Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Entity File Number | 001-39293 | |
Entity Registrant Name | Inari Medical, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2902923 | |
Entity Address, Address Line One | 6001 Oak Canyon | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92618 | |
City Area Code | 877 | |
Local Phone Number | 923-4747 | |
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | NARI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,125,434 | |
Entity Central Index Key | 0001531048 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 186,556 | $ 92,752 |
Short-term investments | 152,156 | 83,348 |
Accounts receivable, net | 44,950 | 42,351 |
Inventories , net | 23,828 | 21,053 |
Prepaid expenses and other current assets | 5,849 | 5,694 |
Total current assets | 413,339 | 245,198 |
Property and equipment, net | 18,153 | 16,471 |
Operating lease right-of-use assets | 46,401 | 44,909 |
Deposits and other assets | 6,216 | 981 |
Long-term investments | 0 | 3,983 |
Total assets | 484,109 | 311,542 |
Current liabilities | ||
Accounts payable | 6,066 | 6,541 |
Payroll-related accruals | 19,729 | 24,433 |
Accrued expenses and other current liabilities | 9,155 | 10,737 |
Operating lease liabilities, current portion | 630 | 802 |
Total current liabilities | 35,580 | 42,513 |
Operating lease liabilities, noncurrent portion | 28,301 | 28,404 |
Other long-term liability | 1,416 | 1,416 |
Total liabilities | 65,297 | 72,333 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, 300,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 53,022,905 and 50,313,452 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 53 | 50 |
Additional paid in capital | 440,238 | 257,144 |
Accumulated other comprehensive loss | (767) | (402) |
Accumulated deficit | (20,712) | (17,583) |
Total stockholders' equity | 418,812 | 239,209 |
Total liabilities and stockholders' equity | $ 484,109 | $ 311,542 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 53,022,905 | 50,313,452 |
Common stock, shares outstanding | 53,022,905 | 50,313,452 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 86,752 | $ 57,397 |
Cost of goods sold | 9,967 | 4,623 |
Gross profit | 76,785 | 52,774 |
Operating expenses | ||
Research and development | 16,135 | 8,163 |
Selling, general and administrative | 63,732 | 36,898 |
Total operating expenses | 79,867 | 45,061 |
(Loss) Income from operations | (3,082) | 7,713 |
Other income (expense) | ||
Interest income | 50 | 68 |
Interest expense | (73) | (73) |
Other expenses | (24) | (41) |
Total other expenses | (47) | (46) |
(Loss) Income before income taxes | (3,129) | 7,667 |
Provision for income taxes | 0 | 198 |
Net (loss) income | (3,129) | 7,469 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | (117) | (180) |
Unrealized (loss) gain on available-for-sale securities | (248) | 18 |
Total other comprehensive loss | (365) | (162) |
Comprehensive (loss) income | $ (3,494) | $ 7,307 |
Net (loss) income per share | ||
Basic | $ (0.06) | $ 0.15 |
Diluted | $ (0.06) | $ 0.13 |
Weighted average common shares used to compute net (loss) income per share | ||
Basic | 50,954,715 | 49,355,945 |
Diluted | 50,954,715 | 55,722,293 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2020 | $ 200,254 | $ 49 | $ 227,624 | $ 4 | $ (27,423) |
Beginning Balance, Shares at Dec. 31, 2020 | 49,251,614 | ||||
Options exercised for common stock | 381 | $ 1 | 380 | ||
Options exercised for common stock, Shares | 296,019 | ||||
Issuance of common stock under employee stock purchase plan | 1,882 | 1,882 | |||
Shares issued under Employee Stock Purchase Plan | 36,881 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (49) | (49) | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares | 901 | ||||
Share based compensation | 3,836 | 3,836 | |||
Other comprehensive income (loss) | (162) | (162) | |||
Net (loss) income | 7,469 | 7,469 | |||
Ending Balance at Mar. 31, 2021 | 213,611 | $ 50 | 233,673 | (158) | (19,954) |
Ending Balance, Shares at Mar. 31, 2021 | 49,585,415 | ||||
Beginning Balance at Dec. 31, 2021 | 239,209 | $ 50 | 257,144 | (402) | (17,583) |
Beginning Balance, Shares at Dec. 31, 2021 | 50,313,452 | ||||
Options exercised for common stock | 345 | $ 1 | 344 | ||
Options exercised for common stock, Shares | 322,882 | ||||
Issuance of common stock under employee stock purchase plan | 3,427 | 3,427 | |||
Shares issued under Employee Stock Purchase Plan | 54,808 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes | (1,624) | (1,624) | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares | 31,763 | ||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $16.3 million | 174,394 | $ 2 | 174,392 | ||
Issuance of common stock in public offering, net of issuance costs of $11.9 million | 2,300,000 | ||||
Share based compensation | 6,555 | 6,555 | |||
Other comprehensive income (loss) | (365) | (365) | |||
Net (loss) income | (3,129) | (3,129) | |||
Ending Balance at Mar. 31, 2022 | $ 418,812 | $ 53 | $ 440,238 | $ (767) | $ (20,712) |
Ending Balance, Shares at Mar. 31, 2022 | 53,022,905 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock issuance cost | $ 11.9 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Cash flows from operating activities | ||
Net (loss) income | $ (3,129,000) | $ 7,469,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation | 1,063,000 | 609,000 |
Amortization of deferred financing costs | 36,000 | 36,000 |
Amortization of right-of-use assets | 604,000 | 177,000 |
Share based compensation expense | 6,555,000 | 3,836,000 |
Allowance for credit losses | 79,000 | 139,000 |
Changes in: | ||
Accounts receivable | (2,695,000) | (3,437,000) |
Inventories | (2,788,000) | (3,073,000) |
Prepaid expenses, deposits and other assets | 261,000 | (2,908,000) |
Accounts payable | (467,000) | 2,473,000 |
Payroll-related accruals, accrued expenses and other liabilities | (6,247,000) | 3,635,000 |
Lease prepayments for lessor's owned leasehold improvements | (2,097,000) | 0 |
Operating lease liabilities | (275,000) | (190,000) |
Net cash (used in) provided by operating activities | (9,100,000) | 8,766,000 |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,745,000) | (1,265,000) |
Purchases of marketable securities | (112,073,000) | (21,246,000) |
Purchases of other investments | (5,693,000) | 0 |
Maturities of marketable securities | 47,000,000 | 0 |
Net cash used in investing activities | (73,511,000) | (22,511,000) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in public offering, net of issuance costs of $11.9 million | 174,394,000 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 3,427,000 | 1,882,000 |
Proceeds from exercise of stock options | 345,000 | 381,000 |
Payment of taxes related to vested restricted stock units | (1,624,000) | (49,000) |
Net cash provided by financing activities | 176,542,000 | 2,214,000 |
Effect of foreign exchange rate on cash and cash equivalents | (127,000) | (183,000) |
Net increase (decrease) in cash | 93,804,000 | (11,714,000) |
Cash and cash equivalents beginning of period | 92,752,000 | 114,617,000 |
Cash and cash equivalents end of period | 186,556,000 | 102,903,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 89,000 | 118,000 |
Cash paid for interest | $ 37,000 | $ 37,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock issuance cost | $ 11.9 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Busine ss Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company develops, manufactures, markets and sells devices for the interventional treatment of venous diseases. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies COVID-19 The global healthcare system continues to face an unprecedented challenge as a result of the novel coronavirus, or COVID-19, situation and its impact. COVID-19 is having, and may continue to have, an adverse impact on significant aspects of the Company and the business, including the demand for products, business operations, and the ability to research and develop and bring to market new products and services. To the extent individuals and hospital systems de-prioritize, delay or cancel deferrable medical procedures as a result of COVID-19, staffing or resource issues, or otherwise, the Company’s business, cash flows, financial condition and results of operations may continue to be negatively affected. The Company continues to focus its efforts on the health and safety of patients, healthcare providers and employees, while executing its mission of transforming lives of venous thromboembolism ("VTE") patients. However, the Company expects the COVID-19 pandemic may continue to negatively impact 2022 performance. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s consolidated financial position as of March 31, 2022 and its consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2022 and 2021 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on February 23, 2022. Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Management Estimates The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, other investments, fair v alue of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. As of March 31, 2022 and December 31, 2021, the Company recorded $ 630,000 and $ 448,000 , respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying consolidated balance sheets. Revenue for ClotTriever and FlowTriever products as a percentage of total revenue was derived as follow: Three Months Ended March 31, 2022 2021 ClotTriever 32 % 35 % FlowTriever 68 % 65 % The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. Costs associated with product sales include commissions and are recorded in selling, general and administrative ("SG&A") expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. Other Investments In March 2022, the Company made investments in certain privately held companies, with no readily determinable fair value. The Company measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values. As of March 31, 2022, total other investments of $ 5.7 million was included in deposits and other assets on the condensed consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 87,969 $ — $ — $ 87,969 U.S. Treasury securities 26,101 — — 26,101 Corporate debt securities and commercial paper — 6,491 — 6,491 Total included in cash and cash equivalents 114,070 6,491 — 120,561 Investments: U.S. Treasury securities 95,386 — — 95,386 U.S. Government agencies — 5,997 — 5,997 Corporate debt securities and commercial paper — 50,773 — 50,773 Total included in short-term investments 95,386 56,770 — 152,156 Total assets $ 209,456 $ 63,261 $ — $ 272,717 December 31, 2021 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 48,595 $ — $ — $ 48,595 Total included in cash and cash equivalents 48,595 — — 48,595 Investments: U.S. Treasury securities 44,322 — — 44,322 Corporate debt securities and commercial paper — 39,026 — 39,026 Total included in short-term investments 44,322 39,026 — 83,348 U.S. Treasury securities included in 3,983 — — 3,983 Total assets $ 96,900 $ 39,026 $ — $ 135,926 There were no transfers between Levels 1, 2 or 3 for the periods presented. |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Short-Term Investments | 4. Cash Equivalents and Investments The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 87,969 $ — $ — $ 87,969 U.S. Treasury securities 26,099 2 — 26,101 Corporate debt securities and commercial paper 6,491 — — 6,491 Total included in cash and cash equivalents 120,559 2 — 120,561 Investments: U.S. Treasury securities 95,608 — ( 222 ) 95,386 U.S. Government agencies 5,996 1 — 5,997 Corporate debt securities and commercial paper 50,825 — ( 52 ) 50,773 Total included in short-term investments 152,429 1 ( 274 ) 152,156 Total assets $ 272,988 $ 3 $ ( 274 ) $ 272,717 December 31, 2021 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 48,595 $ — $ — $ 48,595 Total included in cash and cash equivalents 48,595 — — 48,595 Investments: U.S. Treasury securities 44,349 — ( 27 ) 44,322 Corporate debt securities and commercial paper 39,012 14 — 39,026 Total included in short-term investments 83,361 14 ( 27 ) 83,348 U.S. Treasury securities included in 3,993 — ( 10 ) 3,983 Total assets $ 135,949 $ 14 $ ( 37 ) $ 135,926 |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 5. Inventories, net Inventories, net of reserves totaling $ 330,000 and $ 285,000 , respectively, consist of the following (in thousands): March 31, December 31, Raw materials $ 6,521 $ 5,763 Work-in-process 1,676 1,490 Finished goods 15,631 13,800 $ 23,828 $ 21,053 |
Property and Equipment. net
Property and Equipment. net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment. net | 6. Property and Equipment, net Property and equipment consist of the following (in thousands): March 31, December 31, Manufacturing equipment $ 8,330 $ 7,408 Leasehold improvements 4,834 4,712 Assets in progress 3,533 3,124 Furniture and fixtures 3,399 3,044 Computer hardware 3,757 2,864 Computer software 100 100 Total property and equipment, gross 23,953 21,252 Accumulated depreciation ( 5,800 ) ( 4,781 ) Total property and equipment, net $ 18,153 $ 16,471 Depreciation expense of $ 857,000 and $ 463,000 was included in SG&A expenses and $ 206,000 and $ 146,000 was included in cost of goods sold for the three months ended March 31, 2022 and 2021 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components. In March 2019, the Company executed a five-year lease for a facility in Irvine, California, where substantially all operations of the Company have been located since September 2019. The lease expires in September 2024 and contains two optional extension periods of five years each. In addition to the minimum future lease commitments presented below, the lease requires the Company to pay property taxes, insurance, maintenance, and repair costs, which are considered variable lease payments and not included in the lease liability. The lease includes a one-month rent holiday concession and escalation clauses for increased rent over the lease term. Concurrent with the execution of a new ten-year lease (see below), the Company entered into a termination agreement (as amended) that releases the Company from the current facility lease obligation 12 months following the commencement date of the new lease, with options to extend the lease term for up to three periods of an additional 30 days each. As of March 31, 2022, the operating lease right-of-use asset and liability were $ 210,000 and $ 237,000 , respectively, with the remaining lease term of 4 months. In October 2020, the Company entered into a ten-year lease for a facility located in Irvine, California (the “Oak Canyon lease”) with two option extension periods of five years each, which the Company has determined that it's reasonably certain to exercise. The Oak Canyon lease requires the Company to make variable lease payments , which are not included in the lease liability due to the amounts not being fixed, for property taxes, insurance, maintenance, repair costs, and certain improvements deemed to be assets of the lessor. The Oak Canyon lease includes scheduled payment escalation clauses over the lease term. The Oak Canyon lease also requires the Company to maintain a letter of credit for the benefit of the landlord in the amount of $ 1.5 million, which is secured by the Company’s Credit Agreement. The Company has moved in and taken control of the facility and has determined the lease commencement date to be September 30, 2021. On the commencement date, the Company recorded approximately $ 42.2 million and $ 28.6 million of right-of-use asset and lease liability, respectively. The right-of use-asset includes approximately $ 13.5 million, net of $ 3.7 million tenant allowance, related to prepaid lease payments for the lessor’s owned leasehold improvements which were reclassified from assets in progress and deposits and other assets. The operating right-of-use assets also include $ 4.9 million of additional prepaid lease payments for the lessor's owned leasehold improvements paid subsequent to the commencement date. As of March 31, 2022, the operating lease right-of-use assets and lease liabilities were $ 46.1 million and $ 28.6 million, respectively, with the remaining lease term of 232 months. As of March 31, 2022, t he weighted average incremental borrowing rate used to measure operating lease liabilities was 6.0 %. During the three months ended March 31, 2022, cash paid for amounts included in the measurement of operating lease liabilities was $ 714,000 . Total lease cost for the three months ended March 31, 2022 are as follows (in thousands): Three Months Ended March 31, 2022 Operating lease cost $ 1,043 Short-term lease cost 15 Variable lease cost 139 Total lease costs $ 1,197 Future minimum lease payments under operating leases liabilities as of March 31, 2022 are as follows (in thousands): Year ending December 31: Amount Remainder of 2022 $ 1,828 2023 2,163 2024 2,234 2025 2,295 2026 2,361 Thereafter 39,536 Total lease payments 50,417 Less imputed interest ( 21,486 ) Total lease liabilities 28,931 Less: lease liabilities - current portion ( 630 ) Lease liabilities - noncurrent portion $ 28,301 Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may 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 have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations. The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising out of the ordinary course of its business. Management is currently not aware of any matters that will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Sublicense Agreement In August 2019, the Company entered into a sublicense agreement of intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature. Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $ 29,000 for the three months ended March 31, 2022 and 2021. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1 % to 1.5 % of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $ 1,000 . The Company recorded royalty expense to cost of goods sold of $ 212,000 and $ 190,000 for the three months ended March 31, 2022 and 2021, respectively. Licensed Technology In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement (the “Licensed Technology”) for use in a particular research and development project that requires total payments of approximately $ 4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the purchase as a research and development expense in December 2021 as it was determined to have no future alternative uses. As of March 31, 2022, the outstanding balance was $ 2.5 million, $ 1.1 million of which was included in accrued expenses and other current liabilities, and the remaining $ 1.4 million was included in other long-term liability on the consolidated balance sheets. |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 8. Concentrations The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the three months ended March 31, 2022 and 2021 , there were no customers that accounted for more than 10 % of the Company’s revenue. As of March 31, 2022 and December 31, 2021 , there were no customers that accounted for more than 10 % of the Company’s accounts receivable. No vendor accounted for more than 10 % of the Company’s purchases for the three months ended March 31, 2022 and 2021 . There were no vendors that accounted for more than 10 % of the Company’s accounts payable as of March 31, 2022 and December 31, 2021 . |
Related Party
Related Party | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party | 9. Related Party The Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the Chief Executive Officer and President and member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $ 74,000 and $ 134,000 for the three months ended March 31, 2022 and 2021, respectively, which was included in operating expenses on the condensed consolidated statements of operations. As of March 31, 2022 and December 31, 2021 , there was no balance payable to MRI. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Bank of America Credit Facility In September 2020, the Company entered into a senior secured revolving credit facility with Bank of America (the “Credit Agreement”), as amended, under which the Company may borrow loans up to a maximum principal amount of $ 30 million. The amount available to borrow under the Credit Agreement is comprised of a) 85 % of eligible accounts receivable, plus b) pledged cash (up to $10 million). There was no principal amount outstanding and no cash was pledged under the Credit Agreement as of March 31, 2022 and December 31, 2021, and the amount available to borrow under the Credit agreement was approximately $28.2 million. Advances under the Credit Agreement will bear interest at a base rate per annum (the “Base Rate”) plus an applicable margin (the “Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50 % , or (iii) the LIBOR rate based upon an interest period of 30 days plus 1.00 %. The Margin ranges from 1.00 % to 1.50 % based on the Company’s applicable fixed charge coverage ratio. Advances under the Credit Agreement designated as “LIBOR Loans” will bear interest at a rate per annum equal to the LIBOR rate plus the applicable Margin ranging from 2.00 % to 2.50 % based on the Company’s applicable fixed charge coverage ratio. Interest on loans outstanding under the Credit Agreement is payable monthly . Loan principal balances outstanding under the Credit Agreement are due at maturity in September 2023 . The Company may prepay any loans under the Credit Agreement at any time without any penalty or premium. The Company is also required to pay an unused line fee at an annual rate ranging from 0.25 % to 0.375 % per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement. The Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $ 5 million. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Credit Agreement. The Company is required to pay the following fees under the LC Facility are as follows: (a) a fee equal to the applicable margin in effect for LIBOR loans (currently 2.25 %) times the average daily stated amount of outstanding letter of credits; (b) a fronting fee equal to 0.125 % per annum on the stated amount of each letter of credit outstanding. As of March 31, 2022 and December 31, 2021 , the Company had two letters of credit in the aggregated amount of $ 1.8 million outstanding under the LC Facility. The Company paid Bank of America a closing fee of $ 150,000 and incurred approximately $ 280,000 in legal and other fees directly related to the Credit Agreement. The Credit Agreement contains certain customary covenants and events of default, including: payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, certain events with respect to governmental approvals if such events could cause a material adverse change, a material impairment in the perfection or priority of the lender's security interest or in the value of the collateral, a material adverse change in the business, operations, or condition of us or any of our subsidiaries, and a material impairment of the prospect of repayment of the loans. Upon the occurrence of an event of default, a default increase in the interest rate of an additional 2.0 % could be applied to the outstanding loan balance and the lender could declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan and security agreement. The Company was in compliance with its covenant requirements as of March 31, 2022. Obligations under the Credit Agreement are secured by substantially the Company’s assets, excluding intellectual property. Deferred Financing Costs As of March 31, 2022 and December 31, 2021, costs incurred directly related to debt financings were included in deposits and other assets and are being amortized over the three-year life of the Credit Agreement on the straight-line basis as follows (in thousands): March 31, December 31, Deferred financing costs $ 430 $ 430 Accumulated amortization ( 227 ) ( 191 ) Unamortized deferred financing costs $ 203 $ 239 |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholder's Equity | 11. Stockholder’s Equity Common Stock In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $ 81.00 per share. The Company received net proceeds of approximately $ 174.4 million, after deducting underwriters’ discounts and commissions of $ 11.2 million and offering costs of $ 0.7 million. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 12. Equity Incentive Plans In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees, directors, consultants and advisors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price. In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the IPO. As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. The Company has initially reserved 3,468,048 shares of common stock for the issuance of a variety of awards under the 2020 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years , commencing on January 1, 2021, in an amount equal to 3 % of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2022, there were 5,832,579 shares available for issuance under the 2020 Plan, including 1,509,404 additional shares reserved effective January 1, 2022. 2011 Equity Incentive Plan Stock Options A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2022 is as follows (intrinsic value in thousands): Number of Weighted Weighted Weighted Intrinsic Outstanding, December 31, 2021 2,574,354 $ 1.43 $ 1.02 7.07 $ 231,286 Exercised ( 322,882 ) $ 1.09 $ 0.78 $ 26,000 Cancelled ( 9,842 ) $ 1.59 $ 1.05 $ 790 Outstanding, March 31, 2022 2,241,630 $ 1.48 $ 1.05 6.85 $ 199,874 Vested and exercisable at March 31, 2022 1,509,067 $ 1.09 $ 0.81 6.67 $ 135,138 Vested and expected to vest at March 31, 2022 2,209,317 $ 1.45 $ 1.04 6.85 $ 197,040 The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. Restricted Stock Units In March 2019, the Company granted, under the 2011 Plan, restricted stock unit awards (“RSUs”) to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition. The performance-based condition is a liquidity event requirement that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs are subject to a four-year cliff vesting and will vest in March 2023. If the RSUs vest, the actual number of RSUs that will vest will be dependent on the per share value of the Company’s common stock, which is a market-based condition, determined based on the average closing price of the Company’s common stock for the three-month period immediately preceding the satisfaction of the service condition. There was no activity related to RSUs under the 2011 Plan during the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021, the outstanding balance of RSU under 2011 Plan was 2,712,674 with a weighted average fair value at the time of grant of $ 0.17 . 