Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 Road | |
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 $0.001 per share | |
Trading Symbol | ISO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,575,989 | |
Entity Central Index Key | 0001615055 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 53,128 | $ 126,566 |
Accounts receivable, net | 4,569 | 4,100 |
Inventories, net | 38,247 | 24,299 |
Prepaid expenses and other current assets | 1,679 | 3,478 |
Total current assets | 97,623 | 158,443 |
Property and equipment, net | 11,331 | 5,778 |
Intangible assets, net | 20,162 | 21,008 |
Operating lease right-of-use assets | 5,381 | 0 |
Other assets | 355 | 2,243 |
Total assets | 134,852 | 187,472 |
Current liabilities: | ||
Accounts payable | 4,032 | 4,839 |
Accrued expenses and other current liabilities | 6,150 | 7,827 |
Deferred revenue | 1,034 | 915 |
Total current liabilities | 11,216 | 13,581 |
Long-term operating lease obligations | 4,080 | 0 |
Long-term debt | 46,051 | 31,646 |
Total liabilities: | 61,347 | 45,227 |
Commitments and contingencies (Notes 10 and 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, 400,000,000 shares authorized; 39,535,322 and 39,036,010 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 39 | 39 |
Additional paid-in capital | 280,225 | 276,179 |
Accumulated deficit | (206,759) | (133,973) |
Total stockholders’ equity | 73,505 | 142,245 |
Total liabilities and stockholders’ equity | $ 134,852 | $ 187,472 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 39,535,322 | 39,036,010 |
Common stock, shares, outstanding | 39,535,322 | 39,036,010 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||||
Total revenue | $ 4,484 | $ 4,193 | $ 13,400 | $ 11,716 |
Gross profit | 2,257 | 1,973 | 6,889 | 5,917 |
Operating expenses: | ||||
Research and development expenses | 4,169 | 4,700 | 18,359 | 13,869 |
General and administrative expenses | 8,782 | 7,106 | 28,705 | 16,670 |
Sales and marketing expenses | 5,702 | 10,066 | 24,992 | 27,097 |
Restructuring expenses | 574 | 0 | 4,273 | 0 |
Total operating expenses | 19,227 | 21,872 | 76,329 | 57,636 |
Loss from operations | (16,970) | (19,899) | (69,440) | (51,719) |
Other income (expense): | ||||
Interest expense, net | (1,485) | (1,065) | (3,679) | (2,678) |
Other income (expense), net | 0 | 765 | 334 | (1,915) |
Net loss | (18,455) | (20,199) | (72,785) | (56,312) |
Accrued dividends on preferred stock | 0 | (3,400) | 0 | (10,010) |
Net loss attributable to common stockholders | (18,455) | (23,599) | (72,785) | (66,322) |
Net loss attributable to common stockholders | $ (18,455) | $ (23,599) | $ (72,785) | $ (66,322) |
Basic net loss per common share (in usd per share) | $ (0.47) | $ (10.66) | $ (1.86) | $ (30.59) |
Diluted net loss per common share (in usd per share) | $ (0.47) | $ (10.66) | $ (1.86) | $ (30.59) |
Weighted-average common shares outstanding—basic | 39,464,883 | 2,213,825 | 39,227,703 | 2,168,259 |
Weighted-average common shares outstanding—diluted | 39,464,883 | 2,213,825 | 39,227,703 | 2,168,259 |
Product revenue | ||||
Revenue | ||||
Total revenue | $ 3,633 | $ 3,890 | $ 11,410 | $ 10,906 |
Cost of goods and services sold | 2,187 | 2,207 | 6,329 | 5,758 |
Service revenue | ||||
Revenue | ||||
Total revenue | 851 | 303 | 1,990 | 810 |
Cost of goods and services sold | $ 40 | $ 13 | $ 182 | $ 41 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (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, 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] | |||||||||||
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) | |||||||
Beginning balance (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Beginning balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Ending balance (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Ending balance at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 39,036,010 | ||||||||||
Beginning balance at Dec. 31, 2021 | 142,245 | $ 39 | 276,179 | (133,973) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 7,109 | ||||||||||
Exercise of common stock options | 2 | 2 | |||||||||
Stock-based compensation | 877 | 877 | |||||||||
Warrant modification expense | 300 | 300 | |||||||||
Net loss | (28,725) | (28,725) | |||||||||
Ending balance (in shares) at Mar. 31, 2022 | 39,043,119 | ||||||||||
Ending balance at Mar. 31, 2022 | 114,699 | $ 39 | 277,358 | (162,698) | |||||||
Beginning balance (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Beginning balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Ending balance (in shares) at Sep. 30, 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Ending balance at Sep. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 39,036,010 | ||||||||||
Beginning balance at Dec. 31, 2021 | $ 142,245 | $ 39 | 276,179 | (133,973) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 433,980 | ||||||||||
Net loss | $ (72,785) | ||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 39,535,322 | ||||||||||
Ending balance at Sep. 30, 2022 | 73,505 | $ 39 | 280,225 | (206,759) | |||||||
Beginning balance (in shares) at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Beginning balance at Mar. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Ending balance at Jun. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2022 | 39,043,119 | ||||||||||
Beginning balance at Mar. 31, 2022 | 114,699 | $ 39 | 277,358 | (162,698) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 273,002 | ||||||||||
Exercise of common stock options | $ 87 | 87 | |||||||||
Restricted stock awards released (in shares) | 62,303 | ||||||||||
Stock-based compensation | $ 1,395 | 1,395 | |||||||||
Net loss | (25,606) | (25,606) | |||||||||
Ending balance (in shares) at Jun. 30, 2022 | 39,378,424 | ||||||||||
Ending balance at Jun. 30, 2022 | 90,575 | $ 39 | 278,840 | (188,304) | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Ending balance at Sep. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Exercise of common stock options (in shares) | 153,977 | ||||||||||
Exercise of common stock options | $ 185 | 185 | |||||||||
Restricted stock awards released (in shares) | 2,921 | ||||||||||
Stock-based compensation | $ 1,200 | 1,200 | |||||||||
Net loss | (18,455) | (18,455) | |||||||||
Ending balance (in shares) at Sep. 30, 2022 | 39,535,322 | ||||||||||
Ending balance at Sep. 30, 2022 | $ 73,505 | $ 39 | $ 280,225 | $ (206,759) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (72,785) | $ (56,312) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,841 | 1,517 |
Provision for warranty costs | 318 | 190 |
Change in fair value of warrants and loan commitment | 0 | 4,104 |
Amortization of debt discount | 899 | 471 |
Amortization of right-of-use assets | 1,043 | 0 |
Share-based compensation | 3,472 | 1,162 |
Provision for excess and obsolete inventories | 174 | 240 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (469) | (571) |
Inventories | (14,122) | (16,517) |
Prepaid expenses and other current assets | 1,799 | (594) |
Operating lease right-of-use assets | (122) | 0 |
Other assets | 693 | 45 |
Accounts payable | (807) | 3,772 |
Accrued liabilities | (3,265) | 3,141 |
Deferred revenue | 119 | 733 |
Operating lease obligations | (952) | 0 |
Net cash used in operating activities | (81,164) | (58,619) |
Cash flows from investing activities | ||
Purchases of property and equipment | (7,183) | (2,203) |
Payments for patents acquired and capitalized | (365) | (20,268) |
Net cash used in investing activities | (7,548) | (22,471) |
Cash flows from financing activities | ||
Proceeds received from borrowings on credit agreement | 15,000 | 10,000 |
Payment of deferred offering costs | 0 | (4,863) |
Exercise of common stock options | 274 | 11 |
Net cash provided by financing activities | 15,274 | 15,188 |
Net change in cash and cash equivalents | (73,438) | (65,902) |
Cash and cash equivalents beginning balance | 126,566 | 106,641 |
Cash and cash equivalents ending balance | 53,128 | 40,739 |
Non-cash investing and financing activities | ||
Increase in right-of-use asset | 764 | 0 |
Increase in operating lease liability obligations | 773 | 0 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 3,709 | 2,566 |
Tranche B Term Loan | ||
Non-cash investing and financing activities | ||
Transfer of Tranche loan commitment to contra-debt upon additional borrowing under credit agreement | 0 | 841 |
Tranche C Term Loan | ||
