Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SWAV | |
Entity Registrant Name | Shockwave Medical, Inc. | |
Entity Central Index Key | 0001642545 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 34,259,784 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-38829 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0494101 | |
Entity Address, Address Line One | 5403 Betsy Ross Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 510 | |
Local Phone Number | 279-4262 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Shockwave Medical, Inc., common stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 215,256 | $ 139,045 |
Short-term investments | 56,304 | |
Accounts receivable, net | 10,711 | 7,377 |
Inventory | 28,868 | 12,074 |
Prepaid expenses and other current assets | 3,033 | 1,897 |
Total current assets | 257,868 | 216,697 |
Operating lease right-of-use assets | 7,841 | 8,825 |
Property and equipment, net | 13,282 | 4,910 |
Other assets | 1,667 | 1,506 |
TOTAL ASSETS | 280,658 | 231,938 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,972 | 2,790 |
Term notes, current portion | 1,650 | 6,667 |
Accrued liabilities | 16,662 | 13,777 |
Lease liability, current portion | 841 | 774 |
Total current liabilities | 21,125 | 24,008 |
Lease liability, noncurrent portion | 7,685 | 8,125 |
Term notes, noncurrent portion | 14,801 | 7,152 |
TOTAL LIABILITIES | 43,611 | 39,285 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock | ||
Common stock | 34 | 31 |
Additional paid-in capital | 464,812 | 370,561 |
Accumulated other comprehensive income | 35 | |
Accumulated deficit | (227,799) | (177,974) |
TOTAL STOCKHOLDERS’ EQUITY | 237,047 | 192,653 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 280,658 | $ 231,938 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Product revenue | $ 19,590 | $ 11,333 | $ 45,073 | $ 28,615 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of revenue: | ||||
Cost of product revenue | $ 5,277 | $ 4,401 | $ 14,520 | $ 11,606 |
Type of Cost, Good Or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 14,313 | $ 6,932 | $ 30,553 | $ 17,009 |
Operating expenses: | ||||
Research and development | 7,891 | 8,368 | 27,882 | 22,778 |
Sales and marketing | 13,619 | 8,192 | 35,236 | 21,023 |
General and administrative | 5,610 | 3,437 | 17,232 | 9,684 |
Total operating expenses | 27,120 | 19,997 | 80,350 | 53,485 |
Loss from operations | (12,807) | (13,065) | (49,797) | (36,476) |
Interest expense | (314) | (251) | (897) | (746) |
Change in fair value of warrant liability | (609) | |||
Other income, net | 218 | 385 | 942 | 1,518 |
Net loss before taxes | (12,903) | (12,931) | (49,752) | (36,313) |
Income tax provision | 29 | 26 | 73 | 51 |
Net loss | (12,932) | (12,957) | (49,825) | (36,364) |
Other comprehensive income (loss): | ||||
Unrealized gain/(loss) on available-for-sale securities | (18) | (14) | 57 | |
Adjustment for net gain realized and included in other income, net | (21) | (21) | ||
Total other comprehensive income (loss) | (21) | (18) | (35) | 57 |
Total comprehensive loss | $ (12,953) | $ (12,975) | $ (49,860) | $ (36,307) |
Net loss per share, basic and diluted | $ (0.38) | $ (0.46) | $ (1.53) | $ (1.66) |
Shares used in computing net loss per share, basic and diluted | 34,078,726 | 28,085,821 | 32,631,715 | 21,886,396 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ (122,588) | $ 2 | $ 4,275 | $ (126,865) | ||
Temporary equity, Beginning balance, Shares at Dec. 31, 2018 | 18,670,328 | |||||
Temporary equity, Beginning balance at Dec. 31, 2018 | $ 152,806 | |||||
Beginning balance, Shares at Dec. 31, 2018 | 1,824,852 | |||||
Exercise of common stock warrants for cash | 110 | 110 | ||||
Exercise of common stock warrants for cash, Shares | 50,331 | |||||
Issuance of common stock upon net exercise of warrants | 133 | 133 | ||||
Issuance of common stock upon net exercise of warrants, Shares | 101,744 | |||||
Conversion of preferred stock to common stock upon initial public offering | 152,806 | $ 18 | 152,788 | |||
Temporary equity, Conversion of preferred stock to common stock upon initial public offering, Shares | (18,670,328) | |||||
Temporary equity, Conversion of preferred stock to common stock upon initial public offering | $ (152,806) | |||||
Conversion of preferred stock to common stock upon initial public offering, Shares | 18,670,328 | |||||
Conversion of Series A-1 warrants to common stock warrants upon initial public offering | 789 | 789 | ||||
Issuance of common stock in connection with initial/public offering | 100,139 | $ 7 | 100,132 | |||
Issuance of common stock in connection with initial/public offering, Shares | 6,555,000 | |||||
Issuance of common stock in connection with private placement | 10,000 | $ 1 | 9,999 | |||
Issuance of common stock in connection with private placement, Shares | 588,235 | |||||
Exercise of stock options | 169 | 169 | ||||
Exercise of stock options, Shares | 80,515 | |||||
Vesting of early exercised options | 18 | 18 | ||||
Offering cost related to the initial/public offering | (11,300) | |||||
Stock-based compensation | 412 | 412 | ||||
Settlement of fractional shares resulting from reverse stock split | (3) | (3) | ||||
Settlement of fractional shares resulting from reverse stock split, Shares | (114) | |||||
Net loss | (12,799) | (12,799) | ||||
Ending balance at Mar. 31, 2019 | 129,186 | $ 28 | 268,822 | (139,664) | ||
Ending balance, shares at Mar. 31, 2019 | 27,870,891 | |||||
Beginning balance at Dec. 31, 2018 | (122,588) | $ 2 | 4,275 | (126,865) | ||
Temporary equity, Beginning balance, Shares at Dec. 31, 2018 | 18,670,328 | |||||
Temporary equity, Beginning balance at Dec. 31, 2018 | $ 152,806 | |||||
Beginning balance, Shares at Dec. 31, 2018 | 1,824,852 | |||||
Net loss | (36,364) | |||||
Ending balance at Sep. 30, 2019 | 108,250 | $ 28 | 271,394 | $ 57 | (163,229) | |
Ending balance, shares at Sep. 30, 2019 | 28,255,893 | |||||
Beginning balance at Mar. 31, 2019 | 129,186 | $ 28 | 268,822 | (139,664) | ||
Beginning balance, Shares at Mar. 31, 2019 | 27,870,891 | |||||
Issuance of common stock upon net exercise of warrants, Shares | 79,208 | |||||
Exercise of stock options | 148 | 148 | ||||
Exercise of stock options, Shares | 73,608 | |||||
Vesting of early exercised options | 9 | 9 | ||||
Offering cost related to the initial/public offering | (215) | (215) | ||||
Unrealized gain (loss) on available-for- sale securities | 75 | 75 | ||||
Stock-based compensation | 818 | 818 | ||||
Net loss | (10,608) | (10,608) | ||||
Ending balance at Jun. 30, 2019 | 119,413 | $ 28 | 269,582 | 75 | (150,272) | |
Ending balance, shares at Jun. 30, 2019 | 28,023,707 | |||||
Exercise of stock options | 706 | 706 | ||||
Exercise of stock options, Shares | 232,186 | |||||
Unrealized gain (loss) on available-for- sale securities | (18) | (18) | ||||
Stock-based compensation | 1,106 | 1,106 | ||||
Net loss | (12,957) | (12,957) | ||||
Ending balance at Sep. 30, 2019 | 108,250 | $ 28 | 271,394 | 57 | (163,229) | |
Ending balance, shares at Sep. 30, 2019 | 28,255,893 | |||||
