ||
Beginning fair value | 0 | |
Fair value at inception | 3,900 | |
Change in fair value | 600 | (600) |
Ending fair value | $ 3,300 | $ 3,300 |
Balance Sheet Components - Cash
Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash | $ 196,686 | $ 221,028 | |
Cash equivalents: | |||
Money market funds | 1,017 | 10,533 | |
Commercial paper | 1,000 | 0 | |
Total cash and cash equivalents | $ 198,703 | $ 231,561 | $ 43,347 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 3,127 | $ 3,342 |
Work in process | 382 | 227 |
Finished goods | 9,892 | 7,172 |
Total inventory | $ 13,401 | $ 10,741 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 1,351 | $ 381 |
Prepaid insurance | 779 | 2,131 |
VAT receivable | 297 | 339 |
Other current assets | 664 | 377 |
Total prepaid expenses and other current assets | $ 3,091 | $ 3,228 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 4,750 | $ 3,247 |
Less: accumulated depreciation | (1,977) | (1,773) |
Property and equipment, net | 2,773 | 1,474 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,590 | 1,447 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,147 | 1,062 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 215 | 229 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 172 | 57 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,626 | $ 452 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Depreciation expense | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 | |
Goodwill | 2,333,000 | 2,333,000 | $ 2,333,000 | ||
Goodwill, accumulated impairment loss | 0 | 0 | |||
Goodwill acquired | 0 | 0 | |||
Goodwill disposed of | 0 | 0 | |||
Goodwill, impairment loss | 0 | ||||
Amortization expense related to intangibles, less than | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Balance Sheet Components - Inta
Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,849 | $ 1,849 |
Accumulated Amortization | (1,510) | (1,449) |
Net Carrying Value | 339 | 400 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,658 | 1,658 |
Accumulated Amortization | (1,354) | (1,299) |
Net Carrying Value | 304 | 359 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 191 | 191 |
Accumulated Amortization | (156) | (150) |
Net Carrying Value | $ 35 | $ 41 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 (remaining six months) | $ 62 | |
2022 | 123 | |
2023 | 123 | |
2024 | 31 | |
Net Carrying Value | $ 339 | $ 400 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued employee bonuses and commissions | $ 3,266 | $ 2,374 |
Accrued vacation | 2,017 | 1,810 |
Other accrued personnel related expenses | 1,002 | 1,368 |
Accrued professional fees | 1,900 | 1,313 |
Sales taxes, franchise tax and VAT | 515 | 521 |
Liability for early exercise of stock options | 524 | 629 |
Accrued inventory purchases | 378 | 57 |
Other | 897 | 579 |
Total accrued liabilities | $ 10,499 | $ 8,651 |
Long Term Debt And Convertibl_3
Long Term Debt And Convertible Notes - Oxford Finance Loan Narrative (Details) - USD ($) | Oct. 05, 2020 | Feb. 20, 2020 | Aug. 31, 2014 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Interest expense on deferred financing and debt issuance costs, less than | $ 64,000 | $ 416,000 | |||||
Medium-term Notes | Oxford Finance Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount including accordion feature | $ 20,000,000 | ||||||
Proceeds from issuance of debt | $ 15,000,000 | ||||||
Stated interest rate | 8.96% | ||||||
Debt term | 5 years | ||||||
Interest payments term | 36 months | ||||||
Principal and interest payments term | 24 months | ||||||
Final payment, percentage of loan amount due | 8.50% | ||||||
Contingent fee amount, maximum | $ 2,500,000 | ||||||
Payments of debt fees | $ 1,900,000 | ||||||
Repayments on term loan obligations | $ 17,300,000 | ||||||
Extinguishment of debt | 15,000,000 | ||||||
Final payment on loan | 1,300,000 | ||||||
Fee amount | 900,000 | ||||||
Accrued interest | 100,000 | ||||||
Loss on extinguishment of debt | $ 400,000 | ||||||
Interest expense on deferred financing and debt issuance costs, less than | $ 0 | 100,000 | |||||
Interest expense | $ 0 | $ 400,000 |
Long Term Debt and Convertibl_4
Long Term Debt and Convertible Notes - CIBC Loan Narrative (Details) | Feb. 20, 2020USD ($)payment | Mar. 31, 2021USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | |||||||
Payment of fees to lender and third parties (less than) | $ 41,000 | $ 162,000 | |||||
Amortization of debt discount and debt issuance costs | $ 64,000 | 416,000 | |||||
CIBC Agreement | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount including accordion feature | $ 32,000,000 | ||||||
Debt term | 5 years | ||||||
Interest payments term | 24 months | ||||||
Principal and interest payments term | 36 months | ||||||
Interest period extension term | 36 months | ||||||
Interest-only period, training period of revenue requirement | 3 months | ||||||
Revenue threshold for interest period extension term option | $ 20,000,000 | ||||||
Fee amount | $ 200,000 | ||||||
Number of periodic payments | payment | 36 | ||||||
Payment of fees to lender and third parties (less than) | $ 400,000 | $ 100,000 | |||||
