Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Personalis, Inc. | |
Entity Central Index Key | 0001527753 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 43,908,379 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38943 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-5411038 | |
Entity Address, Address Line One | 1330 O’Brien Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 752-1300 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 | |
Trading Symbol | PSNL | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 137,089 | $ 68,525 |
Short-term investments | 216,340 | 134,765 |
Accounts receivable, net | 8,053 | 6,349 |
Inventory and other deferred costs | 5,579 | 5,639 |
Prepaid expenses and other current assets | 5,607 | 5,441 |
Total current assets | 372,668 | 220,719 |
Property and equipment, net | 11,152 | 11,834 |
Operating lease right-of-use assets | 9,899 | 10,271 |
Other long-term assets | 1,787 | 2,018 |
Total assets | 395,506 | 244,842 |
Current liabilities | ||
Accounts payable | 6,522 | 8,301 |
Accrued and other current liabilities | 13,805 | 11,301 |
Contract liabilities | 18,237 | 21,034 |
Total current liabilities | 38,564 | 40,636 |
Long-term operating lease liabilities | 8,162 | 8,541 |
Other long-term liabilities | 360 | 720 |
Total liabilities | 47,086 | 49,897 |
Commitments and Contingencies (Note 8) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value — 200,000,000 shares authorized; 43,798,661 and 39,105,548 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 4 | 4 |
Additional paid-in capital | 542,694 | 376,788 |
Accumulated other comprehensive income (loss) | (5) | 22 |
Accumulated deficit | (194,273) | (181,869) |
Total stockholders’ equity | 348,420 | 194,945 |
Total liabilities and stockholders’ equity | $ 395,506 | $ 244,842 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 43,798,661 | 39,105,548 |
Common stock, shares, outstanding | 43,798,661 | 39,105,548 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 20,881 | $ 19,161 |
Costs and expenses | ||
Costs of revenues | 13,454 | 15,122 |
Research and development | 9,496 | 6,390 |
Selling, general and administrative | 10,421 | 7,274 |
Total costs and expenses | 33,371 | 28,786 |
Loss from operations | (12,490) | (9,625) |
Interest income | 95 | 510 |
Interest expense | (2) | |
Other income (expense), net | (12) | 8 |
Loss before income taxes | (12,407) | (9,109) |
Provision for (benefit from) income taxes | (3) | 30 |
Net loss | $ (12,404) | $ (9,139) |
Net loss per share, basic and diluted | $ (0.29) | $ (0.29) |
Weighted-average shares outstanding, basic and diluted | 42,265,596 | 31,345,029 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (12,404) | $ (9,139) |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustment | 2 | (5) |
Change in unrealized gain (loss) on available-for-sale debt securities | (29) | 84 |
Comprehensive loss | $ (12,431) | $ (9,060) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 106,690 | $ 3 | $ 247,282 | $ (6) | $ (140,589) |
Beginning balance, shares at Dec. 31, 2019 | 31,243,029 | ||||
Proceeds from exercise of stock options | 323 | 323 | |||
Proceeds from exercise of stock options, shares | 277,415 | ||||
Restricted stock units vested, shares | 9,999 | ||||
Stock-based compensation | 1,249 | 1,249 | |||
Foreign currency translation adjustment | (5) | (5) | |||
Change in unrealized gain (loss) on available-for-sale debt securities | 84 | 84 | |||
Net loss | (9,139) | (9,139) | |||
Ending balance at Mar. 31, 2020 | 99,202 | $ 3 | 248,854 | 73 | (149,728) |
Ending balance, shares at Mar. 31, 2020 | 31,530,443 | ||||
Beginning balance at Dec. 31, 2020 | 194,945 | $ 4 | 376,788 | 22 | (181,869) |
Beginning balance, shares at Dec. 31, 2020 | 39,105,548 | ||||
Proceeds from follow-on equity offering, net of offering costs | 161,916 | 161,916 | |||
Proceeds from follow-on equity offering, net of offering costs, shares | 4,542,500 | ||||
Proceeds from exercise of stock options | 933 | 933 | |||
Proceeds from exercise of stock options, shares | 114,026 | ||||
Restricted stock units vested, shares | 36,587 | ||||
Stock-based compensation | 3,057 | 3,057 | |||
Foreign currency translation adjustment | 2 | 2 | |||
Change in unrealized gain (loss) on available-for-sale debt securities | (29) | (29) | |||
Net loss | (12,404) | (12,404) | |||
Ending balance at Mar. 31, 2021 | $ 348,420 | $ 4 | $ 542,694 | $ (5) | $ (194,273) |
Ending balance, shares at Mar. 31, 2021 | 43,798,661 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (12,404) | $ (9,139) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 3,057 | 1,249 |
Depreciation and amortization | 1,523 | 1,396 |
Noncash operating lease cost | 372 | 315 |
Amortization of premium (discount) on short-term investments | 496 | (44) |
Other | 7 | (20) |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,703) | (2,208) |
Inventory and other deferred costs | 61 | (1,832) |
Prepaid expenses and other assets | 63 | 178 |
Accounts payable | (2,175) | 2,385 |
Accrued and other current liabilities | 2,471 | 983 |
Contract liabilities | (2,797) | (1,569) |
Operating lease liabilities | (354) | (337) |
Other long-term liabilities | (360) | |
Net cash used in operating activities | (11,743) | (8,643) |
Cash flows from investing activities: | ||
Purchases of available-for-sale debt securities | (114,056) | (27,242) |
Proceeds from maturities of available-for-sale debt securities | 26,892 | 27,283 |
Proceeds from sales of available-for-sale debt securities | 5,059 | |
Purchases of property and equipment | (439) | (76) |
Net cash used in investing activities | (82,544) | (35) |
Cash flows from financing activities: | ||
Proceeds from public offerings, net of underwriting discounts and commissions | 162,258 | |
Payments of costs related to public offerings | (342) | |
Proceeds from exercise of equity awards | 933 | 323 |
Net cash provided by financing activities | 162,849 | 323 |
Effect of exchange rates on cash flows and cash equivalents | 2 | 3 |
Net change in cash and cash equivalents | 68,564 | (8,352) |
Cash and cash equivalents, beginning of period | 68,525 | 55,046 |
Cash and cash equivalents, end of period | $ 137,089 | $ 46,694 |
Company and Nature of Business
Company and Nature of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company and Nature of Business | Note 1. Company and Nature of Business Personalis, Inc. (the “Company”) was incorporated in Delaware on February 21, 2011 and began operations in September 2011. The Company formed a wholly owned subsidiary, Personalis (UK) Ltd., in August 2013 and a wholly owned subsidiary, Shanghai Personalis Biotechnology Co., Ltd., which is referred to as “Personalis (Shanghai) Ltd” herein, in October 2020. The Company is a growing cancer genomics company transforming the development of next-generation therapies by providing more comprehensive molecular data about each patient’s cancer and immune response. The Company provides sequencing and data analysis services to support the development of cancer therapies. The Company also provides sequencing and data analysis services to support population sequencing initiatives, which accounts for the majority of revenues. Cancer genomic services are sold primarily to pharmaceutical companies, biopharmaceutical companies, universities, non-profits, and government entities, while services for population sequencing initiatives are sold primarily to government entities. The principal markets for the Company’s services are the United States and Europe. In June 2020, the Company began partnering with a clinical genomics and life sciences company headquartered in China to expand business operations into China. The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including investments in product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of equity securities and cash from operations . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The condensed consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2021. The Company began presenting “Operating lease liabilities” separately in the condensed consolidated statements of cash flows beginning in the second quarter of 2020. Amounts reported in the condensed consolidated statements of cash flows for the three months ended March 31, 2020 were reclassified to conform to the current presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates include, but are not limited to, useful lives assigned to long-lived assets, the valuation of stock options, the valuation of stock-based awards, and provisions for income taxes and contingencies. Actual results could differ from these estimates, and such differences could be material to the Company’s condensed consolidated financial position and results of operations. Follow-On Equity Offerings On August 14, 2020, the Company completed a follow-on equity offering in which it issued and sold 6,578,947 shares of its common stock at a public offering price of $19.00 per share. The Company received net proceeds of $117.5 million after deducting underwriting discounts and commissions. The Company also incurred $0.4 million of offering costs, including legal, accounting, printing and other offering-related costs. On January 29, 2021, the Company completed a follow-on equity offering in which it issued and sold 3,950,000 shares of its common stock at a public offering price of $38.00 per share. The Company received net proceeds of $141.1 million after deducting underwriting discounts and commissions. The underwriters of the offering exercised their option to purchase an additional 592,500 shares shortly thereafter, resulting in additional net proceeds of $21.2 million after deducting underwriting discounts and commissions. The Company also incurred $0.3 million of offering costs, including legal, accounting, printing and other offering-related costs. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment ‑ ‑ The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company maintains an allowance for doubtful accounts, which was $0.1 Significant customers are those that represent more than 10% of the Company’s total revenues in each period or accounts receivable balance at each respective balance sheet date. For each significant customer, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows: Revenues Accounts Receivable Three Months Ended March 31, March 31, 2021 December 31, 2020 2021 2020 VA MVP 63% 77% * * Pfizer Inc. 12% * 29% * Merck & Co., Inc. * * 28% 59% * Less than 10% of revenues or accounts receivable Revenue Recognition The Company applies the revenue recognition guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Revenue Recognition The revenue guidance provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of Topic 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. At contract inception, once a contract is determined to be within the scope of the new revenue standard, the Company assesses whether individual goods or services promised within each contract are distinct and, therefore, represent separate performance obligations. The Company derives revenues from sequencing and data analysis services to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies, as well as to support population sequencing initiatives. The Company’s contracts are in the form of a combination of signed agreements, statements of work, and/or purchase orders. Under Topic 606, the Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it will be entitled. The sequencing and data analysis services are the only distinct services that meet the definition of a performance obligation and are accounted for as one performance obligation under Topic 606. The Company recognizes revenue from such services at the point in time when control of the test results is transferred to the customer. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. Sequencing and data analysis services are based on a fixed price per test. Payment terms and conditions vary by contract and customer. The Company’s standard payment terms are less than 90 days from the invoice date. In instances where the timing of the Company’s revenue recognition differs from the timing of its invoicing, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised services to the customer will be one year or less. After assessing each of its revenue-generating arrangements to determine whether a significant financing component exists, the Company concluded that a significant financing component does not exist in any of its arrangements. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s services and to provide payment protection for the Company. Practical Expedients and Exemptions As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general and administrative expenses in the condensed consolidated statements of operations. Costs of Revenues Costs of revenues consist of raw materials costs, personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation), laboratory supplies and consumables, depreciation and maintenance on equipment, and allocated facilities and information technology (“IT”) costs. Research and Development Expenses The Company charges research and development costs to expenses as incurred, including lab and automation development costs. The expenses primarily consist of personnel costs (salaries, bonuses, stock-based compensation, payroll taxes, and benefits), laboratory supplies and consumables, costs of purchasing samples for research purposes, depreciation and maintenance on equipment, and allocated facilities and IT costs. Stock-Based Compensation For options granted to employees, non-employees, and directors, stock-based compensation is measured at grant date based on the fair value of the award. The Company determines the grant-date fair value of options using the Black-Scholes option-pricing model, except for certain performance-based awards for which an alternative valuation method may be used. The Company determines the fair value of restricted stock unit awards using the closing market price of the Company’s common stock on the date of grant. The grant-date fair value of awards is amortized over the employees’ requisite service period on a straight-line basis, or the non-employees’ vesting period as the goods are received or services rendered. Forfeitures are accounted for as they occur. Additionally, the Company’s 2019 Employee Stock Purchase Plan (the “ESPP”) is deemed to be a compensatory plan and therefore is included in stock-based compensation expense. Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows: Expected Term. The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the times from grant until the midpoints for each of the tranches may be averaged to provide an overall expected term. Expected Volatility. The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have sufficient trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities at the time of purchase of three months or less. Cash equivalents include bank demand deposits and money market accounts that invest primarily in cash, U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. Cash equivalents also include commercial paper and U.S. agency bonds, which are marketable debt securities recorded at fair value and accounted for in the same manner as other marketable debt securities described below. Short-term Investments The Company’s investments in marketable debt securities are classified as available-for-sale and recorded at fair value. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Short-term investments primarily consist of U.S. agency bonds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasuries. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Any discount or premium arising at purchase is accreted or amortized to interest income or expense. Realized gains and losses and declines in fair value, if any, judged to be other than temporary are reported in other income (expense), net. When securities are sold, any associated unrealized gain or loss initially recorded as a separate component of stockholders’ equity is reclassified out of stockholders’ equity on a specific-identification basis and recorded in earnings for the period. The Company periodically evaluates whether declines in fair values of its investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. Fair Value Measurements Financial assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets and liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in markets that are not active. • Observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals). • Inputs that are derived principally from or are corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs for the assets or liabilities (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Inventory and Other Deferred Costs Inventory, consisting of supplies used in the Company’s genomic analysis contracts, are valued at the lower of cost or net realizable value. Cost is determined using actual costs, on a first-in, first-out basis. Other deferred costs relate to work in process for costs incurred on genomic analysis contracts that have not been completed or recognized as revenues. Other deferred costs represent materials used in sequencing services, labor, and overhead allocations. Leases The Company categorizes leases with contractual terms longer than twelve months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. As of March 31, 2021, the Company had no finance leases. Certain lease contracts include obligations to pay for other services, such as maintenance. The Company elected to account for these other services as a component of the lease (i.e., the Company elected the practical expedient not to separate lease and non-lease components). Lease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives, using a discount rate based on the Company’s current borrowing rate at the lease commencement date, adjusted for various factors including level of collateralization and term (the “incremental borrowing rate”), unless the rate implicit in the lease is readily determinable. The current portion of lease liabilities is included in “Accrued and other current liabilities.” Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the leases or lease prepayments reclassified from “Other long-term assets” upon lease commencement. Lease assets are presented as “Operating lease right-of-use assets” as a long-term asset. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from leases with a term of 12 months or less. Lease payments are recognized as an expense on a straight-line basis over the lease term. Recent Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The accounting update also made minor changes to the impairment model for available-for-sale debt securities. In November 2019, the FASB delayed the effective date for Topic 326 as applicable to smaller reporting companies to the first quarter of 2023. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. The Company will apply the new guidance by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. JOBS Act Accounting Election The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards, and therefore, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | Note 3. Revenues The following table presents revenues disaggregated by customer type (in thousands): Three Months Ended March 31, 2021 2020 VA MVP $ 13,210 $ 14,756 All other customers 7,671 4,405 Total $ 20,881 $ 19,161 Revenues from countries outside of the United States, based on the billing addresses of customers, represented approximately 8% and 9% of the Company’s revenues for the three months ended March 31, 2021 and 2020, respectively. Contract Assets and Liabilities Contract assets as of March 31, 2021 and December 31, 2020 were immaterial. The Company’s contract liabilities consist of customer deposits in excess of revenues recognized and are presented as current liabilities in the condensed consolidated balance sheets. The balance of contract liabilities was $18.2 million and $21.0 million as of March 31, 2021 and December 31, 2020, respectively. Revenues recognized for the three months ended March 31, 2021 and 2020 that were included in the contract liability balance at the beginning of each reporting period were $9.5 million and $10.7 million, respectively. Revenues allocated to remaining performance obligations represent contracted revenues that have not yet been recognized (“contracted not recognized revenues”), which include VA MVP contract liabilities and amounts that will be invoiced and recognized as revenues in future periods. Contracted not recognized revenues were $30.3 million as of March 31, 2021, the substantial majority of which is expected to be recognized as revenues within the next two quarters |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Details | Note 4. Balance Sheet Details Inventory and other deferred costs consist of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 2,028 $ 2,675 Other deferred costs 3,551 2,964 Total inventory and other deferred costs $ 5,579 $ 5,639 Property and equipment. Depreciation and amortization expense for the three months ended March 31, 2021 and 2020 was $1.5 million and $1.4 million, respectively. Accumulated depreciation and amortization was $15.2 million and $14.5 million as of March 31, 2021 and December 31, 2020, respectively. Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Accrued compensation $ 9,580 $ 8,041 Operating lease liabilities 2,469 2,445 Employee ESPP contributions 990 407 Accrued liabilities 665 313 Accrued taxes 101 95 Total accrued and other current liabilities $ 13,805 $ 11,301 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 8,688 $ — $ — $ 8,688 Money market funds 96,669 — — 96,669 Level 1 Commercial paper 31,734 — (2 ) 31,732 Level 2 Total cash and cash equivalents 137,091 — (2 ) 137,089 Short-term investments: Asset-backed securities 18,380 — (7 ) 18,373 Level 2 Commercial paper 92,808 — (4 ) 92,804 Level 2 Corporate debt securities 42,441 — (21 ) 42,420 Level 2 U.S. agency securities 44,540 20 — 44,560 Level 2 U.S. government securities 18,176 7 — 18,183 Level 2 Total short-term investments 216,345 27 (32 ) 216,340 Total assets measured at fair value $ 353,436 $ 27 $ (34 ) $ 353,429 December 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 4,767 $ — $ — $ 4,767 Money market funds 22,614 — — 22,614 Level 1 Commercial paper 41,145 — (1 ) 41,144 Level 2 Total cash and cash equivalents 68,526 — (1 ) 68,525 Short-term investments: Commercial paper 25,470 — — 25,470 Level 2 Corporate debt securities 29,576 — (8 ) 29,568 Level 2 U.S. agency securities 61,436 31 (1 ) 61,466 Level 2 U.S. government securities 18,260 1 — 18,261 Level 2 Total short-term investments 134,742 32 (9 ) 134,765 Total assets measured at fair value $ 203,268 $ 32 $ (10 ) $ 203,290 Realized gains or losses on marketable securities are immaterial for the periods presented. No security has been in an unrealized loss position for 12 months or greater. The Company determined that it did have the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. As of March 31, 2021, the Company does not consider any of its marketable debt securities to be other-than-temporarily impaired. The Company’s marketable debt securities at March 31, 2021 have maturities due in one year or less, except for debt securities with an aggregate cost basis and fair value of $21.7 million that have maturities ranging from 13 to 20 months. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 6. Leases In February 2015, the Company entered into a noncancelable operating lease for approximately 31,280 square feet of space used for its current laboratory and corporate headquarters. In April 2020, the Company extended the term of the lease through November 30, 2027. The lease includes an option to extend the term for a period of three years with rent payments equal to then current fair market rental for the space. The Company determined the extension option is not reasonably certain to be exercised. The lease contains a leasehold improvement incentive and escalating rent payments. In August 2019, the Company entered into a noncancelable operating lease for a co-located data center space. The lease expires on August 31, 2022 and includes an option to extend the term for a period of three years immediately following the expiration of the term with rent payments to be negotiated upon such a renewal. The Company determined the extension option is not reasonably certain to be exercised. In April 2020, the lease was modified to increase the data center space available for the Company’s use for the remainder of the lease term. Operating lease cost for the three months ended March 31, 2021 and 2020 was $0.7 million and $0.3 million, respectively. As of March 31, 2021, the Company’s operating leases had a weighted-average remaining lease term of 6.2 years and a weighted-average discount rate of 10.8%. The Company’s discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of March 31, 2021 were as follows (in thousands): Amount 2021 (remaining nine months) $ 1,924 2022 2,194 2023 2,046 2024 2,113 2025 2,181 2026 and thereafter 4,378 Total future minimum lease payments 14,836 Less: imputed interest (4,205 ) Present value of future minimum lease payments 10,631 Less: current portion of operating lease liability (2,469 ) Long-term operating lease liabilities $ 8,162 Cash paid for operating lease liabilities, included in cash flow s from operating activities in the condensed consolidated statement of cash flows, for the three months ended March 31, 2021 and 2020 , was $ 0.6 million and $ 0.4 million, respectively . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation 2011 Equity Incentive Plan In 2011, the Company’s board of directors established its 2011 Equity Incentive Plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company. Under the 2011 Plan, the Company had the ability to issue incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, and restricted stock unit awards (“RSUs”). Options under the 2011 Plan could be granted for periods of up to 10 years. The ISOs could be granted at a price per share not less than the fair value at the date of grant. 2019 Equity Incentive Plan The Company’s board of directors adopted and the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) in May 2019 and June 2019, respectively. The 2019 Plan became effective in June 2019 in connection with the Company’s Initial Public Offering (“IPO”), and no further grants will be made under the 2011 Plan. Shares reserved and remaining available for issuance under the 2011 Plan were added to the 2019 Plan reserve upon its effectiveness. The 2019 Plan provides for the grant of ISOs, NSOs, stock appreciation rights, restricted stock awards, RSUs, performance-based stock awards, and other forms of equity compensation. Additionally, the 2019 Plan provides for the grant of performance cash awards. ISOs may be granted only to the Company’s employees and to any of the Company’s parent or subsidiary corporation’s employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants of the Company and any of the Company’s affiliates. The exercise price of a stock option generally cannot be less than 100% of the fair market value of the Company’s common stock on the date of grant. Options under the 2019 Plan may be granted for periods of up to 10 years. 2020 Inducement Plan The Compensation Committee of the Company’s board of directors adopted the 2020 Inducement Plan (the “Inducement Plan”) in May 2020, which became effective upon adoption. The Inducement Plan was adopted without stockholder approval, as permitted by the Nasdaq Stock Market listing rules (the “Nasdaq Listing Rules”). The Inducement Plan provides for the grant of equity-based awards, including NSOs, stock appreciation rights, restricted stock awards, RSUs, performance-based stock awards, and other forms of equity compensation, and its terms are substantially similar to the stockholder-approved 2019 Plan. In accordance with relevant Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals entry into employment with the Company. 