Non-cash investing and financing activities | ||
Transfer of Tranche loan commitment to contra-debt upon additional borrowing under credit agreement | 497 | 0 |
Tranche D Term Loan | ||
Non-cash investing and financing activities | ||
Transfer of Tranche loan commitment to contra-debt upon additional borrowing under credit agreement | 822 | 0 |
Series A-2 Preferred | ||
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock | 0 | 40 |
Series D Preferred | ||
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock | $ 0 | $ 10,000 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
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 approximately 79% 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. IsoPlexis (Shanghai) Trading Co., Ltd. was created on October 9, 2021. COVID - 19 The COVID-19 pandemic developed rapidly in 2021 and 2022, 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. Liquidity and ability to continue as a going concern During the nine months ended September 30, 2022 and 2021, the Company incurred a net loss of $72.8 million and $56.3 million, respectively, and used $81.2 million and $58.6 million of cash for operations, respectively. In addition, as of September 30, 2022, the Company had an accumulated deficit of $206.8 million. 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, includes a quarterly minimum total revenue covenant for the applicable trailing twelve month period through December 31, 2025. Furthermore, the Company does not expect to meet certain of its financial covenants within one year following the date that these financial statements are issued. Therefore, the Company may be required to repay its outstanding debt within the next 12 months, the principal balance of which was $50.0 million as of September 30, 2022. The Company has obtained a waiver of the total minimum revenue requirements for the twelve month period ending September 30, 2022. Accordingly, the foregoing conditions, taken together, raise substantial doubt about the Company’s ability to continue as a going concern for at least a period of one year from the issuance of these unaudited consolidated interim financial statements. 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 and 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, 2022 | |
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 subsidiaries, IsoPlexis UK and Isoplexis (Shanghai) Trading Co., Ltd. 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 year ended December 31, 2021 and the notes thereto. 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 With the exception of the following policy, the Company’s significant accounting policies are unchanged from those disclosed in Note 2, “Summary of significant accounting policies” in our consolidated financial statements as of and for the year ended December 31, 2021. Foreign currency transactions Transaction gains and losses generated by the effect of changes in foreign currency exchange rates on recorded assets and liabilities denominated in a currency different than the functional currency of the applicable entity are recorded in other income (expense), net. See Note 13 for further information concerning transaction gains and losses. Recently adopted accounting pronouncements The Company adopted ASU No. 2016-02 as of January 1, 2022, using a modified retrospective transition approach and elected the optional transition method to apply the provision of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the “package of practical expedients”, which permits it to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. Leases with an initial term of twelve months or less, or on a month-to-month basis, are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. The Company also elected the practical expedient for use-of-hindsight to conclude on lease term. If applicable, the Company combines lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees. The Company determines if an arrangement is a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued expenses and other current liabilities and long-term operating lease obligations on our consolidated balance sheets. The Company presently does not have any finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Some of the Company’s leases include options to extend the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The adoption of this accounting standard resulted in recording operating lease ROU assets for six real estate and three equipment operating lease arrangements and corresponding operating lease liabilities of $5.7 million and $5.9 million, respectively, as of January 1, 2022. The operating lease assets at adoption were lower than the operating lease liabilities because of the balance of the Company’s deferred rent liabilities of $0.2 million at December 31, 2021, which was reclassified into operating lease assets. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows. See Note 10 for further information concerning the Company’s leases. New accounting standards not yet effective 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. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides companies with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows companies to account for a modified contract as a continuation of an existing contract. The amendments in ASU 2020-04 could be adopted beginning March 12, 2020 and are effective through December 31, 2022. The Company has certain debt instruments for which the interest rates are indexed to LIBOR, and as a result, is currently evaluating the effect that the implementation of this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents- money market account $ 30,055 — — $ 30,055 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Loan commitment $ — $ — $ 1,169 $ 1,169 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, 2022 and 2021. The commitment for an additional tranche under the Credit Agreement (see Note 7) qualified 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 14.12% at December 31, 2021. The loan balance was fully drawn during the nine months ended September 30, 2022 and the loan commitment asset has been reduced to zero as shown below. The following table presents changes during the nine months ended September 30, 2022 and 2021 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, 2022 $ 1,169 $ — $ — Exercise of Tranche C loan commitment (497) — — Change in warrant exercise price 150 — — Balance at March 31, 2022 822 — — Exercise of Tranche D loan commitment (822) — — Balance at June 30, 2022 — — — Balance at September 30, 2022 $ — $ — $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as 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 $ — Under ASC Topic 480, Distinguishing Liabilities from Equity, the warrants (see Note 7) were freestanding financial instruments that qualified 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. Upon closing of the Company’s initial public offering (“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. This common stock warrant is no longer considered “potentially redeemable” and the outstanding balance of the warrant liability has been reclassified into equity in accordance with ASC 480 for the year ended December 31, 2021. On March 30, 2022, the Company entered into a Third Amendment to Credit Agreement and Guaranty with Perceptive Credit Holdings III, LP pursuant to which the prior $15.0 million Tranche C term loan, which was available through March 31, 2022 subject to several conditions, was changed to $7.5 million and such amount was borrowed on March 30, 2022. In addition, the Third Amendment added a new $7.5 million Tranche D term loan, which was borrowed on June 29, 2022. In connection with entering into the above-referenced Third Amendment to the Credit Agreement, on March 30, 2022, the Company amended the warrant that had been previously issued to Perceptive Credit Holdings III, LP to purchase up to 811,374 shares of common stock at an exercise price of $9.62 per share. The warrant exercise price was amended to $6.00 per share. The change in exercise price resulted in an increase to debt issuance costs of $0.3 million, half of which was recognized with the Tranche C term loan draw as shown in the table above. The other half was recognized on June 29, 2022, when Tranche D was drawn upon. 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. 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, 2022 | |