Beginning balance at Dec. 31, 2019 | 192,653 | $ 31 | 370,561 | 35 | (177,974) | |
Beginning balance, Shares at Dec. 31, 2019 | 31,446,787 | |||||
Exercise of stock options | 1,113 | $ 1 | 1,112 | |||
Exercise of stock options, Shares | 356,128 | |||||
Issuance of common stock under employee stock purchase plan | 842 | 842 | ||||
Issuance of common stock under employee stock purchase plan, Share | 24,691 | |||||
Unrealized gain (loss) on available-for- sale securities | 68 | 68 | ||||
Stock-based compensation | 1,871 | 1,871 | ||||
Net loss | (18,775) | (18,775) | ||||
Ending balance at Mar. 31, 2020 | 177,772 | $ 32 | 374,386 | 103 | (196,749) | |
Ending balance, shares at Mar. 31, 2020 | 31,827,606 | |||||
Beginning balance at Dec. 31, 2019 | $ 192,653 | $ 31 | 370,561 | 35 | (177,974) | |
Beginning balance, Shares at Dec. 31, 2019 | 31,446,787 | |||||
Exercise of stock options, Shares | 747,829 | |||||
Net gain reclassified from accumulated other comprehensive income | $ (21) | |||||
Net loss | (49,825) | |||||
Ending balance at Sep. 30, 2020 | 237,047 | $ 34 | 464,812 | (227,799) | ||
Ending balance, shares at Sep. 30, 2020 | 34,236,165 | |||||
Beginning balance at Mar. 31, 2020 | 177,772 | $ 32 | 374,386 | 103 | (196,749) | |
Beginning balance, Shares at Mar. 31, 2020 | 31,827,606 | |||||
Issuance of common stock in connection with initial/public offering | 83,382 | $ 2 | 83,380 | |||
Issuance of common stock in connection with initial/public offering, Shares | 1,955,000 | |||||
Exercise of stock options | 480 | 480 | ||||
Exercise of stock options, Shares | 137,178 | |||||
Offering cost related to the initial/public offering | (6,100) | |||||
Issuance of common stock in connection with vesting of restricted stock units, Shares | 41,229 | |||||
Restricted stock units withheld in net settlement for tax | (616) | (616) | ||||
Restricted stock units withheld in net settlement for tax, Shares | (15,456) | |||||
Unrealized gain (loss) on available-for- sale securities | (82) | (82) | ||||
Stock-based compensation | 2,605 | 2,605 | ||||
Net loss | (18,118) | (18,118) | ||||
Ending balance at Jun. 30, 2020 | 245,423 | $ 34 | 460,235 | 21 | (214,867) | |
Ending balance, shares at Jun. 30, 2020 | 33,945,557 | |||||
Exercise of stock options | 993 | 993 | ||||
Exercise of stock options, Shares | 254,523 | |||||
Issuance of common stock under employee stock purchase plan | 953 | 953 | ||||
Issuance of common stock under employee stock purchase plan, Share | 27,921 | |||||
Offering cost related to the initial/public offering | (14) | (14) | ||||
Issuance of common stock in connection with vesting of restricted stock units, Shares | 12,775 | |||||
Restricted stock units withheld in net settlement for tax | (246) | (246) | ||||
Restricted stock units withheld in net settlement for tax, Shares | (4,611) | |||||
Stock-based compensation | 2,891 | 2,891 | ||||
Net gain reclassified from accumulated other comprehensive income | (21) | $ (21) | ||||
Net loss | (12,932) | (12,932) | ||||
Ending balance at Sep. 30, 2020 | $ 237,047 | $ 34 | $ 464,812 | $ (227,799) | ||
Ending balance, shares at Sep. 30, 2020 | 34,236,165 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Issuance costs | $ 14 | $ 6,100 | $ 215 | $ 11,300 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (49,825) | $ (36,364) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,361 | 854 |
Stock-based compensation | 7,108 | 2,336 |
Amortization of right-of-use assets | 1,105 | 739 |
Accretion of discount on available-for-sale securities | 289 | (542) |
Loss on write down of fixed assets | 97 | 90 |
Change in fair value of warrant liability | 609 | |
Amortization of debt issuance costs | 478 | 322 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,334) | (2,701) |
Inventory | (16,338) | (4,096) |
Prepaid expenses and other current assets | (1,136) | (1,087) |
Other assets | (161) | (1) |
Accounts payable | (776) | 884 |
Accrued and other current liabilities | 2,841 | 4,169 |
Lease liabilities | (494) | (749) |
Net cash used in operating activities | (58,785) | (35,537) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of available-for-sale securities | (16,020) | (106,347) |
Proceeds from maturities of available-for-sale securities | 72,000 | 32,300 |
Purchase of property and equipment | (9,846) | (2,287) |
Net cash provided by (used in) investing activities | 46,134 | (76,334) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock upon initial public offering, net of issuance costs paid | 100,547 | |
Proceeds from issuance of common stock in private placement | 10,000 | |
Payments of offering costs | (179) | |
Proceed from issuance of common stock from public offering, net of issuance cost paid | 83,368 | |
Payments of taxes withheld on net settled vesting of restricted stock units | (862) | |
Principal payments of term loan | (1,111) | |
Net proceeds from term loan | 3,265 | |
Proceeds from stock option exercises | 2,586 | 1,023 |
Proceeds from issuance of common stock under employee stock purchase plan | 1,795 | |
Proceeds from warrant exercises | 110 | |
Net cash provided by financing activities | 88,862 | 111,680 |
Net increase in cash, cash equivalents and restricted cash | 76,211 | (191) |
Cash, cash equivalents and restricted cash at beginning of period | 140,495 | 40,093 |
Cash, cash equivalents and restricted cash equivalents at end of period | 216,706 | 39,902 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 403 | 420 |
Income tax paid | 22 | 120 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued on conversion of convertible preferred stock | 152,806 | |
Common stock issued upon net exercise of warrants | 133 | |
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability | 789 | |
Right-of-use asset obtained in exchange for lease liability | 121 | 73 |
Property and equipment purchases included in accounts payable and accrued liabilities | 233 | $ 204 |
Transfer of fixed assets to inventory | $ 197 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Shockwave Medical, Inc. (the “Company”) was incorporated on June 17, 2009. The Company is primarily engaged in the development of Intravascular Lithotripsy (“IVL”) technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular and heart valve disease. Built on a balloon catheter platform, the IVL technology uses lithotripsy to disrupt both superficial and deep vascular calcium, while minimizing soft tissue injury, and an integrated angioplasty balloon to dilate blockages at low pressures, restoring blood flow. In 2016, the Company began commercial and manufacturing operations, and began selling catheters based on the IVL technology. The Company’s headquarters are in Santa Clara, California. The Company is located and operates primarily in the United States and has a subsidiary in Germany. Need for Additional Capital The Company has incurred significant losses and has negative cash flows from operations. As of September 30, 2020, the Company had an accumulated deficit of $227.8 million. Management expects to continue to incur additional substantial losses for the foreseeable future. As of September 30, 