0001380106-22-000010 | 10-K | XBRL Viewer | Rapid Micro Biosystems INC

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Consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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	$ 1,278
Series D2 Redeemable Convertible Preferred Stock
Issuance costs	19
Common Class A
Issuance costs	$ 16,032

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory
Raw materials	$ 10,135	$ 6,754
Work in process	1,235	1,190
Finished goods	4,301	1,021
Total	15,671	8,965
Inventory adjustments	$ 1,200	$ 1,000

Redeemable convertible preferred stock - Liquidation and Redemption (Details)	12 Months Ended
	Dec. 31, 2021 installment D $ / shares
Redeemable convertible preferred stock
Number of Eligible Annual Installments \| installment	3
Number of days for written notice \| D	60
Term of breach of special redemption right	1 year
Ratio of redemption price	2
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Distribution to preferred stock	$ 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 And C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 1.725
Series D1 and D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Liquidation preference per share	$ 3.60
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Number of Eligible Annual Installments \| installment	3
First installment
Redeemable convertible preferred stock
Ratio of redemption price	0.33
Second installment
Redeemable convertible preferred stock
Ratio of redemption price	50
Third installment
Redeemable convertible preferred stock
Ratio of redemption price	0.17

Consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit) - USD ($) $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	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]
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 C1 redeemable convertible preferred stock										$ 11,898
Conversion of bridge notes to C1 redeemable convertible preferred stock (in shares)										10,351,063
Accretion of redeemable convertible preferred stock to redemption value										$ 3,745
Cumulative redeemable convertible preferred stock dividends										4,398
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 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]
Issuance of Class A common stock upon exercise of common stock options	$ 2		254							256
Issuance of Class A common stock upon exercise of common stock options (In shares)	259,385
Accretion of redeemable convertible preferred stock to redemption value			(3,745)							(3,745)
Cumulative redeemable convertible preferred stock dividends			(4,398)							(4,398)
Stock-based compensation expense			533							533
Net loss				(37,078)						(37,078)
Other comprehensive income					$ 1					1
Balance at Dec. 31, 2020	$ 6		114,575	(241,588)	1					(127,006)
Balance (shares) at Dec. 31, 2020	612,850
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs								$ 78,274	$ 1,469
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										1,761
Conversion of preferred stock to common stock										$ (236,077)
Conversion of preferred stock to common stock (in shares)										(155,521,633)
Cumulative redeemable convertible preferred stock dividends										$ 2,747
Balance (shares) at Dec. 31, 2021										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of common stock options	$ 4		219							$ 223
Issuance of Class A common stock upon exercise of common stock options (In shares)	226,043									226,045
Accretion of redeemable convertible preferred stock to redemption value			(1,761)							$ (1,761)
Cumulative redeemable convertible preferred stock dividends			(2,747)							(2,747)
Conversion of preferred stock to common stock	$ 242	$ 69	235,766							236,077
Conversion of preferred stock to common stock (in shares)	24,200,920	6,903,379
Conversion of preferred stock warrants to class A common stock warrants			23,760							23,760
Issuance of class A common stock in initial public offering, net of issuance costs of $16,032	$ 90		164,010							164,100
Issuance of class A common stock in initial public offering, net of issuance costs of $16,032 (in shares)	9,006,604
Restricted stock award liability accretion			19							19
Issuance of Class A common stock upon exercise of common stock warrants	$ 2		11							13
Issuance of Class A common stock upon exercise of common stock warrants (in shares)	268,718
Issuance of restricted Class A common stock awards	$ 2		(2)
Issuance of restricted Class A common stock awards (in shares)	248,905
Stock-based compensation expense			1,843							1,843
Net loss				(73,524)						(73,524)
Other comprehensive income					(17)					(17)
Balance at Dec. 31, 2021	$ 346	$ 69	$ 535,693	$ (315,112)	$ (16)					$ 220,980
Balance (shares) at Dec. 31, 2021	34,564,040	6,903,379

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

Subsequent events

12 Months Ended

Dec. 31, 2021

Subsequent events.

Subsequent events

18. Subsequent Events

In March 2022, the Company amended the lease for its office and manufacturing space in Lowell, Massachusetts (the “Amendment”). The Amendment increased the amount of facility space subject to the lease and extended the expiration of the lease from July 2026 to July 2029. The terms of the Amendment include options for a one-time, five-year extension of the lease and early termination of the lease in July 2026 (subject to an early termination fee), as well as a $0.3 million tenant improvement allowance. Monthly rent payments are fixed and future minimum lease payments under the lease (as amended) are $4.6 million.

Summary of significant accounting policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Manufacturing and laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Manufacturing and laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Office furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Office furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 23,089	$ 17,388
Less: Accumulated depreciation	(11,785)	(10,336)
Property plant and equipment, net	11,304	7,052
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	13,277	12,961
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,742	1,088
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	745	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	$ 4,313

Subsequent events (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Oct. 31, 2013
Subsequent events
Renewal term			5 years	5 years
Tenant improvement allowance				$ 700
Lease payments for furniture and equipment			$ 600
Future minimum lease payments		$ 7,733
Subsequent events
Subsequent events
Renewal term	5 years
Tenant improvement allowance	$ 300
Future minimum lease payments	$ 4,600

Net loss per share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (73,524)	$ (37,078)
Accretion of redeemable convertible preferred stock to redemption value	(1,761)	(3,745)
Cumulative redeemable convertible preferred stock dividends	(2,747)	(4,398)
Net loss attributable to common stockholders - basic	(78,032)	(45,221)
Net loss attributable to common stockholders - diluted	$ (78,032)	$ (45,221)
Denominator:
Weighted average common shares outstanding - basic	19,783,539	358,582
Weighted average common shares outstanding - diluted	19,783,539	358,582
Net loss per share attributable to common stockholders - basic	$ (3.94)	$ (126.11)
Net loss per share attributable to common stockholders - diluted	$ (3.94)	$ (126.11)
Common Class A
Denominator:
Weighted average common shares outstanding - basic	16,568,267	358,582
Weighted average common shares outstanding - diluted	16,568,267	358,582
Net loss per share attributable to common stockholders - basic	$ (3.94)	$ (126.11)
Net loss per share attributable to common stockholders - diluted	$ (3.94)	$ (126.11)
Common Class B
Denominator:
Weighted average common shares outstanding - basic	3,215,272
Weighted average common shares outstanding - diluted	3,215,272
Net loss per share attributable to common stockholders - basic	$ (3.94)
Net loss per share attributable to common stockholders - diluted	$ (3.94)

Common stock and common stock warrants (Details)	12 Months Ended
Common stock and common stock warrants (Details)	Dec. 31, 2021 USD ($) Vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Common stock and common stock warrants
Cash dividends \| $	$ 0	$ 0
Shares reserved	20,028,342	32,574,029
Common Class A
Common stock and common stock warrants
Common stock, authorized (in shares)	210,000,000	35,000,000
Common stock, issued (in shares)	34,564,040	612,850
Common stock, outstanding (in shares)	34,564,040	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)	10,000,000	0
Common stock, issued (in shares)	6,903,379	0
Common stock, outstanding (in shares)	6,903,379	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01

Fair value of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 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

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 December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	173,755	$	—	$	—	$	173,755
Short-term investments		15,110		—		—		15,110
Long-term investments		9,966		—		—		9,966
	$	198,831	$	—	$	—	$	198,831


	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 prior to their conversion into common stock warrants in connection with the Company’s IPO in July 2021:


	Year Ended December 31,
	2021			2020
Fair value of Series A1 preferred stock	$	3.01		$	0.50
Fair value of Series B1 preferred stock	$	3.26		$	1.26
Fair value of Series C1 preferred stock	$	3.30		$	1.23
Remaining contractual term (in years)		6.8			7.3
Risk-free interest rate		1.2	%		0.6	%
Expected dividend yield		—	%		—	%
Expected volatility		42.0	%		40.0	%

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):


	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	4,117	$	3,396
Initial fair value of Series C1 preferred stock warrants		—		652
Change in fair value of preferred stock warrants		19,643		69
Conversion of preferred stock warrants to common stock warrants		(23,760)		—
Balance, end of period	$	—	$	4,117

- 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

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income taxes

Schedule of Company's loss before income tax expense

The components of the Company’s loss before income tax expense are as follows (in thousands):


	Year Ended December 31,
	2021		2020
United States	$	(73,643)	$	(37,049)
Foreign		210		105
Loss before income tax provision	$	(73,433)	$	(36,944)

Schedule of components of income tax expense

The components of income tax expense are as follows (in thousands):


	Year Ended December 31,
	2021		2020
Current income tax provision:
Federal	$	—	$	—
State		—		54
Foreign		91		80
Total current income tax provision		91		134
Deferred income tax benefit:
Federal		17,099		(7,455)
State		2,923		(282)
Foreign		—		—
Total deferred income tax benefit		20,022		(7,737)
Change in deferred tax asset valuation allowance		(20,022)		7,737
Total provision for income taxes	$	91	$	134

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2021		2020
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	(3.1)		0.5
Federal and state research and development tax credits	0.5		0.9
Unrecognized tax benefits reserve and interest change	(0.1)		(0.2)
Change in valuation allowance	26.4		(20.8)
Permanent differences	(0.5)		(0.3)
Loss on extinguishment of debt	—		(1.2)
Section 382/383 limitation	(38.7)		—
Unrealized loss on value of warrants	(5.6)		(0.1)
Other	—		(0.2)
Effective income tax rate	(0.1)	%	(0.4)	%

Schedule of net deferred tax assets

Net deferred tax assets consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Deferred tax assets:
Net loss carryforwards	$	33,663	$	52,624
Research and development tax credit carryforwards		3,605		5,425
Research and development capitalized costs		4,041		3,636
Inventory		196		148
Accrued expenses		1,076		644
Other		139		88
Total deferred tax assets		42,720		62,565
Deferred tax liabilities:
Depreciation		(229)		(52)
Total deferred tax liabilities		(229)		(52)
Net deferred tax assets		42,491		62,513
Valuation allowance		(42,491)		(62,513)
Net deferred tax assets	$	—	$	—

Schedule of changes in the valuation allowance for deferred tax assets

Changes in the valuation allowance for deferred tax assets relates primarily to the decrease in NOL carryforwards and research and development tax credit carryforwards and were as follows (in thousands):


	December 31,		December 31,
	2021		2020
Valuation allowance as of beginning of year	$	62,513	$	54,776
Increases recorded to income tax provision		13,067		8,802
Decreases recorded as a benefit to income tax provision		(33,089)		(1,065)
Valuation allowance as of end of year	$	42,491	$	62,513

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	December 31,		December 31,
	2021		2020
Unrecognized tax benefits as of beginning of year	$	569	$	532
Additions for tax positions of prior years		54		37
Reductions for tax positions of prior years		—		—
Unrecognized tax benefits as of end of year	$	623	$	569

