Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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, $0.001 par value per share | |
Trading Symbol | LUNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,116,596 | |
Entity Central Index Key | 0001127537 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 129,168 | $ 148,480 |
Restricted cash | 231 | 231 |
Short-term marketable securities | 40,914 | 31,561 |
Accounts receivable, net | 6,810 | 6,562 |
Inventory | 18,304 | 16,285 |
Prepaid expenses and other current assets | 5,298 | 4,883 |
Total current assets | 200,725 | 208,002 |
Long-term marketable securities | 6,379 | 10,941 |
Property and equipment, net | 4,918 | 4,814 |
Goodwill | 2,333 | 2,333 |
Intangible assets, net | 247 | 277 |
Right of use assets | 7,518 | 8,075 |
Other long-term assets | 729 | 731 |
Total assets | 222,849 | 235,173 |
Current liabilities | ||
Accounts payable | 2,803 | 1,582 |
Accrued liabilities | 10,872 | 13,366 |
Income taxes payable | 143 | 147 |
Deferred revenue | 132 | 163 |
Short-term debt | 798 | 91 |
Current lease liabilities | 2,967 | 2,201 |
Total current liabilities | 17,715 | 17,550 |
Deferred tax liability | 53 | 37 |
Long-term lease liabilities | 6,128 | 6,844 |
Long-term debt | 16,629 | 17,324 |
Other long-term liabilities | 179 | 179 |
Total liabilities | 40,704 | 41,934 |
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 March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 37,098,421 shares issued and outstanding as of March 31, 2022 and 36,931,762 shares issued and outstanding as December 31, 2021 | 37 | 37 |
Additional paid-in capital | 487,888 | 482,885 |
Accumulated other comprehensive income | 1,443 | 1,712 |
Accumulated deficit | (307,223) | (291,395) |
Total stockholders’ equity | 182,145 | 193,239 |
Total liabilities and stockholders’ equity | $ 222,849 | $ 235,173 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 37,098,421 | 36,931,762 |
Common stock, outstanding (in shares) | 37,098,421 | 36,931,762 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 10,785 | $ 9,244 |
Cost of goods sold | 2,674 | 2,633 |
Gross profit | 8,111 | 6,611 |
Operating expenses | ||
Research and development | 3,534 | 3,034 |
Selling, general and administrative | 20,245 | 16,071 |
Total operating expenses | 23,779 | 19,105 |
Loss from operations | (15,668) | (12,494) |
Interest income | 105 | 105 |
Interest expense | (198) | (217) |
Other income, net | 0 | 161 |
Net loss before tax | (15,761) | (12,445) |
Income tax expense | 67 | 67 |
Net loss | (15,828) | (12,512) |
Other comprehensive income | ||
Currency translation adjustment | (24) | (272) |
Change in unrealized losses on marketable securities | (245) | (3) |
Total other comprehensive loss | (269) | (275) |
Comprehensive loss | $ (16,097) | $ (12,787) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.43) | $ (0.35) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.43) | $ (0.35) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 36,805,366 | 35,370,760 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 36,805,366 | 35,370,760 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 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 | |||
Issuance of common stock upon exercise of 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 | (12,512) | (12,512) | |||
Ending balance (in shares) at Mar. 31, 2021 | 35,803,664 | ||||
Ending balance at Mar. 31, 2021 | $ 216,148 | $ 36 | 469,948 | 1,410 | (255,246) |
Beginning balance (in shares) at Dec. 31, 2021 | 36,931,762 | 36,931,762 | |||
Beginning balance at Dec. 31, 2021 | $ 193,239 | $ 37 | 482,885 | 1,712 | (291,395) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon vesting of restricted stock units (in share) | 21,392 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 99,265 | ||||
Issuance of common stock upon exercise of stock options | 221 | 221 | |||
Issuance of shares pursuant to employee stock purchase plan (in shares) | 46,002 | ||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 1,108 | 1,108 | |||
Change in shares subject to repurchase | 59 | 59 | |||
Stock-based compensation expense | 3,615 | 3,615 | |||
Currency translation adjustment | (24) | (24) | |||
Change in unrealized losses on marketable securities | (245) | (245) | |||
Net loss | $ (15,828) | (15,828) | |||
Ending balance (in shares) at Mar. 31, 2022 | 37,098,421 | 37,098,421 | |||
Ending balance at Mar. 31, 2022 | $ 182,145 | $ 37 | $ 487,888 | $ 1,443 | $ (307,223) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Cash flows from operating activities | ||
Net loss | $ (15,828) | $ (12,512) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 3,513 | 2,268 |
Allowance for doubtful accounts | 0 | (1) |
Inventory write-downs | 46 | 453 |
Depreciation and amortization expense | 368 | 141 |
Amortization of debt discount and debt issuance costs | 18 | 39 |
Amortization of premiums and discounts on short-term marketable securities | 21 | 4 |
Non-cash lease expense | 614 | 572 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (277) | (1,014) |
Inventory | (2,021) | (1,630) |
Prepaid expenses and other current assets | (406) | 404 |
Other assets | 17 | 8 |
Accounts payable | 1,261 | 302 |
Accrued liabilities | (2,313) | 1,742 |
Income taxes payable | (2) | 30 |
Lease liabilities | (7) | (496) |
Deferred tax liability | 0 | 10 |
Deferred revenue | (30) | 8 |
Net cash used in operating activities | (15,026) | (9,672) |
Cash flows from investing activities | ||
Purchases of investments | (9,308) | (12,289) |
Maturities of short-term marketable securities | 4,250 | 0 |
Purchases of property and equipment | (564) | (242) |
Net cash used in investing activities | (5,622) | (12,531) |
Cash flows from financing activities | ||
Payment of debt issuance cost | 0 | (30) |
Proceeds from exercise of common stock options | 207 | 69 |
Proceeds from issuance of common stock under the employee stock purchase plan | 1,108 | 0 |
Payments for repurchase of early exercised common stock options | 0 | (26) |
Net cash provided by financing activities | 1,315 | 13 |
Effect of exchange rate changes on cash and cash equivalents | 21 | (88) |
Net decrease in cash and cash equivalents | (19,312) | (22,278) |
Cash, cash equivalents and restricted cash, at beginning of the period | 148,711 | 231,792 |
Cash, cash equivalents and restricted cash, at end of the period | 129,399 | 209,514 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||
Cash and cash equivalents | 129,168 | 209,283 |
Restricted cash | 231 | 231 |
Cash, cash equivalents and restricted cash in consolidated balance sheets | 129,399 | 209,514 |
