Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40894 | |
Entity Registrant Name | IsoPlexis Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-2179799 | |
Entity Address, Address Line One | 35 NE Industrial Rd | |
Entity Address, City or Town | Branford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06405 | |
City Area Code | 203 | |
Local Phone Number | 208-4111 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | ISO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,954,947 | |
Entity Central Index Key | 0001615055 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 40,739 | $ 106,641 |
Accounts receivable, net | 3,493 | 2,922 |
Inventories, net | 20,232 | 3,955 |
Prepaid expenses and other current assets | 7,613 | 2,156 |
Total current assets | 72,077 | 115,674 |
Property and equipment, net | 4,558 | 3,227 |
Intangible assets, net | 21,266 | 1,643 |
Other assets | 1,971 | 3,061 |
Total assets | 99,872 | 123,605 |
Current liabilities: | ||
Accounts payable | 5,909 | 2,137 |
Accrued expenses and other current liabilities | 5,384 | 2,129 |
Deferred revenue | 1,089 | 356 |
Deferred rent | 76 | 0 |
Total current liabilities | 12,458 | 4,622 |
Warrant liability | 8,330 | 4,637 |
Long-term debt | 31,767 | 22,137 |
Total liabilities: | 52,555 | 31,396 |
Commitments and contingencies (Notes 10 and 12) | ||
Stockholders’ deficit: | ||
Common stock, $0.001 par value, 400,000,000 shares authorized; 2,214,960 and 2,133,904 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 2 | 2 |
Additional paid-in capital | 2,324 | 1,151 |
Accumulated deficit | (108,716) | (52,404) |
Total stockholders’ deficit | (106,390) | (51,251) |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | 99,872 | 123,605 |
Series A Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 1,596 | 1,596 |
Series A-2 Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 3,870 | 3,623 |
Series B Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 6,606 | 6,606 |
Series B-2 Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 6,991 | 6,991 |
Series C Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 24,839 | 24,839 |
Series C-2 Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | 24,929 | 24,929 |
Series D Preferred | ||
Redeemable convertible preferred stock: | ||
Preferred stock, value, issued | $ 84,876 | $ 74,876 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares, issued | 2,214,960 | 2,133,904 |
Common stock, shares, outstanding | 2,214,960 | 2,133,904 |
Series A Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 253,862 | 253,862 |
Temporary equity, shares issued | 253,862 | 253,862 |
Temporary equity, shares outstanding | 253,862 | 253,862 |
Temporary equity, liquidation preference, value | $ 2,842 | |
Series A-2 Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 293,180 | 293,180 |
Temporary equity, shares issued | 293,180 | 290,002 |
Temporary equity, shares outstanding | 293,180 | 290,002 |
Temporary equity, liquidation preference, value | $ 5,956 | |
Series B Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 376,061 | 376,061 |
Temporary equity, shares issued | 376,061 | 376,061 |
Temporary equity, shares outstanding | 376,061 | 376,061 |
Temporary equity, liquidation preference, value | $ 9,865 | |
Series B-2 Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 237,183 | 237,183 |
Temporary equity, shares issued | 237,183 | 237,183 |
Temporary equity, shares outstanding | 237,183 | 237,183 |
Temporary equity, liquidation preference, value | $ 9,699 | |
Series C Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 564,287 | 564,287 |
Temporary equity, shares issued | 564,287 | 564,287 |
Temporary equity, shares outstanding | 564,287 | 564,287 |
Temporary equity, liquidation preference, value | $ 31,165 | |
Series C-2 Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 515,218 | 515,218 |
Temporary equity, shares issued | 515,218 | 515,218 |
Temporary equity, shares outstanding | 515,218 | 515,218 |
Temporary equity, liquidation preference, value | $ 28,605 | |
Series D Preferred | ||
Temporary equity, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 1,202,549 | 1,202,549 |
Temporary equity, shares issued | 1,105,045 | 975,039 |
Temporary equity, shares outstanding | 1,105,045 | 975,039 |
Temporary equity, liquidation preference, value | $ 90,092 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenue | $ 4,193 | $ 3,279 | $ 11,716 | $ 6,983 |
Gross profit | 1,973 | 1,761 | 5,917 | 3,619 |
Operating expenses: | ||||
Research and development expenses | 4,700 | 2,474 | 13,869 | 7,468 |
General and administrative expenses | 7,106 | 2,575 | 16,670 | 6,247 |
Sales and marketing expenses | 10,066 | 2,962 | 27,097 | 7,774 |
Total operating expenses | 21,872 | 8,011 | 57,636 | 21,489 |
Loss from operations | (19,899) | (6,250) | (51,719) | (17,870) |
Other income and (expense): | ||||
Grant income | 862 | 1,225 | 2,189 | 2,717 |
Change in fair value of warrants and loan commitment | (97) | (21) | (4,104) | (64) |
Interest income | 1 | 1 | 9 | 3 |
Interest expense | (1,066) | 0 | (2,687) | 0 |
Net loss | (20,199) | (5,045) | (56,312) | (15,214) |
Accrued dividends on preferred stock | (3,400) | (1,558) | (10,010) | (4,541) |
Net loss attributable to common stockholders | (23,599) | (6,603) | (66,322) | (19,755) |
Net loss attributable to common stockholders | $ (23,599) | $ (6,603) | $ (66,322) | $ (19,755) |
Basic net loss per common share (in usd per share) | $ (10.66) | $ (3.16) | $ (30.59) | $ (9.48) |
Diluted net loss per common share (in usd per share) | $ (10.66) | $ (3.16) | $ (30.59) | $ (9.48) |
Weighted-average common shares outstanding—basic | 2,213,825 | 2,086,345 | 2,168,259 | 2,084,497 |
Weighted-average common shares outstanding—diluted | 2,213,825 | 2,086,345 | 2,168,259 | 2,084,497 |
Product revenue | ||||
Revenue | ||||
Total revenue | $ 3,890 | $ 3,025 | $ 10,906 | $ 6,115 |
Cost of goods and services sold | 2,207 | 1,505 | 5,758 | 3,275 |
Service revenue | ||||
Revenue | ||||
Total revenue | 303 | 254 | 810 | 868 |
Cost of goods and services sold | $ 13 | $ 13 | $ 41 | $ 89 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands | Total | Series A Preferred | Series A-2 Preferred | Series B Preferred | Series B-2 Preferred | Series C Preferred | Series C-2 Preferred | Series D Preferred | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 412,174 | 0 | ||||
Beginning balance at Dec. 31, 2019 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 19,929 | $ 0 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Issuance of preferred stock (in shares) | 103,044 | ||||||||||
Issuance of Preferred Stock | $ 5,000 | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 0 | ||||
Ending balance at Mar. 31, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,083,568 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ (28,534) | $ 2 | $ 604 | $ (29,140) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation | 49 | 49 | |||||||||
Net loss | (5,854) | (5,854) | |||||||||
Ending balance (in shares) at Mar. 31, 2020 | 2,083,568 | ||||||||||
Ending balance at Mar. 31, 2020 | (34,339) | $ 2 | 653 | (34,994) | |||||||
Beginning balance (in shares) at Dec. 31, 2019 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 412,174 | 0 | ||||
Beginning balance at Dec. 31, 2019 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 19,929 | $ 0 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 0 | ||||
Ending balance at Sep. 30, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,083,568 | ||||||||||
Beginning balance at Dec. 31, 2019 | (28,534) | $ 2 | 604 | (29,140) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss | (15,214) | ||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 2,087,672 | ||||||||||
Ending balance at Sep. 30, 2020 | (43,282) | $ 2 | 1,071 | (44,355) | |||||||
Beginning balance (in shares) at Mar. 31, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 0 | ||||
Beginning balance at Mar. 31, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 0 | ||||
Ending balance at Jun. 30, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 2,083,568 | ||||||||||
