0001380106-22-000029 | 10-Q | XBRL Viewer | Rapid Micro Biosystems INC

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Summary of significant accounting policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary of significant accounting policies
Contract assets	$ 0.1		$ 0.3
Deferred revenue	4.0		$ 3.3
Revenue recognized included in deferred revenue in prior period	$ 1.1	$ 1.2

Income taxes	3 Months Ended
Mar. 31, 2022
Income taxes
Income taxes	14. Income taxes During the three months ended March 31, 2022 and 2021, the pretax losses incurred by the Company, as well as the research and development tax credits generated, received no corresponding tax benefit because the Company concluded that it is more likely than not that the Company will be unable to realize the value of any resulting deferred tax assets. The Company will continue to assess its position in future periods to determine if it is appropriate to reduce a portion of its valuation allowance in the future. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of net operating loss carryforwards. The Company has considered its history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, as of March 31, 2022 and December 31, 2021 the Company has recorded a full valuation allowance against its net deferred tax assets. The Company files U.S. income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations in the U.S. The Company has not received notice of examination by any jurisdictions in the U.S. The Company has a branch in Germany that is under examination in its local country for tax years 2016-2018. Any adjustments that may result from the examinations are not expected to have a material impact on the financial position, liquidity, or results of operations of the Company.

Income taxes

3 Months Ended

Mar. 31, 2022

Income taxes

Income taxes

14. Income taxes

During the three months ended March 31, 2022 and 2021, the pretax losses incurred by the Company, as well as the research and development tax credits generated, received no corresponding tax benefit because the Company concluded that it is more likely than not that the Company will be unable to realize the value of any resulting deferred tax assets. The Company will continue to assess its position in future periods to determine if it is appropriate to reduce a portion of its valuation allowance in the future.

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

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

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of net operating loss carryforwards. The Company has considered its history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, as of March 31, 2022 and December 31, 2021 the Company has recorded a full valuation allowance against its net deferred tax assets.

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

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases

Summary of impact of the adoption of Topic 842



	As Reported		Adjustments		Adjusted
	December 31, 2021		ASC 842 Adoption		January 1, 2022
Assets
Right-of-use assets, net, operating	$	—	$	6,039	$	6,039
Right-of-use assets, net, financing		—		366		366
Property and equipment, net		11,304		(351)		10,953
Total assets	$	11,304	$	6,054	$	17,358

Liabilities and Stockholders' Equity
Current liabilities:
Lease liabilities, short-term, operating	$	—	$	1,023	$	1,023
Lease liabilities, short-term, financing		—		33		33
Accrued expenses		10,917		(160)		10,757
Total current liabilities	$	18,166	$	896	$	19,062
Lease liabilities, long-term, operating		—		5,960		5,960
Lease liabilities, long-term, financing		—		341		341
Deferred rent, long-term		813		(813)		—
Other long-term liabilities		1,210		(330)		880
Total liabilities	$	20,189	$	6,054	$	26,243
Total stockholders' equity	$	220,980	$	—	$	220,980
Total liabilities and stockholders' equity	$	241,169	$	6,054	$	247,223

Supplemental cash flow information related to leases

Supplemental cash flow information related to leases is as follows (in thousands):


	Three Months Ended
	March 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	283
Operating cash outflows - payments on financing leases	$	11
Financing cash outflows - payments on financing leases	$	8
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	6,932
Financing leases	$	366

Supplemental balance sheet information related to leases


	Three Months Ended
	March 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	283
Operating cash outflows - payments on financing leases	$	11
Financing cash outflows - payments on financing leases	$	8
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	6,932
Financing leases	$	366

Components of lease expense


	March 31, 2022

Operating Leases:
Operating lease assets	$	6,728

Accrued expenses and other current liabilities	$	601
Operating lease liabilities		7,043
Total operating lease liabilities	$	7,644

Financing Leases:
Office furniture and fixtures	$	386
Accumulated depreciation		(32)
Net property, plant and equipment	$	354

Current portion of long-term debt	$	34
Long-term debt		332
Total financing lease liabilities	$	366

Weighted-average remaining lease term - operating leases:		7.28
Weighted-average remaining lease term - financing leases:		7.25
Weighted-average discount rate - operating leases:		3.6	%
Weighted-average discount rate - financing leases:		12.0	%

The Components of lease expense were as follows (in thousands):


	Three Months Ended
	March 31, 2022
Operating lease cost	$	265
Financing lease cost - amortization of right-of-use asset		12
Financing lease cost - interest on lease liability		11
Short-term lease cost		16
Variable lease cost		166
Total lease cost	$	470

Schedule of future minimum lease commitments under operating leases

Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands):


	Operating Leases
2022 (excluding the three months ended March 31)	$	856
2023		1,169
2024		1,199
2025		1,229
2026		1,259
Thereafter		3,323
Total lease payments	$	9,034
Less imputed interest		(1,113)
Total present value of lease liabilities	$	7,921

Maturities of the Company's operating lease liabilities


	Financing Leases
2022 (excluding the three months ended March 31)	$	56
2023		75
2024		75
2025		75
2026		75
Thereafter		188
Total lease payments	$	544
Less imputed interest		(177)
Total present value of lease liabilities	$	366

Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):


	Year Ended
	December 31, 2021
2022	$	1,139
2023		1,169
2024		1,199
2025		1,229
2026		1,044
Thereafter		1,953
Total minimum lease commitments	$	7,733

Property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 24,608	$ 23,089
Less: Accumulated depreciation	(12,220)	(11,785)
Property plant and equipment, net	12,388	11,304
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	13,526	13,277
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,937	1,742
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	554	745
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	7,883	3,012
Construction-in-process
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 708	$ 4,313

Preferred stock warrants (Tables)

3 Months Ended

Mar. 31, 2022

Preferred stock warrants

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 as of March 31, 2021, prior to their conversion into common stock warrants:


		Three Months Ended March 31,
		2021
Fair value of Series A1 preferred stock	$	2.51
Fair value of Series B1 preferred stock	$	2.88
Fair value of Series C1 preferred stock	$	2.95
Remaining contractual term (in years)		7.0
Risk-free interest rate		1.3	%
Expected dividend yield		—	%
Expected volatility		41.6	%

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


	Three Months Ended March 31,
	2021
Balance, beginning of period	$	4,117
Change in fair value		11,448
Balance, end of period	$	15,565

Summary of significant accounting policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary of significant accounting policies
Cash	$ 0.2		$ 0.3
Guaranteed investment certificates	0.3		$ 0.3
Software development costs capitalized	$ 1.3
Amortization period	5 years
Amortization expense	$ 0.1	$ 0.0

Property and equipment, net

3 Months Ended

Mar. 31, 2022

Property and equipment, net

Property and equipment, net

7. Property and equipment, net

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


	March 31,		December 31,
	2022		2021
Manufacturing and laboratory equipment	$	13,526	$	13,277
Computer hardware and software		1,937		1,742
Office furniture and fixtures		554		745
Leasehold improvements		7,883		3,012
Construction-in-process		708		4,313
		24,608		23,089
Less: Accumulated depreciation		(12,220)		(11,785)
	$	12,388	$	11,304

Depreciation and amortization expense related to property and equipment was $0.5 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively.

Redeemable convertible preferred stock

3 Months Ended

Mar. 31, 2022

Redeemable convertible preferred stock.

Redeemable convertible preferred stock

10. Redeemable convertible preferred stock

The Company has historically issued Series A1 redeemable convertible preferred stock (the “Series A1 Preferred Stock”), Series B1 redeemable convertible preferred stock (the “Series B1 Preferred Stock”), Series C1 redeemable convertible preferred stock (the “Series C1 Preferred Stock”), Series C2 redeemable convertible preferred stock (the “Series C2 Preferred Stock”), Series D1 redeemable convertible preferred stock (the “Series D1 Preferred

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

In March 2021, the Company issued and sold 22,086,725 shares of Series D1 Preferred Stock and 413,268 shares of Series D2 Preferred Stock to new and existing investors at a price of $3.60 per share for gross proceeds of $79.5 million and $1.5 million, respectively. The Company incurred issuance costs in connection with this transaction of $1.3 million and recorded them as a reduction to the carrying value of the Series D1 Preferred Stock and Series D2 Preferred Stock.

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

On July 14, 2021, the IPO resulted in the automatic conversion of all Series A1, Series B1, Series C1 and Series D1 preferred stock into 24,200,920 shares of Class A common stock and of all Series C2 and Series D2 preferred stock 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.

Leases - Additional information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Leases
Rent expense			$ 0.5
Option to extend		true
Renewal term	5 years		5 years
Tenant improvement allowance	$ 0.3
Amended future minimum lease payments	4.6		$ 4.6
Operating lease not yet commenced, future minimum lease payments	1.0		1.0
Operating lease modification, right of use assets	1.2
Operating lease modification, liability	$ 1.3
Maximum
Leases
Capital lease asset depreciation and interest expense			$ 0.1

Leases - Lease expense (Details) $ in Thousands	3 Months Ended
Leases - Lease expense (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Lease expense
Operating lease cost	$ 265
Financing lease cost - amortization of right-of-use asset	12
Financing lease cost - interest on lease liability	11
Short-term lease cost	16
Variable lease cost	166
Total lease cost	$ 470

Long-term debt

3 Months Ended

Mar. 31, 2022

Long-term debt

Long-term debt

9. Long-term debt

There was no long-term debt outstanding as of March 31, 2022 or December 31, 2021.

Term loan agreements

2020 Term Loan

In May 2020, the Company entered into a $60.0 million term loan facility with a new lender (the “2020 Term Loan”), which provides for borrowings of an initial $25.0 million tranche upon closing and options to borrow up to an aggregate of $35.0 million in two additional tranches of $20.0 million under the second tranche (the “Term B Loan”) and $15.0 million under the third tranche (the “Term C Loan”).

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 to the three loan tranches on a pro-rata basis based on the amount available to be drawn down under each tranche. The Company allocated $0.3 million to the initial draw which was recorded within debt issuance cost as an offset to the carrying value of the 2020 Term Loan and amortized over the term of the loan within interest expense on the condensed consolidated statement of operations. Additionally, the Company allocated $0.3 million to the Term B Loan and $0.2 million to the Term C Loan, all of which was recorded within prepaid expenses and other current assets on the consolidated balance sheet and is being amortized on a straight-line basis over the debt access period within interest expense on the consolidated statement of operations.

The Company incurred debt issuance costs of $1.5 million in connection with the 2020 Term Loan including $0.9 million of professional fees and $0.6 million for the fair value of the warrants issued with the debt. Interest expense on the 2020 Term Loan totaled zero and $0.9 million for three months ended March 31, 2022 and 2021, respectively, which includes amortization of the debt discount of zero and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

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.

Stock-based compensation - Weighted Average Basis Assumptions of Stock Options (Details) - 2021 Incentive Award Plan - Stock options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.89%	0.90%
Expected term (in years)	6 years	6 years
Expected volatility	43.00%	44.90%
Expected dividend yield	0.00%	0.00%

Stock-based compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 983	$ 191
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense	$ 12,000
Weighted average period	3 years 1 month 6 days
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average period	2 years 10 months 24 days
Unrecognized compensation expense related to RSU	$ 4,200
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	99	29
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	674	128
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	132	21
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 78	$ 13

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31,		December 31,
	2022		2021
Accrued employee compensation and benefits expense	$	2,571	$	3,569
Accrued vendor expenses		2,657		5,500
Accrued warranty expense		595		598
Deferred rent, current portion		—		131
Accrued taxes		826		781
Other		86		338
	$	6,735	$	10,917

Benefit plans

3 Months Ended

Mar. 31, 2022

Benefit plans

Benefit plans

18. Benefit plans

The Company established a defined contribution savings plan under Section 401(k) of the Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $0.3 million and $0.1 million to the plan during the three months ended March 31, 2022 and 2021, respectively.

