Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HTGM | |
Entity Registrant Name | HTG Molecular Diagnostics, Inc | |
Entity Central Index Key | 0001169987 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 2,214,233 | |
Entity File Number | 001-37369 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-0912294 | |
Entity Address, Address Line One | 3430 E. Global Loop | |
Entity Address, City or Town | Tucson | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85706 | |
City Area Code | (877) | |
Local Phone Number | 289-2615 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,996,409 | $ 12,210,857 |
Investments available-for-sale, at fair value | 3,566,628 | 0 |
Accounts receivable | 1,131,980 | 1,421,695 |
Inventory, net | 654,917 | 909,328 |
Prepaid expenses and other | 837,170 | 1,109,571 |
Total current assets | 9,187,104 | 15,651,451 |
Operating lease right-of-use assets | 892,685 | 1,007,202 |
Property and equipment, net | 528,527 | 598,006 |
Other non-current assets | 257,312 | 520,996 |
Total assets | 10,865,628 | 17,777,655 |
Current liabilities: | ||
Accounts payable | 1,097,538 | 1,157,449 |
Accrued liabilities | 1,321,771 | 2,209,606 |
SVB Term Loan, net of discount and debt issuance costs | 3,075,506 | 3,812,498 |
NuvoGen obligation - current | 446,031 | 446,031 |
Operating lease liabilities - current | 481,967 | 475,126 |
Other current liabilities | 136,074 | 170,047 |
Total current liabilities | 6,558,887 | 8,270,757 |
NuvoGen obligation - non-current, net of discount | 3,370,279 | 3,519,058 |
Operating lease liabilities - non-current, net of discount | 423,237 | 546,324 |
Other non-current liabilities | 38,723 | 49,819 |
Total liabilities | 10,391,126 | 12,385,958 |
Commitments and Contingencies (Note 15) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 26,666,667 shares authorized at March31 2023 and December 31 2022 2214,077 shares issued and outstanding at March 31 2023 and 2,213,897 shares issued and outstanding at December 31, 2022 | 2,214 | 2,214 |
Additional paid-in-capital | 235,450,053 | 235,314,311 |
Accumulated other comprehensive income | 4,514 | 2,679 |
Accumulated deficit | (234,982,279) | (229,927,507) |
Total stockholders’ equity | 474,502 | 5,391,697 |
Total liabilities and stockholders' equity | $ 10,865,628 | $ 17,777,655 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 26,666,667 | 26,666,667 |
Common stock, shares issued | 2,214,077 | 2,213,897 |
Common stock, shares outstanding | 2,214,077 | 2,213,897 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Product and product-related services revenue | $ 1,032,510 | $ 1,184,454 |
Operating expenses: | ||
Cost of product and product-related services revenue | 1,149,608 | 855,048 |
Selling, general and administrative | 3,282,948 | 4,663,011 |
Research and development | 1,612,553 | 1,920,430 |
Total operating expenses | 6,045,109 | 7,438,489 |
Operating loss | (5,012,599) | (6,254,035) |
Other income (expense): | ||
Interest expense | (138,399) | (249,312) |
Interest income | 98,444 | 6,214 |
Total other income (expense) | (39,955) | (243,098) |
Net loss before income taxes | (5,052,554) | (6,497,133) |
Provision for income taxes | (2,218) | (386) |
Net loss | $ (5,054,772) | $ (6,497,519) |
Net loss per share, basic | $ (2.28) | $ (9.73) |
Net loss per share, diluted | $ (2.28) | $ (9.73) |
Shares used in computing net loss per share, basic | 2,214,082 | 667,647 |
Shares used in computing net loss per share, diluted | 2,214,082 | 667,647 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,054,772) | $ (6,497,519) |
Other comprehensive income (loss), net of tax effect: | ||
Foreign currency translation adjustment | 780 | (2,293) |
Unrealized gain on investments and cash equivalents | 1,055 | 0 |
Total other comprehensive income (loss) | 1,835 | (2,293) |
Comprehensive loss | $ (5,052,937) | $ (6,499,812) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Securities Purchase Agreement | Series A Convertible Preferred Stock | Common Stock | Common Stock Securities Purchase Agreement | Additional Paid-In Capital | Additional Paid-In Capital Securities Purchase Agreement | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2021 | $ 10,399,824 | $ 24 | $ 632 | $ 218,730,305 | $ 1,894 | $ (208,333,031) | |||
Balance, shares at Dec. 31, 2021 | 23,770 | 632,340 | |||||||
Stock-based compensation expense | 251,214 | 251,214 | |||||||
Release of restricted stock awards, shares | 346 | ||||||||
Net share settlement of restricted stock awards | (8,129) | (8,129) | |||||||
Net share settlement of restricted stock award, shares | (126) | ||||||||
Employee stock purchase plan expense | 16,591 | 16,591 | |||||||
Issuance of common stock | $ 7,108,786 | $ 70 | $ 7,108,716 | ||||||
Issuance of common stock, shares | 69,505 | ||||||||
Conversion of Series A convertible preferred stock for common stock | $ (24) | $ 13 | 11 | ||||||
Conversion of Series A convertible preferred stock for common stock, shares | (23,770) | 13,206 | |||||||
Net loss | (6,497,519) | (6,497,519) | |||||||
Unrealized gain on investments and cash equivalents | 0 | ||||||||
Foreign currency translation adjustment | (2,293) | (2,293) | |||||||
Balance at Mar. 31, 2022 | 11,268,474 | $ 715 | 226,098,708 | (399) | (214,830,550) | ||||
Balance, shares at Mar. 31, 2022 | 715,271 | ||||||||
Balance at Dec. 31, 2022 | 5,391,697 | $ 2,214 | 235,314,311 | 2,679 | (229,927,507) | ||||
Balance, shares at Dec. 31, 2022 | 2,213,897 | ||||||||
Stock-based compensation expense | 129,332 | 129,332 | |||||||
Release of restricted stock awards, shares | 312 | ||||||||
Net share settlement of restricted stock awards | (215) | (215) | |||||||
Net share settlement of restricted stock award, shares | (54) | ||||||||
Employee stock purchase plan expense | 7,776 | 7,776 | |||||||
Issuance of common stock | $ (511) | $ (511) | |||||||
Cash in lieu of fractional shares, shares | (78) | ||||||||
Cash in lieu of fractional shares | (640) | (640) | |||||||
Net loss | (5,054,772) | (5,054,772) | |||||||
Unrealized gain on investments and cash equivalents | 1,055 | 1,055 | |||||||
Foreign currency translation adjustment | 780 | 780 | |||||||
Balance at Mar. 31, 2023 | $ 474,502 | $ 2,214 | $ 235,450,053 | $ 4,514 | $ (234,982,279) | ||||
Balance, shares at Mar. 31, 2023 | 2,214,077 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Purchase agreement, issuance costs | $ 0.4 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (5,054,772) | $ (6,497,519) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 86,104 | 185,492 |
Accretion of interest on NuvoGen obligation | (2,747) | (2,983) |
Write off deferred offering costs | 80,692 | 0 |
Provision for excess inventory | 409,670 | 59,353 |
Amortization of SVB Term Loan discount and issuance costs | 71,832 | 117,727 |
Stock-based compensation expense | 129,332 | 251,214 |
Employee stock purchase plan expense | 7,776 | 16,591 |
Non-cash operating lease expense | 114,517 | 100,316 |
Accrued interest on available-for-sale securities investments | (27,183) | (5,128) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 289,715 | 1,343,246 |
Inventory | 5,511 | (120,164) |
Prepaid expenses and other | 278,042 | 93,299 |
Accounts payable | (25,921) | (352,934) |
Accrued liabilities | (571,519) | (1,069,543) |
Contract liabilities | (38,394) | 40,279 |
Operating lease liabilities | (116,246) | (98,809) |
Net cash used in operating activities | (4,363,591) | (5,939,563) |
Investing activities | ||
Purchase of property and equipment | (6,238) | (8,415) |
Maturities of available-for-sale securities | 0 | 5,400,000 |
Purchase of available-for-sale securities | (3,538,390) | 0 |
Net cash (used in) provided by investing activities | (3,544,628) | 5,391,585 |
Financing activities | ||
Proceeds from March 2022 Securities Purchase Agreement, net of issuance costs of $0.4 million | 0 | 7,207,499 |
Payments on SVB Term Loan | (808,824) | (1,250,000) |
Payments of December 2022 Securities Purchase Agreement issuance costs | (350,523) | 0 |
Payments on NuvoGen obligation | (146,032) | (172,624) |
Payments of deferred offering costs | 0 | (38,500) |
Payments on financing leases | (3,866) | (4,635) |
Taxes paid for net share settlement of restricted stock awards | (215) | (8,129) |
Cash in lieu of fractional shares related to reverse stock split | (640) | 0 |
Payments on 2021 insurance note | 0 | (167,586) |
Net cash (used in) provided by financing activities | (1,310,100) | 5,566,025 |
Effect of exchange rates on cash | 3,871 | (3,570) |
(Decrease) increase in cash and cash equivalents | (9,214,448) | 5,014,477 |
Cash and cash equivalents at beginning of period | 12,210,857 | 9,599,950 |
Cash and cash equivalents at end of period | 2,996,409 | 14,614,427 |
Supplemental disclosure of noncash investing and financing activities | ||
Net reclassification of instruments from inventory to property and equipment, net | 16,625 | 0 |
Deferred financing costs payable and accrued at period end | 0 | 98,713 |
Issuance costs payable at period end | 447 | |
Disposal of fully depreciated assets | 177,451 | 0 |
Issuance of common stock upon conversion of Series A convertible preferred stock | 0 | 1,402,430 |
Supplemental cash flow information | ||
Cash paid for interest | 74,976 | 139,846 |
Cash paid for taxes | $ 1,838 | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Issuance costs | $ 0.4 | |
March 2022 Securities Purchase Agreement | ||
Issuance costs | $ 0.4 | $ 0.4 |
Description of Business, Basis
Description of Business, Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Principles of Consolidation | Note 1. Description of Business, Basis of Presentation and Principles of Consolidation HTG Molecular Diagnostics, Inc. (the “Company”) is a life science company whose mission is to advance precision medicine through its innovative transcriptome-wide profiling and advanced medicinal chemistry technologies. The Company derives revenue primarily from sales of its HTG EdgeSeq system and integrated next-generation sequencing-based (“NGS-based”) HTG EdgeSeq research use only (“RUO”) assays and from sample processing services performed in its VERI/O laboratory. The Company operates in one segment and its customers and distributors are located primarily in the United States and Europe. For the three months ended March 31, 2023, approximately 51 % of the Company’s revenue was generated from sales originated by customers located outside of the United States, compared with 18 % for the three months ended March 31, 2022. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect the accounts of the Company as of March 31, 2023 and for the three months ended March 31, 2023 and 2022. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and the results of its operations and cash flows, as of and for the periods presented. The accompanying condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and disclosures required by GAAP for annual financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023. In December 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. All share and per share amounts within the condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split for all periods and dates presented. See Note 14 for more information about the Company’s reverse stock split. Going Concern and Liquidity Management has assessed the Company’s ability to continue as a going concern within one year of issuance of these financial statements. The accompanying interim unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, the Company has had recurring operating losses and negative operating cash flows since its inception. The Company has an accumulated deficit of $ 235.0 million, working capital of $ 2.6 million and long-term liabilities of $ 3.8 million as of March 31, 2023. The Company’s liability balances consist primarily of its asset-secured loan (the "SVB Term Loan") with Silicon Valley Bank (now named Silicon Valley Bank, N.A., a division of First-Citizens Bank and Trust Company, following the closure of Silicon Valley Bank on March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Company ("FDIC") as receiver) ("SVB") (see Note 8) and an obligation to NuvoGen Research, LLC (the “NuvoGen obligation”) (see Note 10). The Company currently expects that its existing resources will be sufficient to fund its planned operations and expenditures through July 2023. In addition, potentially changing circumstances, including those related to a resurgence of COVID-19, inflation or high interest rates, may result in the depletion of the Company’s capital resources more rapidly than it currently anticipates. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. The Company will need to raise additional capital to fund its operations and service its long-term debt obligations until its revenue reaches a level sufficient to provide for self-sustaining cash flows. There can be no assurance that additional capital will be available on acceptable terms, or at all, or that the Company’s revenue will reach a level sufficient to provide for self-sustaining cash flows. If the Company is not able to generate additional capital, the Company may have to delay, scale back or discontinue one or more of its therapeutics development programs, curtail its commercial activities, significantly reduce expenses, sell assets (potentially at a discount to their fair value or carrying value), enter into relationships with third parties to develop or commercialize products or technologies that the Company otherwise would have sought to develop or commercialize independently, cease operations altogether, pursue a sale of the Company at a price that may result in a significant loss on investment for its stockholders, file for bankruptcy or seek other protection from creditors. In addition, if the Company defaults under any of the provisions of the Loan and Security Agreement for the SVB Term Loan (the "Loan Agreement"), including as a result of a "material adverse change" as such term is defined in the Loan Agreement. SVB could charge an interest rate of 5 % above the otherwise applicable floating rate, accelerate the payment of the SVB Term Loan and ultimately foreclose on the Company’s assets. The definition of “material adverse change” is broad and includes a material impairment in the value of the collateral securing the SVB Term Loan, a material adverse change in the Company's business, operations, or condition (financial or otherwise), and a material impairment of the prospect of repayment of any portion of the SVB Term Loan. Moreover, the determination as to whether a material adverse change has occurred is not within the Company's control and it is unclear how the current managers of SVB will view the SVB Term Loan from a risk standpoint and what actions they may elect to take under the SVB Term Loan to protect the financial interests of the lender. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, HTG Molecular Diagnostics France, SARL, after elimination of all intercompany transactions and balances. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s estimates include revenue recognition, stock-based compensation expense, bonus and warranty accrual, income tax valuation allowances and reserves, recovery of long‑lived assets, lease liability, inventory valuation, allowance for credit losses and available-for-sale securities. Actual results could materially differ from those estimates. Concentration Risks Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains the majority of its cash balances in the form of cash deposits in checking and money market accounts in amounts in excess of federally insured limits. In accordance with the Loan Agreement, the Company's cash balances were held primarily in operating accounts at and in a custodial account at U.S. Bank, subject to a control agreement with SVB. On March 13, 2023, the U.S. Treasury, Federal Reserve and FDIC provided SVB depositors access to all of their money. Management believes that the credit risk with regard to these deposits is not significant based on the quality of the financial institution or as a result of the guarantee provided by the U.S. Treasury, Federal Reserve and FDIC. The Company sells its instrument, related consumables, sample processing services and custom RUO assay design services primarily to biopharmaceutical companies, academic institutions and molecular labs. The Company routinely assesses the financial strength of its customers and credit losses have been minimal to date. One customer accounted for 13 % of the Company’s revenue for three months ended March 31, 2023, compared with three customers accounting for 24 % , 20 % and 12 % of the Company’s revenue for the three months ended March 31, 2022. Two c ustomers accounted for 44 % and 12 % of the Company’s accounts receivable as of March 31, 2023 , compared with three customers accounting for approximately 37 % , 24 % and 13 % of the Company’s accounts receivable as of December 31, 2022. Two vendors accounted for 21 % and 12 % of the Company’s accounts payable as of March 31, 2023, compared with one vendor who accounted for 13 % of the Company’s accounts payable as of December 31, 2022 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies There have been no changes to the Company's significant accounting policies from those previously disclosed in the consolidated financial statements included in the Company's Annual Report on Form 10-K, filed with the SEC on March 30, 2023, except those related to the recently adopted accounting pronouncements on January 1, 2023, as discussed below. Fair Value of Financial Instruments The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature. Investments that are classified as available-for-sale are recorded at fair value, which is determined using quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. The carrying value of the SVB Term Loan is estimated to approximate its fair value as the interest rate approximates the market rate for debt with similar terms and risk characteristics. The Company’s obligation related to an asset purchase transaction with a then-common stockholder of the Company, (the “NuvoGen obligation”) had an estimated fair value of approximately $ 3.0 million as of March 31, 2023 . This estimated fair value represents a Level 3 measurement that has been determined using a Monte Carlo simulation with key assumptions including future revenue, volatility, discount and risk-free rates. Investments in Available-for-Sale Securities The Company classifies its debt securities, which are reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive income, net of tax, as available-for-sale securities. Investments in securities with maturities of less than one year , or where management’s intent is to use the investments to fund current operations, or to make them available for current operations, are classified as short-term investments. Realized gains, realized losses and declines in value of securities judged to be other-than-temporary, are included in other income (expense) within the condensed consolidated statements of operations. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Interest earned on securities is also included in other income (expense) within the condensed consolidated statements of operations. The Company's investment securities are considered available-for-sale and currently consist of short-term U.S. Treasury securities with scheduled maturities within the next twelve months. These securities are considered “investment grade” and are carried at fair value. The Company assesses its investment in available-for-sale debt securities for impairment each reporting period. If an unrealized loss exists, the Company determines whether any portion of the decline in fair value below the carrying value is credit-related by reviewing several factors, including, but not limited to, the extent of the fair value decline and changes in the financial condition of the issuer and records an impairment for credit-related losses through an allowance, limited to the amount of the unrealized loss. If the Company either intends to sell or it is more likely than not it will be required to sell the debt security before its anticipated recovery, any allowance is written off and the amortized cost basis is written down to fair value through a charge against net earnings. Unrealized gains and non-credit-related unrealized losses are recorded, net of tax, in other comprehensive (loss) income. The Company did no t have any investments in available-for-sale debt securities in unrealized loss positions as of either March 31, 2023 or December 31, 2022 . Accounts Receivable and Allowance for Credit Losses Accounts receivable are stated net of an allowance for credit losses. The Company uses available information over the life of the receivables including analysis of past credit losses, recoveries of past credit losses, management's expectation of future economic positions, as well as market conditions and other extenuating factors to determine whether or not an allowance is necessary. The Company has considered all information and factors and noted no indicators that a credit loss exists as of March 31, 2023 . The Company has not experienced any significant credit loss to date. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which was subsequently amended by ASU 2018-19, ASU 2019-10 and ASU 2020-02, and requires the measurement of expected credit losses for financial instruments carried at amortized cost held at the reporting date based on historical experience, current conditions and reasonable forecasts. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The Company's adoption of this standard on January 1, 2023 did not have a material impact on its condensed consolidated financial statements or related disclosures, given the high credit quality of the obligors to its available-for-sale debt securities and its history of minimal bad debt expense relating to trade accounts receivable. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The Company early adopted this standard on January 1, 2023 using a modified retrospective approach. The Company's adoption of this standard did not have a material impact on its condensed consolidated financial statements or related disclosures. New Accounting Pronouncements The following are new Financial Accounting Standards Board ("FASB") Accounting Standard Updates ("ASU") that had not been adopted by the Company as of March 31, 2023. The Company's management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the financial statements. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 3. Inventory Inventory - current, net of allowance, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Raw materials $ 291,094 $ 426,516 Work in process 135,139 113,063 Finished goods 236,809 394,016 Total gross inventory - current 663,042 933,595 Less general inventory allowance ( 8,125 ) ( 24,267 ) $ 654,917 $ 909,328 Inventory - non-current, net of excess inventory allowance, included in other non-current assets on the condensed consolidated balance sheets, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Raw materials - non-current, net $ 75,544 $ 244,915 Work in process - non-current, net — 81,958 Finished goods - non-current 147,864 73,930 $ 223,408 $ 400,803 For the three months ended March 31, 2023, the Company recorded a provision for excess inventory of $ 422,946 , primarily related to the write-down of excess quantities of raw materials, whose inventory levels were higher than our updated forecasts of future demand for those products and reduced the general inventory allowance for estimated shrinkage, obsolescence and cycle count adjustments by $ 13,276 . For the three months ended March 31, 2022, the Company recorded adjustments to its specific inventory reserve of $ 54,033 , to reflect the projected obsolescence of a specific inventory item and $ 5,320 to the general inventory allowance for estimated shrinkage, obsolescence and cycle count adjustments. Adjustments in these periods to the allowance for estimated shrinkage, obsolescence and excess inventory have been included in cost of product and product-related services revenue in the accompanying condensed consolidated statements of operations. HTG EdgeSeq instruments at customer locations under evaluation agreements are included in finished goods inventory. Finished goods inventory under evaluation was $ 0.1 million as of both March 31, 2023 and December 31, 2022 . |
Fair Value Instruments
Fair Value Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Instruments | Note 4. Fair Value Instruments Financial assets and liabilities measured at fair value are classified in their entirety in the fair value hierarchy based on the lowest level input significant to the fair value measurement. The following table classifies the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 in the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total Asset included in: Cash and cash equivalents Money market securities $ 998,534 $ — $ — $ 998,534 U.S. Treasury securities 1,894,167 — — 1,894,167 Investments available-for-sale at fair value U.S. Treasury securities 3,566,628 — — 3,566,628 Total $ 6,459,329 $ — $ — $ 6,459,329 December 31, 2022 Level 1 Level 2 Level 3 Total Asset included in: Cash and cash equivalents Money market securities $ 10,753,684 $ — $ — $ 10,753,684 Total $ 10,753,684 $ — $ — $ 10,753,684 There are no other financial instruments subject to fair value measurement on a recurring basis. Transfers to and from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers between levels for the three months ended March 31, 2023 or the year ended December 31, 2022. Level 1 instruments include investments in money market funds and U.S. Treasuries. These instruments are valued using quoted market prices for identical unrestricted instruments in active markets. The Company defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Fair values of these assets are based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company did not adjust any of the valuations received from these third parties with respect to any of its Level 1 securities for the three months ended March 31, 2023 or the year ended December 31, 2022 . |
Available-for-Sale Securities