Supplemental non-cash items: | ||
Lapse in repurchase rights of common stock | 59 | 66 |
Purchases of property and equipment in accounts payable | 456 | 144 |
Amount receivable from exercise of common stock options | 24 | 204 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 29 | 23 |
Cash paid for interest | $ 178 | $ 178 |
Formation and Business of the C
Formation and Business of the Company | 3 Months Ended |
Mar. 31, 2022 | |
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 Germany, Switzerland, Australia, the United Kingdom, Italy, France and Hong Kong. Liquidity and Going Concern The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $307.2 million as of March 31, 2022. During the three months ended March 31, 2022 and March 31, 2021, the Company used $15.0 million and $9.7 million of cash in its operating activities, respectively. As of March 31, 2022, the Company had cash, cash equivalents and marketable securities of $176.5 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 There continues to be widespread significant impact from the COVID-19 pandemic, which has delayed clinical trials and FDA operations and adversely impacted the number of procedures performed using our products. In the markets in which we operate, elective, specialty and other procedures and appointments have been, and continue to be, suspended or canceled to avoid non-essential patient exposure to medical environments and potential infection with COVID-19 and to focus limited resources and personnel capacity toward the treatment of COVID-19 patients. As a result, the COVID-19 pandemic and the measures taken by many countries in response have materially adversely affected, and could in the future materially adversely affect, our business, financial condition and results of operations, as well as the price of our common stock, from a decrease and delay of procedures involving our products. In the first quarter of 2022, procedure volumes in our U.S. and international markets were adversely affected by the Omicron variant, followed by a recovery as treatment centers began to reschedule and conduct procedures later in the quarter. We may continue to see regional variations in procedure volumes in our U.S. and international markets from the COVID-19 pandemic and its variants. 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 many regions begin to stabilize with improvements in procedure volumes, there continues to be variability and uncertainty as variants of the virus emerge. The Company can make no assurance regarding any future level of demand for the Company’s products, and COVID-19 may adversely impact the results of operations and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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”). 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, 2021 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 March 31, 2022 and for the three months ended March 31, 2022 and 2021, 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, 2021 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 1, 2022. 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 March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022. 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 common stock, stock-based compensation, 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. 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 March 31, 2022 and December 31, 2021, the Company also had cash on deposit with foreign banks of approximately $2.8 million and $4.6 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 three months ended March 31, 2022 and 2021. 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 March 31, 2022 and December 31, 2021, no customer or distributor accounted for more than 10% of accounts receivable. During the three months ended March 31, 2022 and March 31, 2021, 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. Foreign Currency Translation and Transaction Gains and Losses 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 less than $(0.1) million and $(0.3) million during the three months ended March 31, 2022 and 2021, 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 less than $(0.1) million and $0.2 million during the three months ended March 31, 2022 and 2021, 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, stock options, and common stock subject to repurchase related to early exercise of stock options 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. The Company 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 the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 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. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 and marketable securities. 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): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 250 $ — $ — $ 250 Commercial paper — 1,996 — 1,996 Cash equivalents 250 1,996 — 2,246 U.S. Government agency bonds 23,323 4,995 — 28,318 Corporate bonds — 2,151 — 2,151 Commercial paper — 16,824 — 16,824 Marketable securities 23,323 23,970 — 47,293 Total financial assets $ 23,573 $ 25,966 $ — $ 49,539 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2022. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 831 $ — $ — $ 831 Commercial paper — 2,000 — 2,000 Corporate bonds — 4,410 — 4,410 Cash equivalents 831 6,410 — 7,241 U.S. Government agency bonds 14,977 5,504 — 20,481 Commercial paper — 19,107 — 19,107 Corporate bonds — 2,914 — 2,914 Marketable securities 14,977 27,525 — 42,502 Total financial assets $ 15,808 $ 33,935 $ — $ 49,743 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2021. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): March 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,548 $ (230) $ — $ 28,318 Corporate bonds 2,152 (1) — 2,151 Commercial paper 16,863 (39) — 16,824 Marketable securities $ 47,563 $ (270) $ — $ 47,293 Amounts recognized on the consolidated balance sheet Short-term marketable securities 40,914 Long-term marketable securities 6,379 Marketable securities $ 47,293 December 31, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 20,509 $ (28) $ — $ 20,481 Corporate bonds 2,915 (1) — 2,914 Commercial paper 19,102 — 5 19,107 Marketable securities $ 42,526 $ (29) $ 5 $ 42,502 Amounts recognized on the consolidated balance sheet Short-term marketable securities 31,561 Long-term marketable securities 10,941 Marketable securities $ 42,502 Accrued interest on marketable securities of less than $0.1 million and less than $0.1 million as of March 31, 2022 and December 31, 2021, respectively, is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, December 