Beginning balance at Mar. 31, 2020 | (34,339) | $ 2 | 653 | (34,994) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation | 53 | 53 | |||||||||
Net loss | (4,316) | (4,316) | |||||||||
Ending balance (in shares) at Jun. 30, 2020 | 2,083,568 | ||||||||||
Ending balance at Jun. 30, 2020 | (38,602) | $ 2 | 706 | (39,310) | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 0 | ||||
Ending balance at Sep. 30, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 4,104 | ||||||||||
Stock-based compensation | 365 | 365 | |||||||||
Net loss | (5,045) | (5,045) | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 2,087,672 | ||||||||||
Ending balance at Sep. 30, 2020 | (43,282) | $ 2 | 1,071 | (44,355) | |||||||
Beginning balance (in shares) at Dec. 31, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 975,039 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 74,876 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Issuance of preferred stock (in shares) | 130,006 | ||||||||||
Issuance of Preferred Stock | $ 10,000 | ||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 1,105,045 | ||||
Ending balance at Mar. 31, 2021 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 84,876 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 2,133,904 | ||||||||||
Beginning balance at Dec. 31, 2020 | (51,251) | $ 2 | 1,151 | (52,404) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 10,912 | ||||||||||
Exercise of common stock options | 5 | 5 | |||||||||
Stock-based compensation | 95 | 95 | |||||||||
Net loss | (15,559) | (15,559) | |||||||||
Ending balance (in shares) at Mar. 31, 2021 | 2,144,816 | ||||||||||
Ending balance at Mar. 31, 2021 | (66,710) | $ 2 | 1,251 | (67,963) | |||||||
Beginning balance (in shares) at Dec. 31, 2020 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 975,039 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 74,876 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 253,862 | 293,180 | 376,061 | 237,183 | 564,287 | 515,218 | 1,105,045 | ||||
Ending balance at Sep. 30, 2021 | $ 1,596 | $ 3,870 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 84,876 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 2,133,904 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ (51,251) | $ 2 | 1,151 | (52,404) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 81,056 | ||||||||||
Net loss | $ (56,312) | ||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 2,214,960 | ||||||||||
Ending balance at Sep. 30, 2021 | (106,390) | $ 2 | 2,324 | (108,716) | |||||||
Beginning balance (in shares) at Mar. 31, 2021 | 253,862 | 290,002 | 376,061 | 237,183 | 564,287 | 515,218 | 1,105,045 | ||||
Beginning balance at Mar. 31, 2021 | $ 1,596 | $ 3,623 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 84,876 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Issuance of preferred stock (in shares) | 3,178 | ||||||||||
Issuance of Preferred Stock | $ 247 | ||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 253,862 | 293,180 | 376,061 | 237,183 | 564,287 | 515,218 | 1,105,045 | ||||
Ending balance at Jun. 30, 2021 | $ 1,596 | $ 3,870 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 84,876 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 2,144,816 | ||||||||||
Beginning balance at Mar. 31, 2021 | (66,710) | $ 2 | 1,251 | (67,963) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 68,016 | ||||||||||
Exercise of common stock options | 4 | 4 | |||||||||
Stock-based compensation | 234 | 234 | |||||||||
Net loss | (20,554) | (20,554) | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 2,212,832 | ||||||||||
Ending balance at Jun. 30, 2021 | (87,026) | $ 2 | 1,489 | (88,517) | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 253,862 | 293,180 | 376,061 | 237,183 | 564,287 | 515,218 | 1,105,045 | ||||
Ending balance at Sep. 30, 2021 | $ 1,596 | $ 3,870 | $ 6,606 | $ 6,991 | $ 24,839 | $ 24,929 | $ 84,876 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 2,128 | ||||||||||
Exercise of common stock options | 2 | 2 | |||||||||
Stock-based compensation | 833 | 833 | |||||||||
Net loss | (20,199) | (20,199) | |||||||||
Ending balance (in shares) at Sep. 30, 2021 | 2,214,960 | ||||||||||
Ending balance at Sep. 30, 2021 | $ (106,390) | $ 2 | $ 2,324 | $ (108,716) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (56,312) | $ (15,214) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,517 | 560 |
Provision for warranty costs | 190 | 55 |
Change in fair value of warrants and loan commitment | 4,104 | 64 |
Amortization of debt discount | 471 | 0 |
Stock-based compensation | 1,162 | 467 |
Provision for excess and obsolete inventories | 240 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (571) | (146) |
Inventories | (16,517) | (462) |
Prepaid expenses and other current assets | (594) | (536) |
Other assets | 45 | 41 |
Accounts payable | 3,772 | 132 |
Accrued liabilities | 3,065 | 751 |
Deferred revenue | 733 | (34) |
Deferred rent | 76 | (17) |
Net cash used in operating activities | (58,619) | (14,339) |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,203) | (892) |
Payments for patents acquired and capitalized | (20,268) | (808) |
Net cash used in investing activities | (22,471) | (1,700) |
Cash flows from financing activities | ||
Proceeds received from borrowings on credit agreement | 10,000 | 0 |
Payment of deferred offering costs | (4,863) | 0 |
Exercise of common stock options | 11 | 0 |
Net cash provided by financing activities | 15,188 | 5,000 |
Net change in cash | (65,902) | (11,039) |
Cash beginning | 106,641 | 27,371 |
Cash ending | 40,739 | 16,332 |
Non-cash investing and financing activities | ||
Transfer of Tranche B loan commitment to contra-debt upon additional borrowing under credit agreement | 841 | 0 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 2,566 | 0 |
Series A-2 Preferred | ||
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock | 40 | 0 |
Series C-2 Preferred | ||
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock | 0 | 5,000 |
Series D Preferred | ||
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock | $ 10,000 | $ 0 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations IsoPlexis Corporation (together with its subsidiaries, the “Company”) was incorporated in the State of Delaware in March 2013. The Company is a life sciences company building solutions to accelerate the development of curative medicines and personalized therapeutics. The Company’s award-winning single-cell proteomics systems reveal unique biological activity in small subsets of cells, allowing researchers to connect more directly to in-vivo biology and develop more precise and personalized therapies. The Company’s products have been adopted by researchers around the world, including each of the top 15 global pharmaceutical companies by revenue and by more than half of the comprehensive cancer centers in the United States. On December 28, 2018, the Company created IsoPlexis UK Limited (“IsoPlexis UK”), which has remained dormant. COVID - 19 The COVID-19 pandemic developed rapidly in 2020, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity. The Company has taken a number of measures to monitor and mitigate the effects of COVID-19, such as safety and health measures for the Company’s employees (such as social distancing and working from home) and securing the supply of materials that are essential to the production process. At this stage, the impact on the Company’s business and results has not been significant and based on the Company’s experience to date management expects this to remain the case. The Company will continue to follow the various government policies and advice. Liquidity and ability to continue as a going concern Since its inception, the Company has incurred net losses and negative cash flows from operations. During the nine months ended September 30, 2021 and 2020, the Company incurred a net loss of $56.3 million and $15.2 million, respectively, and used $58.6 million and $14.3 million in cash for operations, respectively. In addition, as of September 30, 2021, the Company had an accumulated deficit of $108.7 million. On October 12, 2021, the Company closed its initial