Property and equipment, net - Depreciation and amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property and equipment, net
Depreciation and amortization expense	$ 560	$ 344
Depreciation and amortization expense	$ 500

Common stock and common stock warrants (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jul. 19, 2021 shares
Common stock and common stock warrants
Cash dividends \| $	$ 0.0	$ 0.0
Shares reserved	19,748,403
Common Class A
Common stock and common stock warrants
Common stock, authorized (in shares)	210,000,000	210,000,000	210,000,000
Common stock, issued (in shares)	36,389,073	34,564,040
Common stock, outstanding (in shares)	36,389,073	34,564,040
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	10,000,000	10,000,000
Common stock, issued (in shares)	5,553,379	6,903,379
Common stock, outstanding (in shares)	5,553,379	6,903,379
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31,		December 31,
	2022		2021
Prepaid insurance	$	893	$	1,622
Contract asset		88		396
Deposits		1,242		1,262
Lease receivables, current portion		154		231
Other		741		440
	$	3,118	$	3,951

Condensed consolidated balance sheets (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
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	210,000,000
Common stock, issued (in shares)	36,389,073	34,564,040
Common stock, outstanding (in shares)	36,389,073	34,564,040
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	5,553,379	6,903,379
Common stock, outstanding (in shares)	5,553,379	6,903,379

Preferred stock warrants - Weighted Average of the Unobservable Inputs Used to Fair Value (Details)	3 Months Ended
	Mar. 31, 2021 Y $ / shares
Remaining contractual term (in years)
Class of Warrant or Right [Line Items]
Preferred stock warrant liability, measurement input \| Y	7.0
Risk-free interest rate
Class of Warrant or Right [Line Items]
Preferred stock warrant liability, measurement input	1.3
Expected volatility
Class of Warrant or Right [Line Items]
Preferred stock warrant liability, measurement input	41.6
Series A1 Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Fair value of preferred stock warrant liability	$ 2.51
Series B1 Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Fair value of preferred stock warrant liability	2.88
Series C1 Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Fair value of preferred stock warrant liability	$ 2.95

Summary of significant accounting policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Maximum
Class of Stock [Line Items]
Advertising costs	$ 0.1	$ 0.1

Leases - Finance lease maturity (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Maturities of the Company's financing lease liability
2022 (excluding the three months ended March 31)	$ 56
2023	75
2024	75
2025	75
2026	75
Thereafter	188
Total lease payments	544
Less imputed interest	(177)
Total financing lease liabilities	$ 366

Leases - Supplemental cash flow information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Leases
Operating cash outflows - payments on operating leases	$ 283
Operating cash outflows - payments on financing leases	11
Financing cash outflows - payments on financing leases	8
Right-of-use assets obtained in exchange for new lease obligations: Operating leases	6,932
Right-of-use assets obtained in exchange for new lease obligations: Financing leases	$ 366

Condensed consolidated statements of stockholders' equity - USD ($) $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Series D1 Redeemable Convertible Preferred Stock	Series D2 Redeemable Convertible Preferred Stock	Total
Balance at Dec. 31, 2020								$ 151,826
Balance (shares) at Dec. 31, 2020								133,021,640
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs						$ 78,338	$ 1,470
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)						22,086,725	413,268
Accretion of redeemable convertible preferred stock to redemption value								$ 787
Cumulative redeemable convertible preferred stock dividends								1,411
Balance at Mar. 31, 2021								$ 233,832
Balance (shares) at Mar. 31, 2021								155,521,633
Balance at Dec. 31, 2020	$ 6		$ 114,575	$ (241,588)	$ 1			$ (127,006)
Balance (shares) at Dec. 31, 2020	612,850
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock upon exercise of common stock options	$ 1		66					67
Issuance of Class A common stock upon exercise of common stock options (In shares)	67,418
Accretion of redeemable convertible preferred stock to redemption value			(787)					(787)
Cumulative redeemable convertible preferred stock dividends			(1,411)					(1,411)
Issuance of restricted Class A common stock awards	$ 2		(2)
Issuance of restricted Class A common stock awards (in shares)	248,903,000
Stock-based compensation expense			191					191
Net loss				(22,101)				(22,101)
Balance at Mar. 31, 2021	$ 9		112,632	(263,689)	1			(151,047)
Balance (shares) at Mar. 31, 2021	929,171
Balance at Dec. 31, 2021	$ 346	$ 69	535,693	(315,112)	(16)			220,980
Balance (shares) at Dec. 31, 2021	34,564,040	6,903,379
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock	$ 14	$ (14)
Conversion of Class B common stock to Class A common stock (in shares)	1,350,000	(1,350,000)
Restricted stock award liability accretion			154					154
Issuance of Class A common stock upon exercise of common stock options	$ 5		466					$ 471
Issuance of Class A common stock upon exercise of common stock options (In shares)	475,033,000							475,033
Stock-based compensation expense			983					$ 983
Net loss				(14,930)				(14,930)
Other comprehensive income					(588)			(588)
Balance at Mar. 31, 2022	$ 365	$ 55	$ 537,296	$ (330,042)	$ (604)			$ 207,070
Balance (shares) at Mar. 31, 2022	36,389,073	5,553,379

Commitments and contingencies

3 Months Ended

Mar. 31, 2022

Commitments and contingencies

Commitments and contingencies

17. Commitments and contingencies

Supply agreement

In March 2020, the Company entered into an agreement with a supplier to provide raw materials used in the manufacturing process. As of March 31, 2022, the Company had committed to minimum payments under these arrangements totaling $0.8 million through December 31, 2022, which includes an additional commitment related to a conversion option exercised by the Company in March 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 zero and $0.1 million accrued for the supply agreement as of March 31, 2022 and December 31, 2021, respectively.

Software subscription

During the year ended December 31, 2021, the Company entered into a non-cancelable agreement with a service provider for software as a service and cloud hosting services. As of March 31, 2022, the Company had committed to minimum payments under these arrangements totaling $0.9 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 zero and $0.1 million accrued for the software subscription as of March 31, 2022 and December 31, 2021, 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 condensed consolidated financial statements as of March 31, 2022 and December 31, 2021.