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) 2022 2021 2022 2021 Instruments $ 2,118 $ 2,647 $ 7,219 $ 7,615 Consumables 1,515 1,243 4,191 3,291 Extended service warranty 357 213 859 510 Other service revenue 494 90 1,131 300 Total revenue $ 4,484 $ 4,193 $ 13,400 $ 11,716 Revenue by geographic area Three months ended September 30, Nine months ended September 30, Based on region of destination (in thousands) 2022 2021 2022 2021 Americas (1) $ 3,628 $ 2,933 $ 10,056 $ 8,554 Europe (2) 353 900 999 1,639 Greater China (3) 395 314 1,904 826 Asia-Pacific (4) 108 46 441 697 Total revenue $ 4,484 $ 4,193 $ 13,400 $ 11,716 __________ (1) Region includes revenue from the United States of America and Canada (2) Region includes revenue from the United Kingdom, Belgium, Czech Republic, Portugal, France, 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 South 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, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $0.5 million, of which substantially all is expected to be recognized as revenue during 2022. 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, 2022 and December 31, 2021 was $1.0 million and $0.9 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, 2022 included $0.5 million of previously deferred revenue that was included in contract liabilities as of December 31, 2021. |
Supplemental Balance Sheet Deta
Supplemental Balance Sheet Details | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 4,644 $ 4,146 Allowance for doubtful accounts (75) (46) Total accounts receivable net of allowance $ 4,569 $ 4,100 Inventories, net consists of the following: (in thousands) September 30, December 31, Raw materials $ 35,186 $ 22,179 Work in process 1,163 — Finished goods 2,319 2,481 Reserve for excess and obsolete inventory (421) (361) Total inventories, net $ 38,247 $ 24,299 Property and equipment, net consist of the following: (in thousands) September 30, December 31, Furniture and equipment $ 10,123 $ 5,585 Computers and technology 4,401 2,139 Leasehold improvements 1,456 1,073 Total 15,980 8,797 Accumulated depreciation (4,649) (3,019) Property and equipment, net $ 11,331 $ 5,778 Depreciation expense was $1.6 million and $0.9 million for the nine months ended September 30, 2022 and 2021, respectively. Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, December 31, Accrued compensation $ 2,186 $ 3,656 Accrued operating expenses 1,915 3,556 Short-term operating lease liability 1,561 — Other, including warranties 488 615 Total accrued liabilities $ 6,150 $ 7,827 On April 11, 2022, the Company completed a re-organization of the Commercial team and company-wide RIF (Reduction in Force). This action resulted in non-recurring restructuring expenses of $4.3 million which were primarily associated with severance, benefits, and outplacement services during the second and third quarters of 2022. Restructuring liability is included within other current liabilities on the consolidated balance sheets. The following table summarizes the restructuring liability accrual activity during the nine months ended September 30, 2022: (in thousands) Costs Incurred for the Nine Months Ended September 30, 2022 Payments Made During the Nine Months Ended September 30, 2022 Liability as of September 30, 2022 Severance related $3,589 $3,572 $17 Outplacement services 259 215 44 Stock-based compensation expense 176 176 — Consultant fees 138 138 — Other 111 111 — Total $ 4,273 $ 4,212 $ 61 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of the following: September 30, 2022 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 9 - 14 $ 21,971 $ 2,092 $ 19,879 Capitalized licenses 1 - 4 670 387 283 Total intangible assets $ 22,641 $ 2,479 $ 20,162 December 31, 2021 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 9 - 14 $ 21,607 $ 981 $ 20,626 Capitalized licenses 1 - 4 670 288 382 Total intangible assets $ 22,277 $ 1,269 $ 21,008 During the nine months ended September 30, 2022, there were $0.4 million of additions to patents with a weighted average useful life of 11.0 years. Amortization expense was $1.2 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. The amortization of intangible assets attributable to product sales is recognized in cost of product and service revenue. The amortization of intangible assets not attributable to product sales is recognized in general and administrative operating expenses. As of September 30, 2022, the estimated annual amortization of intangible assets for the remainder of 2022 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 2022 (remaining three months) $ 427 2023 1,710 2024 1,710 2025 1,627 2026 1,599 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt On December 30, 2020, the Company closed on a $50.0 million Credit Agreement with Perceptive Credit Holdings III, LP, a significant equity investor, of which the Company borrowed $25.0 million immediately upon closing. In May 2021, the Company borrowed an additional $10.0 million. On March 30, 2022, the Company entered into a Third Amendment to Credit Agreement and Guaranty pursuant to which the prior remaining $15.0 million Tranche C term loan was changed to $7.5 million and such amount was borrowed on March 30, 2022. In addition, the Third Amendment added a new $7.5 million Tranche D term loan, which was drawn on June 29, 2022. Borrowings under the Credit Agreement bear interest at the one-month LIBOR, with a 1.75% floor, plus a 9.50% margin (12.07% at September 30, 2022). 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 trailing twelve-month minimum revenue amounts measured on a quarterly basis. On October 29, 2021, the Company entered into the Second Amendment to, among other things, eliminate the minimum total revenue covenant for the twelve months ending December 31, 2021 and reset the minimum total revenue covenants thereafter. As of September 30, 2022, the Company was not in compliance with the minimum total revenue covenant requirement of $21.7 million and was in compliance with the minimum cash balance covenant requirement of $3.0 million. The Company has obtained a waiver of the minimum total revenue requirements for the twelve month period ending September 30, 2022. The total minimum revenue covenant requirements for the next twelve months are as follows: Twelve-Month Period Ending Minimum Total Revenue (in thousands) December 31, 2022 $ 26,545 March 31, 2023 30,179 June 30, 2023 35,221 September 30, 2023 40,649 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 had an exercise price of $76.92 per warrant share. The fair value at issuance was estimated at $4.4 million and was recorded as a warrant liability. Upon closing of the IPO on October 12, 2021, the Series D redeemable convertible preferred stock warrant was converted into a warrant exercisable for a total of 811,374 shares of common stock with an exercise price of $9.62 per warrant share. In connection with the Third Amendment to the Credit Agreement dated March 30, 2022, warrants were amended and the exercise price was changed from $9.62 per warrant share to $6.00 per warrant share. The change in exercise price resulted in an increase to debt issuance costs of $0.3 million, half of which was recognized with the Tranche C term loan which was drawn on March 30, 2022. This common stock warrant is no longer considered “potentially redeemable” and the fair value of the warrant liability as of October 12, 2021 has been reclassified into equity in accordance with ASC 480 for the year ended December 31, 2021 (see Note 3). In addition, given that the Credit Agreement contained additional tranches of potential borrowings at inception, the Company identified and recorded within other assets on the balance sheet a $2.2 million asset related to future loan commitments at December 30, 2020. During 2021, $0.8 million was reclassified as a reduction in the carrying value of the $10.0 million tranche drawn in May 2021 on a pro-rata basis, and will be amortized over the remaining term of the debt. In connection with the Tranche C draw on March 30, 2022, $0.5 million was reclassified as a reduction in the carrying value of the $7.5 million tranche and will be amortized over the remaining term of the debt. As of September 30, 2022, the loan was fully drawn and the asset related to the future loan commitment was reduced to zero. 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 is being amortized over the term of the Credit Agreement. On December 31, 2021, the process of cessation of LIBOR as a reference rate took effect. After December 31, 2022, new borrowings will no longer use LIBOR as a reference rate. Instead, these borrowings will be subject to an interest rate based on either the Secured Overnight Financing Rate (“SOFR”), which is deemed a replacement benchmark for LIBOR |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity Common stock As of September 30, 2022, the Company had authorized 400,000,000 shares of Common Stock, of which a total of 39,535,322 and 39,036,010 shares were outstanding, as of September 30, 2022 and December 31, 2021, respectively. Preferred stock 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. Under the Amended and Restated Certificate of Incorporation filed upon the Company’s IPO, the Company authorized 20,000,000 shares of non-redeemable preferred stock, $0.001 par value per share (“Preferred Stock”), of which no shares were outstanding at September 30, 2022 and December 31, 2021. |