31, 2022 2021 Cash $ 126,922 $ 141,239 Cash equivalents: Money market funds 250 831 Commercial paper 1,996 2,000 Corporate bonds — 4,410 Total cash and cash equivalents $ 129,168 $ 148,480 Inventory Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 3,752 $ 3,738 Work in process 750 518 Finished goods 13,802 12,029 Total inventory $ 18,304 $ 16,285 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 2,658 $ 1,869 Prepaid insurance 1,661 2,305 VAT receivable 277 362 Other current assets 702 347 Total prepaid expenses and other current assets $ 5,298 $ 4,883 Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, December 31, 2022 2021 Machinery and equipment $ 1,804 $ 1,635 Computer equipment and software 1,634 1,561 Furniture and fixtures 257 252 Leasehold improvements 2,277 2,277 Construction in progress 1,516 1,332 Total 7,488 7,057 Less: accumulated depreciation (2,570) (2,243) Property and equipment, net $ 4,918 $ 4,814 Depreciation expense for the three months ended March 31, 2022 and March 31, 2021 was $0.3 million and $0.1 million, respectively. Goodwill Goodwill was $2.3 million as of March 31, 2022 and December 31, 2021 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 three months ended March 31, 2022 and 2021. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through March 31, 2022, 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 three months ended March 31, 2022. Intangible Assets Intangible assets consist of the following (in thousands): March 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,436) $ 222 Trademarks 191 (166) 25 Total intangible assets $ 1,849 $ (1,602) $ 247 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,410) $ 248 Trademarks 191 (162) 29 Total intangible assets $ 1,849 $ (1,572) $ 277 Amortization expense relating to the intangibles totaled less than $0.1 million during each of the three months ended March 31, 2022 and March 31, 2021, respectively. Future amortization expense is as follows as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 93 2023 123 2024 31 Total amortization expense $ 247 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee bonuses and commissions $ 2,504 $ 4,741 Accrued vacation 2,137 1,850 Other accrued personnel related expenses 1,844 2,145 Accrued professional fees 2,747 2,420 Sales taxes, franchise tax and VAT 511 730 Liability for early exercise of stock options 340 399 Accrued inventory purchases 134 258 Other 655 823 Total accrued liabilities $ 10,872 $ 13,366 |
Long Term Debt and Convertible
Long Term Debt and Convertible Notes | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long Term Debt and Convertible Notes | Long Term Debt and Convertible Notes Term Loan 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”) and an additional financing tranche (“Tranche C”) of up to $7.0 million on or prior to February 20, 2022. Neither Tranche B nor Tranch C was drawn before the expiration date. 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 CIBC Loan bears interest at a floating rate equal to 1.0% 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 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 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 an Amended and Restated 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 would be due beginning March 31, 2022. In connection with the Amended and Restated agreement, 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 a First Amendment to the Amended and Restated Loan and Security agreement with CIBC that extended the compliance of certain post-close covenants to March 31, 2022. In October 2021, the Company entered into a Second Amendment to the Amended and Restated Loan and Security Agreement with CIBC, which extended the interest only period of the loan from 24 months to 36 months. Under the amended terms, principal repayment will begin in February 2023. There was no change to the loan interest rate or maturity date. As of March 31, 2022, the CIBC Loan had an annual effective interest rate of 4.71% 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 March 31, 2022, the Company was in compliance with all covenants contained in CIBC Agreement. The CIBC Loan consists of the following (in thousands): March 31, December 31, 2022 2021 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (113) (131) Term loan $ 16,887 $ 16,869 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 three months ended March 31, 2022 and 2021, the Company recorded interest expense related to debt discount and debt issuance costs of CIBC Loan of less than $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 March 31, 2022 and 2021, 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 being repaid in twelve equal installments, paid semi-annually, beginning in March of 2022. As of March 31, 2022, Pulmonx International Sàrl paid less than $0.1 million to the lender. Contractual Maturities of Financing Obligations As of March 31, 2022, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2022 (remaining nine months) $ 635 2023 7,782 2024 8,846 2025 1,513 2026 90 2027 90 Total 18,956 Less: unamortized debt discount (113) Less: interest (1,416) Term loan and credit agreement $ 17,427 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionThe 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 $0.2 million as of March 31, 2022 and December 31, 2021, respectively. The deferred revenue as of December 31, 2020 was $0.1 million, which was recognized as revenue during the year ended December 31, 2021. The deferred revenue as of December 31, 2021 was $0.2 million, which was recognized as revenue during the three months ended March 31, 2022. The Company disaggregates its revenue by major geographic region, which is disclosed in Note 12, “Segment Information”. |
Leases, Lease Commitments and C