2020 Incentive Award Plan Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting and a 25 % one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. RSU activities under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2021 611,205 $ 88.34 Granted 395,691 78.59 Vested ( 49,686 ) 87.72 Cancelled ( 20,629 ) 82.24 Outstanding, March 31, 2022 936,581 $ 84.39 The total fair value of RSUs vested under both the 2011 Plan and 2020 Plan during the three months ended March 31, 2022 and 2021 , was $ 4.5 million and $ 132,000 , respectively. Stock-based Compensation Expense Total compensation cost for all share-based payment arrangements recognized, including $ 805,000 and $ 597,000 of stock-based compensation expense related to the Employee Stock Purchase Plan for the three months ended March 31, 2022 and 2021, respectively, was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ 364 $ 178 Research and development 978 402 Selling, general and administrative 5,213 3,256 $ 6,555 $ 3,836 Total compensation costs as of March 31, 2022 related to all non-vested awards to be recognized in future periods was $ 67.6 million and is expected to be recognized over the remaining weighted average period of 3.2 years. Employee Stock Purchase Plan In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the date the ESPP was adopted by the Company’s board of directors. The Company has initially reserved 990,870 shares of common stock for purchase under the ESPP. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020 and ends on January 31, 2021 . On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85 % of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Three Months Ended March 31, 2022 2021 Expected term (in years) 0.5 0.5 Expected volatility 56.09 % 51.91 % Dividend yield 0.00 % 0.00 % Risk free interest rate 0.48 % 0.08 % As of March 31, 2022 , total of 139,857 shares of common stock, including 54,808 shares purchased in January 2022, have been purchased under the ESPP, and a total of 1,846,664 shares of common stock, including 503,135 additional shares effective January 1, 2022, are reserved for future purchases. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The following table reflects the Company’s provision (benefit) for income taxes for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 (Loss) income before income taxes $ ( 3,129 ) $ 7,667 Provision for income taxes — 198 Net (loss) income $ ( 3,129 ) $ 7,469 Provision for income taxes as a percentage 0.0 % 2.6 % The effective tax rate for all periods is driven by pre-tax income/(loss), business credits, equity compensation, state taxes, and the change in valuation allowance. For tax years beginning after December 31, 2021, certain research and development costs are required to be capitalized and amortized over a five year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change, which will impact the expected U.S. federal and state tax expense and cash taxes to be paid for the tax year ending December 31, 2022. Valuation Allowance ASC 740 requires that the tax benefit of net operating losses, or NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryback or carryforward periods. As of December 31, 2021, the Company maintained a full valuation allowance of $ 17.9 million against the Company's net deferred tax assets. As of March 31, 2022, the Company believes that the deferred tax assets are currently not considered more likely than not to be realized and, accordingly, has maintained a full valuation allowance against its deferred tax assets. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance may result in a material benefit recognized in the quarter of release. Uncertain Tax Positions The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to available NOLs to offset the uncertain tax positions. It is not expected that there will be a significant change in uncertain tax position in the next twelve months. The Company is subject to U.S. federal and state income tax as well as to income tax in multiple state jurisdictions, and various foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2015 and December 31, 2016 are open for state and federal tax purposes, respectively. |
Retirement Plan
Retirement Plan | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 14. Retirement Plan In December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible employees after one month of service to contribute pre-tax and Roth contributions to the plan, as allowed by law. The plan assets are held by Vanguard and the plan administrator is Ascensus Trust Company. Beginning in January 2021, the Company contributes a $ 1.00 match for every $ 1.00 contributed by a participating employee up to the greater of $ 3,000 or 4 % of eligible compensation under the plan, with such Company's contributions becoming fully vested immediately. For the three months ended March 31, 2022 and 2021, the Company recognized $ 1.7 million and $ 0.8 million in matching contributions expense. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The components of net income per share are as follows: Three Months Ended March 31, 2022 2021 Numerator: Net (loss) income (in thousands) $ ( 3,129 ) $ 7,469 Denominator: Weighted average number of common shares 50,954,715 49,355,945 Common stock equivalents from outstanding — 3,181,216 Common stock equivalents from unvested RSUs — 3,108,002 Common stock equivalents from ESPP — 4,911 Common stock equivalents from restricted stock — 72,219 Weighted average number of common shares 50,954,715 55,722,293 Net (loss) income per share: Basic $ ( 0.06 ) $ 0.15 Diluted $ ( 0.06 ) $ 0.13 The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2022 due to their anti-dilutive effect: Three Months Ended March 31, 2022 Common stock options 2,241,630 RSUs 3,649,255 ESPP 10,404 5,901,289 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
COVID-19 and the Act | COVID-19 The global healthcare system continues to face an unprecedented challenge as a result of the novel coronavirus, or COVID-19, situation and its impact. COVID-19 is having, and may continue to have, an adverse impact on significant aspects of the Company and the business, including the demand for products, business operations, and the ability to research and develop and bring to market new products and services. To the extent individuals and hospital systems de-prioritize, delay or cancel deferrable medical procedures as a result of COVID-19, staffing or resource issues, or otherwise, the Company’s business, cash flows, financial condition and results of operations may continue to be negatively affected. The Company continues to focus its efforts on the health and safety of patients, healthcare providers and employees, while executing its mission of transforming lives of venous thromboembolism ("VTE") patients. However, the Company expects the COVID-19 pandemic may continue to negatively impact 2022 performance. |
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s consolidated financial position as of March 31, 2022 and its consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2022 and 2021 are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on February 23, 2022. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Management Estimates | Management Estimates The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, other investments, fair v alue of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates. Performance Obligation —The Company has revenue arrangements that consist of a single performance obligation, the shipping or delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s consolidated financial statements. As of March 31, 2022 and December 31, 2021, the Company recorded $ 630,000 and $ 448,000 , respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying consolidated balance sheets. Revenue for ClotTriever and FlowTriever products as a percentage of total revenue was derived as follow: Three Months Ended March 31, 2022 2021 ClotTriever 32 % 35 % FlowTriever 68 % 65 % The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. The Company offers its standard warranty to all customers. The Company does not sell any warranties on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold. Costs associated with product sales include commissions and are recorded in selling, general and administrative ("SG&A") expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year. Other Investments In March 2022, the Company made investments in certain privately held companies, with no readily determinable fair value. The Company measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values. As of March 31, 2022, total other investments of $ 5.7 million was included in deposits and other assets on the condensed consolidated balance