Equity Based Compensation
Equity Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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. Upon effectiveness of the 2021 Plan (as defined below), no further issuances were made under the 2014 Plan. The Company’s 2021 Omnibus Incentive Compensation Plan (the “2021 Plan”) was adopted by its board of directors and stockholders and became effective on October 7, 2021. Following the IPO, all equity-based awards are granted under the 2021 Plan. The 2021 Plan provides for the grant of both non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred share units, cash incentive awards and other equity-based or equity-related awards to the Company’s employees, officers, directors and consultants. The terms of equity awards granted under the 2021 Plan to date are consistent with those granted under the 2014 Plan, as described below. The maximum number of shares outstanding under the 2021 Plan is 5,223,601, plus the number of shares of the Company’s common stock underlying awards under the 2014 Plan, not to exceed 5,113,324 shares, that become available again for grant under the 2014 Plan in accordance with its terms. Stock options 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. 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, 2022: Stock Options Shares Weighted Weighted Aggregate Outstanding as of December 31, 2021 5,105,278 $ 2.62 7.7 Granted 1,335,924 2.67 Forfeited/Expired/Canceled (566,397) 3.73 Exercised (433,980) 0.63 Outstanding as of September 30, 2022 5,440,825 $ 2.69 7.4 $ 2,283 Vested and expected to vest as of September 30, 2022 5,440,825 $ 2.69 7.4 $ 2,283 Exercisable at September 30, 2022 2,907,227 $ 1.61 5.9 $ 2,186 Options to purchase 1.3 million shares were granted during the nine months ended September 30, 2022. The weighted-average grant date fair value of stock options awarded during the nine months ended September 30, 2022 was approximately $1.55 per share. As of September 30, 2022, there was a total of $9.7 million of unrecognized employee compensation costs related to non-vested stock option awards expected to be recognized over a weighted average period of 2.5 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, 2022 2021 Risk-free interest rate 1.2 % 0.94 - 1.4% Expected term (in years) 7 7 Expected volatility 55 % 55 % Expected dividend yield — — Exercise prices $1.90 - $3.43 $1.83 - $10.72 Estimated fair value of common stock options $1.05 - $1.90 $3.96 - $10.72 Restricted stock awards Restricted stock awards are rights to receive shares of the Company’s Common Stock upon meeting specified vesting requirements. The fair value of a restricted stock award is the market value as determined by the closing price of the stock on the day of grant. These awards were granted under the Company’s 2021 Plan. The following table summarizes restricted stock award activity for the nine months ended September 30, 2022: Restricted Stock Awards Weighted Unvested as of December 31, 2021 507,013 $ 8.46 Granted 967,783 3.91 Vested (65,224) 2.70 Forfeited (645,092) 4.67 Unvested as of September 30, 2022 764,480 $ 6.40 65 thousand shares of restricted stock vested during the nine months ended September 30, 2022. As of September 30, 2022, there was approximately $4.0 million of total unrecognized compensation cost related to restricted stock awards. This amount is expected to be recognized over the remaining weighted-average vesting period of 3.3 years. Employee stock purchase plan In the third quarter of 2021, the Company approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective upon completion of the IPO. As of September 30, 2022, there has not been an offering under the ESPP and no shares of Common Stock have been purchased under the ESPP. Expense 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) 2022 2021 Research and development $ 179 $ 178 General and administrative 2,217 716 Sales and marketing 3 268 Total stock-based compensation expense $ 2,399 $ 1,162 The following table summarizes restricted stock-based compensation expense, and also the allocation within the consolidated statements of operations: Nine months ended September 30, (in thousands) 2022 2021 Research and development $ 234 $ — General and administrative 304 — Sales and marketing 535 — Total restricted stock-based compensation expense $ 1,073 $ — The $1.1 million of restricted stock-based compensation expense includes $0.2 million of accelerated expenses related to restructuring cost. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Operating leases At September 30, 2022, our operating leases had remaining lease terms of up to 4.25 years, including any reasonably probable extensions. Lease balances within our consolidated balance sheet were as follows: (in thousands) September 30, 2022 Assets: Operating lease right-of-use assets $ 5,381 Liabilities: Accrued expenses and other current liabilities $ 1,561 Long-term operating lease obligations 4,080 Total lease liabilities $ 5,641 Supplemental non-cash disclosures Operating lease right-of-use assets obtained in exchange for lease obligations $ 764 Operating lease expense, including variable and short-term lease costs, which were insignificant to the total operating lease cash flows and supplemental cash flow information, were as follows: Nine months ended September 30, (in thousands) 2022 Cost of product revenue $ 92 Research and development expenses 285 Sales and marketing expenses 465 General and administrative expenses 407 Total operating lease expense $ 1,249 Operating cash outflows from operating leases $ 1,249 The weighted average remaining lease liability term and the weighted average discount rate were as follows: September 30, 2022 Weighted average lease liability term (in years) 3.53 Weighted average discount rate 5.00 % The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at September 30, 2022. The reconciliation excludes short-term leases that are not recorded on the balance sheet. (in thousands) September 30, 2022 2022 (remaining three months) $ 451 2023 1,785 2024 1,747 2025 1,388 2026 776 Thereafter — Total lease payments 6,147 Less: imputed interest (506) Total lease liabilities $ 5,641 We had one lease commence in December 2021 with payments beginning in February 2022. 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. The future minimum purchase values are as follows: (in millions) Year Ending December 31, 2022 $ 2.5 2023 4.0 2024 5.0 2025 7.0 2026 9.0 2027 10.0 Total $ 37.5 |
Product Warranties
Product Warranties | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 Accrued warranty cost, beginning $ 285 $ 135 Cost of warranty services (318) (75) Estimated provision for warranty cost 366 190 Accrued warranty cost, end $ 333 $ 250 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal ProceedingsThe Company may be a party to 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. |
Other income (expense), net
Other income (expense), net | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), net | Other Income (Expense), net Other income (expense), net consisted of the following: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Grant revenue $ — $ 862 $ 381 $ 2,189 Investment income 55 — 55 — Change in fair value of warrants and loan commitment — (97) — (4,104) Currency gain/(loss) (55) — (86) — Net book value of asset disposed — — (16) — Other income/(expense) — — — — Other income (expense), net $ — $ 765 $ 334 $ (1,915) |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2022 | |
