0001558370-21-012104 | 10-Q | XBRL Viewer | Rapid Micro Biosystems INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 20, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-40592
Entity Registrant Name	Rapid Micro Biosystems, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8121647
Entity Address State Or Province	MA
Entity Address, Address Line One	1001 Pawtucket Boulevard West
Entity Address, Address Line Two	Suite 280
Entity Address, City or Town	Lowell
Entity Address, Postal Zip Code	01854
City Area Code	978
Local Phone Number	349-3200
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	RPID
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 Central Index Key	0001380106
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,178,636
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,903,379

Condensed consolidated balance sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 100,047	$ 30,079
Short-term investments		14,998
Accounts receivable	3,057	4,988
Inventory	11,910	8,965
Prepaid expenses and other current assets	3,034	3,120
Total current assets	118,048	62,150
Property and equipment, net	7,256	7,052
Other long-term assets	1,013	695
Deferred financing fees	2,641
Restricted cash	284	100
Total assets	129,242	69,997
Current liabilities:
Accounts payable	2,574	4,468
Accrued expenses and other current liabilities	9,065	6,654
Deferred revenue	4,366	4,423
Total current liabilities	16,005	15,545
Preferred stock warrant liability	15,600	4,117
Notes payable, net of unamortized discount	24,976	24,810
Deferred rent, long term	642	705
Other long-term liabilities	709
Total liabilities	57,932	45,177
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock (Series A1, B1, C1, C2, D1, and D2), $0.01 par value; 184,368,950 shares and 161,455,689 shares authorized at June 30, 2021, and December 31, 2020, respectively; 155,521,633 shares and 133,021,640 shares issued and outstanding at June 30, 2021, and December 31, 2020, respectively; liquidation preference of $286,183 at June 30, 2021	235,836	151,826
Stockholders' equity (deficit):
Additional paid-in capital	110,984	114,575
Accumulated deficit	(275,520)	(241,588)
Accumulated other comprehensive income		1
Total stockholders' deficit	(164,526)	(127,006)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	129,242	69,997
Common Class A
Stockholders' equity (deficit):
Common stock	$ 10	$ 6

Condensed consolidated balance sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Redeemable convertible preferred stock, authorized (in shares)	196,257,710		161,455,689
Redeemable convertible preferred stock, issued (in shares)	155,521,633		133,021,640
Redeemable convertible preferred stock, outstanding (in shares)	155,521,633	155,521,633	133,021,640	133,021,640	78,757,540	78,757,540
Redeemable convertible preferred stock, liquidation preference	$ 286,183		$ 204,808
Common Class A
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, authorized (in shares)	40,000,000		35,000,000
Common stock, issued (in shares)	966,317		612,850
Common stock, outstanding (in shares)	966,317		612,850
Common Class B
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, authorized (in shares)	6,903,379		0
Common stock, issued (in shares)	0		0
Common stock, outstanding (in shares)	0

Condensed consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Total revenue	$ 6,130	$ 2,593	$ 11,125	$ 5,592
Costs and operating expenses:
Research and development	2,337	1,244	4,485	2,682
Sales and marketing	3,122	1,236	5,397	2,702
General and administrative	3,625	1,943	6,827	4,314
Total costs and operating expenses	16,992	8,605	31,678	18,840
Loss from operations	(10,862)	(6,012)	(20,553)	(13,248)
Other income (expense):
Interest expense	(924)	(814)	(1,856)	(1,577)
Change in fair value of preferred stock warrant liability	(35)	544	(11,483)	549
Loss on extinguishment of debt		(2,910)		(2,910)
Other income (expense)	8	(1)	(3)	6
Total other income (expense), net	(951)	(3,181)	(13,342)	(3,932)
Loss before income taxes	(11,813)	(9,193)	(33,895)	(17,180)
Income tax expense	18	74	37	94
Net loss	(11,831)	(9,267)	(33,932)	(17,274)
Accretion of redeemable convertible preferred stock to redemption value	(1,184)	(1,232)	(1,971)	(2,050)
Cumulative redeemable convertible preferred stock dividends	(885)	(787)	(2,296)	(1,575)
Net loss attributable to common stockholders - basic	(13,900)	(11,286)	(38,199)	(20,899)
Net loss attributable to common stockholders - diluted	$ (13,900)	$ (11,286)	$ (38,199)	$ (20,899)
Net loss per share attributable to common stockholders - basic	$ (20.01)	$ (31.93)	$ (57.17)	$ (59.13)
Net loss per share attributable to common stockholders - diluted	$ (20.01)	$ (31.93)	$ (57.17)	$ (59.13)
Weighted average common shares outstanding - basic	694,698	353,465	668,180	353,465
Weighted average common shares outstanding - diluted	694,698	353,465	668,180	353,465
Product revenue
Revenue:
Total revenue	$ 4,088	$ 1,664	$ 7,806	$ 2,852
Costs and operating expenses:
Cost of product revenue	6,092	2,891	11,602	6,103
Service revenue
Revenue:
Total revenue	1,606	755	2,673	1,165
Costs and operating expenses:
Cost of product revenue	1,344	755	2,481	1,706
Non-commercial revenue
Revenue:
Total revenue	436	174	646	1,575
Costs and operating expenses:
Cost of product revenue	$ 472	$ 536	$ 886	$ 1,333

Condensed consolidated statements of comprehensive loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated statements of comprehensive loss
Net loss	$ (11,831,000)	$ (9,267,000)	$ (33,932,000)	$ (17,274,000)
Other comprehensive income:
Unrealized loss on short-term investments, net of tax	(1,000)	0	(1,000)	0
Comprehensive loss	$ (11,832,000)	$ (9,267,000)	$ (33,933,000)	$ (17,274,000)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed consolidated statements of redeemable convertible preferred stock and stockholders' deficit - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)	Series C1 Redeemable Convertible Preferred Stock	Series C2 Redeemable Convertible Preferred Stock	Series D1 Redeemable Convertible Preferred Stock	Series D2 Redeemable Convertible Preferred Stock	Total
Balance at Dec. 31, 2019									$ 81,850
Balance (shares) at Dec. 31, 2019									78,757,540
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value									$ 818
Cumulative redeemable convertible preferred stock dividends									788
Balance at Mar. 31, 2020									$ 83,456
Balance (shares) at Mar. 31, 2020									78,757,540
Balance at Dec. 31, 2019	$ 4	$ 121,931	$ (204,510)						$ (82,575)
Balance (shares) at Dec. 31, 2019	353,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value		(818)							(818)
Cumulative redeemable convertible preferred stock dividends		(788)							(788)
Stock based compensation expense		120							120
Net loss			(8,007)						(8,007)
Balance at Mar. 31, 2020	$ 4	120,445	(212,517)						(92,068)
Balance (shares) at Mar. 31, 2020	353,465
Balance at Dec. 31, 2019									$ 81,850
Balance (shares) at Dec. 31, 2019									78,757,540
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of bridge notes to redeemable convertible preferred stock									$ 9,523
Balance at Jun. 30, 2020									$ 147,308
Balance (shares) at Jun. 30, 2020									133,021,640
Balance at Dec. 31, 2019	$ 4	121,931	(204,510)						$ (82,575)
Balance (shares) at Dec. 31, 2019	353,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss									(17,274)
Balance at Jun. 30, 2020	$ 4	118,552	(221,784)						(103,228)
Balance (shares) at Jun. 30, 2020	353,465
Balance at Mar. 31, 2020									$ 83,456
Balance (shares) at Mar. 31, 2020									78,757,540
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs					$ 26,891	$ 23,044
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)					23,611,208	20,301,829
Conversion of bridge notes to redeemable convertible preferred stock					$ 11,898
Conversion of bridge notes to redeemable convertible preferred stock (In shares)					10,351,063
Accretion of redeemable convertible preferred stock to redemption value									$ 1,232
Cumulative redeemable convertible preferred stock dividends									787
Balance at Jun. 30, 2020									$ 147,308
Balance (shares) at Jun. 30, 2020									133,021,640
Balance at Mar. 31, 2020	$ 4	120,445	(212,517)						$ (92,068)
Balance (shares) at Mar. 31, 2020	353,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value		(1,232)							(1,232)
Cumulative redeemable convertible preferred stock dividends		(787)							(787)
Stock based compensation expense		126							126
Net loss			(9,267)						(9,267)
Balance at Jun. 30, 2020	$ 4	118,552	(221,784)						(103,228)
Balance (shares) at Jun. 30, 2020	353,465
Balance at Dec. 31, 2020					$ 40,632	$ 24,141			$ 151,826
Balance (shares) at Dec. 31, 2020					33,962,271	20,301,829			133,021,640
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs							$ 78,338	$ 1,470
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)							22,086,725	413,268
Accretion of redeemable convertible preferred stock to redemption value									$ 787
Cumulative redeemable convertible preferred stock dividends									1,411
Balance at Mar. 31, 2021									$ 233,832
Balance (shares) at Mar. 31, 2021									155,521,633
Balance at Dec. 31, 2020	$ 6	114,575	(241,588)	$ 1					$ (127,006)
Balance (shares) at Dec. 31, 2020	612,850
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	$ 1	66							67
Issuance of common stock upon exercise of stock options (In shares)	67,418
Accretion of redeemable convertible preferred stock to redemption value		(787)							(787)
Cumulative redeemable convertible preferred stock dividends		(1,411)							(1,411)
Issuance of restricted common stock awards	$ 2	(2)
Issuance of restricted common stock awards (in shares)	248,903
Stock based compensation expense		191							191
Net loss			(22,101)						(22,101)
Balance at Mar. 31, 2021	$ 9	112,632	(263,689)	1					(151,047)
Balance (shares) at Mar. 31, 2021	929,171
Balance at Dec. 31, 2020					$ 40,632	$ 24,141			$ 151,826
Balance (shares) at Dec. 31, 2020					33,962,271	20,301,829			133,021,640
Balance at Jun. 30, 2021					$ 27,825	$ 38,982	$ 69,941	$ 9,861	$ 235,836
Balance (shares) at Jun. 30, 2021					22,524,970	31,739,130	19,722,216	2,777,777	155,521,633
Balance at Dec. 31, 2020	$ 6	114,575	(241,588)	1					$ (127,006)
Balance (shares) at Dec. 31, 2020	612,850
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (In shares)									104,559
Net loss									$ (33,932)
Balance at Jun. 30, 2021	$ 10	110,984	(275,520)						(164,526)
Balance (shares) at Jun. 30, 2021	966,317
Balance at Mar. 31, 2021									$ 233,832
Balance (shares) at Mar. 31, 2021									155,521,633
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance costs							$ (64)	$ (1)
Accretion of redeemable convertible preferred stock to redemption value									$ 1,184
Cumulative redeemable convertible preferred stock dividends									885
Balance at Jun. 30, 2021					$ 27,825	$ 38,982	$ 69,941	$ 9,861	$ 235,836
Balance (shares) at Jun. 30, 2021					22,524,970	31,739,130	19,722,216	2,777,777	155,521,633
Balance at Mar. 31, 2021	$ 9	112,632	(263,689)	1					$ (151,047)
Balance (shares) at Mar. 31, 2021	929,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	$ 1	31							32
Issuance of common stock upon exercise of stock options (In shares)	37,146
Accretion of redeemable convertible preferred stock to redemption value		(1,184)							(1,184)
Cumulative redeemable convertible preferred stock dividends		(885)							(885)
Stock based compensation expense		390							390
Net loss			(11,831)						(11,831)
Other comprehensive income				$ (1)					(1)
Balance at Jun. 30, 2021	$ 10	$ 110,984	$ (275,520)						$ (164,526)
Balance (shares) at Jun. 30, 2021	966,317

Condensed consolidated statements of redeemable convertible preferred stock and stockholders' deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Series C1 Redeemable Convertible Preferred Stock
Issuance costs		$ 261
Series C2 Redeemable Convertible Preferred Stock
Issuance costs		$ 303
Series D1 Redeemable Convertible Preferred Stock
Issuance costs	$ 2,627
Series D2 Redeemable Convertible Preferred Stock
Issuance costs	$ 18

Condensed consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (33,932)	$ (17,274)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	696	857
Stock-based compensation expense	581	246
Change in fair value of preferred stock warrant liability	11,483	(549)
Provision recorded for inventory	38
Noncash interest expense	295	817
Gain on disposal of property and equipment	(18)
Accretion on investments	(4)	3
Loss on extinguishment of debt		2,910
Changes in operating assets and liabilities
Accounts receivable	1,931	1,104
Inventory	(2,984)	(2,582)
Prepaid expenses and other current assets	(43)	(260)
Other long-term assets	(172)	(989)
Accounts payable	(1,894)	(1,510)
Accrued expenses and other current liabilities	1,373	(581)
Deferred revenue	(56)	799
Deferred rent, long term	(62)	1
Net cash used in operating activities	(22,768)	(17,008)
Cash flows from investing activities:
Purchases of property and equipment	(792)	(392)
Proceeds from sale of property and equipment	20
Purchases of short-term investments		(24,980)
Maturity of investments	15,000
Net cash provided by (used in) investing activities	14,228	(25,372)
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	79,743	49,935
Proceeds from issuance of common stock upon option exercise	287
Proceeds from issuance of restricted stock award	523
Payments of deferred offering costs	(1,861)
Proceeds from issuance of convertible notes, net of issuance costs		9,500
Proceeds from issuance of notes payable, net of issuance costs		25,000
Payments of debt issuance costs		(857)
Repayment of term loans		(18,000)
Payment of debt extinguishment fees		(1,398)
Net cash provided by financing activities	78,692	64,180
Net increase in cash, cash equivalents and restricted cash	70,152	21,800
Cash, cash equivalents and restricted cash at beginning of period	30,179	12,611
Cash, cash equivalents and restricted cash at end of period	100,331	34,411
Supplemental disclosure of cash flow information
Cash paid for interest	1,098	813
Supplemental disclosure of non-cash investing activities
Purchases of property and equipment in accounts payable	110	99
Supplemental disclosure of non-cash financing activities
Conversion of convertible notes to Series C1 preferred stock		9,523
Issuance of preferred stock warrants in connection with redeemable convertible preferred stock		652
Initial fair value of derivative liability		2,375
Deferred offering costs included in accounts payable and accrued expenses	780
Accretion of redeemable convertible preferred stock to redemption value	1,971	2,050
Cumulative redeemable convertible preferred stock dividends	$ 2,296	$ 1,575

Nature of the business and basis of presentation

6 Months Ended

Jun. 30, 2021

Nature of the business and basis of presentation

Nature of the business and basis of presentation

RAPID MICRO BIOSYSTEMS, INC.