Legal proceedings

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

Summary of significant accounting policies (Policies)

3 Months Ended

Mar. 31, 2022

Summary of significant accounting policies

Use of estimates

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

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

Other than policies noted below, there have been no significant changes to the significant accounting policies during the three months ended March 31, 2022, as compared to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2021 filed with the 2021 Form 10-K.

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 and investments with financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash equivalents and investments and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

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


	Three Months Ended March 31,
	2022		2021
Customer A	15.6	%	*
Customer B	12.9	%	*
Customer C	10.1	%	*
Customer D	*		18.7	%
Customer E	*		17.5	%
Customer F	*		16.1	%
	38.6	%	52.3	%

*	– less than 10%

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


	March 31,		December 31,
	2022		2021
Customer A	13.3	%	19.5	%
Customer B	13.5	%	*
Customer C	14.4	%	*
Customer G	*		12.6	%
Customer H	*		10.6	%
Customer I	*		10.0	%
	41.2	%	52.7	%

*	– less than 10%

The Company relies on third parties for the supply and manufacture of certain components of its products as well as third-party logistics providers. There are no significant concentrations around a single third-party supplier or manufacturer for the three months ended March 31, 2022 or 2021.

Debt issuance costs

The Company capitalizes certain legal and other third-party fees that are directly associated with the issuance of debt as debt issuance costs. Debt issuance costs are recorded as a direct reduction of the carrying amount of the associated debt on the condensed consolidated balance sheets and amortized as interest expense on the condensed consolidated statements of operations using the effective interest method, which approximates the straight-line method.

As of March 31, 2022 and December 31, 2021, the Company had no debt issuance costs on its condensed consolidated balance sheets. During the three months ended March 31, 2022 and 2021, the Company recorded zero and $0.1 million, respectively, of interest expense related to amortization of debt issuance costs in the condensed consolidated statements 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 March 31, 2022 and December 31, 2021, the Company held cash of $0.2 million and $0.3 million, respectively, in banks located outside of the United States.

Restricted cash

As of March 31, 2022 and December 31, 2021, the Company was required to maintain guaranteed investment certificates of $0.3 million with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with an operating lease which has a remaining term of greater than one year and are classified as restricted cash (non-current) on the Company’s consolidated balance sheets.

Software Development Costs

The Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software are capitalized, provided these costs are expected to be recoverable. There was $1.3 million of software development costs, net of amortization, capitalized in other long-term assets at March 31, 2022. The capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. There was $0.1 million and zero of amortization expense recorded in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, respectively.

Fair value measurements

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

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

●

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

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

The Company’s cash equivalents, short-term and long-term investments 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.

Product warranties

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


	March 31,		December 31,
	2022		2021
Balance, beginning of period	$	598	$	637
Warranty provisions		10		—
Warranty repairs		(13)		(39)
Balance, end of period	$	595	$	598

Segment information

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

Revenue recognition

Remaining performance obligations

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

Contract balances from contracts with customers

Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. The Company had $0.1 million and $0.3 million in contract assets as of March 31, 2022 and December 31, 2021, respectively, included in prepaid expenses and other current assets. These balances relate to the BARDA (as defined below) agreements, as well as unbilled amounts with commercial customers.

Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The Company did not record any non-current deferred revenue as of March 31, 2022 or December 31, 2021. Deferred revenue was $4.0 million and $3.3 million at March 31, 2022 and December 31, 2021, respectively. Revenue recognized during the three months ended March 31, 2022 and 2021 that was included in deferred revenue at the prior period-end was $1.1 million and $1.2 million, respectively.

Non-commercial revenue

The Company has historically generated revenue from a long-term contract with the U.S. Department of Health and Human Services Biomedical Advanced Research and Development Authority (“BARDA”) a part of the U.S. government. The Company’s contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. In September 2017, the Company signed a contract with BARDA, which was subsequently modified on multiple occasions to increase the contract value and adjust the cost share reimbursement rate. Modifications were accounted for in accordance with the contract modification framework. The contract is a cost-reimbursable, cost- sharing arrangement, whereby BARDA reimburses the Company for a percentage of the total costs that have been incurred including indirect allowable costs. Revenue on the BARDA contract is recognized over time using an input method based on cost incurred to date in relation to total estimated cost. Due to the structure of the arrangement, the transaction price is variable in nature based on actual cost incurred. As such the amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. All funding under this contract was fully earned by the fourth quarter of 2021.

Disaggregated revenue

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


	Three Months Ended March 31,
	2022		2021
Product and service revenue — recurring	$	2,658	$	1,606
Product and service revenue — non-recurring		1,502		3,179
Non-commercial revenue — non-recurring		—		210
Total revenue	$	4,160	$	4,995

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


	Three Months Ended March 31,
	2022		2021
United States	$	2,042	$	2,329
Germany		424		325
Switzerland		879		1,041
All other countries		815		1,300
Total revenue	$	4,160	$	4,995

Advertising costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the condensed consolidated statements of operations. Advertising costs were less than $0.1 million during the three months ended March 31, 2022 and 2021.

Advertising costs


	Three Months Ended March 31,
	2022		2021
United States	$	2,042	$	2,329
Germany		424		325
Switzerland		879		1,041
All other countries		815		1,300
Total revenue	$	4,160	$	4,995

Stock-based compensation

The Company measures all stock-based awards granted to employees, officers and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only

service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur.

The Company measures all restricted common stock and restricted stock units granted to employees based on the common stock value on the date of grant. The purchase price of the restricted common stock is the common stock value on the date of grant. The restricted common stock includes a repurchase right, whereas upon the occurrence of a specific event, the Company shall have the right to repurchase unvested restricted common stock shares. At March 31, 2022 and December 31, 2021, the Company had $0.4 million and $0.5 million, respectively, in unvested restricted Class A common stock liability included in other long-term liabilities.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the three months ended March 31, 2022 and 2021, there were $0.6 million and zero, respectively, of unrealized losses on short-term and long-term investments, net of tax.

Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases, with the exception of short-term leases if a policy election is made, on their balance sheets as a right-of-use (ROU) asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements.

The Company leases office and manufacturing space under operating lease agreements. The Company leases furniture under a financing agreement. The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2022 are presented under Topic 842 while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”).

The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, does not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allows carryforward of the historical lease classification for existing leases. The Company did not elect the “hindsight” practical expedient, and therefore measured the ROU assets and lease liabilities using the remaining portion of the lease term at adoption on January 1, 2022.

The Company made an accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the adoption of ASC 842). Lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and any other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives.

The Company has made an accounting policy election to account for lease and non-lease components in its contracts as single lease components for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred.

The Company uses its incremental borrowing rate which is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. Judgment is applied in assessing factors such as Company specific credit risk, lease term, nature, and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease.

Upon adoption, the Company recorded operating lease ROU assets and lease liabilities of $6.0 million and $7.0 million, respectively, the difference relating to deferred rent. The Company recorded financing lease ROU assets and lease liabilities of approximately $0.4 million. The adoption of the new lease standard did not materially impact our condensed consolidated statements of operations, comprehensive loss or cash flows for the quarter ended March 31, 2022.

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 had no material impact on its 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 condensed consolidated financial statements and related disclosures.

Inventory

3 Months Ended

Mar. 31, 2022

Inventory

Inventory

5. Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Raw materials	$	10,914	$	10,135
Work in process		873		1,235
Finished goods		5,924		4,301
Total	$	17,711	$	15,671

Raw materials, work in process and finished goods were net of adjustments to net realizable value of $0.6 million and $1.2 million as of March 31, 2022 and December 31, 2021, respectively.

Summary of significant accounting policies - Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Balance, beginning of the period	$ 598	$ 637
Warranty provisions	10
Warranty repairs	(13)	(39)
Balance, end of the year	$ 595	$ 598
Warranty duration	1 year

Condensed consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 62,501	$ 178,387
Short-term investments	99,732	15,110
Accounts receivable	3,835	5,005
Inventory	17,711	15,671
Prepaid expenses and other current assets	3,118	3,951
Total current assets	186,897	218,124
Property and equipment, net	12,388	11,304
Right-of-use assets, net	7,081
Long-term investments	21,944	9,966
Other long-term assets	1,458	1,491
Restricted cash	284	284
Total assets	230,052	241,169
Current liabilities:
Accounts payable	3,550	3,944
Accrued expenses and other current liabilities	6,735	10,917
Deferred revenue	3,952	3,305
Lease liabilities, short-term	635
Total current liabilities	14,872	18,166
Deferred rent, long term		813
Lease liabilities, long-term	7,375
Other long-term liabilities	735	1,210
Total liabilities	22,982	20,189
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized at March 31, 2022 and December 31, 2021; zero shares issued and outstanding at March 31, 2022 and December 31, 2021
Additional paid-in capital	537,296	535,693
Accumulated deficit	(330,042)	(315,112)
Accumulated other comprehensive income (loss)	(604)	(16)
Total stockholders' equity	207,070	220,980
Total liabilities and stockholders' equity	230,052	241,169
Common Class A
Stockholders' equity:
Common stock	365	346
Common Class B
Stockholders' equity:
Common stock	$ 55	$ 69

Leases - Operating lease maturity (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Year ending December 31,
2022 (excluding the three months ended March 31)	$ 856
2023	1,169
2024	1,199
2025	1,229
2026	1,259
Thereafter	3,323
Total	9,034
Less imputed interest	(1,113)
Total operating lease liabilities	7,644
Operating Lease Liability, Excluding Tenant Improvement Allowance	$ 7,921

Preferred stock warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2022	Dec. 31, 2021	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]
Shares issued upon conversion of warrant	0	0
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			$ 0.7

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory

Summary of Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Raw materials	$	10,914	$	10,135
Work in process		873		1,235
Finished goods		5,924		4,301
Total	$	17,711	$	15,671

Fair value of financial assets and liabilities - Transfers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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

Stock-based compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based compensation
Proceeds from issuance of restricted Class A stock award			$ 523
Restricted Stock
Share-based compensation
Vesting Period	4 years
Proceeds from issuance of restricted Class A stock award	$ 500
Number of shares
Unvested as of December 31, 2021 (in shares)		248,903
Granted (in shares)	248,903
Vested (in shares)		(67,411)
Unvested as of March 31 2022 (in shares)		181,492
Weighted average fair value
Unvested as of December 31, 2021 (in dollars per share)		$ 2.10
Granted (in dollars per share)	$ 2.10
Vested (in dollars per share)		2.10
Unvested as of March 31, 2022 (in dollars per share)		$ 2.10
Restricted Stock \| Other long-term liabilities
Share-based compensation
Amount of restricted common stock liability		$ 400		$ 500

Common stock and common stock warrants

3 Months Ended

Mar. 31, 2022

Common stock and common stock warrants

Common stock and common stock warrants

12. Common stock and common stock warrants

As of March 31, 2022 and December 31, 2021, the Company’s restated certificate of incorporation authorized the issuance of 210,000,000 shares of $0.01 par value Class A common stock.

On June 25, 2021, the Company filed an amended and restated certificate of incorporation, which effected a recapitalization of the Company’s then outstanding common stock to Class A common stock and authorized an additional new class of common stock (Class B common stock). Rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. On July 19, 2021, the Company filed an amended and restated certificate of incorporation which authorized Class A common stock and Class B common stock to 210,000,000 shares and 10,000,000 shares, respectively. As of March 31, 2022, there were 36,389,073 shares of Class A common stock issued and outstanding, and 5,553,379 shares of Class B common stock issued and outstanding.

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 March 31, 2022, no cash dividends had been declared or paid.

As of March 31, 2022, the Company had reserved 19,748,403 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.

