Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 001-39513 | |
Entity Registrant Name | Outset Medical, Inc. | |
Entity Central Index Key | 0001484612 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-0514392 | |
Entity Address, Address Line One | 3052 Orchard Dr. | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 669 | |
Local Phone Number | 231-8200 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | OM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,007,301 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 75,497 | $ 182,348 |
Short-term investments | 186,565 | 157,140 |
Accounts receivable, net | 24,627 | 25,600 |
Inventories | 53,689 | 39,185 |
Prepaid expenses and other current assets | 5,399 | 5,529 |
Total current assets | 345,777 | 409,802 |
Restricted cash | 33,311 | 33,311 |
Property and equipment, net | 15,245 | 12,964 |
Operating lease right-of-use assets | 6,687 | 7,231 |
Other assets | 216 | 156 |
Total assets | 401,236 | 463,464 |
Current liabilities: | ||
Accounts payable | 2,753 | 1,763 |
Accrued compensation and related benefits | 15,795 | 24,948 |
Accrued expenses and other current liabilities | 23,261 | 13,789 |
Accrued warranty liability | 3,444 | 3,704 |
Deferred revenue, current | 7,752 | 6,340 |
Operating lease liabilities, current | 1,235 | 1,151 |
Term loan, current | 1,000 | 0 |
Total current liabilities | 55,240 | 51,695 |
Accrued interest, noncurrent | 960 | 721 |
Deferred revenue, noncurrent | 205 | 312 |
Operating lease liabilities, noncurrent | 6,261 | 6,893 |
Term loan, noncurrent | 28,806 | 29,762 |
Total liabilities | 91,472 | 89,383 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value; 300,000 shares authorized as of June 30, 2022 and December 31, 2021; 47,997 and 47,241 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 48 | 47 |
Additional paid-in capital | 1,017,396 | 1,000,212 |
Accumulated other comprehensive (loss) income | (955) | (184) |
Accumulated deficit | (706,725) | (625,994) |
Total stockholders' equity | 309,764 | 374,081 |
Total liabilities and stockholders' equity | $ 401,236 | $ 463,464 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 47,997,000 | 47,241,000 |
Common stock, shares outstanding | 47,997,000 | 47,241,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Revenue | $ 25,057 | $ 25,216 | $ 55,607 | $ 48,132 |
Cost of revenue: | ||||
Cost of revenue | 21,275 | 24,164 | 47,383 | 46,791 |
Gross profit | 3,782 | 1,052 | 8,224 | 1,341 |
Operating expenses: | ||||
Research and development | 13,521 | 8,032 | 24,352 | 15,602 |
Sales and marketing | 23,198 | 13,204 | 43,575 | 26,353 |
General and administrative | 10,784 | 9,722 | 20,493 | 18,968 |
Total operating expenses | 47,503 | 30,958 | 88,420 | 60,923 |
Loss from operations | (43,721) | (29,906) | (80,196) | (59,582) |
Interest income and other income, net | 459 | 164 | 579 | 276 |
Interest expense | (481) | (431) | (903) | (853) |
Loss before provision for income taxes | (43,743) | (30,173) | (80,520) | (60,159) |
Provision for income taxes | 96 | 35 | 211 | 74 |
Net loss | $ (43,839) | $ (30,208) | $ (80,731) | $ (60,233) |
Net loss per share, basic and diluted | $ (0.92) | $ (0.66) | $ (1.69) | $ (1.36) |
Net loss per share, basic and diluted | $ (0.92) | $ (0.66) | $ (1.69) | $ (1.36) |
Shares used in computing net loss per share, basic and diluted | 47,882 | 45,680 | 47,686 | 44,228 |
Shares used in computing net loss per share, basic and diluted | 47,882 | 45,680 | 47,686 | 44,228 |
Product Revenue | ||||
Revenue: | ||||
Revenue | $ 19,621 | $ 20,628 | $ 45,285 | $ 38,838 |
Cost of revenue: | ||||
Cost of revenue | 17,718 | 22,077 | 40,828 | 42,654 |
Service and Other Revenue | ||||
Revenue: | ||||
Revenue | 5,436 | 4,588 | 10,322 | 9,294 |
Cost of revenue: | ||||
Cost of revenue | $ 3,557 | $ 2,087 | $ 6,555 | $ 4,137 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (43,839) | $ (30,208) | $ (80,731) | $ (60,233) |
Other comprehensive loss: | ||||
Unrealized loss on available-for-sale securities | (306) | (20) | (771) | (29) |
Comprehensive loss | $ (44,145) | $ (30,228) | $ (81,502) | $ (60,262) |
Condensed Statement of Redeemab
Condensed Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2020 | $ 328,609 | $ 43 | $ 822,624 | $ 1 | $ (494,059) |
Beginning Balance (shares) at Dec. 31, 2020 | 42,722 | ||||
Issuance of common stock through employee stock purchase plan | 1,838 | 1,838 | |||