Notes to condensed consolidated financial statements

(Amounts in thousands, except share and per share amounts)

1. Nature of the business and basis of presentation

Rapid Micro Biosystems, Inc. (the “Company”) was incorporated under the laws of the State of Delaware on December 29, 2006. The Company develops, manufactures, markets and sells Growth Direct systems (“Systems”) proprietary consumables, laboratory information management system (“LIMS”) connection software, and services to address rapid microbial analysis used for quality control in the manufacture of pharmaceuticals, medical devices and personal care products. The Company’s technology uses a highly sensitive camera and the natural auto fluorescence of living cells to identify and quantify microbial growth faster and more accurately than the traditional method, which relies on the human eye. The Company currently sells to customers in North America, Europe and Asia. The Company is headquartered in Lowell, Massachusetts.

The Company is subject to risks and uncertainties common to companies in the pharmaceutical and biotech quality control laboratory testing and instrumentation industry including, but not limited to, the successful development, commercialization, marketing and sale of products, fluctuations in operating results and financial risks, protection of proprietary knowledge and patent risks, dependence on key personnel, competition, technological and medical risks, customer demand, compliance with governmental regulations and management of growth. Potential risks and uncertainties also include, without limitation, uncertainties regarding the duration and magnitude of the impact of the COVID-19 pandemic on the Company’s business and the economy in general. Products currently under development will require additional research and development efforts prior to commercialization and will require additional capital and adequate personnel and infrastructure. The Company’s research and development may not be successfully completed, adequate protection for the Company’s technology may not be obtained, the Company may not obtain necessary government regulatory approval, and approved products may not prove commercially viable. The Company operates in an environment of rapid change in technology and competition.

In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The impact of this pandemic has been and may continue to be extensive in many aspects of society, which has resulted in and may continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. The Company cannot at this time predict the ultimate extent, duration, or full impact that the COVID-19 pandemic will have on its future financial condition and operations. The impact of the COVID-19 coronavirus outbreak on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of COVID-19, and its variants, on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected.

Future impacts to the Company’s business as a result of COVID-19, and its variants, could include disruptions to the Company’s manufacturing operations and supply chain caused by facility closures, reductions in operating hours, staggered shifts and other social distancing efforts; labor shortages; decreased productivity and unavailability of materials or components; limitations on its employees’ and customers’ ability to travel, and delays in shipments to and from affected countries and within the United States. While the Company maintains an inventory of finished products and raw materials used in its products, a prolonged pandemic could lead to shortages in the raw materials necessary to manufacture its products.

Basis of presentation

These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these condensed

consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements for the year ended December 31, 2020, included in the Company’s prospectus, dated July 14, 2021, filed with the Securities and Exchange Commission (“SEC”) in accordance with Rule 424(b) of the Securities Act on July 16, 2021 (the “Prospectus”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021 and 2020, and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period.

Reverse split

On July 9, 2021, the Company effected a one-for-five reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock (see Note 10). Accordingly, all share and per share amounts for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the Preferred Stock conversion ratios.

Initial public offering

On July 19, 2021, the Company closed an initial public offering (“IPO”) of its Class A common stock, which resulted in the sale of 7,920,000 shares of its Class A common stock at a public offering price of $20.00 per share, before underwriting discounts. The offering resulted in gross proceeds of $158.4 million and net proceeds to the Company of approximately $143.6 million from the initial public offering after deducting underwriting discounts, commissions and estimated offering expenses payable by the Company.

On August 4, 2021, the underwriters exercised their overallotment option in part and purchased 1,086,604 shares of Class A common stock at the initial public offering price of $20.00 per share less discounts and commissions. The overallotment option exercise resulted in net proceeds of approximately $20.2 million.

Going concern

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.

Through June 30, 2021, the Company has funded its operations primarily with proceeds from product, service and non-commercial revenue, proceeds from sales of its redeemable convertible preferred stock, including borrowings under convertible debt arrangements that subsequently converted into redeemable convertible preferred stock, and from the issuance of term loans. Subsequent to June 30, 2021, the Company obtained proceeds from the IPO that will be used to fund operations. The Company has incurred recurring losses since its inception, including net losses of $11.8 million and $9.3 million for the three months ended June 30, 2021 and 2020, respectively, and net losses of $33.9 million and $17.3 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company had an accumulated deficit of $275.5 million. The Company expects to continue to generate significant operating losses for the foreseeable future. As of August 27, 2021, the date these interim condensed consolidated financial statements were issued, the Company expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months following the date these condensed consolidated

financial statements were issued. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations.

The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2021

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Use of estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, calculating the standalone selling price for revenue recognition, the valuation of inventory, the valuation of common stock and stock-based awards, and the valuation of the preferred stock warrant liability. The Company bases its estimates on historical experience, known trends and other market-specific and relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained.

Other than policies noted below, there have been no significant changes to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019, included in the Prospectus.

Risk of concentrations of credit, significant customers and significant suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains its cash and cash equivalents with financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company has not experienced any other-than-temporary losses with respect to its cash equivalents and investments and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Significant customers are those which represent more than 10% of the Company’s total revenue or accounts receivable balance at each respective balance sheet date. The following table presents customers that represent 10% or more of the Company’s total revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Customer A	*	%	*	%	13.7	%	*	%
Customer B	*	%	*	%	*	%	28.2	%
Customer C	*	%	18.7	%	*	%	19.6	%
Customer D	15.9	%	*	%	*	%	*	%
Customer E	*		17.0	%	*	%	*	%
Customer F	*		13.2	%	*	%	*	%
	15.9	%	48.9	%	13.7	%	47.8	%

*	– less than 10%

The following table presents customers that represent 10% or more of the Company’s accounts receivable:


	June 30,		December 31, 2020
	2021		2020
Customer A	*	%	10.1	%
Customer D	*	%	13.4	%
Customer G	24.8	%	*	%
Customer H	17.2	%	*	%
Customer I	11.4	%	*	%
Customer J	*	%	41.9	%
Customer K	*	%	18.7	%
	53.4	%	84.1	%

*	– less than 10%

The Company relies on third parties for the supply and manufacture of its products as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products to its customers on time, if at all, which could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. There are no significant concentrations around a single third-party supplier or manufacturer for the three and six months ended June 30, 2021 or 2020.

Deferred offering costs

The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in- process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering or as a reduction to the carrying value of redeemable convertible preferred stock. If the in-process equity financing is abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company had $2.6 million and $0.1 million, respectively, in deferred offering costs in the condensed consolidated balance sheets.

Debt issuance costs

The Company capitalizes certain legal and other third-party fees that are directly associated with the issuance of debt as debt issuance costs. Debt issuance costs are recorded as a direct reduction of the carrying amount of the associated debt on the condensed consolidated balance sheets and amortized as interest expense on the condensed consolidated

statements of operations using the effective interest method, which approximates the straight-line method. As of June 30, 2021 and December 31, 2020, debt issuance costs totaled $1.2 million and $1.3 million, respectively. During the three months ended June 30, 2021 and 2020, the Company recorded $0.1 million and $0.4 million, respectively, and during the six months ended June 30, 2021 and 2020, the Company recorded $0.2 million and $0.6 million, respectively, in amortization of the debt issuance costs recorded within interest expense in the condensed consolidated statement of operations.

Cash equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. At June 30, 2021 and December 31, 2020, the Company held cash of $0.2 million and $0.1 million, respectively, in banks located outside of the United States.

Restricted cash

As of June 30, 2021 and December 31, 2020, the Company was required to maintain guaranteed investment certificates of $0.3 million and $0.1 million, respectively, with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with an operating lease which has a remaining term of greater than one year and are classified as restricted cash (non-current) on the Company’s consolidated balance sheets.

Software Development Costs

The Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software would be capitalized, provided these costs are expected to be recoverable. There was $0.3 million of software development costs capitalized in other long-term assets at June 30, 2021. Additionally, the related asset was not yet placed in service as of June 30, 2021.

Fair value measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

●	Level 1—Quoted prices in active markets for identical assets or liabilities.

●

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

●	Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents, short-term investments and its redeemable convertible preferred stock warrant liability are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and

liabilities. The carrying value of the Company’s long-term debt approximates its fair value (a level 2 measurement) at each balance sheet date due to its variable interest rate, which approximates a market interest rate.

Product warranties

The Company offers a one-year limited assurance warranty on System sales, which is included in the selling price. The warranty accrual is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The following table presents a summary of changes in the amount reserved for warranty cost (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance, beginning of the period	$	618	$	763	$	637	$	848
Warranty repairs		(6)		(6)		(25)		(91)
Balance, end of the year	$	612	$	757	$	612	$	757

Segment information

The Company determined its operating segment after considering the Company’s organizational structure and the information regularly reviewed and evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has determined that its CODM is its Chief Executive Officer. The CODM reviews the financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. On the basis of these factors, the Company determined that it operates and manages its business as one operating segment, that develops, manufactures, markets and sells Systems and related LIMS connection software, consumables and services; and accordingly has one reportable segment for financial reporting purposes. Substantially all of the Company’s long-lived assets are held in the United States.

Revenue recognition

Remaining performance obligations

The Company does not disclose the value of remaining performance obligations for (i) contracts with an original contract term of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice when that amount corresponds directly with the value of services performed, and (iii) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct service that forms part of a single performance obligation. The Company does not have material remaining performance obligations associated with contracts with terms greater than one year.

Contract balances from contracts with customers

Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. The Company had $1.1 million and $0.5 million in contract assets as of June 30, 2021 and December 31, 2020, respectively, included in prepaid expenses and other current assets. These balances relate to the BARDA (as defined below) agreements, as well as unbilled amounts with commercial customers.

Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The Company did not record any non-current deferred revenue as of June 30, 2021 or December 31, 2020. Deferred revenue was $4.4 million at June 30, 2021 and December 31, 2020. Revenue recognized during the three months ended June 30, 2021 and 2020 that was included in deferred revenue at the prior period-end was

$1.6 million and $0.3 million respectively. Revenue recognized during the six months ended June 30, 2021 and 2020 that was included in deferred revenue at the prior period-end was $2.8 million and $0.7 million, respectively.

Non-commercial revenue

The Company generates revenue from a long-term contract with the U.S. Department of Health and Human Services Biomedical Advanced Research and Development Authority (“BARDA”) a part of the U.S. government. The Company’s contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. In September 2017, the Company signed a contract with BARDA, which was subsequently modified on multiple occasions to increase the contract value and adjust the cost share reimbursement rate. Modifications were accounted for in accordance with the contract modification framework. The contract is a cost-reimbursable, cost- sharing arrangement, whereby BARDA reimburses the Company for a percentage of the total costs that have been incurred including indirect allowable costs. Revenue on the BARDA contract is recognized over time using an input method based on cost incurred to date in relation to total estimated cost. Due to the structure of the arrangement, the transaction price is variable in nature based on actual cost incurred. As such the amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur.

Disaggregated revenue

The Company disaggregates revenue based on the recurring and non-recurring, and commercial and non-commercial, nature of the underlying sale. Recurring revenue includes sales of consumables and service contracts. Non-recurring revenue includes sales of Systems, LIMS connection software, validation services, field service, and revenue under the Company’s contract with BARDA. The following table presents the Company’s revenue by the recurring or non-recurring and commercial or non-commercial nature of the revenue stream (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Product and service revenue — recurring	$	1,904	$	998	$	3,368	$	1,857
Product and service revenue — non-recurring		3,790		1,421		7,111		2,160
Non-commercial revenue — non-recurring		436		174		646		1,575
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

The following table presents the Company’s revenue by customer geography (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	3,446	$	656	$	5,773	$	2,333
Germany		636		733		965		1,235
Switzerland		1,048		402		2,090		809
All other countries		1,000		802		2,297		1,215
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

Advertising costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the condensed consolidated statements of operations. Advertising costs were less than $0.1 million during the three and six months ended June 30, 2021 and 2020.

Stock-based compensation

The Company measures all stock-based awards granted to employees, officers and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur. The Company has not issued any stock-based awards with performance-based vesting conditions.

The Company measures all restricted common stock granted to employees based on the common stock value on the date of grant. The purchase price of the restricted common stock is the common stock value on the date of grant. The restricted common stock includes a repurchase right, whereas upon the occurrence of a specific event, the Company shall have the right to repurchase unvested restricted common stock shares. At June 30, 2021 and December 31, 2020, the Company has $0.7 million and zero, respectively, in unvested restricted Class A common stock liability included in other long-term liabilities.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that result from transactions and economic events other than those with stockholders. For the three months ended June 30, 2021 and 2020, comprehensive loss included less than $0.1 million and zero, respectively, and for the six months ended June 30, 2021 and 2020, comprehensive loss included less than $0.1 million and zero, respectively, of unrealized gains on short-term investments, net of tax.

Recently adopted accounting pronouncements

In August 2018, the FASB issued ASU No. 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Topic 35): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which requires capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). For public business entities the guidance is effective for fiscal years beginning after December 15, 2020, and all interim periods beginning after December 15, 2021. The Company adopted this guidance effective on January 1, 2021 and adoption did not have a material impact on the condensed consolidated financial statements and related disclosures.

Recently issued accounting pronouncements

The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the newer revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016- 13”). The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public business entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. For non-public entities and smaller reporting companies, the guidance was effective for annual reporting periods beginning after December 15, 2021. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities to annual reporting periods beginning after December 15, 2022, including interim

periods within those fiscal years. Early application is allowed. The Company expects to adopt this guidance effective January 1, 2023, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today. For public business entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted.