Available-for-Sale Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | Note 5. Available-for-Sale Securities The Company’s portfolio of available-for-sale securities consists of U.S. Treasuries. The following is a summary of the Company’s available-for-sale securities as of March 31, 2023: March 31, 2023 Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) U.S. Treasury securities $ 3,565,990 $ 638 $ — $ 3,566,628 Total available-for-sale securities $ 3,565,990 $ 638 $ — $ 3,566,628 The Company did no t have any investments in available-for-sale securities as of December 31, 2022. The net adjustment to unrealized holding gains on investments, net of tax in other comprehensive income totaled $ 638 for the three months ended March 31, 2023. Contractual maturities of all of the Company’s available-for-sale securities investments were less than one year as of March 31, 2023 . Expected maturities may differ from contractual maturities where issuers of the securities have the right to prepay obligations without prepayment penalties. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment, net, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Furniture & fixtures $ 756,065 $ 756,065 Leasehold improvements 1,938,981 1,938,981 Equipment used in manufacturing 1,863,976 1,863,976 Equipment used in research & development 2,080,319 2,080,319 Equipment used in the field 124,456 159,563 Software 329,160 469,408 Property and equipment 7,092,957 7,268,312 Less: accumulated depreciation and amortization ( 6,564,430 ) ( 6,670,306 ) $ 528,527 $ 598,006 Depreciation and leasehold improvement amortization expense was approximately $ 0.1 million for the three months ended March 31, 2023, compared with $ 0.2 million for the three months ended March 31, 2022 . |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Note 7. Accrued Liabilities Accrued liabilities consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Accrued employee bonuses $ 665,241 $ 1,252,622 Payroll and employee benefit accruals 308,890 416,070 Other accrued liabilities 347,640 540,914 $ 1,321,771 $ 2,209,606 |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Note 8. Debt Obligations SVB Term Loan On June 24, 2020 (the “Closing Date”), the Company entered into the SVB Term Loan, by and among the Company and SVB, as lender, which provided a secured term loan in the principal amount of $ 10.0 million. The proceeds from the SVB Term Loan were fully funded on June 25, 2020. The SVB Term Loan bears interest at a floating rate equal to the greater of 2.50 % above the Prime Rate (as defined in the Loan Agreement) and 5.75 %. Interest on the SVB Term Loan is due and payable monthly in arrears. The SVB Term Loan originally required interest-only payments through June 30, 2021. As a result of the Company’s achievement of an equity milestone defined in the Loan Agreement during the quarter ended June 30, 2021, the interest-only period was extended for six months through December 31, 2021. Following the extended interest-only period, the Loan Agreement required equal monthly payments of principal and interest through the maturity date of December 1, 2023 . In July 2022, the Company and SVB entered into an amendment to the SVB Term Loan (the "Term Loan Amendment"). Under the Term Loan Amendment, the Company and SVB agreed to remove the financial covenant under the Loan Agreement that had required the Company to maintain unrestricted cash, including short term investments available-for-sale, of not less than the greater of (i) $ 12.5 million and (ii) an amount equal to six times the amount of the Company’s average monthly Cash Burn (as defined in the Loan Agreement) over the trailing three months. In exchange for this accommodation, the Company prepaid $ 2.5 million of outstanding principal under the Term Loan (the “Prepayment”). SVB waived the prepayment fee that otherwise would have applied to the Prepayment. The remaining outstanding principal amount due under the Term Loan will continue to be paid in equal monthly payments of principal and interest through the maturity date of December 1, 2023 . The Term Loan Amendment was accounted for as a modification of the original SVB Term Loan. On March 10, 2023, the FDIC took control and was appointed receiver of SVB. SVB has since been acquired by First Citizens Bank and is now operating as Silicon Valley Bank, a division of First-Citizens Bank and Trust Company. The SVB Term Loan remains intact and the Company will continue to make required payments through the end of the current year, at which time the SVB Term Loan will be repaid in full. The Company’s obligations under the Loan Agreement are secured by a security interest in substantially all of its assets, excluding intellectual property (which is subject to a negative pledge), and the Company’s future subsidiaries, if any, may be required to become co-borrowers or guarantors under the Loan Agreement. If we default under our obligations under the SVB Term Loan, including as a result of a material adverse change, as defined in the SVB Term Loan, the lender could proceed against the collateral granted to them to secure our indebtedness or declare all obligations under the SVB Term Loan to be due and payable. The determination as to whether a material adverse change has occurred is not within the Company's control and it is unclear how the new owners of Silicon Valley Bridge Bank will view the SVB Term Loan from a risk standpoint and what actions they may elect to take under the SVB Term Loan to protect the financial interests of the lender. The Company included $ 0.2 million of debt discount associated with the SVB Term Loan, resulting from fees and debt issuance costs, inclusive of the fair value of warrants issued, in SVB Term Loan, net of discount and debt issuance costs in the accompanying condensed consolidated balance sheets as of both March 31, 2023 and December 31, 2022. Amortization of the debt discount associated with the SVB Term Loan was approximately $ 0.1 million for three months ended March 31, 2023 and 2022, and was included in interest expense in the accompanying condensed consolidated statements of operations. Insurance Note In May 2021, the Company entered into a commercial financing agreement to extend the payment period related to its directors and officers insurance policy (the “2021 Insurance Note”). The remaining unpaid premium balance of approximately $ 0.7 million was repaid prior to February 2022 . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 9. Revenue from Contracts with Customers Product and Product-Related Services Revenue The Company had product and product-related services revenue consisting of revenue from the sale of instruments and consumables and the use of the HTG EdgeSeq proprietary technology to process samples and design custom RUO assays for the three months ended March 31, 2023 and 2022 as follows: Three Months Ended March 31, 2023 2022 Product revenue: Instrument $ 75,821 $ 193,186 Consumables 568,711 471,214 Total product revenue 644,532 664,400 Product-related services revenue: RUO sample processing 387,978 520,054 Total product-related services revenue 387,978 520,054 Total product and product-related services revenue $ 1,032,510 $ 1,184,454 Revenue is reported based upon the geographic locations of the customers or distributors who purchase the Company's products and services. For sales to certain customers and distributors, their locations may be different from the locations of the end customers. Revenue by primary geographic market for the three months ended March 31, 2023 and 2022 was as follows: March 31, 2023 United States Europe Other Total Product revenue: Instrument $ 40,538 $ 30,283 $ 5,000 $ 75,821 Consumables 163,933 404,778 — 568,711 Total product revenue 204,471 435,061 5,000 644,532 Product-related services revenue: RUO sample processing 298,926 70,084 18,968 387,978 Total product-related services revenue 298,926 70,084 18,968 387,978 Total product and product-related services revenue $ 503,397 $ 505,145 $ 23,968 $ 1,032,510 March 31, 2022 United States Europe Other Total Product revenue: Instrument $ 169,043 $ 22,478 $ 1,665 $ 193,186 Consumables 285,380 185,834 — 471,214 Total product revenue 454,423 208,312 1,665 664,400 Product-related services revenue: RUO sample processing 512,700 7,354 — 520,054 Total product-related services revenue 512,700 7,354 — 520,054 Total product and product-related services revenue $ 967,123 $ 215,666 $ 1,665 $ 1,184,454 As the Company’s agreements for product and product-related services revenue have an expected duration of one year or less , the Company has elected the practical expedient in ASC 606-10-50-14(a) to not disclose information about its remaining performance obligations. Contract Liabilities The Company may receive up-front payments from customers for sample processing services in addition to payments for instrument extended warranty contracts which are required to be made in advance. The Company recognizes such up-front payments as contract liabilities. The contract liabilities are subsequently reduced as revenue is recognized. Contract liabilities of approximately $ 0.1 million were included in other current liabilities and an additional immaterial amount of contract liabilities were included in other non-current liabilities in the accompanying condensed consolidated balance sheets as of March 31, 2023, reflecting the period in which the Company expects to realize the deferred revenue. Changes in the Company’s contract liabilities were as follows as of the dates indicated: Product Sample Total Contract Balance at January 1, 2023 $ 146,714 $ 27,000 $ 173,714 Deferral of revenue 36,630 6,800 43,430 Recognition of deferred revenue ( 53,649 ) ( 28,175 ) ( 81,824 ) Balance at March 31, 2023 $ 129,695 $ 5,625 $ 135,320 Product Sample Total Contract Balance at January 1, 2022 $ 128,529 $ 30,621 $ 159,150 Deferral of revenue 147,893 — 147,893 Recognition of deferred revenue ( 102,812 ) ( 4,800 ) ( 107,612 ) Balance at March 31, 2022 $ 173,610 $ 25,821 $ 199,431 |
Other Agreements
Other Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Other Agreements [Abstract] | |
Other Agreements | Note 10. Other Agreements NuvoGen Obligation Pursuant to the Company’s asset purchase agreement with NuvoGen Research, LLC (“NuvoGen”), as amended, the Company is obligated to pay NuvoGen annually the greater of $ 0.4 million or 6 % of annual revenue until the NuvoGen obligation is paid in full. In addition to the fixed quarterly payment of $ 0.1 million, there was no revenue-based amount payable as of March 31, 2023, compared with $ 46,031 of revenue-based payments due as of December 31, 2022. There have been no modifications to the terms and conditions of the NuvoGen obligation since the disclosures made in Part II, Item 8, Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 30, 2023. Remaining minimum payments to be made in 2023 and in the first quarter of 2024 as reflected in the table below include an estimate of additional revenue-based payments to be made in these quarters, estimated using actual revenue generated in the same quarter in the prior year. Remaining minimum payments include only the minimum quarterly payments to be made in each period. Actual payments could vary from what is shown in the table, to the extent that 6 % of the Company’s revenue in 2023 and the first quarter of 2024 varies from the same periods in prior years and revenue in the second quarter of 2024 and later periods exceeds $ 400,000 . The remaining minimum payments to be made to NuvoGen as of March 31, 2023 are as follows for each fiscal year: 2023 $ 300,000 2024 446,031 2025 400,000 2026 400,000 2027 400,000 2028 and beyond 1,817,406 Total NuvoGen obligation payments 3,763,437 Plus interest accretion 52,873 Total NuvoGen obligation, net $ 3,816,310 The Company has recorded the obligation at the estimated present value of the future payments using a discount rate of 2.5 %, which represents the Company’s estimate of its effective borrowing rate for similar obligations. The unamortized interest accretion was $( 52,873 ) and $( 55,620 ) as of March 31, 2023 and December 31, 2022, respectively. Discount accreted during the three months ended March 31, 2023 was $( 2,747 ) , compared with $( 2,983 ) for the three months ended March 31, 2022 and was included in interest expense in the accompanying condensed consolidated statements of operations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 11. Leases Operating Leases The Company leases office space under agreements classified as operating leases. The Company’s active leases as of March 31, 2023 are for office and manufacturing space in Tucson, Arizona, which expire in 2025 . The Company’s leases do not include any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. The components of lease cost for operating leases consisted of the following as of the dates indicated: Three Months Ended March 31, 2023 2022 Operating leases Operating lease cost $ 128,645 $ 119,458 Variable lease cost 32,459 27,526 Total rent expense $ 161,104 $ 146,984 The table below summarizes other information related to the Company’s operating leases: Three Months Ended March 31, 2023 2022 Cash paid for amounts included in measurement of operating lease liabilities $ 130,375 $ 117,952 Weighted-average remaining lease term – operating leases 1.8 2.8 Weighted-average discount rate – operating leases 5.8 % 5.8 % Remaining maturities of the Company’s operating leases, included in operating lease liabilities – current and operating lease liabilities - non-current, net of discount, in the condensed consolidated balance sheets as of March 31, 2023 are as follows: 2023 $ 391,093 2024 521,379 2025 43,444 Total 955,916 Less present value discount ( 50,712 ) Total operating lease liabilities 905,204 Less operating lease liabilities - current ( 481,967 ) Operating lease liabilities - non-current $ 423,237 Financing Leases The Company has a small number of computer and copier equipment leases that are classified as financing leases. Incremental borrowing rates used to discount future lease payments in calculating lease liabilities were estimated by reference to information received by the Company from bankers regarding estimated current borrowing rates for collateralized loans with similar amount and duration as the leases. The Company does not have any material financing leases as of March 31, 2023 and December 31, 2022. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 12. Net Loss Per Share Basic loss per common share is computed by dividing net loss allocable to common stockholders by the weighted average number of shares of common stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 72,904 44,788 Common stock warrants 3,164,267 544,917 Unvested restricted stock units 729 1,906 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants [Abstract] | |