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Short-term investments	$ 15,110	$ 14,998
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	15,125	14,997
Gross unrealized gains		1
Gross unrealized losses	(15)
Fair value	15,110	14,998
Short-term Investments \| U.S. Treasury bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost		14,997
Gross unrealized gains		1
Fair value		$ 14,998
Short-term Investments \| US Treasury Bill
Debt Securities, Available-for-sale [Line Items]
Amortized cost	4,983
Gross unrealized losses	(2)
Fair value	4,981
Short-term Investments \| US Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	10,142
Gross unrealized losses	(13)
Fair value	10,129
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	9,966
Fair value	9,966
Long-term investments \| US Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	9,966
Fair value	$ 9,966

Redeemable convertible preferred stock - Conversion (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) item $ / shares	Jul. 19, 2021 $ / shares	Dec. 31, 2020 $ / shares
Redeemable convertible preferred stock
Gross proceeds with common stock \| $	$ 30.0
Temporary equity share price (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Number of shares issued on automatic conversion \| item	1
Minimum
Redeemable convertible preferred stock
Share Price	$ 3.00
Maximum
Redeemable convertible preferred stock
Voting power (as a percent)	10.00%
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	$ 1.00
Conversion Price per share	5.00
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	1.00
Conversion Price per share	5.00
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	1.15
Conversion Price per share	5.75
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	1.15
Conversion Price per share	5.75
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	3.60
Conversion Price per share	18.00
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)	3.60
Conversion Price per share	$ 18.00

Income taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net loss carryforwards	$ 33,663	$ 52,624
Research and development tax credit carryforwards	3,605	5,425
Research and development capitalized costs	4,041	3,636
Inventory	196	148
Accrued expenses	1,076	644
Other	139	88
Total deferred tax assets	42,720	62,565
Deferred tax liabilities:
Depreciation	(229)	(52)
Total deferred tax liabilities	(229)	(52)
Net deferred tax asset	42,491	62,513
Valuation allowance	$ (42,491)	$ (62,513)	$ (54,776)

Commitments and contingencies

12 Months Ended

Dec. 31, 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 a one-time, five-year extension of the lease and early termination of the lease in July 2024 as well as a $0.7 million tenant improvement allowance, which was fully utilized in prior periods.

In June 2021, the Company entered into a Sublease agreement for office and back-up 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. 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. Additionally, the Sublease requires the Company to return part of the leased space back to its original condition upon termination. As a result, the Company recognized an asset retirement obligation in the amount of $0.2 million which is classified in other long-term liabilities within the consolidated balance sheet. 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 $0.7 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively.

Future minimum lease commitments under operating leases as of December 31, 2021 are as follows (in thousands):


Year ending December 31,
2022	$	1,139
2023		1,169
2024		1,199
2025		1,229
2026		1,044
Thereafter		1,953
Total	$	7,733

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 was 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 was 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 December 31, 2020, as the occurrence of a qualifying exit event was not deemed probable. The Company paid the exit fee following the IPO, which was considered a qualifying event. The exit fee expense is included in other income (expense) on the condensed consolidated statements of operations for the year ended December 31, 2021.

Supply agreement

In March 2020, the Company entered into an agreement with a supplier to provide raw materials used in the manufacturing process of the Growth Direct. As of December 31, 2021, the Company had committed to minimum payments under these arrangements totaling $0.9 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 $0.1 million accrued for the supply agreement as of December 31, 2021 and 2020.

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. The Company 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. The Company had $0.1 million and zero accrued for the software subscription as of December 31, 2021 and December 31, 2020, respectively.

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 consolidated financial statements as of December 31, 2021 or 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 the costs related to such legal proceedings as they are incurred.

Common stock and common stock warrants (Tables)

12 Months Ended

Dec. 31, 2021

Common stock and common stock warrant

Preferred stock warrants

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

As of December 31, 2021 and 2020, warrants to purchase the Class A common stock outstanding consisted of the following (in thousands, except for share and per share data)


	December 31, 2021
			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
July 14, 2021	10	Equity	975,109	$	1.46
			1,030,944


	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

Long-term debt (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Notes payable	$	—	$	25,000
Payment in kind interest		—		1,145
Less: Unamortized discount		—		(1,335)
Long-term debt, net of discount	$	—	$	24,810

Commitments and contingencies - Lease Agreements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Commitments and contingencies
Renewal term	5 years			5 years
Option to extend	false
Tenant improvement allowance	$ 0.7
Asset Retirement Obligations, Noncurrent				$ 0.2
Rent expense		$ 0.7	$ 0.4
Lease payments for furniture and equipment				$ 0.6

Preferred stock warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	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
Exercise price		$ 1.15
Preferred stock warrant
Class of Warrant or Right [Line Items]
Warrant fair value	$ 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

Summary of significant accounting policies

12 Months Ended

Dec. 31, 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 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, calculating the standalone selling price of products and services 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 as of [March 24, 2022], the date the consolidated financial statements were issued. These estimates may change as new events occur and additional information is obtained.

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 and long-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 or any other-than-temporary losses with respect to its cash equivalents and investments and does not believe it is exposed to any 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:


	Year Ended December 31,
	2021		2020
Customer A	16.7	%	23.2	%
Customer B	*		12.4	%
Customer C	*		10.5	%
	16.7	%	46.1	%

*	– less than 10%

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


	Year Ended December 31,
	2021		2020
Customer A	19.5	%	41.9	%
Customer D	12.6	%	*
Customer E	10.6	%	*
Customer F	10.0	%	*
Customer G	*		18.7	%
Customer H	*		13.4	%
Customer I	*		10.1	%
	52.7	%	84.1	%

*	– less than 10%

The Company relies on third parties for the supply and manufacture of its products as well as logistics. 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 year ended December 31, 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’ equity (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 consolidated statements of operations. As of December 31, 2021 and 2020, the Company had zero and $0.1 million, respectively, in deferred offering costs in the 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 consolidated balance sheets and amortized as interest expense on the consolidated statement of operations using the effective interest method, which approximates the straight-line method. As of December 31, 2021 and 2020, debt issuance costs totaled zero and $1.3 million, respectively. During the year ended December 31, 2021 and 2020, the Company recorded $0.4 million and $0.9 million, respectively, in amortization of debt issuance costs within interest expense in the 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 December 31, 2021 and 2020, the Company held cash of $0.3 million and $0.1 million in banks located outside of the U.S., respectively.

Restricted cash

As of December 31, 2021 and 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 a 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.

Investments

The Company’s short-term and long-term investments are classified as available-for-sale and recorded at fair value based upon market prices at period end. Unrealized gains and losses are recorded in accumulated other comprehensive income as a separate component of stockholders’ deficit. Realized gains and losses and declines in value of investments determined to be other than temporary are included as a component of interest income in the consolidated statements of operations. The costs of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method.

The Company evaluates its short-term and long-term investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be other-than-temporary, the Company reduces the investment to fair value through a charge to the consolidated statements of operations. No such adjustments were necessary during the periods presented.

The Company’s short-term investments as of December 31, 2021 and 2020 had maturities of less than one year and long-term investments at December 31, 2021 had maturities greater than one year.

Accounts receivable

Accounts receivable are customer obligations that are unconditional. Accounts receivable are presented net of an allowance for doubtful accounts, which represents an estimate of amounts that may not be collectible. The Company

performs ongoing credit evaluations of its customers and, if necessary, provides an allowance for doubtful accounts and expected losses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to customers. As of December 31, 2021 and 2020, the Company recorded zero allowance for doubtful accounts. Additionally, for the years ended December 31, 2021 and 2020, the Company recorded zero provision for bad debts or recoveries.

Inventory

Inventory is valued at the lower of cost or net realizable value. Cost is computed using the first-in, first-out method. The Company regularly reviews inventory quantities on-hand for excess and obsolete inventory and, when circumstances indicate, records charges to write down inventories to their estimated net realizable value, after evaluating historical sales, future demand, market conditions and expected product life cycles. Such charges are classified as cost of product revenue in the consolidated statements of operations. Any write-down of inventory to net realizable value creates a new cost basis.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset, as follows:


		Estimated Useful Life
Manufacturing and laboratory equipment		5-10 years
Computer hardware and software		3 years
Office furniture and fixtures		5-7 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service.

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 are capitalized, provided these costs are expected to be recoverable. There was $1.3 million of software development costs capitalized in other long-term assets at December 31, 2021, net of accumulated amortization of $0.1 million. The capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. There was $0.1 million of amortization expense recorded in the consolidated statement of operations for the year ended December 31, 2021.

Impairment of long-lived assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result

from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss is based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2021 or 2020.

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, investments, derivative liability 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. There was no debt outstanding as of December 31, 2021.

Product warranties

The Company offers a one-year limited assurance warranty on System sales, which is included in the selling price. Product warranties provide assurance that the Company’s product functions in accordance with standard specifications. Warranties cover for repairs and replacements when the product does not function in accordance with agreed specifications. The standard assurance warranty does not cover, and no warranty is provided for, parts which by their nature are normally required to be replaced periodically. The accrued warranty cost is based on estimated material, labor and other costs that the Company expects to incur to fulfill the warranty obligation. Estimates are primarily based on historical information, current cost data and future forecast. The Company periodically assesses the adequacy of the warranty accrual and adjusts the amount as necessary. If the historical data used to calculate the adequacy of the warranty accrual are not indicative of future requirements, additional or reduced warranty accrual may be required. The

warranty accrual is included in accrued expenses and other current liabilities in the consolidated balance sheets. The following table presents a summary of changes in the amount reserved for warranty cost (in thousands):


	Year Ended December 31,
	2021		2020
Balance, beginning of the period	$	637	$	848
Warranty provisions		—		14
Warranty repairs		(39)		(225)
Balance, end of the year	$	598	$	637

Classification and accretion of redeemable convertible preferred stock

Prior to the IPO and the conversion of redeemable convertible preferred stock to Class A and Class B common stock, the Company had classified redeemable convertible preferred stock outside of stockholders’ equity (deficit) because the shares contained certain redemption features that were not solely within the control of the Company. Costs incurred in connection with the issuance of each series of redeemable convertible preferred stock was recorded as a reduction of gross proceeds from issuance. The Company recorded periodic accretion to the carrying values of its outstanding redeemable convertible preferred stock such that the carrying value of the redeemable convertible preferred stock would have been equal to the redemption value at the earliest date of redemption. Adjustments to the carrying values of the redeemable convertible preferred stock to record this accretion at each reporting date were considered deemed dividends, which adjusted retained earnings (or in the absence of retained earnings, additional paid-in capital) and increased or decreased net loss attributable to common stockholders in computing basic and diluted earnings per share.

Preferred stock warrant liability

Prior to the IPO and the conversion of redeemable convertible preferred stock warrant liabilities to Class A common stock warrants, the Company classified warrants for the purchase of shares of its redeemable convertible preferred stock (see Notes 3 and 10) as a liability on its consolidated balance sheets as these warrants were freestanding financial instruments that may have required the Company to transfer assets upon exercise. The warrant liability was initially recorded at fair value on the issuance date of each warrant and was subsequently remeasured to fair value at each reporting date using the Black-Scholes pricing model. Changes in the fair value of the warrant liability were recognized as a component of other income (expense) in the consolidated statements of operations. Changes in the fair value of the preferred stock warrant liability were recognized up until the warrants qualified for equity classification upon IPO.