Issuance of common stock through employee stock purchase plan (shares) | 80 | ||||
Stock option exercises | 380 | 380 | |||
Stock option exercises (shares) | 86 | ||||
Stock-based compensation expense | 5,852 | 5,852 | |||
Unrealized loss on available-for-sale securities | (9) | (9) | |||
Net loss | (30,025) | (30,025) | |||
Ending Balance at Mar. 31, 2021 | 306,645 | $ 43 | 830,694 | (8) | (524,084) |
Ending Balance (shares) at Mar. 31, 2021 | 42,888 | ||||
Beginning Balance at Dec. 31, 2020 | 328,609 | $ 43 | 822,624 | 1 | (494,059) |
Beginning Balance (shares) at Dec. 31, 2020 | 42,722 | ||||
Unrealized loss on available-for-sale securities | (29) | ||||
Net loss | (60,233) | ||||
Ending Balance at Jun. 30, 2021 | 431,162 | $ 46 | 985,436 | (28) | (554,292) |
Ending Balance (shares) at Jun. 30, 2021 | 46,225 | ||||
Beginning Balance at Mar. 31, 2021 | 306,645 | $ 43 | 830,694 | (8) | (524,084) |
Beginning Balance (shares) at Mar. 31, 2021 | 42,888 | ||||
Issuance of common stock upon initial public offering, net of issuance costs | 149,085 | $ 3 | 149,082 | ||
Issuance of common stock upon initial public offering, net of issuance costs (shares) | 2,946 | ||||
Issuance of common stock for settlement of RSUs (shares) | 1 | ||||
Stock option exercises | 1,723 | 1,723 | |||
Stock option exercises (shares) | 390 | ||||
Stock-based compensation expense | 3,937 | 3,937 | |||
Unrealized loss on available-for-sale securities | (20) | (20) | |||
Net loss | (30,208) | (30,208) | |||
Ending Balance at Jun. 30, 2021 | 431,162 | $ 46 | 985,436 | (28) | (554,292) |
Ending Balance (shares) at Jun. 30, 2021 | 46,225 | ||||
Beginning Balance at Dec. 31, 2021 | 374,081 | $ 47 | 1,000,212 | (184) | (625,994) |
Beginning Balance (shares) at Dec. 31, 2021 | 47,241 | ||||
Issuance of common stock through employee stock purchase plan | 2,063 | 2,063 | |||
Issuance of common stock through employee stock purchase plan (shares) | 55 | ||||
Issuance of common stock for settlement of RSUs (shares) | 88 | ||||
Stock option exercises | 1,660 | $ 1 | 1,659 | ||
Stock option exercises (shares) | 328 | ||||
Stock-based compensation expense | 5,006 | 5,006 | |||
Unrealized loss on available-for-sale securities | (465) | (465) | |||
Net loss | (36,892) | (36,892) | |||
Ending Balance at Mar. 31, 2022 | 345,453 | $ 48 | 1,008,940 | (649) | (662,886) |
Ending Balance (shares) at Mar. 31, 2022 | 47,712 | ||||
Beginning Balance at Dec. 31, 2021 | 374,081 | $ 47 | 1,000,212 | (184) | (625,994) |
Beginning Balance (shares) at Dec. 31, 2021 | 47,241 | ||||
Unrealized loss on available-for-sale securities | (771) | ||||
Net loss | (80,731) | ||||
Ending Balance at Jun. 30, 2022 | 309,764 | $ 48 | 1,017,396 | (955) | (706,725) |
Ending Balance (shares) at Jun. 30, 2022 | 47,997 | ||||
Beginning Balance at Mar. 31, 2022 | 345,453 | $ 48 | 1,008,940 | (649) | (662,886) |
Beginning Balance (shares) at Mar. 31, 2022 | 47,712 | ||||
Issuance of common stock for settlement of RSUs | 1,042 | 1,042 | |||
Issuance of common stock for settlement of RSUs (shares) | 52 | ||||
Stock option exercises (shares) | 233 | ||||
Stock-based compensation expense | 7,414 | 7,414 | |||
Unrealized loss on available-for-sale securities | (306) | (306) | |||
Net loss | (43,839) | (43,839) | |||
Ending Balance at Jun. 30, 2022 | $ 309,764 | $ 48 | $ 1,017,396 | $ (955) | $ (706,725) |
Ending Balance (shares) at Jun. 30, 2022 | 47,997 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (80,731) | $ (60,233) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 12,420 | 9,789 |
Depreciation and amortization | 2,586 | 2,553 |
Non-cash lease expense | 544 | 501 |
Non-cash interest expense | 282 | 282 |
Accretion of discount on investments, net | 1,035 | 435 |
Provision for inventories | 808 | 325 |
Other non-cash items | 29 | 5 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 964 | (9,946) |
Inventories | (15,311) | (12,116) |
Prepaid expenses and other assets | 70 | 570 |
Accounts payable | 684 | (2,509) |
Accrued payroll and related benefits | (9,153) | (1,538) |
Accrued expenses and other current liabilities | 8,366 | 1,508 |
Accrued warranty liability | (260) | 160 |
Deferred revenue | 1,305 | 1,117 |
Operating lease liabilities | (548) | (360) |
Net cash used in operating activities | (76,910) | (69,457) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,475) | (1,766) |
Purchases of investment securities | (133,015) | (122,401) |