sheets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Revenue for Products as Percentage of Total Revenue | Three Months Ended March 31, 2022 2021 ClotTriever 32 % 35 % FlowTriever 68 % 65 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 87,969 $ — $ — $ 87,969 U.S. Treasury securities 26,101 — — 26,101 Corporate debt securities and commercial paper — 6,491 — 6,491 Total included in cash and cash equivalents 114,070 6,491 — 120,561 Investments: U.S. Treasury securities 95,386 — — 95,386 U.S. Government agencies — 5,997 — 5,997 Corporate debt securities and commercial paper — 50,773 — 50,773 Total included in short-term investments 95,386 56,770 — 152,156 Total assets $ 209,456 $ 63,261 $ — $ 272,717 December 31, 2021 Level 1 Level 2 Level 3 Aggregate Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 48,595 $ — $ — $ 48,595 Total included in cash and cash equivalents 48,595 — — 48,595 Investments: U.S. Treasury securities 44,322 — — 44,322 Corporate debt securities and commercial paper — 39,026 — 39,026 Total included in short-term investments 44,322 39,026 — 83,348 U.S. Treasury securities included in 3,983 — — 3,983 Total assets $ 96,900 $ 39,026 $ — $ 135,926 |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Cash Equivalents and Short-Term Investments | The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 87,969 $ — $ — $ 87,969 U.S. Treasury securities 26,099 2 — 26,101 Corporate debt securities and commercial paper 6,491 — — 6,491 Total included in cash and cash equivalents 120,559 2 — 120,561 Investments: U.S. Treasury securities 95,608 — ( 222 ) 95,386 U.S. Government agencies 5,996 1 — 5,997 Corporate debt securities and commercial paper 50,825 — ( 52 ) 50,773 Total included in short-term investments 152,429 1 ( 274 ) 152,156 Total assets $ 272,988 $ 3 $ ( 274 ) $ 272,717 December 31, 2021 Amortized Cost Basis Unrealized Gain Unrealized Loss Fair Value Financial Assets Cash and cash equivalents: Money market mutual funds $ 48,595 $ — $ — $ 48,595 Total included in cash and cash equivalents 48,595 — — 48,595 Investments: U.S. Treasury securities 44,349 — ( 27 ) 44,322 Corporate debt securities and commercial paper 39,012 14 — 39,026 Total included in short-term investments 83,361 14 ( 27 ) 83,348 U.S. Treasury securities included in 3,993 — ( 10 ) 3,983 Total assets $ 135,949 $ 14 $ ( 37 ) $ 135,926 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | Inventories, net of reserves totaling $ 330,000 and $ 285,000 , respectively, consist of the following (in thousands): March 31, December 31, Raw materials $ 6,521 $ 5,763 Work-in-process 1,676 1,490 Finished goods 15,631 13,800 $ 23,828 $ 21,053 |
Property and Equipment. net (Ta
Property and Equipment. net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): March 31, December 31, Manufacturing equipment $ 8,330 $ 7,408 Leasehold improvements 4,834 4,712 Assets in progress 3,533 3,124 Furniture and fixtures 3,399 3,044 Computer hardware 3,757 2,864 Computer software 100 100 Total property and equipment, gross 23,953 21,252 Accumulated depreciation ( 5,800 ) ( 4,781 ) Total property and equipment, net $ 18,153 $ 16,471 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities | Future minimum lease payments under operating leases liabilities as of March 31, 2022 are as follows (in thousands): Year ending December 31: Amount Remainder of 2022 $ 1,828 2023 2,163 2024 2,234 2025 2,295 2026 2,361 Thereafter 39,536 Total lease payments 50,417 Less imputed interest ( 21,486 ) Total lease liabilities 28,931 Less: lease liabilities - current portion ( 630 ) Lease liabilities - noncurrent portion $ 28,301 | |
Schedule of total lease cost | Total lease cost for the three months ended March 31, 2022 are as follows (in thousands): Three Months Ended March 31, 2022 Operating lease cost $ 1,043 Short-term lease cost 15 Variable lease cost 139 Total lease costs $ 1,197 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Deferred Financing Costs | As of March 31, 2022 and December 31, 2021, costs incurred directly related to debt financings were included in deposits and other assets and are being amortized over the three-year life of the Credit Agreement on the straight-line basis as follows (in thousands): March 31, December 31, Deferred financing costs $ 430 $ 430 Accumulated amortization ( 227 ) ( 191 ) Unamortized deferred financing costs $ 203 $ 239 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Stock Option Activity | A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2022 is as follows (intrinsic value in thousands): Number of Weighted Weighted Weighted Intrinsic Outstanding, December 31, 2021 2,574,354 $ 1.43 $ 1.02 7.07 $ 231,286 Exercised ( 322,882 ) $ 1.09 $ 0.78 $ 26,000 Cancelled ( 9,842 ) $ 1.59 $ 1.05 $ 790 Outstanding, March 31, 2022 2,241,630 $ 1.48 $ 1.05 6.85 $ 199,874 Vested and exercisable at March 31, 2022 1,509,067 $ 1.09 $ 0.81 6.67 $ 135,138 Vested and expected to vest at March 31, 2022 2,209,317 $ 1.45 $ 1.04 6.85 $ 197,040 |
Summary of RSU Activity | RSU activities under the 2020 Plan is set forth below: Number of Weighted Outstanding, December 31, 2021 611,205 $ 88.34 Granted 395,691 78.59 Vested ( 49,686 ) 87.72 Cancelled ( 20,629 ) 82.24 Outstanding, March 31, 2022 936,581 $ 84.39 |
Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized | Total compensation cost for all share-based payment arrangements recognized, including $ 805,000 and $ 597,000 of stock-based compensation expense related to the Employee Stock Purchase Plan for the three months ended March 31, 2022 and 2021, respectively, was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ 364 $ 178 Research and development 978 402 Selling, general and administrative 5,213 3,256 $ 6,555 $ 3,836 |
2020 Employee Share Purchase Plan | |
Schedule of Estimated Fair Value of Option Grant and ESPP | The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions: Three Months Ended March 31, 2022 2021 Expected term (in years) 0.5 0.5 Expected volatility 56.09 % 51.91 % Dividend yield 0.00 % 0.00 % Risk free interest rate 0.48 % 0.08 % |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes | The following table reflects the Company’s provision (benefit) for income taxes for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 (Loss) income before income taxes $ ( 3,129 ) $ 7,667 Provision for income taxes — 198 Net (loss) income $ ( 3,129 ) $ 7,469 Provision for income taxes as a percentage 0.0 % 2.6 % |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Components of Net Income per Share | The components of net income per share are as follows: Three Months Ended March 31, 2022 2021 Numerator: Net (loss) income (in thousands) $ ( 3,129 ) $ 7,469 Denominator: Weighted average number of common shares 50,954,715 49,355,945 Common stock equivalents from outstanding — 3,181,216 Common stock equivalents from unvested RSUs — 3,108,002 Common stock equivalents from ESPP — 4,911 Common stock equivalents from restricted stock — 72,219 Weighted average number of common shares 50,954,715 55,722,293 Net (loss) income per share: Basic $ ( 0.06 ) $ 0.15 Diluted $ ( 0.06 ) $ 0.13 |
Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2022 due to their anti-dilutive effect: Three Months Ended March 31, 2022 Common stock options 2,241,630 RSUs 3,649,255 ESPP 10,404 5,901,289 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Net proceeds from IPO | $ 174,400 | $ 174,394 | $ 0 | ||
Underwriters' discounts and commissions | $ 11,200 | ||||
Offering costs | $ 700 | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
IPO | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Stock issued | 2,300,000 | ||||
Public offering price | $ 81 | ||||
Over-allotment Option | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Sale of stock, shares issued | 300,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Summary of Significant Accounting Policies [Line Items] | ||
Other investments | $ 5,700,000 | |
Accounts Receivable, Net | ||
Summary of Significant Accounting Policies [Line Items] | ||
Unbilled receivables | $ 630,000 | $ 448,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Revenue for Products as Percentage of Total Revenue (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
ClotTriever Products | ||
Revenue from External Customer [Line Items] | ||
Percentage of total revenue | 32.00% | 35.00% |
FlowTriever Products | ||
Revenue from External Customer [Line Items] | ||
Percentage of total revenue | 68.00% | 65.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Level 1 | ||
Assets | ||
Total included in cash and cash equivalents | $ 114,070 | $ 48,595 |
Total included in short-term investments | 95,386 | 44,322 |
Assets Fair Value Disclosure, Total | 209,456 | 96,900 |
Level 1 | US Treasury Securities | ||
Assets | ||
Total included in cash and cash equivalents | 26,101 | |
Total included in short-term investments | 95,386 | 44,322 |