For nonpublic entities, this guidance is effective for annual periods beginning after December 15, 2021. The Company expects to adopt this guidance effective January 1, 2022, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. For public business entities the guidance is effective for annual reporting periods beginning after December 15, 2020 and for interim periods within those fiscal years. For non-public entities, the guidance is effective for annual reporting periods beginning after December 15, 2021 and for interim periods within years beginning after December 15, 2022, with early adoption permitted. The Company expects to adopt this guidance effective January 1, 2022, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible instruments and contracts in an Entity’s Own Equity”, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Adoption is applied on a modified or full retrospective transition approach. The Company is currently evaluating the adoption date and impact, if any, adoption will have on its condensed consolidated financial statements and related disclosure.

Fair value of financial assets and liabilities

6 Months Ended

Jun. 30, 2021

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

3. Fair value of financial assets and liabilities

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):


	Fair value measurements as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	95,466	$	—	$	—	$	95,466
	$	95,466	$	—	$	—	$	95,466
Liabilities
Preferred stock warrant liability	$	—	$	—	$	15,600	$	15,600
	$	—	$	—	$	15,600	$	15,600


	Fair value measurements at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	23,456	$	—	$	—	$	23,456
Short-term investments		14,998		—		—		14,998
	$	38,454	$	—	$	—	$	38,454
Liabilities
Preferred stock warrant liability	$	—	$	—	$	4,117	$	4,117
	$	—	$	—	$	4,117	$	4,117

During the three and six months ended June 30, 2021 and 2020, respectively, there were no transfers between Level 1, Level 2 and Level 3.

Valuation of short-term investments

Short-term investments, which consisted of U.S. Treasury bonds were valued by the Company using quoted prices in active markets for similar securities, which represents a Level 1 measurement within the fair value hierarchy.

Valuation of preferred stock warrant liability

The warrant liability is related to the warrants (the “Warrants”) to purchase shares of the Company’s Series A1, B1, and C1 redeemable convertible preferred stock (see Note 11). The fair value of the warrant liability was determined based on inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The Company used the Black-Scholes option-pricing model, which incorporates assumptions and estimates, to value the warrant liability. Key estimates and assumptions impacting the fair value measurement include (i) the fair value per share of the underlying shares of applicable series of redeemable convertible preferred stock issuable upon exercise of the Warrants, (ii) the remaining contractual term of the Warrants, (iii) the risk-free interest rate, (iv) the expected dividend yield and (iv) expected volatility of the price of the underlying applicable series of redeemable convertible preferred stock. The Company estimated the fair value per share of the underlying applicable series of redeemable convertible preferred stock based, in part, on the results of third-party valuations and additional factors deemed relevant. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the Warrant. The Company estimated a zero expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future. As the Company has historically been a private company and lacks company-specific historical and implied volatility information of its stock, the expected stock volatility was based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the Warrant.

The table below quantifies the weighted average of the unobservable inputs used to fair value the preferred stock warrant liability:


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Fair value of Series A1 preferred stock	$	2.51		$	0.39		$	2.52		$	0.96
Fair value of Series B1 preferred stock.	$	2.88		$	1.17		$	2.89		$	1.11
Fair value of Series C1 preferred stock	$	2.95		$	1.15		$	2.96		$	1.15
Remaining contractual term (in years)		6.7			7.7			6.8			7.8
Risk-free interest rate		1.1	%		0.5	%		1.2	%		0.5	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected volatility		42.2	%		39.4	%		41.9	%		38.9	%

The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrant liability, for which fair values are determined using Level 3 inputs (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance, beginning of period	$	15,565	$	3,391	$	4,117	$	3,396
Initial fair value of Series C1 preferred stock warrants		—		652		—		652
Change in fair value of preferred stock warrants		35		(544)		11,483		(549)
Balance, end of period	$	15,600	$	3,499	$	15,600	$	3,499

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Short-term investments

6 Months Ended

Jun. 30, 2021

Short-term investments

Short-term investments

4. Short-term investments

Short-term investments by investment type consisted of the following (in thousands):


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
US Treasury bonds	$	14,997	$	1	$	—	$	14,998
	$	14,997	$	1	$	—	$	14,998

The Company did not have short-term investments at June 30, 2021.

Inventory

6 Months Ended

Jun. 30, 2021

Inventory

Inventory

5. Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Raw materials	$	8,172	$	6,754
Work in process		720		1,190
Finished goods		3,018		1,021
Total	$	11,910	$	8,965

Raw materials, work in process and finished goods were net of adjustments to net realizable value.

Prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2021

Prepaid expenses and other current assets

Prepaid expenses and other current assets

6. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Prepaid commitment fee on notes payable	$	145	$	275
Contract asset		1,059		471
Deposits		1,268		1,148
Lease receivables, current portion		154		325
Other		408		901
	$	3,034	$	3,120

Property and equipment, net

6 Months Ended

Jun. 30, 2021

Property and equipment, net

Property and equipment, net

7. Property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Manufacturing and laboratory equipment	$	13,177	$	12,961
Computer hardware and software		1,541		1,088
Office furniture and fixtures		351		343
Leasehold improvements		3,012		2,996
Construction-in-process		182		—
		18,263		17,388
Less: Accumulated depreciation		(11,007)		(10,336)
	$	7,256	$	7,052

Depreciation and amortization expense related to property and equipment was $0.3 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. Depreciation and amortization expense related to property and equipment was $0.7 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively. The Company had less than $0.1 million and no fully depreciated assets disposed of during the three months ended June 30, 2021 and 2020, respectively, and less than $0.1 million and no fully depreciated assets disposed of during the six months ended June 30, 2021 and 2020, respectively.

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2021

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

8. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Accrued employee compensation and benefits expense	$	1,955	$	3,083
Vendor accrual		4,316		1,685
Accrued warranty expense		612		637
Accrued interest		793		330
Deferred rent, current portion		124		118
Accrued taxes		723		688
Other		542		113
	$	9,065	$	6,654

Long-term debt

6 Months Ended

Jun. 30, 2021

Long-term debt

Long-term debt

9. Long-term debt

The components of the Company’s long-term debt consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Notes Payable	$	25,000	$	25,000
Payment in kind interest		1,159		1,145
Less: Unamortized discount		(1,183)		(1,335)
Long-term debt, net of discount	$	24,976	$	24,810

Term loan agreements

2018 Term Loan

In April 2018, the Company entered into an $18.0 million term loan with a lender (the “2018 Term Loan”). The Company was required to comply with certain financial and non-financial covenants as defined in the 2018 Term

Loan agreement, including a minimum liquidity requirement of the lesser of $7.0 million and the aggregate amount of any revolving indebtedness and outstanding obligations as of any date. In the event this requirement was not met, the Company was subject to a six-month rolling minimum revenue requirement.

The Company repaid the 2018 Term Loan in full in May 2020 using the proceeds from the 2020 Term Loan as discussed below. The Company paid $19.4 million to extinguish the outstanding principal and accrued interest owed, including the non-refundable end-of-term exit fee of $1.3 million (out of which $0.6 million was accrued for in prior years as interest expense) and an early termination fee of $0.1 million.

The loss on extinguishment of debt was $0.8 million which included the write-off of unamortized financing and end-of-term exit fee costs of $0.7 million and $0.1 million in early payment and documentation fees, and was included as a component of other income (expense) in the condensed consolidated statements of operations during the three months ended June 30, 2020. Interest expense on the 2018 Term Loan totaled $0.2 and $0.8 million for three and six months ended June 30, 2020, respectively, which includes amortization of the debt discount of $0.1 and $0.2 million during the three and six months ended June 30, 2020, respectively.

2020 Term Loan

In May 2020, the Company entered into a $60.0 million term loan facility with a new lender (the “2020 Term Loan”), which provides for borrowings of an initial $25.0 million tranche upon closing and options to borrow up to an aggregate of $35.0 million in two additional tranches of $20.0 million under the second tranche (the “Term B Loan”) and $15.0 million under the third tranche (the “Term C Loan”) subject to certain milestones. The milestone entitling the Company to draw on the Term B Loan is achieved when the Company has received, on a cumulative basis, a predefined number of new system orders during a consecutive twelve month period between January 1, 2020 and November 14, 2021. The milestone entitling the Company to draw down the Term C Loan is achieved when the Company has received, on a cumulative basis, a predefined number of new system orders during a consecutive eighteen month period between January 1, 2020 and May 14, 2022. The Company achieved the Term B Loan milestone and had $20.0 million available to draw under the second tranche through November 14, 2021.

At closing, the Company issued warrants to purchase 1,195,652 shares of Series C1 Preferred Stock to the lender with an exercise price of $1.15 per share which were accounted for as debt discount. The Company is obligated to issue additional warrants to the lender with an aggregate exercise value, based on the fair market value of the preferred stock at the time of the draw down, equal to $1.1 million and $0.8 million upon drawing down the Term B Loan and Term C Loan, respectively. The Company paid a $0.8 million facility fee in connection with the term loan facility. The Company allocated the $0.8 million term loan facility fee to the three loan tranches on a pro-rata basis based on the amount available to be drawn down under each tranche. The Company allocated $0.3 million to the initial draw which was recorded within debt issuance cost as an offset to the carrying value of the 2020 Term Loan and amortized over the term of the loan within interest expense on the condensed consolidated statement of operations. Additionally, the Company allocated $0.3 million to the Term B Loan and $0.2 million to the Term C Loan, all of which was recorded within prepaid expenses and other current assets on the consolidated balance sheet and is being amortized on a straight-line basis over the debt access period within interest expense on the consolidated statement of operations.

The 2020 Term Loan agreement includes certain financial and non-financial covenants. These covenants include exceeding certain minimum revenue thresholds on a trailing twelve-month basis, maintaining a minimum balance of $1.5 million in cash and cash equivalents, maintain all inventory in good and marketable condition, and reporting requirements for any material adverse changes in the Company’s financial condition. As of June 30, 2021, the Company was in compliance with all covenants under the 2020 Term Loan.

The Company incurred debt issuance costs of $1.5 million in connection with the 2020 Term Loan including $0.9 million of professional fees and $0.6 million for the fair value of the warrants issued with the debt. Interest expense on the 2020 Term Loan totaled $0.9 million and $1.8 million for the three and six months ended June 30, 2021, respectively, which includes amortization of the debt discount of $0.1 and $0.3 million during the three and six months ended June 30, 2021, respectively. As of June 30, 2021, the unamortized debt discount was $1.2 million.

The accrued interest on the 2020 Term Loan totaled $0.8 million at June 30, 2021, which is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

As of June 30, 2021, the aggregate future principal payments on the Company’s outstanding 2020 Term Loan for the next five years were as follows (in thousands):


2021	$	—
2022		—
2023		—
2024		—
2025		26,159
		26,159
Less: Unamortized discount		(1,183)
Long-term debt, net of discount	$	24,976

Convertible Notes

In February 2020, the Company issued Convertible Notes to several investors in the aggregate amount of $9.5 million with a stated interest rate of 1.5% per annum and a maturity date of February 28, 2021. The Convertible Notes provided a conversion option whereby upon the closing of a financing event, in which the aggregate gross proceeds of the issuance of preferred stock totaled at least $20.0 million, the notes would automatically convert into shares of the same class and series of capital stock of the Company issued to other investors in the financing at a conversion price equal to 80% of the price per share paid by the other investors. The conversion option met the definition of an embedded derivative and was required to be bifurcated and accounted for separately from the notes. The proceeds from the Convertible Notes were allocated between the derivative liability, with a fair value at issuance of $2.4 million, and the notes, with an initial carrying value of $7.1 million, included in long-term liabilities on the Company’s condensed consolidated balance sheets. The difference between the initial carrying value of the notes and the stated value of the notes represented a discount and that was accreted to interest expense over the term of the Convertible Notes using the effective interest method.

In April 2020, the Convertible Notes, including outstanding principal and accrued interest totaling $9.5 million, were automatically converted into 10,351,063 shares of Series C1 Preferred Stock. Upon conversion, the remaining unamortized discount was recognized as loss on extinguishment of debt in the condensed consolidated statement of operations.

Interest expense on the Convertible Notes totaled $0.2 million for the three and six months ended June 30, 2020, which includes amortization of the debt discount of $0.2 million.

Redeemable convertible preferred stock

6 Months Ended

Jun. 30, 2021

Redeemable convertible preferred stock.

Redeemable convertible preferred stock

10. Redeemable convertible preferred stock

The Company has issued Series A1 redeemable convertible preferred stock (the “Series A1 Preferred Stock”), Series B1 redeemable convertible preferred stock (the “Series B1 Preferred Stock”), Series C1 redeemable convertible preferred stock (the “Series C1 Preferred Stock”), Series C2 redeemable convertible preferred stock (the “Series C2 Preferred Stock”), Series D1 redeemable convertible preferred stock (the “Series D1 Preferred Stock”) and Series D2 redeemable convertible preferred stock (the “Series D2 Preferred Stock”). The Series A1 Preferred Stock, Series B1 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock, Series D1 Preferred Stock, and Series D2 Preferred Stock are collectively referred to as the “Preferred Stock”.

In April 2020, the Company issued and sold 23,611,208 shares of Series C1 Preferred Stock and 20,301,829 shares of Series C2 Preferred Stock to new and existing investors at a price of $1.15 per share for gross proceeds of $27.2 million and $23.3 million, respectively. Additionally, the Company’s Convertible Notes, including outstanding principal and accrued interest totaling $9.5 million (see Note 9), were automatically converted into 10,351,063 shares of Series C1

Preferred Stock. The Company incurred issuance costs in connection with this transaction of $0.6 million and recorded them as a reduction to the carrying value of the Series C1 Preferred Stock and Series C2 Preferred Stock.