2019 Employee Stock Purchase Plan The Company’s board of directors adopted and the Company’s stockholders approved the ESPP in May 2019 and June 2019, respectively. Subject to any plan limitations, the ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15 of their earnings for the purchase of the Company’s common stock at a discounted price per share. The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of the Company’s common stock on the first or last day of the offering period, whichever is lower. The ESPP provides for separate six-month offering periods beginning on May 1 and November 1 of each year. Shares of common stock available for issuance under the Company’s equity incentive plans as of March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Reserved for issuance upon exercise of options outstanding under the 2011 Plan 3,316,960 3,389,711 Reserved for issuance upon exercise or settlement of awards outstanding under the 2019 Plan 2,424,466 2,399,513 Reserved and available for issuance under the 2019 Plan 3,829,531 1,977,069 Reserved for issuance upon exercise or settlement of awards outstanding under the Inducement Plan 199,300 199,300 Reserved and available for issuance under the Inducement Plan 800,700 800,700 Reserved and available for issuance under the ESPP 711,637 320,582 Total number of shares reserved 11,282,594 9,086,875 Stock Option Activity A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) under the 2011 Plan, 2019 Plan, and Inducement Plan for the three months ended March 31, 2021 is as follows: Outstanding Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2020 4,948,306 $ 7.10 6.71 $ 146,044 Options granted 55,469 46.45 Options exercised (114,026 ) 8.19 Options cancelled (9,021 ) 11.33 Balance—March 31, 2021 4,880,728 $ 7.51 6.50 $ 85,452 Options vested and exercisable as of March 31, 2021 3,022,076 $ 4.36 5.18 $ 61,193 Options granted to new hires generally vest over a four-year four-year The aggregate intrinsic value of unexercised stock options is calculated as the difference between the closing price of the Company’s common stock of $24.61 on March 31, 2021 and the exercise prices of the underlying stock options. Out-of-the money stock options are excluded from the aggregate intrinsic value. The weighted-average grant date fair value of options granted was $28.21 and $3.46 per share for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the unrecognized stock-based compensation cost of unvested options was $13.4 million, which is expected to be recognized over a weighted-average period of 2.2 years. Valuation of Stock Options The Company estimated the fair value of stock options (excluding performance-based stock options discussed below) using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2021 2020 Expected term (in years) 6.00 - 6.08 5.77 - 6.08 Volatility 68.06 - 69.27% 61.74 - 64.13% Risk-free interest rate 0.62 - 1.06% 0.58 - 1.66% Dividend yield –% –% Performance-Based Stock Option Activity Pursuant to the 2019 Plan, in March 2020, the Company’s board of directors granted the Company’s Chief Executive Officer a performance-based stock option (“PSO”) to purchase 421,000 shares of common stock. The PSO was subject to the Chief Executive Officer’s continued service to the Company through the date of vesting and, if the performance condition is not met within 10 years from the date of grant, the PSO would be canceled. The shares subject to the PSO would vest in full if the Company’s average market capitalization is equal to or greater than $1 billion over a 30 calendar day period. Upon a change in control, the vesting of the shares subject to the PSO would accelerate on a pro rata basis based on the price per share in such change in control transaction multiplied by the price per share at such time divided by $1 billion, with up to 100% of the shares eligible for such accelerated vesting. During the last quarter of 2020, the Company’s average market capitalization was equal to or greater than $1 billion over a 30 calendar day period and the PSO vested in full. A summary of the Company’s performance-based stock option activity under the 2019 Plan for the three months ended March 31, 2021 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2020 421,000 $ 5.10 9.21 $ 13,266 Options granted — Options exercised — Options cancelled — Balance—March 31, 2021 421,000 $ 5.10 8.96 $ 8,214 Options vested and exercisable as of March 31, 2021 421,000 $ 5.10 8.96 $ 8,214 The aggregate intrinsic value of unexercised stock options is calculated as the difference between the closing price of the Company’s common stock of $24.61 on March 31, 2021 and the exercise price of the underlying stock options. As of March 31, 2021, there is no remaining unrecognized stock-based compensation cost. Valuation of Performance-Based Stock Options The Company estimated the fair value of the PSO using a Monte Carlo Model and the following assumptions and estimates: 2020 Performance period (in years) 10.00 Derived service period (in years) 4.55 Volatility 63.60% Risk-free interest rate 1.02% Dividend yield –% Estimated fair value per share $ 3.31 Restricted Stock Units Activity and Valuation A summary of the Company’s RSU activity under the 2019 Plan and Inducement Plan for the three months ended March 31, 2021 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Shares Weighted- Average Grant Date Fair Value Aggregate Fair Value Balance—December 31, 2020 619,218 $ 10.41 $ 22,670 RSUs granted 58,110 45.81 RSUs vested (36,587 ) 6.60 1,097 RSUs cancelled (1,743 ) 11.22 Balance—March 31, 2021 638,998 $ 13.85 $ 15,726 The Company granted RSUs to employees to receive shares of the Company’s common stock. The RSUs awarded are subject to each individual’s continued service to the Company through each applicable vesting date. RSUs granted to new hires generally vest annually over a four-year three-year three-year The aggregate fair value of unvested RSUs is calculated using the closing price of the Company’s common stock of $24.61 on March 31, 2021. As of March 31, 2021, the unrecognized stock-based compensation cost of unvested RSUs was $7.9 million, which is expected to be recognized over a weighted-average period of 2.6 years. The Company's default tax withholding method for RSUs is the sell-to-cover method, in which shares with a market value equivalent to the tax withholding obligation are sold on behalf of the holder of the RSUs upon vesting and settlement to cover the tax withholding liability and the cash proceeds from such sales are remitted by the Company to taxing authorities. ESPP Activity and Valuation During the three months ended March 31, 2021 and 2020, no shares of common stock were purchased under the ESPP. Additionally, no grants for stock purchase rights were made during either period. Stock Option Modifications During March 2021, the Company’s board of directors approved modifications to the outstanding stock options of two of the Company’s non-employee directors. The modifications involved acceleration of unvested options and an extension of the exercise periods. The modifications resulted in incremental compensation cost of $1.2 million, of which $0.6 million was recognized in the three months ended March 31, 2021. Stock-Based Compensation Expense The following is a summary of stock-based compensation expense by award type (in thousands): Three Months Ended March 31, 2021 2020 Stock options $ 2,178 $ 1,003 Performance-based stock options — 13 RSUs 644 113 ESPP 235 120 Total stock-based compensation expense $ 3,057 $ 1,249 The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended March 31, 2021 2020 Costs of revenues $ 288 $ 143 Research and development 728 259 Selling, general and administrative 2,041 847 Total stock-based compensation expense $ 3,057 $ 1,249 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 . Commitments and Contingencies Contingencies The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the condensed consolidated financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s consolidated results of operations in a given period. As of March 31, 2021, the Company was not involved in any material legal proceedings. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Common Share | Note 9. Basic and Diluted Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding in-the-money stock options and common stock warrants, assumed release of outstanding RSUs, and assumed issuance of common stock under the ESPP using the treasury stock method. The following table sets forth the computation of net loss per common share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Net loss $ (12,404 ) $ (9,139 ) Weighted-average common shares outstanding—basic and diluted 42,265,596 31,345,029 Net loss per common share—basic and diluted $ (0.29 ) $ (0.29 ) The Company incurred net losses during the three months ended March 31, 2021 and 2020, and as a result, potential common shares from stock options, common stock warrants, RSUs, and the assumed release of outstanding shares under the ESPP were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Three Months Ended March 31, 2021 2020 Common stock warrants — 127,598 Options to purchase common stock 5,301,728 5,456,890 Unvested RSUs 638,998 407,101 ESPP 57,546 70,420 Total 5,998,272 6,062,009 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The condensed consolidated financial statements include the accounts of Personalis, Inc. and its wholly owned subsidiaries, Personalis (UK) Ltd. and Personalis (Shanghai) Ltd. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2021. The Company began presenting “Operating lease liabilities” separately in the condensed consolidated statements of cash flows beginning in the second quarter of 2020. Amounts reported in the condensed consolidated statements of cash flows for the three months ended March 31, 2020 were reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates include, but are not limited to, useful lives assigned to long-lived assets, the valuation of stock options, the valuation of stock-based awards, and provisions for income taxes and contingencies. Actual results could differ from these estimates, and such differences could be material to the Company’s condensed consolidated financial position and results of operations. |