public offering (the “IPO”), which generated net proceeds of $111.0 million (see Note 15). As of November 12, 2021, the issuance date of the condensed consolidated financial statements for the nine months ended September 30, 2021, the Company expected that its cash would be sufficient to fund its operating expenses, capital expenditure requirements and debt service payments through at least 12 months from the issuance date of the condensed consolidated financial statements. The Company expects to continue to generate operating losses and negative cash flows for the foreseeable future. In addition, the Company’s Credit Agreement and Guaranty, dated as of December 30, 2020 (as amended, the “Credit Agreement”), between the Company and Perceptive Credit Holdings III, LP, as administrative agent and as a lender (in such capacities, the “Administrative Agent”), includes covenants with minimum revenue requirements for the trailing twelve months at various quarterly measurement dates through December 2025. On October 29, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) with the Administrative Agent to, among other things, eliminate the minimum total revenue covenant for the twelve months ending September 30, 2021 and December 31, 2021 and reset the minimum total revenue covenants thereafter. The Company may seek additional funding in order to reach its business objectives. The Company may seek these funds either through public debt or equity offerings or further private equity financings, debt financings, and strategic alliances. The Company may not be able to obtain funding on acceptable terms, or at all, and the terms of any funding may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain additional funding, it could adversely affect the Company’s business prospects. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts classification of liabilities that might be necessary if the company is unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, IsoPlexis UK. All intercompany transactions have been eliminated. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2020 and 2019, and the notes thereto, which are included in the Company’s final prospectus related to the Company’s IPO, dated October 7, 2021 and filed on October 12, 2021 with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The results for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of significant accounting policies” in our consolidated financial statements as of and for the years ended December 31, 2020 and 2019. Deferred offering costs The Company capitalizes incremental legal, professional accounting and other third-party fees that are directly associated with the Company’s IPO as other current assets. After consummation of the IPO on October 12, 2021, these costs will be recorded in stockholders’ deficit as a reduction of additional paid-in-capital generated as a result of the IPO. As of September 30, 2021, there were deferred offering costs of approximately $4.9 million included in prepaid expenses and other current assets. New accounting standards not yet effective In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard established a right-of- use model that requires all lessees to recognize right-of-use assets and liabilities on their balance sheet that arise from leases as well as provide disclosures with respect to certain qualitative and quantitative information related to their leasing arrangements. The Company plans to adopt the standard on January 1, 2022, using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2022. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Certain of the Company’s assets and liabilities are recorded at fair value, as described below. The following tables set forth the Company’s financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ 8,330 $ 8,330 Loan commitment $ — $ — $ 1,195 $ 1,195 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ 4,637 $ 4,637 Loan commitment $ — $ — $ 2,240 $ 2,240 Under ASC Topic 480, Distinguishing Liabilities from Equity, the warrants (see Note 7) are freestanding financial instruments that qualify as liabilities required to be recorded at their estimated fair value at the inception date and remeasured at each reported balance sheet date thereafter until settlement. The Series A-2 Preferred Stock Warrant was exercised on May 11, 2021, at an exercise price of $12.58606 per share for 3,178 shares of Series A-2 redeemable convertible preferred stock. The fair value of the warrant liability was estimated using a Black-Scholes option pricing model, with the following significant unobservable inputs (Level 3): September 30, 2021 December 31, 2020 Series D Series A-2 Series D Stock price $ 120.73 $ 76.92 $ 76.92 Exercise price $ 76.92 $ 12.59 $ 76.92 Expected term (in years) 9.25 4.7 10 Volatility 55 % 50 % 50 % Dividend rate — — — Risk-free interest rate 1.45 % 0.36 % 0.93 % The Company’s volatility was estimated at each valuation date based on the price history for guideline companies looking back over the number of years equal to the expected term. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the nine months ended September 30, 2021 and 2020. The commitment for an additional tranche under the Credit Agreement (see Note 7) qualifies as a freestanding financial instrument required to be recorded at estimated fair value. The fair value of the loan commitment was estimated based on the present value of future expected cash flows discounted at the Company’s effective interest rate of 14.19% and 13.98% at September 30, 2021 and December 31, 2020 respectively. The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis: (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance at January 1, 2021 $ 2,240 $ 4,430 $ 207 Change in estimated fair value (139) 1,807 — Balance at March 31, 2021 2,101 6,237 207 Change in estimated fair value — 2,061 — Exercise of warrant — — (207) Exercise of Tranche B loan commitment (841) — — Balance at June 30, 2021 1,260 8,298 — Change in estimated fair value (65) 32 — Balance at September 30, 2021 $ 1,195 $ 8,330 $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as January 1, 2020 $ — $ — $ 122 Change in estimated fair value — — 21 Balance at March 31, 2020 — — 143 Change in estimated fair value — — 22 Balance at June 30, 2020 — — 165 Change in estimated fair value — — 21 Balance at September 30, 2020 $ — $ — $ 186 The above fair value measurements are sensitive to changes in underlying unobservable inputs. A change in those inputs could result in a significantly higher or lower fair value measurement. The full amount of the Tranche B term loan was drawn and $0.8 million was reclassified from the loan commitment to debt discount on May 27, 2021. As of September 30, 2021, $15.0 million under Tranche C remained available through March 31, 2022. Changes in fair value of the warrants and loan commitment is included in other expense in the statements of operations. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s revenue is generated primarily from the sale of products and services. Product revenue primarily consists of sales of instruments and consumables used in single cell research equipment. Service and other revenue primarily consists of revenue generated from measuring immune responses using the Company’s technology. Revenue by source Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Instruments $ 2,647 $ 2,471 $ 7,615 $ 5,019 Consumables 1,243 554 3,291 1,096 Extended service warranty 213 101 510 204 Other service revenue 90 153 300 664 Total revenue $ 4,193 $ 3,279 $ 11,716 $ 6,983 Revenue by geographic area Three Months Ended September 30, Nine Months Ended September 30, Based on region of destination (in thousands) 2021 2020 2021 2020 Americas (1) $ 2,933 $ 2,523 $ 8,554 $ 5,184 Europe (2) 900 94 1,639 508 Greater China (3) 314 619 826 905 Asia-Pacific (4) 46 43 697 386 Total revenue $ 4,193 $ 3,279 $ 11,716 $ 6,983 __________ (1) Region includes revenue from the United States of America and Canada (2) Region includes revenue from the United Kingdom, Belgium, Portugal, Spain, Germany, Sweden, Italy, Israel and Switzerland (3) Region includes revenue from China and Taiwan (4) Region includes revenue from Singapore, Japan, Australia, New Zealand and Korea Performance obligations The Company regularly enters into contracts with multiple performance obligations. Most performance obligations are generally satisfied within a short time after the contract execution date. As of September 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.1 million, of which substantially all is expected to be recognized as revenue during 2021. Contract balances Contract balances represent amounts presented in the consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances included accounts receivable (see Note 5) and deferred revenue. Accounts receivable balances represent amounts billed to customers for goods and services when the Company has an unconditional right to payment of the amount billed. Deferred revenue, as of September 30, 2021 and December 31, 2020 was $1.1 million and $0.4 million, respectively. Deferred revenue represents cash consideration received from customers for which all services or products have not yet been transferred. Revenue recorded during the nine months ended September 30, 2020 included $0.2 million of previously deferred revenue that was included in contract liabilities as of December 31, 2019. Revenue recorded during the nine months ended September 30, 2021 included $0.5 million of previously deferred revenue that was included in contract liabilities as of December 31, 2020. |
Supplemental Balance Sheet Deta
Supplemental Balance Sheet Details | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Details | Supplemental Balance Sheet Details Accounts receivable, net consists of the following: (in thousands) September 30, December 31, Accounts receivable $ 3,539 $ 2,972 Allowance for doubtful accounts (46) (50) Total accounts receivable net of allowance $ 3,493 $ 2,922 Inventories, net consists of the following: (in thousands) September 30, December 31, Raw materials $ 18,870 $ 3,631 Work in process 3 28 Finished goods 1,659 356 Reserve for excess and obsolete inventory (300) (60) Total Inventories, net $ 20,232 $ 3,955 Property and equipment, net consist of the following: (in thousands) September 30, December 31, Furniture and equipment $ 4,342 $ 2,848 Computers and technology 2,004 1,453 Leasehold improvements 856 698 Total 7,202 4,999 Accumulated depreciation (2,644) (1,772) Property and equipment, net $ 4,558 $ 3,227 Depreciation expense was $0.9 million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively. Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, December 31, Accrued compensation $ 2,305 $ 867 Accrued operating expenses 2,769 1,081 Other, including warranties 310 181 Total accrued liabilities $ 5,384 $ 2,129 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets Intangible assets consist of the following: September 30, 2021 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 8 - 14 $ 21,450 $ 604 $ 20,846 Capitalized Licenses 2 - 5 670 250 420 Total intangible assets $ 22,120 $ 854 $ 21,266 December 31, 2020 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 8 - 14 $ 1,182 $ 52 $ 1,130 Capitalized Licenses 2 - 5 670 157 513 Total intangible assets $ 1,852 $ 209 $ 1,643 Amortization expense was $0.6 million and $0.1 million for the nine months ended September 30, 2021 and 2020, respectively. The amortization of capitalized intangible assets is recognized in cost of product and service revenue. The amortization of purchased intangible assets is recognized in general and administrative operating expenses. On May 12, 2021, the Company entered into a Patent Purchase Agreement to purchase a collection of 86 patents related to DNA and RNA sequencing for an aggregate purchase price of $20.0 million. The Company closed the acquisition on May 15, 2021. As of September 30, 2021, the estimated annual amortization of intangible assets for the remainder of 2021 and the next four years is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Year (in thousands) Estimated Annual Amortization 2021 $ 415 2022 1,662 2023 1,662 2024 1,662 2025 1,578 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On December 30, 2020, the Company closed on a $50.0 million Credit Agreement, of which the Company borrowed $25.0 million immediately upon closing. In connection with the Credit Agreement closing, the Company issued to the lender warrants to purchase 97,504 shares of Series D preferred stock. The warrants have a 10-year contractual life and an exercise price of $76.92 per warrant share. The fair value at issuance was initially estimated at $4.4 million and was recorded as a warrant liability. The lender and affiliates of the lender also purchased Series D preferred stock at the closing of the Credit Agreement. In addition, given that the Credit Agreement contained a second tranche of potential borrowings, the Company identified and initially recorded within other assets on the balance sheet a $2.2 million asset related to the future loan commitment. The Company determined that the loan commitment meets the definition within ASC 480 as a freestanding financial instrument to be recorded at fair value given that it is both (1) legally detachable per the explicit ability provided to the creditor allowing it to assign all or part of its interest under the Credit Agreement to any person or entity; and (2) separately exercisable given that it can be exercised or not exercised at the Company’s option without impacting the outstanding balance of the original $25.0 million borrowed upon execution of the Credit Agreement. The remaining proceeds were allocated to the value of the initial debt borrowed and the discount resulting on such debt will be amortized over the term of the Credit Agreement. On May 27, 2021, the Company executed the First Amendment to the Credit Agreement to, among other things, split the previously remaining $25.0 million delayed draw term loan commitments under the Credit Agreement into a $10.0 million Tranche B term loan, available to be drawn upon the effectiveness of the First Amendment, and a $15.0 million Tranche C term loan, available to be drawn subject to achievement of a revenue milestone set forth in the Credit Agreement. The full amount of the Tranche B term loan was drawn and $0.8 million was reclassified from the loan commitment to debt discount on May 27, 2021. As of September 30, 2021, $15.0 million remained available through March 31, 2022. The Credit Agreement bears interest at the one-month LIBOR, with a 1.75% floor, plus a 9.50% margin (11.25% at September 30, 2021). Monthly payments of interest-only are due over the term of the loan with no scheduled loan amortization. Amounts borrowed are due and payable on the maturity date, December 30, 2025. The loan is secured by substantially all of the Company’s assets. Financial covenants include a $3.0 million minimum cash balance at all times and minimum revenue amounts; the minimum revenue covenants as amended in October 2021 now range from $15.0 million for the twelve-month period ended June 30, 2021 to $106.0 million for the twelve-month period ended December 31, 2025 and are measured on a quarterly basis. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity Common stock On September 27, 2021, the Company implemented an 8-for-1 forward stock split (the “Stock Split”) of the Company’s common stock, $0.001 par value per share (“Common Stock”), pursuant to an amendment to the Company’s amended and restated certificate of incorporation approved by the Company’s board of directors and stockholders. As a result of the Stock Split, all Common Stock share and per share data and related information shown in these financial statements and related notes have been adjusted on a retroactive basis for all periods presented. There was no change in the par value of the Company’s Common Stock. As of September 30, 2021, the Company had authorized 400,000,000 shares of Common Stock, of which a total of 2,214,960 and 2,133,904 shares were outstanding, as of September 30, 2021 and December 31, 2020, respectively. Preferred stock All Series of preferred stock are collectively referred to as the “Preferred Stock”. As of September 30, 2021, the cumulative, accrued dividends totaled $24.2 million. As of September 30, 2021, shares of Preferred Stock were convertible into 26,758,688 shares of Common Stock. Voting rights Each holder of Preferred Stock is entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held are convertible. The holders of Preferred Stock vote together with the holders of Common Stock as a single class. |