Derivative liability

In February 2020, the Company issued convertible notes to several investors (see Note 9) that provided a conversion option whereby upon the closing of a specified financing event 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 of the securities paid by the other investors. This conversion option was determined to be an embedded derivative that required to be bifurcated and accounted for separately from the notes. The derivative liability was initially recorded at fair value upon entering into the agreement. In April 2020, the specified financing event was consummated, as such the notes were converted into shares of Series C1 Preferred Stock (see Note 10), and the derivative liability was extinguished.

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

Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps when recording revenue:

(1) identify the contract, or contracts, with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, performance obligations are satisfied.

The Company derives revenue from the sale of its products and services through direct sale representatives. The Company’s arrangements are generally noncancelable and nonrefundable after ownership passes to the customer.

Product revenue

The Company derives product revenue primarily from the sale of its Systems, optional LIMS connection software, which facilitates the transfer of data captured by the System to the customer’s existing LIMS software, and proprietary consumables. Revenue is recognized when control of the products is transferred to the customer.

Transfer of control is generally at shipment or delivery, depending on contractual terms, and occurs when title and risk of loss transfers to the customer, which represents the point in time when the customer obtains the use of and substantially all of the benefits of the product. Upon delivery, the System is fully functional for use by the customer. As such, the Company’s performance obligation related to product sales is satisfied at a point in time. The Company’s principal terms of sale are free carrier (“FCA”) shipping point.

Service revenue

The Company derives service revenue primarily from validation services, service contracts and field service (including installation). The Company’s validation services include validation and documentation services performed utilizing Systems purchased by the customer. Service contracts are around-the-clock maintenance support which can be purchased by the customer after the expiration of the one-year assurance warranty included with each System purchase. Field service revenue primarily consists of services provided by field service engineers to install the System at the customer site and perform two preventative maintenance services during the warranty period. Service revenue is recognized over time using an input method based on time lapsed for service contracts and output method based on milestone achieved for validation services and field service.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct product or service to a customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the product or service is separately identifiable from other promises in the contract. The Company’s main performance obligations in customer arrangements are Systems, LIMS connection software, consumables, validation services, service contracts, and field service.

Payment terms

Payment terms for customer orders are typically between 30 to 90 days after the shipment or delivery of the product. For certain products, services and customer types, the Company requires payment before the products or services are

delivered to, or performed for, the customer. None of the Company’s contracts contain a significant financing component.

Multiple performance obligations with an arrangement

The Company’s contracts may include multiple performance obligations when customers purchase a combination of products and services such as System sold together with the LIMS connection software, consumables or services. For these arrangements, the Company allocates the contract’s transaction price to each performance obligation on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary methods used to estimate standalone selling prices are based on the prices observed in standalone sales to customers or cost-plus margin depending on the nature of the obligation and available evidence of fair value. Allocation of the transaction price is determined at contract’s inception.

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 $0.3 million and $0.5 million in contract assets as of December 31, 2021 and 2020, respectively, included in prepaid expenses and other current assets. These balances relate to the BARDA agreement 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 December 31, 2021 or 2020. Deferred revenue was $3.3 million and $4.4 million at December 31, 2021 and 2020, respectively. Revenue recognized during the year ended December 31, 2021 that was included in deferred revenue at the prior year end was $3.8 million. Revenue recognized during the year ended December 31, 2020, that was included in deferred revenue at the prior year end was $1.0 million.

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 reduce the cost share reimbursement rate. Modifications were accounted for prospectively. 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):


	Year Ended December 31,
	2021		2020
Product and service revenue — recurring	$	7,819	$	3,908
Product and service revenue — non-recurring		13,818		10,175
Non-commercial revenue — non-recurring		1,595		1,994
Total revenue	$	23,232	$	16,077

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


	Year Ended December 31,
	2021		2020
United States	$	12,892	$	7,304
Germany		1,695		1,920
Switzerland		4,314		4,111
All other countries		4,331		2,742
Total revenue	$	23,232	$	16,077

Contract acquisition costs

The Company incurs and pays commissions on Systems, LIMS connection software, validation services, field service arrangements, and starting in 2021, commissions on consumables and service contracts. The period of the related revenue stream is typically less than one year in duration, and as such, the Company applies the practical expedient to expense the costs in the period in which they were incurred. The Company does not pay commissions on non-commercial revenue with BARDA.

Shipping and handling fees

Shipping and handling fees billed to customers for product shipments are recorded in product revenue in the consolidated statements of operations. Shipping and handling costs incurred for inventory purchases and product shipments are recorded in cost of product revenue in the consolidated statements of operations.

Cost of revenue

Cost of product revenue primarily consists of costs for raw material parts and associated freight, shipping and handling costs, royalties, contract manufacturer costs, salaries and other personnel costs including stock-based compensation expense, depreciation and amortization expense, scrap, warranty cost, inventory reserves, allocated information technology and facility-related costs, overhead and other costs related to those sales recognized as product revenue in the period. Cost of service revenue primarily consists of salaries and other personnel costs including stock-based compensation expense, travel costs, materials consumed when performing installations, validations and other services, allocated information technology and facility-related costs, costs associated with training and other expenses related to service revenue recognized in the period. Cost of non-commercial revenue primarily consists of salaries and other personnel costs including stock-based compensation expense, consulting expense, materials, travel and other costs related to revenue recognized as non-commercial revenue during the period.

Research and development costs

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities including, employee-related expenses, such as salaries, bonuses and other personnel costs including stock-based compensation expense, the cost of developing maintaining and improving new and existing products designs, the cost of hardware and software engineering, the cost of research materials and supplies, external costs of outside consultants engaged to conduct research and development services associated with the Company’s technology and products, and information technology and facilities expenses, which include direct and allocated expenses for rent, maintenance of facilities and insurance, as well as related depreciation and amortization. The costs incurred for the development of system software that will be sold are capitalized when technological feasibility has been established. The Company has continued to develop the software associated with its platform and products, and the associated costs have been expensed as incurred, as the nature of improvements did not significantly improve the performance or functionality of the software.

Advertising costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. Advertising costs were $0.1 million during both of the years ended December 31, 2021 and 2020.

Patent costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditures. Amounts incurred are classified within general and administrative expense in the consolidated statement of operations.

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 as they occur. The Company has not issued any stock-based awards with performance-based vesting conditions.

The Company classifies stock-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which uses the following inputs: (i) the fair value per share of the common stock issuable upon exercise of the option, (ii) the expected term of the option, (iii) expected volatility of the price of the common stock, (iv) the risk-free interest rate, and (v) the expected dividend yield. Prior to the IPO, the Company valued its common stock taking into consideration its most recently available valuation of common stock performed by third parties as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. The exercise price of the option cannot be less than the fair market value of a share of common stock on the date of grant. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla”. The Company historically has been a private company and lacks company-specific historical and implied volatility information for its stock. Therefore, the Company estimates its expected stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on its common stock and does not expect to pay any cash dividends in the foreseeable future.

Income taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Foreign currency translation and transactions

The Company has determined that the functional and reporting currency for its operations in Germany and Switzerland is the U.S. Dollar. Gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in other income.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2021 and 2020, comprehensive loss included less than $0.1 million, respectively, of unrealized gains and losses on investments, net of tax.

Net loss per share attributable to common stockholders

The Company follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, redeemable convertible preferred stock and warrants to purchase preferred stock are considered potential dilutive common shares.

The Company’s redeemable convertible preferred stock contractually entitles the holders of such shares to participate in dividends but does not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders such losses are not allocated to such participating securities. In periods in which the Company reports a net loss attributable to common stockholders diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 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.

Recently adopted accounting pronouncements

In August 2018, the FASB issued ASU No. 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Topic 350): 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). 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 an “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. The Company expects to adopt this guidance effective January 1, 2023, and it is currently evaluating the impact on its 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.

The Company has adopted this guidance effective January 1, 2022 and elected the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and did not restate prior periods. The Company applied the transition package of practical expedients allowed by the standard. The Company has completed the assessment of the new standard and is finalizing the new required disclosures. As a result of the Company’s adoption of the new standard, the Company will record right-of-use assets and lease liabilities of approximately $6.0 million and $7.0 million, respectively, for existing operating leases, and finance lease right-of-use assets and lease

liabilities of $0.4 million for existing capital leases in the consolidated balance sheets at January 1, 2022. Additionally, the Company will reverse approximately $0.9 million of deferred rent liabilities previously recorded under the previous accounting guidance. The adoption of this new standard will not have a material impact on its consolidated results of operations or cash flows.

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. The Company adopted this guidance effective January 1, 2022, and the adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Stock-based compensation - Restricted Stock (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Proceeds from issuance of restricted Class A stock award		$ 523,000
Restricted Stock
Share-based compensation
Vesting Period	4 years
Proceeds from issuance of restricted Class A stock award	$ 500,000
Number of shares
Granted (in shares)	248,903	248,903
Unvested as of December 30, 2021 (in shares)		248,903
Weighted average fair value
Granted (in dollars per share)	$ 2.10	$ 2.10
Unvested as of September 30, 2021 (in dollars per share)		$ 2.10
Restricted Stock \| Other long-term liabilities
Share-based compensation
Amount of restricted common stock liability		$ 500,000	$ 0

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Net operating loss carryforwards, Federal	$ 137,500
Net operating loss carryforwards, State	62,700
Operating loss carryforward not subject to expiry	124,700
Interest and penalties	100	$ 100
Accrued interest and penalties	100	100
Uncertain tax position	623	$ 569	$ 532
Federal
Income taxes
Tax credit carryforwards	1,100
Operating loss carryforward not utilized and expected to expire	121,500
Federal \| Research and development tax credit carryforward
Income taxes
Tax credit carryforward not utilized and expected to expire	2,400
State
Income taxes
Tax credit carryforwards	2,100
Operating loss carryforward not utilized and expected to expire	$ 58,400

Summary of significant accounting policies - Debt Issuance Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Debt issuance costs	$ 0.0	$ 1.3
Amortization of the debt issuance costs	$ 0.4	$ 0.9

Stock-based compensation - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of shares
Outstanding as of December 31, 2020 (in shares)	3,604,584
Granted (in shares)	2,011,479
Exercised (in shares)	(226,045)
Expired (in shares)	(36,195)
Forfeited (in shares)	(530,723)
Outstanding as of December 30, 2021 (in shares)	4,823,100	3,604,584
Options vested and expected to vest as of December 30, 2021 (in shares)	4,823,100
Options exercisable as of December 30, 2021 (in shares)	2,210,701
Weighted average exercise price
Outstanding as of December 31, 2020 (in dollars per share)	$ 0.91
Granted (in dollars per share)	11.38
Exercised (in dollars per share)	1.80
Expired (in dollars per share)	1.48
Forfeited (in dollars per share)	2.75
Outstanding as of September 30, 2021 (in dollars per share)	5.06	$ 0.91
Options vested and expected to vest as of September 30, 2021 (in dollars per share)	5.06
Options exercisable as of September 30, 2021 (in dollars per share)	$ 1.39
Weighted average remaining contractual term
Weighted average remaining contractual term (in years)	7 years 7 months 13 days	8 years 1 month 13 days
Options vested and expected to vest (in years)	7 years 7 months 13 days
Options exercisable (in years)	5 years 10 months 20 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 31,041,000	$ 4,272,000
Options vested and expected to vest	31,041,000
Options exercisable	20,705,000
Exercised	$ 1,600,000	$ 0
Weighted average grant-date fair value	$ 4.89	$ 0.55