Warrants | Note 13. Warrants In connection with certain of its redeemable convertible preferred stock issuances, debt agreements, convertible debt and other financing arrangements, the Company has issued warrants for shares of its common stock and various issues of its redeemable convertible preferred stock, which have since been converted to common stock warrants. In connection with the March 2022 Securities Purchase Agreement (see Note 14), the Company issued and sold pre-funded warrants exercisable for an aggregate of 200,911 shares of common stock. The pre-funded warrants had an exercise price of $ 0.012 per share and were exercised in full in May 2022 for proceeds of $ 2,411 . The Company also issued and sold to the investor common warrants to purchase 270,415 shares of common stock that will expire on March 17, 2024 and common warrants to purchase an additional 270,415 shares of common stock that will expire on September 17, 2027 . Each of these common warrants became exercisable commencing September 21, 2022 and has an exercise price of $ 24.744 per share. In connection with the December 2022 Securities Purchase Agreement (see Note 14), the Company issued and sold pre-funded warrants exercisable for an aggregate of 1,188,322 shares of common stock. The pre-funded warrants had an exercise price of $ 0.001 per share and were exercised in full in December 2022 for proceeds of $ 1,188 . The Company also issued and sold to the investor warrants to purchase 1,290,322 shares of common stock that will expire on December 23, 2027 and warrants to purchase an additional 1,290,322 shares of common stock that will expire on December 23, 2024 . Each of these common warrants became exercisable commencing December 23, 2022 and has an exercise price of $ 7.50 per share. Also in connection with the December 2022 Securities Purchase Agreement, the Company issued warrants to purchase up to an aggregate of 38,709 shares of common stock to designees of the placement agent for the transaction. The warrants issued to the placement agent have substantially the same terms as the warrants above, except the placement agent warrants have an exercise price of $ 9.6875 per share and expire on December 21, 2027 . The following table shows the common stock warrants outstanding as of March 31, 2023: Warrant Issuance Date Shares of Stock Exercise Expiration Date August 2014 159 $ 4,231.80 2024 March 2016 251 496.80 2026 March 2018 100 1,391.40 2028 June 2020 3,574 139.878 2030 March 2022 270,415 24.744 2024 March 2022 270,415 24.744 2027 December 2022 1,290,322 7.50 2024 December 2022 1,290,322 7.50 2027 December 2022 38,709 9.6875 2027 |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Deficit | Note 14. Stockholders’ Deficit Reverse Stock Split On December 20, 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. No fractional shares were issued in the reverse stock split. Instead, fractional shares that would have otherwise resulted from the stock split were purchased by us at the applicable percentage of $ 8.20 per share. All share and per share amounts included within these condensed consolidated financial statements have been retrospectively adjusted to reflect the reverse stock split. Equity Offerings Series A Preferred In March 2022, the remaining 23,770 shares of Series A convertible preferred stock (“Series A Preferred”) were converted by the holders into an aggregate of 13,206 shares of common stock. Accordingly, no shares of Series A Preferred are outstanding as of March 31, 2023. All of the previously designated Series A Preferred have resumed the status of authorized, unissued and undesignated preferred stock, which may be designated from time to time by the Company’s Board of Directors. March 2022 Securities Purchase Agreement In March 2022, the Company entered into a Securities Purchase Agreement (the “March 2022 Securities Purchase Agreement”) with a single investor pursuant to which it agreed to issue to the investor 270,415 units at a price of $ 27.744 per unit (less $ 0.012 for each pre-funded warrant purchased in lieu of a share of common stock) for net proceeds, after deducting the placement agent fees and other estimated fees and expenses, of approximately $ 7.0 million. Each unit consists of one share of common stock (or one pre-funded warrant in lieu thereof), a common warrant to purchase one share of common stock with a term of 24 months from the issuance date, and a common warrant to purchase one share of common stock with a term of 66 months from the issuance date. Each of the common warrants became exercisable commencing on September 21, 2022 and has an exercise price of $ 24.744 per share. Each pre-funded warrant has an exercise price of $ 0.012 per share and does not expire until exercised in full. The pre-funded warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof would exceed 9.99 % immediately after exercise thereof. In May 2022, the 200,911 pre-funded warrants were exercised for proceeds of $ 2,411 . The common warrants issued in this transaction may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof would exceed 4.99 % immediately after exercise thereof, which ownership cap may be increased by the holder up to 9.99 % upon 61 days’ prior notice. Cantor Fitzgerald & Co. ("Cantor") served as the placement agent in connection with the March 2022 Securities Purchase Agreement. The Company paid Cantor a fee of approximately $ 0.3 million plus reimbursement for certain out-of-pocket expenses for its role as placement agent and has incurred approximately $ 0.2 million of additional transaction costs. December 2022 Securities Purchase Agreement In December 2022, in connection with a best-efforts public offering, the Company entered into a Securities Purchase Agreement (the "December 2022 Securities Purchase Agreement") with a certain institutional investor, pursuant to which the Company sold the investor 1,290,322 units at a combined public offering price of $ 7.75 per share (less $ 0.001 for each pre-funded warrant purchased in lieu of a share of common stock) for net proceeds, after deducting the Placement Agent fees and expenses and other estimated fees and expenses, of approximately $ 8.7 million. Each unit consisted of one share of common stock (or one pre-funded warrant in lieu thereof), a common warrant to purchase one share of common stock with a term of 24 months from the issuance date, and a common warrant to purchase one share of common stock with a term of 60 months from the issuance date. Each pre-funded warrant had an exercise price of $ 0.001 per share and did not expire until exercised in full. In December 2022, the 1,188,322 pre-funded warrants were exercised for proceeds of $ 1,188 . Each of the common warrants became immediately exercisable upon issuance and has an exercise price of $ 7.50 per share. The exercise price of the warrants issued in this agreement is subject to adjustment for stock split, reverse splits and similar capital transactions as described in the warrants. H.C. Wainwright & Co., LLC (the "Placement Agent") served as the exclusive placement agent in connection with the December 2022 Securities Purchase Agreement. The Company paid the Placement Agent a cash fee of 6.5 % of the aggregate gross proceeds raised at the closing of the December 2022 Securities Purchase Agreement, plus a management fee equal to 0.5 % of the gross proceeds raised at the closing, and reimbursement of certain expenses and legal fees in the amount of $ 125,000 . The Company also issued to designees of the Placement Agent warrants to purchase up to an aggregate of 38,709 shares of common stock (the "Placement Agent warrants"). The Placement Agent warrants have substantially the same terms as the warrants issued under the December 2022 Securities Purchase Agreement, except the Placement Agent warrants have an exercise price of $ 9.6875 per share and expire on December 21, 2027 Stock-based Compensation The Company incurs stock-based compensation expense relating to the grants of RSUs and stock options to employees, non-employee directors and consultants under its equity incentive plans and through stock purchase rights granted under the employee stock purchase plan. Stock-based compensation expense (including employee stock purchase plan expense) recorded in the accompanying condensed consolidated statements of operations for three months ended March 31, 2023 and 2022 was as follows: Three Months Ended March 31, 2023 2022 Selling, general and administrative $ 91,523 $ 192,903 Research and development 42,173 66,904 Cost of product and product-related services revenue 3,412 7,998 $ 137,108 $ 267,805 Equity Compensation Plans In August 2020, the Company’s stockholders, upon the recommendation of the Company’s Board of Directors, approved the 2020 Equity Incentive Plan (the “2020 Plan”) as a successor to and continuation of the previous 2001 Stock Option Plan, 2011 Equity Incentive Plan and 2014 Equity Incentive Plan (the "2014 Plan"). Upon approval of the 2020 Plan, 62,057 shares, including 5,712 remaining shares reserved for issuance under the 2014 Plan (excluding shares available for the granting of inducement awards under the 2014 Plan’s inducement share pool), were reserved for issuance under the 2020 Plan. No new awards may be granted under the 2001, 2011 or 2014 equity plans. There were 19,446 shares of the Company’s common stock available for issuance under the 2020 Plan as of March 31, 2023 in addition to shares that may become available from time to time as shares of our common stock subject to outstanding awards granted under the 2014 Plan (excluding Inducement Awards) or the 2011 Plan that, following the effective date of the 2020 Plan (i) are not issued because such award or any portion thereof expires or otherwise terminates without all of the shares covered by such award having been issued; (ii) are not issued because such award or any portion thereof is settled in cash; or (iii) are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares. The 2020 Plan does not contain an evergreen provision. In July 2021, the Company’s Board of Directors adopted the Company’s 2021 Inducement Plan (the “2021 Inducement Plan”), pursuant to which 25,000 shares were initially authorized and reserved for issuance exclusively for the grant of awards to individuals who were not previously employees or non-employee directors of the Company, as inducement material to the individuals’ entering into employment with the Company (“Inducement Awards”). There were 14,378 shares of common stock available for issuance under the 2021 Inducement Plan as of March 31, 2023, in addition to shares that may become available from time to time as shares of common stock subject to outstanding awards granted under the 2021 Inducement Plan are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares. A summary of the Company’s stock option activity (including inducement award activity) for the three months ended March 31, 2023 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2022 76,099 $ 84.73 8.3 $ — Granted 666 4.35 Exercised — — Forfeited ( 3,693 ) 10.57 Expired/Cancelled ( 168 ) 117.29 Balance at March 31, 2023 72,904 $ 87.67 8.2 $ — Exercisable at March 31, 2023 43,268 $ 128.21 7.6 $ — As of March 31, 2023, total unrecognized compensation cost related to stock option awards was approximately $ 0.7 million, which is expected to be recognized over approximately 1.67 years . The following table summarizes restricted stock unit (“RSU”) award activity for the three months ended March 31, 2023: Number of Weighted- Balance at December 31, 2022 1,249 $ 44.40 Granted — — Released ( 312 ) 44.38 Forfeited — — Balance at March 31, 2023 937 $ 44.40 Vested and unissued at March 31, 2023 208 $ 62.42 Vested and unissued awards at March 31, 2023 represents RSU awards for which the vesting date was March 31, 2023 , but for which issuance of the awards occurred in April 2023. As of March 31, 2023, the total unrecognized compensation cost related to RSU awards was approximately $ 28,400 , which is expected to be recognized over approximately 0.71 years . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15. Commitments and Contingencies Legal Matters The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property and product liability. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Product Warranty The following is a summary of the Company’s general product warranty liability. Product warranty liability of approximately $ 0.1 million was included in accrued liabilities and an additional immaterial amount of product warranty liability was included in other non-current liabilities in the accompanying condensed consolidated balance sheets as of March 31, 2023. Expense relating to the recording of this reserve is included in cost of product and product-related services revenue within the accompanying condensed consolidated statements of operations. Three months ended March 31, 2023 2022 Beginning balance $ 88,282 $ 120,385 Cost of warranty claims ( 33,723 ) ( 15,005 ) Increase in warranty reserve 48,571 19,820 Ending balance $ 103,130 $ 125,200 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect the accounts of the Company as of March 31, 2023 and for the three months ended March 31, 2023 and 2022. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and the results of its operations and cash flows, as of and for the periods presented. The accompanying condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and disclosures required by GAAP for annual financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023. In December 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. All share and per share amounts within the condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split for all periods and dates presented. See Note 14 for more information about the Company’s reverse stock split. |