In prior years the Company issued warrants to purchase common stock in conjunction with previous financing arrangements. In connection with the IPO, all outstanding preferred stock warrants were automatically converted to Class A common stock warrants. The contractual terms of the converted Class A common stock warrants remained

consistent with the original terms 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 March 31, 2022, outstanding warrants to purchase common stock consisted of the following:


	March 31, 2022
			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	17,194	$	292.81
April 12, 2018	10	Equity	30,000	$	1.00
July 14, 2021	10	Equity	975,109	$	1.46
			1,022,303

As of December 31, 2021, outstanding warrants to purchase common stock outstanding consisted of the following:


	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

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2022

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Use of estimates

Risk of concentrations of credit, significant customers and significant suppliers


	Three Months Ended March 31,
	2022		2021
Customer A	15.6	%	*
Customer B	12.9	%	*
Customer C	10.1	%	*
Customer D	*		18.7	%
Customer E	*		17.5	%
Customer F	*		16.1	%
	38.6	%	52.3	%

*	– less than 10%

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


	March 31,		December 31,
	2022		2021
Customer A	13.3	%	19.5	%
Customer B	13.5	%	*
Customer C	14.4	%	*
Customer G	*		12.6	%
Customer H	*		10.6	%
Customer I	*		10.0	%
	41.2	%	52.7	%

*	– less than 10%

Debt issuance costs

Cash equivalents

Restricted cash

Software Development Costs

Fair value measurements

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

●

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

Product warranties


	March 31,		December 31,
	2022		2021
Balance, beginning of period	$	598	$	637
Warranty provisions		10		—
Warranty repairs		(13)		(39)
Balance, end of period	$	595	$	598

Segment information

Revenue recognition

Remaining performance obligations

Contract balances from contracts with customers

Non-commercial revenue

Disaggregated revenue


	Three Months Ended March 31,
	2022		2021
Product and service revenue — recurring	$	2,658	$	1,606
Product and service revenue — non-recurring		1,502		3,179
Non-commercial revenue — non-recurring		—		210
Total revenue	$	4,160	$	4,995

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


	Three Months Ended March 31,
	2022		2021
United States	$	2,042	$	2,329
Germany		424		325
Switzerland		879		1,041
All other countries		815		1,300
Total revenue	$	4,160	$	4,995

Advertising costs

Stock-based compensation

service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur.

Comprehensive loss

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Nature of the business and basis of presentation - Initial Public Offering (Details) $ / shares in Units, $ in Millions	Aug. 04, 2021 USD ($) $ / shares shares	Jul. 19, 2021 USD ($) $ / shares shares	Jul. 09, 2021
Class of Stock [Line Items]
Reverse stock split ratio			0.2
IPO
Class of Stock [Line Items]
Stock issued during period shares new issues \| shares		7,920,000
Share issued, price per share \| $ / shares		$ 20.00
Gross proceeds		$ 158.4
Net proceeds		$ 143.8
Over Allotment Option
Class of Stock [Line Items]
Stock issued during period shares new issues \| shares	1,086,604
Share issued, price per share \| $ / shares	$ 20.00
Net proceeds	$ 20.2

Investments

3 Months Ended

Mar. 31, 2022

Investments

Investments

4. Investments

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


	March 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Short-term investments
U.S. Government Treasury Bills	$	54,942	$	—	$	(95)	$	54,847
U.S. Government Treasury Notes		45,137		—		(252)		44,885
	$	100,079	$	—	$	(347)	$	99,732
Long-term Investments
U.S. Government Treasury Notes - Maturity One - Five Years		22,201		—		(257)		21,944
	$	22,201	$	—	$	(257)	$	21,944


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
Short-term investments	cost		gains		losses		value
U.S. Government Treasury Bills	$	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

Long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Long-term debt outstanding	$ 0.0	$ 0.0

- 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

Summary of significant accounting policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 4,160	$ 4,995
United states
Disaggregation of Revenue [Line Items]
Revenue recognized	2,042	2,329
Germany
Disaggregation of Revenue [Line Items]
Revenue recognized	424	325
Switzerland
Disaggregation of Revenue [Line Items]
Revenue recognized	879	1,041
All other countries
Disaggregation of Revenue [Line Items]
Revenue recognized	815	1,300
Product and service revenue - recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	2,658	1,606
Product and service revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1,502	3,179
Non-commercial revenue - non-recurring
Disaggregation of Revenue [Line Items]
Revenue recognized		$ 210

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

Net loss per share

3 Months Ended

Mar. 31, 2022

Net loss per share

Net loss per share

15. Net loss per share

As of March 31, 2022, the Company has Class A common stock and Class B common stock. 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 a net loss attributable to common stockholders for the three months ended March 31, 2022 and 2021, as such basic net loss per share attributable to common stockholders was the same as diluted

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(14,930)	$	(22,101)
Accretion of redeemable convertible preferred stock to redemption value		—		(787)
Cumulative redeemable convertible preferred stock dividends		—		(1,411)
Net loss attributable to common stockholders—basic and diluted	$	(14,930)	$	(24,299)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted		35,941,754		641,371
Weighted average Class B common shares outstanding—basic and diluted		6,256,133		—
Total shares for EPS—basic and diluted		42,197,887		641,371
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(0.35)	$	(37.89)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(0.35)	$	—

The Company’s potentially dilutive securities, which include stock options, restricted stock, redeemable convertible preferred stock, common stock warrants and preferred stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2022	2021
Options to purchase common stock	5,639,683	4,246,685
Unvested restricted common stock	749,205	248,903
Warrants to purchase common stock	286,324	55,835
Options to purchase common stock under ESPP	3,830	—
Redeemable convertible preferred stock (as converted to common stock)	—	31,104,299
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	—	1,243,827
	6,679,042	36,899,549

Condensed consolidated statements of stockholders' equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Series D1 Redeemable Convertible Preferred Stock
Issuance costs	$ 1,174
Series D2 Redeemable Convertible Preferred Stock
Issuance costs	$ 18

Prepaid expenses and other current assets

3 Months Ended

Mar. 31, 2022

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):


	March 31,		December 31,
	2022		2021
Prepaid insurance	$	893	$	1,622
Contract asset		88		396
Deposits		1,242		1,262
Lease receivables, current portion		154		231
Other		741		440
	$	3,118	$	3,951