Consolidated statements of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated statements of comprehensive loss
Net loss	$ (73,524)	$ (37,078)
Other comprehensive income:
Unrealized income (loss) on short-term investments, net of tax	(17)	1
Comprehensive loss	$ (73,541)	$ (37,077)

- Definition

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

+ References

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+ Details

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Accrued employee compensation and benefits expense	$	3,569	$	3,083
Accrued vendor expenses		5,500		1,685
Accrued warranty expense		598		637
Accrued interest		—		330
Deferred rent, current portion		131		118
Accrued taxes		781		688
Other		338		113
	$	10,917	$	6,654

Summary of significant accounting policies - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Assurance warranty term	1 year
Number of Preventative Maintenance Services In Warranty Period \| item	2
Contract assets	$ 0.3	$ 0.5
Deferred revenue	3.3	4.4
Revenue recognized included in deferred revenue in prior period	$ 3.8	$ 1.0
Minimum
Disaggregation of Revenue [Line Items]
Payment term	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term	90 days

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of significant accounting policies

Use of estimates

Risk of concentrations of credit, significant customers and significant suppliers


	Year Ended December 31,
	2021		2020
Customer A	16.7	%	23.2	%
Customer B	*		12.4	%
Customer C	*		10.5	%
	16.7	%	46.1	%

*	– less than 10%

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


	Year Ended December 31,
	2021		2020
Customer A	19.5	%	41.9	%
Customer D	12.6	%	*
Customer E	10.6	%	*
Customer F	10.0	%	*
Customer G	*		18.7	%
Customer H	*		13.4	%
Customer I	*		10.1	%
	52.7	%	84.1	%

*	– less than 10%

Deferred offering costs

The Company’s short-term investments as of December 31, 2021 and 2020 had maturities of less than one year and long-term investments at December 31, 2021 had maturities greater than one year.

Accounts receivable

Inventory

Property and equipment


		Estimated Useful Life
Manufacturing and laboratory equipment		5-10 years
Computer hardware and software		3 years
Office furniture and fixtures		5-7 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Software Development Costs

Software development costs

Impairment of long-lived assets

Fair value measurements

●

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

●

Product warranties


	Year Ended December 31,
	2021		2020
Balance, beginning of the period	$	637	$	848
Warranty provisions		—		14
Warranty repairs		(39)		(225)
Balance, end of the year	$	598	$	637

Classification and accretion of redeemable convertible preferred stock

Preferred stock warrant liability

Derivative liability

Segment information

Revenue recognition

Product revenue

Service revenue

Performance obligations

Payment terms

delivered to, or performed for, the customer. None of the Company’s contracts contain a significant financing component.

Multiple performance obligations with an arrangement

Remaining performance obligations

Contract balances from contracts with customers

Non-commercial revenue

Disaggregated revenue


	Year Ended December 31,
	2021		2020
Product and service revenue — recurring	$	7,819	$	3,908
Product and service revenue — non-recurring		13,818		10,175
Non-commercial revenue — non-recurring		1,595		1,994
Total revenue	$	23,232	$	16,077

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


	Year Ended December 31,
	2021		2020
United States	$	12,892	$	7,304
Germany		1,695		1,920
Switzerland		4,314		4,111
All other countries		4,331		2,742
Total revenue	$	23,232	$	16,077

Contract acquisition costs

Shipping and handling fees

Cost of revenue

Research and development costs

Advertising costs

Patent costs

Stock-based compensation

Income taxes

Foreign currency translation and transactions

Comprehensive loss

Net loss per share attributable to common stockholders

Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today.

Net loss per share

12 Months Ended

Dec. 31, 2021

Net loss per share

Net loss per share

15. Net loss per share

Net loss per share attributable to the common stockholders

As of December 31, 2021, the Company has Class A common stock and Class B common stock outstanding. According to the Company’s restated certificate of incorporation, both classes have the same rights to the Company’s earnings and neither of the shares have any prior or senior rights to dividends to other shares.

The Company reported net loss attributable to common stockholders for the year ended December 31, 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 follow (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021		2020
Numerator:
Net loss	$	(73,524)	$	(37,078)
Accretion of redeemable convertible preferred stock to redemption value		(1,761)		(3,745)
Cumulative redeemable convertible preferred stock dividends		(2,747)		(4,398)
Net loss attributable to common stockholders—basic and diluted	$	(78,032)	$	(45,221)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted		16,568,267		358,582
Weighted average Class B common shares outstanding—basic and diluted		3,215,272		—
Total shares for EPS—basic and diluted		19,783,539		358,582
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(3.94)	$	(126.11)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(3.94)	$	—

The Company’s potentially dilutive securities, which include stock options, redeemable convertible preferred stock (prior to IPO), common stock warrants and preferred stock warrants (prior to IPO), 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:


	Year Ended December 31,
	2021	2020
Options to purchase common stock	4,823,100	3,604,581
Warrants to purchase common stock	294,964	55,835
Redeemable convertible preferred stock (as converted to common stock)	—	26,604,306
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	—	1,243,827
	5,118,064	31,508,549

Stock-based compensation - Weighted Average Basis Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Risk-free interest rate	1.02%	0.36%
Expected term (in years)	6 years	6 years
Expected volatility	44.40%	42.40%
Expected dividend yield	0.00%	0.00%

Nature of the business and basis of presentation - Going Concern (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Nature of the business and basis of presentation
Net losses	$ 73,524	$ 37,078
Accumulated deficit	(315,112)	(241,588)
Cash and cash equivalents	178,387	30,079
Short-term investments	$ 15,110	$ 14,998

- 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

Preferred stock warrants (Tables)

12 Months Ended

Dec. 31, 2021

Preferred stock warrant

Preferred stock warrants

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

As of 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):

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 - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)		2,011,479
Stock-based compensation expense		$ 1,843	$ 533
Unrecognized compensation expense		$ 8,500
Weighted average period		1 year 4 months 24 days
Options to purchase common stock \| Employees, Offices and Consultant \| 2021 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)		2,011,479	1,347,000
Stock-based compensation expense		$ 1,800	$ 500
2021 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
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
Shares avaliable for issuance		3,774,298
2021 Incentive Award Plan \| Options to purchase common stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage at market fair value		100.00%
Term of awards		10 years
2021 Incentive Award Plan \| Options to purchase common stock \| Employees, Offices and Consultant
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period		4 years
2021 Incentive Award Plan \| Options to purchase common stock \| Board of Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period		3 years
2021 Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
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
Offering Period		$ 0
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense		$ 329	47
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense		1,025	378
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense		346	58
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense		$ 143	$ 50

Preferred stock warrants

12 Months Ended

Dec. 31, 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. Prior to the IPO, the Company also had outstanding warrants to purchase shares of Preferred Stock issued in connection with previous financing agreements.

In connection with the IPO, all outstanding preferred stock warrants were automatically converted to Class A common stock warrants. The Company determined the event resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into stockholders’ equity (deficit).

As of 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):

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

Summary of significant accounting policies - Recently issued accounting pronouncements (Details) - Cumulative Effect, Period of Adoption, Adjustment - Accounting Standards Update 2016-02 $ in Millions	Jan. 01, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets	$ 6.0
Operating lease liabilities	7.0
Finance lease, right-of-use assets	0.4
Finance lease liabilities	0.4
Reversal of deferred rent liabilities	$ 0.9

Nature of the business and basis of presentation

12 Months Ended

Dec. 31, 2021

Nature of the business and basis of presentation

Nature of the business and basis of presentation

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 will likely continue to be extensive in many aspects of society, which has resulted in and will likely 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 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

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted 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. 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”).

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 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 $143.8 million from the initial public offering after deducting underwriting discounts, commissions and 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 underwriting discounts and commissions. The overallotment option exercise resulted in net proceeds of $20.2 million.

Liquidity

The Company has incurred recurring losses and net cash outflows from operations since its inception. The Company expects to continue to generate significant operating losses for the foreseeable future. The Company expects that its existing cash and cash equivalents and investments will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months following the date these consolidated financial statements were issued.

Benefit plans

12 Months Ended

Dec. 31, 2021

Benefit plans

Benefit plans

17. Benefit plans

The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue 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 $0.3 million and $0.2 million to the plan during the years ended December 31, 2021 and 2020, respectively.

Summary of significant accounting policies - Derivative Liability (Details)	Feb. 29, 2020
Summary of significant accounting policies
Conversion price percentage	80.00%

Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Inventory

Summary of Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Raw materials	$	10,135	$	6,754
Work in process		1,235		1,190
Finished goods		4,301		1,021
Total	$	15,671	$	8,965

Commitments and contingencies - Loan Exit Fee, Supply Agreement and Software Subscription (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Loan exit fee
Long-term Purchase Commitment [Line Items]
Loan exit fee			$ 0.8
Obligation		$ 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	$ 0.1
Supply agreement
Accrued supply agreement amount	0.9
Minimum payments supply arrangements	0.9
Accrued supply agreement amount	0.1
Software subscription
Long-term Purchase Commitment [Line Items]
Obligation		1.1
Accrued liability	0.1	0.0
Supply agreement
Accrued supply agreement amount	$ 0.1	$ 0.0

Summary of significant accounting policies - Accounts receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Allowance for doubtful accounts	$ 0	$ 0
Provision for bad debts or recoveries	$ 0	$ 0

Income taxes - Components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current income tax provision:
State		$ 54
Foreign	$ 91	80
Total current income tax provision	91	134
Deferred income tax benefit:
Federal	17,099	(7,455)
State	2,923	(282)
Total deferred income tax benefit	20,022	(7,737)
Change in deferred tax asset valuation allowance	(20,022)	7,737
Total provision for income taxes	$ 91	$ 134

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Prepaid insurance	$	1,622	$	355
Prepaid commitment fee on notes payable		—		275
Contract asset		396		471
Deposits		1,262		1,148
Lease receivables, current portion		231		325
Other		440		546
	$	3,951	$	3,120

Long-term debt

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Notes payable	$	—	$	25,000
Payment in kind interest		—		1,145
Less: Unamortized discount		—		(1,335)
Long-term debt, net of discount	$	—	$	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 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 consolidated statements of operations during the year ended December 31, 2020. Interest expense on the 2018 Term Loan totaled $0.9 million for year ended December 31, 2020, which includes amortization of the debt discount $0.2 million.

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 provided 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”).

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 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 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 consolidated statement of operations. Additionally, the Company allocated $0.3 million to Term B Loan and $0.2 million to Term C Loan and recorded within prepaid expenses and other current assets on the consolidated balance sheet and amortized on a straight-line basis over the debt access period within interest expense on the consolidated statement of operations.

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 warrants issued with the debt.

In September 2021, the Company repaid the 2020 Term Loan and incurred a debt extinguishment loss of $3.1 million, which was comprised of a $1.8 million prepayment penalty, $1.1 million expense related to unamortized discounts, and $0.2 million in unamortized prepaid facility fees and other charges. As of December 31, 2021, the Company had no outstanding balance on the 2020 Term Loan.