Effective interest rate | 4.78% | 4.78% | |||||
Cash and cash equivalents trigger for revenue requirement | $ 100,000,000 | ||||||
Minimum percentage of revenue requirement, trailing period of revenue | 3 months | ||||||
Minimum percentage of revenue requirement | 80.00% | ||||||
Unrestricted cash requirement period | 4 months | ||||||
Amortization of debt discount and debt issuance costs | $ 100,000 | $ 100,000 | $ 100,000 | 100,000 | |||
Interest expense | $ 200,000 | $ 200,000 | $ 400,000 | $ 300,000 | |||
CIBC Agreement | Medium-term Notes | Prime Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
CIBC Agreement, Tranche A | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 17,000,000 | ||||||
CIBC Agreement, Tranche B | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Accordion feature on face amount of debt | 8,000,000 | ||||||
Trailing period of revenue | 6 months | ||||||
Revenue threshold for additional borrowing | $ 15,000,000 | ||||||
Gain Loss on Amendment of Debt Instrument | $ 0 | $ 0 | |||||
CIBC Agreement, Tranche C | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Accordion feature on face amount of debt | $ 7,000,000 | ||||||
Trailing period of revenue | 6 months | ||||||
Revenue threshold for additional borrowing | $ 20,000,000 | ||||||
CIBC Agreement, Tranche C | Medium-term Notes | Prime Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% | ||||||
CIBC Agreement, Tranche B Or Tranche C | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Structuring fee percentage | 1.00% |
Long Term Debt and Convertibl_5
Long Term Debt and Convertible Notes - CIBC Loan Components Of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Term loan | $ 19,141 | |
Less: debt issuance costs | (173) | |
Term loan and credit agreement | 17,371 | |
CIBC Agreement | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Term loan | 17,000 | $ 17,000 |
Less: debt issuance costs | (173) | (196) |
Term loan and credit agreement | $ 16,827 | $ 16,804 |
Long Term Debt and Convertibl_6
Long Term Debt and Convertible Notes - Credit Agreement and Paycheck Protection Program Narrative (Details) - Line of Credit - COVID-19 Credit Agreement - Pulmonx International Sarl SFr in Millions | 1 Months Ended | 6 Months Ended | |||
May 31, 2020CHF (SFr) | May 31, 2020USD ($) | Apr. 30, 2020CHF (SFr) | Jun. 30, 2021USD ($) | Apr. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | SFr 0.5 | $ 500,000 | |||
Proceeds from line of credit | SFr 0.5 | $ 500,000 | |||
Debt term | 60 months | ||||
Repayments on credit agreement | $ 0 |
Long Term Debt and Convertibl_7
Long Term Debt and Convertible Notes - 2020 Notes Narrative (Details) - USD ($) | Oct. 05, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||||||
Proceeds from convertible debt | $ 0 | $ 32,950,000 | ||||
Embedded derivative liability | $ 3,900,000 | |||||
Accrued interest | $ 1,597,000 | 1,597,000 | ||||
2020 Notes Derivative Liability | ||||||
Debt Instrument [Line Items] | ||||||
Change in fair value | $ 600,000 | $ (600,000) | ||||
2020 Notes Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate outstanding principal amount of debt | $ 33,000,000 | |||||
Accrued interest | 800,000 | |||||
Convertible Debt | 2020 Notes Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 66,000,000 | |||||
Remaining borrowing capacity | 33,000,000 | 33,000,000 | ||||
Accrued interest | $ 800,000 | |||||
Interest expense | $ 700,000 | $ 700,000 | ||||
Convertible Debt | 2020 Notes Agreement | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Convertible Debt | 2020 Notes Agreement | Debt Instrument, Convertible, Conversion Feature, Scenario Two | ||||||
Debt Instrument [Line Items] | ||||||
Conversion price per share (in dollars per share) | $ 13.20 | |||||
Convertible Debt | 2020 Notes Agreement | Common Stock | ||||||
Debt Instrument [Line Items] | ||||||
Shares issued upon conversion of debt (in shares) | 2,561,484 | |||||
Conversion price per share (in dollars per share) | $ 13.20 | |||||
Convertible Debt | 2020 Notes Agreement, Tranche One | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from convertible debt | $ 33,000,000 | |||||
Convertible Debt | 2020 Notes Agreement Over Allotment Option | ||||||
Debt Instrument [Line Items] | ||||||
Maximum draw amount | 5,000,000 | |||||
Convertible Debt | 2020 Notes Agreement, Tranche Two | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Remaining borrowing capacity | $ 33,000,000 |
Long Term Debt and Convertibl_8
Long Term Debt and Convertible Notes - Contractual Maturities of Financing Obligations (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2021 (remaining six months) | $ 364 |
2022 | 5,369 |
2023 | 6,078 |
2024 | 5,837 |
2025 | 1,493 |
Total | 19,141 |
Less: unamortized debt discount | (173) |
Less: interest | (1,597) |
Term loan and credit agreement | $ 17,371 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 0.1 | $ 0.1 | $ 0.2 |
Revenue recognized | $ 0.1 | $ 0.2 |
Leases, Lease Commitments and_3
Leases, Lease Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Sep. 30, 2014 | Jun. 30, 2021lease | Dec. 31, 2013 | |