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 5,440,825 5,113,324 Unvested restricted stock awards 764,480 — Convertible preferred stock (as converted to common stock) — 26,758,688 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company has license agreements with Yale University and California Institute of Technology. Yale University is a holder of Common Stock. There is an immaterial amount of receivables or payables due from or to these entities as of September 30, 2022. As described in Note 7, the Company has a Credit Agreement with Perceptive Credit Holdings III, LP, which is a holder of Common Stock. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 8, 2022, the Company obtained a waiver of the minimum total revenue requirements for the twelve month period ending September 30, 2022 under the Credit Agreement with Perceptive Credit Holdings III, LP and other lenders party thereto. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 subsidiaries, IsoPlexis UK and Isoplexis (Shanghai) Trading Co., Ltd. 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 year ended December 31, 2021 and the notes thereto. 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. |
Foreign currency transactions | Foreign currency transactions Transaction gains and losses generated by the effect of changes in foreign currency exchange rates on recorded assets and liabilities denominated in a currency different than the functional currency of the applicable entity are recorded in other income (expense), net. See Note 13 for further information concerning transaction gains and losses. |
Recently adopted accounting pronouncements and New accounting standards not yet effective | Recently adopted accounting pronouncements The Company adopted ASU No. 2016-02 as of January 1, 2022, using a modified retrospective transition approach and elected the optional transition method to apply the provision of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the “package of practical expedients”, which permits it to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. Leases with an initial term of twelve months or less, or on a month-to-month basis, are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. The Company also elected the practical expedient for use-of-hindsight to conclude on lease term. If applicable, the Company combines lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees. The Company determines if an arrangement is a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued expenses and other current liabilities and long-term operating lease obligations on our consolidated balance sheets. The Company presently does not have any finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Some of the Company’s leases include options to extend the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The adoption of this accounting standard resulted in recording operating lease ROU assets for six real estate and three equipment operating lease arrangements and corresponding operating lease liabilities of $5.7 million and $5.9 million, respectively, as of January 1, 2022. The operating lease assets at adoption were lower than the operating lease liabilities because of the balance of the Company’s deferred rent liabilities of $0.2 million at December 31, 2021, which was reclassified into operating lease assets. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows. See Note 10 for further information concerning the Company’s leases. New accounting standards not yet effective 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. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides companies with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows companies to account for a modified contract as a continuation of an existing contract. The amendments in ASU 2020-04 could be adopted beginning March 12, 2020 and are effective through December 31, 2022. The Company has certain debt instruments for which the interest rates are indexed to LIBOR, and as a result, is currently evaluating the effect that the implementation of this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents- money market account $ 30,055 — — $ 30,055 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Loan commitment $ — $ — $ 1,169 $ 1,169 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes during the nine months ended September 30, 2022 and 2021 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, 2022 $ 1,169 $ — $ — Exercise of Tranche C loan commitment (497) — — Change in warrant exercise price 150 — — Balance at March 31, 2022 822 — — Exercise of Tranche D loan commitment (822) — — Balance at June 30, 2022 — — — Balance at September 30, 2022 $ — $ — $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as 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 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes during the nine months ended September 30, 2022 and 2021 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, 2022 $ 1,169 $ — $ — Exercise of Tranche C loan commitment (497) — — Change in warrant exercise price 150 — — Balance at March 31, 2022 822 — — Exercise of Tranche D loan commitment (822) — — Balance at June 30, 2022 — — — Balance at September 30, 2022 $ — $ — $ — (in thousands) Loan Commitment Series D Warrants Series A Warrants Balance as 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 $ — |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue by source Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Instruments $ 2,118 $ 2,647 $ 7,219 $ 7,615 Consumables 1,515 1,243 4,191 3,291 Extended service warranty 357 213 859 510 Other service revenue 494 90 1,131 300 Total revenue $ 4,484 $ 4,193 $ 13,400 $ 11,716 |
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) 2022 2021 2022 2021 Americas (1) $ 3,628 $ 2,933 $ 10,056 $ 8,554 Europe (2) 353 900 999 1,639 Greater China (3) 395 314 1,904 826 Asia-Pacific (4) 108 46 441 697 Total revenue $ 4,484 $ 4,193 $ 13,400 $ 11,716 __________ (1) Region includes revenue from the United States of America and Canada (2) Region includes revenue from the United Kingdom, Belgium, Czech Republic, Portugal, France, 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 South Korea |
Supplemental Balance Sheet De_2
Supplemental Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 4,644 $ 4,146 Allowance for doubtful accounts (75) (46) Total accounts receivable net of allowance $ 4,569 $ 4,100 |
Schedule of Inventory, Current | Inventories, net consists of the following: (in thousands) September 30, December 31, Raw materials $ 35,186 $ 22,179 Work in process 1,163 — Finished goods 2,319 2,481 Reserve for excess and obsolete inventory (421) (361) Total inventories, net $ 38,247 $ 24,299 |
Property, Plant and Equipment | Property and equipment, net consist of the following: (in thousands) September 30, December 31, Furniture and equipment $ 10,123 $ 5,585 Computers and technology 4,401 2,139 Leasehold improvements 1,456 1,073 Total 15,980 8,797 Accumulated depreciation (4,649) (3,019) Property and equipment, net $ 11,331 $ 5,778 |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, December 31, Accrued compensation $ 2,186 $ 3,656 Accrued operating expenses 1,915 3,556 Short-term operating lease liability 1,561 — Other, including warranties 488 615 Total accrued liabilities $ 6,150 $ 7,827 |