Leases, Lease Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 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 into 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 $0.7 million to fund facility enhancements. The sublease agreement can be extended for an additional twelve month period, at the Company’s option. For accounting purposes, the lease term is 4 years as it is not reasonably certain that the Company will exercise the renewal option. The amendment also changed the lease term entered into in April 2020, which was extended until May 31, 2024, but left the early termination clause unchanged. In September 2021, the Company became reasonably certain that the early termination clause would not be exercised as capital expenditures on the facility build-out created sufficient disincentive to terminate the lease early. The lease term was reevaluated and extended from November 30, 2021 to May 31, 2024. The Company has leases on six vehicles with an average term of 2.9 years. Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 724 $ 728 Short-term lease cost 9 3 Variable lease cost 147 147 Total lease cost $ 880 $ 878 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 2,544 2023 3,429 2024 2,895 2025 1,009 Total minimum lease payments 9,877 Less: Amount of lease payments representing interest 782 Present value of future minimum lease payments $ 9,095 Less: Current lease liabilities 2,967 Long-term lease liabilities $ 6,128 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): March 31, December 31, Right of use asset $ 7,518 $ 8,075 Weighted average remaining lease term (years) 2.66 3.17 Weighted average discount rate (percent) 5.9 6.0 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 131 $ 541 Right-of-use assets obtained in exchange for lease liabilities $ 56 $ — Contingencies |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe income tax expense for each of the three months ended March 31, 2022 and 2021 was less than $0.1 million. 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 unrecognized US federal and state tax benefit because of a full valuation allowance the Company has established against its Federal and state deferred tax assets and foreign tax rate differential from US federal statutory rate.The income tax expense for the three months ended March 31, 2022 and 2021 relates primarily to state minimum income tax and income tax on the Company’s earnings in foreign jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock As of March 31, 2022 and December 31, 2021, the Company’s certificate of incorporation authorized the Company to issue up to 200,000,000 and 200,000,000 shares of common stock, respectively. 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: March 31 December 31, 2022 2021 Common stock options issued and outstanding 2,687,031 2,145,131 Common stock restricted stock units issued and outstanding 1,110,887 442,428 Common stock available for future grants 3,909,758 3,751,115 Common stock available for ESPP 1,255,773 932,458 Total 8,963,449 7,271,132 Stock Option Plan A summary of stock option activity for the three months ended March 31, 2022 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2022 2,145,131 $ 13.44 Granted 655,200 26.56 Exercised (99,265) 2.23 Canceled (14,035) 23.30 Balance, March 31, 2022 2,687,031 $ 17.00 The aggregate intrinsic value of options outstanding at March 31, 2022 was $30.6 million. March 31, 2022 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 790,519 $ 9.37 7.21 Options vested and expected to vest 2,687,031 $ 17.00 8.46 Total intrinsic value of options vested as of March 31, 2022 was $13.8 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 three months ended March 31, 2022, the Company did not repurchase any shares of common stock. During the three months ended March 31, 2021, the Company repurchased 12,945 shares of common stock for less than $0.1 million. As of March 31, 2022 and December 31, 2021, 189,266 and 223,195 shares, respectively, were subject to repurchase, with an aggregate exercise price of $0.3 million and $0.4 million, respectively, and were recorded in other current liabilities. Restricted Stock Units Activity with respect to restricted stock units was as follows: Outstanding Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2022 442,428 $ 42.36 Granted 701,250 26.56 Vested (21,392) 44.54 Canceled (11,399) 37.24 Unvested, March 31, 2022 1,110,887 $ 32.40 The aggregate intrinsic value of restricted stock units outstanding as of March 31, 2022 was $27.6 million. 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 March 31, 2022 2021 Cost of goods sold $ 147 $ 90 Research and development 421 318 Selling, general and administrative 2,945 1,860 Total $ 3,513 $ 2,268 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2022 2021 Stock options and restricted stock units $ 3,312 $ 1,039 ESPP 201 1,229 Total $ 3,513 $ 2,268 Stock-based compensation of $0.2 million and $0.3 million was capitalized into inventory for the three months ended March 31, 2022 and 2021, respectively. Stock-based compensation capitalized in prior periods of $0.1 million and $0.1 million was recognized as cost of sales in the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $56.2 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 3.38 years. The total grant date fair value of shares vested during the quarter ended March 31, 2022 was $2.7 million. As of March 31, 2022, the Company had unrecognized employee stock-based compensation relating to ESPP awards of approximately $0.2 million, which is expected to be recognized over a weighted-average period of 0.4 years. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Numerator Net loss attributable to common stockholders $ (15,828) $ (12,512) Denominator Weighted-average common stock outstanding 37,007,527 35,702,465 Less: weighted-average common shares subject to repurchase (202,161) (331,705) Weighted-average common shares used to compute basic and diluted net loss per share 36,805,366 35,370,760 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.35) 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 March 31, 2022 2021 Options to purchase common stock 2,687,031 2,759,165 Unvested restricted stock units 1,110,887 — Unvested early exercised common stock options 189,266 223,195 Shares committed under ESPP 24,252 99,144 Total 4,011,436 3,081,504 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 United States $ 6,013 $ 4,289 Europe, Middle-East and Africa (“EMEA”) 4,053 4,044 Asia Pacific 719 911 Total $ 10,785 $ 9,244 Revenue from Germany and France represented 13% and 8%, respectively of total revenue for the three months ended March 31, 2022. Revenue from Germany and France represented 12% and 11%, respectively of total revenue for the three months ended March 31, 2021. 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): March 31 December 31, 2022 2021 United States $ 4,865 $ 4,767 EMEA 49 42 Asia Pacific 4 5 Total $ 4,918 $ 4,814 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 common stock, stock-based compensation, 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. 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. |