Sales and maturities of investment securities | 101,784 | 19,900 |
Net cash used in investing activities | (34,706) | (104,267) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises and employee stock purchase plan purchases | 4,765 | 3,941 |
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs | 0 | 149,085 |
Net cash provided by financing activities | 4,765 | 153,026 |
Net decrease in cash, cash equivalents and restricted cash | (106,851) | (20,698) |
Cash, cash equivalents and restricted cash as of beginning of period | 215,659 | 328,283 |
Cash, cash equivalents and restricted cash as of end of period | 108,808 | 307,585 |
Supplemental cash flow disclosures: | ||
Cash paid for income taxes | 283 | 42 |
Cash paid for interest | 621 | 149 |
Cash paid for amounts included in the measurement of operating lease liabilities | 548 | 360 |
Supplemental non-cash investing and financing activities: | ||
Capital expenditures included in accounts payable and accrued expenses | 1,613 | 92 |
Transfer of inventories to property and equipment | $ 0 | $ 1,294 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Outset Medical, Inc. (the Company) is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo® Hemodialysis System (Tablo), cleared by the U.S. Food and Drug Administration (FDA) for use from the hospital to the home, represents a significant technological advancement designed to transform the dialysis experience for patients and operationally simplify it for providers. Tablo serves as a single enterprise solution designed to be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere, and by virtually anyone. The integration of water purification and on-demand dialysate production in a single 35-inch compact console enables Tablo to serve as a dialysis clinic on wheels. With a simple-to-use touchscreen interface, two-way wireless data transmission and a proprietary data analytics platform, Tablo is a new holistic approach to dialysis care. The Company’s headquarters are located in San Jose, CA. Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the six months ended June 30, 2022 and 2021, the Company incurred a net loss of $ 80.7 million and $ 60.2 million , respectively. As of June 30, 2022, the Company had an accumulated deficit of $ 706.7 million . As of June 30, 2022, the Company had cash, cash equivalents and short-term investments of $ 262.1 million , which are available to fund future operations, and restricted cash of $ 33.3 million , for a total cash, cash equivalents, restricted cash and short-term investments balance of $ 295.4 million . Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. Management believes that the Company’s existing cash, cash equivalents, short-term investments and cash generated from sales, will be sufficient to meet its anticipated needs for at least the next 12 months from the issuance date of the accompanying condensed financial statements. Basis of Presentation The accompanying condensed financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, that are necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The financial data and the other financial information disclosed in these notes to the condensed financial statements related to the three- and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results of operations to be anticipated for any other future annual or interim period. The condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2021, which are included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (SEC) on February 23, 2022 (2021 Annual Report). All share amounts disclosed in the notes to the condensed financial statements are rounded to the nearest thousand except for per share data. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the six months ended June 30, 2022, there have been no material changes to the Company’s significant accounting policies as described in its 2021 Annual Report that have had a material impact on the Company’s condensed financial statements and related notes. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023 . The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements. |
Revenue and Deferred Revenue