Schedule Of Restructuring Liability | The following table summarizes the restructuring liability accrual activity during the nine months ended September 30, 2022: (in thousands) Costs Incurred for the Nine Months Ended September 30, 2022 Payments Made During the Nine Months Ended September 30, 2022 Liability as of September 30, 2022 Severance related $3,589 $3,572 $17 Outplacement services 259 215 44 Stock-based compensation expense 176 176 — Consultant fees 138 138 — Other 111 111 — Total $ 4,273 $ 4,212 $ 61 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following: September 30, 2022 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 9 - 14 $ 21,971 $ 2,092 $ 19,879 Capitalized licenses 1 - 4 670 387 283 Total intangible assets $ 22,641 $ 2,479 $ 20,162 December 31, 2021 (in thousands) Remaining Useful Life (Years) Gross Accumulated Amortization Net Patents 9 - 14 $ 21,607 $ 981 $ 20,626 Capitalized licenses 1 - 4 670 288 382 Total intangible assets $ 22,277 $ 1,269 $ 21,008 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Year (in thousands) Estimated Annual Amortization 2022 (remaining three months) $ 427 2023 1,710 2024 1,710 2025 1,627 2026 1,599 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Instrument, Debt Covenant, Minimum Total Revenue | The total minimum revenue covenant requirements for the next twelve months are as follows: Twelve-Month Period Ending Minimum Total Revenue (in thousands) December 31, 2022 $ 26,545 March 31, 2023 30,179 June 30, 2023 35,221 September 30, 2023 40,649 |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022: Stock Options Shares Weighted Weighted Aggregate Outstanding as of December 31, 2021 5,105,278 $ 2.62 7.7 Granted 1,335,924 2.67 Forfeited/Expired/Canceled (566,397) 3.73 Exercised (433,980) 0.63 Outstanding as of September 30, 2022 5,440,825 $ 2.69 7.4 $ 2,283 Vested and expected to vest as of September 30, 2022 5,440,825 $ 2.69 7.4 $ 2,283 Exercisable at September 30, 2022 2,907,227 $ 1.61 5.9 $ 2,186 |
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, 2022 2021 Risk-free interest rate 1.2 % 0.94 - 1.4% Expected term (in years) 7 7 Expected volatility 55 % 55 % Expected dividend yield — — Exercise prices $1.90 - $3.43 $1.83 - $10.72 Estimated fair value of common stock options $1.05 - $1.90 $3.96 - $10.72 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes restricted stock award activity for the nine months ended September 30, 2022: Restricted Stock Awards Weighted Unvested as of December 31, 2021 507,013 $ 8.46 Granted 967,783 3.91 Vested (65,224) 2.70 Forfeited (645,092) 4.67 Unvested as of September 30, 2022 764,480 $ 6.40 |
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) 2022 2021 Research and development $ 179 $ 178 General and administrative 2,217 716 Sales and marketing 3 268 Total stock-based compensation expense $ 2,399 $ 1,162 The following table summarizes restricted stock-based compensation expense, and also the allocation within the consolidated statements of operations: Nine months ended September 30, (in thousands) 2022 2021 Research and development $ 234 $ — General and administrative 304 — Sales and marketing 535 — Total restricted stock-based compensation expense $ 1,073 $ — |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease, Cost | Lease balances within our consolidated balance sheet were as follows: (in thousands) September 30, 2022 Assets: Operating lease right-of-use assets $ 5,381 Liabilities: Accrued expenses and other current liabilities $ 1,561 Long-term operating lease obligations 4,080 Total lease liabilities $ 5,641 Supplemental non-cash disclosures Operating lease right-of-use assets obtained in exchange for lease obligations $ 764 Operating lease expense, including variable and short-term lease costs, which were insignificant to the total operating lease cash flows and supplemental cash flow information, were as follows: Nine months ended September 30, (in thousands) 2022 Cost of product revenue $ 92 Research and development expenses 285 Sales and marketing expenses 465 General and administrative expenses 407 Total operating lease expense $ 1,249 Operating cash outflows from operating leases $ 1,249 The weighted average remaining lease liability term and the weighted average discount rate were as follows: September 30, 2022 Weighted average lease liability term (in years) 3.53 Weighted average discount rate 5.00 % |
Lessee, Operating Lease, Liability, Maturity | The reconciliation excludes short-term leases that are not recorded on the balance sheet. (in thousands) September 30, 2022 2022 (remaining three months) $ 451 2023 1,785 2024 1,747 2025 1,388 2026 776 Thereafter — Total lease payments 6,147 Less: imputed interest (506) Total lease liabilities $ 5,641 |
Contractual Obligation, Fiscal Year Maturity | The future minimum purchase values are as follows: (in millions) Year Ending December 31, 2022 $ 2.5 2023 4.0 2024 5.0 2025 7.0 2026 9.0 2027 10.0 Total $ 37.5 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Product Warranty Liability | Nine months ended September 30, (in thousands) 2022 2021 Accrued warranty cost, beginning $ 285 $ 135 Cost of warranty services (318) (75) Estimated provision for warranty cost 366 190 Accrued warranty cost, end $ 333 $ 250 |
Other income (expense), net (Ta
Other income (expense), net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other income (expense), net consisted of the following: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Grant revenue $ — $ 862 $ 381 $ 2,189 Investment income 55 — 55 — Change in fair value of warrants and loan commitment — (97) — (4,104) Currency gain/(loss) (55) — (86) — Net book value of asset disposed — — (16) — Other income/(expense) — — — — Other income (expense), net $ — $ 765 $ 334 $ (1,915) |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 5,440,825 5,113,324 Unvested restricted stock awards 764,480 — Convertible preferred stock (as converted to common stock) — 26,758,688 |
Nature of Operations (Details)
Nature of Operations (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) company | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of global pharmaceutical companies | company | 15 | ||||||||
Net loss | $ 18,455 | $ 25,606 | $ 28,725 | $ 20,199 | $ 20,554 | $ 15,559 | $ 72,785 | $ 56,312 | |
Net cash used in operating activities | 81,164 | $ 58,619 | |||||||
Accumulated deficit | 206,759 | 206,759 | $ 133,973 | ||||||
Line of Credit | Credit Agreement | Letter of Credit | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000 | $ 50,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 5,381 | $ 0 | |
Total lease liabilities | $ 5,641 | ||
Deferred rent | $ 200 | ||
Real Estate Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 5,700 | ||
Total lease liabilities | 5,700 | ||
Equipment Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 5,900 | ||
Total lease liabilities | $ 5,900 |
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 ($) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 30, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loan commitment, noncurrent | $ 0 | $ 2,200,000 | |
Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loan commitment, noncurrent | $ 1,169,000 | ||
Fair Value, Recurring | Money Market Funds | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash equivalents | 30,055,000 | ||
Level 1 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loan commitment, noncurrent | 0 | ||
Level 1 | Fair Value, Recurring | Money Market Funds | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash equivalents | 30,055,000 | ||
Level 2 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loan commitment, noncurrent | 0 | ||
Level 2 | Fair Value, Recurring | Money Market Funds | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash equivalents | 0 | ||
Level 3 | Fair Value, Recurring | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Loan commitment, noncurrent | $ 1,169,000 | ||
Level 3 | Fair Value, Recurring | Money Market Funds | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Cash equivalents | $ 0 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) $ / shares in Units, $ in Millions | Mar. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Oct. 12, 2021 $ / shares shares | May 31, 2021 USD ($) | May 11, 2021 $ / shares shares | Dec. 30, 2020 $ / shares |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Future expected cash flows discounted, effective interest rate | 0.1412 | |||||
Secured Debt | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Principal balance | $ 10 | |||||
Tranche C Term Loan | Loans Payable | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Debt instrument, remaining borrowing capacity | $ 7.5 | $ 15 | ||||
Increase in debt issuance costs | 0.3 | |||||
Tranche C Term Loan | Secured Debt | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Principal balance | 7.5 | |||||
Tranche D Term Loan | Secured Debt | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Principal balance | $ 7.5 | |||||
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 | $ 6 | $ 9.62 | $ 12.58606 | |||
Convertible preferred stock, shares issued upon conversion | shares | 3,178 | |||||
Series D Preferred | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Class of warrant or right, exercise price of warrants or rights (in usd per share) | $ / shares | $ 6 | $ 9.62 | $ 9.62 | $ 76.92 | ||