Equity Based Compensation
Equity Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity based compensation | Equity based compensation The Company’s 2014 Stock Plan (the “Plan”) provides for the granting of stock options or restricted stock to key employees, officers, directors and consultants. The Board of Directors, at its sole discretion, shall determine the exercise price. Stock options expire 10 years from the date of grant. The stock options generally vest 25% upon the one-year anniversary of the service inception date and then ratably each month over the remaining 36 months. Upon termination of service, any unvested stock options are automatically returned to the Company. Vested stock options that are not exercised within the specified period, according to the terms and conditions of the option plan, following the termination as an employee, consultant, or service provider to the Company are surrendered back to the Company. Those stock options are added back to the plan pool and made available for future grants. The maximum number of shares of Common Stock reserved under the Plan is 7,683,360. Compensation cost is recorded on a straight-line basis over the requisite service period of the award based on the fair value of the options issued on the measurement date. The following table summarizes stock option activity for the nine months ended September 30, 2021: Stock Options Shares Weighted Weighted Aggregate Outstanding as of December 31, 2020 3,076,904 $ 0.72 7.2 Granted 2,165,018 4.77 Forfeited (47,542) 2.38 Exercised (81,056) 0.29 Outstanding as of September 30, 2021 5,113,324 $ 2.46 8.9 $ 64,138 Vested and expected to vest as of September 30, 2021 5,113,324 $ 2.46 8.9 $ 64,138 Exercisable at September 30, 2021 2,467,519 $ 0.69 7.3 $ 35,312 The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations: Nine Months Ended September 30, (in thousands) 2021 2020 Research and development $ 178 $ 17 General and administrative 716 427 Sales and marketing 268 23 Total stock-based compensation expense $ 1,162 $ 467 The weighted-average grant date fair value of stock options awarded during the nine months ended September 30, 2021 and 2020 was approximately $6.37 per share and $0.60 per share, respectively. The aggregate grant date fair value of stock options vested during each of the nine month periods ended September 30, 2021 and 2020 was $0.1 million. As of September 30, 2021, there was a total of $12.3 million of unrecognized employee compensation costs related to non-vested stock option awards expected to be recognized over a weighted average period of 3.9 years. The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during: Nine Months Ended September 30, 2021 2020 Risk-free interest rate 0.94 - 1.4% 0.22 % Expected term (in years) 7 7 Expected volatility 55 % 50 % Expected dividend yield — — Exercise prices $1.83 - $10.72 $ 1.03 Estimated fair value of common stock $3.96 - $10.72 $1.03 - $1.69 The risk-free interest rate assumption was based upon observed interest rates appropriate for the expected term of the stock options. The expected volatility was calculated based on comparable public companies. The expected term is based on the average of the vesting period and the legal term. The Company has not declared any dividends in its history and does not expect to issue dividends over the life of the stock options and therefore has estimated the dividend yield to be zero. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Operating leases The Company has multiple operating lease commitments for office space and equipment, which expire through 2026. As of September 30, 2021, the Company had the following future minimum lease payments under non-cancelable leases for the remainder of 2021 and the future years thereafter: (in thousands) Years Ending December 31 2021 $ 371 2022 1,249 2023 1,103 2024 1,037 2025 887 Thereafter 379 Total $ 5,026 The rent expense for the nine months ended September 30, 2021 and 2020 was approximately $0.8 million and $0.6 million, respectively. Purchase Commitments On May 12, 2021 the Company entered into a Supply Agreement with QIAGEN GmbH, pursuant to which they have agreed to supply certain reagents to the Company, and the Company has agreed to certain annual minimum purchases, starting at $2.5 million per year initially, and increasing over time to a maximum of $10.0 million per year in 2027. |
Product Warranties
Product Warranties | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product warranties | Product warranties The Company warrants certain products generally for periods of one year following the delivery date. Accrued warranty costs are included in accrued expenses and other current liabilities. Nine Months Ended September 30, (in thousands) 2021 2020 Accrued warranty cost, beginning $ 135 $ 85 Cost of warranty services (75) (71) Estimated provision for warranty cost 190 55 Accrued warranty cost, end $ 250 $ 69 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal proceedings | Legal proceedingsThe Company may be a party to a litigation or subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company is not currently a party to any material legal proceedings, and the Company’s management believes that there are currently no claims or actions pending against the Company, the ultimate disposition of which could have a material adverse effect on the Company’s results of operations or financial condition. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | Net loss per share attributable to common stockholders The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have an anti-dilutive effect: September 30, September 30, Options outstanding to purchase common stock 5,113,324 3,134,505 Convertible preferred stock (as converted to common stock) 26,758,688 17,892,904 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactionsThe Company has a License Agreement with Yale University, which is a holder of Series A and Series B-2 preferred stock. The Company has a License Agreement with Caltech, which is a holder of Series B preferred stock. As noted in Note 7, the Company has a Credit Agreement with Perceptive, which is a holder of Series D preferred stock. There are no receivables or payables due from or to these entities as of September 30, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events The Company has evaluated for subsequent events through November 12, 2021, the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose, except as follows:. On October 12, 2021, the Company closed an IPO of its Common Stock through an underwritten sale of 8,333,000 shares of Common Stock at a price of $15.00 per share. The aggregate net proceeds from the IPO, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, were approximately $111.0 million. The net proceeds from the IPO will be used for general corporate purposes. Upon closing of the IPO on October 12, 2021, all 3,344,836 shares of Preferred Stock that were outstanding immediately prior to the closing of the IPO automatically converted into 26,758,688 shares of Common Stock. In addition, the Company issued 1,643,374 shares of Common Stock to the holders of the outstanding Preferred Stock in respect of accrued dividends thereon accrued to but not including October 12, 2021, based on the IPO price of $15.00 per share. Upon closing of the IPO on October 12, 2021, the warrant held by Perceptive Credit Holdings III, LP to purchase Series D redeemable convertible preferred stock was converted into a warrant exercisable for a total of 811,374 shares of common stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, IsoPlexis UK. All intercompany transactions have been eliminated. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2020 and 2019, and the notes thereto, which are included in the Company’s final prospectus related to the Company’s IPO, dated October 7, 2021 and filed on October 12, 2021 with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The results for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. |