In March 2021, the Company issued and sold 22,086,725 shares of Series D1 Preferred Stock and 413,268 shares of Series D2 Preferred Stock to new and existing investors at a price of $3.60 per share for gross proceeds of $79.5 million and $1.5 million, respectively. The Company incurred issuance costs in connection with this transaction of $2.7 million and recorded them as a reduction to the carrying value of the Series D1 Preferred Stock and Series D2 Preferred Stock.

On June 25, 2021, investors exchanged a total of 11,437,301 shares and 2,364,509 shares of Series C1 and D1 Preferred Stock to an equal number of shares of Series C2 and D2 Preferred Stock, respectively.

As of each balance sheet date, the Preferred Stock consisted of the following (in thousands, except for share data):


	June 30, 2021
		Preferred stock					Common stock
	Preferred stock	issued and			Liquidation		issuable upon
	authorized	outstanding	Carrying value		preference		conversion
Series A1 Preferred Stock	22,563,639	18,740,115	$	19,136	$	21,551	3,748,022
Series B1 Preferred Stock	61,217,419	60,017,425		70,091		90,026	12,003,474
Series C1 Preferred Stock	55,459,752	22,524,970		27,825		38,856	4,504,985
Series C2 Preferred Stock	31,739,130	31,739,130		38,982		54,750	6,347,825
Series D1 Preferred Stock	22,499,993	19,722,216		69,941		71,000	3,944,439
Series D2 Preferred Stock	2,777,777	2,777,777		9,861		10,000	555,554
	196,257,710	155,521,633	$	235,836	$	286,183	31,104,299


	December 31, 2020
		Preferred stock					Common stock
	Preferred stock	issued and			Liquidation		issuable upon
	authorized	outstanding	Carrying value		preference		conversion
Series A1 Preferred Stock	22,563,639	18,740,115	$	18,542	$	21,176	3,748,022
Series B1 Preferred Stock	61,217,425	60,017,425		68,511		90,026	12,003,474
Series C1 Preferred Stock	57,372,796	33,962,271		40,632		58,585	6,792,445
Series C2 Preferred Stock	20,301,829	20,301,829		24,141		35,021	4,060,365
	161,455,689	133,021,640	$	151,826	$	204,808	26,604,306

The holders of the Preferred Stock have the following rights and preferences:

Voting

The holders of the Preferred Stock, except for Series C2 Preferred Stock and Series D2 Preferred Stock which are non-voting shares, are entitled to vote, together with the holders of Class A common stock voting as a single class, on all matters submitted to the stockholders for a vote. Each holder of Preferred Stock, except for Series C2 Preferred Stock and Series D2 Preferred Stock which are non-voting shares, is entitled to the number of votes equal to the number of shares of Class A common stock into which each share of Preferred Stock is convertible as of the record date for determining stockholders entitled to vote on such matter.

Conversion

Each share Preferred Stock, except for the Series C2 Preferred Stock and Series D2 Preferred Stock, is convertible into shares of Class A common stock at the option of the holder at any time after the date of issuance and without the payment of additional consideration by the holder. Each share of the Series C1/D1 Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance, into an equal number of shares of Class B common stock; provided, that, after conversion, each initial holder of Series C2/D2 Preferred Stock would represent less than ten percent of the combined voting power of the Company’s outstanding voting securities.

Each share of the Preferred Stock will be mandatorily converted upon the closing of a firm commitment underwritten public offering of the Company’s common stock with gross proceeds to the Company of at least $100.0 million and at a price per share of not less than $18.00.

Notwithstanding the previous provision, no shares of Series C2 Preferred Stock or Series D2 Preferred stock shall automatically convert into any other class of capital stock of the Company unless and until the Company has authorized a sufficient number of shares of non-voting common stock to support the conversion of all such shares of Series C2/D2 Preferred stock into non-voting common stock. Upon the sale, assignment, transfer or other disposition of any shares of Series C2/D2 Preferred Stock to a person or entity other than the initial holder of the Series C2/D2 Preferred stock, each such outstanding share of Series C2/D2 Preferred shall be automatically converted into one fully paid and non-assessable share of Series C2 or Series D2 Preferred Stock. Upon the occurrence of a Restriction Removal Event, defined as the holder of Series C2/D2 Preferred stock and the Company submitting a specified U.S. governmental body a notice or declaration concerning the proposed conversion and the governmental body takes no issue or the initial holder of the Series C2/D2 Preferred stock and the Company agree that such filing to with such governmental body is not necessary, each share of Series C2/D2 Preferred Stock then outstanding shall be automatically converted into one fully paid and non-assessable share of Series C1/D1 Preferred stock.

The conversion ratio of each series of Preferred Stock is determined by dividing the Original Issue Price of each series by the Conversion Price of each series. The Original Issue Price per share is $1.00 for Series A1 Preferred Stock, $1.00 for Series B1 Preferred Stock, $1.15 for Series C1 Preferred Stock, $1.15 for Series C2 Preferred Stock, $3.60 for Series D1 Preferred Stock and $3.60 for Series D2 Preferred Stock. The Conversion Price per share is $5.00 for Series A1 Preferred Stock, $5.00 for Series B1 Preferred Stock, $5.75 for Series C1 Preferred Stock, $5.75 for Series C2 Preferred Stock $18.00 for Series D1 Preferred Stock and $18.00 for Series D2 Preferred Stock, each subject to appropriate adjustment in the event of any stock split, stock dividend, combination or other similar recapitalization and other adjustments as set forth in the Company’s certificate of incorporation, as amended and restated.

Dividends

From and after the date of issuance, each share of Series A1 Preferred Stock accrues a dividend at the rate of $0.04 per annum. The dividends accrue ratably on a quarterly basis, whether or not declared. The Preferred Stock accruing dividends shall be payable only when, as, and if declared by the Board of Directors and the Company shall be under no obligation to pay such Preferred Stock accruing dividends.

From and after the date of issuance, each share of Series B1 Preferred Stock accrues a dividend at the rate of $0.04 per annum. If the Series B1 Preferred Stock is not redeemed on any of the three eligible annual installments, per the redemption rights, the rate the dividend accrues is increased to $0.10 per share per annum. The dividends accrue ratably on a quarterly basis, whether or not declared. The Preferred Stock accruing dividends shall be payable only when, as, and if declared by the Board of Directors and the Company shall be under no obligation to pay such Preferred Stock accruing dividends.

From and after the date of issuance, each share of Series C1 and Series C2 Preferred Stock accrues a dividend at the rate of $0.046 per annum. If the Series C1 Preferred Stock is not redeemed on any of the three eligible annual installments, per the redemption rights, the rate the dividend accrues is increased to $0.115 per share per annum. The dividends accrue ratably on a quarterly basis, whether or not declared. The Preferred Stock accruing dividends shall be payable only when, as, and if declared by the Board of Directors and the Company shall be under no obligation to pay such Preferred Stock accruing dividends.

The holders of any Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock shall be entitled to be paid, on an equal basis, the amount due for any accrued dividends before any payment shall be made to the holders of Series A1 Preferred Stock.

The holders of the Series D1 Preferred Stock and Series D2 Preferred Stock are not entitled to accruing dividends.

Through June 30, 2021, no dividends have been declared on any series or class of stock.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and before any payment shall be made to the holders of Series A1 Preferred Stock or common stock or any other class or series of capital stock ranking on liquidation junior to the Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock by reason of their ownership thereof, an amount equal to the greater of (i) $3.60 per share for Series D1 Preferred Stock and Series D2 Preferred Stock, $1.725 per share for Series C1 Preferred Stock and Series C2 Preferred Stock and $1.50 per share for Series B1 Preferred Stock, all subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the applicable series of Preferred Stock, and (ii) the sum of (x) the Original Issue Price of the applicable series of Preferred Stock, (y) any accruing dividends accrued but unpaid on the applicable series of Preferred Stock, and (z) any other dividends declared but unpaid on the applicable series of Preferred Stock (the greater of clauses (i) and (ii) for the Series C1 Preferred Stock and Series C2 Preferred Stock, the “Series C Liquidation Preference” and the greater of clauses (i) and (ii) for the Series B1 Preferred Stock, the “Series B1 Liquidation Preference”). If upon any such liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock the full amount to which they shall be entitled, the holders of shares of Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Following the aforementioned payments to the holders of Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock, and before any payment shall be made to the holders of common stock by reason of their ownership thereof, the holders of Series A1 Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders an amount equal to the sum of (x) $1.00 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A1 Preferred Stock, (y) any accruing dividends accrued but unpaid on the shares of Series A1 Preferred Stock, and (z) any other dividends declared but unpaid on the Series A1 Preferred Stock (the “Series A1 Liquidation Preference” and, together with the Series B1 Liquidation Preference and Series C Liquidation Preference, the “Liquidation Preferences”). If upon any such liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A1 Preferred Stock the full amount to which they shall be entitled, the holders of shares of Series A1 Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

After the payment of the applicable Liquidation Preferences to the holders of Preferred Stock, the assets of the Company available for the distribution to it stockholders shall be distributed among such holders in the following order: (1) the Series A1 Preferred Stock and common stock, pro rata based on the number of shares held by each such holder, on an as-converted basis, until the holders of shares of Series A1 Preferred Stock have received an aggregate per share amount in respect of the Series A1 Preferred Stock equal to the Series B1 Liquidation Preference;(2) among the holders of the Series B1 Preferred Stock, Series A1 Preferred Stock and common stock, pro rata based on the number of shares held by each such holder, on an as-converted basis, until the holders of shares of Series B1 Preferred Stock have received an aggregate per share amount in respect of the Series B1 Preferred Stock equal to the Series C Liquidation Preference; (3) among the holders of the Series C1, Series B1 Preferred Stock, Series A1 Preferred Stock and common stock, pro rata based on the number of shares held by each such holder, on an as-converted basis, until the holders of shares of Series C1 Preferred Stock have received an aggregate per share amount in respect of the Series C1 Preferred Stock equal to the Series D Liquidation Preference; and (4) among the holders of the Series D1 Preferred Stock, Series D2 Preferred

Stock, Series C1 Preferred Stock, Series C2 Preferred Stock, Series B1 Preferred Stock, Series A1 Preferred Stock and common stock, pro rata based on the number of shares held by each such holder, on an as-converted basis.

Redemption

Unless otherwise prohibited by Delaware law governing distribution to stockholders, shares of Preferred Stock shall be redeemed by the Company at a price equal to the Liquidation Preference applicable to each series of Preferred Stock in three annual installments commencing not more than 60 days after the receipt by the Company of written notice, at any time on or after the fifth anniversary of the Series D1 original issue date, from the requisite holders, requesting redemption of all shares of Preferred Stock. The Preferred Stock shall be redeemed in the following amounts: one-third of the amount payable based on the Liquidation Preference shall be redeemed on the first installment, 50% of the aggregate amount of the amount unpaid calculated as of the second installment, and the remaining amount due on the third installment. On each installment, holders of Series D1 Preferred Stock, Series D2 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock and Series B1 Preferred Stock shall receive the amounts due based on the respective Liquidation Preferences per share before any payment is made to the holders of Series A1 Preferred Stock.

The Company entered into an agreement with a holder of Series B1 Preferred Stock that includes a special redemption right in the event the Company breaches specified conditions set forth in the agreement, including covenants around specified business activities the Company may participate in, specified business activity ratios and financial ratios related to investments and indebtedness. If the Company breaches the terms of the agreement, and does not cure such breach by the date that is one year following written notice of such breach, such holder of Series B1 Preferred Stock shall have the right to redeem all shares of Preferred Stock outstanding and held by such holder at a price equal to two times the applicable original issue price, plus any applicable dividends accrued but unpaid on such shares of Preferred Stock, plus any other dividends declared but unpaid on such shares of Preferred Stock. In such event, shares of Preferred Stock shall be redeemed by the Company in three annual installments commencing not more than 60 days after the receipt by the Company of written notice, at any time on or after the fifth anniversary of the special redemption date. In the event such holder of Series B1 Preferred Stock requests such special redemption, all other holders of Preferred Stock may elect to participate in such special redemption alongside the holders of Series B1 Preferred Stock. If any holder of Preferred Stock elects not to participate in the special redemption, their shares shall not be redeemed in accordance with the special redemption.

Preferred stock warrants

6 Months Ended

Jun. 30, 2021

Preferred stock warrants

Preferred stock warrants

11. Preferred stock warrants

In connection with the 2020 Term Loan, the Company issued 1,195,652 warrants to purchase shares of Series C1 Preferred Stock at an exercise price of $1.15 per share. The Company’s warrants were immediately exercisable and expire 10 years after issuance. The fair value of the warrants on the issuance date was $0.7 million. The Company also has outstanding warrants to purchase shares of Preferred Stock issued in connection with previous financing agreements.

As of June 30, 2021 and December 31, 2020, warrants to purchase the following classes of preferred stock outstanding consisted of the following (in thousands, except for share and per share data):

June 30, 2021

Series of

Preferred

redeemable

shares

Weighted

Contractual

convertible

issuable upon

average

term

preferred

Balance sheet

exercise

Warrant fair

Issuance date

(in years)

stock

classification

of warrant

price

value

April 24, 2017

Series A1

Liability

3,823,524

0.01

9,600

April 12, 2018

Series B1

Liability

1,199,994

0.01

3,457

May 14, 2020

Series C1

Liability

1,195,652

1.15

2,543

6,219,170

15,600

December 31, 2020

Series of

Preferred

redeemable

shares

Weighted

Contractual

convertible

issuable upon

average

term

preferred

Balance sheet

exercise

Warrant fair

Issuance date

(in years)

stock

classification

of warrant

price

value

April 24, 2017

Series A1

Liability

3,823,524

0.01

1,875

April 12, 2018

Series B1

Liability

1,199,994

0.01

1,501

May 14, 2020

Series C1

Liability

1,195,652

1.15

741

6,219,170

4,117

Common stock and common stock warrants

6 Months Ended

Jun. 30, 2021

Common stock and common stock warrants

Common stock and common stock warrants

12. Common stock and common stock warrants

As of June 30, 2021 and December 31, 2020, the Company’s amended certificate of incorporation authorized the issuance of 40,000,000 shares and 35,000,000 shares, respectively, of $0.01 par value common stock.