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 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 less than $(0.1) million and $(0.3) million during the three months ended March 31, 2022 and 2021, 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, stock options, and common stock subject to repurchase related to early exercise of stock options 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. The Company 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 the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | 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 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. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Assets and Liabilities Measured at Fair Value | 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 and marketable securities. 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) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 250 $ — $ — $ 250 Commercial paper — 1,996 — 1,996 Cash equivalents 250 1,996 — 2,246 U.S. Government agency bonds 23,323 4,995 — 28,318 Corporate bonds — 2,151 — 2,151 Commercial paper — 16,824 — 16,824 Marketable securities 23,323 23,970 — 47,293 Total financial assets $ 23,573 $ 25,966 $ — $ 49,539 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2022. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 831 $ — $ — $ 831 Commercial paper — 2,000 — 2,000 Corporate bonds — 4,410 — 4,410 Cash equivalents 831 6,410 — 7,241 U.S. Government agency bonds 14,977 5,504 — 20,481 Commercial paper — 19,107 — 19,107 Corporate bonds — 2,914 — 2,914 Marketable securities 14,977 27,525 — 42,502 Total financial assets $ 15,808 $ 33,935 $ — $ 49,743 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2021. |
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): March 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,548 $ (230) $ — $ 28,318 Corporate bonds 2,152 (1) — 2,151 Commercial paper 16,863 (39) — 16,824 Marketable securities $ 47,563 $ (270) $ — $ 47,293 Amounts recognized on the consolidated balance sheet Short-term marketable securities 40,914 Long-term marketable securities 6,379 Marketable securities $ 47,293 December 31, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 20,509 $ (28) $ — $ 20,481 Corporate bonds 2,915 (1) — 2,914 Commercial paper 19,102 — 5 19,107 Marketable securities $ 42,526 $ (29) $ 5 $ 42,502 Amounts recognized on the consolidated balance sheet Short-term marketable securities 31,561 Long-term marketable securities 10,941 Marketable securities $ 42,502 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, December 31, 2022 2021 Cash $ 126,922 $ 141,239 Cash equivalents: Money market funds 250 831 Commercial paper 1,996 2,000 Corporate bonds — 4,410 Total cash and cash equivalents $ 129,168 $ 148,480 |
Schedule of Inventory | Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 3,752 $ 3,738 Work in process 750 518 Finished goods 13,802 12,029 Total inventory $ 18,304 $ 16,285 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 2,658 $ 1,869 Prepaid insurance 1,661 2,305 VAT receivable 277 362 Other current assets 702 347 Total prepaid expenses and other current assets $ 5,298 $ 4,883 |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): March 31, December 31, 2022 2021 Machinery and equipment $ 1,804 $ 1,635 Computer equipment and software 1,634 1,561 Furniture and fixtures 257 252 Leasehold improvements 2,277 2,277 Construction in progress 1,516 1,332 Total 7,488 7,057 Less: accumulated depreciation (2,570) (2,243) Property and equipment, net $ 4,918 $ 4,814 |
Schedule Intangible Assets | Intangible assets consist of the following (in thousands): March 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,436) $ 222 Trademarks 191 (166) 25 Total intangible assets $ 1,849 $ (1,602) $ 247 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,410) $ 248 Trademarks 191 (162) 29 Total intangible assets $ 1,849 $ (1,572) $ 277 |
Schedule of Future Amortization Expense | Future amortization expense is as follows as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 93 2023 123 2024 31 Total amortization expense $ 247 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee bonuses and commissions $ 2,504 $ 4,741 Accrued vacation 2,137 1,850 Other accrued personnel related expenses 1,844 2,145 Accrued professional fees 2,747 2,420 Sales taxes, franchise tax and VAT 511 730 Liability for early exercise of stock options 340 399 Accrued inventory purchases 134 258 Other 655 823 Total accrued liabilities $ 10,872 $ 13,366 |
Long Term Debt and Convertibl_2
Long Term Debt and Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The CIBC Loan consists of the following (in thousands): March 31, December 31, 2022 2021 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (113) (131) Term loan $ 16,887 $ 16,869 |
Schedule of Contractual Maturities of Financing Obligations | As of March 31, 2022, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2022 (remaining nine months) $ 635 2023 7,782 2024 8,846 2025 1,513 2026 90 2027 90 Total 18,956 Less: unamortized debt discount (113) Less: interest (1,416) Term loan and credit agreement $ 17,427 |
Leases, Lease Commitments and_2
Leases, Lease Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Operating Lease Cost and Additional Information | Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 724 $ 728 Short-term lease cost 9 3 Variable lease cost 147 147 Total lease cost $ 880 $ 878 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): March 31, December 31, Right of use asset $ 7,518 $ 8,075 Weighted average remaining lease term (years) 2.66 3.17 Weighted average discount rate (percent) 5.9 6.0 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 131 $ 541 Right-of-use assets obtained in exchange for lease liabilities $ 56 $ — |
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 March 31, 2022 (in thousands): 2022 (remaining nine months) $ 2,544 2023 3,429 2024 2,895 2025 1,009 Total minimum lease payments 9,877 Less: Amount of lease payments representing interest 782 Present value of future minimum lease payments $ 9,095 Less: Current lease liabilities 2,967 Long-term lease liabilities $ 6,128 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Shares Reserved for Future Issuance | The Company has reserved shares of common stock for future issuances as follows: March 31 December 31, 2022 2021 Common stock options issued and outstanding 2,687,031 2,145,131 Common stock restricted stock units issued and outstanding 1,110,887 442,428 Common stock available for future grants 3,909,758 3,751,115 Common stock available for ESPP 1,255,773 932,458 Total 8,963,449 7,271,132 |
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2022 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2022 2,145,131 $ 13.44 Granted 655,200 26.56 Exercised (99,265) 2.23 Canceled (14,035) 23.30 Balance, March 31, 2022 2,687,031 $ 17.00 |