New accounting standards not yet effective | New accounting standards not yet effective In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard established a right-of- use model that requires all lessees to recognize right-of-use assets and liabilities on their balance sheet that arise from leases as well as provide disclosures with respect to certain qualitative and quantitative information related to their leasing arrangements. The Company plans to adopt the standard on January 1, 2022, using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2022. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the Company’s financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ 8,330 $ 8,330 Loan commitment $ — $ — $ 1,195 $ 1,195 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ 4,637 $ 4,637 Loan commitment $ — $ — $ 2,240 $ 2,240 |
Fair Value Measurement Inputs and Valuation Techniques | The fair value of the warrant liability was estimated using a Black-Scholes option pricing model, with the following significant unobservable inputs (Level 3): September 30, 2021 December 31, 2020 Series D Series A-2 Series D Stock price $ 120.73 $ 76.92 $ 76.92 Exercise price $ 76.92 $ 12.59 $ 76.92 Expected term (in years) 9.25 4.7 10 Volatility 55 % 50 % 50 % Dividend rate — — — Risk-free interest rate 1.45 % 0.36 % 0.93 % |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis: (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance at January 1, 2021 $ 2,240 $ 4,430 $ 207 Change in estimated fair value (139) 1,807 — Balance at March 31, 2021 2,101 6,237 207 Change in estimated fair value — 2,061 — Exercise of warrant — — (207) Exercise of Tranche B loan commitment (841) — — Balance at June 30, 2021 1,260 8,298 — Change in estimated fair value (65) 32 — Balance at September 30, 2021 $ 1,195 $ 8,330 $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as January 1, 2020 $ — $ — $ 122 Change in estimated fair value — — 21 Balance at March 31, 2020 — — 143 Change in estimated fair value — — 22 Balance at June 30, 2020 — — 165 Change in estimated fair value — — 21 Balance at September 30, 2020 $ — $ — $ 186 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis: (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance at January 1, 2021 $ 2,240 $ 4,430 $ 207 Change in estimated fair value (139) 1,807 — Balance at March 31, 2021 2,101 6,237 207 Change in estimated fair value — 2,061 — Exercise of warrant — — (207) Exercise of Tranche B loan commitment (841) — — Balance at June 30, 2021 1,260 8,298 — Change in estimated fair value (65) 32 — Balance at September 30, 2021 $ 1,195 $ 8,330 $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as January 1, 2020 $ — $ — $ 122 Change in estimated fair value — — 21 Balance at March 31, 2020 — — 143 Change in estimated fair value — — 22 Balance at June 30, 2020 — — 165 Change in estimated fair value — — 21 Balance at September 30, 2020 $ — $ — $ 186 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue by source Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Instruments $ 2,647 $ 2,471 $ 7,615 $ 5,019 Consumables 1,243 554 3,291 1,096 Extended service warranty 213 101 510 204 Other service revenue 90 153 300 664 Total revenue $ 4,193 $ 3,279 $ 11,716 $ 6,983 |
Revenue from External Customers by Geographic Areas | Revenue by geographic area Three Months Ended September 30, Nine Months Ended September 30, Based on region of destination (in thousands) 2021 2020 2021 2020 Americas (1) $ 2,933 $ 2,523 $ 8,554 $ 5,184 Europe (2) 900 94 1,639 508 Greater China (3) 314 619 826 905 Asia-Pacific (4) 46 43 697 386 Total revenue $ 4,193 $ 3,279 $ 11,716 $ 6,983 __________ (1) Region includes revenue from the United States of America and Canada (2) Region includes revenue from the United Kingdom, Belgium, Portugal, Spain, Germany, Sweden, Italy, Israel and Switzerland (3) Region includes revenue from China and Taiwan (4) Region includes revenue from Singapore, Japan, Australia, New Zealand and Korea |
Supplemental Balance Sheet De_2
Supplemental Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net consists of the following: (in thousands) September 30, December 31, Accounts receivable $ 3,539 $ 2,972 Allowance for doubtful accounts (46) (50) Total accounts receivable net of allowance $ 3,493 $ 2,922 |
Schedule of Inventory, Current | Inventories, net consists of the following: (in thousands) September 30, December 31, Raw materials $ 18,870 $ 3,631 Work in process 3 28 Finished goods 1,659 356 Reserve for excess and obsolete inventory (300) (60) Total Inventories, net $ 20,232 $ 3,955 |
Property, Plant and Equipment | Property and equipment, net consist of the following: (in thousands) September 30, December 31, Furniture and equipment $ 4,342 $ 2,848 Computers and technology 2,004 1,453 Leasehold improvements 856 698 Total 7,202 4,999 Accumulated depreciation (2,644) (1,772) Property and equipment, net $ 4,558 $ 3,227 |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, December 31, Accrued compensation $ 2,305 $ 867 Accrued operating expenses 2,769 1,081 Other, including warranties 310 181 Total accrued liabilities $ 5,384 $ 2,129 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following: September 30, 2021 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 8 - 14 $ 21,450 $ 604 $ 20,846 Capitalized Licenses 2 - 5 670 250 420 Total intangible assets $ 22,120 $ 854 $ 21,266 December 31, 2020 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 8 - 14 $ 1,182 $ 52 $ 1,130 Capitalized Licenses 2 - 5 670 157 513 Total intangible assets $ 1,852 $ 209 $ 1,643 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Year (in thousands) Estimated Annual Amortization 2021 $ 415 2022 1,662 2023 1,662 2024 1,662 2025 1,578 |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Option, Activity | The following table summarizes stock option activity for the nine months ended September 30, 2021: Stock Options Shares Weighted Weighted Aggregate Outstanding as of December 31, 2020 3,076,904 $ 0.72 7.2 Granted 2,165,018 4.77 Forfeited (47,542) 2.38 Exercised (81,056) 0.29 Outstanding as of September 30, 2021 5,113,324 $ 2.46 8.9 $ 64,138 Vested and expected to vest as of September 30, 2021 5,113,324 $ 2.46 8.9 $ 64,138 Exercisable at September 30, 2021 2,467,519 $ 0.69 7.3 $ 35,312 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations: Nine Months Ended September 30, (in thousands) 2021 2020 Research and development $ 178 $ 17 General and administrative 716 427 Sales and marketing 268 23 Total stock-based compensation expense $ 1,162 $ 467 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during: Nine Months Ended September 30, 2021 2020 Risk-free interest rate 0.94 - 1.4% 0.22 % Expected term (in years) 7 7 Expected volatility 55 % 50 % Expected dividend yield — — Exercise prices $1.83 - $10.72 $ 1.03 Estimated fair value of common stock $3.96 - $10.72 $1.03 - $1.69 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of September 30, 2021, the Company had the following future minimum lease payments under non-cancelable leases for the remainder of 2021 and the future years thereafter: (in thousands) Years Ending December 31 2021 $ 371 2022 1,249 2023 1,103 2024 1,037 2025 887 Thereafter 379 Total $ 5,026 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Product Warranty Liability | Nine Months Ended September 30, (in thousands) 2021 2020 Accrued warranty cost, beginning $ 135 $ 85 Cost of warranty services (75) (71) Estimated provision for warranty cost 190 55 Accrued warranty cost, end $ 250 $ 69 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have an anti-dilutive effect: September 30, September 30, Options outstanding to purchase common stock 5,113,324 3,134,505 Convertible preferred stock (as converted to common stock) 26,758,688 17,892,904 |