Summary of significant accounting policies - Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of significant accounting policies
Unrealized losses on short-term and long-term investments, net of tax	$ (588)	$ 0

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 100,079	$ 15,125
Gross unrealized losses	(347)	(15)
Fair value	99,732	15,110
Short-term Investments \| US Treasury Bill
Debt Securities, Available-for-sale [Line Items]
Amortized cost	54,942	4,983
Gross unrealized losses	(95)	(2)
Fair value	54,847	4,981
Short-term Investments \| US Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	45,137	10,142
Gross unrealized losses	(252)	(13)
Fair value	44,885	10,129
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	22,201	9,966
Gross unrealized losses	(257)
Fair value	21,944	9,966
Long-term investments \| US Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	22,201	9,966
Gross unrealized losses	(257)
Fair value	$ 21,944	$ 9,966

Commitments and contingencies - Supply Agreement and Software Subscription (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Supply arrangement
Long-term Purchase Commitment [Line Items]
Accrued liability	$ 0.0	$ 0.1
Supply agreement
Accrued supply agreement amount	0.8
Software subscription
Long-term Purchase Commitment [Line Items]
Obligation	0.9
Accrued liability	$ 0.0	$ 0.1

Stock-based compensation - 2021 Incentive Award Plan (Details) - 2021 Incentive Award Plan - shares	1 Months Ended
	Jul. 31, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [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		3,690,777

Stock-based compensation - 2021 Employee Stock Purchase Plan (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 983,000	$ 191,000
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 100,000
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold limit of shares can be purchased by an employee per offering period	100,000
2021 Employee Stock Purchase Plan \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [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
Payroll deduction percentage	15.00%
Threshold value of shares can be purchased per calendar year	$ 25,000
Threshold percentage of the market price	85.00%
Stock-based compensation expense			$ 0
Shares avaliable for issuance		745,640
Offering Period			$ 0
2021 Employee Stock Purchase Plan \| ESPP \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased		0	0

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2022

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):


	March 31,		December 31,
	2022		2021
Accrued employee compensation and benefits expense	$	2,571	$	3,569
Accrued vendor expenses		2,657		5,500
Accrued warranty expense		595		598
Deferred rent, current portion		—		131
Accrued taxes		826		781
Other		86		338
	$	6,735	$	10,917

Common stock and common stock warrants - Warrants (Details) - Common stock and common stock warrant - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock and common stock warrants
Common stock shares issuable upon exercise of warrant	1,022,303	1,030,944
Equity \| 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	17,194	25,835
Weighted average exercise price (in dollars per share)	$ 292.81	$ 295.15
Equity \| 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
Equity \| July 14, 2021
Common stock and common stock warrants
Contractual term (in years)	10 years	10 years
Common stock shares issuable upon exercise of warrant	975,109	975,109
Weighted average exercise price (in dollars per share)	$ 1.46	$ 1.46

Fair value of financial assets and liabilities

3 Months Ended

Mar. 31, 2022

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

3. Fair value of financial assets and liabilities

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


	Fair value measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	57,185	$	—	$	—	$	57,185
Short-term investments		99,732		—		—		99,732
Long-term investments		21,944		—		—		21,944
	$	178,861	$	—	$	—	$	178,861


	Fair value measurements at 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

During the three months ended March 31, 2022 and 2021, respectively, there were no transfers between Level 1, Level 2 and Level 3.

Valuation of short-term and long-term investments

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

- 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

Stock-based compensation - Weighted Average Basis Assumptions of 2021 ESPP (Details) - 2021 Employee Stock Purchase Plan - ESPP	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.86%
Expected term (in years)	6 months
Expected volatility	43.10%
Expected dividend yield	0.00%

Summary of significant accounting policies - Stock-based compensation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other long-term liabilities \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of restricted common stock liability	$ 0.4	$ 0.5

Stock-based compensation - Restricted stock units (Details) - Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of shares
Granted (in shares)	569,763	0
Forfeited (in shares)	(2,050)
Unvested as of March 31 2022 (in shares)	567,713
Weighted average fair value
Granted (in dollars per share)	$ 7.73
Forfeited (in shares)	7.58
Unvested as of March 31, 2022 (in dollars per share)	$ 7.73

Summary of significant accounting policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2022 segment
Summary of significant accounting policies
Number of operating segments	1
Number of reportable segments	1

Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

16. Leases

The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. The impact of the adoption of Topic 842 to the Company's applicable balance sheet items as of January 1, 2022 is presented in the table below (in thousands). The standard did not have a material impact to the Company's unaudited condensed consolidated statements of operations, comprehensive loss, or cash flows.



	As Reported		Adjustments		Adjusted
	December 31, 2021		ASC 842 Adoption		January 1, 2022
Assets
Right-of-use assets, net, operating	$	—	$	6,039	$	6,039
Right-of-use assets, net, financing		—		366		366
Property and equipment, net		11,304		(351)		10,953
Total assets	$	11,304	$	6,054	$	17,358

Liabilities and Stockholders' Equity
Current liabilities:
Lease liabilities, short-term, operating	$	—	$	1,023	$	1,023
Lease liabilities, short-term, financing		—		33		33
Accrued expenses		10,917		(160)		10,757
Total current liabilities	$	18,166	$	896	$	19,062
Lease liabilities, long-term, operating		—		5,960		5,960
Lease liabilities, long-term, financing		—		341		341
Deferred rent, long-term		813		(813)		—
Other long-term liabilities		1,210		(330)		880
Total liabilities	$	20,189	$	6,054	$	26,243
Total stockholders' equity	$	220,980	$	—	$	220,980
Total liabilities and stockholders' equity	$	241,169	$	6,054	$	247,223

The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases.