Revenue and Deferred Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Deferred Revenue | 3. Revenue and Deferred Revenue Disaggregation of Revenue Revenue by source consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Consoles $ 13,228 $ 16,857 $ 31,279 $ 31,623 Consumables 6,393 3,771 14,006 7,215 Total product revenue 19,621 20,628 45,285 38,838 Service and other revenue 5,436 4,588 10,322 9,294 Total revenue $ 25,057 $ 25,216 $ 55,607 $ 48,132 For the three and six months ended June 30, 2022, $ 0.7 million and $ 1.4 million of consoles revenue were from console operating lease arrangements, compared to $ 1.3 million and $ 2.6 million for the three and six months ended June 30, 2021. Remaining Performance Obligations and Contract Liabilities As of June 30, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer service contracts that are unsatisfied or partially unsatisfied was $ 8.0 million , which is recorded as deferred revenue on the Company’s condensed balance sheets. Of that amount, $ 7.8 million will be recognized as revenue during the next 12 months and $ 0.2 million thereafter. The contract liabilities consist of deferred revenue which represents payments received in advance of revenue recognition. Revenue under these agreements is recognized over the related service period. During the three and six months ended June 30, 2022, the Company recognized $ 1.7 m illion and $ 4.2 million of previously deferred revenue. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2022 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 31,353 $ — $ — $ 31,353 Short-term investments: U.S. Treasury securities Level 1 76,950 — ( 518 ) 76,432 Corporate debt Level 2 78,645 — ( 437 ) 78,208 Commercial paper Level 2 31,925 — — 31,925 Total cash equivalents and $ 218,873 $ — $ ( 955 ) $ 217,918 December 31, 2021 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 60,844 $ — $ — $ 60,844 Short-term investments: U.S. Treasury securities Level 1 18,064 — ( 60 ) 18,004 Corporate debt Level 2 124,178 2 ( 125 ) 124,055 Commercial paper Level 2 15,081 — — 15,081 Total cash equivalents and $ 218,167 $ 2 $ ( 185 ) $ 217,984 As of June 30, 2022 , the remaining contractual maturities for available-for-sale securities were one month to thirteen months . Impairment assessments are made at the individual security level at each reporting period. When the fair value of an available-for-sale security is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. As of June 30, 2022 , there were three securities with a total fair value of $ 18.0 million in an unrealized loss position for more than 12 months. The unrealized losses totaling $ 89,000 as of June 30, 2022 were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not related to the underlying credit of the issuers or the underlying collateral. These securities were issued by public reporting companies with an investment-grade rating by at least one bond credit rating agency. As a result, the Company did not consider these investments to be other-than-temporarily impaired as of June 30, 2022. During the three and six months ended June 30, 2022 and 2021 , the Company did no t recognize other-than-temporary impairment losses related to its investment securities. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components As of June 30, 2022 and December 31, 2021, the restricted cash balance of $ 33.3 million primarily relates to contractual obligations under the SVB Loan and Security Agreement (see Note 7) and collateral for building leases in San Jose, CA and Tijuana Mexico. The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): June 30, 2022 2021 Cash and cash equivalents $ 75,497 $ 274,274 Restricted cash 33,311 33,311 Total cash, cash equivalents and restricted cash $ 108,808 $ 307,585 Inventories Inventories consist of the following (in thousands): June 30, December 31, 2022 2021 Raw materials $ 20,731 $ 18,114 Work in process 9,434 6,054 Finished goods 23,524 15,017 Total inventories $ 53,689 $ 39,185 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Accrued inventory $ 9,904 $ 4,808 Accrued research and development expenses 1,113 574 Accrued professional services 1,745 1,269 Accrued rebate 3,737 3,121 Other 6,762 4,017 Total accrued expenses and other current liabilities $ 23,261 $ 13,789 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Litigation On July 8, 2022, a purported stockholder class action lawsuit was filed in the U.S. District Court for the Northern District of California, naming the Company, its Chief Executive Officer, Chief Financial Officer, and former Chief Financial Officer as defendants. The complaint alleges that between September 15, 2020 and June 13, 