2020, the Company had cash and cash equivalents of $215.3 million, which are available to fund future operations. The Company believes that its cash and cash equivalents as of September 30, 2020, will be sufficient for the Company to continue as a going concern for at least 12 months from the date the unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities and the scope, duration and continuing impact of the COVID-19 pandemic. Risk and Uncertainties The Company is subject to risks and uncertainties as a result of the ongoing effects of the COVID-19 pandemic. There are many uncertainties regarding the current COVID-19 pandemic, and the Company is continuing to closely monitor the impact of the pandemic on all aspects of its business, including how it is impacting and how it may continue to impact its customers, patients that would benefit from procedures utilizing the Company’s products, employees, suppliers, vendors, business partners and distribution channels. The capital markets and economies worldwide continue to be negatively impacted by the COVID-19 pandemic, including U.S. and global economic recessions. As such he Company's future results of operations and liquidity may continue to be adversely impacted by a variety of factors related to the COVID-19 pandemic, including those discussed or referred to in the section entitled “ Risk Factors ” of this Quarterly Report on Form 10-Q. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 12, 2020. Reclassifications Certain amounts in the prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of September 30, 2020 and December 31, 2019 relates to a letter of credit established for the Company’s office lease and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: September 30, 2020 December 31, 2019 (in thousands) Cash and cash equivalents $ 215,256 $ 139,045 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 216,706 $ 140,495 Short-Term Investments Short-term investments have been classified as available-for-sale and are carried at estimated fair value based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in debt securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase are classified as current based on their availability for use in current operations. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss, except for credit-related impairment losses. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary and if they are related to deterioration in credit risk. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. The Company also assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on marketable securities are included in other income, net. Effective January 1, 2020, any unrealized losses on available-for-sale debt securities that are attributed to credit risk are recorded to earnings through an allowance for credit losses. The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in other income, net. Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a significant portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. In the United States, the Company generally provides for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In addition, Topic 326 also provides new guidance related to the measurement of expected credit losses on the Company’s allowance for bad debt for accounts receivable, which is estimated upon assessment of various factors including historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of the Company’s customers. During the nine months ended September 30, 2020, the Company recorded an additional allowance for bad debt in response to an assessment of the evolving credit environment under the COVID-19 pandemic. The Company will continue to update its estimate of credit losses from accounts receivable in future periods in response to the uncertainties caused by the COVID-19 pandemic. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 3. Financial Instruments and Fair Value Measurements As of September 30, 2020, our cash equivalent investments consisted of money market funds with a fair value of $213.3 million, which are valued using level 1 inputs. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019: December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 43,245 $ — $ — $ 43,245 Money market funds 29,386 — — 29,386 Reverse repurchase agreements — 10,000 — 10,000 Commercial paper — 6,958 — 6,958 Corporate bonds — 8,096 — 8,096 Total assets $ 72,631 $ 25,054 $ — $ 97,685 The Company’s convertible preferred stock warrants were converted into common stock warrants upon the closing of an initial public offering of the Company’s common stock (“IPO”) in March 2019. The change in the fair value of the warrant liability for the three months ended March 31, 2019 is summarized below (in thousands): Balance at December 31, 2018 $ 313 Change in fair value of warrant liability 609 Net exercise of warrants (133 ) Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO (789 ) Balance at March 31, 2019 $ — The valuation of the Company’s convertible preferred stock warrant liability contains unobservable inputs that reflect the Company’s own assumptions for which there is little, if any, market activity for at the measurement date. Accordingly, the Company’s convertible preferred stock warrant liability is measured at fair value on a recurring basis using unobservable inputs and are classified as Level 3 inputs, and any change in fair value is recognized as change in fair value of warrant liability in the condensed consolidated statements of operations and comprehensive loss. The fair value of the warrants was determined using the Black-Scholes option pricing model and the following assumptions: March 31, 2019 Expected term (in years) 5.3 Expected volatility 43.9% Risk-free interest rate 2.5% Expected dividend yield 0% |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments | 9 Months Ended |
Sep. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Short-Term Investments | 4. Cash Equivalents and Short-Term Investments As of September 30, 2020, our cash equivalent investments consisted of money market funds with a fair value of $213.3 million, with no unrealized gains or losses. The following is a summary of the Company’s cash equivalents and short-term investments as of December 31, 2019: December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 43,219 $ 27 $ (1 ) $ 43,245 Money market funds 29,386 — — 29,386 Reverse repurchase agreements 10,000 — — 10,000 Commercial paper 6,958 — — 6,958 Corporate bonds 8,087 9 — 8,096 Total $ 97,650 $ 36 $ (1 ) $ 97,685 Reported as: Cash equivalents $ 41,381 Short-term investments 56,304 Total $ 97,685 The Company recognized no material gains or losses on its cash equivalents and short-term investments in the periods presented. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Inventory Inventory consists of the following: September 30, December 31, 2020 2019 (in thousands) Raw material $ 5,030 $ 2,501 Work in progress 4,425 1,364 Finished goods 17,601 6,642 Consigned inventory 1,812 1,567 Total inventory $ 28,868 $ 12,074 Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, 2020 2019 (in thousands) Accrued employee compensation $ 9,815 $ 8,139 Accrued asset purchases 660 — Accrued research and development costs 3,449 3,090 Accrued professional services 1,271 804 Other 1,467 1,744 Total accrued liabilities $ 16,662 $ 13,777 |