Interest expense on the 2020 Term Loan totaled $2.5 million and $2.2 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2020, the unamortized debt discount was $1.3 million. Accrued interest on the 2020 Term Loan totaled zero and $0.3 million at December 31, 2021 and 2020, respectively, which is included in accrued expenses and other current liabilities in consolidated balance sheets.

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 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 consolidated statement of operations.

Interest expense on the Convertible Notes totaled $0.4 million for the year ended December 31, 2020, which includes amortization of the debt discount of $0.3 million.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 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


	Year Ended December 31,
	2021		2020
Customer A	16.7	%	23.2	%
Customer B	*		12.4	%
Customer C	*		10.5	%
	16.7	%	46.1	%

*	– less than 10%

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


	Year Ended December 31,
	2021		2020
Customer A	19.5	%	41.9	%
Customer D	12.6	%	*
Customer E	10.6	%	*
Customer F	10.0	%	*
Customer G	*		18.7	%
Customer H	*		13.4	%
Customer I	*		10.1	%
	52.7	%	84.1	%

*	– less than 10%

Summary of estimated useful life of assets


		Estimated Useful Life
Manufacturing and laboratory equipment		5-10 years
Computer hardware and software		3 years
Office furniture and fixtures		5-7 years
Leasehold improvements		Shorter of remaining life of lease or useful life

Summary of changes in the amount reserved for warranty cost

The following table presents a summary of changes in the amount reserved for warranty cost (in thousands):


	Year Ended December 31,
	2021		2020
Balance, beginning of the period	$	637	$	848
Warranty provisions		—		14
Warranty repairs		(39)		(225)
Balance, end of the year	$	598	$	637

Schedule of disaggregated revenue by nature and geographic location

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):


	Year Ended December 31,
	2021		2020
Product and service revenue — recurring	$	7,819	$	3,908
Product and service revenue — non-recurring		13,818		10,175
Non-commercial revenue — non-recurring		1,595		1,994
Total revenue	$	23,232	$	16,077

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


	Year Ended December 31,
	2021		2020
United States	$	12,892	$	7,304
Germany		1,695		1,920
Switzerland		4,314		4,111
All other countries		4,331		2,742
Total revenue	$	23,232	$	16,077

Investments

12 Months Ended

Dec. 31, 2021

Investments

Investments

4. Investments

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


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Short-term investments
U.S. Government Treasury Bill	$	4,983	$	—	$	(2)	$	4,981
U.S. Government Treasury Notes		10,142				(13)		10,129
	$	15,125	$	—	$	(15)	$	15,110
Long-term Investments
U.S. Government Treasury Notes - Maturity One - Five Years		9,966		—		—		9,966
	$	9,966	$	—	$	—	$	9,966


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
Short-term investments	cost		gains		losses		value
U.S. Treasury bonds	$	14,997	$	1	$	—	$	14,998
	$	14,997	$	1	$	—	$	14,998

Inventory

12 Months Ended

Dec. 31, 2021

Inventory

Inventory

5. Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Raw materials	$	10,135	$	6,754
Work in process		1,235		1,190
Finished goods		4,301		1,021
Total	$	15,671	$	8,965

Raw materials, work in process and finished goods were net of adjustments to net realizable value of $1.2 million and $1.0 million, as of December 31, 2021 and 2020, respectively.

Redeemable convertible preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jul. 19, 2021	Feb. 29, 2020	Dec. 31, 2019
Redeemable convertible preferred stock
Shares issued				23,611,208
Temporary equity share price (in dollars per share)					$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs					$ 79,743	$ 49,935
Preferred stock, authorized (in shares)					0	161,455,689	10,000,000
Peferred stock , par value (in shares)					$ 0.01	$ 0.01	$ 0.01
Preferred stock ,outstanding (in shares)					0	133,021,640			78,757,540
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
Peferred stock , par value (in shares)				$ 1.15
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued				20,301,829		23,611,208
Temporary equity share price (in dollars per share)					$ 1.15
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				$ 27,200
Preferred stock, authorized (in shares)						57,372,796
Peferred stock , par value (in shares)					1.15
Preferred stock ,outstanding (in shares)						33,962,271
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
Temporary equity share price (in dollars per share)					1.15
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				$ 23,300
Number of shares exchanged		11,437,301
Preferred stock, authorized (in shares)						20,301,829
Peferred stock , par value (in shares)					$ 1.15
Preferred stock ,outstanding (in shares)						20,301,829
Series D1 and D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)			$ 3.60
Issuance costs			$ 1,300
Peferred stock , par value (in shares)			$ 3.60
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			22,086,725		22,086,725
Temporary equity share price (in dollars per share)					$ 3.60
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 79,500
Peferred stock , par value (in shares)					$ 3.60
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			413,268		413,268
Temporary equity share price (in dollars per share)					$ 3.60
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 1,500
Number of shares exchanged		2,364,509
Peferred stock , par value (in shares)					3.60
Common Class A
Redeemable convertible preferred stock
Conversion of Stock, Shares Issued	24,200,920
Common Class B
Redeemable convertible preferred stock
Conversion of Stock, Shares Issued	6,903,379
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)					1.00
Preferred stock, authorized (in shares)						61,217,425
Peferred stock , par value (in shares)					$ 1.00
Preferred stock ,outstanding (in shares)						60,017,425

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 178,387	$ 30,079
Short-term investments	15,110	14,998
Accounts receivable	5,005	4,988
Inventory	15,671	8,965
Prepaid expenses and other current assets	3,951	3,120
Total current assets	218,124	62,150
Property and equipment, net	11,304	7,052
Long-term investments	9,966
Other long-term assets	1,491	695
Restricted cash	284	100
Total assets	241,169	69,997
Current liabilities:
Accounts payable	3,944	4,468
Accrued expenses and other current liabilities	10,917	6,654
Deferred revenue	3,305	4,423
Total current liabilities	18,166	15,545
Preferred stock warrant liability		4,117
Notes payable, net of unamortized discount		24,810
Deferred rent, long term	813	705
Other long-term liabilities	1,210
Total liabilities	20,189	45,177
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock (Series A1, B1, C1, C2, D1, and D2), $0.01 par value; zero shares and 161,455,689 shares authorized at December 31, 2021 and December 31, 2020, respectively; zero shares and 133,021,640 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively		151,826
Stockholders' equity (deficit):
Preferred stock, $0.01 par value: 10,000,000 shares and zero shares authorized at December 31, 2021 and December 31, 2020, respectively; zero shares issued and outstanding at December 31, 2021 and December 31, 2020
Additional paid-in capital	535,693	114,575
Accumulated deficit	(315,112)	(241,588)
Accumulated other comprehensive income (loss)	(16)	1
Total stockholders' equity (deficit)	220,980	(127,006)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	241,169	69,997
Common Class A
Stockholders' equity (deficit):
Common stock	346	$ 6
Common Class B
Stockholders' equity (deficit):
Common stock	$ 69

Redeemable convertible preferred stock - Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 19, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable convertible preferred stock
Preferred stock authorized	0	10,000,000	161,455,689
Preferred stock issued	0		133,021,640
Preferred stock outstanding	0		133,021,640	78,757,540
Redeemable convertible preferred stock			$ 151,826	$ 81,850
Liquidation preference			$ 204,808
Common stock issuable upon conversion			26,604,306
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized			22,563,639
Preferred stock issued			18,740,115
Preferred stock outstanding			18,740,115
Redeemable convertible preferred stock			$ 18,542
Liquidation preference			$ 21,176
Common stock issuable upon conversion			3,748,022
Series B1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized			61,217,425
Preferred stock issued			60,017,425
Preferred stock outstanding			60,017,425
Redeemable convertible preferred stock			$ 68,511
Liquidation preference			$ 90,026
Common stock issuable upon conversion			12,003,474
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized			57,372,796
Preferred stock issued			33,962,271
Preferred stock outstanding			33,962,271
Redeemable convertible preferred stock			$ 40,632
Liquidation preference			$ 58,585
Common stock issuable upon conversion			6,792,445
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Preferred stock authorized			20,301,829
Preferred stock issued			20,301,829
Preferred stock outstanding			20,301,829
Redeemable convertible preferred stock			$ 24,141
Liquidation preference			$ 35,021
Common stock issuable upon conversion			4,060,365

Summary of significant accounting policies - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Balance, beginning of the period	$ 637	$ 848
Warranty provisions		14
Warranty repairs	(39)	(225)
Balance, end of the year	$ 598	$ 637
Warranty duration	1 year

Summary of significant accounting policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2021 segment
Summary of significant accounting policies
Number of operating segments	1
Number of reportable segments	1

Fair value of financial assets and liabilities - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 173,755	$ 23,456
Assets	198,831	38,454
Liabilities
Preferred stock warrant liability		4,117
Liabilities		4,117
Short-term Investments
Assets
Investments	15,110	14,998
Long-term investments
Assets
Investments	9,966
Level 1
Assets
Cash equivalents	173,755	23,456
Assets	198,831	38,454
Level 1 \| Short-term Investments
Assets
Investments	15,110	14,998
Level 1 \| Long-term investments
Assets
Investments	$ 9,966
Level 3
Liabilities
Preferred stock warrant liability		4,117
Liabilities		$ 4,117

Fair value of financial assets and liabilities (Details) - Convertible Notes - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2021	Feb. 29, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of price of share of shares converted			80.00%
Probability of completing the financing event upon closing of sale of convertible notes		100.00%
Value of automatic conversion option as percentage of fair value of capital stock to be issued		20.00%
Fair value of embedded derivative		$ 2.4
Series C1 Redeemable Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stock issued upon conversion of convertible preferred stock	10,351,063
Derivative liability extinguished	$ 2.4

Consolidated balance sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable convertible preferred stock, authorized (in shares)	0	161,455,689
Redeemable convertible preferred stock, issued (in shares)	0	133,021,640
Redeemable convertible preferred stock, outstanding (in shares)	0	133,021,640
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	210,000,000	35,000,000
Common stock, issued (in shares)	34,564,040	612,850
Common stock, outstanding (in shares)	34,564,040	612,850
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	0
Common stock, issued (in shares)	6,903,379	0
Common stock, outstanding (in shares)	6,903,379	0

Long-term debt - Components of Long-term Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: Unamortized discount		$ (1,335,000)
Long-term debt, net of discount	$ 0	24,810,000
Notes payable
Debt Instrument [Line Items]
Long-term debt		25,000,000
Payment in kind interest
Debt Instrument [Line Items]
Long-term debt		$ 1,145,000

- 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

Consolidated statements of operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 23,232	$ 16,077
Costs and operating expenses:
Research and development	9,781	6,531
Sales and marketing	11,815	5,962
General and administrative	17,895	9,976
Total costs and operating expenses	70,464	46,617
Loss from operations	(47,232)	(30,540)
Other income (expense):
Interest expense	(2,650)	(3,447)
Change in fair value of preferred stock warrant liability	(19,643)	(69)
Loss on extinguishment of debt	(3,100)	(2,910)
Other income (expense)	(808)	22
Total other income (expense,), net	(26,201)	(6,404)
Loss before income taxes	(73,433)	(36,944)
Income tax expense	91	134
Net loss	(73,524)	(37,078)
Accretion of redeemable convertible preferred stock to redemption value	(1,761)	(3,745)
Cumulative redeemable convertible preferred stock dividends	(2,747)	(4,398)
Net loss attributable to common stockholders - basic	(78,032)	(45,221)
Net loss attributable to common stockholders - diluted	$ (78,032)	$ (45,221)
Net loss per share attributable to common stockholders - basic	$ (3.94)	$ (126.11)
Net loss per share attributable to common stockholders - diluted	$ (3.94)	$ (126.11)
Weighted average common shares outstanding - basic	19,783,539	358,582
Weighted average common shares outstanding - diluted	19,783,539	358,582
Product revenue
Revenue:
Total revenue	$ 15,512	$ 10,992
Costs and operating expenses:
Cost of product revenue	23,434	18,642
Service revenue
Revenue:
Total revenue	6,125	3,091
Costs and operating expenses:
Cost of product revenue	5,922	3,386
Non-commercial revenue
Revenue:
Total revenue	1,595	1,994
Costs and operating expenses:
Cost of product revenue	$ 1,617	$ 2,120

Redeemable convertible preferred stock

12 Months Ended

Dec. 31, 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”), and 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 sold and issued 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 sold and issued 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 $1.3 million and recorded them as a reduction to the carrying value of the Series D1 Preferred Stock and Series D2 Preferred Stock.