Nature of Operations (Details)
Nature of Operations (Details) - USD ($) $ in Thousands | Oct. 12, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||||||
Net loss | $ 20,199 | $ 20,554 | $ 15,559 | $ 5,045 | $ 4,316 | $ 5,854 | $ 56,312 | $ 15,214 | ||
Net cash used in operating activities | 58,619 | $ 14,339 | ||||||||
Accumulated deficit | $ 108,716 | $ 108,716 | $ 52,404 | |||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from issuance initial public offering | $ 111,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | Sep. 30, 2021USD ($) |
Accounting Policies [Abstract] | |
Deferred offering costs | $ 4.9 |
Fair Value Measurement - Financ
Fair Value Measurement - Financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 30, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Warrant liability | $ 8,330 | $ 4,637 | $ 4,400 |
Loan commitment | $ 2,200 | ||
Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Warrant liability | 8,330 | 4,637 | |
Loan commitment | 1,195 | 2,240 | |
Level 1 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Warrant liability | 0 | 0 | |
Loan commitment | 0 | 0 | |
Level 2 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Warrant liability | 0 | 0 | |
Loan commitment | 0 | 0 | |
Level 3 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Warrant liability | 8,330 | 4,637 | |
Loan commitment | $ 1,195 | $ 2,240 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) $ / shares in Units, $ in Millions | Sep. 30, 2021USD ($) | May 27, 2021USD ($) | May 11, 2021$ / sharesshares | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Future expected cash flows discounted, effective interest rate | 0.1398 | 0.1419 | ||
Debt discount, increase | $ 0.8 | |||
Tranche C Term Loan | Loans Payable | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, remaining borrowing capacity | $ 15 | |||
Series A-2 Preferred | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Class of warrant or right, exercise price of warrants or rights (in usd per share) | $ / shares | $ 12.58606 | |||
Convertible preferred stock, shares issued upon conversion | shares | 3,178 |
Fair Value Measurement - Estima
Fair Value Measurement - Estimated warrant liability (Details) - Level 3 | Sep. 30, 2021$ / sharesyearrate | Dec. 31, 2020$ / sharesrateyear |
Series A-2 Preferred | Stock price | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | $ / shares | 76.92 | |
Series A-2 Preferred | Exercise price | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | $ / shares | 12.59 | |
Series A-2 Preferred | Expected term (in years) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | year | 4.7 | |
Series A-2 Preferred | Volatility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.50 | |
Series A-2 Preferred | Dividend rate | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0 | |
Series A-2 Preferred | Risk-free interest rate | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0036 | |
Series D Preferred | Stock price | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | $ / shares | 120.73 | 76.92 |
Series D Preferred | Exercise price | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | $ / shares | 76.92 | 76.92 |
Series D Preferred | Expected term (in years) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | year | 9.25 | 10 |
Series D Preferred | Volatility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.55 | 0.50 |
Series D Preferred | Dividend rate | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0 | 0 |
Series D Preferred | Risk-free interest rate | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0145 | 0.0093 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | $ 1,260 | $ 2,101 | $ 2,240 | $ 0 | $ 0 | $ 0 |
Change in estimated fair value | (65) | 0 | (139) | 0 | 0 | 0 |
Exercise of Tranche B loan commitment | (841) | |||||
Ending balance | 1,195 | 1,260 | 2,101 | 0 | 0 | 0 |
Series D Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 8,298 | 6,237 | 4,430 | 0 | 0 | 0 |
Change in estimated fair value | (32) | (2,061) | (1,807) | 0 | 0 | 0 |
Exercise of warrant | 0 | |||||
Ending balance | 8,330 | 8,298 | 6,237 | 0 | 0 | 0 |
Series A Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 0 | 207 | 207 | 165 | 143 | 122 |
Change in estimated fair value | 0 | 0 | 0 | (21) | (22) | (21) |
Exercise of warrant | (207) | |||||
Ending balance | $ 0 | $ 0 | $ 207 | $ 186 | $ 165 | $ 143 |
Revenue - Revenue by source (De
Revenue - Revenue by source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 4,193 | $ 3,279 | $ 11,716 | $ 6,983 |
Instruments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,647 | 2,471 | 7,615 | 5,019 |
Consumables | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,243 | 554 | 3,291 | 1,096 |
Extended service warranty | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 213 | 101 | 510 | 204 |
Other service revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 90 | $ 153 | $ 300 | $ 664 |
Revenue - Revenue by geographic
Revenue - Revenue by geographic area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 4,193 | $ 3,279 | $ 11,716 | $ 6,983 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,933 | 2,523 | 8,554 | 5,184 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 900 | 94 | 1,639 | 508 |
Greater China | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 314 | 619 | 826 | 905 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 46 | $ 43 | $ 697 | $ 386 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue, remaining performance obligation, amount | $ 1,100 | ||
Deferred revenue | $ 356 | $ 1,089 | |
Contract with customer, liability, revenue recognized | $ 200 | $ 500 |
Supplemental Balance Sheet De_3
Supplemental Balance Sheet Details - Accounts receivable, net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 3,539 | $ 2,972 |
Allowance for doubtful accounts | (46) | (50) |
Total accounts receivable net of allowance | $ 3,493 | $ 2,922 |
Supplemental Balance Sheet De_4
Supplemental Balance Sheet Details - Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 18,870 | $ 3,631 |
Work in process | 3 | 28 |
Finished goods | 1,659 | 356 |
Reserve for excess and obsolete inventory | (300) | (60) |
Inventories, net | $ 20,232 | $ 3,955 |
Supplemental Balance Sheet De_5
Supplemental Balance Sheet Details - Property and equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 7,202 | $ 4,999 |
Accumulated depreciation | (2,644) | (1,772) |
Property and equipment, net | 4,558 | 3,227 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,342 | 2,848 |
Technology Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,004 | 1,453 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 856 | $ 698 |
Supplemental Balance Sheet De_6
Supplemental Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Depreciation | $ 0.9 | $ 0.5 |
Supplemental Balance Sheet De_7
Supplemental Balance Sheet Details - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 2,305 | $ 867 |
Accrued operating expenses | 2,769 | 1,081 |
Other, including warranties | 310 | 181 |
Total accrued liabilities | $ 5,384 | $ 2,129 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 22,120 | $ 1,852 |
Accumulated Amortization | 854 | 209 |
Net | 21,266 | 1,643 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 21,450 | 1,182 |
Accumulated Amortization | 604 | 52 |
Net | $ 20,846 | $ 1,130 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 8 years | 8 years |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 14 years | 14 years |
Capitalized Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 670 | $ 670 |
Accumulated Amortization | 250 | 157 |
Net | $ 420 | $ 513 |
Capitalized Licenses | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 2 years | 2 years |
Capitalized Licenses | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 5 years | 5 years |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) $ in Thousands | May 12, 2021USD ($) | Sep. 30, 2021USD ($)patent | Sep. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 600 | $ 100 | |
Number of patents included in purchase agreement | patent | 86 | ||
Payments to acquire intangible assets | $ 20,000 | $ 20,268 | $ 808 |