On June 25, 2021, the Company filed an amended and restated certificate of incorporation, which effected a recapitalization of the Company’s then outstanding common stock to Class A common stock and authorized an additional new class of common stock (Class B common stock). As of June 30, 2021, there has been no Class B common stock issued or outstanding. Rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion.

Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The holders of Class A common stock, voting exclusively and as a separate class, are entitled to elect one director of the Company. Class A and Class B common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of Preferred Stock. As of June 30, 2021 and December 30, 2020, no cash dividends had been declared or paid.

As of June 30, 2021 and December 31, 2020, the Company had reserved 37,102,309 and 32,574,029 shares, respectively, of common stock for the conversion of the outstanding Preferred Stock, exercise of outstanding stock options, the number of shares remaining available for grant under the Company’s 2010 Stock Incentive Plan (see Note 13) and the exercise of outstanding warrants to purchase shares of common stock (see Note 11).

In prior years the Company issued warrants to purchase common stock in conjunction with previous financing arrangements. As of June 30, 2021 and December 31, 2020, outstanding warrants to purchase common stock outstanding consisted of the following (in thousands, except for share and per share data):


	June 30, 2021 and December 31, 2020
			Shares of
			common stock
		Balance sheet	issuable upon	Weighted average
Issuance date	Contractual term	classification	exercise of warrant	exercise price
	(in years)
July 24, 2017	10	Equity	25,835	$	295.15
April 12, 2018	10	Equity	30,000	$	1.00
			55,835

Stock-based compensation

6 Months Ended

Jun. 30, 2021

Stock-based compensation

Stock-based compensation

13. Stock-based compensation

2010 stock option and grant plan

The Company’s 2010 Stock Option and Grant Plan (the “2010 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, officers, directors and consultants of the Company.

At December 31, 2020, a total of 4,945,783 shares of common stock were reserved for issuance under the 2010 Plan. In March 2021, the Board of Directors approved an increase to the 2010 Plan shares by 382,889 shares. At June 30, 2021, a total of 5,328,672 shares of Class A common stock were reserved for issuance under the 2010 Plan. As of June 30, 2021 and December 31, 2020, 179,464 and 1,065,501 shares of Class A common stock, respectively, remained available for future grant. However, from and after the effectiveness of the Company's 2021 Incentive Award Plan, no additional awards will be granted under the 2010 Plan.

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors:


	Three Months Ended June 30,			Six Months Ended June 30,
	2021		2020	2021		2020
Risk-free interest rate	1.1	%	*	1.0	%	1.5	%
Expected term (in years)	6.1		*	6.0		6.1
Expected volatility	43.1	%	*	44.3	%	39.7	%
Expected dividend yield	0	%	*	0	%	0	%

* There were no options granted for the three months ended June 30, 2020.

Stock options

The following table summarizes the Company’s stock option activity since December 31, 2020 (in thousands, except for share and per share data):


				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	shares	exercise price		contractual term	intrinsic value
				(in years)
Outstanding as of December 31, 2020	3,604,584	$	0.92	8.12	$	4,272
Granted	1,582,155		8.12
Exercised	(104,559)		2.77
Expired	(34,447)		1.00
Forfeited	(528,849)		1.71
Outstanding as of June 30, 2021	4,518,884	$	3.33	8.07	$	46,428
Options vested and expected to vest as of June 30, 2021	4,518,884	$	3.33	8.07	$	46,428
Options exercisable as of June 30, 2021	1,894,694	$	1.13	6.64	$	23,668

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock (or Class A common stock as of June 30, 2021) for those options that had exercise prices lower than such fair value.

The intrinsic value of stock options exercised during the six months ended June 30, 2021 and 2020 was $0.3 million and zero, respectively.

The weighted average grant-date fair value per share of stock options granted during the three months ended June 30, 2021 and 2020 was $1.03 and zero due to no grants during the period ended June 30, 2020, respectively and during the six months ended June 30, 2021 and 2020 was $0.80 and $0.16, respectively.

Restricted stock

In February 2021, the Company granted 248,903 shares of restricted stock to an employee under the 2010 Plan with a four-year vesting term. In connection with the grant, the employee paid $0.5 million, which represents the $2.10 per share fair value of the common stock on the date of the restricted stock grant. The restricted common stock includes a repurchase right, whereas upon the occurrence of the employee’s resignation or termination for cause or good reason the Company shall have the right to repurchase unvested restricted common stock shares. At June 30, 2021 and

December 31, 2020, the Company has $0.7 million and zero in unvested restricted common stock liability included in other long-term liabilities, respectively.

The following table summarizes the Company’s restricted stock activity since December 31, 2020 (in thousands except for share and per share data):


		Weighted
	Number of	average
	shares	fair value
		(in years)
Unvested as of December 31, 2020	-
Granted	248,903	$	2.10
Vested	-
Forfeited	-
Unvested as of June 30, 2021	248,903	$	2.10

Stock-based compensation

Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	85	$	20	$	115	$	42
General and administrative		208		80		335		151
Sales and marketing		60		15		82		31
Research and development		37		11		49		22
Total stock-based compensation expense	$	390	$	126	$	581	$	246

As of June 30,2021, total unrecognized compensation expense related to unvested stock options held by employees and directors was $4.0 million, which is expected to be recognized over a weighted average period of 1.6 years.

Income taxes

6 Months Ended

Jun. 30, 2021

Income taxes

Income taxes

14. Income taxes

During the three and six-months ended June 30, 2021 and 2020, the pretax losses incurred by the Company, as well as the research and development tax credits generated, received no corresponding tax benefit because the Company concluded that it is more likely than not that the Company will be unable to realize the value of any resulting deferred tax assets. The Company will continue to assess its position in future periods to determine if it is appropriate to reduce a portion of its valuation allowance in the future.

The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter.

The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of net operating loss carryforwards. The Company has considered its history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, as of June 30, 2021 and December 31, 2020 the Company has recorded a full valuation allowance against its net deferred tax assets.

The Company files U.S. income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations in the U.S. The Company has not received notice of examination by any jurisdictions in the U.S.

The Company has a branch in Germany that is under examination in its local country for tax years 2016-2018. Any adjustments that may result from the examinations are not expected to have a material impact on the financial position, liquidity, or results of operations of the Company.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net loss per share

6 Months Ended

Jun. 30, 2021

Net loss per share

Net loss per share

15. Net loss per share

Net loss per share attributable to common stockholders.

The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2021 and 2020, as such basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders. Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(11,831)	$	(9,267)	$	(33,932)	$	(17,274)
Accretion of redeemable convertible preferred stock to redemption value		(1,184)		(1,232)		(1,971)		(2,050)
Cumulative redeemable convertible preferred stock dividends		(885)		(787)		(2,296)		(1,575)
Net loss attributable to common stockholders—basic and diluted	$	(13,900)	$	(11,286)	$	(38,199)	$	(20,899)
Denominator:
Weighted average common shares outstanding—basic and diluted		694,698		353,465		668,180		353,465
Net loss per share attributable common stockholders—basic and diluted	$	(20.01)	$	(31.93)	$	(57.17)	$	(59.13)

The Company’s potentially dilutive securities, which include stock options, redeemable convertible preferred stock, common stock warrants and preferred stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. 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 had an anti-dilutive effect:


	Three and Six Months Ended June 30,
	2021	2020
Options to purchase common stock	4,512,084	2,750,728
Warrants to purchase common stock	55,835	55,872
Redeemable convertible preferred stock (as converted to common stock)	31,104,299	26,604,306
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	1,243,834	1,243,834
	36,916,052	30,654,740

Commitments and contingencies

6 Months Ended

Jun. 30, 2021

Commitments and contingencies

Commitments and contingencies

16. Commitments and contingencies

Lease agreements

In October 2013, the Company entered into an operating lease for office and manufacturing space in in Lowell, Massachusetts, which expires in July 2026. The terms of the lease include options for early termination of the lease in July 2024 and a one-time, five-year extension of the lease follow

ing its expiration as well as a $0.7 million tenant improvement allowance, which was fully utilized as of June 30, 2021.

In June 2021, the Company entered into a Sublease agreement for office and manufacturing space in Lexington, Massachusetts, which expires in June 2029. The Sublease agreement includes an option to terminate the sublease in July 2026, subject to an early termination fee. Monthly rent payments are fixed and future minimum lease payments over the term of the sublease is $5.6 million. The Company also has the right to use furniture and equipment specified in the Sublease agreement for $0.6 million in future payments over the term of the sublease with the option to purchase the furniture and equipment at the end of the sublease term. Concurrent with entering into the Sublease agreement, the Company executed an Option Agreement with the property owner which provides the Company the option to enter into a new direct lease for the Lexington facility for an additional five-years following expiration of the sublease.

The Company recognizes rent expense on a straight-line basis over the respective lease period. The Company has recorded deferred rent for rent expense incurred but not yet paid. Rent expense was $0.1 million for the three months ended June 30, 2021 and 2020, and rent expense was $0.2 million for the six months ended June 30, 2021 and 2020.

Future minimum lease commitments under operating leases as of June 30, 2021 are as follows (in thousands):


Year ending December 31,
2021	$	280
2022		1,139
2023		1,169
2024		1,199
2025		1,229
Thereafter		2,997
Total	$	8,013

Exit fee

In December 2016, in connection with the amendment of a then-outstanding loan agreement with the lender, the Company entered into an agreement under which it is obligated to pay the lender an exit fee in the amount of $0.8 million in the event of a qualifying exit event prior to December 31, 2026. A qualifying event is defined as any (i) liquidation, dissolution or winding up whether voluntary or involuntary; (ii) consolidation, merger or reverse merger; (iii) sale, lease, transfer, exclusive license, exchange, dividend or other disposition of all or substantially all of the Company’s assets; (iv) issuance and/or sale of the Company’s stock that is greater than 50% of the shares of common stock immediately following such issuance; (v) any other form of acquisition or business combination that results in a change of control at the Company; or (vi) the consummation of any public offering of shares of common stock. There were no amounts accrued for the exit fee as of June 30, 2021 and December 31, 2020, as the occurrence of a qualifying exit event was not deemed probable.

Supply agreement

In March 2020, the Company entered into an agreement with a supplier to provide raw materials used in the manufacturing process. As of June 30, 2021, the Company had committed to minimum payments under these arrangements totaling $0.8 million through December 31, 2022. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company

had $0.2 million and $0.1 million accrued for the supply agreement as of June 30, 2021 and December 31, 2020. respectively.

Software subscription

During the year ended December 31, 2020, the Company entered into a non-cancelable agreement with a service provider for software as a service and cloud hosting services. As of June 30, 2021, the Company had committed to minimum payments under these arrangements totaling $1.1 million through January 31, 2026. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were no amounts accrued for the software subscription as of June 30, 2021 and December 31, 2020.

Indemnification agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2021 and December 31, 2020.

Legal proceedings

The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Benefit plans

6 Months Ended

Jun. 30, 2021

Benefit plans

Benefit plans

17. Benefit plans

The Company established a defined contribution savings plan under Section 401(k) of the Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $0.1 million and less than $0.1 million to the plan during the three months ended June 30, 2021 and 2020, respectively, and $0.1 million to the plan during the six months ended June 30, 2021 and 2020.

Subsequent events

6 Months Ended

Jun. 30, 2021

Subsequent events.

Subsequent events

18. Subsequent events

For its condensed consolidated financial statements as of June 30, 2021, and for the three and six month periods then ended, the Company evaluated subsequent events through August 27, 2021, the date on which these financial statements were issued.

Reverse stock split

On July 9, 2021, the Company effected a one-for-five reverse share split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock (see Note 10). Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse share split and adjustment of the Preferred Stock conversion ratios.

Initial public offering

On July 19, 2021, the Company closed an initial public offering of its Class A common stock, which resulted in the sale of 7,920,000 shares of its Class A common stock at a public offering price of $20.00 per share, before underwriting discounts. The offering resulted in gross proceeds of $158.4 million and net proceeds to the Company of approximately $143.6 million from the initial public offering after deducting underwriting discounts, commissions and estimated offering expenses payable by the Company. The IPO was considered a qualifying event for the exit fee described in Note 16 resulting in payment of the exit fee in July 2021. On August 4, 2021, the underwriters exercised in part their option to purchase an additional 1,086,604 shares of Class A common stock at the initial public offering price of $20.00 per share less underwriting discounts and commissions, for additional net proceeds of $20.2 million. The IPO transction resulted in total gross proceeds of $180.1 million and net proceeds of approximately $163.8 million.

Adoption and approval of 2021 Incentive Award Plan

In July 2021, the Board of Directors adopted, and our stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective in connection with the initial public offering of our Class A common stock. The 2021 Plan provides for the grant of stock options, including ISOs and NSOs, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and cash-based awards. The 2021 Plan has a term of 10 years. The aggregate number of shares of the our Class A common stock available for issuance under the 2021 Plan is equal to (i) 4,200,000 shares and (ii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 5% of the aggregate number of shares of our Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 33,900,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options.

Adoption and approval of 2021 Employee Stock Purchase Plan

In July 2021, the Board of Directors adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the initial public offering of our Class A common stock. The aggregate number of shares of the our Class A common stock available for issuance under the 2021 ESPP is equal to (i) 400,000 shares and (ii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 1% of the aggregate number of shares of our Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 6,300,000 shares of Class A common stock may be issued under the 2021 ESPP.

Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2021

Summary of significant accounting policies

Use of estimates

Risk of concentrations of credit, significant customers and significant suppliers


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Customer A	*	%	*	%	13.7	%	*	%
Customer B	*	%	*	%	*	%	28.2	%
Customer C	*	%	18.7	%	*	%	19.6	%
Customer D	15.9	%	*	%	*	%	*	%
Customer E	*		17.0	%	*	%	*	%
Customer F	*		13.2	%	*	%	*	%
	15.9	%	48.9	%	13.7	%	47.8	%

*	– less than 10%

The following table presents customers that represent 10% or more of the Company’s accounts receivable:


	June 30,		December 31, 2020
	2021		2020
Customer A	*	%	10.1	%
Customer D	*	%	13.4	%
Customer G	24.8	%	*	%
Customer H	17.2	%	*	%
Customer I	11.4	%	*	%
Customer J	*	%	41.9	%
Customer K	*	%	18.7	%
	53.4	%	84.1	%

*	– less than 10%

Deferred offering costs

Debt issuance costs

Cash equivalents

Restricted cash

Software Development Costs

Fair value measurements

●	Level 1—Quoted prices in active markets for identical assets or liabilities.