In June 2021, the Series C1 and D1 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.

In July 2021, the IPO resulted in the automatic conversion Series A1, Series B1, Series C1 and Series D1 preferred stock to 24,200,920 shares of Class A common stock and Series C2 and Series D2 converted into 6,903,379 shares of Class B common stock. On July 19, 2021, the Company restated its certificate of incorporation and authorized 10,000,000 shares of $0.01 par value Preferred Stock. As of December 31, 2021, there was no Preferred Stock outstanding.

As of December 31, 2020, the Preferred Stock consisted of the following (in thousands, except for share data):


	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

Prior to the conversion of the Preferred Stock upon closing of the IPO, the holders of the Preferred Stock had 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 $30.0 million and at a price per share of not less than $3.00.

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 the conversion of the Preferred Stock upon closing of the IPO, 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.

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and contingencies

Schedule of future minimum lease commitments under operating leases

Future minimum lease commitments under operating leases as of December 31, 2021 are as follows (in thousands):


Year ending December 31,
2022	$	1,139
2023		1,169
2024		1,199
2025		1,229
2026		1,044
Thereafter		1,953
Total	$	7,733

Common stock and common stock warrants

12 Months Ended

Dec. 31, 2021

Common stock and common stock warrants

Common stock and common stock warrants

12. Common stock and common stock warrants

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).

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 Company’s Class B common stock is non-voting. 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 December 31, 2021 and December 31, 2020, no cash dividends had been declared or paid.

As of December 31, 2021 and 2020, the Company’s amended certificate of incorporation authorized the issuance of 210,000,000 shares and 35,000,000 shares, respectively, of $0.01 par value Class A common stock.

As of December 31, 2021, the Company had reserved 20,028,342 shares of common stock for the exercise of outstanding stock options, the number of shares remaining available for grant under the Company’s 2021 Incentive Award Plan (see Note 13), the number of shares available for purchase under the Company’s Employee Stock Purchase Plan (see Note 13), shares of common stock for the exercise of outstanding common stock warrants and the conversion of Class B common stock.

As of December 31, 2020, the Company had reserved 32,574,029 shares 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 preferred stock (see Note 11) and Class A common stock.

In prior years the Company issued warrants to purchase common stock in conjunction with previous financing arrangements. In connection with the IPO, preferred stock warrants were automatically converted to Class A common stock warrants. The contractual term of the converted Class A common stock warrants remained consistent with the original term of the preferred stock warrants. The Company determined the event resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into equity.

As of December 31, 2021 and 2020, warrants to purchase the Class A common stock outstanding consisted of the following (in thousands, except for share and per share data)


	December 31, 2021
			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
July 14, 2021	10	Equity	975,109	$	1.46
			1,030,944


	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

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Schedule of property and equipment, net

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


	December 31,		December 31,
	2021		2020
Manufacturing and laboratory equipment	$	13,277	$	12,961
Computer hardware and software		1,742		1,088
Office furniture and fixtures		745		343
Leasehold improvements		3,012		2,996
Construction-in-process		4,313		—
		23,089		17,388
Less: Accumulated depreciation		(11,785)		(10,336)
	$	11,304	$	7,052

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-based compensation

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


	Year Ended December 31,
	2021		2020
Risk-free interest rate	1.02	%	0.36	%
Expected term (in years)	6.0		6.0
Expected volatility	44.4	%	42.4	%
Expected dividend yield	0	%	0	%

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	$	0.91	8.12	$	4,272
Granted	2,011,479		11.38
Exercised	(226,045)		1.80
Expired	(36,195)		1.48
Forfeited	(530,723)		2.75
Outstanding as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Options vested and expected to vest as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Options exercisable as of December 31, 2021	2,210,701	$	1.39	5.89	$	20,705

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 December 31, 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 consolidated statements of operations as follows (in thousands):


	Year Ended December 31,
	2021		2020
Cost of revenue	$	329	$	47
General and administrative		1,025		378
Sales and marketing		346		58
Research and development		143		50
Total stock-based compensation expense	$	1,843	$	533

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued employee compensation and benefits expense	$ 3,569	$ 3,083
Accrued vendor expenses	5,500	1,685
Accrued warranty expense	598	637
Accrued interest		330
Deferred rent, current portion	131	118
Accrued taxes	781	688
Other	338	113
Accrued expenses and other current liabilities	$ 10,917	$ 6,654

Redeemable convertible preferred stock - Dividends (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) installment $ / shares
Redeemable convertible preferred stock
Number of eligible annual installments \| installment	3
Dividend declared \| $	$ 0
Series A1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.04
Dividend declared \| $	$ 0
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
Dividend declared \| $	$ 0
Series C1 And C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Dividend rate	$ 0.046
Series C1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Number of eligible annual installments \| installment	3
Increase (decrease) in dividend rate	$ 0.115
Dividend declared \| $	$ 0

Nature of the business and basis of presentation - Initial Public Offering (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 04, 2021 USD ($) $ / shares shares	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 09, 2021	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Gross proceeds				$ 164,100
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		$ 158,400
Net proceeds		$ 143,800
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	$ 20,200

Long-term debt - Term loans and convertible notes (Details) - USD ($)	1 Months Ended			12 Months Ended
	May 31, 2020	Apr. 30, 2020	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2018
Debt Instrument [Line Items]
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				$ 79,743,000	$ 49,935,000
Value of stock issued upon conversion of convertible preferred stock				236,077,000
Loss on extinguishment of debt				3,100,000	2,910,000
Long-term Debt.				0	24,810,000
Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 27,200,000
2018 Term Loan
Debt Instrument [Line Items]
Loan amount						$ 18,000,000.0
Debt paid	$ 19,400,000
Non-refundable end of term charges paid	1,300,000
Accrued interest paid	600,000
Early termination fee paid	100,000
Write off of debt issuance cost and end of term exit fee				700,000
Early payment and documentation fees				100,000
Interest expenses				900,000
Amortization of debt discount				200,000
Loss on extinguishment of debt					800,000
2020 Term Loan
Debt Instrument [Line Items]
Loan amount	60,000,000.0
Accrued interest				0	300,000
Unamortized debt discount					1,300,000
Interest expenses				2,500,000	2,200,000
Amortization of debt discount	300,000
Facility fees	800,000
Debt issuance costs	1,500,000
Professional fees	900,000
Debt issuance cost allocated to warrant issued	$ 600,000
Loss on extinguishment of debt				3,100,000
Prepayment Penalty				1,800,000
Expense to unamortized discounts				1,100,000
Unamortized prepaid facility fees and other charges				200,000
Long-term Debt.				$ 0
2020 Term Loan \| Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Shares issued upon conversion of warrant	1,195,652
Exercise price	$ 1.15
2020 Term Loan- Tranche One
Debt Instrument [Line Items]
Loan amount	$ 25,000,000.0
2020 Term Loan- Tranche Two and Three
Debt Instrument [Line Items]
Loan amount	35,000,000.0
2020 Term Loan- Tranche Two
Debt Instrument [Line Items]
Loan amount	20,000,000.0
Debt issuance costs	300,000
2020 Term Loan- Tranche Three
Debt Instrument [Line Items]
Loan amount	15,000,000.0
Debt issuance costs	$ 200,000
Convertible Notes
Debt Instrument [Line Items]
Loan amount			$ 9,500,000
Interest rate			1.50%
Interest expenses					400,000
Amortization of debt discount					$ 300,000
Debt			$ 7,100,000
Value of stock issued upon conversion of convertible preferred stock			$ 20,000,000.0
Percentage of price of share of shares converted			80.00%
Derivative liability			$ 2,400,000
Convertible Notes \| Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Loan amount		9,500,000
Debt		$ 9,500,000
Number of stock issued upon conversion of convertible preferred stock		10,351,063

Benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Benefit plans
Contributions made	$ 0.3	$ 0.2

- Definition

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

+ References + Details

Summary of significant accounting policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Cash	$ 0.3	$ 0.1
Guaranteed investment certificates	0.3	$ 0.1
Software development costs capitalized	1.3
Software development costs capitalized, net of accumulated depreciation	$ 0.1
Amortization period	5 years
Amortization expense	$ 0.1

Stock-based compensation

12 Months Ended

Dec. 31, 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”) provides 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.

In March 2021, the Board of Directors approved an increase to the 2010 Plan shares by 382,889 shares. Following the effectiveness of the IPO, no additional awards are being granted under the 2010 Plan and shares of existing outstanding options that are forfeited or cancelled will be available for grant under the 2021 Incentive Award Plan.

2021 Incentive Award Plan

In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective in connection with the IPO of Class A common stock. The 2021 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and cash-based awards. The 2021 Plan has a term of ten years. The aggregate number of shares of Class A common stock available for issuance under the 2021 Plan is equal to (i) 4,200,000 shares; (ii) any shares which are subject to the 2010 Plan awards that become available for issuance under the 2021 Plan; and (iii) 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 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. As of December 31, 2021, there are 3,774,298 shares available for issuance under the 2021 Plan.

The 2021 Plan is administered by the Board of Directors or, at the discretion of the Board of Directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the Board of Directors, or its committee or management if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of a share of common stock on the date of grant and the term of the stock option may not be greater than ten years. Stock options granted to employees, officers, and consultants typically vest over a four-year period, and stock options granted to members of the Board of directors typically vest over a three-year period.

During the years ended December 31, 2021 and 2020, the Company granted to employees, officers and directors options to purchase 2,011,479 shares and 1,347,000 shares, respectively, of common stock. The Company recorded stock-based compensation expense for options granted to employees, officers, and directors of $1.8 million and $0.5 million during the years ended December 31, 2021 and 2020.