Convertible preferred stock, shares issued upon conversion | shares | 811,374 | |||||
Preferred stock, convertible, shares issuable | shares | 811,374 | 811,374 |
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 | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | $ 822 | $ 1,169 | $ 1,260 | $ 2,101 | $ 2,240 |
Change in estimated fair value | (65) | (139) | |||
Exercise of Tranche C loan commitment | (822) | (497) | (841) | ||
Change in warrant exercise price | 150 | ||||
Ending balance | 0 | 822 | 1,195 | 1,260 | 2,101 |
Series D Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 0 | 0 | 8,298 | 6,237 | 4,430 |
Change in estimated fair value | 32 | 2,061 | 1,807 | ||
Ending balance | 0 | 0 | 8,330 | 8,298 | 6,237 |
Series A Warrants | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 207 | 207 |
Exercise of warrant | (207) | ||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 207 |
Revenue - Revenue by source (De
Revenue - Revenue by source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 4,484 | $ 4,193 | $ 13,400 | $ 11,716 |
Instruments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,118 | 2,647 | 7,219 | 7,615 |
Consumables | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,515 | 1,243 | 4,191 | 3,291 |
Extended service warranty | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 357 | 213 | 859 | 510 |
Other service revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 494 | $ 90 | $ 1,131 | $ 300 |
Revenue - Revenue by geographic
Revenue - Revenue by geographic area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 4,484 | $ 4,193 | $ 13,400 | $ 11,716 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,628 | 2,933 | 10,056 | 8,554 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 353 | 900 | 999 | 1,639 |
Greater China | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 395 | 314 | 1,904 | 826 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 108 | $ 46 | $ 441 | $ 697 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 500 | |
Deferred revenue | 1,034 | $ 915 |
Contract with customer, liability, revenue recognized | $ 500 | |
Accounts Receivable | Customer Concentration Risk | One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.70% |
Supplemental Balance Sheet De_3
Supplemental Balance Sheet Details - Accounts receivable, net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 4,644 | $ 4,146 |
Allowance for doubtful accounts | (75) | (46) |
Total accounts receivable net of allowance | $ 4,569 | $ 4,100 |
Supplemental Balance Sheet De_4
Supplemental Balance Sheet Details - Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 35,186 | $ 22,179 |
Work in process | 1,163 | 0 |
Finished goods | 2,319 | 2,481 |
Reserve for excess and obsolete inventory | (421) | (361) |
Inventories, net | $ 38,247 | $ 24,299 |
Supplemental Balance Sheet De_5
Supplemental Balance Sheet Details - Property and equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 15,980 | $ 8,797 |
Accumulated depreciation | (4,649) | (3,019) |
Property and equipment, net | 11,331 | 5,778 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 10,123 | 5,585 |
Computers and technology | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,401 | 2,139 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,456 | $ 1,073 |
Supplemental Balance Sheet De_6
Supplemental Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 11, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 1,600 | $ 900 | ||
Costs incurred | $ 4,300 | $ 4,273 |
Supplemental Balance Sheet De_7
Supplemental Balance Sheet Details - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 2,186 | $ 3,656 |
Accrued operating expenses | 1,915 | 3,556 |
Short-term operating lease liability | 1,561 | 0 |
Other, including warranties | 488 | 615 |
Total accrued liabilities | $ 6,150 | $ 7,827 |
Supplemental Balance Sheet De_8
Supplemental Balance Sheet Details - Restructuring liability accrual activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 11, 2022 | Sep. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | $ 4,300 | $ 4,273 |
Payments made | 4,212 | |
Restructuring liability | 61 | |
Severance related | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | 3,589 | |
Payments made | 3,572 | |
Restructuring liability | 17 | |
Outplacement services | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | 259 | |
Payments made | 215 | |
Restructuring liability | 44 | |
Stock-based compensation expense | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | 176 | |
Payments made | 176 | |
Restructuring liability | 0 | |
Consultant fees | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | 138 | |
Payments made | 138 | |
Restructuring liability | 0 | |
Other | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Costs incurred | 111 | |
Payments made | 111 | |
Restructuring liability | $ 0 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 22,641 | $ 22,277 |
Accumulated Amortization | 2,479 | 1,269 |
Net | 20,162 | 21,008 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 21,971 | 21,607 |
Accumulated Amortization | 2,092 | 981 |
Net | $ 19,879 | $ 20,626 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 9 years | 9 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 | 387 | 288 |
Net | $ 283 | $ 382 |
Capitalized licenses | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 1 year | 1 year |
Capitalized licenses | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (Years) | 4 years | 4 years |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization | $ 1.2 | $ 0.6 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 0.4 | |
Acquired intangible assets, weighted average useful life | 11 years |
Intangible Assets - Estimated a
Intangible Assets - Estimated annual amortization (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 (remaining three months) | $ 427 |
2023 | 1,710 |
2024 | 1,710 |
2025 | 1,627 |
2026 | $ 1,599 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 9 Months Ended | |||||
Dec. 30, 2020 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Mar. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Oct. 12, 2021 $ / shares shares | May 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Class of warrant or right, contractual term | 10 years | |||||
Long-term operating lease obligations | $ 4,400,000 | $ 4,080,000 | $ 0 | |||
Loan commitment, noncurrent | $ 2,200,000 | $ 0 | ||||
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, exercise price of warrants or rights (in usd per share) | $ / shares | $ 76.92 | $ 6 | $ 9.62 | $ 9.62 | ||
Convertible preferred stock, shares issued upon conversion | shares | 811,374 | |||||
Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal balance | $ 10,000,000 | |||||
Credit Agreement | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 50,000,000 | |||||
Proceeds from issuance of long-term debt | $ 25,000,000 | |||||
Debt instrument, interest rate, effective percentage | 12.07% | |||||
Financial covenants, minimum cash balance | $ 3,000,000 | |||||
Long-term debt, gross | 25,000,000 | |||||
Credit Agreement | Secured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Financial covenants, minimum cash balance | $ 21,700,000 | |||||
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 C Term Loan | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal balance | $ 7,500,000 | |||||
Debt discount, increase | (500,000) | |||||
Tranche C Term Loan | Loans Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, remaining borrowing capacity | 7,500,000 | $ 15,000,000 | ||||
Increase in debt issuance costs | 300,000 | |||||
Tranche D Term Loan | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal balance | $ 7,500,000 | |||||
Tranche B Term Loan | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 10,000,000 | |||||
Debt discount, increase | $ (800,000) |
Debt - Debt covenants (Details)
Debt - Debt covenants (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Forecast | ||||
Line of Credit Facility [Line Items] | ||||
Minimum Total Revenue (in thousands) | $ 40,649 | $ 35,221 | $ 30,179 | $ 26,545 |
Equity (Details)
Equity (Details) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 | Oct. 12, 2021 |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Common stock, shares, outstanding | 39,535,322 | 39,036,010 | |
Common stock, shares, issued | 39,535,322 | 39,036,010 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding | 0 | 0 | |