Follow-On Equity Offerings | Follow-On Equity Offerings On August 14, 2020, the Company completed a follow-on equity offering in which it issued and sold 6,578,947 shares of its common stock at a public offering price of $19.00 per share. The Company received net proceeds of $117.5 million after deducting underwriting discounts and commissions. The Company also incurred $0.4 million of offering costs, including legal, accounting, printing and other offering-related costs. On January 29, 2021, the Company completed a follow-on equity offering in which it issued and sold 3,950,000 shares of its common stock at a public offering price of $38.00 per share. The Company received net proceeds of $141.1 million after deducting underwriting discounts and commissions. The underwriters of the offering exercised their option to purchase an additional 592,500 shares shortly thereafter, resulting in additional net proceeds of $21.2 million after deducting underwriting discounts and commissions. The Company also incurred $0.3 million of offering costs, including legal, accounting, printing and other offering-related costs. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to credit risk from its portfolio of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with high-quality financial institutions. Deposits at these institutions may, at times, exceed federally insured limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company also invests in investment ‑ ‑ The Company purchases various reagents and sequencing materials from sole source suppliers. Any extended interruption in the supply of these materials could result in the Company’s inability to secure sufficient materials to conduct business and meet customer demand. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company maintains an allowance for doubtful accounts, which was $0.1 Significant customers are those that represent more than 10% of the Company’s total revenues in each period or accounts receivable balance at each respective balance sheet date. For each significant customer, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows: Revenues Accounts Receivable Three Months Ended March 31, March 31, 2021 December 31, 2020 2021 2020 VA MVP 63% 77% * * Pfizer Inc. 12% * 29% * Merck & Co., Inc. * * 28% 59% * Less than 10% of revenues or accounts receivable |
Revenue Recognition | Revenue Recognition The Company applies the revenue recognition guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Revenue Recognition The revenue guidance provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of Topic 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. At contract inception, once a contract is determined to be within the scope of the new revenue standard, the Company assesses whether individual goods or services promised within each contract are distinct and, therefore, represent separate performance obligations. The Company derives revenues from sequencing and data analysis services to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies, as well as to support population sequencing initiatives. The Company’s contracts are in the form of a combination of signed agreements, statements of work, and/or purchase orders. Under Topic 606, the Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it will be entitled. The sequencing and data analysis services are the only distinct services that meet the definition of a performance obligation and are accounted for as one performance obligation under Topic 606. The Company recognizes revenue from such services at the point in time when control of the test results is transferred to the customer. The Company has elected to exclude all sales and value added taxes from the measurement of the transaction price. Sequencing and data analysis services are based on a fixed price per test. Payment terms and conditions vary by contract and customer. The Company’s standard payment terms are less than 90 days from the invoice date. In instances where the timing of the Company’s revenue recognition differs from the timing of its invoicing, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised services to the customer will be one year or less. After assessing each of its revenue-generating arrangements to determine whether a significant financing component exists, the Company concluded that a significant financing component does not exist in any of its arrangements. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s services and to provide payment protection for the Company. Practical Expedients and Exemptions As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general and administrative expenses in the condensed consolidated statements of operations. |
Costs of Revenues | Costs of Revenues Costs of revenues consist of raw materials costs, personnel costs (salaries, bonuses, benefits, payroll taxes, and stock-based compensation), laboratory supplies and consumables, depreciation and maintenance on equipment, and allocated facilities and information technology (“IT”) costs. |
Research and Development Expenses | Research and Development Expenses The Company charges research and development costs to expenses as incurred, including lab and automation development costs. The expenses primarily consist of personnel costs (salaries, bonuses, stock-based compensation, payroll taxes, and benefits), laboratory supplies and consumables, costs of purchasing samples for research purposes, depreciation and maintenance on equipment, and allocated facilities and IT costs. |
Stock-Based Compensation | Stock-Based Compensation For options granted to employees, non-employees, and directors, stock-based compensation is measured at grant date based on the fair value of the award. The Company determines the grant-date fair value of options using the Black-Scholes option-pricing model, except for certain performance-based awards for which an alternative valuation method may be used. The Company determines the fair value of restricted stock unit awards using the closing market price of the Company’s common stock on the date of grant. The grant-date fair value of awards is amortized over the employees’ requisite service period on a straight-line basis, or the non-employees’ vesting period as the goods are received or services rendered. Forfeitures are accounted for as they occur. Additionally, the Company’s 2019 Employee Stock Purchase Plan (the “ESPP”) is deemed to be a compensatory plan and therefore is included in stock-based compensation expense. Inputs used in Black-Scholes option-pricing models to measure fair value of options are summarized as follows: Expected Term. The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the times from grant until the midpoints for each of the tranches may be averaged to provide an overall expected term. Expected Volatility. The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have sufficient trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities at the time of purchase of three months or less. Cash equivalents include bank demand deposits and money market accounts that invest primarily in cash, U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. Cash equivalents also include commercial paper and U.S. agency bonds, which are marketable debt securities recorded at fair value and accounted for in the same manner as other marketable debt securities described below. |
Short-term Investments | Short-term Investments The Company’s investments in marketable debt securities are classified as available-for-sale and recorded at fair value. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Short-term investments primarily consist of U.S. agency bonds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasuries. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Any discount or premium arising at purchase is accreted or amortized to interest income or expense. Realized gains and losses and declines in fair value, if any, judged to be other than temporary are reported in other income (expense), net. When securities are sold, any associated unrealized gain or loss initially recorded as a separate component of stockholders’ equity is reclassified out of stockholders’ equity on a specific-identification basis and recorded in earnings for the period. The Company periodically evaluates whether declines in fair values of its investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and management’s strategy and intentions for holding the marketable security. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques used to measure fair value is briefly summarized as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets and liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in markets that are not active. • Observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals). • Inputs that are derived principally from or are corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs for the assets or liabilities (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. |