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:


	Year Ended December 31,
	2021		2020
Risk-free interest rate	1.02	%	0.36	%
Expected term (in years)	6.0		6.0
Expected volatility	44.4	%	42.4	%
Expected dividend yield	0	%	0	%

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	$	0.91	8.12	$	4,272
Granted	2,011,479		11.38
Exercised	(226,045)		1.80
Expired	(36,195)		1.48
Forfeited	(530,723)		2.75
Outstanding as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Options vested and expected to vest as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Options exercisable as of December 31, 2021	2,210,701	$	1.39	5.89	$	20,705

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 for those options that had exercise prices lower than the fair value of the Company’s common stock.

The intrinsic value of stock options exercised during the years ended December 31, 2021 and 2020 was $1.6 million and zero, respectively.

The weighted average grant-date fair value per share of stock options granted during the year ended December 31, 2021 and 2020 was $4.89 and $0.55, 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 December 31, 2021 and December 31, 2020, the Company has $0.5 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 December 31, 2021	248,903	$	2.10

Stock-based compensation

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


	Year Ended December 31,
	2021		2020
Cost of revenue	$	329	$	47
General and administrative		1,025		378
Sales and marketing		346		58
Research and development		143		50
Total stock-based compensation expense	$	1,843	$	533

As of December 31, 2021, total unrecognized compensation expense related to unvested stock options held by employees and directors was $8.5 million, which is expected to be recognized over weighted average period of 1.4 years.

2021 Employee Stock Purchase Plan

In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO of Class A common stock. The aggregate number of shares of 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 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. As of December 30, 2021, no offering periods have been initiated.

Summary of significant accounting policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 23,232	$ 16,077
United states
Disaggregation of Revenue [Line Items]
Revenue recognized	12,892	7,304
Germany
Disaggregation of Revenue [Line Items]
Revenue recognized	1,695	1,920
Switzerland
Disaggregation of Revenue [Line Items]
Revenue recognized	4,314	4,111
All other countries
Disaggregation of Revenue [Line Items]
Revenue recognized	4,331	2,742
Product and service revenue - recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	7,819	3,908
Product and service revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	13,818	10,175
Non-commercial revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1,595	$ 1,994

- 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Income taxes

12 Months Ended

Dec. 31, 2021

Income taxes

Income taxes

14. Income taxes

The components of the Company’s loss before income tax expense are as follows (in thousands):


	Year Ended December 31,
	2021		2020
United States	$	(73,643)	$	(37,049)
Foreign		210		105
Loss before income tax provision	$	(73,433)	$	(36,944)

The components of income tax expense are as follows (in thousands):


	Year Ended December 31,
	2021		2020
Current income tax provision:
Federal	$	—	$	—
State		—		54
Foreign		91		80
Total current income tax provision		91		134
Deferred income tax benefit:
Federal		17,099		(7,455)
State		2,923		(282)
Foreign		—		—
Total deferred income tax benefit		20,022		(7,737)
Change in deferred tax asset valuation allowance		(20,022)		7,737
Total provision for income taxes	$	91	$	134

During the years ended December 31, 2021 and 2020, the Company did not record income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. The income tax provision was generated primarily from operations in Germany and Switzerland. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021		2020
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	(3.1)		0.5
Federal and state research and development tax credits	0.5		0.9
Unrecognized tax benefits reserve and interest change	(0.1)		(0.2)
Change in valuation allowance	26.4		(20.8)
Permanent differences	(0.5)		(0.3)
Loss on extinguishment of debt	—		(1.2)
Section 382/383 limitation	(38.7)		—
Unrealized loss on value of warrants	(5.6)		(0.1)
Other	—		(0.2)
Effective income tax rate	(0.1)	%	(0.4)	%

Net deferred tax assets consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Deferred tax assets:
Net loss carryforwards	$	33,663	$	52,624
Research and development tax credit carryforwards		3,605		5,425
Research and development capitalized costs		4,041		3,636
Inventory		196		148
Accrued expenses		1,076		644
Other		139		88
Total deferred tax assets		42,720		62,565
Deferred tax liabilities:
Depreciation		(229)		(52)
Total deferred tax liabilities		(229)		(52)
Net deferred tax assets		42,491		62,513
Valuation allowance		(42,491)		(62,513)
Net deferred tax assets	$	—	$	—

As of December 31, 2021, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $137.5 million and $62.7 million, respectively, which may be available to offset future taxable income and begin to expire at various dates beginning in 2027 and 2032, respectively. Additionally, the Company had federal NOLs of $124.7 million generated since 2018 that will never expire. The Tax Cuts and Jobs Act (TCJA) enacted on December 22, 2017 limits a taxpayer’s ability to utilize an NOL deduction in a year to 80% taxable income for federal NOL arising in tax years beginning after 2017. The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020 removes the 80% taxable income limitation for federal NOL deductions in taxable years before January 1, 2021.

As of December 31, 2021, the Company also had U.S. federal and state research and development tax credit carryforwards of $1.1 million and $2.1 million, respectively, which may be available to offset future tax liabilities and begin to expire in 2038 and 2024, respectively.

Utilization of the U.S. federal and state NOL carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, and

corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company is in the process of performing a Section 382 study to assess whether a change of control has occurred or whether there have been multiple changes of control. These ownership changes are expected to materially limit the net operating loss carryforwards and research and development tax credits available to offset future tax liabilities. Approximately $121.5 million of federal net operating loss carryforwards, $58.4 million of state net operating loss carryforwards, and $2.4 million of federal research and development tax credits are expected to expire unutilized from these ownership changes. These estimated expirations and unutilized net operating loss carryforwards and research and development tax credits have been reflected in the amounts of net operating loss carryforwards, research and development tax credits, and deferred tax assets disclosed above. The Company expects to finalize the Section 382 studies during 2022.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. The Company considered its history of cumulative net operating losses incurred since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2021 and 2020. The Company reevaluates the positive and negative evidence at each reporting period.


	December 31,		December 31,
	2021		2020
Valuation allowance as of beginning of year	$	62,513	$	54,776
Increases recorded to income tax provision		13,067		8,802
Decreases recorded as a benefit to income tax provision		(33,089)		(1,065)
Valuation allowance as of end of year	$	42,491	$	62,513

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	December 31,		December 31,
	2021		2020
Unrecognized tax benefits as of beginning of year	$	569	$	532
Additions for tax positions of prior years		54		37
Reductions for tax positions of prior years		—		—
Unrecognized tax benefits as of end of year	$	623	$	569

The Company recognizes interest and penalties related to unrecognized tax benefits in U.S. Federal, state, and foreign income tax expense. For the each of years ended December 31, 2021, and 2020, the Company recognized less than $0.1 million in interest and penalties. The Company had approximately $0.1 million of interest and penalties accrued as of both December 31, 2021 and 2020.

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 the years ended December 31, 2016 through the year ended December 31, 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

Summary of significant accounting policies - Risk of Concentrations of Credit, Significant Customers and Significant Suppliers (Details) - Customers	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total revenue \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage	16.70%	46.10%
Total revenue \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage	16.70%	23.20%
Total revenue \| Customer B
Concentration Risk [Line Items]
Customer concentration risk percentage		12.40%
Total revenue \| Customer C
Concentration Risk [Line Items]
Customer concentration risk percentage		10.50%
Accounts receivable \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage	52.70%	84.10%
Accounts receivable \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage	19.50%	41.90%
Accounts receivable \| Customer D
Concentration Risk [Line Items]
Customer concentration risk percentage	12.60%
Accounts receivable \| Customer E
Concentration Risk [Line Items]
Customer concentration risk percentage	10.60%
Accounts receivable \| Customer F
Concentration Risk [Line Items]
Customer concentration risk percentage	10.00%
Accounts receivable \| Customer G
Concentration Risk [Line Items]
Customer concentration risk percentage		18.70%
Accounts receivable \| Customer H
Concentration Risk [Line Items]
Customer concentration risk percentage		13.40%
Accounts receivable \| Customer I
Concentration Risk [Line Items]
Customer concentration risk percentage		10.10%

Property and equipment, net

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Property and equipment, net

7. Property and equipment, net

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


	December 31,		December 31,
	2021		2020
Manufacturing and laboratory equipment	$	13,277	$	12,961
Computer hardware and software		1,742		1,088
Office furniture and fixtures		745		343
Leasehold improvements		3,012		2,996
Construction-in-process		4,313		—
		23,089		17,388
Less: Accumulated depreciation		(11,785)		(10,336)
	$	11,304	$	7,052

Depreciation and amortization expense related to property and equipment was $1.5 million for the years ended December 31, 2021 and 2020. Amortization expense related to long-term assets was less than $0.1 million and zero for the years ended December 31, 2021 and 2020, respectively. The Company had less than $0.1 million of assets disposed of during the years ended December 31, 2021 and 2020.

As of December 31, 2021 and 2020, the Company's office furniture and fixtures shown in the above table included assets under a capital lease in the amount of $0.4 million and zero, respectively, and accumulated depreciation of less than $0.1 million and zero as of December 31, 2021 and 2020, respectively. As of December 31, 2021, future minimum lease payments under the capital lease were $0.6 million, with $0.2 million representing interest. The capital lease obligation is recorded in other long-term liabilities within the consolidated balance sheet.

Net loss per share (Tables)

12 Months Ended

Dec. 31, 2021

Net loss per share

Schedule of basic and diluted net loss per share

Basic and diluted net loss per share attributable to common stockholders was calculated as follow (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021		2020
Numerator:
Net loss	$	(73,524)	$	(37,078)
Accretion of redeemable convertible preferred stock to redemption value		(1,761)		(3,745)
Cumulative redeemable convertible preferred stock dividends		(2,747)		(4,398)
Net loss attributable to common stockholders—basic and diluted	$	(78,032)	$	(45,221)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted		16,568,267		358,582
Weighted average Class B common shares outstanding—basic and diluted		3,215,272		—
Total shares for EPS—basic and diluted		19,783,539		358,582
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(3.94)	$	(126.11)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(3.94)	$	—

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


	Year Ended December 31,
	2021	2020
Options to purchase common stock	4,823,100	3,604,581
Warrants to purchase common stock	294,964	55,835
Redeemable convertible preferred stock (as converted to common stock)	—	26,604,306
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	—	1,243,827
	5,118,064	31,508,549

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments

Schedule of short-term and long-term investments by investment type

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


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Short-term investments
U.S. Government Treasury Bill	$	4,983	$	—	$	(2)	$	4,981
U.S. Government Treasury Notes		10,142				(13)		10,129
	$	15,125	$	—	$	(15)	$	15,110
Long-term Investments
U.S. Government Treasury Notes - Maturity One - Five Years		9,966		—		—		9,966
	$	9,966	$	—	$	—	$	9,966


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
Short-term investments	cost		gains		losses		value
U.S. Treasury bonds	$	14,997	$	1	$	—	$	14,998
	$	14,997	$	1	$	—	$	14,998

Fair value of financial assets and liabilities - Transfers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair value of financial assets and liabilities
Asset transferred, L1 to L2	$ 0	$ 0
Asset transferred, L2 to L1	0	0
Liabilities transferred, L1 to L2	0	0
Liabilities transferred, L2 to L1	0	0
Asset transferred, into L3	0	0
Asset transferred, out of L3	0	0
Liabilities transferred, into L3	0	0
Liabilities transferred, out of L3	0	$ 0
Fair value assessment charges	$ 8,200

Redeemable convertible preferred stock (Tables)

12 Months Ended

Dec. 31, 2021

Redeemable convertible preferred stock.