Going Concern and Liquidity | Going Concern and Liquidity Management has assessed the Company’s ability to continue as a going concern within one year of issuance of these financial statements. The accompanying interim unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, the Company has had recurring operating losses and negative operating cash flows since its inception. The Company has an accumulated deficit of $ 235.0 million, working capital of $ 2.6 million and long-term liabilities of $ 3.8 million as of March 31, 2023. The Company’s liability balances consist primarily of its asset-secured loan (the "SVB Term Loan") with Silicon Valley Bank (now named Silicon Valley Bank, N.A., a division of First-Citizens Bank and Trust Company, following the closure of Silicon Valley Bank on March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Company ("FDIC") as receiver) ("SVB") (see Note 8) and an obligation to NuvoGen Research, LLC (the “NuvoGen obligation”) (see Note 10). The Company currently expects that its existing resources will be sufficient to fund its planned operations and expenditures through July 2023. In addition, potentially changing circumstances, including those related to a resurgence of COVID-19, inflation or high interest rates, may result in the depletion of the Company’s capital resources more rapidly than it currently anticipates. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. The Company will need to raise additional capital to fund its operations and service its long-term debt obligations until its revenue reaches a level sufficient to provide for self-sustaining cash flows. There can be no assurance that additional capital will be available on acceptable terms, or at all, or that the Company’s revenue will reach a level sufficient to provide for self-sustaining cash flows. If the Company is not able to generate additional capital, the Company may have to delay, scale back or discontinue one or more of its therapeutics development programs, curtail its commercial activities, significantly reduce expenses, sell assets (potentially at a discount to their fair value or carrying value), enter into relationships with third parties to develop or commercialize products or technologies that the Company otherwise would have sought to develop or commercialize independently, cease operations altogether, pursue a sale of the Company at a price that may result in a significant loss on investment for its stockholders, file for bankruptcy or seek other protection from creditors. In addition, if the Company defaults under any of the provisions of the Loan and Security Agreement for the SVB Term Loan (the "Loan Agreement"), including as a result of a "material adverse change" as such term is defined in the Loan Agreement. SVB could charge an interest rate of 5 % above the otherwise applicable floating rate, accelerate the payment of the SVB Term Loan and ultimately foreclose on the Company’s assets. The definition of “material adverse change” is broad and includes a material impairment in the value of the collateral securing the SVB Term Loan, a material adverse change in the Company's business, operations, or condition (financial or otherwise), and a material impairment of the prospect of repayment of any portion of the SVB Term Loan. Moreover, the determination as to whether a material adverse change has occurred is not within the Company's control and it is unclear how the current managers of SVB will view the SVB Term Loan from a risk standpoint and what actions they may elect to take under the SVB Term Loan to protect the financial interests of the lender. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, HTG Molecular Diagnostics France, SARL, after elimination of all intercompany transactions and balances. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s estimates include revenue recognition, stock-based compensation expense, bonus and warranty accrual, income tax valuation allowances and reserves, recovery of long‑lived assets, lease liability, inventory valuation, allowance for credit losses and available-for-sale securities. Actual results could materially differ from those estimates. |
Concentration Risks | Concentration Risks Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains the majority of its cash balances in the form of cash deposits in checking and money market accounts in amounts in excess of federally insured limits. In accordance with the Loan Agreement, the Company's cash balances were held primarily in operating accounts at and in a custodial account at U.S. Bank, subject to a control agreement with SVB. On March 13, 2023, the U.S. Treasury, Federal Reserve and FDIC provided SVB depositors access to all of their money. Management believes that the credit risk with regard to these deposits is not significant based on the quality of the financial institution or as a result of the guarantee provided by the U.S. Treasury, Federal Reserve and FDIC. The Company sells its instrument, related consumables, sample processing services and custom RUO assay design services primarily to biopharmaceutical companies, academic institutions and molecular labs. The Company routinely assesses the financial strength of its customers and credit losses have been minimal to date. One customer accounted for 13 % of the Company’s revenue for three months ended March 31, 2023, compared with three customers accounting for 24 % , 20 % and 12 % of the Company’s revenue for the three months ended March 31, 2022. Two c ustomers accounted for 44 % and 12 % of the Company’s accounts receivable as of March 31, 2023 , compared with three customers accounting for approximately 37 % , 24 % and 13 % of the Company’s accounts receivable as of December 31, 2022. Two vendors accounted for 21 % and 12 % of the Company’s accounts payable as of March 31, 2023, compared with one vendor who accounted for 13 % of the Company’s accounts payable as of December 31, 2022 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature. Investments that are classified as available-for-sale are recorded at fair value, which is determined using quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. The carrying value of the SVB Term Loan is estimated to approximate its fair value as the interest rate approximates the market rate for debt with similar terms and risk characteristics. The Company’s obligation related to an asset purchase transaction with a then-common stockholder of the Company, (the “NuvoGen obligation”) had an estimated fair value of approximately $ 3.0 million as of March 31, 2023 . This estimated fair value represents a Level 3 measurement that has been determined using a Monte Carlo simulation with key assumptions including future revenue, volatility, discount and risk-free rates. |
Investments in Available-for-Sale Securities | Investments in Available-for-Sale Securities The Company classifies its debt securities, which are reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive income, net of tax, as available-for-sale securities. Investments in securities with maturities of less than one year , or where management’s intent is to use the investments to fund current operations, or to make them available for current operations, are classified as short-term investments. Realized gains, realized losses and declines in value of securities judged to be other-than-temporary, are included in other income (expense) within the condensed consolidated statements of operations. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Interest earned on securities is also included in other income (expense) within the condensed consolidated statements of operations. The Company's investment securities are considered available-for-sale and currently consist of short-term U.S. Treasury securities with scheduled maturities within the next twelve months. These securities are considered “investment grade” and are carried at fair value. The Company assesses its investment in available-for-sale debt securities for impairment each reporting period. If an unrealized loss exists, the Company determines whether any portion of the decline in fair value below the carrying value is credit-related by reviewing several factors, including, but not limited to, the extent of the fair value decline and changes in the financial condition of the issuer and records an impairment for credit-related losses through an allowance, limited to the amount of the unrealized loss. If the Company either intends to sell or it is more likely than not it will be required to sell the debt security before its anticipated recovery, any allowance is written off and the amortized cost basis is written down to fair value through a charge against net earnings. Unrealized gains and non-credit-related unrealized losses are recorded, net of tax, in other comprehensive (loss) income. The Company did no t have any investments in available-for-sale debt securities in unrealized loss positions as of either March 31, 2023 or December 31, 2022 . |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are stated net of an allowance for credit losses. The Company uses available information over the life of the receivables including analysis of past credit losses, recoveries of past credit losses, management's expectation of future economic positions, as well as market conditions and other extenuating factors to determine whether or not an allowance is necessary. The Company has considered all information and factors and noted no indicators that a credit loss exists as of March 31, 2023 . The Company has not experienced any significant credit loss to date. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which was subsequently amended by ASU 2018-19, ASU 2019-10 and ASU 2020-02, and requires the measurement of expected credit losses for financial instruments carried at amortized cost held at the reporting date based on historical experience, current conditions and reasonable forecasts. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The Company's adoption of this standard on January 1, 2023 did not have a material impact on its condensed consolidated financial statements or related disclosures, given the high credit quality of the obligors to its available-for-sale debt securities and its history of minimal bad debt expense relating to trade accounts receivable. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The Company early adopted this standard on January 1, 2023 using a modified retrospective approach. The Company's adoption of this standard did not have a material impact on its condensed consolidated financial statements or related disclosures. New Accounting Pronouncements The following are new Financial Accounting Standards Board ("FASB") Accounting Standard Updates ("ASU") that had not been adopted by the Company as of March 31, 2023. The Company's management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is still evaluating the impact of this pronouncement on the financial statements. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory - current, net of allowance, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Raw materials $ 291,094 $ 426,516 Work in process 135,139 113,063 Finished goods 236,809 394,016 Total gross inventory - current 663,042 933,595 Less general inventory allowance ( 8,125 ) ( 24,267 ) $ 654,917 $ 909,328 Inventory - non-current, net of excess inventory allowance, included in other non-current assets on the condensed consolidated balance sheets, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Raw materials - non-current, net $ 75,544 $ 244,915 Work in process - non-current, net — 81,958 Finished goods - non-current 147,864 73,930 $ 223,408 $ 400,803 |
Fair Value Instruments (Tables)