2022, the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (Exchange Act) by making false or misleading statements regarding the Company’s regulatory studies of the Tablo Hemodialysis System for at home use and the Company’s prospects related to the sale of the system for at home use. The Company intends to vigorously defend against this litigation. The case is at a very early stage and there can be no assurance that the Company will be successful in its defense. For this same reason, the Company cannot currently estimate the loss or the range of possible losses it may experience in connection with this litigation. In addition, from time to time, the Company may become involved in other legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial condition and divert the attention of the Company’s management from the operation of the Company’s business. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, customers and suppliers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, the Company has not incurred any material costs as a result of such indemnification obligations and has not accrued any liabilities related to such obligations in these financial statements. |
Term Loan
Term Loan | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Term Loan | 7. Term Loan Term loan consists of the following (in thousands): June 30, December 31, 2022 2021 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount ( 194 ) ( 238 ) Term loan, current and noncurrent 29,806 29,762 Less: term loan, current ( 1,000 ) — Total term loan, noncurrent $ 28,806 $ 29,762 SVB Loan and Security Agreement On July 2, 2020, the Company entered into a senior secured term loan facility with Silicon Valley Bank (SVB) (the SVB Loan and Security Agreement), which provides for a $ 30.0 million term loan (the SVB Term Loan). The SVB Term Loan matures on November 1, 2025 . Payments under the SVB Term Loan are for interest only through May 2023 , and then 30 monthly principal and interest payments from June 2023 until maturity. The SVB Term Loan bears interest at the greater of (A) 0.5 % above the Prime Rate as reported in the Wall Street Journal and (B) 3.75% ( 5.25 % as of June 30, 2022 ). The Company is obligated to maintain a restricted cash balance greater or equal to the outstanding principal balance of $ 30.0 million of the SVB Term Loan. |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | 8. Equity Incentive Plan Equity Incentive Plans On January 1, 2022, the number of shares of common stock reserved for the issuance of awards under the Company’s 2020 Equity Incentive Plan (the 2020 Plan) was increased by 1,890,000 shares as a result of the automatic increase pursuant to the 2020 Plan. As of June 30, 2022, 5,022,000 shares were reserved for future issuance under the 2020 Plan. Employees Share Purchase Plan (ESPP) On January 1, 2022, the number of shares of common stock reserved for purchase under the Company’s ESPP was increased by 472,000 shares as a result of the automatic increase pursuant to the ESPP. As of June 30, 2022, 1,416,000 shares of common stock were reserved for issuance in connection with the current and future offering periods under the ESPP. Restricted Stock The Company issues restricted stock units (RSUs) and performance stock units (PSUs), both of which are considered restricted stock. The Company grants restricted stock pursuant to the 2020 Plan and satisfies such grants through the issuance of new shares. RSUs are share awards that, upon vesting, will deliver to the holder shares of our common stock. RSUs with a service-based vesting condition granted to a grantee, beginning in February 2022, generally vest over a three-year period as follows either: (i) 25 % on the first anniversary of the original vesting date, 25% quarterly over the course of the second year, and 50% quarterly over the course of the third year, or (ii) 33% on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining two years. Prior to February 2022, RSUs with a service-based vesting condition granted to a grantee generally vest at a rate of 25% on the first anniversary of the original vesting date , with the balance vesting quarterly over the remaining three years. In 2022, the Company issued a mix of 50 % PSUs and 50 % RSUs to its CEO, and a mix of 20 % PSUs and 80 % RSUs to its other executive officers and certain other senior leaders. These PSUs are earned and vest over performance and vesting periods extending