Schedule of preferred stock


	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

Fair value of financial assets and liabilities - Rollforward of the Aggregate Fair Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Conversion of preferred stock warrants to common stock warrants	$ 23,760
Preferred stock warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,117	$ 3,396
Change in fair value	19,643	69
Conversion of preferred stock warrants to common stock warrants	$ (23,760)
Balance, end of period		4,117
Preferred stock warrant liability \| Series C1 preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial fair value		$ 652

Fair value of financial assets and liabilities

12 Months Ended

Dec. 31, 2021

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

3. Fair value of financial assets and liabilities


	Fair value measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	173,755	$	—	$	—	$	173,755
Short-term investments		15,110		—		—		15,110
Long-term investments		9,966		—		—		9,966
	$	198,831	$	—	$	—	$	198,831


	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 years ended December 31, 2021 and 2020, respectively, there were no transfers between Level 1, Level 2 and Level 3.

Valuation of short-term and long-term investments

U.S. Treasury bills and notes included in short-term and long-term investments were valued by the Company using quoted prices in active markets for identical securities, which represents a Level 1 measurement within the fair value hierarchy.

Valuation of preferred stock warrant liability

The warrant liability at December 31, 2020 was related to 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.

In connection with the IPO, all of the Company’s outstanding preferred stock warrants were automatically converted to Class A common stock warrants. The Company performed a final fair value assessment of these warrants as of the date of its IPO which resulted in a charge of $8.2 million that was recorded within other income (expense) in the Company’s consolidated statement of operations. The Company determined the conversion to Class A common stock warrants resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into stockholders’ equity (see Note 12).


	Year Ended December 31,
	2021			2020
Fair value of Series A1 preferred stock	$	3.01		$	0.50
Fair value of Series B1 preferred stock	$	3.26		$	1.26
Fair value of Series C1 preferred stock	$	3.30		$	1.23
Remaining contractual term (in years)		6.8			7.3
Risk-free interest rate		1.2	%		0.6	%
Expected dividend yield		—	%		—	%
Expected volatility		42.0	%		40.0	%

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):


	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	4,117	$	3,396
Initial fair value of Series C1 preferred stock warrants		—		652
Change in fair value of preferred stock warrants		19,643		69
Conversion of preferred stock warrants to common stock warrants		(23,760)		—
Balance, end of period	$	—	$	4,117

Valuation of derivative liability

The derivative liability was related to the conversion option included within the Unsecured Subordinated Convertible Promissory Notes (“Convertible Notes”) issued in February 2020 (see Note 9). The Convertible Notes provided a conversion option whereby upon the closing of a specified financing event the Convertible 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 of the securities paid by the other investors. This conversion option was determined to be an embedded derivative required to be bifurcated and

accounted for separately from the notes. The fair value of the derivative liability was determined based on inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

Upon the closing of the sale of the Convertible Notes, management determined that the probability of completing the specified financing event was 100%; thus, the value of the automatic conversion option was determined to be 20% of the fair value of the capital stock to be issued upon conversion of the Convertible Notes, or $2.4 million. This amount represented the fair value of the embedded derivative at issuance (see Note 9).

Upon the occurrence of the specified financing event in April 2020, the Convertible Notes were converted into 10,351,063 shares of Series C1 Preferred Stock, as defined (see Note 9), and the derivative liability of $2.4 million was extinguished.

- 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

Property and equipment, net - Depreciation and amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,529	$ 1,509
Amortization expense		0
Property plant and equipment, gross	23,089	17,388
Accumulated depreciation	11,785	10,336
Maximum
Property, Plant and Equipment [Line Items]
Amortization expense	100
Fully depreciated assets disposed of	100	100
Assets held under capital leases
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	400	0
Accumulated depreciation		$ 0
Capital lease future minimum payment due	600
Capital lease future minimum payment due, interest	200
Assets held under capital leases \| Maximum
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 100

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Prepaid insurance	$	1,622	$	355
Prepaid commitment fee on notes payable		—		275
Contract asset		396		471
Deposits		1,262		1,148
Lease receivables, current portion		231		325
Other		440		546
	$	3,951	$	3,120

Summary of significant accounting policies - Deferred Offering Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Deferred offering costs	$ 0.0	$ 0.1

Commitments and contingencies - Future Minimum Lease Commitments under Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Year ending December 31,
2022	$ 1,139
2023	1,169
2024	1,199
2025	1,229
2026	1,044
Thereafter	1,953
Total	$ 7,733

Income taxes - Loss Before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
United States	$ (73,643)	$ (37,049)
Foreign	210	105
Loss before income taxes	$ (73,433)	$ (36,944)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Summary of significant accounting policies - Fair value measurements (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Debt outstanding	$ 0	$ 24,810,000

- Definition

+ References + Details

Income taxes - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Valuation allowance as of beginning of year	$ 62,513	$ 54,776
Increases recorded to income tax provision	13,067	8,802
Decreases recorded as a benefit to income tax provision	(33,089)	(1,065)
Valuation allowance as of end of year	$ 42,491	$ 62,513

Summary of significant accounting policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Advertising costs	$ 0.1	$ 0.1

Income taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Unrecognized tax benefits as of beginning of year	$ 569	$ 532
Additions for tax positions of prior years	54	37
Unrecognized tax benefits as of end of year	$ 623	$ 569

Stock-based compensation - 2010 Stock Option and Grant Plan (Details) - shares	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		2,011,479
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized	382,889
Granted		0

Fair value of financial assets and liabilities - Weighted Average of the Unobservable Inputs Used to Fair Value (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Remaining contractual term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input	6.8	7.3
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input	1.2	0.6
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock warrant liability, measurement input	42.0	40.0
Series A1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	$ 3.01	$ 0.50
Series B1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	3.26	1.26
Series C1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of preferred stock warrant liability	$ 3.30	$ 1.23

Summary of significant accounting policies - Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrealized income (loss) on short-term investments, net of tax	$ (17)	$ 1
Maximum
Unrealized income (loss) on short-term investments, net of tax	$ (100)	$ (100)

Net loss per share - Schedule of Common Stock Excluded From Computation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	5,118,064	31,508,549
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	4,823,100	3,604,581
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	294,964	55,835
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		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		1,243,827

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (73,524)	$ (37,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,529	1,509
Stock-based compensation expense	1,843	533
Change in fair value of preferred stock warrant liability	19,643	69
Provision recorded for inventory	60	154
Noncash interest expense	390	2,023
Gain on disposal of property and equipment	(18)
Accretion on investments	(3)
Loss on extinguishment of debt	3,100	2,910
Other, net	14	(17)
Changes in operating assets and liabilities
Accounts receivable	(17)	(1,361)
Inventory	(6,766)	(3,367)
Prepaid expenses and other current assets	(1,105)	(1,325)
Other long-term assets	(851)	(363)
Accounts payable	(524)	978
Accrued expenses and other current liabilities	2,305	1,775
Deferred revenue	(1,117)	2,542
Deferred rent, long term	107	22
Other long-term liabilities	(30)
Net cash used in operating activities	(54,964)	(30,996)
Cash flows from investing activities:
Purchases of property and equipment	(3,217)	(690)
Proceeds from sale of property and equipment	20
Purchases of investments	(25,092)	(24,980)
Maturity of investments	15,000	10,000
Net cash used in investing activities	(13,289)	(15,670)
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 Class A common stock upon stock option exercise	403	72
Proceeds from issuance of restricted Class A stock award	523
Proceeds from initial public offering of Class A and Class B common stock, net of issuance costs	164,100
Proceeds from exercise of Class A common stock warrants	13
Payments on capital lease obligations	(12)
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		(875)
Repayment of term loans	(26,159)	(18,000)
Payment of debt extinguishment fees	(1,866)	(1,398)
Net cash provided by financing activities	216,745	64,234
Net increase in cash, cash equivalents and restricted cash	148,492	17,568
Cash, cash equivalents and restricted cash at beginning of period	30,179	12,611
Cash, cash equivalents and restricted cash at end of period	178,671	30,179
Supplemental disclosure of cash flow information
Cash paid for interest	2,590	1,977
Supplemental disclosure of non-cash investing activities
Establishment of property and equipment retirement cost asset	188
Purchases of property and equipment in accounts payable	1,957	279
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
Issuance of Class A common stock in connection with stock option exercises not settled		184
Initial fair value of derivative liability		2,375
Assets acquired under capital lease	372
Offering costs included in accounts payable and accrued expenses		62
Conversion of preferred stock to Class A and Class B common stock	236,077
Conversion of preferred stock warrants to Class A common stock warrants	23,760
Accretion of redeemable convertible preferred stock to redemption value	1,761	3,745
Cumulative redeemable convertible preferred stock dividends	$ 2,747	$ 4,398

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses and other current assets
Prepaid insurance	$ 1,622	$ 355
Prepaid commitment fee on notes payable		275
Contract asset	396	471
Deposits	1,262	1,148
Lease receivables, current portion	231	325
Other	440	546
Prepaid expenses and other current assets	$ 3,951	$ 3,120

Income taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	(3.10%)	0.50%
Federal and state research and development tax credits	0.50%	0.90%
Unrecognized tax benefits reserve and interest change	(0.10%)	(0.20%)
Change in valuation allowance	26.40%	(20.80%)
Permanent differences	(0.50%)	(0.30%)
Loss on extinguishment of debt		(1.20%)
Section 382/383 limitation	(38.70%)
Unrealized loss on value of warrants	(5.60%)	(0.10%)
Other		(0.20%)
Effective income tax rate	(0.10%)	(0.40%)

Common stock and common stock warrants - Warrants (Details) - Equity - Common stock and common stock warrant - Common Class A - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock and common stock warrants
Common stock shares issuable upon exercise of warrant	1,030,944	55,835
July 24, 2017
Common stock and common stock warrants
Contractual term (in years)	10 years	10 years
Common stock shares issuable upon exercise of warrant	25,835	25,835
Weighted average exercise price (in dollars per share)	$ 295.15	$ 295.15
April 12, 2018
Common stock and common stock warrants
Contractual term (in years)	10 years	10 years
Common stock shares issuable upon exercise of warrant	30,000	30,000
Weighted average exercise price (in dollars per share)	$ 1.00	$ 1.00
July 14, 2021
Common stock and common stock warrants
Contractual term (in years)	10 years
Common stock shares issuable upon exercise of warrant	975,109
Weighted average exercise price (in dollars per share)	$ 1.46

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 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):


	December 31,		December 31,
	2021		2020
Accrued employee compensation and benefits expense	$	3,569	$	3,083
Accrued vendor expenses		5,500		1,685
Accrued warranty expense		598		637
Accrued interest		—		330
Deferred rent, current portion		131		118
Accrued taxes		781		688
Other		338		113
	$	10,917	$	6,654