Level 1 | US Treasury Securities | Long-Term Investments | ||
Assets | ||
Total included in short-term investments | 3,983 | |
Level 1 | U.S. Government Agencies | ||
Assets | ||
Total included in short-term investments | 0 | |
Level 1 | Corporate Debt Securities and Commercial Paper | ||
Assets | ||
Total included in cash and cash equivalents | 0 | |
Total included in short-term investments | 0 | 0 |
Level 1 | Money Market Mutual Funds | ||
Assets | ||
Total included in cash and cash equivalents | 87,969 | 48,595 |
Level 2 | ||
Assets | ||
Total included in cash and cash equivalents | 6,491 | 0 |
Total included in short-term investments | 56,770 | 39,026 |
Assets Fair Value Disclosure, Total | 63,261 | 39,026 |
Level 2 | US Treasury Securities | ||
Assets | ||
Total included in cash and cash equivalents | 0 | |
Total included in short-term investments | 0 | 0 |
Level 2 | US Treasury Securities | Long-Term Investments | ||
Assets | ||
Total included in short-term investments | 0 | |
Level 2 | U.S. Government Agencies | ||
Assets | ||
Total included in short-term investments | 5,997 | |
Level 2 | Corporate Debt Securities and Commercial Paper | ||
Assets | ||
Total included in cash and cash equivalents | 6,491 | |
Total included in short-term investments | 50,773 | 39,026 |
Level 2 | Money Market Mutual Funds | ||
Assets | ||
Total included in cash and cash equivalents | 0 | 0 |
Level 3 | ||
Assets | ||
Total included in cash and cash equivalents | 0 | 0 |
Total included in short-term investments | 0 | 0 |
Assets Fair Value Disclosure, Total | 0 | 0 |
Level 3 | US Treasury Securities | ||
Assets | ||
Total included in cash and cash equivalents | 0 | |
Total included in short-term investments | 0 | 0 |
Level 3 | US Treasury Securities | Long-Term Investments | ||
Assets | ||
Total included in short-term investments | 0 | |
Level 3 | U.S. Government Agencies | ||
Assets | ||
Total included in short-term investments | 0 | |
Level 3 | Corporate Debt Securities and Commercial Paper | ||
Assets | ||
Total included in cash and cash equivalents | 0 | |
Total included in short-term investments | 0 | 0 |
Level 3 | Money Market Mutual Funds | ||
Assets | ||
Total included in cash and cash equivalents | 0 | 0 |
Fair Value Measurements Recurring | ||
Assets | ||
Total included in cash and cash equivalents | 120,561 | 48,595 |
Total included in short-term investments | 152,156 | 83,348 |
Assets Fair Value Disclosure, Total | 272,717 | 135,926 |
Fair Value Measurements Recurring | US Treasury Securities | ||
Assets | ||
Total included in cash and cash equivalents | 26,101 | |
Total included in short-term investments | 95,386 | 44,322 |
Fair Value Measurements Recurring | US Treasury Securities | Long-Term Investments | ||
Assets | ||
Total included in short-term investments | 3,983 | |
Fair Value Measurements Recurring | U.S. Government Agencies | ||
Assets | ||
Total included in short-term investments | 5,997 | |
Fair Value Measurements Recurring | Corporate Debt Securities and Commercial Paper | ||
Assets | ||
Total included in cash and cash equivalents | 6,491 | |
Total included in short-term investments | 50,773 | 39,026 |
Fair Value Measurements Recurring | Money Market Mutual Funds | ||
Assets | ||
Total included in cash and cash equivalents | $ 87,969 | $ 48,595 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Mar. 31, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value, assets, Level 1 to Level 2 transfers, amount | $ 0 |
Fair value, assets, Level 2 to Level 1 transfers, amount | 0 |
Fair value, liabilities, Level 1 to Level 2 transfers, amount | 0 |
Fair value, liabilities, Level 2 to Level 1 transfers, amount | $ 0 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | $ 272,988 | $ 135,949 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 3 | 14 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | (274) | (37) |
Cash Equivalents and Short-Term Investments, Fair Value | 272,717 | 135,926 |
Short-Term Investments | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 152,429 | 83,361 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 1 | 14 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | (274) | (27) |
Cash Equivalents and Short-Term Investments, Fair Value | 152,156 | 83,348 |
Short-Term Investments | US Treasury Securities | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 95,608 | 44,349 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 0 | 0 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | (222) | (27) |
Cash Equivalents and Short-Term Investments, Fair Value | 95,386 | 44,322 |
Short-Term Investments | U.S. Government Agencies | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 5,996 | |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 1 | |
Cash Equivalents and Short-Term Investments, Unrealized Loss | 0 | |
Cash Equivalents and Short-Term Investments, Fair Value | 5,997 | |
Short-Term Investments | Corporate Debt Securities and Commercial Paper | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 50,825 | 39,012 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 0 | 14 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | (52) | 0 |
Cash Equivalents and Short-Term Investments, Fair Value | 50,773 | 39,026 |
Long-Term Investments | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 3,993 | |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 0 | |
Cash Equivalents and Short-Term Investments, Unrealized Loss | (10) | |
Cash Equivalents and Short-Term Investments, Fair Value | 3,983 | |
Cash and Cash Equivalents | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 120,559 | 48,595 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 2 | 0 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | 0 | 0 |
Cash Equivalents and Short-Term Investments, Fair Value | 120,561 | 48,595 |
Cash and Cash Equivalents | US Treasury Securities | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 26,099 | |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 2 | |
Cash Equivalents and Short-Term Investments, Unrealized Loss | 0 | |
Cash Equivalents and Short-Term Investments, Fair Value | 26,101 | |
Cash and Cash Equivalents | Corporate Debt Securities and Commercial Paper | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 6,491 | |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 0 | |
Cash Equivalents and Short-Term Investments, Unrealized Loss | 0 | |
Cash Equivalents and Short-Term Investments, Fair Value | 6,491 | |
Money Market Mutual Funds | Cash and Cash Equivalents | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Cash Equivalents and Short-Term Investments, Amortized Cost Basis | 87,969 | 48,595 |
Cash Equivalents and Short-Term Investments, Unrealized Gain | 0 | 0 |
Cash Equivalents and Short-Term Investments, Unrealized Loss | 0 | 0 |
Cash Equivalents and Short-Term Investments, Fair Value | $ 87,969 | $ 48,595 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory reserves | $ 330,000 | $ 285,000 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,521 | $ 5,763 |
Work in process | 1,676 | 1,490 |
Finished goods | 15,631 | 13,800 |
Inventory, net | $ 23,828 | $ 21,053 |
Property and Equipment. net - S
Property and Equipment. net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 23,953 | $ 21,252 |
Accumulated depreciation | (5,800) | (4,781) |
Property and equipment, net | 18,153 | 16,471 |
Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,330 | 7,408 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,834 | 4,712 |
Assets In Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,533 | 3,124 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,399 | 3,044 |
Computer Hardware | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,757 | 2,864 |
Computer Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 100 | $ 100 |
Property and Equipment. net - A
Property and Equipment. net - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 1,063,000 | $ 609,000 |
SG&A Expenses | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | 857,000 | 463,000 |
Cost of Goods Sold | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 206,000 | $ 146,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Mar. 31, 2019ExtensionPeriod | Oct. 31, 2020USD ($)ExtensionPeriod | Mar. 31, 2019 | Mar. 31, 2022USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) |
Lessee Lease Description [Line Items] | ||||||||
Operating lease, number of extension options | ExtensionPeriod | 2 | |||||||
Operating lease right-of-use assets | $ 42,200,000 | $ 46,401,000 | $ 44,909,000 | |||||
Operating lease liability | $ 28,600,000 | 28,931,000 | ||||||
Operating lease, remaining lease term | 232 months | 4 months | 4 months | |||||
Weighted average incremental borrowing rate | 6.00% | 6.00% | ||||||
Cash paid for amounts included in the measurement of lease liabilities | $ 714,000 | |||||||