Term Notes
Term Notes | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Term Notes | 6. Term Notes Loan and Security Agreement In February 2018, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (the “Loan and Security Agreement”). The terms of the Loan and Security Agreement included a term loan of $15.0 million and a revolving line of credit of $2.0 million. The term loan was available in two tranches, of which the first tranche of $10.0 million was funded in June 2018 and the second tranche of $5.0 million was funded in December 2018. The term loan accrued interest at a floating per annum rate equal to the greater of (a) the Wall Street Journal prime rate minus 1.75% and (b) 2.75%. There was a final payment equal to 6.75% of the original aggregate principal amount, or $1.0 million, of the term loan advances, which was being accrued over the expected term of the loan using the effective-interest method. In connection with the execution of the Loan and Security Agreement, the Company issued warrants to Silicon Valley Bank to purchase 34,440 shares of the Company’s common stock. Upon issuance, the fair value of the warrants of $0.1 million was recorded as a debt issuance cost. The debt issuance cost was being amortized to interest expense, net over the expected repayment period of the loan. In February 2020, the Company entered into a First Amendment to its Loan and Security Agreement (the “Amended Credit Facility”) to, among other things, refinance its existing term loan, which is accounted for as a modification of the Loan and Security Agreement. Under the Amended Credit Facility, the existing revolving line of credit of $2.0 million was terminated and the termination fee of less than $0.1 million was waived. The Amended Credit Facility provides the Company with a supplemental term loan in the amount of $16.5 million. After repayment of the outstanding amount of the term loan, the Company received net proceeds of $3.3 million, which reflects an additional $4.3 million in principal as of the date of the modification less the final balloon payment fee of $1.0 million. The principal amount outstanding under the supplemental term loan accrues interest at a floating per annum rate equal to the greater of (a) the Prime Rate minus 1.25% and (b) 3.5%. The interest rate was 3.5% as of September 30, 2020. The supplemental term loan matures on December 1, 2023. The Amended Credit Facility provides an interest-only payment period which will end on (a) June 30, 2021, if the Company’s revenue for the trailing 12-month period ended June 30, 2021 is not at least 75% of the Company’s projections; (b) December 31, 2021, if the Company achieves the financial performance target referred to in clause (a), but does not obtain premarket approval of the Company’s C2 The additional final payment for the Amended Credit Facility is $1.6 million, which will be accrued over the term of the supplemental term loan using an effective interest rate that reflects the revised cash flows of the modified term loan. The supplemental term loan is secured by all of the Company’s assets, excluding intellectual property and certain other assets. The loan contains customary affirmative and restrictive covenants, including with respect to the Company’s ability to enter into fundamental transactions, incur additional indebtedness, grant liens, pay any dividend or make any distributions to its holders, make investments, merge or consolidate with any other person or engage in transactions with the Company’s affiliates, but does not include any financial covenants. Long-term debt and net discount or premium balances are as follows: September 30, December 31, 2020 2019 (in thousands) Principal amount of term note $ 16,500 $ 13,334 Net (discount) premium associated with accretion of final payment, issuance of common stock warrants, and other debt issuance costs (49 ) 485 Term note, current and noncurrent 16,451 13,819 Less term note, current portion (1,650 ) (6,667 ) Term note, noncurrent portion $ 14,801 $ 7,152 Future minimum payments of principal and estimated payments of interest on the Company’s outstanding variable rate borrowings as of September 30, 2020 are as follows: Year ending December 31: (in thousands) 2020 (remainder) $ 146 2021 3,861 2022 6,961 2023 8,294 Total future payments 19,262 Less amounts representing interest (1,194 ) Less final payment (1,568 ) Total principal amount of term note payments $ 16,500 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation Total stock-based compensation was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Cost of product revenue $ 162 $ 81 $ 303 $ 156 Research and development 631 307 1,769 582 Sales and marketing 913 288 2,309 597 General and administrative 1,140 430 2,727 1,001 Total stock-based compensation $ 2,846 $ 1,106 $ 7,108 $ 2,336 Stock-based compensation of $45,000 and $259,000 was capitalized into inventory for the three and nine months ended September 30, 2020, respectively. Stock-based compensation capitalized into inventory is recognized as cost of product revenue when the related product is sold. Determination of Fair Value The Company estimates the grant-date fair value of the Company’s option awards using the Black-Scholes option pricing model. During the nine months ended September 30, 2020, the Company granted no new options. The assumptions for the Black-Scholes model for the nine months ended September 30, 2019 were as follows: Nine Months Ended September 30, 2019 Expected term (in years) 6.08 Expected volatility 42.4% - 42.9% Risk-free interest rate 2.4% - 2.6% Expected dividend yield 0% 2009 Equity Incentive Plan and 2019 Equity Incentive Plan On June 17, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) under which the Board had the authority to issue stock options to employees, directors and consultants. In February 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective in connection with the IPO. As a result, effective as of March 6, 2019, the Company may not grant any additional awards under the 2009 Plan. The 2009 Plan will continue to govern outstanding equity awards granted thereunder. The Company initially reserved 2,000,430 shares of common stock for the issuance of a variety of awards under the 2019 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January commencing on January 1, 2020 and ending on January 1, 2028, in an amount equal to three percent of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s Board of Directors. Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2019 1,704,244 3,315,001 $ 5.08 7.28 $ 128,774 Awards authorized 943,345 — Options exercised — (747,829 ) 3.46 Options forfeited 37,739 (37,739 ) 4.41 Balance, September 30, 2020 2,685,328 2,529,433 $ 5.57 6.96 $ 177,632 Vested and exercisable, September 30, 2020 1,620,762 $ 4.36 6.56 $ 115,785 Vested and expected to vest, September 30, 2020 2,529,433 $ 5.57 6.96 $ 177,632 Restricted Stock Units Restricted stock units (“RSUs”) are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line annual vesting, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. RSU activity under the 2019 Plan is set forth below : Number of Shares Weighted- Average Grant Date Fair Value Per Share Balance, December 31, 2019 280,904 $ 38.12 RSUs granted 601,183 44.69 RSUs vested (54,004 ) 37.83 RSUs forfeited (29,375 ) 41.36 Balance, September 30, 2020 798,708 $ 42.96 Employee Stock Purchase Plan In February 2019, the Company adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective as of March 6, 2019. The Company initially reserved 300,650 shares of common stock for purchase under the ESPP. In addition, the number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January commencing on January 1, 2020 and ending January 1, 2028, in an amount equal to one percent of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or such lesser number of shares as determined by the Company’s Board of Directors. At September 30, 2020, a total of 562,486 shares were available for issuance under the ESPP. Each offering period during which participating employees may purchase stock under the ESPP begins on each September 1 and March 1 and ends on the following February 28 or 29 and August 30, respectively. The first offering period began on September 1, 2019 and ended on February 29, 2020. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Compensation Committee of the Company’s Board of Directors, in its sole discretion. The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The Company recorded $118,000 and $516,000 of stock-based compensation expense related to the ESPP for the three and nine months ended September 30, 2020, respectively. The Company recorded $64,000 of stock-based compensation expense related to the ESPP for the three and nine months ended September 30, 2019, respectively. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: September 30, 2020 2019 Common stock options issued and outstanding 2,529,433 3,658,436 Restricted stock units 798,708 226,550 Total 3,328,141 3,884,986 |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 9. Segment and Geographic Information The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) United States $ 11,144 $ 6,246 $ 24,450 $ 15,054 Germany 1,185 873 2,921 2,389 Rest of Europe 5,592 3,428 13,807 9,473 All other countries 1,669 786 3,895 1,699 Product revenue $ 19,590 $ 11,333 $ 45,073 $ 28,615 As of September 30, 2020 and 2019, the Company’s long-lived assets were all held in the United States with the exception of certain equipment on loan to customers held internationally, which was not material as of each period end. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Risk and Uncertainties | Risk and Uncertainties The Company is subject to risks and uncertainties as a result of the ongoing effects of the COVID-19 pandemic. There are many uncertainties regarding the current COVID-19 pandemic, and the Company is continuing to closely monitor the impact of the pandemic on all aspects of its business, including how it is impacting and how it may continue to impact its customers, patients that would benefit from procedures utilizing the Company’s products, employees, suppliers, vendors, business partners and distribution channels. The capital markets and economies worldwide continue to be negatively impacted by the COVID-19 pandemic, including U.S. and global economic recessions. As such he Company's future results of operations and liquidity may continue to be adversely impacted by a variety of factors related to the COVID-19 pandemic, including those discussed or referred to in the section entitled “ Risk Factors ” of this Quarterly Report on Form 10-Q. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 12, 2020. |
Reclassifications | Reclassifications Certain amounts in the prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of September 30, 2020 and December 31, 2019 relates to a letter of credit established for the Company’s office lease and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: September 30, 2020 December 31, 2019 (in thousands) Cash and cash equivalents $ 215,256 $ 139,045 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 216,706 $ 140,495 |
Short-Term Investments | Short-Term Investments Short-term investments have been classified as available-for-sale and are carried at estimated fair value based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in debt securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase are classified as current based on their availability for use in current operations. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss, except for credit-related impairment losses. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary and if they are related to deterioration in credit risk. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. The Company also assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on marketable securities are included in other income, net. Effective January 1, 2020, any unrealized losses on available-for-sale debt securities that are attributed to credit risk are recorded to earnings through an allowance for credit losses. The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in other income, net. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. |
Revenue | Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a significant portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. In the United States, the Company generally provides for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In addition, Topic 326 also provides new guidance related to the measurement of expected credit losses on the Company’s allowance for bad debt for accounts receivable, which is estimated upon assessment of various factors including historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of the Company’s customers. During the nine months ended September 30, 2020, the Company recorded an additional allowance for bad debt in response to an assessment of the evolving credit environment under the COVID-19 pandemic. The Company will continue to update its estimate of credit losses from accounts receivable in future periods in response to the uncertainties caused by the COVID-19 pandemic. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: September 30, 2020 December 31, 2019 (in thousands) Cash and cash equivalents $ 215,256 $ 139,045 Restricted cash 1,450 1,450 Total cash, cash equivalents, and restricted cash $ 216,706 $ 140,495 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | As of September 30, 2020, our cash equivalent investments consisted of money market funds with a fair value of $213.3 million, which are valued using level 1 inputs. The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019: December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: U.S. Treasury securities $ 43,245 $ — $ — $ 43,245 Money market funds 29,386 — — 29,386 Reverse repurchase agreements — 10,000 — 10,000 Commercial paper — 6,958 — 6,958 Corporate bonds — 8,096 — 8,096 Total assets $ 72,631 $ 25,054 $ — $ 97,685 |