Schedule of Options Vested and Expected to Vest | March 31, 2022 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 790,519 $ 9.37 7.21 Options vested and expected to vest 2,687,031 $ 17.00 8.46 |
Schedule of Activity with Respect to Restricted Stock Units | Activity with respect to restricted stock units was as follows: Outstanding Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2022 442,428 $ 42.36 Granted 701,250 26.56 Vested (21,392) 44.54 Canceled (11,399) 37.24 Unvested, March 31, 2022 1,110,887 $ 32.40 |
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 March 31, 2022 2021 Cost of goods sold $ 147 $ 90 Research and development 421 318 Selling, general and administrative 2,945 1,860 Total $ 3,513 $ 2,268 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2022 2021 Stock options and restricted stock units $ 3,312 $ 1,039 ESPP 201 1,229 Total $ 3,513 $ 2,268 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Numerator Net loss attributable to common stockholders $ (15,828) $ (12,512) Denominator Weighted-average common stock outstanding 37,007,527 35,702,465 Less: weighted-average common shares subject to repurchase (202,161) (331,705) Weighted-average common shares used to compute basic and diluted net loss per share 36,805,366 35,370,760 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.35) |
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 March 31, 2022 2021 Options to purchase common stock 2,687,031 2,759,165 Unvested restricted stock units 1,110,887 — Unvested early exercised common stock options 189,266 223,195 Shares committed under ESPP 24,252 99,144 Total 4,011,436 3,081,504 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 United States $ 6,013 $ 4,289 Europe, Middle-East and Africa (“EMEA”) 4,053 4,044 Asia Pacific 719 911 Total $ 10,785 $ 9,244 |
Schedule of Long-lived Assets by Geographic Area | The following table sets forth the Company’s long-lived assets by geographic area (in thousands): March 31 December 31, 2022 2021 United States $ 4,865 $ 4,767 EMEA 49 42 Asia Pacific 4 5 Total $ 4,918 $ 4,814 |
Formation and Business of the_2
Formation and Business of the Company (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 307,223 | $ 291,395 | |
Cash used in operating activities | 15,026 | $ 9,672 | |
Cash, cash equivalents and marketable securities | $ 176,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Cash on deposit with foreign banks | $ 2,800 | $ 4,600 | |
Other comprehensive (loss) foreign currency translation adjustments | (24) | $ (272) | |
Foreign currency transaction gains and (losses) | $ (100) | $ 200 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Impairment charges | $ 0 | |
Accrued interest on marketable securities | 100,000 | $ 100,000 |
Fair Value, Nonrecurring | ||
Derivative [Line Items] | ||
Liabilities measured at fair value on a recurring and non-recurring | 0 | 0 |
Recurring Basis | ||
Derivative [Line Items] | ||
Liabilities measured at fair value on a recurring and non-recurring | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Short-term marketable securities | $ 47,293 | $ 42,502 |
U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 28,318 | 20,481 |
Corporate bonds | ||
Assets: | ||
Short-term marketable securities | 2,151 | 2,914 |
Recurring Basis | ||
Assets: | ||
Cash equivalents | 2,246 | 7,241 |
Short-term marketable securities | 47,293 | 42,502 |
Total financial assets | 49,539 | 49,743 |
Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 28,318 | 20,481 |
Recurring Basis | Corporate bonds | ||
Assets: | ||
Cash equivalents | 4,410 | |
Short-term marketable securities | 2,151 | 2,914 |
Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 16,824 | 19,107 |
Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 250 | 831 |
Short-term marketable securities | 23,323 | 14,977 |
Total financial assets | 23,573 | 15,808 |
Level 1 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 23,323 | 14,977 |
Level 1 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Cash equivalents | 0 | |
Short-term marketable securities | 0 | 0 |
Level 1 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Level 2 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,996 | 6,410 |
Short-term marketable securities | 23,970 | 27,525 |
Total financial assets | 25,966 | 33,935 |
Level 2 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 4,995 | 5,504 |
Level 2 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Cash equivalents | 4,410 | |
Short-term marketable securities | 2,151 | 2,914 |
Level 2 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 16,824 | 19,107 |
Level 3 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Short-term marketable securities | 0 | 0 |
Total financial assets | 0 | 0 |
Level 3 | Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Level 3 | Recurring Basis | Corporate bonds | ||
Assets: | ||
Cash equivalents | 0 | |
Short-term marketable securities | 0 | 0 |
Level 3 | Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Money market funds | Recurring Basis | ||
Assets: | ||
Cash equivalents | 250 | 831 |
Money market funds | Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 250 | 831 |
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 | 1,996 | 2,000 |
Commercial paper | Level 1 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Commercial paper | Level 2 | Recurring Basis | ||
Assets: | ||
Cash equivalents | 1,996 | 2,000 |
Commercial paper | Level 3 | Recurring Basis | ||
Assets: | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value Measurements - Unrea
Fair Value Measurements - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 47,563 | $ 42,526 |
Unrealized Losses | (270) | (29) |
Unrealized Gains | 0 | 5 |
Fair Value | 47,293 | 42,502 |
Amounts recognized on the consolidated balance sheet | ||
Short-term marketable securities | 40,914 | 31,561 |
Long-term marketable securities | 6,379 | 10,941 |
Marketable securities | 47,293 | 42,502 |
U.S. Government agency bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 28,548 | 20,509 |
Unrealized Losses | (230) | (28) |
Unrealized Gains | 0 | 0 |
Fair Value | 28,318 | 20,481 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 2,152 | 2,915 |
Unrealized Losses | (1) | (1) |
Unrealized Gains | 0 | 0 |
Fair Value | 2,151 | 2,914 |
Commercial paper | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 16,863 | 19,102 |
Unrealized Losses | (39) | 0 |
Unrealized Gains | 0 | 5 |
Fair Value | $ 16,824 | $ 19,107 |
Balance Sheet Components - Cash
Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash | $ 126,922 | $ 141,239 | |
Cash equivalents: | |||
Money market funds | 250 | 831 | |