Administration fee | 29,000 | $ 29,000 | ||||||
Research and Development Expense | 16,135,000 | 8,163,000 | ||||||
Research and Development Expense Accrued | 2,500,000 | |||||||
Other Liabilities, Noncurrent | 1,416,000 | 1,416,000 | ||||||
Accrued Expenses And Other Current Liabilities | 9,155,000 | 10,737,000 | ||||||
Prepaid OperatingLeasePayments | $ 4,900,000 | |||||||
Tenant allowance | 13,500,000 | |||||||
Tenant allowance related to prepaid lease payments | 3,700,000 | |||||||
Inceptus Medical Inc [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Royalty Expense | 212,000 | $ 190,000 | ||||||
Research and Development Expense [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Research and Development Expense | 4,200,000 | |||||||
Other Liabilities, Noncurrent | 1,400,000 | |||||||
Accrued Expenses And Other Current Liabilities | $ 1,100,000 | |||||||
Letter of Credit | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Secured debt | $ 1,500,000 | |||||||
Maximum | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease, term of contract | 12 months | 12 months | ||||||
Maximum | Inceptus Medical Inc [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Related party transaction, rate | 1.50% | |||||||
Minimum | Inceptus Medical Inc [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Payments for Royalties | $ 1,000 | |||||||
Related party transaction, rate | 1.00% | |||||||
Irvine, California | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease, term of contract | 5 years | 10 years | 5 years | |||||
Operating lease, expiration date | Sep. 30, 2024 | |||||||
Operating lease, number of extension options | ExtensionPeriod | 2 | |||||||
Option to extend, operating lease, term | 5 years | 5 years | 5 years | |||||
Operating lease, Existence of option to extend | true | true | ||||||
Operating lease, rent holiday concession period | 1 month | |||||||
Operating lease, description | The lease includes a one-month rent holiday concession and escalation clauses for increased rent over the lease term. | |||||||
Operating lease right-of-use assets | 210,000 | $ 210,000 | ||||||
Operating lease liability | $ 237,000 | $ 237,000 | ||||||
Oak Canyon [Member] | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease right-of-use assets | 46,100 | |||||||
Operating lease liability | $ 28,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of total lease cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 1,043 |
Short-term Lease, Cost | 15 |
Variable Lease, Cost | 139 |
Leasehold Improvements | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost, Total | $ 1,197 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Remainder of 2021 | $ 1,828 | ||
2022 | 2,163 | ||
2023 | 2,234 | ||
2024 | 2,295 | ||
2025 | 2,361 | ||
Thereafter | 39,536 | ||
Total lease payments | 50,417 | ||
Less imputed interest | (21,486) | ||
Operating Lease, Liability, Total | 28,931 | $ 28,600 | |
Less: lease liabilities - current portion | (630) | $ (802) | |
Lease liabilities - noncurrent portion | $ 28,301 | $ 28,404 |
Concentrations - Additional Inf
Concentrations - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022CustomerVendor | Mar. 31, 2021CustomerVendor | Dec. 31, 2021CustomerVendor | |
Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of customers | Customer | 0 | 0 | |
Revenue | Customer Concentration Risk | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 10.00% | |
Accounts Receivable | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of customers | Customer | 0 | 0 | |
Accounts Receivable | Customer Concentration Risk | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 10.00% | |
Purchases | Supplier Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of vendor | Vendor | 0 | 0 | |
Purchases | Supplier Concentration Risk | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 10.00% | |
Accounts Payable | Supplier Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of vendor | Vendor | 0 | 0 | |
Accounts Payable | Supplier Concentration Risk | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10.00% | 10.00% |
Related Party - Additional Info
Related Party - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Administration fee | $ 29,000 | $ 29,000 | |
MRI The Hoffman Group | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 0 | $ 0 | |
Inceptus | |||
Related Party Transaction [Line Items] | |||
Royalty expense | $ 212,000 | 190,000 | |
Inceptus | Minimum | |||
Related Party Transaction [Line Items] | |||
Related party transaction, rate | 1.00% | ||
Royalty quarterly fee | $ 1,000 | ||
Inceptus | Maximum | |||
Related Party Transaction [Line Items] | |||
Related party transaction, rate | 1.50% | ||
Recruiting Services | MRI The Hoffman Group | Operating expenses | |||
Related Party Transaction [Line Items] | |||
Development expenses incurred | $ 74,000 | $ 134,000 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)LetterOfCredit | Sep. 30, 2020USD ($) | Mar. 31, 2022USD ($)LetterOfCredit | Dec. 31, 2021USD ($)LetterOfCredit | |
Debt Instrument [Line Items] | ||||
Number of Letter of Credit | LetterOfCredit | 2 | 2 | 2 | |
Bank of America Credit Facility | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit closing fee | $ 150,000,000 | |||
Legal and other fees | $ 280,000,000 | |||
Line of credit facility covenant terms | The Credit Agreement contains certain customary covenants and events of default, including: payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, certain events with respect to governmental approvals if such events could cause a material adverse change, a material impairment in the perfection or priority of the lender's security interest or in the value of the collateral, a material adverse change in the business, operations, or condition of us or any of our subsidiaries, and a material impairment of the prospect of repayment of the loans. Upon the occurrence of an event of default, a default increase in the interest rate of an additional 2.0% could be applied to the outstanding loan balance and the lender could declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan and security agreement. | |||
Percentage of additional increase in interest rate of loan outstanding for default | 2.00% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | |||
Percentage of accounts receivable available to borrow | 85.00% | |||
Principal amount outstanding | $ 0 | $ 0 | ||
Cash pledged under credit agreement | $ 0 | 0 | 0 | |
Interest on loans outstanding payable | monthly | |||
Debt maturity month and year | 2023-09 | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, description of variable rate basis | the Federal funds rate plus 0.50% | |||
Term loan variable interest rate | 0.50% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, description of variable rate basis | the LIBOR rate based upon an interest period of 30 days plus 1.00%. | |||
Term loan variable interest rate | 1.00% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | LIBOR | LIBOR Loans | ||||
Debt Instrument [Line Items] | ||||
Term loan variable interest rate | 2.00% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Term loan variable interest rate | 1.50% | |||
Unused line fee at annual rate | 0.375% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | Maximum | LIBOR | LIBOR Loans | ||||
Debt Instrument [Line Items] | ||||
Term loan variable interest rate | 2.50% | |||
Bank of America Credit Facility | Senior Secured Revolving Credit Facility | Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Term loan variable interest rate | 1.00% | |||
Unused line fee at annual rate | 0.25% | |||
Bank of America Credit Facility | Letter of Credit Subline Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | 5,000,000 | ||
Percentage of fee on average daily stated amount of outstanding letter of credit | 2.25% | |||
Percentage of fronting fee on stated amount of each letter of credit outstanding | 0.125% | |||
Letters of credit outstanding amount | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 |
Debt - Schedule of Deferred Fin
Debt - Schedule of Deferred Financing Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Deferred financing costs | $ 430 | $ 430 |
Accumulated amortization | (227) | (191) |
Unamortized deferred financing costs | $ 203 | $ 239 |
Stockholder's Equity- Additiona
Stockholder's Equity- Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Class Of Stock [Line Items] | ||||
Underwriters' discounts and commissions | $ 11,200 | |||
Net proceeds from IPO | $ 174,400 | $ 174,394 | $ 0 | |
Offering costs | $ 700 | |||
IPO [Member] | ||||
Class Of Stock [Line Items] | ||||
Public offering price | $ 81 | |||
Stock issued | 2,300,000 | |||
Over-Allotment Option [Member] | ||||
Class Of Stock [Line Items] | ||||