Schedule of Change in the Fair Value of the Warrant Liability | The Company’s convertible preferred stock warrants were converted into common stock warrants upon the closing of an initial public offering of the Company’s common stock (“IPO”) in March 2019. The change in the fair value of the warrant liability for the three months ended March 31, 2019 is summarized below (in thousands): Balance at December 31, 2018 $ 313 Change in fair value of warrant liability 609 Net exercise of warrants (133 ) Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO (789 ) Balance at March 31, 2019 $ — |
Fair Value of Warrants Using Black-Scholes Option Pricing Model | The fair value of the warrants was determined using the Black-Scholes option pricing model and the following assumptions: March 31, 2019 Expected term (in years) 5.3 Expected volatility 43.9% Risk-free interest rate 2.5% Expected dividend yield 0% |
Cash Equivalents and Short-Te_2
Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Short-Term Investments | As of September 30, 2020, our cash equivalent investments consisted of money market funds with a fair value of $213.3 million, with no unrealized gains or losses. The following is a summary of the Company’s cash equivalents and short-term investments as of December 31, 2019: December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. Treasury securities $ 43,219 $ 27 $ (1 ) $ 43,245 Money market funds 29,386 — — 29,386 Reverse repurchase agreements 10,000 — — 10,000 Commercial paper 6,958 — — 6,958 Corporate bonds 8,087 9 — 8,096 Total $ 97,650 $ 36 $ (1 ) $ 97,685 Reported as: Cash equivalents $ 41,381 Short-term investments 56,304 Total $ 97,685 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory consists of the following: September 30, December 31, 2020 2019 (in thousands) Raw material $ 5,030 $ 2,501 Work in progress 4,425 1,364 Finished goods 17,601 6,642 Consigned inventory 1,812 1,567 Total inventory $ 28,868 $ 12,074 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: September 30, December 31, 2020 2019 (in thousands) Accrued employee compensation $ 9,815 $ 8,139 Accrued asset purchases 660 — Accrued research and development costs 3,449 3,090 Accrued professional services 1,271 804 Other 1,467 1,744 Total accrued liabilities $ 16,662 $ 13,777 |
Term Notes (Tables)
Term Notes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Net Discount or Premium Balance | Long-term debt and net discount or premium balances are as follows: September 30, December 31, 2020 2019 (in thousands) Principal amount of term note $ 16,500 $ 13,334 Net (discount) premium associated with accretion of final payment, issuance of common stock warrants, and other debt issuance costs (49 ) 485 Term note, current and noncurrent 16,451 13,819 Less term note, current portion (1,650 ) (6,667 ) Term note, noncurrent portion $ 14,801 $ 7,152 |
Schedule of Future Minimum Payments for Principal and Interest | Future minimum payments of principal and estimated payments of interest on the Company’s outstanding variable rate borrowings as of September 30, 2020 are as follows: Year ending December 31: (in thousands) 2020 (remainder) $ 146 2021 3,861 2022 6,961 2023 8,294 Total future payments 19,262 Less amounts representing interest (1,194 ) Less final payment (1,568 ) Total principal amount of term note payments $ 16,500 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Total Stock-Based Compensation | Total stock-based compensation was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) Cost of product revenue $ 162 $ 81 $ 303 $ 156 Research and development 631 307 1,769 582 Sales and marketing 913 288 2,309 597 General and administrative 1,140 430 2,727 1,001 Total stock-based compensation $ 2,846 $ 1,106 $ 7,108 $ 2,336 |
Schedule of Estimates Grant-Date Fair Value of Option Awards Using Black-Scholes Option Pricing Model with Assumptions | The Company estimates the grant-date fair value of the Company’s option awards using the Black-Scholes option pricing model. During the nine months ended September 30, 2020, the Company granted no new options. The assumptions for the Black-Scholes model for the nine months ended September 30, 2019 were as follows: Nine Months Ended September 30, 2019 Expected term (in years) 6.08 Expected volatility 42.4% - 42.9% Risk-free interest rate 2.4% - 2.6% Expected dividend yield 0% |
Schedule of Option Activity under 2009 Plan and 2019 Plan | Stock Options Option activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2019 1,704,244 3,315,001 $ 5.08 7.28 $ 128,774 Awards authorized 943,345 — Options exercised — (747,829 ) 3.46 Options forfeited 37,739 (37,739 ) 4.41 Balance, September 30, 2020 2,685,328 2,529,433 $ 5.57 6.96 $ 177,632 Vested and exercisable, September 30, 2020 1,620,762 $ 4.36 6.56 $ 115,785 Vested and expected to vest, September 30, 2020 2,529,433 $ 5.57 6.96 $ 177,632 |
Schedule of RSU Activity under 2019 Plan | RSU activity under the 2019 Plan is set forth below : Number of Shares Weighted- Average Grant Date Fair Value Per Share Balance, December 31, 2019 280,904 $ 38.12 RSUs granted 601,183 44.69 RSUs vested (54,004 ) 37.83 RSUs forfeited (29,375 ) 41.36 Balance, September 30, 2020 798,708 $ 42.96 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: September 30, 2020 2019 Common stock options issued and outstanding 2,529,433 3,658,436 Restricted stock units 798,708 226,550 Total 3,328,141 3,884,986 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenue Based on Location | The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) United States $ 11,144 $ 6,246 $ 24,450 $ 15,054 Germany 1,185 873 2,921 2,389 Rest of Europe 5,592 3,428 13,807 9,473 All other countries 1,669 786 3,895 1,699 Product revenue $ 19,590 $ 11,333 $ 45,073 $ 28,615 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Entity incorporation, date of incorporation | Jun. 17, 2009 | |
Accumulated deficit | $ (227,799) | $ (177,974) |
Cash and cash equivalents | $ 215,256 | $ 139,045 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 215,256 | $ 139,045 | ||
Restricted cash | 1,450 | 1,450 | ||
Total cash, cash equivalents, and restricted cash | $ 216,706 | $ 140,495 | $ 39,902 | $ 40,093 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Notice period for cancellation of agreement | 30 days |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents, Fair Value | $ 41,381 | |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents, Fair Value | $ 213,300 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Assets: | |
Total assets | $ 97,685 |
U.S. Treasury securities | |
Assets: | |
Total assets | 43,245 |
Money Market Funds | |
Assets: | |
Total assets | 29,386 |
Reverse Repurchase Agreements | |
Assets: | |
Total assets | 10,000 |
Commercial paper | |
Assets: | |
Total assets | 6,958 |
Corporate bonds | |
Assets: | |
Total assets | 8,096 |
Level 1 | |
Assets: | |
Total assets | 72,631 |
Level 1 | U.S. Treasury securities | |
Assets: | |
Total assets | 43,245 |