Lessee, Lease, Description [Line Items] | ||||||
Lease renewal term | 5 years | |||||
Monthly base rent | $ 0.1 | |||||
Annual increase rate | 3.50% | |||||
Tenant improvement allowance, receivable upon lease renewal | $ 0.2 | |||||
Option to terminate, notice period | 12 months | |||||
Sublease term | 4 years | 3 years | ||||
Sublease, option to terminate, notice period | 180 days | |||||
Sublease, period for option to terminate | 18 months | |||||
Sublease monthly rent | $ 0.1 | $ 0.1 | ||||
Sublease, expense, annual increase rate | 3.50% | 3.50% | ||||
Sublease, tenant improvement allowance, receivable upon lease renewal | $ 0.6 | |||||
Sublease renewal term | 12 months | |||||
Number of vehicle leases | lease | 2 | |||||
Office Facilities | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease term | 5 years | |||||
Minimum | Vehicles | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease term | 2 years | |||||
Maximum | Vehicles | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease term | 4 years |
Leases, Lease Commitments and_4
Leases, Lease Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,452 | $ 802 |
Short-term lease cost | 6 | 6 |
Variable lease cost | 293 | 120 |
Total lease cost | $ 1,751 | $ 928 |
Leases, Lease Commitments and_5
Leases, Lease Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 (remaining six months) | $ 1,437 | |
2022 | 2,098 | |
2023 | 2,795 | |
2024 | 2,589 | |
2025 | 1,007 | |
Total minimum lease payments | 9,926 | |
Less: Amount of lease payments representing interest | 1,093 | |
Present value of future minimum lease payments | 8,833 | |
Less: Current lease liabilities | 1,692 | $ 2,238 |
Long-term lease liabilities | $ 7,141 | $ 7,618 |
Leases, Lease Commitments and_6
Leases, Lease Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right of use asset | $ 7,827 | $ 8,976 |
Weighted average remaining lease term (years) | 3 years 8 months 12 days | 4 years 1 month 17 days |
Weighted average discount rate (percent) | 6.20% | 6.10% |
Leases, Lease Commitments and_7
Leases, Lease Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities | $ 1,330 | $ 498 |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 | $ 735 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 80 | $ 56 | $ 147 | $ 143 |
Warrants for Convertible Pref_2
Warrants for Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | |||
Feb. 29, 2020 | Feb. 28, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |||||
Issuance of convertible preferred stock (in shares) | 213,876 | 213,876 | |||
Convertible securities, exercise price per share (in dollars per share) | $ 10.57 | ||||
Proceeds from stock issued | $ 2,300 | $ 2,260 | |||
Warrants expired, unexercised (in shares) | 1,415 | ||||
Warrants outstanding (in shares) | 0 | 0 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) - shares | Oct. 05, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Conversion of convertible securities (in shares) | 17,797,026 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)vote$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)vote$ / sharesshares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 05, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, authorized (in shares) | shares | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||
Dividends declared | $ 0 | |||||
Number of votes for each share of common stock held | vote | 1 | 1 | ||||
Options outstanding, weighted average exercise price (in dollars per share) (in dollars per share) | $ / shares | $ 12.04 | $ 12.04 | $ 4.72 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 12.04 | $ 12.04 | ||||
Options outstanding, aggregate intrinsic value | $ 79,800,000 | $ 79,800,000 | ||||
Options exercisable, aggregate intrinsic value | 79,800,000 | 79,800,000 | ||||
Options vested and expenses to vest, intrinsic value | 28,900,000 | $ 28,900,000 | ||||
Repurchase of early exercised common stock options (in shares) | shares | 12,945 | 0 | ||||
Common stock, shares repurchased, less than (in shares) | $ 100,000 | |||||
Aggregate exercise price of shares subject to repurchase | 500,000 | 500,000 | $ 600,000 | |||
Unrecognized compensation costs | 38,600,000 | 38,600,000 | ||||
Cost Of Goods And Services Sold | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation capitalized into inventory | 100,000 | 200,000 | $ 0 | |||
Inventory, Net | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation capitalized into inventory | 300,000 | $ 0 | $ 500,000 | |||
Options to purchase common stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Shares subject to repurchase (in shares) | shares | 294,577 | 355,677 | ||||
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average period for recognition of compensation costs | 1 month 6 days | |||||
Non-option unrecognized compensation costs | $ 100,000 | $ 100,000 | ||||
Stock Options And Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average period for recognition of compensation costs | 2 years 3 months 21 days |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 7,237,996 | 6,877,197 |