through 2024 based on achievement against two metrics: (1) an operational metric tied to the number of patients treating at home on Tablo as of the end of 2023, with 50 % of earned units vesting after certification of the achievement level following the end of 2023 and the remaining 50 % of earned units vesting at the end of 2024 (performance-based vesting conditions, referred to as the Home PSUs) and (2) the Company's relative total stockholder return (relative TSR) over a two-year performance period as compared to companies in a pre-determined index of medical device companies, with 100% of earned units vesting at the end of 2024 (market-based vesting conditions, referred to as the Relative TSR PSUs). The 2023 target for the Home PSUs is expected to be determined and approved by the Compensation Committee in late 2022 or early 2023. Given such target has not yet been established, the grant date for these Home PSUs will only be established when the Compensation Committee approves and the Company communicates the target to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. Therefore, no expense is expected to be recognized for these Home PSUs until the grant date is established. Stock-Based Compensation Expense The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cost of revenue $ 190 $ 62 $ 283 $ 137 Research and development 1,808 643 2,966 1,808 Sales and marketing 2,864 1,052 4,570 2,794 General and administrative 2,552 2,180 4,601 5,050 Total stock-based compensation expense $ 7,414 $ 3,937 $ 12,420 $ 9,789 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For each of the three and six months ended June 30, 2022 and 2021 , the Company incurred an income tax provision of an insignificant amount, which related to foreign income taxes. The U.S. federal and state net deferred tax assets have been fully offset by a valuation allowance, as the Company believes it is not more likely than not that the deferred tax assets will be realized. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share The following outstanding potentially dilutive shares were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options to purchase common stock 2,900 4,653 2,900 4,653 Restricted stock units 1,513 473 1,513 473 Performance stock units 31 — 31 — Shares committed under ESPP 101 27 101 27 Warrant to purchase common stock 63 63 63 63 Total 4,608 5,216 4,608 5,216 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Event On July 8, 2022, a purported stockholder class action lawsuit was filed against the Company, certain of its officers and a former officer (see Note 6). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023 . The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements. |
Revenue and Deferred Revenue (T
Revenue and Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue by Source | Revenue by source consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Consoles $ 13,228 $ 16,857 $ 31,279 $ 31,623 Consumables 6,393 3,771 14,006 7,215 Total product revenue 19,621 20,628 45,285 38,838 Service and other revenue 5,436 4,588 10,322 9,294 Total revenue $ 25,057 $ 25,216 $ 55,607 $ 48,132 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2022 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 31,353 $ — $ — $ 31,353 Short-term investments: U.S. Treasury securities Level 1 76,950 — ( 518 ) 76,432 Corporate debt Level 2 78,645 — ( 437 ) 78,208 Commercial paper Level 2 31,925 — — 31,925 Total cash equivalents and $ 218,873 $ — $ ( 955 ) $ 217,918 December 31, 2021 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 60,844 $ — $ — $ 60,844 Short-term investments: U.S. Treasury securities Level 1 18,064 — ( 60 ) 18,004 Corporate debt Level 2 124,178 2 ( 125 ) 124,055 Commercial paper Level 2 15,081 — — 15,081 Total cash equivalents and $ 218,167 $ 2 $ ( 185 ) $ 217,984 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Cash And Cash Equivalents And Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): June 30, 2022 2021 Cash and cash equivalents $ 75,497 $ 274,274 Restricted cash 33,311 33,311 Total cash, cash equivalents and restricted cash $ 108,808 $ 307,585 |
Schedule of Inventories | Inventories consist of the following (in thousands): June 30, December 31, 2022 2021 Raw materials $ 20,731 $ 18,114 Work in process 9,434 6,054 Finished goods 23,524 15,017 Total inventories $ 53,689 $ 39,185 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Accrued inventory $ 9,904 $ 4,808 Accrued research and development expenses 1,113 574 Accrued professional services 1,745 1,269 Accrued rebate 3,737 3,121 Other 6,762 4,017 Total accrued expenses and other current liabilities $ 23,261 $ 13,789 |