Level 1 | Money Market Funds | |
Assets: | |
Total assets | 29,386 |
Level 2 | |
Assets: | |
Total assets | 25,054 |
Level 2 | Reverse Repurchase Agreements | |
Assets: | |
Total assets | 10,000 |
Level 2 | Commercial paper | |
Assets: | |
Total assets | 6,958 |
Level 2 | Corporate bonds | |
Assets: | |
Total assets | $ 8,096 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Change in the Fair Value of the Warrant Liability (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at December 31, 2018 | $ 313 |
Change in fair value of warrant liability | 609 |
Net exercise of warrants | (133) |
Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO | $ (789) |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Fair Value of Warrants Using Black-Scholes Option Pricing Model (Details) | Mar. 31, 2019 |
Measurement Input, Expected Term | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected term (in years) | 5 years 3 months 18 days |
Measurement Input, Expected Volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value assumption measurement input | 43.9 |
Measurement Input, Risk-free Interest Rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value assumption measurement input | 2.5 |
Measurement Input, Expected Dividend Yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value assumption measurement input | 0 |
Cash Equivalents and Short-Te_3
Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Line Items] | ||
Cash equivalents, Fair Value | $ 41,381,000 | |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Cash equivalents, Fair Value | $ 213,300,000 | $ 29,386,000 |
Cash equivalents Unrealized Gains | 0 | |
Cash equivalents Unrealized Losses | $ 0 |
Cash Equivalents and Short-Te_4
Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Line Items] | ||
Cash equivalents, Fair Value | $ 41,381,000 | |
Cash equivalents and short-term investments, Amortized Cost Basis | 97,650,000 | |
Cash equivalents and short-term investments, Unrealized Gains | 36,000 | |
Cash equivalents and short-term investments, Unrealized losses | (1,000) | |
Cash equivalents and short-term investments, Fair Value | 97,685,000 | |
Short-term investments | 56,304,000 | |
U.S. Treasury securities | ||
Cash And Cash Equivalents [Line Items] | ||
Short-term investments Amortized Cost Basis | 43,219,000 | |
Short-term investments Unrealized Gains | 27,000 | |
Short-term investments Unrealized Losses | (1,000) | |
Short-term investments, Fair Value | 43,245,000 | |
Reverse Repurchase Agreements | ||
Cash And Cash Equivalents [Line Items] | ||
Short-term investments Amortized Cost Basis | 10,000,000 | |
Short-term investments, Fair Value | 10,000,000 | |
Commercial paper | ||
Cash And Cash Equivalents [Line Items] | ||
Short-term investments Amortized Cost Basis | 6,958,000 | |
Short-term investments, Fair Value | 6,958,000 | |
Corporate bonds | ||
Cash And Cash Equivalents [Line Items] | ||
Short-term investments Amortized Cost Basis | 8,087,000 | |
Short-term investments Unrealized Gains | 9,000 | |
Short-term investments, Fair Value | 8,096,000 | |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Cash equivalents Amortized Cost Basis | 29,386,000 | |
Cash equivalents Unrealized Gains | $ 0 | |
Cash equivalents Unrealized Losses | 0 | |
Cash equivalents, Fair Value | $ 213,300,000 | $ 29,386,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 5,030 | $ 2,501 |
Work in progress | 4,425 | 1,364 |
Finished goods | 17,601 | 6,642 |
Consigned inventory | 1,812 | 1,567 |
Total inventory | $ 28,868 | $ 12,074 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation | $ 9,815 | $ 8,139 |
Accrued asset purchases | 660 | |
Accrued research and development costs | 3,449 | 3,090 |
Accrued professional services | 1,271 | 804 |
Other | 1,467 | 1,744 |
Total accrued liabilities | $ 16,662 | $ 13,777 |
Term Notes - Additional Informa
Term Notes - Additional Information (Detail) - USD ($) | Feb. 29, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Feb. 28, 2018 |
Debt Instrument [Line Items] | ||||||
Debt Amount | $ 16,500,000 | $ 13,334,000 | ||||
Debt, final payment amount | $ 1,568,000 | |||||
Loan and Security Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt, final payment as percentage of original aggregate principal amount | 6.75% | |||||
Debt, final payment amount | $ 1,600,000 | $ 1,000,000 | ||||
Proceeds of supplemental term loan | $ 4,300,000 | |||||
Debt payments description | The Amended Credit Facility provides an interest-only payment period which will end on (a) June 30, 2021, if the Company’s revenue for the trailing 12-month period ended June 30, 2021 is not at least 75% of the Company’s projections; (b) December 31, 2021, if the Company achieves the financial performance target referred to in clause (a), but does not obtain premarket approval of the Company’s C2 catheters from the FDA by such date and/or the Company’s trailing 12-month revenue for the period ending December 31, 2021 is not at least 75% of the Company’s projections; or (c) June 30, 2022, if the Company achieves the milestones referred to in clauses (a) and (b). | |||||
Loan and Security Agreement | Supplemental Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Amount | 16,500,000 | |||||
Debt interest rate | 3.50% | |||||
Proceeds of supplemental term loan, net of final balloon payment fee | $ 3,300,000 | |||||
Debt maturity date | Dec. 1, 2023 | |||||
Loan and Security Agreement | Interest Payment End On June 30, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument percentage of projected revenue to be achieved | 75.00% | |||||
Loan and Security Agreement | Interest Payment End On December 31, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument percentage of projected financial performance target | 75.00% | |||||
Loan and Security Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt interest rate | 1.75% | |||||
Loan and Security Agreement | Minimum | Prime Rate | Supplemental Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt interest rate basis | 1.25% | |||||
Loan and Security Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt interest rate basis | 2.75% | |||||
Loan and Security Agreement | Maximum | Supplemental Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt interest rate | 3.50% | |||||
Loan and Security Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Termination of line of credit facility | $ 2,000,000 | |||||
Loan and Security Agreement | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility termination fee | $ 100,000 | |||||
Loan and Security Agreement | Silicon Valley Bank | ||||||
Debt Instrument [Line Items] | ||||||
Debt, warrants issued | 34,440 | |||||
Debt, fair value of warrants issued | $ 100,000 | |||||
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Amount | 15,000,000 | |||||
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes | Tranche One | ||||||
Debt Instrument [Line Items] | ||||||
Debt Amount | $ 10,000,000 | |||||
Loan and Security Agreement | Silicon Valley Bank | Short Term Notes | Tranche Two | ||||||
Debt Instrument [Line Items] | ||||||
Debt Amount | $ 5,000,000 | |||||