●

●	Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Product warranties


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance, beginning of the period	$	618	$	763	$	637	$	848
Warranty repairs		(6)		(6)		(25)		(91)
Balance, end of the year	$	612	$	757	$	612	$	757

Segment information

Revenue recognition

Remaining performance obligations

Contract balances from contracts with customers

Non-commercial revenue

Disaggregated revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Product and service revenue — recurring	$	1,904	$	998	$	3,368	$	1,857
Product and service revenue — non-recurring		3,790		1,421		7,111		2,160
Non-commercial revenue — non-recurring		436		174		646		1,575
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

The following table presents the Company’s revenue by customer geography (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	3,446	$	656	$	5,773	$	2,333
Germany		636		733		965		1,235
Switzerland		1,048		402		2,090		809
All other countries		1,000		802		2,297		1,215
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

Advertising costs


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	3,446	$	656	$	5,773	$	2,333
Germany		636		733		965		1,235
Switzerland		1,048		402		2,090		809
All other countries		1,000		802		2,297		1,215
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

Stock-based compensation

Comprehensive loss

Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of significant accounting policies

Schedule of concentration risk of customers that represent 10% or more of the Company's total revenue and accounts receivable


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Customer A	*	%	*	%	13.7	%	*	%
Customer B	*	%	*	%	*	%	28.2	%
Customer C	*	%	18.7	%	*	%	19.6	%
Customer D	15.9	%	*	%	*	%	*	%
Customer E	*		17.0	%	*	%	*	%
Customer F	*		13.2	%	*	%	*	%
	15.9	%	48.9	%	13.7	%	47.8	%

*	– less than 10%

The following table presents customers that represent 10% or more of the Company’s accounts receivable:


	June 30,		December 31, 2020
	2021		2020
Customer A	*	%	10.1	%
Customer D	*	%	13.4	%
Customer G	24.8	%	*	%
Customer H	17.2	%	*	%
Customer I	11.4	%	*	%
Customer J	*	%	41.9	%
Customer K	*	%	18.7	%
	53.4	%	84.1	%

*	– less than 10%

Summary of changes in the amount reserved for warranty cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance, beginning of the period	$	618	$	763	$	637	$	848
Warranty repairs		(6)		(6)		(25)		(91)
Balance, end of the year	$	612	$	757	$	612	$	757

Schedule of disaggregated revenue by nature and geographic location


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Product and service revenue — recurring	$	1,904	$	998	$	3,368	$	1,857
Product and service revenue — non-recurring		3,790		1,421		7,111		2,160
Non-commercial revenue — non-recurring		436		174		646		1,575
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

The following table presents the Company’s revenue by customer geography (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	3,446	$	656	$	5,773	$	2,333
Germany		636		733		965		1,235
Switzerland		1,048		402		2,090		809
All other countries		1,000		802		2,297		1,215
Total revenue	$	6,130	$	2,593	$	11,125	$	5,592

Fair value of financial assets and liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Fair value of financial assets and liabilities

Schedule of information about the Company's financial assets and liabilities measured at fair value on a recurring basis


	Fair value measurements as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	95,466	$	—	$	—	$	95,466
	$	95,466	$	—	$	—	$	95,466
Liabilities
Preferred stock warrant liability	$	—	$	—	$	15,600	$	15,600
	$	—	$	—	$	15,600	$	15,600


	Fair value measurements at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	23,456	$	—	$	—	$	23,456
Short-term investments		14,998		—		—		14,998
	$	38,454	$	—	$	—	$	38,454
Liabilities
Preferred stock warrant liability	$	—	$	—	$	4,117	$	4,117
	$	—	$	—	$	4,117	$	4,117

Schedule of information about weighted average of the unobservable inputs used to fair value the preferred stock warrant liability

The table below quantifies the weighted average of the unobservable inputs used to fair value the preferred stock warrant liability:


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Fair value of Series A1 preferred stock	$	2.51		$	0.39		$	2.52		$	0.96
Fair value of Series B1 preferred stock.	$	2.88		$	1.17		$	2.89		$	1.11
Fair value of Series C1 preferred stock	$	2.95		$	1.15		$	2.96		$	1.15
Remaining contractual term (in years)		6.7			7.7			6.8			7.8
Risk-free interest rate		1.1	%		0.5	%		1.2	%		0.5	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected volatility		42.2	%		39.4	%		41.9	%		38.9	%

Schedule of information provides a rollforward of the aggregate fair values of the Company's preferred stock warrant liability

The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrant liability, for which fair values are determined using Level 3 inputs (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Balance, beginning of period	$	15,565	$	3,391	$	4,117	$	3,396
Initial fair value of Series C1 preferred stock warrants		—		652		—		652
Change in fair value of preferred stock warrants		35		(544)		11,483		(549)
Balance, end of period	$	15,600	$	3,499	$	15,600	$	3,499

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Short-term investments (Tables)

6 Months Ended

Jun. 30, 2021

Short-term investments

Schedule of short-term investments by investment type

Short-term investments by investment type consisted of the following (in thousands):


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
US Treasury bonds	$	14,997	$	1	$	—	$	14,998
	$	14,997	$	1	$	—	$	14,998

Inventory (Tables)

6 Months Ended

Jun. 30, 2021

Inventory

Summary of Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Raw materials	$	8,172	$	6,754
Work in process		720		1,190
Finished goods		3,018		1,021
Total	$	11,910	$	8,965

Prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2021

Prepaid expenses and other current assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Prepaid commitment fee on notes payable	$	145	$	275
Contract asset		1,059		471
Deposits		1,268		1,148
Lease receivables, current portion		154		325
Other		408		901
	$	3,034	$	3,120

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property and equipment, net

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Manufacturing and laboratory equipment	$	13,177	$	12,961
Computer hardware and software		1,541		1,088
Office furniture and fixtures		351		343
Leasehold improvements		3,012		2,996
Construction-in-process		182		—
		18,263		17,388
Less: Accumulated depreciation		(11,007)		(10,336)
	$	7,256	$	7,052

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Accrued employee compensation and benefits expense	$	1,955	$	3,083
Vendor accrual		4,316		1,685
Accrued warranty expense		612		637
Accrued interest		793		330
Deferred rent, current portion		124		118
Accrued taxes		723		688
Other		542		113
	$	9,065	$	6,654

Long-term debt (Tables)

6 Months Ended

Jun. 30, 2021

Long-term debt

Schedule of components of the Company's long-term debt

The components of the Company’s long-term debt consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Notes Payable	$	25,000	$	25,000
Payment in kind interest		1,159		1,145
Less: Unamortized discount		(1,183)		(1,335)
Long-term debt, net of discount	$	24,976	$	24,810

Schedule of aggregate future principal payments on the Company's outstanding 2020 Term Loan for the next five years

As of June 30, 2021, the aggregate future principal payments on the Company’s outstanding 2020 Term Loan for the next five years were as follows (in thousands):


2021	$	—
2022		—
2023		—
2024		—
2025		26,159
		26,159
Less: Unamortized discount		(1,183)
Long-term debt, net of discount	$	24,976

Redeemable convertible preferred stock (Tables)

6 Months Ended

Jun. 30, 2021

Redeemable convertible preferred stock.

Schedule of preferred stock

As of each balance sheet date, the Preferred Stock consisted of the following (in thousands, except for share data):


	June 30, 2021
		Preferred stock					Common stock
	Preferred stock	issued and			Liquidation		issuable upon
	authorized	outstanding	Carrying value		preference		conversion
Series A1 Preferred Stock	22,563,639	18,740,115	$	19,136	$	21,551	3,748,022
Series B1 Preferred Stock	61,217,419	60,017,425		70,091		90,026	12,003,474
Series C1 Preferred Stock	55,459,752	22,524,970		27,825		38,856	4,504,985
Series C2 Preferred Stock	31,739,130	31,739,130		38,982		54,750	6,347,825
Series D1 Preferred Stock	22,499,993	19,722,216		69,941		71,000	3,944,439
Series D2 Preferred Stock	2,777,777	2,777,777		9,861		10,000	555,554
	196,257,710	155,521,633	$	235,836	$	286,183	31,104,299


	December 31, 2020
		Preferred stock					Common stock
	Preferred stock	issued and			Liquidation		issuable upon
	authorized	outstanding	Carrying value		preference		conversion
Series A1 Preferred Stock	22,563,639	18,740,115	$	18,542	$	21,176	3,748,022
Series B1 Preferred Stock	61,217,425	60,017,425		68,511		90,026	12,003,474
Series C1 Preferred Stock	57,372,796	33,962,271		40,632		58,585	6,792,445
Series C2 Preferred Stock	20,301,829	20,301,829		24,141		35,021	4,060,365
	161,455,689	133,021,640	$	151,826	$	204,808	26,604,306

Preferred stock warrants (Tables)

6 Months Ended

Jun. 30, 2021

Preferred stock warrant

Preferred stock warrants

Schedule of warrants to purchase the following classes of preferred stock outstanding

As of June 30, 2021 and December 31, 2020, warrants to purchase the following classes of preferred stock outstanding consisted of the following (in thousands, except for share and per share data):

June 30, 2021

Series of

Preferred

redeemable

shares

Weighted

Contractual

convertible

issuable upon

average

term

preferred

Balance sheet

exercise

Warrant fair

Issuance date

(in years)

stock

classification

of warrant

price

value

April 24, 2017

Series A1

Liability

3,823,524

0.01

9,600

April 12, 2018

Series B1

Liability

1,199,994

0.01

3,457

May 14, 2020

Series C1

Liability

1,195,652

1.15

2,543

6,219,170

15,600

December 31, 2020

Series of

Preferred

redeemable

shares

Weighted

Contractual

convertible

issuable upon

average

term

preferred

Balance sheet

exercise

Warrant fair

Issuance date

(in years)

stock

classification

of warrant

price

value

April 24, 2017

Series A1

Liability

3,823,524

0.01

1,875

April 12, 2018

Series B1

Liability

1,199,994

0.01

1,501

May 14, 2020

Series C1

Liability

1,195,652

1.15

741

6,219,170

4,117

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2021

Stock-based compensation

Schedule of assumptions used to determine the grant-date fair value of stock options


	Three Months Ended June 30,			Six Months Ended June 30,
	2021		2020	2021		2020
Risk-free interest rate	1.1	%	*	1.0	%	1.5	%
Expected term (in years)	6.1		*	6.0		6.1
Expected volatility	43.1	%	*	44.3	%	39.7	%
Expected dividend yield	0	%	*	0	%	0	%

* There were no options granted for the three months ended June 30, 2020.

Schedule of stock option activity

The following table summarizes the Company’s stock option activity since December 31, 2020 (in thousands, except for share and per share data):


				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	shares	exercise price		contractual term	intrinsic value
				(in years)
Outstanding as of December 31, 2020	3,604,584	$	0.92	8.12	$	4,272
Granted	1,582,155		8.12
Exercised	(104,559)		2.77
Expired	(34,447)		1.00
Forfeited	(528,849)		1.71
Outstanding as of June 30, 2021	4,518,884	$	3.33	8.07	$	46,428
Options vested and expected to vest as of June 30, 2021	4,518,884	$	3.33	8.07	$	46,428
Options exercisable as of June 30, 2021	1,894,694	$	1.13	6.64	$	23,668

Schedule of restricted stock activity

The following table summarizes the Company’s restricted stock activity since December 31, 2020 (in thousands except for share and per share data):


		Weighted
	Number of	average
	shares	fair value
		(in years)
Unvested as of December 31, 2020	-
Granted	248,903	$	2.10
Vested	-
Forfeited	-
Unvested as of June 30, 2021	248,903	$	2.10

Schedule of stock-based compensation expense was classified in the consolidated statements of operations

Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	85	$	20	$	115	$	42
General and administrative		208		80		335		151
Sales and marketing		60		15		82		31
Research and development		37		11		49		22
Total stock-based compensation expense	$	390	$	126	$	581	$	246

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2021

Net loss per share

Schedule of basic and diluted net loss per share


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(11,831)	$	(9,267)	$	(33,932)	$	(17,274)
Accretion of redeemable convertible preferred stock to redemption value		(1,184)		(1,232)		(1,971)		(2,050)
Cumulative redeemable convertible preferred stock dividends		(885)		(787)		(2,296)		(1,575)
Net loss attributable to common stockholders—basic and diluted	$	(13,900)	$	(11,286)	$	(38,199)	$	(20,899)
Denominator:
Weighted average common shares outstanding—basic and diluted		694,698		353,465		668,180		353,465
Net loss per share attributable common stockholders—basic and diluted	$	(20.01)	$	(31.93)	$	(57.17)	$	(59.13)

Schedule of common shares excluded from the computation of diluted net loss per share


	Three and Six Months Ended June 30,
	2021	2020
Options to purchase common stock	4,512,084	2,750,728
Warrants to purchase common stock	55,835	55,872
Redeemable convertible preferred stock (as converted to common stock)	31,104,299	26,604,306
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	1,243,834	1,243,834
	36,916,052	30,654,740

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and contingencies

Schedule of future minimum lease commitments under operating leases

Future minimum lease commitments under operating leases as of June 30, 2021 are as follows (in thousands):


Year ending December 31,
2021	$	280
2022		1,139
2023		1,169
2024		1,199
2025		1,229
Thereafter		2,997
Total	$	8,013