Commercial paper | 1,996 | 2,000 | |
Corporate bonds | 0 | 4,410 | |
Total cash and cash equivalents | $ 129,168 | $ 148,480 | $ 209,283 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 3,752 | $ 3,738 |
Work in process | 750 | 518 |
Finished goods | 13,802 | 12,029 |
Total inventory | $ 18,304 | $ 16,285 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 2,658 | $ 1,869 |
Prepaid insurance | 1,661 | 2,305 |
VAT receivable | 277 | 362 |
Other current assets | 702 | 347 |
Total prepaid expenses and other current assets | $ 5,298 | $ 4,883 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 7,488 | $ 7,057 |
Less: accumulated depreciation | (2,570) | (2,243) |
Property and equipment, net | 4,918 | 4,814 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,804 | 1,635 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,634 | 1,561 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 257 | 252 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,277 | 2,277 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,516 | $ 1,332 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation expense | $ 300,000 | $ 100,000 | |
Goodwill | 2,333,000 | $ 2,333,000 | |
Goodwill, accumulated impairment loss | 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 |
Balance Sheet Components - Inta
Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,849 | $ 1,849 |
Accumulated Amortization | (1,602) | (1,572) |
Net Carrying Value | 247 | 277 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,658 | 1,658 |
Accumulated Amortization | (1,436) | (1,410) |
Net Carrying Value | 222 | 248 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 191 | 191 |
Accumulated Amortization | (166) | (162) |
Net Carrying Value | $ 25 | $ 29 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 (remaining nine months) | $ 93 | |
2023 | 123 | |
2024 | 31 | |
Net Carrying Value | $ 247 | $ 277 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued employee bonuses and commissions | $ 2,504 | $ 4,741 |
Accrued vacation | 2,137 | 1,850 |
Other accrued personnel related expenses | 1,844 | 2,145 |
Accrued professional fees | 2,747 | 2,420 |
Sales taxes, franchise tax and VAT | 511 | 730 |
Liability for early exercise of stock options | 340 | 399 |
Accrued inventory purchases | 134 | 258 |
Other | 655 | 823 |
Total accrued liabilities | $ 10,872 | $ 13,366 |
Long Term Debt and Convertibl_3
Long Term Debt and Convertible Notes - CIBC Loan Narrative (Details) | Feb. 20, 2020USD ($)payment | Oct. 31, 2021 | Mar. 31, 2021USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||||
Payment of fees to lender and third parties | $ 0 | $ 30,000 | ||||
Amortization of debt discount and debt issuance costs | $ 18,000 | 39,000 | ||||
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 | 24 months | ||||
Principal and interest payments term | 36 months | 36 months | ||||
Fee amount | $ 200,000 | |||||
Gain (loss) on amendment of debt instrument | $ 0 | $ 0 | ||||
Number of periodic payments | payment | 36 | |||||
Payment of fees to lender and third parties | $ 400,000 | $ 100,000 | ||||
Increase in loan interest rate | 0 | |||||
Effective interest rate | 4.71% | |||||
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 | ||||
Interest expense | $ 200,000 | $ 200,000 | ||||
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 | |||||
CIBC Agreement, Tranche C | Medium-term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Accordion feature on face amount of debt | $ 7,000,000 |
Long Term Debt and Convertibl_4
Long Term Debt and Convertible Notes - CIBC Loan Components Of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Term loan | $ 18,956 | |
Less: debt issuance costs | (113) | |
Term loan and credit agreement | 17,427 | |
CIBC Agreement | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Term loan | 17,000 | $ 17,000 |
Less: debt issuance costs | (113) | (131) |
Term loan and credit agreement | $ 16,887 | $ 16,869 |
Long Term Debt and Convertibl_5
Long Term Debt and Convertible Notes - Credit Agreement and Paycheck Protection Program Narrative (Details) - Line of Credit - Pulmonx International Sarl | 1 Months Ended | 3 Months Ended | |||
May 31, 2020CHF (SFr) | May 31, 2020USD ($) | Mar. 31, 2022USD ($) | Apr. 30, 2020CHF (SFr)installment | Apr. 30, 2020USD ($)installment | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ | $ 100,000 | ||||
COVID-19 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | SFr 500,000 | $ 500,000 | |||
Proceeds from line of credit | SFr 500,000 | $ 500,000 | |||
Number of installments for repayment | installment | 12 | 12 |
Long Term Debt and Convertibl_6
Long Term Debt and Convertible Notes - Contractual Maturities of Financing Obligations (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 (remaining nine months) | $ 635 |
2023 | 7,782 |
2024 | 8,846 |
2025 | 1,513 |
2026 | 90 |
2027 | 90 |
Total | 18,956 |
Less: unamortized debt discount | (113) |
Less: interest | (1,416) |
Long-term debt | $ 17,427 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 0.2 | $ 0.1 | $ 0.1 | |
Revenue recognized | $ 0.2 | $ 0.1 |
Leases, Lease Commitments and_3
Leases, Lease Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2013 | Mar. 31, 2022lease | |
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 (less than) | $ 0.1 | $ 0.1 | |||
Sublease, expense, annual increase rate | 3.50% | 3.50% | |||
Sublease, tenant improvement allowance, receivable upon lease renewal | $ 0.7 | ||||
Sublease renewal term | 12 months | ||||
Number of vehicle leases | lease | 6 | ||||
Office Facilities | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 5 years | ||||
Vehicles | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 2 years 10 months 24 days |
Leases, Lease Commitments and_4
Leases, Lease Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 724 | $ 728 |
Short-term lease cost | 9 | 3 |
Variable lease cost | 147 | 147 |
Total lease cost | $ 880 | $ 878 |
Leases, Lease Commitments and_5
Leases, Lease Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 (remaining nine months) | $ 2,544 | |
2023 | 3,429 | |
2024 | 2,895 | |
2025 | 1,009 | |
Total minimum lease payments | 9,877 | |
Less: Amount of lease payments representing interest | 782 | |
Present value of future minimum lease payments | 9,095 | |
Less: Current lease liabilities | 2,967 | $ 2,201 |
Long-term lease liabilities | $ 6,128 | $ 6,844 |
Leases, Lease Commitments and_6
Leases, Lease Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Right of use asset | $ 7,518 | $ 8,075 |
Weighted average remaining lease term (years) | 2 years 7 months 28 days | 3 years 2 months 1 day |