Loan and Security Agreement | Silicon Valley Bank | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt Amount | $ 2,000,000 |
Term Notes - Schedule of Long-t
Term Notes - Schedule of Long-term Debt and Net Discount or Premium Balance (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument Periodic Payment [Abstract] | ||
Principal amount of term note | $ 16,500 | $ 13,334 |
Net (discount) premium associated with accretion of final payment, issuance of common stock warrants, and other debt issuance costs | (49) | 485 |
Term note, current and noncurrent | 16,451 | 13,819 |
Less term note, current portion | (1,650) | (6,667) |
Term note, noncurrent portion | $ 14,801 | $ 7,152 |
Term Notes - Schedule of Future
Term Notes - Schedule of Future Minimum and Estimated Payments (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
2020 (remainder) | $ 146 | |
2021 | 3,861 | |
2022 | 6,961 | |
2023 | 8,294 | |
Total future payments | 19,262 | |
Less amounts representing interest | (1,194) | |
Less final payment | (1,568) | |
Total principal amount of term note payments | $ 16,500 | $ 13,334 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 2,846 | $ 1,106 | $ 7,108 | $ 2,336 |
Cost of Product Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 162 | 81 | 303 | 156 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 631 | 307 | 1,769 | 582 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 913 | 288 | 2,309 | 597 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,140 | $ 430 | $ 2,727 | $ 1,001 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation expenses capitalized amount | $ 45,000 | $ 259,000 | |||||
Number of shares granted for new options | 0 | ||||||
Shares available for issuance | 2,685,328 | 2,685,328 | 1,704,244 | ||||
Stock-based compensation | $ 7,108,000 | $ 2,336,000 | |||||
Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Share-based compensation vesting rights, terms | The RSUs generally vest over a four-year period with straight-line annual vesting, | ||||||
2019 Equity Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 2,000,430 | ||||||
Start date for automatic annual increase for common stock reserved for issuance under plan | Jan. 1, 2020 | ||||||
End date for automatic annual increase for common stock reserved for issuance under plan | Jan. 1, 2028 | ||||||
Automatic annual increase in common stock reserved for issuance | 3.00% | ||||||
Shares available for issuance | 2,685,328 | 2,685,328 | |||||
2019 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 300,650 | ||||||
Start date for automatic annual increase for common stock reserved for issuance under plan | Jan. 1, 2020 | ||||||
End date for automatic annual increase for common stock reserved for issuance under plan | Jan. 1, 2028 | ||||||
Automatic annual increase in common stock reserved for issuance | 1.00% | ||||||
Shares available for issuance | 562,486 | 562,486 | |||||
Purchase shares of common stock, price per share, percentage of fair market value | 85.00% | ||||||
Stock-based compensation | $ 118,000 | $ 64,000 | $ 516,000 | $ 64,000 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Estimates Grant-Date Fair Value of Option Awards Using Black-Scholes Option Pricing Model with Assumptions (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Expected term (in years) | 6 years 29 days |
Expected volatility, minimum | 42.40% |
Expected volatility, maximum | 42.90% |
Risk-free interest rate, minimum | 2.40% |
Risk-free interest rate, maximum | 2.60% |
Expected dividend yield | 0.00% |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Option Activity under 2009 Plan and 2019 Plan (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning balance | 1,704,244 | |
Shares Available for Grant, Awards authorized | 943,345 | |
Shares Available for Grant, Options forfeited | 37,739 | |
Shares Available for Grant, Ending balance | 2,685,328 | 1,704,244 |
Number of Shares | ||
Number of Shares, Beginning balance | 3,315,001 | |
Number of Shares, Options exercised | (747,829) | |
Number of Shares, Options forfeited | (37,739) | |
Number of Shares, Ending balance | 2,529,433 | 3,315,001 |
Number of Shares, Vested and exercisable | 1,620,762 | |
Number of Shares, Vested and expected to vest | 2,529,433 | |
Weighted-Average Exercise Price Per Share | ||
Weighted-Average Exercise Price Per Share, Beginning balance | $ / shares | $ 5.08 | |
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares | 3.46 | |
Weighted-Average Exercise Price Per Share, Options forfeited | $ / shares | 4.41 | |
Weighted-Average Exercise Price Per Share, Ending balance | $ / shares | 5.57 | $ 5.08 |
Weighted-Average Exercise Price Per Share, Vested and exercisable | $ / shares | 4.36 | |
Weighted-Average Exercise Price Per Share, Vested and expected to vest | $ / shares | $ 5.57 | |
Weighted-Average Remaining Term | ||
Weighted-Average Remaining Term, Balance | 6 years 11 months 15 days | 7 years 3 months 10 days |
Weighted-Average Remaining Term, Vested and exercisable | 6 years 6 months 21 days | |
Weighted-Average Remaining Term, Vested and expected to vest | 6 years 11 months 15 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Balance | $ | $ 177,632 | $ 128,774 |
Aggregate Intrinsic Value, Vested and exercisable | $ | 115,785 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ | $ 177,632 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of RSU Activity under 2019 Plan (Detail) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Shares | |
Number of Shares, Beginning balance | shares | 280,904 |
Number of Shares, RSUs granted | shares | 601,183 |
Number of Shares, RSUs vested | shares | (54,004) |
Number of Shares, RSUs forfeited | shares | (29,375) |
Number of Shares, Ending balance | shares | 798,708 |
Weighted-Average Grant Date Fair Value Per Share | |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 38.12 |
Weighted-Average Grant Date Fair Value Per Share, RSUs granted | $ / shares | 44.69 |
Weighted-Average Grant Date Fair Value Per Share, RSUs vested | $ / shares | 37.83 |
Weighted-Average Grant Date Fair Value Per Share, RSUs forfeited | $ / shares | 41.36 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 42.96 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 3,328,141 | 3,884,986 |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 2,529,433 | 3,658,436 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 798,708 | 226,550 |
Segment and Geographic Inform_3
Segment and Geographic Information - Schedule of Product Revenue Based on Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Product revenue | $ 19,590 | $ 11,333 | $ 45,073 | $ 28,615 |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Product revenue | 11,144 | 6,246 | 24,450 | 15,054 |
Germany | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Product revenue | 1,185 | 873 | 2,921 | 2,389 |
Rest of Europe | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Product revenue | 5,592 | 3,428 | 13,807 | 9,473 |
All Other Countries | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Product revenue | $ 1,669 | $ 786 | $ 3,895 | $ 1,699 |