Term Loan (Tables)
Term Loan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Term Loan | Term loan consists of the following (in thousands): June 30, December 31, 2022 2021 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount ( 194 ) ( 238 ) Term loan, current and noncurrent 29,806 29,762 Less: term loan, current ( 1,000 ) — Total term loan, noncurrent $ 28,806 $ 29,762 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-based Compensation Expense | The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cost of revenue $ 190 $ 62 $ 283 $ 137 Research and development 1,808 643 2,966 1,808 Sales and marketing 2,864 1,052 4,570 2,794 General and administrative 2,552 2,180 4,601 5,050 Total stock-based compensation expense $ 7,414 $ 3,937 $ 12,420 $ 9,789 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options to purchase common stock 2,900 4,653 2,900 4,653 Restricted stock units 1,513 473 1,513 473 Performance stock units 31 — 31 — Shares committed under ESPP 101 27 101 27 Warrant to purchase common stock 63 63 63 63 Total 4,608 5,216 4,608 5,216 |
Description of Business - Addit
Description of Business - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Description Of Business [Line Items] | |||||||
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs | $ 0 | $ 149,085 | |||||
Net loss | $ 43,839 | $ 36,892 | $ 30,208 | $ 30,025 | 80,731 | $ 60,233 | |
Accumulated deficit | (706,725) | (706,725) | $ (625,994) | ||||
Cash, cash equivalents and short-term investments | 262,100 | 262,100 | |||||
Restricted cash | 33,311 | 33,311 | $ 33,311 | ||||
Cash, cash equivalents, restricted cash and short-term investments | $ 295,400 | $ 295,400 |
Revenue and Deferred Revenue -
Revenue and Deferred Revenue - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 25,057 | $ 25,216 | $ 55,607 | $ 48,132 |
Consoles Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 13,228 | 16,857 | 31,279 | 31,623 |
Consumables Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 6,393 | 3,771 | 14,006 | 7,215 |
Product Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 19,621 | 20,628 | 45,285 | 38,838 |
Service and Other Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 5,436 | $ 4,588 | $ 10,322 | $ 9,294 |
Revenue and Deferred Revenue _2
Revenue and Deferred Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Remaining performance obligations | $ 8 | $ 8 | ||
Revenue recognized | 1.7 | 4.2 | ||
Consoles Product | Operating Lease Arrangements | ||||
Revenue from operating lease arrangements | $ 0.7 | $ 1.3 | $ 1.4 | $ 2.6 |
Revenue and Deferred Revenue _3
Revenue and Deferred Revenue - Additional Information (Detail) 1 $ in Millions | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue performance obligation | $ 7.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue performance obligation | $ 0.2 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Detail) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | $ 218,873 | $ 218,167 |
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | (955) | (185) |
Aggregate Fair Value | 217,918 | 217,984 |
Level 1 | Cash equivalents | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 31,353 | 60,844 |
Aggregate Fair Value | 31,353 | 60,844 |
Level 1 | Short-term investments | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 76,950 | 18,064 |
Gross Unrealized Holding Losses | (518) | (60) |
Aggregate Fair Value | 76,432 | 18,004 |
Level 2 | Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 31,925 | 15,081 |
Aggregate Fair Value | 31,925 | 15,081 |
Level 2 | Short-term investments | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 78,645 | 124,178 |
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | (437) | (125) |
Aggregate Fair Value | $ 78,208 | $ 124,055 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | ||
Remaining contractual maturities for available-for-sale securities | one month to thirteen months | |
Securities in unrealized loss position for more than 12 months | $ 18,000,000 | $ 18,000,000 |
Unrealized Losses Caused By Change In Market Interest Rates | 89,000 | |
Other-than-temporary impairment losses related to investments | $ 0 | $ 0 |
Balance Sheet Components (Addit
Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Balance Sheet Components | |||
Restricted cash balance | $ 33,311 | $ 33,300 | $ 33,311 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule Of Cash And Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 75,497 | $ 182,348 | $ 274,274 |
Restricted cash | 33,311 | $ 33,300 | 33,311 |
Total cash, cash equivalents and restricted cash | $ 108,808 | $ 307,585 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 20,731 | $ 18,114 |
Work in process | 9,434 | 6,054 |
Finished goods | 23,524 | 15,017 |
Total inventories | $ 53,689 | $ 39,185 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued inventory | $ 9,904 | $ 4,808 |
Accrued research and development expenses | 1,113 | 574 |
Accrued professional services | 1,745 | 1,269 |
Accrued rebate | 3,737 | 3,121 |
Other | 6,762 | 4,017 |
Total accrued expenses and other current liabilities | $ 23,261 | $ 13,789 |
Term Loan - Schedule of Term Lo
Term Loan - Schedule of Term Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Principal of term loan | $ 30,000 | $ 30,000 |
Unamortized debt discount | (194) | (238) |
Term loan, current and noncurrent | 29,806 | 29,762 |
Less: term loan, current | (1,000) | 0 |
Total term loan, noncurrent | $ 28,806 | $ 29,762 |
Term Loan - Additional Informat
Term Loan - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 02, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Principal of term loan | $ 30,000 | $ 30,000 | |
Debt discount on Perceptive Term Loan | $ 194 | $ 238 | |
SVB Term Loan | |||
Debt Instrument [Line Items] | |||
Principal of term loan | $ 30,000 | ||
Loan maturity date | Nov. 01, 2025 | ||
Description of payment terms | Payments under the SVB Term Loan are for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity. | ||
Debt instrument interest only payments end date | 2023-05 | ||
Debt instrument principal repayment period | 30 months | ||
Debt interest rate | 5.25% | ||
SVB Term Loan | Prime Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Earned units vesting percentage | 50% | |||||
Stock-based compensation expense | $ 7,414 | $ 3,937 | $ 12,420 | $ 9,789 | ||
Stock Option | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock options, description | 25% quarterly over the course of the second year, and 50% quarterly over the course of the third year, or (ii) 33% on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining two years. Prior to February 2022, RSUs with a service-based vesting condition granted to a grantee generally vest at a rate of 25% on the first anniversary of the original vesting date | |||||
RSUs | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Percentage of restricted stock issued to CEO | 50% | |||||
Percentage of restricted stock issued to other executive officers | 80% | |||||
Earned units vesting percentage | 25% | |||||
PSUs | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Percentage of restricted stock issued to CEO | 50% | |||||
Percentage of restricted stock issued to other executive officers | 20% | |||||
2020 Equity Incentive Plan | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Common stock shares reserved for issuance | 5,022,000 | 5,022,000 | 1,890,000 | |||
Employees Share Purchase Plan (ESPP) | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Common stock shares reserved for issuance | 1,416,000 | 1,416,000 | 472,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | $ 7,414 | $ 3,937 | $ 12,420 | $ 9,789 |
Cost of Revenue | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 190 | 62 | 283 | 137 |
Research and Development | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 1,808 | 643 | 2,966 | 1,808 |
Sales and Marketing | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 2,864 | 1,052 | 4,570 | 2,794 |
General and Administrative | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | $ 2,552 | $ 2,180 | $ 4,601 | $ 5,050 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 4,608 | 5,216 | 4,608 | 5,216 |
Stock Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 2,900 | 4,653 | 2,900 | 4,653 |
Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 1,513 | 473 | 1,513 | 473 |
Warrant to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 63 | 63 | 63 | 63 |
Shares Committed under ESPP | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 101 | 27 | 101 | 27 |
Performance Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 31 | 31 |