Nature of the business and basis of presentation - Initial Public Offering (Details) - Forecast $ / shares in Units, $ in Millions	Aug. 04, 2021 USD ($) $ / shares shares	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 09, 2021
Class of Stock [Line Items]
Reverse stock split ratio			0.2
IPO
Class of Stock [Line Items]
Stock issued during period shares new issues \| shares		7,920,000
Share issued, price per share \| $ / shares		$ 20.00
Gross proceeds		$ 158.4
Net proceeds		$ 143.6
Over Allotment Option
Class of Stock [Line Items]
Stock issued during period shares new issues \| shares	1,086,604
Share issued, price per share \| $ / shares	$ 20.00
Net proceeds	$ 20.2

Nature of the business and basis of presentation - Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Nature of the business and basis of presentation
Net loss	$ (11,831)	$ (22,101)	$ (9,267)	$ (8,007)	$ (33,932)	$ (17,274)
Accumulated deficit	$ (275,520)				$ (275,520)		$ (241,588)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of significant accounting policies - Risk of Concentrations of Credit, Significant Customers and Significant Suppliers (Details) - Customers	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Total revenue \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage	15.90%	48.90%	13.70%	47.80%
Total revenue \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage			13.70%
Total revenue \| Customer B
Concentration Risk [Line Items]
Customer concentration risk percentage				28.20%
Total revenue \| Customer C
Concentration Risk [Line Items]
Customer concentration risk percentage		18.70%		19.60%
Total revenue \| Customer D
Concentration Risk [Line Items]
Customer concentration risk percentage	15.90%
Total revenue \| Customer E
Concentration Risk [Line Items]
Customer concentration risk percentage		17.00%
Total revenue \| Customer F
Concentration Risk [Line Items]
Customer concentration risk percentage		13.20%
Accounts receivable \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage			53.40%		84.10%
Accounts receivable \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage					10.10%
Accounts receivable \| Customer D
Concentration Risk [Line Items]
Customer concentration risk percentage					13.40%
Accounts receivable \| Customer G
Concentration Risk [Line Items]
Customer concentration risk percentage			24.80%
Accounts receivable \| Customer H
Concentration Risk [Line Items]
Customer concentration risk percentage			17.20%
Accounts receivable \| Customer I
Concentration Risk [Line Items]
Customer concentration risk percentage			11.40%
Accounts receivable \| Customer J
Concentration Risk [Line Items]
Customer concentration risk percentage					41.90%
Accounts receivable \| Customer K
Concentration Risk [Line Items]
Customer concentration risk percentage					18.70%

Summary of significant accounting policies - Deferred Offering Costs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Summary of significant accounting policies
Deferred offering costs	$ 2.6	$ 0.1

Summary of significant accounting policies - Debt Issuance Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Debt issuance costs	$ 1.2		$ 1.2	$ 1.3
Amortization of the debt issuance costs	$ 0.1		$ 0.2
Maximum
Class of Stock [Line Items]
Amortization of the debt issuance costs		$ 0.4		$ 0.6

Summary of significant accounting policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Summary of significant accounting policies
Cash	$ 0.2	$ 0.1
Guaranteed investment certificates	0.3	$ 0.1
Software development costs capitalized	$ 0.3

Summary of significant accounting policies - Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary of significant accounting policies
Balance, beginning of the period	$ 618	$ 763	$ 637	$ 848
Warranty repairs	(6)	(6)	(25)	(91)
Balance, end of the year	$ 612	$ 757	$ 612	$ 757
Warranty duration			1 year

Summary of significant accounting policies - Segment Information (Details)	6 Months Ended
	Jun. 30, 2021 segment
Summary of significant accounting policies
Number of operating segments	1
Number of reportable segments	1

Summary of significant accounting policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 4.4		$ 4.4		$ 4.4
Revenue recognized included in deferred revenue in prior period	1.6	$ 0.3	2.8	$ 0.7
Prepaid expenses and other current asset \| Barda Agreement
Disaggregation of Revenue [Line Items]
Contract assets	$ 1.1		$ 1.1		$ 0.5

Summary of significant accounting policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 6,130	$ 2,593	$ 11,125	$ 5,592
United states
Disaggregation of Revenue [Line Items]
Revenue recognized	3,446	656	5,773	2,333
Germany
Disaggregation of Revenue [Line Items]
Revenue recognized	636	733	965	1,235
Switzerland
Disaggregation of Revenue [Line Items]
Revenue recognized	1,048	402	2,090	809
All other countries
Disaggregation of Revenue [Line Items]
Revenue recognized	1,000	802	2,297	1,215
Product and service revenue - recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	1,904	998	3,368	1,857
Product and service revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	3,790	1,421	7,111	2,160
Non-commercial revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 436	$ 174	$ 646	$ 1,575

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of significant accounting policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Maximum
Class of Stock [Line Items]
Advertising costs	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Summary of significant accounting policies - Stock-based compensation (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other long-term liabilities \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of restricted common stock liability	$ 0.7	$ 0.0

Summary of significant accounting policies - Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unrealized loss on short-term investments, net of tax	$ (1,000)	$ 0	$ (1,000)	$ 0
Maximum
Unrealized loss on short-term investments, net of tax	$ (100,000)		$ (100,000)

Fair value of financial assets and liabilities - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 95,466	$ 23,456
Short-term investments		14,998
Assets	95,466	38,454
Liabilities
Preferred stock warrant liability	15,600	4,117
Liabilities	15,600	4,117
Level 1
Assets
Cash equivalents	95,466	23,456
Short-term investments		14,998
Assets	95,466	38,454
Level 3
Liabilities
Preferred stock warrant liability	15,600	4,117
Liabilities	$ 15,600	$ 4,117

Fair value of financial assets and liabilities - Transfers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair value of financial assets and liabilities
Asset transferred, L1 to L2	$ 0	$ 0	$ 0	$ 0
Asset transferred, L2 to L1	0	0	0	0
Liabilities transferred, L1 to L2	0	0	0	0
Liabilities transferred, L2 to L1	0	0	0	0
Asset transferred, into L3	0	0	0	0
Asset transferred, out of L3	0	0	0	0
Liabilities transferred, into L3	0	0	0	0
Liabilities transferred, out of L3	$ 0	$ 0	$ 0	$ 0

Fair value of financial assets and liabilities - Weighted Average of the Unobservable Inputs Used to Fair Value (Details) - Level 3	3 Months Ended		6 Months Ended
	Jun. 30, 2021 Y $ / shares	Jun. 30, 2020 Y $ / shares	Jun. 30, 2021 Y $ / shares	Jun. 30, 2020 Y $ / shares
Remaining contractual term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input \| Y	6.7	7.7	6.8	7.8
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input	1.1	0.5	1.2	0.5
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input	42.2	39.4	41.9	38.9
Series A1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	$ 2.51	$ 0.39	$ 2.52	$ 0.96
Series B1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	2.88	1.17	2.89	1.11
Series C1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	$ 2.95	$ 1.15	$ 2.96	$ 1.15

Fair value of financial assets and liabilities - Rollforward of the Aggregate Fair Values (Details) - Preferred stock warrant liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 15,565	$ 3,391	$ 4,117	$ 3,396
Change in fair value	35	(544)	11,483	(549)
Balance, end of period	$ 15,600	3,499	$ 15,600	3,499
Series C1 preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial fair value		$ 652		$ 652

Short-term investments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 14,997
Gross unrealized gains	1
Fair value	14,998
Short-term investments	14,998
US Treasury bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	14,997
Gross unrealized gains	1
Fair value	$ 14,998

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory
Raw materials	$ 8,172	$ 6,754
Work in process	720	1,190
Finished goods	3,018	1,021
Total	$ 11,910	$ 8,965

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid expenses and other current assets
Prepaid commitment fee on notes payable	$ 145	$ 275
Contract asset	1,059	471
Deposits	1,268	1,148
Lease receivables, current portion	154	325
Other	408	901
Prepaid expenses and other current assets	$ 3,034	$ 3,120

Property and equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 18,263	$ 17,388
Less: Accumulated depreciation	(11,007)	(10,336)
Property plant and equipment, net	7,256	7,052
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	13,177	12,961
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,541	1,088
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	351	343
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	3,012	$ 2,996
Construction-in-process
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 182

Property and equipment, net - Depreciation and amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 300	$ 400	$ 696	$ 857
Fully depreciated assets disposed of		$ 0		$ 0
Maximum
Property, Plant and Equipment [Line Items]
Fully depreciated assets disposed of	$ 100		$ 100

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued employee compensation and benefits expense	$ 1,955	$ 3,083
Vendor accrual	4,316	1,685
Accrued warranty expense	612	637
Accrued interest	793	330
Deferred rent, current portion	124	118
Accrued taxes	723	688
Other	542	113
Accrued expenses and other current liabilities	$ 9,065	$ 6,654

Long-term debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 26,159
Less: Unamortized discount	(1,183)	$ (1,335)
Long-term debt, net of discount	24,976	24,810
Notes Payable
Debt Instrument [Line Items]
Long-term debt	25,000	25,000
Payment in kind interest
Debt Instrument [Line Items]
Long-term debt	$ 1,159	$ 1,145

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-term debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Long-term debt
2025	$ 26,159
Long-term debt, gross	26,159
Less: Unamortized discount	(1,183)	$ (1,335)
Long-term debt, net of discount	$ 24,976	$ 24,810

- Definition

+ References + Details

Long-term debt - Term loans and convertible notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	May 31, 2020 USD ($) item $ / shares shares	Apr. 30, 2020 USD ($) shares	Feb. 29, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	May 31, 2021 shares	Apr. 30, 2018 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs						$ 79,743	$ 49,935
Loss on extinguishment of debt					$ 2,910		2,910
Debt				$ 26,159		26,159
Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 27,200
2018 Term Loan
Debt Instrument [Line Items]
Loan amount									$ 18,000
Minimum Liquidity requirement									$ 7,000
Debt paid	$ 19,400
Non-refundable end of term charges paid	1,300
Accrued interest paid	600
Early termination fee paid	100
Loss on extinguishment of debt					800
Write off of debt issuance cost and end of term exit fee					700
Early payment and documentation fees					100
Interest expenses					200		800
Amortization of debt discount					100		200
2020 Term Loan
Debt Instrument [Line Items]
Loan amount	60,000
Debt issuance costs	1,500
Accrued interest				800		800
Unamortized debt discount				1,200		1,200
Minimum Liquidity requirement	1,500
Interest expenses				900		1,800
Amortization of debt discount	$ 300			100		300
Number of loan tranches \| item	3
Facility fees	$ 800
Professional fees	900
Debt issuance cost allocated to warrant issued	$ 600
2020 Term Loan \| Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Shares issued upon conversion of warrant \| shares	1,195,652							1,195,652
Exercise price \| $ / shares	$ 1.15
2020 Term Loan- Tranche One
Debt Instrument [Line Items]
Loan amount	$ 25,000
2020 Term Loan- Tranche Two and Three
Debt Instrument [Line Items]
Loan amount	35,000
2020 Term Loan- Tranche Two
Debt Instrument [Line Items]
Loan amount	20,000
Debt issuance costs	$ 300
Milestone duration	12 months
Value of stock issued upon conversion of convertible preferred stock	$ 1,100
Debt				$ 20,000		$ 20,000
2020 Term Loan- Tranche Three
Debt Instrument [Line Items]
Loan amount	15,000
Debt issuance costs	$ 200
Milestone duration	18 months
Value of stock issued upon conversion of convertible preferred stock	$ 800
Convertible Notes
Debt Instrument [Line Items]
Loan amount			$ 9,500
Interest rate			1.50%
Interest expenses					$ 200		200
Amortization of debt discount							$ 200
Value of stock issued upon conversion of convertible preferred stock			$ 20,000
Percentage of price of share of shares converted			80.00%
Derivative liability			$ 2,400
Debt			$ 7,100
Convertible Notes \| Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Loan amount		9,500
Debt		$ 9,500
Number of stock issued upon conversion of convertible preferred stock \| shares		10,351,063

Redeemable convertible preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 25, 2021	Mar. 31, 2021	Apr. 30, 2020	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)						$ 0.01		$ 0.01
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs						$ 79,743	$ 49,935
Conversion of convertible notes to Series C1 preferred stock							9,523
Issuance costs						1,861
Redeemable convertible preferred stock		$ 233,832		$ 233,832	$ 147,308	235,836	$ 147,308	$ 151,826	$ 83,456		$ 81,850
Long-term debt						$ 26,159
Convertible Notes
Redeemable convertible preferred stock
Long-term debt										$ 7,100
Series C1 And C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)			$ 1.15
Issuance costs			$ 600
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			23,611,208		23,611,208
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 27,200
Conversion of convertible notes to Series C1 preferred stock					$ 11,898
Purchase price						$ 1.15
Shares issued on conversion					10,351,063
Redeemable convertible preferred stock						$ 27,825		40,632
Series C1 Redeemable Convertible Preferred Stock \| Convertible Notes
Redeemable convertible preferred stock
Number of stock issued upon conversion of convertible preferred stock			10,351,063
Long-term debt			$ 9,500
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			20,301,829		20,301,829
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 23,300
Purchase price						$ 1.15
Redeemable convertible preferred stock						$ 38,982		$ 24,141
Number of shares exchanged	11,437,301
Series D1 and D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)		$ 3.60		$ 3.60
Issuance costs		$ 2,700
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued		22,086,725		22,086,725
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 79,500
Purchase price						$ 3.60
Redeemable convertible preferred stock						$ 69,941
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued		413,268		413,268
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 1,500
Purchase price						$ 3.60
Redeemable convertible preferred stock						$ 9,861
Number of shares exchanged	2,364,509