IPO | |||
Class of Stock [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 | ||
Sale of stock, price per share (in usd per share) | $ 15 |
Equity Based Compensation - Nar
Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 10 years | |
Award vesting rights, percentage | 25% | |
Award vesting rights, anniversary period | 1 year | |
Award vesting period | 36 months | |
Granted (in shares) | 1,335,924 | |
Total stock-based compensation expense | $ 2,399 | $ 1,162 |
2021 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance | 5,223,601 | |
2014 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance | 5,113,324 | |
Options outstanding to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in usd per share) | $ 1.55 | |
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 9,700 | |
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 6 months | |
Restricted Stock Awards | ||
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 3 months 18 days | |
Vested (in shares) | 65,224 | |
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 4,000 | |
Total stock-based compensation expense | 1,073 | $ 0 |
Share-based payment arrangement, accelerated cost | $ 200 |
Equity Based Compensation - Sto
Equity Based Compensation - Stock option activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Shares | ||
Outstanding, beginning of period (in shares) | shares | 5,105,278 | |
Granted (in shares) | shares | 1,335,924 | |
Forfeited/Expired/Canceled (in shares) | shares | (566,397) | |
Exercised (in shares) | shares | (433,980) | |
Outstanding, end of period (in shares) | shares | 5,440,825 | 5,105,278 |
Vested and expected to vest at end of period (in shares) | shares | 5,440,825 | |
Exercisable at end of period (in shares) | shares | 2,907,227 | |
Weighted Average Exercise Price | ||
Outstanding, beginning of period (in usd per share) | $ / shares | $ 2.62 | |
Granted (in usd per share) | $ / shares | 2.67 | |
Forfeited (in usd per share) | $ / shares | 3.73 | |
Exercised (in usd per share) | $ / shares | 0.63 | |
Outstanding, end of period (in usd per share) | $ / shares | 2.69 | $ 2.62 |
Vested and expected to vest at end of period (in usd per share) | $ / shares | 2.69 | |
Exercisable at end of period (in usd per share) | $ / shares | $ 1.61 | |
Weighted Average Remaining Contractual Life (in years) | ||
Outstanding, weighted average remaining contractual term | 7 years 4 months 24 days | 7 years 8 months 12 days |
Vested and expected to vest, weighted average remaining contractual term | 7 years 4 months 24 days | |
Exercisable, weighted average remaining contractual term | 5 years 10 months 24 days | |
Aggregate Intrinsic Value (In thousands) | ||
Outstanding, intrinsic value at end of period | $ | $ 2,283 | |
Vested and expected to vest, intrinsic value at end of period | $ | 2,283 | |
Exercisable, intrinsic value at end of period | $ | $ 2,186 |
Equity Based Compensation - Ran
Equity Based Compensation - Range of key assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.20% | |
Expected term (in years) | 7 years | 7 years |
Expected volatility | 55% | 55% |
Expected dividend yield | 0% | 0% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.94% | |
Exercise prices | $ 1.90 | $ 1.83 |
Estimated fair value of common stock options | 1.05 | $ 3.96 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.40% | |
Exercise prices | 3.43 | $ 10.72 |
Estimated fair value of common stock options | $ 1.90 | $ 10.72 |
Equity based compensation - Res
Equity based compensation - Restricted stock activity (Details) - Restricted Stock Awards | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Restricted Stock Awards | |
Unvested at beginning of period (in shares) | shares | 507,013 |
Granted (in shares) | shares | 967,783 |
Vested (in shares) | shares | (65,224) |
Forfeited (in shares) | shares | (645,092) |
Unvested at end of period (in shares) | shares | 764,480 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period (in usd per share) | $ / shares | $ 8.46 |
Granted (in usd per share) | $ / shares | 3.91 |
Vested (in usd per share) | $ / shares | 2.70 |
Forfeited (in usd per share) | $ / shares | 4.67 |
Outstanding at end of period (in usd per share) | $ / shares | $ 6.40 |
Equity Based Compensation - S_2
Equity Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,399 | $ 1,162 |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,073 | 0 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 179 | 178 |
Research and development | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 234 | 0 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,217 | 716 |
General and administrative | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 304 | 0 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 3 | 268 |
Sales and marketing | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 535 | $ 0 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining lease term | 4 years 3 months |
Commitments - Lease balances wi
Commitments - Lease balances within the balance sheet (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Assets and Liabilities, Lessee [Abstract] | |||
Operating lease right-of-use assets | $ 5,381 | $ 0 | |
Short-term operating lease liability | $ 1,561 | $ 0 | |
Operating lease, liability, current, statement of financial position | Accrued Liabilities, Current | ||
Long-term operating lease obligations | $ 4,080 | ||
Total lease liabilities | 5,641 | ||
Increase in right-of-use asset | $ 764 | $ 0 |
Commitments - Operating lease e
Commitments - Operating lease expense (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Other Commitments [Line Items] | |
Total operating lease expense | $ 1,249 |
Operating cash outflows from operating leases | 1,249 |
Cost of Sales | |
Other Commitments [Line Items] | |
Total operating lease expense | 92 |
Research and development | |
Other Commitments [Line Items] | |
Total operating lease expense | 285 |
Sales and marketing | |
Other Commitments [Line Items] | |
Total operating lease expense | 465 |
General and administrative | |
Other Commitments [Line Items] | |
Total operating lease expense | $ 407 |
Commitments - Weighted average
Commitments - Weighted average remaining lease term and discount rate (Details) | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average lease liability term (in years) | 3 years 6 months 10 days |
Weighted average discount rate | 5% |
Commitments - Future minimum le
Commitments - Future minimum lease payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (remaining three months) | $ 451 |
2023 | 1,785 |
2024 | 1,747 |
2025 | 1,388 |
2026 | 776 |
Thereafter | 0 |
Total lease payments | 6,147 |
Less: imputed interest | (506) |
Total lease liabilities | $ 5,641 |
Commitments - Purchase commitme
Commitments - Purchase commitment (Details) $ in Millions | Dec. 31, 2021 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 2.5 |
2023 | 4 |
2024 | 5 |
2025 | 7 |
2026 | 9 |
2027 | 10 |
Total | $ 37.5 |
Product Warranties - Narrative
Product Warranties - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 | Sep. 30, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Accrued warranty cost, beginning | $ 285 | $ 135 |
Cost of warranty services | (318) | (75) |
Estimated provision for warranty cost | 366 | 190 |
Accrued warranty cost, end | $ 333 | $ 250 |
Other income (expense), net (De
Other income (expense), net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Grant revenue | $ 0 | $ 862 | $ 381 | $ 2,189 |
Investment income | 55 | 0 | 55 | 0 |
Change in fair value of warrants and loan commitment | 0 | (97) | 0 | (4,104) |
Currency gain/(loss) | (55) | 0 | (86) | 0 |
Net book value of asset disposed | 0 | 0 | (16) | 0 |
Other income/(expense) | 0 | 0 | 0 | 0 |
Other income (expense), net | $ 0 | $ 765 | $ 334 | $ (1,915) |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
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 | 5,440,825 | 5,113,324 |
Unvested restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 764,480 | 0 |
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 | 0 | 26,758,688 |
Uncategorized Items - iso-20220
Label | Element | Value |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | $ 0 |
Series A Warrants [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue | 0 |
Series D Warrants [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue | $ 0 |