Inventory and Other Deferred Costs | Inventory and Other Deferred Costs Inventory, consisting of supplies used in the Company’s genomic analysis contracts, are valued at the lower of cost or net realizable value. Cost is determined using actual costs, on a first-in, first-out basis. Other deferred costs relate to work in process for costs incurred on genomic analysis contracts that have not been completed or recognized as revenues. Other deferred costs represent materials used in sequencing services, labor, and overhead allocations. |
Leases | Leases The Company categorizes leases with contractual terms longer than twelve months as either operating or finance leases. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases. As of March 31, 2021, the Company had no finance leases. Certain lease contracts include obligations to pay for other services, such as maintenance. The Company elected to account for these other services as a component of the lease (i.e., the Company elected the practical expedient not to separate lease and non-lease components). Lease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives, using a discount rate based on the Company’s current borrowing rate at the lease commencement date, adjusted for various factors including level of collateralization and term (the “incremental borrowing rate”), unless the rate implicit in the lease is readily determinable. The current portion of lease liabilities is included in “Accrued and other current liabilities.” Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the leases or lease prepayments reclassified from “Other long-term assets” upon lease commencement. Lease assets are presented as “Operating lease right-of-use assets” as a long-term asset. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from leases with a term of 12 months or less. Lease payments are recognized as an expense on a straight-line basis over the lease term. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The accounting update also made minor changes to the impairment model for available-for-sale debt securities. In November 2019, the FASB delayed the effective date for Topic 326 as applicable to smaller reporting companies to the first quarter of 2023. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. The Company will apply the new guidance by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period in which the guidance is effective. |
JOBS Act Accounting Election | JOBS Act Accounting Election The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards, and therefore, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Percentage of Revenues and Accounts Receivables from Customers | For each significant customer, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows: Revenues Accounts Receivable Three Months Ended March 31, March 31, 2021 December 31, 2020 2021 2020 VA MVP 63% 77% * * Pfizer Inc. 12% * 29% * Merck & Co., Inc. * * 28% 59% * Less than 10% of revenues or accounts receivable |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Revenues Disaggregated by Customer Type | The following table presents revenues disaggregated by customer type (in thousands): Three Months Ended March 31, 2021 2020 VA MVP $ 13,210 $ 14,756 All other customers 7,671 4,405 Total $ 20,881 $ 19,161 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory and Other Deferred Costs | Inventory and other deferred costs consist of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 2,028 $ 2,675 Other deferred costs 3,551 2,964 Total inventory and other deferred costs $ 5,579 $ 5,639 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Accrued compensation $ 9,580 $ 8,041 Operating lease liabilities 2,469 2,445 Employee ESPP contributions 990 407 Accrued liabilities 665 313 Accrued taxes 101 95 Total accrued and other current liabilities $ 13,805 $ 11,301 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements | The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 8,688 $ — $ — $ 8,688 Money market funds 96,669 — — 96,669 Level 1 Commercial paper 31,734 — (2 ) 31,732 Level 2 Total cash and cash equivalents 137,091 — (2 ) 137,089 Short-term investments: Asset-backed securities 18,380 — (7 ) 18,373 Level 2 Commercial paper 92,808 — (4 ) 92,804 Level 2 Corporate debt securities 42,441 — (21 ) 42,420 Level 2 U.S. agency securities 44,540 20 — 44,560 Level 2 U.S. government securities 18,176 7 — 18,183 Level 2 Total short-term investments 216,345 27 (32 ) 216,340 Total assets measured at fair value $ 353,436 $ 27 $ (34 ) $ 353,429 December 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Fair Value Level Assets Cash and cash equivalents: Cash $ 4,767 $ — $ — $ 4,767 Money market funds 22,614 — — 22,614 Level 1 Commercial paper 41,145 — (1 ) 41,144 Level 2 Total cash and cash equivalents 68,526 — (1 ) 68,525 Short-term investments: Commercial paper 25,470 — — 25,470 Level 2 Corporate debt securities 29,576 — (8 ) 29,568 Level 2 U.S. agency securities 61,436 31 (1 ) 61,466 Level 2 U.S. government securities 18,260 1 — 18,261 Level 2 Total short-term investments 134,742 32 (9 ) 134,765 Total assets measured at fair value $ 203,268 $ 32 $ (10 ) $ 203,290 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | As of March 31, 2021, the Company’s operating leases had a weighted-average remaining lease term of 6.2 years and a weighted-average discount rate of 10.8%. The Company’s discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the leases cannot be readily determined. Future lease payments under operating leases as of March 31, 2021 were as follows (in thousands): Amount 2021 (remaining nine months) $ 1,924 2022 2,194 2023 2,046 2024 2,113 2025 2,181 2026 and thereafter 4,378 Total future minimum lease payments 14,836 Less: imputed interest (4,205 ) Present value of future minimum lease payments 10,631 Less: current portion of operating lease liability (2,469 ) Long-term operating lease liabilities $ 8,162 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Shares of Common Stock Available for Issuance | Shares of common stock available for issuance under the Company’s equity incentive plans as of March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Reserved for issuance upon exercise of options outstanding under the 2011 Plan 3,316,960 3,389,711 Reserved for issuance upon exercise or settlement of awards outstanding under the 2019 Plan 2,424,466 2,399,513 Reserved and available for issuance under the 2019 Plan 3,829,531 1,977,069 Reserved for issuance upon exercise or settlement of awards outstanding under the Inducement Plan 199,300 199,300 Reserved and available for issuance under the Inducement Plan 800,700 800,700 Reserved and available for issuance under the ESPP 711,637 320,582 Total number of shares reserved 11,282,594 9,086,875 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) under the 2011 Plan, 2019 Plan, and Inducement Plan for the three months ended March 31, 2021 is as follows: Outstanding Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2020 4,948,306 $ 7.10 6.71 $ 146,044 Options granted 55,469 46.45 Options exercised (114,026 ) 8.19 Options cancelled (9,021 ) 11.33 Balance—March 31, 2021 4,880,728 $ 7.51 6.50 $ 85,452 Options vested and exercisable as of March 31, 2021 3,022,076 $ 4.36 5.18 $ 61,193 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2021 2020 Expected term (in years) 6.00 - 6.08 5.77 - 6.08 Volatility 68.06 - 69.27% 61.74 - 64.13% Risk-free interest rate 0.62 - 1.06% 0.58 - 1.66% Dividend yield –% –% |
Summary of Restricted Stock Units Activity | A summary of the Company’s RSU activity under the 2019 Plan and Inducement Plan for the three months ended March 31, 2021 is as follows: Unvested Restricted Stock Units (in thousands, except share and per share data) Number of Shares Weighted- Average Grant Date Fair Value Aggregate Fair Value Balance—December 31, 2020 619,218 $ 10.41 $ 22,670 RSUs granted 58,110 45.81 RSUs vested (36,587 ) 6.60 1,097 RSUs cancelled (1,743 ) 11.22 Balance—March 31, 2021 638,998 $ 13.85 $ 15,726 |
Stock Based Compensation Expense by Award Type and Function | The following is a summary of stock-based compensation expense by award type (in thousands): Three Months Ended March 31, 2021 2020 Stock options $ 2,178 $ 1,003 Performance-based stock options — 13 RSUs 644 113 ESPP 235 120 Total stock-based compensation expense $ 3,057 $ 1,249 The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended March 31, 2021 2020 Costs of revenues $ 288 $ 143 Research and development 728 259 Selling, general and administrative 2,041 847 Total stock-based compensation expense $ 3,057 $ 1,249 |
Performance-Based Stock Option | 2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | A summary of the Company’s performance-based stock option activity under the 2019 Plan for the three months ended March 31, 2021 is as follows: Outstanding Performance-Based Options (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance—December 31, 2020 421,000 $ 5.10 9.21 $ 13,266 Options granted — Options exercised — Options cancelled — Balance—March 31, 2021 421,000 $ 5.10 8.96 $ 8,214 Options vested and exercisable as of March 31, 2021 421,000 $ 5.10 8.96 $ 8,214 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The Company estimated the fair value of the PSO using a Monte Carlo Model and the following assumptions and estimates: 2020 Performance period (in years) 10.00 Derived service period (in years) 4.55 Volatility 63.60% Risk-free interest rate 1.02% Dividend yield –% Estimated fair value per share $ 3.31 |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Loss per Common Share | The following table sets forth the computation of net loss per common share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Net loss $ (12,404 ) $ (9,139 ) Weighted-average common shares outstanding—basic and diluted 42,265,596 31,345,029 Net loss per common share—basic and diluted $ (0.29 ) $ (0.29 ) |
Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share | The Company incurred net losses during the three months ended March 31, 2021 and 2020, and as a result, potential common shares from stock options, common stock warrants, RSUs, and the assumed release of outstanding shares under the ESPP were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. The following table sets forth the potentially dilutive shares excluded from the computation of diluted net loss per common share because their effect was anti-dilutive: Three Months Ended March 31, 2021 2020 Common stock warrants — 127,598 Options to purchase common stock 5,301,728 5,456,890 Unvested RSUs 638,998 407,101 ESPP 57,546 70,420 Total 5,998,272 6,062,009 |
Company and Nature of Business
Company and Nature of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Jan. 29, 2021 | Aug. 14, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for doubtful accounts | $ 100,000 | $ 100,000 | |||
Bad debt expense | $ 0 | $ 0 | |||
Dividend yield | 0.00% | 0.00% | |||
Dividends | $ 0 | ||||
Minimum | ASU 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Standard payment terms | 90 days | ||||
Maximum | ASU 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period between payment by customer and transfer of promised services | 1 year | ||||
Recognition period of incremental costs | 1 year | ||||
Follow-On Equity Offerings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of shares issued | 3,950,000 | 6,578,947 | |||
Shares issued price per share | $ 38 | $ 19 | |||
Proceeds from Issuance or Sale of Equity | $ 141,100,000 | $ 117,500,000 | |||
Offering costs incurred | $ 300,000 | $ 400,000 | |||
Underwriters | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of shares issued | 592,500 | ||||
Proceeds from Issuance or Sale of Equity | $ 21,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Details) - Customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
VA MVP | Revenue | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 63.00% | 77.00% | |
Pfizer Inc. | Revenue | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 12.00% | ||
Pfizer Inc. | Accounts Receivable | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 29.00% | ||
Merck & Co., Inc. | Accounts Receivable | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 28.00% | 59.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Percentage of Revenues and Accounts Receivables from Customers (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Receivable | Minimum | Customer | |
Summary Of Significant Accounting Policies [Line Items] | |
Concentration risk, percentage | 10.00% |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues Disaggregated by Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 20,881 | $ 19,161 |
VA MVP | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 13,210 | 14,756 |
All Other Customers | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 7,671 | $ 4,405 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Contract liabilities | $ 18.2 | $ 21 | |
Contract liability, revenue recognized | $ 9.5 | $ 10.7 | |
Customer Concentration Risk | Revenues | Maximum | Outside of United States | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 8.00% | 9.00% |
Revenues - Additional Informa_2
Revenues - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 $ in Millions | Mar. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 30.3 |
Remaining performance obligation, expected time of satisfaction | 6 months |
Maximum | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, optional exemption, remaining duration | 1 year |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Inventory and Other Deferred Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory And Other Deferred Costs [Abstract] | ||
Raw materials | $ 2,028 | $ 2,675 |
Other deferred costs | 3,551 | 2,964 |
Total inventory and other deferred costs | $ 5,579 | $ 5,639 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Depreciation and amortization expense | $ 1,523 | $ 1,396 | |
Accumulated depreciation and amortization | $ 15,200 | $ 14,500 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 9,580 | $ 8,041 |
Operating lease liabilities | $ 2,469 | $ 2,445 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accrued and other current liabilities | Total accrued and other current liabilities |
Employee ESPP contributions | $ 990 | $ 407 |
Accrued liabilities | 665 | 313 |
Accrued taxes | 101 | 95 |
Total accrued and other current liabilities | $ 13,805 | $ 11,301 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents, Adjusted Cost | $ 137,089 | $ 68,525 |
Fair Value Measurements Recurring | ||
Assets | ||
Cash and cash equivalents, Adjusted Cost | 137,091 | 68,526 |
Cash and cash equivalents, Unrealized Losses | (2) | (1) |
Cash and cash equivalents, Fair Value | 137,089 | 68,525 |
Assets, Adjusted Cost | 353,436 | 203,268 |
Assets, Unrealized Gains | 27 | 32 |
Assets, Unrealized Losses | (34) | (10) |
Assets, Fair Value | 353,429 | 203,290 |
Fair Value Measurements Recurring | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 216,345 | 134,742 |
Investments, Unrealized Gains | 27 | 32 |
Investments, Unrealized Losses | (32) | (9) |
Investments, Fair Value | 216,340 | 134,765 |
Fair Value Measurements Recurring | Money Market Funds | Level 1 | ||
Assets | ||
Cash and cash equivalents, Adjusted Cost | 96,669 | 22,614 |
Cash and cash equivalents, Fair Value | 96,669 | 22,614 |
Fair Value Measurements Recurring | Cash | ||
Assets | ||
Cash and cash equivalents, Adjusted Cost | 8,688 | 4,767 |
Cash and cash equivalents, Fair Value | 8,688 | 4,767 |
Fair Value Measurements Recurring | Commercial Paper | Level 2 | ||
Assets | ||
Cash and cash equivalents, Adjusted Cost | 31,734 | 41,145 |
Cash and cash equivalents, Unrealized Losses | (2) | (1) |
Cash and cash equivalents, Fair Value | 31,732 | 41,144 |
Fair Value Measurements Recurring | Commercial Paper | Level 2 | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 92,808 | 25,470 |
Investments, Unrealized Losses | (4) | |
Investments, Fair Value | 92,804 | 25,470 |
Fair Value Measurements Recurring | Asset-backed Securities | Level 2 | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 18,380 | |
Investments, Unrealized Losses | (7) | |
Investments, Fair Value | 18,373 | |
Fair Value Measurements Recurring | Corporate Debt Securities | Level 2 | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 42,441 | 29,576 |
Investments, Unrealized Losses | (21) | (8) |
Investments, Fair Value | 42,420 | 29,568 |
Fair Value Measurements Recurring | U.S. Agency Securities | Level 2 | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 44,540 | 61,436 |
Investments, Unrealized Gains | 20 | 31 |
Investments, Unrealized Losses | (1) | |
Investments, Fair Value | 44,560 | 61,466 |
Fair Value Measurements Recurring | U.S. Government Securities | Level 2 | Short-term Investments | ||
Assets | ||
Investments, Adjusted Cost | 18,176 | 18,260 |
Investments, Unrealized Gains | 7 | 1 |
Investments, Fair Value | $ 18,183 | $ 18,261 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unrealized loss position for 12 months or greater on security | $ 0 |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-term marketable debt securities maturity period | 13 months |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-term marketable debt securities maturity period | 20 months |
Long-term Investments | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Debt securities, aggregate cost basis | $ 21,700,000 |
Debt securities, fair value | $ 21,700,000 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2020 | Aug. 31, 2019 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Feb. 28, 2015ft² | |
Lessee Lease Description [Line Items] | |||||
Area of office space | ft² | 31,280 | ||||
Lease expiration date | Nov. 30, 2027 | ||||
Operating lease, existence of option to extend | true | ||||
Operating lease, option to extend | an option to extend the term for a period of three years | ||||
Operating lease option to extend term | 3 years | ||||
Operating lease cost | $ 0.7 | $ 0.3 | |||
Operating leases, weighted-average remaining lease term | 6 years 2 months 12 days | ||||
Operating leases, weighted-average discount rate | 10.80% | ||||
Cash paid for operating lease liabilities | $ 0.6 | $ 0.4 | |||
Co-located Data Center Space | |||||
Lessee Lease Description [Line Items] | |||||
Lease expiration date | Aug. 31, 2022 | ||||
Operating lease, existence of option to extend | true | ||||
Operating lease, option to extend | an option to extend the term for a period of three years | ||||
Operating lease option to extend term | 3 years |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (remaining nine months) | $ 1,924 | |
2022 | 2,194 | |
2023 | 2,046 | |
2024 | 2,113 | |
2025 | 2,181 | |
2026 and thereafter | 4,378 | |
Total future minimum lease payments | 14,836 | |
Less: imputed interest | (4,205) | |
Present value of future minimum lease payments | 10,631 | |
Less: current portion of operating lease liability | (2,469) | $ (2,445) |
Long-term operating lease liabilities | $ 8,162 | $ 8,541 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Vesting rate at the end of one year | 25.00% | ||