Fair Value Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table classifies the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 in the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total Asset included in: Cash and cash equivalents Money market securities $ 998,534 $ — $ — $ 998,534 U.S. Treasury securities 1,894,167 — — 1,894,167 Investments available-for-sale at fair value U.S. Treasury securities 3,566,628 — — 3,566,628 Total $ 6,459,329 $ — $ — $ 6,459,329 December 31, 2022 Level 1 Level 2 Level 3 Total Asset included in: Cash and cash equivalents Money market securities $ 10,753,684 $ — $ — $ 10,753,684 Total $ 10,753,684 $ — $ — $ 10,753,684 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Securities | The Company’s portfolio of available-for-sale securities consists of U.S. Treasuries. The following is a summary of the Company’s available-for-sale securities as of March 31, 2023: March 31, 2023 Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) U.S. Treasury securities $ 3,565,990 $ 638 $ — $ 3,566,628 Total available-for-sale securities $ 3,565,990 $ 638 $ — $ 3,566,628 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment, net, consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Furniture & fixtures $ 756,065 $ 756,065 Leasehold improvements 1,938,981 1,938,981 Equipment used in manufacturing 1,863,976 1,863,976 Equipment used in research & development 2,080,319 2,080,319 Equipment used in the field 124,456 159,563 Software 329,160 469,408 Property and equipment 7,092,957 7,268,312 Less: accumulated depreciation and amortization ( 6,564,430 ) ( 6,670,306 ) $ 528,527 $ 598,006 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following as of the dates indicated: March 31, December 31, 2023 2022 Accrued employee bonuses $ 665,241 $ 1,252,622 Payroll and employee benefit accruals 308,890 416,070 Other accrued liabilities 347,640 540,914 $ 1,321,771 $ 2,209,606 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Product and Product-Related Service Revenue from Sale of Instruments and Consumables | The Company had product and product-related services revenue consisting of revenue from the sale of instruments and consumables and the use of the HTG EdgeSeq proprietary technology to process samples and design custom RUO assays for the three months ended March 31, 2023 and 2022 as follows: Three Months Ended March 31, 2023 2022 Product revenue: Instrument $ 75,821 $ 193,186 Consumables 568,711 471,214 Total product revenue 644,532 664,400 Product-related services revenue: RUO sample processing 387,978 520,054 Total product-related services revenue 387,978 520,054 Total product and product-related services revenue $ 1,032,510 $ 1,184,454 Revenue is reported based upon the geographic locations of the customers or distributors who purchase the Company's products and services. For sales to certain customers and distributors, their locations may be different from the locations of the end customers. |
Schedule Of Revenue By Primary Geographic Market | Revenue by primary geographic market for the three months ended March 31, 2023 and 2022 was as follows: March 31, 2023 United States Europe Other Total Product revenue: Instrument $ 40,538 $ 30,283 $ 5,000 $ 75,821 Consumables 163,933 404,778 — 568,711 Total product revenue 204,471 435,061 5,000 644,532 Product-related services revenue: RUO sample processing 298,926 70,084 18,968 387,978 Total product-related services revenue 298,926 70,084 18,968 387,978 Total product and product-related services revenue $ 503,397 $ 505,145 $ 23,968 $ 1,032,510 March 31, 2022 United States Europe Other Total Product revenue: Instrument $ 169,043 $ 22,478 $ 1,665 $ 193,186 Consumables 285,380 185,834 — 471,214 Total product revenue 454,423 208,312 1,665 664,400 Product-related services revenue: RUO sample processing 512,700 7,354 — 520,054 Total product-related services revenue 512,700 7,354 — 520,054 Total product and product-related services revenue $ 967,123 $ 215,666 $ 1,665 $ 1,184,454 |
Schedule of Changes in Contract Liability | Changes in the Company’s contract liabilities were as follows as of the dates indicated: Product Sample Total Contract Balance at January 1, 2023 $ 146,714 $ 27,000 $ 173,714 Deferral of revenue 36,630 6,800 43,430 Recognition of deferred revenue ( 53,649 ) ( 28,175 ) ( 81,824 ) Balance at March 31, 2023 $ 129,695 $ 5,625 $ 135,320 Product Sample Total Contract Balance at January 1, 2022 $ 128,529 $ 30,621 $ 159,150 Deferral of revenue 147,893 — 147,893 Recognition of deferred revenue ( 102,812 ) ( 4,800 ) ( 107,612 ) Balance at March 31, 2022 $ 173,610 $ 25,821 $ 199,431 |
Other Agreements (Tables)
Other Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Agreements [Abstract] | |
Schedule of Remaining Minimum Principal Payments Due | The remaining minimum payments to be made to NuvoGen as of March 31, 2023 are as follows for each fiscal year: 2023 $ 300,000 2024 446,031 2025 400,000 2026 400,000 2027 400,000 2028 and beyond 1,817,406 Total NuvoGen obligation payments 3,763,437 Plus interest accretion 52,873 Total NuvoGen obligation, net $ 3,816,310 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost for operating leases consisted of the following as of the dates indicated: Three Months Ended March 31, 2023 2022 Operating leases Operating lease cost $ 128,645 $ 119,458 Variable lease cost 32,459 27,526 Total rent expense $ 161,104 $ 146,984 |
Summary of Other Information Related to Operating Leases | The table below summarizes other information related to the Company’s operating leases: Three Months Ended March 31, 2023 2022 Cash paid for amounts included in measurement of operating lease liabilities $ 130,375 $ 117,952 Weighted-average remaining lease term – operating leases 1.8 2.8 Weighted-average discount rate – operating leases 5.8 % 5.8 % |
Summary of Remaining Maturities of Operating Leases | Remaining maturities of the Company’s operating leases, included in operating lease liabilities – current and operating lease liabilities - non-current, net of discount, in the condensed consolidated balance sheets as of March 31, 2023 are as follows: 2023 $ 391,093 2024 521,379 2025 43,444 Total 955,916 Less present value discount ( 50,712 ) Total operating lease liabilities 905,204 Less operating lease liabilities - current ( 481,967 ) Operating lease liabilities - non-current $ 423,237 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 72,904 44,788 Common stock warrants 3,164,267 544,917 Unvested restricted stock units 729 1,906 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants [Abstract] | |
Summary of outstanding warrants | The following table shows the common stock warrants outstanding as of March 31, 2023: Warrant Issuance Date Shares of Stock Exercise Expiration Date August 2014 159 $ 4,231.80 2024 March 2016 251 496.80 2026 March 2018 100 1,391.40 2028 June 2020 3,574 139.878 2030 March 2022 270,415 24.744 2024 March 2022 270,415 24.744 2027 December 2022 1,290,322 7.50 2024 December 2022 1,290,322 7.50 2027 December 2022 38,709 9.6875 2027 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Stock Based Compensation Recognized in Consolidated Statement of Operations | Stock-based compensation expense (including employee stock purchase plan expense) recorded in the accompanying condensed consolidated statements of operations for three months ended March 31, 2023 and 2022 was as follows: Three Months Ended March 31, 2023 2022 Selling, general and administrative $ 91,523 $ 192,903 Research and development 42,173 66,904 Cost of product and product-related services revenue 3,412 7,998 $ 137,108 $ 267,805 |
Summary of Stock Option Plans Activity | A summary of the Company’s stock option activity (including inducement award activity) for the three months ended March 31, 2023 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2022 76,099 $ 84.73 8.3 $ — Granted 666 4.35 Exercised — — Forfeited ( 3,693 ) 10.57 Expired/Cancelled ( 168 ) 117.29 Balance at March 31, 2023 72,904 $ 87.67 8.2 $ — Exercisable at March 31, 2023 43,268 $ 128.21 7.6 $ — |
Summary of Restricted Stock Unit ("RSU") Award Activity | The following table summarizes restricted stock unit (“RSU”) award activity for the three months ended March 31, 2023: Number of Weighted- Balance at December 31, 2022 1,249 $ 44.40 Granted — — Released ( 312 ) 44.38 Forfeited — — Balance at March 31, 2023 937 $ 44.40 Vested and unissued at March 31, 2023 208 $ 62.42 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Product Warranty Liability | The following is a summary of the Company’s general product warranty liability. Product warranty liability of approximately $ 0.1 million was included in accrued liabilities and an additional immaterial amount of product warranty liability was included in other non-current liabilities in the accompanying condensed consolidated balance sheets as of March 31, 2023. Expense relating to the recording of this reserve is included in cost of product and product-related services revenue within the accompanying condensed consolidated statements of operations. Three months ended March 31, 2023 2022 Beginning balance $ 88,282 $ 120,385 Cost of warranty claims ( 33,723 ) ( 15,005 ) Increase in warranty reserve 48,571 19,820 Ending balance $ 103,130 $ 125,200 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Principles of Consolidation - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) Customer | Mar. 31, 2022 | Dec. 31, 2022 USD ($) Customer | |
Significant Accounting Policies [Line Items] | ||||
Accumulated deficit | $ | $ (229,927,507) | $ (234,982,279) | $ (229,927,507) | |
Working capital | $ | 2,600,000 | |||
Long-term liabilities | $ | $ 3,800,000 | |||
Reverse stock split, description | On December 20, 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. | |||
Common Stock | ||||
Significant Accounting Policies [Line Items] | ||||
Reverse stock split, description | In December 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. | |||
Stock split conversion ratio | 0.12 | |||
SVB Term Loan | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Debt instrument, interest at floating rate | 5% | |||
Sales Revenue, Net | Customer Concentration Risk | ||||
Significant Accounting Policies [Line Items] | ||||
Number of customers | Customer | 1 | |||
Sales Revenue, Net | Customer Concentration Risk | Customers Located Outside Of United States | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 51% | 18% | ||
Sales Revenue, Net | Customer Concentration Risk | Customer Three | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 12% | |||
Sales Revenue, Net | Customer Concentration Risk | Customer One | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 13% | 24% | ||
Sales Revenue, Net | Customer Concentration Risk | Customer Two | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 20% | |||
Accounts Payable | Customer Concentration Risk | ||||
Significant Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | |||
Accounts Payable | Customer Concentration Risk | Customer One | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 21% | 13% | ||
Accounts Payable | Customer Concentration Risk | Customer Two | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 12% | |||
Accounts Receivable | Customer Concentration Risk | ||||
Significant Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | 3 | ||
Accounts Receivable | Customer Concentration Risk | Customer Three | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 13% | |||
Accounts Receivable | Customer Concentration Risk | Customer One | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 44% | 37% | ||
Accounts Receivable | Customer Concentration Risk | Customer Two | ||||
Significant Accounting Policies [Line Items] | ||||
Sales revenue percentage | 12% | 24% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Significant Accounting Policies [Line Items] | ||
Maturity period of investments | less than one year | |
Available-for-sale securities investments, gross unrealized losses | $ 0 | $ 0 |
NuvoGen Asset Purchase Agreement | ||
Significant Accounting Policies [Line Items] | ||
Convertible debt, fair value | $ 3,000,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 291,094 | $ 426,516 |
Work in process | 135,139 | 113,063 |
Finished goods | 236,809 | 394,016 |
Total gross inventory - current | 663,042 | 933,595 |
Less general inventory allowance | (8,125) | (24,267) |
Inventory, net | 654,917 | 909,328 |
Raw materials - non-current, net | 75,544 | 244,915 |
Work in process - non-current, net | 0 | 81,958 |
Finished Goods - Non-Current | 147,864 | 73,930 |
Inventory, noncurrent, Total | $ 223,408 | $ 400,803 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Inventory [Line Items] | |||
Inventory, net | $ 654,917 | $ 909,328 | |
Inventory - non-current, net | 223,408 | 400,803 | |
Inventory Valuation Reserves | $ 54,033 | ||
Adjustments To Specific And General Inventory | 13,276 | $ 5,320 | |
Provision for excess inventory related to write down | 422,946 | ||
Finished goods inventory | 236,809 | 394,016 | |
HTG EdgeSeq | |||
Inventory [Line Items] | |||
Finished goods inventory | $ 100,000 | $ 100,000 |
Fair Value Instruments - Financ
Fair Value Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Asset included in: | ||
Investments available-for-sale at fair value | $ 3,566,628 | $ 0 |
U.S. Treasury securities | ||
Asset included in: | ||
Investments available-for-sale at fair value | 3,566,628 | |
Fair Value, Measurements, Recurring | ||
Asset included in: | ||
Financial Assets | 6,459,329 | 10,753,684 |
Fair Value, Measurements, Recurring | Money Market Securities | ||
Asset included in: | ||
Cash and cash equivalents | 998,534 | 10,753,684 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Asset included in: | ||
Cash and cash equivalents | 1,894,167 | |
Investments available-for-sale at fair value | 3,566,628 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Asset included in: | ||
Financial Assets | 6,459,329 | 10,753,684 |
Fair Value, Measurements, Recurring | Level 1 | Money Market Securities | ||
Asset included in: | ||
Cash and cash equivalents | 998,534 | $ 10,753,684 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
Asset included in: | ||
Cash and cash equivalents | 1,894,167 | |
Investments available-for-sale at fair value | $ 3,566,628 |
Fair Value Instruments - Additi
Fair Value Instruments - Additional Information (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Fair value assets, Level 1 to Level 2 transfers, Amount | $ 0 | $ 0 |
Fair value, assets, Level 2 to Level 1 transfers, Amount | $ 0 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 3,565,990 | |
Gross Unrealized Gains | 638 | |