Common stock options issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,483,364 | 2,923,403 |
Common stock available for future grants | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,801,039 | 3,233,794 |
Common stock available for ESPP | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 953,593 | 720,000 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Shares | |
Balance, beginning of period (in shares) | shares | 2,923,403 |
Options granted (in shares) | shares | 421,200 |
Options exercised (in shares) | shares | (776,465) |
Options canceled (in shares) | shares | (84,774) |
Balance, end of period (in shares) | shares | 2,483,364 |
Weighted Average Exercise Price | |
Balance, beginning of period (in dollars per share) | $ / shares | $ 4.72 |
Options granted (in dollars per share) | $ / shares | 43.79 |
Options exercised (in dollars per share) | $ / shares | 1.81 |
Options canceled (in dollars per share) | $ / shares | 10.97 |
Balance, end of period (in dollars per share) | $ / shares | $ 12.04 |
Stockholders' Equity - Options
Stockholders' Equity - Options Vested and Expected to Vest (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Shares | |
Options vested (in shares) | shares | 700,417 |
Options vested and expected to vest (in shares) | shares | 2,483,364 |
Weighted Average Exercise Price | |
Options vested (in dollars per share) | $ / shares | $ 2.84 |
Options vested and expected to vest (in dollars per share) | $ / shares | $ 12.04 |
Weighted Average Contractual Life (in Years) | |
Options vested | 5 years 6 months 7 days |
Options vested and expected to vest | 8 years 1 month 24 days |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Shares Underlying Outstanding Restricted Stock | |
Unvested, beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 438,550 |
Unvested, end of period (in shares) | shares | 438,550 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 43.64 |
Unvested, end of period (in dollars per share) | $ / shares | $ 43.64 |
Stockholders' Equity - Total St
Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,312 | $ 159 | $ 4,580 | $ 368 |
Stock Options And Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,520 | 159 | 2,559 | 368 |
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 792 | 0 | 2,021 | 0 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 120 | 15 | 210 | 30 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 288 | 18 | 606 | 33 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,904 | $ 126 | $ 3,764 | $ 305 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net loss attributable to common stockholders, basic | $ (12,377) | $ (11,911) | $ (24,422) | $ (19,074) |
Net loss attributable to common stockholders, diluted | $ (12,377) | $ (11,911) | $ (24,422) | $ (19,074) |
Denominator | ||||
Weighted-average common stock outstanding (in shares) | 36,324,022 | 2,107,710 | 36,021,469 | 2,105,481 |
Less: weighted-average common shares subject to repurchase (in shares) | (281,408) | (172,277) | (312,921) | (184,408) |
Weighted-average common shares used to compute, basic net loss per share (in shares) | 36,042,614 | 1,935,433 | 35,708,548 | 1,921,073 |
Weighted-average common shares used to compute, diluted net loss per share (in shares) | 36,042,614 | 1,935,433 | 35,708,548 | 1,921,073 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.34) | $ (6.15) | $ (0.68) | $ (9.93) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.34) | $ (6.15) | $ (0.68) | $ (9.93) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Excluded Potentially Dilutive Securities Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 0 | 17,797,026 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 2,483,364 | 3,490,688 |
Unvested early exercised common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 294,577 | 153,839 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 438,550 | 0 |
Shares committed under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 6,865 | 0 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 0 | 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Number of reportable segments | 1 | |||
Number of operating segments | 1 | |||
GERMANY | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 11.00% | 25.00% | 12.00% | 20.00% |
FRANCE | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 9.00% | 8.00% | 10.00% | 9.00% |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 12,203 | $ 3,673 | $ 21,447 | $ 12,291 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 6,567 | 1,481 | 10,856 | 5,970 |
Europe, Middle-East and Africa (“EMEA”) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 4,749 | 1,806 | 8,793 | 5,263 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 875 | 386 | 1,786 | 1,019 |
Other International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 12 | $ 0 | $ 12 | $ 39 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 2,773 | $ 1,474 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2,725 | 1,437 |
Europe, Middle-East and Africa (“EMEA”) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 42 | 29 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 6 | $ 8 |