Sale of stock, shares issued | 300,000 | |||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Stock issued | 2,300,000 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2022 | May 31, 2020 | Mar. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Jan. 01, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock reserved for future issuance | 503,135 | |||||||
Stock-based compensation expense | $ 6,555,000 | $ 3,836,000 | ||||||
Compensation costs related to all non-vested awards to be recognized in future | $ 67,600,000 | |||||||
Non vested stock awards, expected remaining weighted average period | 3 years 2 months 12 days | |||||||
Common stock purchased under ESPP | 54,808 | |||||||
Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock purchased under ESPP | 54,808 | 36,881 | ||||||
Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 805,000 | $ 597,000 | ||||||
2020 Incentive Award Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock reserved for future issuance | 3,468,048 | |||||||
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end | 3.00% | |||||||
Number of shares available for issuance | 5,832,579 | |||||||
Number of shares granted | 395,691 | |||||||
Restricted stock units, vested | 49,686 | |||||||
Outstanding balance | 936,581 | 611,205 | ||||||
Total fair value of RSUs vested | $ 4,500,000 | 132,000 | ||||||
Weighted Average Fair Value, Granted | $ 78.59 | |||||||
2020 Incentive Award Plan | Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
Share-based compensation vesting rights, terms | The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. | |||||||
2020 Incentive Award Plan | Employee Stock Purchase Plan | Share Based Compensation Award Tranche One | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Cliff vesting, percentage | 25.00% | |||||||
2020 Incentive Award Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of award | 10 years | |||||||
2011 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock reserved for future issuance | 1,509,404 | |||||||
Total fair value of RSUs vested | $ 4,500,000 | $ 132,000 | ||||||
2011 Equity Incentive Plan | Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units, vested | 0 | |||||||
Outstanding balance | 2,712,674 | 2,712,674 | ||||||
Weighted Average Fair Value, Granted | $ 0.17 | $ 0.17 | ||||||
2020 Employee Share Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock reserved for future issuance | 990,870 | 1,846,664 | ||||||
First offering start date | Aug. 1, 2020 | |||||||
First offering end date | Jan. 31, 2021 | |||||||
Percentage of purchase price on fair market value of common stock | 85.00% | |||||||
2020 Employee Share Purchase Plan | Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock purchased under ESPP | 139,857 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Awards | ||
Number of Awards, Outstanding, Beginning balance | 2,574,354 | |
Number of Awards, Exercised | (322,882) | |
Number of Awards, Cancelled | (9,842) | |
Number of Awards, Outstanding, Ending balance | 2,241,630 | 2,574,354 |
Number of Awards, Vested and exercisable | 1,509,067 | |
Number of Awards, Vested and expected to vest | 2,209,317 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 1.43 | |
Weighted Average Exercise Price, Exercised | 1.09 | |
Weighted Average Exercise Price, Cancelled | 1.59 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 1.48 | $ 1.43 |
Weighted Average Exercise Price, Vested and exercisable | 1.09 | |
Weighted Average Exercise Price, Vested and expected to vest | 1.45 | |
Weighted Average Fair Value | ||
Weighted Average Fair Value, Outstanding, Beginning balance | 1.02 | |
Weighted Average Fair Value, Exercised | 0.78 | |
Weighted Average Fair Value, Cancelled | 1.05 | |
Weighted Average Fair Value, Outstanding, Ending balance | 1.05 | $ 1.02 |
Weighted Average Fair Value, Vested and exercisable | 0.81 | |
Weighted Average Fair Value, Vested and expected to vest | $ 1.04 | |
Weighted Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life (in years), Outstanding | 6 years 10 months 6 days | 7 years 25 days |
Weighted Average Remaining Contractual Life (in years), Vested and exercisable | 6 years 8 months 1 day | |
Weighted Average Remaining Contractual Life (in years), Vested and expected to vest | 6 years 10 months 6 days | |
Intrinsic Value | ||
Intrinsic Value, Outstanding, Beginning balance | $ 231,286 | |
Intrinsic Value, Exercised | 26,000 | |
Intrinsic Value, Cancelled | 790 | |
Intrinsic Value, Outstanding, Ending balance | 199,874 | $ 231,286 |
Intrinsic Value, Vested and exercisable | 135,138 | |
Intrinsic Value, Vested and expected to vest | $ 197,040 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - 2020 Employee Share Purchase Plan | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected remaining term in years | 6 months | 6 months |
Expected volatility | 56.09% | 51.91% |
Dividend yield | 0.00% | 0.00% |
Risk free interest rate | 0.48% | 0.08% |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of RSU Activity (Details) - 2020 Incentive Award Plan | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Awards | |
Number of Awards, Outstanding, Beginning balance | shares | 611,205 |
Number of shares granted | shares | 395,691 |
Number of Awards, Vested | shares | (49,686) |
Number of Awards, Cancelled | shares | (20,629) |
Number of Awards, Outstanding, Ending balance | shares | 936,581 |
Weighted Average Fair Value | |
Weighted Average Fair Value, Outstanding, Beginning balance | $ / shares | $ 88.34 |
Weighted Average Fair Value, Granted | $ / shares | 78.59 |
Weighted Average Fair Value, Vested | $ / shares | 87.72 |
Weighted Average Fair Value, Cancelled | $ / shares | 82.24 |
Weighted Average Fair Value, Outstanding, Ending balance | $ / shares | $ 84.39 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total compensation cost | $ 6,555 | $ 3,836 |
Cost of Goods Sold | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total compensation cost | 364 | 178 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total compensation cost | 978 | 402 |
Selling, General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total compensation cost | $ 5,213 | $ 3,256 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
(Loss) income before income taxes | $ (3,129) | $ 7,667 |
Provision for income taxes | 0 | 198 |
Net (loss) income | $ (3,129) | $ 7,469 |
Provision for income taxes as a percentage of (loss) income before income taxes | 0.00% | 2.60% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ 17,900 | |
Interest or penalties related to uncertain tax positions | $ 0 | |
Significant change in unrecognized tax position, description | It is not expected that there will be a significant change in uncertain tax position in the next twelve months. | |
Income tax examination, description | In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2015 and December 31, 2016 are open for state and federal tax purposes, respectively. |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
401 (k) Plan | us-gaap:QualifiedPlanMember | us-gaap:QualifiedPlanMember | |
Employer contributions by plan participant | $ 1 | ||
Employee contributions by plan participant | $ 1 | ||
Participating employee eligible compensation | 4.00% | ||
Matching contribution expense recognized | $ 1,700,000 | $ 800,000 | |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participating employee up to greater | $ 3,000 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income | $ (3,129) | $ 7,469 | ||
Weighted average common shares used to compute net (loss) income per share | ||||
Basic | 50,954,715 | 49,355,945 | ||
Weighted average number of common shares outstanding - diluted | 50,954,715 | 50,954,715 | 55,722,293 | 55,722,293 |
Earnings Per Share, Basic [Abstract] | ||||
Basic | $ (0.06) | $ 0.15 | ||
Earnings Per Share, Diluted [Abstract] | ||||
Diluted | $ (0.06) | $ 0.13 | $ 0.13 | |
Common Stock Options | ||||
Weighted average common shares used to compute net (loss) income per share | ||||
Common stock equivalents | 0 | 3,181,216 | ||
Unvested RSUs | ||||
Weighted average common shares used to compute net (loss) income per share | ||||
Common stock equivalents | 0 | 3,108,002 | ||
ESPP | ||||
Weighted average common shares used to compute net (loss) income per share | ||||
Common stock equivalents | 0 | 4,911 | ||
Restricted Stock | ||||
Weighted average common shares used to compute net (loss) income per share | ||||
Common stock equivalents | 0 | 72,219 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation (Details) | 3 Months Ended |
Mar. 31, 2022shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 5,901,289 |
ESPP | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 10,404 |
Common Stock Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 2,241,630 |
RSUs | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 3,649,255 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | ||
Stock-based compensation expense | $ 6,555 | $ 3,836 |