Intangible Assets - Estimated a
Intangible Assets - Estimated annual amortization (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 415 |
2022 | 1,662 |
2023 | 1,662 |
2024 | 1,662 |
2025 | $ 1,578 |
Debt (Details)
Debt (Details) $ / shares in Units, $ in Thousands | Dec. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | May 27, 2021USD ($) | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | ||||
Warrant liability | $ 4,400 | $ 8,330 | $ 4,637 | |
Loan commitment | $ 2,200 | |||
Debt discount, increase | $ 800 | |||
Series D Preferred | ||||
Line of Credit Facility [Line Items] | ||||
Class of warrant or right, number of securities called by warrants or rights | shares | 97,504 | |||
Class of warrant or right, contractual life | 10 years | |||
Class of warrant or right, exercise price of warrants or rights (in usd per share) | $ / shares | $ 76.92 | |||
Credit Agreement | Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, maximum borrowing capacity | $ 50,000 | |||
Proceeds from issuance of long-term debt | 25,000 | |||
Long-term debt, gross | $ 25,000 | |||
Debt Instrument, remaining borrowing capacity | 25,000 | |||
Debt discount, increase | 800 | |||
Debt Instrument, interest rate, effective percentage | 11.25% | |||
Financial covenants, minimum cash balance | $ 3,000 | |||
Credit Agreement | Secured Debt | Covenant One | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, financial covenants, minimum revenue amounts | 15,000 | |||
Credit Agreement | Secured Debt | Covenant Two | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, financial covenants, minimum revenue amounts | $ 106,000 | |||
Credit Agreement | Secured Debt | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable rate, floor | 0.0175 | |||
Debt instrument, basis spread on variable Rate | 9.50% | |||
Tranche B Term Loan | Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, maximum borrowing capacity | 10,000 | |||
Tranche C Term Loan | Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, maximum borrowing capacity | $ 15,000 | |||
Debt Instrument, remaining borrowing capacity | $ 15,000 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | Sep. 27, 2021$ / shares | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Equity [Abstract] | |||
Stock split, conversion ratio | 8 | ||
Common stock, par value per share (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Common stock, shares, outstanding | 2,214,960 | 2,133,904 | |
Temporary equity, cumulative accrued dividends | $ | $ 24.2 | ||
Preferred stock, convertible, shares issuable | 26,758,688 |
Equity Based Compensation - Nar
Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 10 years | |
Award vesting rights, percentage | 25.00% | |
Award vesting period | 36 months | |
Common stock, capital shares reserved for future issuance | 7,683,360 | |
Weighted average grant date fair value (in usd per share) | $ 6.37 | $ 0.60 |
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 100 | $ 100 |
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 12,300 | |
Expected dividend yield | 0.00% | 0.00% |
Options outstanding to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 10 months 24 days |
Equity Based Compensation - Sto
Equity Based Compensation - Stock option activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Shares | ||
Outstanding, beginning of period (in shares) | shares | 3,076,904 | |
Granted (in shares) | shares | 2,165,018 | |
Forfeited (in shares) | shares | (47,542) | |
Exercised (in shares) | shares | (81,056) | |
Outstanding, end of period (in shares) | shares | 5,113,324 | 3,076,904 |
Vested and expected to vest at end of period (in shares) | shares | 5,113,324 | |
Exercisable at end of period (in shares) | shares | 2,467,519 | |
Weighted Average Exercise Price | ||
Outstanding, beginning of period (in usd per share) | $ / shares | $ 0.72 | |
Granted (in usd per share) | $ / shares | 4.77 | |
Outstanding, end of period (in usd per share) | $ / shares | 2.46 | $ 0.72 |
Exercised (in usd per share) | $ / shares | 0.29 | |
Forfeited (in usd per share) | $ / shares | 2.38 | |
Vested and expected to vest at end of period (in usd per share) | $ / shares | 2.46 | |
Exercisable at end of period (in usd per share) | $ / shares | $ 0.69 | |
Weighted Average Remaining Contractual Life (in years) | ||
Outstanding, weighted average remaining contractual term | 8 years 10 months 24 days | 7 years 2 months 12 days |
Vested and expected to vest, weighted average remaining contractual term | 8 years 10 months 24 days | |
Exercisable, weighted average remaining contractual term | 7 years 3 months 18 days | |
Aggregate Intrinsic Value (In thousands) | ||
Outstanding, intrinsic value at end of period | $ | $ 64,138 | |
Vested and expected to vest, intrinsic value at end of period | $ | 64,138 | |
Exercisable, intrinsic value at end of period | $ | $ 35,312 |
Equity Based Compensation - S_2
Equity Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,162 | $ 467 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 178 | 17 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 716 | 427 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 268 | $ 23 |
Equity Based Compensation - Ran
Equity Based Compensation - Range of key assumptions (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.22% | ||
Expected term (in years) | 7 years | 7 years | |
Expected volatility | 55.00% | 50.00% | |
Expected dividend yield | 0.00% | 0.00% | |
Exercise prices | $ 1.03 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.94% | ||
Exercise prices | $ 1.83 | ||
Estimated fair value of common stock | $ 3.96 | $ 1.03 | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.40% | ||
Exercise prices | $ 10.72 | ||
Estimated fair value of common stock | $ 10.72 | $ 1.69 |
Commitments (Details)
Commitments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 371 |
2022 | 1,249 |
2023 | 1,103 |
2024 | 1,037 |
2025 | 887 |
Thereafter | 379 |
Total | $ 5,026 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | May 12, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense, net | $ 0.8 | $ 0.6 | |
2021 | $ 2.5 | ||
2022 | 2.5 | ||
2023 | 2.5 | ||
2024 | 2.5 | ||
2025 | 2.5 | ||
2026 | 2.5 | ||
Thereafter | $ 10 |
Product Warranties - Narrative
Product Warranties - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Standard product warranty term | 1 year |
Product Warranties - Accrued wa
Product Warranties - Accrued warranty roll forward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Accrued warranty cost, beginning | $ 135 | $ 85 |
Cost of warranty services | (75) | (71) |
Estimated provision for warranty cost | 190 | 55 |
Accrued warranty cost, end | $ 250 | $ 69 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Options outstanding to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,113,324 | 3,134,505 |
Convertible preferred stock (as converted to common stock) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 26,758,688 | 17,892,904 |
Related Party Transactions (Det
Related Party Transactions (Details) | Sep. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
Due to related parties | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 12, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||||||
Common stock, shares, issued | 2,214,960 | 2,133,904 | |||||||
Series D Preferred | |||||||||
Subsequent Event [Line Items] | |||||||||
Temporary equity, shares outstanding | 1,105,045 | 1,105,045 | 1,105,045 | 975,039 | 0 | 0 | 0 | 0 | |
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Temporary equity, shares outstanding | 3,344,836 | ||||||||
Convertible preferred stock, shares issued upon conversion | 26,758,688 | ||||||||
Common stock, shares, issued | 1,643,374 | ||||||||
Subsequent Event | Series D Preferred | |||||||||
Subsequent Event [Line Items] | |||||||||
Convertible preferred stock, shares issued upon conversion | 811,374 | ||||||||
Subsequent Event | IPO | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued in transaction | 8,333,000 | ||||||||
Sale of stock, price per share (in usd per share) | $ 15 | ||||||||
Sale of stock, consideration received on transaction | $ 111 |