Weighted average discount rate (percent) | 5.90% | 6.00% |
Leases, Lease Commitments and_7
Leases, Lease Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities | $ 131 | $ 541 |
Right-of-use assets obtained in exchange for lease liabilities | $ 56 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (less than) | $ 67 | $ 67 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)voteshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, authorized (in shares) | shares | 200,000,000 | 200,000,000 | |
Dividends declared | $ 0 | ||
Number of votes for each share of common stock held | vote | 1 | ||
Options outstanding, aggregate intrinsic value | $ 30,600,000 | ||
Options vested and expenses to vest, intrinsic value | $ 13,800,000 | ||
Repurchase of early exercised common stock options (in shares) | shares | 0 | 12,945 | |
Common stock, shares repurchased, less than (in shares) | $ 100,000 | ||
Aggregate exercise price of shares subject to repurchase | $ 300,000 | $ 400,000 | |
Unrecognized compensation costs | 56,200,000 | ||
Fair value of shares vested | 2,700,000 | ||
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 | 100,000 | |
Inventory, Net | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation capitalized into inventory | $ 200,000 | $ 300,000 | |
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 | 189,266 | 223,195 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, aggregate intrinsic value | $ 27,600,000 | ||
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 200,000 | ||
Weighted-average period for recognition of compensation costs | 4 months 24 days | ||
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 | 3 years 4 months 17 days |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 8,963,449 | 7,271,132 |
Common stock options issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,687,031 | 2,145,131 |
Common stock restricted stock units issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,110,887 | 442,428 |
Common stock available for future grants | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,909,758 | 3,751,115 |
Common stock available for ESPP | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,255,773 | 932,458 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Balance, beginning of period (in shares) | shares | 2,145,131 |
Options granted (in shares) | shares | 655,200 |
Options exercised (in shares) | shares | (99,265) |
Options canceled (in shares) | shares | (14,035) |
Balance, end of period (in shares) | shares | 2,687,031 |
Weighted Average Exercise Price | |
Balance, beginning of period (in dollars per share) | $ / shares | $ 13.44 |
Options granted (in dollars per share) | $ / shares | 26.56 |
Options exercised (in dollars per share) | $ / shares | 2.23 |
Options canceled (in dollars per share) | $ / shares | 23.30 |
Balance, end of period (in dollars per share) | $ / shares | $ 17 |
Stockholders' Equity - Options
Stockholders' Equity - Options Vested and Expected to Vest (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Options vested (in shares) | shares | 790,519 |
Options vested and expected to vest (in shares) | shares | 2,687,031 |
Weighted Average Exercise Price | |
Options vested (in dollars per share) | $ / shares | $ 9.37 |
Options vested and expected to vest (in dollars per share) | $ / shares | $ 17 |
Weighted Average Contractual Life (in Years) | |
Options vested | 7 years 2 months 15 days |
Options vested and expected to vest | 8 years 5 months 15 days |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Unvested, beginning of period (in shares) | shares | 442,428 |
Granted (in shares) | shares | 701,250 |
Vested (in share) | shares | (21,392) |
Canceled (in share) | shares | (11,399) |
Unvested, end of period (in shares) | shares | 1,110,887 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 42.36 |
Granted (in dollars per share) | $ / shares | 26.56 |
Vested (in dollars per share) | $ / shares | 44.54 |
Canceled (in dollars per share) | $ / shares | 37.24 |
Unvested, end of period (in dollars per share) | $ / shares | $ 32.40 |
Stockholders' Equity - Total St
Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,513 | $ 2,268 |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 201 | 1,229 |
Stock Options And Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 3,312 | 1,039 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 147 | 90 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 421 | 318 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 2,945 | $ 1,860 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net loss attributable to common stockholders, basic | $ (15,828) | $ (12,512) |
Net loss attributable to common stockholders, diluted | $ (15,828) | $ (12,512) |
Denominator | ||
Weighted-average common stock outstanding (in shares) | 37,007,527 | 35,702,465 |
Less: weighted-average common shares subject to repurchase (in shares) | (202,161) | (331,705) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 36,805,366 | 35,370,760 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 36,805,366 | 35,370,760 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.43) | $ (0.35) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.43) | $ (0.35) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Excluded Potentially Dilutive Securities Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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) | 4,011,436 | 3,081,504 |
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) | 2,687,031 | 2,759,165 |
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) | 1,110,887 | 0 |
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) | 189,266 | 223,195 |
Common stock available for 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) | 24,252 | 99,144 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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] | ||
Customer concentration risk percentage | 13.00% | 12.00% |
FRANCE | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 8.00% | 11.00% |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 10,785 | $ 9,244 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 6,013 | 4,289 |
Europe, Middle-East and Africa (“EMEA”) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 4,053 | 4,044 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 719 | $ 911 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 4,918 | $ 4,814 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,865 | 4,767 |
Europe, Middle-East and Africa (“EMEA”) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 49 | 42 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 4 | $ 5 |