Redeemable convertible preferred stock - Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Redeemable convertible preferred stock
Preferred stock authorized	196,257,710		161,455,689
Preferred stock issued	155,521,633		133,021,640
Preferred stock outstanding	155,521,633	155,521,633	133,021,640	133,021,640	78,757,540	78,757,540
Redeemable convertible preferred stock	$ 235,836	$ 233,832	$ 151,826	$ 147,308	$ 83,456	$ 81,850
Liquidation preference	$ 286,183		$ 204,808
Common stock issuable upon conversion	31,104,299		26,604,306
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	22,563,639		22,563,639
Preferred stock issued	18,740,115		18,740,115
Preferred stock outstanding	18,740,115		18,740,115
Redeemable convertible preferred stock	$ 19,136		$ 18,542
Liquidation preference	$ 21,551		$ 21,176
Common stock issuable upon conversion	3,748,022		3,748,022
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	61,217,419		61,217,425
Preferred stock issued	60,017,425		60,017,425
Preferred stock outstanding	60,017,425		60,017,425
Redeemable convertible preferred stock	$ 70,091		$ 68,511
Liquidation preference	$ 90,026		$ 90,026
Common stock issuable upon conversion	12,003,474		12,003,474
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	55,459,752		57,372,796
Preferred stock issued	22,524,970		33,962,271
Preferred stock outstanding	22,524,970		33,962,271
Redeemable convertible preferred stock	$ 27,825		$ 40,632
Liquidation preference	$ 38,856		$ 58,585
Common stock issuable upon conversion	4,504,985		6,792,445
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	31,739,130		20,301,829
Preferred stock issued	31,739,130		20,301,829
Preferred stock outstanding	31,739,130		20,301,829
Redeemable convertible preferred stock	$ 38,982		$ 24,141
Liquidation preference	$ 54,750		$ 35,021
Common stock issuable upon conversion	6,347,825		4,060,365
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	22,499,993
Preferred stock issued	19,722,216
Preferred stock outstanding	19,722,216
Redeemable convertible preferred stock	$ 69,941
Liquidation preference	$ 71,000
Common stock issuable upon conversion	3,944,439
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized	2,777,777
Preferred stock issued	2,777,777
Preferred stock outstanding	2,777,777
Redeemable convertible preferred stock	$ 9,861
Liquidation preference	$ 10,000
Common stock issuable upon conversion	555,554

Redeemable convertible preferred stock - Conversion (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	Mar. 31, 2021	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 79,743	$ 49,935
Temporary equity share price (in dollars per share)			$ 0.01		$ 0.01
Minimum
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 100,000
Temporary equity share price (in dollars per share)			$ 18.00
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Share Price			1.00
Conversion Price per share			5.00
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Share Price			1.00
Conversion Price per share			5.00
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 27,200
Share Price			1.15
Conversion Price per share			5.75
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 23,300
Share Price			1.15
Conversion Price per share			$ 5.75
Series C2 Redeemable Convertible Preferred Stock \| Maximum
Redeemable convertible preferred stock
Voting power (as a percent)			10.00%
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	$ 79,500
Share Price			$ 3.60
Conversion Price per share			18.00
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	$ 1,500
Share Price			3.60
Conversion Price per share			$ 18.00
Series D2 Redeemable Convertible Preferred Stock \| Maximum
Redeemable convertible preferred stock
Voting power (as a percent)			10.00%

Redeemable convertible preferred stock - Dividends (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) installment $ / shares
Redeemable convertible preferred stock
Number of eligible annual installments \| installment	3
Dividend declared \| $	$ 0.0
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.04
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.04
Number of eligible annual installments \| installment	3
Increase (decrease) in dividend rate	$ 0.10
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.046
Number of eligible annual installments \| installment	3
Increase (decrease) in dividend rate	$ 0.115
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.046

Redeemable convertible preferred stock - Liquidation and Redemption - (Details)	6 Months Ended
	Jun. 30, 2021 installment $ / shares
Redeemable convertible preferred stock
Redemption term	60 days
Number of Eligible Annual Installments \| installment	3
Term of breach of special redemption right	1 year
Ratio of redemption price	2
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 1.00
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 1.50
Number of Eligible Annual Installments \| installment	3
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 1.725
Number of Eligible Annual Installments \| installment	3
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 1.725
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	3.60
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 3.60
First installment
Redeemable convertible preferred stock
Redemption of preferred stock (as a percent)	33.33%
Second installment
Redeemable convertible preferred stock
Redemption of preferred stock (as a percent)	50.00%

Preferred stock warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020	May 31, 2020
2020 Term Loan \| Series C1 Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Shares issued upon conversion of warrant		1,195,652		1,195,652
Exercise price				$ 1.15
Preferred stock warrant
Class of Warrant or Right [Line Items]
Warrant fair value	$ 15,600		$ 4,117
Preferred stock warrant \| Series C1 Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Exercise price				$ 1.15
Warrant expiry term				10 years
Warrant fair value				$ 700

Preferred stock warrants - Classes of Preferred Stock Outstanding (Details) - Preferred stock warrant - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	May 31, 2020
Preferred stock warrants
Preferred shares issuable upon exercise of warrant	6,219,170	6,219,170
Warrant fair value	$ 15,600	$ 4,117
Series A1 Redeemable Convertible Preferred Stock \| Liability
Preferred stock warrants
Warrant expiry term	10 years	10 years
Preferred shares issuable upon exercise of warrant	3,823,524	3,823,524
Weighted average exercise price (in dollars per share)	$ 0.01	$ 0.01
Warrant fair value	$ 9,600	$ 1,875
Series B1 Redeemable Convertible Preferred Stock \| Liability
Preferred stock warrants
Warrant expiry term	10 years	10 years
Preferred shares issuable upon exercise of warrant	1,199,994	1,199,994
Weighted average exercise price (in dollars per share)	$ 0.01	$ 0.01
Warrant fair value	$ 3,457	$ 1,501
Series C1 Redeemable Convertible Preferred Stock
Preferred stock warrants
Warrant expiry term			10 years
Weighted average exercise price (in dollars per share)			$ 1.15
Warrant fair value			$ 700
Series C1 Redeemable Convertible Preferred Stock \| Liability
Preferred stock warrants
Warrant expiry term	10 years	10 years
Preferred shares issuable upon exercise of warrant	1,195,652	1,195,652
Weighted average exercise price (in dollars per share)	$ 1.15	$ 1.15
Warrant fair value	$ 2,543	$ 741

Common stock and common stock warrants (Details) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) director Vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Common stock and common stock warrants
Number of directors entitled to be elected \| director	1
Cash dividends \| $	$ 0.0	$ 0.0
Shares reserved	37,102,309	32,574,029
Common Class A
Common stock and common stock warrants
Common stock, authorized (in shares)	40,000,000	35,000,000
Common stock, issued (in shares)	966,317	612,850
Common stock, outstanding (in shares)	966,317	612,850
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of votes \| Vote	1
Common Class B
Common stock and common stock warrants
Common stock, authorized (in shares)	6,903,379	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01

Common stock and common stock warrants - Warrants (Details) - Common stock and common stock warrant - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common stock and common stock warrants
Common stock shares issuable upon exercise of warrant	55,835	55,835
Equity \| July 24, 2017
Common stock and common stock warrants
Contractual term (in years)	10 years
Common stock shares issuable upon exercise of warrant	25,835
Weighted average exercise price (in dollars per share)	$ 295.15
Equity \| April 12, 2018
Common stock and common stock warrants
Contractual term (in years)	10 years
Common stock shares issuable upon exercise of warrant	30,000
Weighted average exercise price (in dollars per share)	$ 1.00

Stock-based compensation - 2010 Stock Option and Grant Plan (Details) - shares	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		0	1,582,155
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				4,945,783
Additional shares authorized	382,889
Granted		0	0
2010 Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			5,328,672
Number of shares available for grant			179,464	1,065,501

Stock-based compensation - Weighted Average Basis Assumptions (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Stock-based compensation
Risk-free interest rate	1.10%	1.00%	1.50%
Expected term (in years)	6 years 1 month 6 days	6 years	6 years 1 month 6 days
Expected volatility	43.10%	44.30%	39.70%
Expected dividend yield	0.00%	0.00%	0.00%

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Number of shares
Outstanding as of December 31, 2020 (in shares)			3,604,584
Granted (in shares)		0	1,582,155
Exercised (in shares)			(104,559)
Expired (in shares)			(34,447)
Forfeited (in shares)			(528,849)
Outstanding as of June 30, 2021 (in shares)	4,518,884		4,518,884		3,604,584
Options vested and expected to vest as of June 30, 2021 (in shares)	4,518,884		4,518,884
Options exercisable as of June 30, 2021 (in shares)	1,894,694		1,894,694
Weighted average exercise price
Outstanding as of December 31, 2020 (in dollars per share)			$ 0.92
Granted (in dollars per share)			8.12
Exercised (in dollars per share)			2.77
Expired (in dollars per share)			1.00
Forfeited (in dollars per share)			1.71
Outstanding as of June 30, 2021 (in dollars per share)	$ 3.33		3.33		$ 0.92
Options vested and expected to vest as of June 30, 2021 (in dollars per share)	3.33		3.33
Options exercisable as of June 30, 2021 (in dollars per share)	$ 1.13		$ 1.13
Weighted average remaining contractual term
Weighted average remaining contractual term (in years)			8 years 25 days		8 years 1 month 13 days
Options vested and expected to vest (in years)			8 years 25 days
Options exercisable (in years)			6 years 7 months 20 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 46,428		$ 46,428		$ 4,272
Options vested and expected to vest	46,428		46,428
Options exercisable	$ 23,668		23,668
Exercised			$ 300	$ 0
Weighted average grant-date fair value	$ 1.03	$ 0	$ 0.80	$ 0.16

Stock-based compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based compensation
Proceeds from issuance of restricted stock award		$ 523
Restricted Stock
Share-based compensation
Vesting Period	4 years
Proceeds from issuance of restricted stock award	$ 500
Number of shares
Granted (in shares)	248,903	248,903
Unvested as of June 30, 2021 (in shares)		248,903
Weighted average fair value
Granted (in dollars per share)	$ 2.10	$ 2.10
Unvested as of June 30, 2021 (in dollars per share)		$ 2.10
Restricted Stock \| Other long-term liabilities
Share-based compensation
Amount of restricted common stock liability		$ 700	$ 0

Stock-Based compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 390	$ 126	$ 581	$ 246
Unrecognized compensation expense	4,000		$ 4,000
Weighted average period			1 year 7 months 6 days
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	85	20	$ 115	42
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	208	80	335	151
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	60	15	82	31
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 37	$ 11	$ 49	$ 22

Net loss per share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (11,831)	$ (22,101)	$ (9,267)	$ (8,007)	$ (33,932)	$ (17,274)
Accretion of redeemable convertible preferred stock to redemption value	(1,184)		(1,232)		(1,971)	(2,050)
Cumulative redeemable convertible preferred stock dividends	(885)		(787)		(2,296)	(1,575)
Net loss attributable to common stockholders - basic	(13,900)		(11,286)		(38,199)	(20,899)
Net loss attributable to common stockholders - diluted	$ (13,900)		$ (11,286)		$ (38,199)	$ (20,899)
Denominator:
Weighted average common shares outstanding - basic	694,698		353,465		668,180	353,465
Weighted average common shares outstanding - diluted	694,698		353,465		668,180	353,465
Net loss per share attributable to common stockholders - basic	$ (20.01)		$ (31.93)		$ (57.17)	$ (59.13)
Net loss per share attributable to common stockholders - diluted	$ (20.01)		$ (31.93)		$ (57.17)	$ (59.13)

Net loss per share - Schedule of Common Stock Excluded From Computation of Diluted Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	36,916,052	30,654,740
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	4,512,084	2,750,728
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	55,835	55,872
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	31,104,299	26,604,306
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	1,243,834	1,243,834

Commitments and contingencies - Lease Agreements (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2013	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commitments and contingencies
Renewal term	5 years	5 years		5 years
Option to extend	true
Tenant improvement allowance	$ 0.7
Rent expense		$ 0.1	$ 0.1	$ 0.2	$ 0.2
Monthly rent payments		5.6		5.6
Lease payments for furniture and equipment		$ 0.6		$ 0.6

Commitments and contingencies - Future Minimum Lease Commitments under Operating Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Year ending December 31,
2021	$ 280
2022	1,139
2023	1,169
2024	1,199
2025	1,229
Thereafter	2,997
Total	$ 8,013

Commitments and contingencies - Loan Exit Fee, Supply Agreement and Software Subscription (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2016
Loan exit fee
Long-term Purchase Commitment [Line Items]
Loan exit fee			$ 0.8
Obligation	$ 0.0	$ 0.0
Loan exit fee \| Minimum
Long-term Purchase Commitment [Line Items]
Percentage of common stock			50.00%
Supply arrangement
Long-term Purchase Commitment [Line Items]
Accrued liability	0.2	0.1
Supply agreement
Accrued supply agreement amount	0.8
Software subscription
Long-term Purchase Commitment [Line Items]
Obligation	1.1
Accrued liability	$ 0.0	$ 0.0

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Benefit plans (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 0.1		$ 0.1	$ 0.1
Maximum
Defined Benefit Plan Disclosure [Line Items]
Contributions made		$ 0.1

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Subsequent events (Details) - Subsequent events $ / shares in Units, $ in Millions				1 Months Ended
	Aug. 04, 2021 USD ($) $ / shares shares	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 09, 2021	Jul. 31, 2021 shares
Subsequent events
Reverse stock split ratio			0.2
2021 Incentive Award Plan
Subsequent events
Term of awards				10 years
2021 Incentive Award Plan \| Common Class A
Subsequent events
Term of awards				10 years
Number of shares authorized				4,200,000
Threshold annual increase in shares available for issuance expressed as a percentage				5.00%
Maximum number of shares issuable upon exercise of stock option				33,900,000
2021 Employee Stock Purchase Plan \| Common Class A
Subsequent events
Term of awards				10 years
Number of shares authorized				400,000
Threshold annual increase in shares available for issuance expressed as a percentage				1.00%
Maximum number of shares issuable upon exercise of stock option				6,300,000
IPO \| Common Class A
Subsequent events
Stock issued during period shares new issues		7,920,000
Share issued, price per share \| $ / shares		$ 20.00
Gross proceeds \| $	$ 180.1	$ 158.4
Net proceeds \| $	$ 163.8	$ 143.6
Over Allotment Option \| Common Class A
Subsequent events
Stock issued during period shares new issues	1,086,604
Share issued, price per share \| $ / shares	$ 20.00
Net proceeds \| $	$ 20.2