Gross Unrealized Losses | 0 | $ 0 |
Fair Value (Net Carrying Amount) | 3,566,628 | $ 0 |
U.S. Treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 3,565,990 | |
Gross Unrealized Gains | 638 | |
Fair Value (Net Carrying Amount) | $ 3,566,628 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized gain (loss) on short-term investments | $ 638 | |
Investments available-for-sale at fair value | $ 3,566,628 | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Furniture & fixtures | $ 756,065 | $ 756,065 |
Leasehold improvements | 1,938,981 | 1,938,981 |
Equipment used in manufacturing | 1,863,976 | 1,863,976 |
Equipment used in research & development | 2,080,319 | 2,080,319 |
Equipment used in the field | 124,456 | 159,563 |
Software | 329,160 | 469,408 |
Property and equipment | 7,092,957 | 7,268,312 |
Less: accumulated depreciation and amortization | (6,564,430) | (6,670,306) |
Property and equipment, net | $ 528,527 | $ 598,006 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 86,104 | $ 185,492 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued employee bonuses | $ 665,241 | $ 1,252,622 |
Payroll and employee benefit accruals | 308,890 | 416,070 |
Other accrued liabilities | 347,640 | 540,914 |
Total accrued liabilities | $ 1,321,771 | $ 2,209,606 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jun. 24, 2020 | Jul. 31, 2022 | Feb. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | May 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Debt instrument, covenant unrestricted cash | $ 12,500,000 | ||||||
Warrant purchase price | $ 9.6875 | ||||||
Outstanding principal under the term loan | $ 808,824 | $ 1,250,000 | |||||
Insurance Note | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | Feb. 28, 2022 | ||||||
Premium payable on insurance note | $ 700,000 | ||||||
SVB Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 10,000,000 | ||||||
Debt instrument, interest rate | 5.75% | ||||||
Extend the interest-only payments | 6 months | ||||||
Debt instrument, maturity date | Dec. 01, 2023 | Dec. 01, 2023 | |||||
Warrant purchase price | $ 139.878 | ||||||
Debt instrument, amortization expense | $ 100,000 | ||||||
Debt discount, fees and debt issuance costs | $ 200,000 | ||||||
Outstanding principal under the term loan | $ 2,500,000 | ||||||
SVB Term Loan | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest at floating rate | 5% | ||||||
SVB Term Loan | Prime Rate | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest at floating rate | 2.50% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Agreements for product and product-related services revenue, description | the Company’s agreements for product and product-related services revenue have an expected duration of one year or less |
Other Current Liabilities | |
Disaggregation Of Revenue [Line Items] | |
Contract liabilities – current | $ 0.1 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information1 (Details) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Product and Product-Related Service Revenue from Sale of Instruments and Consumables (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | $ 1,032,510 | $ 1,184,454 |
Instrument | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 75,821 | 193,186 |
Consumables | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 568,711 | 471,214 |
Product revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 644,532 | 664,400 |
RUO Sample processing | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 387,978 | 520,054 |
Product-related services revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 387,978 | 520,054 |
Product and product-related services | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 1,032,510 | 1,184,454 |
HTG EdgeSeq | Instrument | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 75,821 | 193,186 |
HTG EdgeSeq | Consumables | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 568,711 | 471,214 |
HTG EdgeSeq | Product revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 644,532 | 664,400 |
HTG EdgeSeq | RUO Sample processing | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 387,978 | 520,054 |
HTG EdgeSeq | Product-related services revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | 387,978 | 520,054 |
HTG EdgeSeq | Product and product-related services | ||
Disaggregation Of Revenue [Line Items] | ||
Product and product-related services revenue | $ 1,032,510 | $ 1,184,454 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule Of Revenue By Primary Geographic Market (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,032,510 | $ 1,184,454 |
Instrument | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 75,821 | 193,186 |
Consumables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 568,711 | 471,214 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 644,532 | 664,400 |
RUO Sample processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 387,978 | 520,054 |
Product-related services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 387,978 | 520,054 |
Product and product-related services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,032,510 | 1,184,454 |
United States | Instrument | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 40,538 | 169,043 |
United States | Consumables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 163,933 | 285,380 |
United States | Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 204,471 | 454,423 |
United States | RUO Sample processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 298,926 | 512,700 |
United States | Product-related services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 298,926 | 512,700 |
United States | Product and product-related services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 503,397 | 967,123 |
Europe | Instrument | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 30,283 | 22,478 |
Europe | Consumables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 404,778 | 185,834 |
Europe | Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 435,061 | 208,312 |
Europe | RUO Sample processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 70,084 | 7,354 |
Europe | Product-related services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 70,084 | 7,354 |
Europe | Product and product-related services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 505,145 | 215,666 |
Other | Instrument | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,000 | 1,665 |
Other | Consumables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | ||
Other | Product | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,000 | 1,665 |
Other | RUO Sample processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 18,968 | |
Other | Product-related services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 18,968 | |
Other | Product and product-related services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 23,968 | $ 1,665 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Schedule of Changes in Contract Liability (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Beginning Balance | $ 173,714 | $ 159,150 |
Deferral of revenue | 43,430 | 147,893 |
Recognition of deferred revenue | (81,824) | (107,612) |
Ending Balance | 135,320 | 199,431 |
Product Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Beginning Balance | 146,714 | 128,529 |
Deferral of revenue | 36,630 | 147,893 |
Recognition of deferred revenue | (53,649) | (102,812) |
Ending Balance | 129,695 | 173,610 |
Sample Processing | ||
Disaggregation Of Revenue [Line Items] | ||
Beginning Balance | 27,000 | 30,621 |
Deferral of revenue | 6,800 | 0 |
Recognition of deferred revenue | (28,175) | (4,800) |
Ending Balance | $ 5,625 | $ 25,821 |
Other Agreements - Additional I
Other Agreements - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Measurement Input, Default Rate | |||
Other Agreements [Line Items] | |||
Discount rate used to calculate asset purchase obligation | 2.5 | ||
NuvoGen Asset Purchase Agreement | |||
Other Agreements [Line Items] | |||
Percentage on annual revenues for cash consideration to be paid | 6% | ||
Asset purchase agreement yearly fixed fees paid | $ 400,000 | ||
Asset purchase agreement fixed quarterly payments | 100,000 | ||
Additional revenue based payments payable | $ 46,031 | ||
NuvoGen | |||
Other Agreements [Line Items] | |||
Unamortized interest accretion | (52,873) | $ (55,620) | |
Accretion of discount on NuvoGen obligation | $ (2,747) | $ (2,983) |
Other Agreements - Schedule of
Other Agreements - Schedule of Remaining Minimum Principal Payments Due (Details) - NuvoGen Asset Purchase Agreement | Mar. 31, 2023 USD ($) |
Purchase Obligation Fiscal Year Maturity [Line Items] | |
2023 | $ 300,000 |
2024 | 446,031 |
2025 | 400,000 |
2026 | 400,000 |
2027 | 400,000 |
2028 and beyond | 1,817,406 |
Total NuvoGen obligation payments | 3,763,437 |
Plus interest accretion | 52,873 |
Total NuvoGen obligation, net | $ 3,816,310 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating lease, description | The Company’s active leases as of March 31, 2023 are for office and manufacturing space in Tucson, Arizona, which expire in 2025. |
Lease expiration year | 2025 |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost for Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 128,645 | $ 119,458 |
Variable lease cost | 32,459 | 27,526 |
Total rent expense | $ 161,104 | $ 146,984 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for amounts included in measurement of operating lease liabilities | $ 130,375 | $ 117,952 |
Weighted-average remaining lease term – operating leases | 1 year 9 months 18 days | 2 years 9 months 18 days |
Weighted-average discount rate – operating leases | 5.80% | 5.80% |
Leases - Summary of Remaining M
Leases - Summary of Remaining Maturities of Operating Leases (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 391,093 | |
2024 | 521,379 | |
2025 | 43,444 | |
Total | 955,916 | |
Less present value discount | (50,712) | |
Total operating lease liabilities | 905,204 | |
Less operating lease liabilities – current | (481,967) | $ (475,126) |
Operating lease liabilities - non-current, net of discount | $ 423,237 | $ 546,324 |
Net Loss per Share - Common Sto
Net Loss per Share - Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 72,904 | 44,788 |
Warrant | Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 3,164,267 | 544,917 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per share | 729 | 1,906 |
Warrants (Details)
Warrants (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2022 | May 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 9.6875 | |||
December Two Thousand Twenty Two Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 0.001 | |||
SVB Term Loan | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 139.878 | |||
Warrant to purchase common stock | 3,574 | |||
Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Exercise price of warrants | $ 27.744 | |||
Investor | December Two Thousand Twenty Two Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 1,290,322 | |||
Private Placement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 38,709 | |||
Private Placement | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 24.744 | |||
Warrant exercisable commencing date | Sep. 21, 2022 | |||
Pre Funded Warrants | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 7.50 | |||
Pre Funded Warrants | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | 24.744 | |||
Pre Funded Warrants | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | 0.012 | |||
Pre Funded Warrants | Minimum | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 0.012 | |||
Pre Funded Warrants | Minimum | Investor | December Two Thousand Twenty Two Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 0.001 | |||
Pre Funded Warrants | Private Placement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Proceeds from exercise of pre-funded warrants | $ 1,188 | $ 2,411 | ||
Pre Funded Warrants | Private Placement | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 200,911 | |||
Exercise price of warrants | $ 0.012 | |||
Pre Funded Warrants | Private Placement | Investor | December Two Thousand Twenty Two Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 1,188,322 | |||
Exercise price of warrants | $ 0.001 | |||
Pre Funded Warrants | Private Placement | Institutional Accredited Investors | ||||
Class Of Warrant Or Right [Line Items] | ||||
Proceeds from exercise of pre-funded warrants | $ 2,411 | |||
Warrant Expiring in March 17, 2024 | Private Placement | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Warrant expire date | Mar. 17, 2024 | |||
Warrant Expiring in September 17, 2027 | Private Placement | Investor | March 2022 Purchase Agreement | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Warrant expire date | Sep. 17, 2027 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2022 | May 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 9.6875 | |||
Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | 7.50 | |||
March 2022 Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 24.744 | |||
December Two Thousand Twenty Two Purchase Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 0.001 | |||
SVB Term Loan | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 139.878 | |||
Warrant to purchase common stock | 3,574 | |||
Investor | March 2022 Purchase Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Exercise price of warrants | $ 27.744 | |||
Investor | March 2022 Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | 0.012 | |||