vesting rights description | Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Options granted as merit awards generally vest monthly over a three- or four-year period. | ||
Closing price of common stock | $ 24.61 | ||
Weighted-average grant date fair value of options granted | $ 28.21 | $ 3.46 | |
Unrecognized stock-based compensation cost of unvested options | $ 13,400,000 | ||
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period | 2 years 2 months 12 days | ||
Options Granted as Merit Awards | Tranche One | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Options Granted as Merit Awards | Tranche Two | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Closing price of common stock | $ 24.61 | ||
Unrecognized stock-based compensation of unvested options, recognized over weighted-average period | 2 years 7 months 6 days | ||
Unrecognized stock-based compensation cost of unvested RSUs | $ 7,900,000 | ||
Restricted Stock Units | Tranche One | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units | Tranche Two | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2011 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Performance-based Options granted | 3,316,960 | 3,389,711 | |
2011 Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
2019 Plan | Performance-Based Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
Closing price of common stock | $ 24.61 | ||
Unrecognized stock-based compensation cost of unvested options | $ 0 | ||
Performance-based Options granted | 421,000 | 421,000 | |
Share based compensation arrangement by share based payment equal to or greater than average market capital | $ 1,000,000,000 | $ 1,000,000,000 | |
Average market capitalization threshold satisfaction period | 30 days | 30 days | |
Share based compensation arrangement by share based payment award description | The shares subject to the PSO would vest in full if the Company’s average market capitalization is equal to or greater than $1 billion over a 30 calendar day period. Upon a change in control, the vesting of the shares subject to the PSO would accelerate on a pro rata basis based on the price per share in such change in control transaction multiplied by the price per share at such time divided by $1 billion, with up to 100% of the shares eligible for such accelerated vesting. | ||
2019 Plan | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of exercise price options granted | 100.00% | ||
2019 Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted in years | 10 years | ||
2019 Plan | Maximum | Performance-Based Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting rate at the end of one year | 100.00% | ||
2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of purchase price of common stock | 85.00% | ||
Common stock shares purchased | 0 | ||
Incremental compensation cost | $ 1,200,000 | ||
Incremental compensation cost recognized | $ 600,000 | ||
2019 Employee Stock Purchase Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of earnings for purchase of common stock at discounted price | 15.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Shares of Common Stock Available for Issuance (Details) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total number of shares reserved | 11,282,594 | 9,086,875 |
2011 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved for issuance upon exercise of options outstanding | 3,316,960 | 3,389,711 |
2019 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved for issuance upon exercise or settlement of awards outstanding | 2,424,466 | 2,399,513 |
Issuance under 2019 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 3,829,531 | 1,977,069 |
Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 800,700 | 800,700 |
Reserved for issuance upon exercise or settlement of awards outstanding | 199,300 | 199,300 |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of stock options reserved for issuance | 711,637 | 320,582 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
2011 Plan, 2019 Plan and Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding Options, Number of Shares, Beginning Balance | 4,948,306 | |
Outstanding Options, Number of Shares, granted | 55,469 | |
Outstanding Options, Number of Shares, exercised | (114,026) | |
Outstanding Options, Number of Shares, cancelled | (9,021) | |
Outstanding Options, Number of Shares, Ending Balance | 4,880,728 | 4,948,306 |
Options vested and exercisable, Number of Shares | 3,022,076 | |
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance | $ 7.10 | |
Outstanding Options, Weighted-Average Exercise Price, granted | 46.45 | |
Outstanding Options, Weighted-Average Exercise Price, exercised | 8.19 | |
Outstanding Options, Weighted-Average Exercise Price, cancelled | 11.33 | |
Outstanding Options, Weighted-Average Exercise Price, Ending Balance | 7.51 | $ 7.10 |
Options vested and exercisable, Weighted-Average Exercise Price | $ 4.36 | |
Outstanding Options, Weighted-Average Remaining Contractual Term (in years) | 6 years 6 months | 6 years 8 months 15 days |
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 5 years 2 months 4 days | |
Outstanding Options, Aggregate Intrinsic Value | $ 85,452 | $ 146,044 |
Options vested and exercisable, Aggregate Intrinsic Value | $ 61,193 | |
2019 Plan | Performance-Based Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding Options, Number of Shares, Beginning Balance | 421,000 | |
Outstanding Options, Number of Shares, Ending Balance | 421,000 | 421,000 |
Options vested and exercisable, Number of Shares | 421,000 | |
Outstanding Options, Weighted-Average Exercise Price, Beginning Balance | $ 5.10 | |
Outstanding Options, Weighted-Average Exercise Price, Ending Balance | 5.10 | $ 5.10 |
Options vested and exercisable, Weighted-Average Exercise Price | $ 5.10 | |
Outstanding Options, Weighted-Average Remaining Contractual Term (in years) | 8 years 11 months 15 days | 9 years 2 months 15 days |
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) | 8 years 11 months 15 days | |
Outstanding Options, Aggregate Intrinsic Value | $ 8,214 | $ 13,266 |
Options vested and exercisable, Aggregate Intrinsic Value | $ 8,214 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Weighted-average Assumptions Used in Determination of Fair Value of Service-Based Stock Options (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, minimum | 68.06% | 61.74% |
Volatility, maximum | 69.27% | 64.13% |
Risk-free interest rate, minimum | 0.62% | 0.58% |
Risk-free interest rate, maximum | 1.06% | 1.66% |
Dividend yield | 0.00% | 0.00% |
2019 Plan | Performance-Based Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 10 years | |
Derived service period (in years) | 4 years 6 months 18 days | |
Volatility | 63.60% | |
Risk-free interest rate | 1.02% | |
Estimated fair value per share | $ 3.31 | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 5 years 9 months 7 days |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days | 6 years 29 days |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - 2019 Plan and Inducement Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested Restricted Stock Units, Number of Shares, Beginning Balance | 619,218 | |
Unvested Restricted Stock Units, Number of Shares, granted | 58,110 | |
Restricted Stock Units, Number of Shares, vested | (36,587) | |
Unvested Restricted Stock Units, Number of Shares, cancelled | (1,743) | |
Unvested Restricted Stock Units, Number of Shares, Ending Balance | 638,998 | |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Beginning Balance | $ 10.41 | |
Estimated fair value per share | 45.81 | |
Restricted Stock Units, Weighted-Average Grant Date Fair Value, vested | 6.60 | |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, cancelled | 11.22 | |
Unvested Restricted Stock Units, Weighted-Average Grant Date Fair Value, Ending Balance | $ 13.85 | |
Unvested Restricted Stock Units, Aggregate Fair Value | $ 15,726 | $ 22,670 |
Restricted Stock Units, Aggregate Fair Value, vested | $ 1,097 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,057 | $ 1,249 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,178 | 1,003 |
Performance-based Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 13 | |
RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 644 | 113 |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 235 | $ 120 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,057 | $ 1,249 |
Costs of revenues | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 288 | 143 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 728 | 259 |
Selling, general, and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 2,041 | $ 847 |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Common Share - Schedule of Computation of Net Loss per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (12,404) | $ (9,139) |
Weighted-average common shares outstanding—basic and diluted | 42,265,596 | 31,345,029 |
Net loss per common share—basic and diluted | $ (0.29) | $ (0.29) |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Common Share - Schedule of Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 5,998,272 | 6,062,009 |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 0 | 127,598 |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 5,301,728 | 5,456,890 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 638,998 | 407,101 |
ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 57,546 | 70,420 |