Investor | December Two Thousand Twenty Two Purchase Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 1,290,322 | |||
Placement Agent | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant to purchase common stock | 38,709 | |||
Minimum | Investor | March 2022 Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 0.012 | |||
Minimum | Investor | December Two Thousand Twenty Two Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 0.001 | |||
Private Placement | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 38,709 | |||
Private Placement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Proceeds from exercise of pre-funded warrants | $ 1,188 | $ 2,411 | ||
Private Placement | Investor | March 2022 Purchase Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants | $ 24.744 | |||
Warrant exercisable commencing date | Sep. 21, 2022 | |||
Private Placement | Investor | March 2022 Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 200,911 | |||
Exercise price of warrants | $ 0.012 | |||
Private Placement | Investor | March 2022 Purchase Agreement | Warrant Expiring in March 17, 2024 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Warrant expire date | Mar. 17, 2024 | |||
Private Placement | Investor | March 2022 Purchase Agreement | Warrant Expiring in September 17, 2027 | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 270,415 | |||
Warrant expire date | Sep. 17, 2027 | |||
Private Placement | Investor | December Two Thousand Twenty Two Purchase Agreement | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 1,188,322 | |||
Exercise price of warrants | $ 0.001 | |||
Private Placement | Investor | December Two Thousand Twenty Two Purchase Agreement | Series A One Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 1,290,322 | |||
Exercise price of warrants | $ 9.6875 | |||
Warrant expire date | Dec. 23, 2027 | |||
Private Placement | Investor | December Two Thousand Twenty Two Purchase Agreement | Series A Two Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of securities called by warrants | 1,290,322 | |||
Exercise price of warrants | $ 7.50 | |||
Warrant expire date | Dec. 23, 2024 | |||
Private Placement | Investor | December Two Thousand Twenty Two Purchase Agreement | Series A1 Warrant Expiring In December Twenty One Two Thousand And Twenty Seven | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant expire date | Dec. 21, 2027 | |||
Private Placement | Institutional Accredited Investors | Pre Funded Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Proceeds from exercise of pre-funded warrants | $ 2,411 |
Warrants -Summary of Warrants O
Warrants -Summary of Warrants Outstanding (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 9.6875 | ||
Series E Redeemable Convertible Preferred Stock | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2014-08 | ||
Shares of Common Stock Underlying Warrants | 159 | ||
Exercise price of warrants | $ 4,231.80 | ||
Expiration Date | 2024 | ||
Common Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Shares of Common Stock Underlying Warrants | 251 | ||
Exercise price of warrants | $ 496.80 | ||
Expiration Date | 2026 | ||
Common Stock Warrants | Series E Redeemable Convertible Preferred Stock | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2016-03 | ||
Common Stock Tranche One | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2018-03 | ||
Shares of Common Stock Underlying Warrants | 100 | ||
Exercise price of warrants | $ 1,391.40 | ||
Expiration Date | 2028 | ||
Common Stock Tranche Two | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2022-03 | ||
Shares of Common Stock Underlying Warrants | 270,415 | ||
Exercise price of warrants | $ 24.744 | ||
Expiration Date | 2024 | ||
Common Stock Tranche Three | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2022-03 | ||
Shares of Common Stock Underlying Warrants | 270,415 | ||
Exercise price of warrants | $ 24.744 | ||
Expiration Date | 2027 | ||
Common Stock Tranche Four | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2022-12 | ||
Shares of Common Stock Underlying Warrants | 1,290,322 | ||
Exercise price of warrants | $ 7.50 | ||
Expiration Date | 2024 | ||
Common Stock Tranche Five | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2022-12 | ||
Shares of Common Stock Underlying Warrants | 1,290,322 | ||
Exercise price of warrants | $ 7.50 | ||
Expiration Date | 2027 | ||
Common Stock Tranche Six | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2022-12 | ||
Shares of Common Stock Underlying Warrants | 38,709 | ||
Exercise price of warrants | $ 9.6875 | ||
Expiration Date | 2027 | ||
SVB Term Loan | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant Issuance Date | 2020-06 | ||
Shares of Common Stock Underlying Warrants | 3,574 | ||
Exercise price of warrants | $ 139.878 | ||
Expiration Date | 2030 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 20, 2022 | Dec. 31, 2022 | May 31, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2021 | Aug. 31, 2020 | |
Class Of Stock [Line Items] | ||||||||
Reverse stock split, description | On December 20, 2022, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 12 shares of issued and outstanding common stock were exchanged for one share of common stock. | |||||||
Common stock split Price per share | $ 8.20 | |||||||
Fractional shares from reverse stock split share | 0 | |||||||
Exercise price of warrants | $ 9.6875 | $ 9.6875 | ||||||
Reimbursement of expenses and legal fees | $ 125,000 | |||||||
Employee Stock Option | ||||||||
Class Of Stock [Line Items] | ||||||||
Unrecognized compensation expense | $ 700,000 | |||||||
Compensation expense period expected to be recognized | 1 year 8 months 1 day | |||||||
Restricted Stock Units | ||||||||
Class Of Stock [Line Items] | ||||||||
Unrecognized compensation expense | $ 28,400 | |||||||
Compensation expense period expected to be recognized | 8 months 15 days | |||||||
Vested and unissued RSU awards, description | Vested and unissued awards at March 31, 2023 represents RSU awards for which the vesting date was March 31, 2023, but for which issuance of the awards occurred in April 2023. | |||||||
2020 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Shares reserved for issuance | 62,057 | |||||||
Number of shares available for issuance | 19,446 | |||||||
2014 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Shares reserved for issuance | 5,712 | |||||||
Number of shares available for issuance | 0 | |||||||
2001 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares available for issuance | 0 | |||||||
2011 Equity Incentive Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares available for issuance | 0 | |||||||
2021 Inducement Plan | ||||||||
Class Of Stock [Line Items] | ||||||||
Shares reserved for issuance | 25,000 | |||||||
Number of shares available for issuance | 14,378 | |||||||
Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Conversion of Series A convertible preferred stock for common stock, shares | 13,206 | |||||||
Series A Preferred | ||||||||
Class Of Stock [Line Items] | ||||||||
Preferred stock, shares converted | 23,770 | |||||||
Preferred stock, shares outstanding | 0 | |||||||
March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Warrant issuance, description | Each unit consists of one share of common stock (or one pre-funded warrant in lieu thereof), a common warrant to purchase one share of common stock with a term of 24 months from the issuance date, and a common warrant to purchase one share of common stock with a term of 66 months from the issuance date. | |||||||
Percentage Of Minimum Aggregate Number Of Shares Beneficially Owned By Holder | 4.99% | |||||||
Percentage Increase In Ownership Cap | 9.99% | |||||||
December Two Thousand Twenty Two Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.001 | $ 0.001 | ||||||
Warrant issuance, description | Each unit consisted of one share of common stock (or one pre-funded warrant in lieu thereof), a common warrant to purchase one share of common stock with a term of 24 months from the issuance date, and a common warrant to purchase one share of common stock with a term of 60 months from the issuance date. | |||||||
Pre Funded Warrants | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 7.50 | $ 7.50 | ||||||
Pre Funded Warrants | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 24.744 | |||||||
Percentage Of Minimum Aggregate Number Of Shares Beneficially Owned By Holder | 9.99% | |||||||
Investor | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 27.744 | |||||||
Net proceeds from issuance of warrants | $ 7,000,000 | |||||||
Number of securities called by warrants | 270,415 | |||||||
Investor | December Two Thousand Twenty Two Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Gross Proceeds From Issuance Of Warrants | $ 8,700,000 | |||||||
Number of securities called by warrants | 1,290,322 | 1,290,322 | ||||||
Combained Offering Price | $ 7.75 | $ 7.75 | ||||||
Investor | Pre Funded Warrants | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.012 | |||||||
Investor | Minimum | Pre Funded Warrants | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.012 | |||||||
Investor | Minimum | Pre Funded Warrants | December Two Thousand Twenty Two Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.001 | $ 0.001 | ||||||
Cantor Fitzgerald And Co | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Agent fee | $ 300,000 | |||||||
Additional transaction costs | $ 200,000 | |||||||
Private Placement | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of securities called by warrants | 38,709 | 38,709 | ||||||
Private Placement | Pre Funded Warrants | ||||||||
Class Of Stock [Line Items] | ||||||||
Warrants exercised | 1,188,322 | 1,188,322 | ||||||
Proceeds from exercise of pre-funded warrants | $ 1,188 | $ 2,411 | ||||||
Private Placement | Investor | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 24.744 | |||||||
Private Placement | Investor | Pre Funded Warrants | March 2022 Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.012 | |||||||
Number of securities called by warrants | 200,911 | |||||||
Private Placement | Investor | Pre Funded Warrants | December Two Thousand Twenty Two Purchase Agreement | ||||||||
Class Of Stock [Line Items] | ||||||||
Exercise price of warrants | $ 0.001 | $ 0.001 | ||||||
Number of securities called by warrants | 1,188,322 | 1,188,322 | ||||||
Private Placement | Institutional Accredited Investors | Pre Funded Warrants | ||||||||
Class Of Stock [Line Items] | ||||||||
Warrants exercised | 200,911 | |||||||
Proceeds from exercise of pre-funded warrants | $ 2,411 | |||||||
I P O | ||||||||
Class Of Stock [Line Items] | ||||||||
Percentage of public offering, cash fee | 6.50% | |||||||
Percentage of public offering, management fee | 0.50% |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Stock-Based Compensation Recorded in Condensed Consolidated Statements of Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 137,108 | $ 267,805 |
Selling, General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 91,523 | 192,903 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 42,173 | 66,904 |
Cost of Product and Product-related Services Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 3,412 | $ 7,998 |
Stockholders' Deficit - Summa_2
Stockholders' Deficit - Summary of Stock Option Plans Activity Including Inducement Award Activity (Details) - Employee Stock Option - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | 76,099 | |
Number of Shares, Granted | 666 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Forfeited | (3,693) | |
Number of Shares, Expired/Cancelled | (168) | |
Number of Shares, Ending Balance | 72,904 | 76,099 |
Number of Shares, Exercisable | 43,268 | |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ 84.73 | |
Weighted-Average Exercise Price Per Share, Granted | 4.35 | |
Weighted-Average Exercise Price Per Share, Exercised | 0 | |
Weighted-Average Exercise Price Per Share, Forfeited | 10.57 | |
Weighted-Average Exercise Price Per Share, Expired/Cancelled | 117.29 | |
Weighted-Average Exercise Price Per Share, Ending Balance | 87.67 | $ 84.73 |
Weighted-Average Exercise Price Per Share, Exercisable | $ 128.21 | |
Weighted-Average Remaining Contractual Life, Outstanding | 8 years 2 months 12 days | 8 years 3 months 18 days |
Weighted-Average Remaining Contractual Life, Exercisable | 7 years 7 months 6 days | |
Aggregate Intrinsic Value, Balance | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercisable | $ 0 |
Stockholders' Deficit - Summa_3
Stockholders' Deficit - Summary of Restricted Stock Unit ('RSU') Award Activity (Details) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Units (RSU) | |
Beginning Balance | shares | 1,249 |
Granted | shares | 0 |
Released | shares | (312) |
Forfeited | shares | 0 |
Ending Balance | shares | 937 |
Vested and unissued at March 31, 2023 | shares | 208 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning Balance | $ / shares | $ 44.40 |
Granted | $ / shares | 0 |
Released | $ / shares | 44.38 |
Forfeited | $ / shares | 0 |
Ending Balance | $ / shares | 44.40 |
Vested and unissued at March 31, 2023 | $ / shares | $ 62.42 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Accrued Liabilities | |
Product Warranty Liability [Line Items] | |
Accrued product warranty | $ 0.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary Of Product Warranty Liability (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $ 88,282 | $ 120,385 |
Cost of warranty claims | (33,723) | (15,005) |
Increase in warranty reserve | 48,571 | 19,820 |
Ending balance | $ 103,130 | $ 125,200 |