The Company leases office and manufacturing space under operating lease agreements that have initial terms ranging from approximately 8 to 10 years. The Company leases furniture under a financing lease agreement that has an initial term of approximately 8 years. Some leases include one or more options to renew, generally at our sole discretion, with renewal terms that can extend the lease term up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. Options to extend a lease are included in the lease term when it is reasonably certain that the Company will exercise the option. Options to terminate a lease are excluded from the lease term when it is reasonably certain that the Company will not exercise the option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees.

Supplemental cash flow information related to leases is as follows (in thousands):


	Three Months Ended
	March 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	283
Operating cash outflows - payments on financing leases	$	11
Financing cash outflows - payments on financing leases	$	8
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	6,932
Financing leases	$	366

Supplemental balance sheet information related to the Company’s operating and financing leases is as follows (in thousands):


	March 31, 2022

Operating Leases:
Operating lease assets	$	6,728

Accrued expenses and other current liabilities	$	601
Operating lease liabilities		7,043
Total operating lease liabilities	$	7,644

Financing Leases:
Office furniture and fixtures	$	386
Accumulated depreciation		(32)
Net property, plant and equipment	$	354

Current portion of long-term debt	$	34
Long-term debt		332
Total financing lease liabilities	$	366

Weighted-average remaining lease term - operating leases:		7.28
Weighted-average remaining lease term - financing leases:		7.25
Weighted-average discount rate - operating leases:		3.6	%
Weighted-average discount rate - financing leases:		12.0	%

The Components of lease expense were as follows (in thousands):


	Three Months Ended
	March 31, 2022
Operating lease cost	$	265
Financing lease cost - amortization of right-of-use asset		12
Financing lease cost - interest on lease liability		11
Short-term lease cost		16
Variable lease cost		166
Total lease cost	$	470

Operating lease cost is recognized on a straight-line basis over the lease term. Total rent expense, including the Company’s share of the lessors’ operating expenses, was $0.5 million for the three months ended March 31, 2022.

Financing lease cost includes asset amortization on a straight-line basis over the lease term and interest accretion calculated using the effective interest method. Total capital lease asset depreciation and interest expense was less than $0.1 million for the three months ended March 31, 2022.

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. Included in the $4.6 million are leases with commencement dates expected later in 2022 and therefore are not recorded on the consolidated balance sheets as of March 31, 2022. The future minimum lease payments related to these leases are approximately $1.0 million. The Amendment qualified as a lease modification and resulted in an additional right of use asset and lease liability in the amount of $1.2 million and 1.3 million, respectively.

Maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands):


	Operating Leases
2022 (excluding the three months ended March 31)	$	856
2023		1,169
2024		1,199
2025		1,229
2026		1,259
Thereafter		3,323
Total lease payments	$	9,034
Less imputed interest		(1,113)
Total present value of lease liabilities	$	7,921

Maturities of the Company’s financing lease liability as of March 31, 2022 were as follows (in thousands):


	Financing Leases
2022 (excluding the three months ended March 31)	$	56
2023		75
2024		75
2025		75
2026		75
Thereafter		188
Total lease payments	$	544
Less imputed interest		(177)
Total present value of lease liabilities	$	366

Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):


	Year Ended
	December 31, 2021
2022	$	1,139
2023		1,169
2024		1,199
2025		1,229
2026		1,044
Thereafter		1,953
Total minimum lease commitments	$	7,733

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid insurance	$ 893	$ 1,622
Contract asset	88	396
Deposits	1,242	1,262
Lease receivables, current portion	154	231
Other	741	440
Prepaid expenses and other current assets	$ 3,118	$ 3,951

Stock-based compensation - 2010 Stock Option and Grant Plan (Details) - shares	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		1,374,826
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized	382,889
Granted		0

Preferred stock warrants

3 Months Ended

Mar. 31, 2022

Preferred stock warrants

Preferred stock warrants

11. Preferred stock warrants

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

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 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).

The warrant liability was related to the warrants to purchase shares of the Company’s Series A1, B1, and C1 redeemable convertible preferred stock (see Note 10). 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 (v) 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.


		Three Months Ended March 31,
		2021
Fair value of Series A1 preferred stock	$	2.51
Fair value of Series B1 preferred stock	$	2.88
Fair value of Series C1 preferred stock	$	2.95
Remaining contractual term (in years)		7.0
Risk-free interest rate		1.3	%
Expected dividend yield		—	%
Expected volatility		41.6	%

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


	Three Months Ended March 31,
	2021
Balance, beginning of period	$	4,117
Change in fair value		11,448
Balance, end of period	$	15,565

There were no outstanding preferred stock warrants as of March 31, 2022 or December 31, 2021.

Investments (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Short-term investments
U.S. Government Treasury Bills	$	54,942	$	—	$	(95)	$	54,847
U.S. Government Treasury Notes		45,137		—		(252)		44,885
	$	100,079	$	—	$	(347)	$	99,732
Long-term Investments
U.S. Government Treasury Notes - Maturity One - Five Years		22,201		—		(257)		21,944
	$	22,201	$	—	$	(257)	$	21,944


	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
Short-term investments	cost		gains		losses		value
U.S. Government Treasury Bills	$	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

Summary of significant accounting policies - Risk of Concentrations of Credit, Significant Customers and Significant Suppliers (Details) - Customers	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total revenue \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage	38.60%	52.30%
Total revenue \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage	15.60%
Total revenue \| Customer B
Concentration Risk [Line Items]
Customer concentration risk percentage	12.90%
Total revenue \| Customer C
Concentration Risk [Line Items]
Customer concentration risk percentage	10.10%
Total revenue \| Customer D
Concentration Risk [Line Items]
Customer concentration risk percentage		18.70%
Total revenue \| Customer E
Concentration Risk [Line Items]
Customer concentration risk percentage		17.50%
Total revenue \| Customer F
Concentration Risk [Line Items]
Customer concentration risk percentage		16.10%
Accounts receivable \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk percentage	41.20%		52.70%
Accounts receivable \| Customer A
Concentration Risk [Line Items]
Customer concentration risk percentage	13.30%		19.50%
Accounts receivable \| Customer B
Concentration Risk [Line Items]
Customer concentration risk percentage	13.50%
Accounts receivable \| Customer C
Concentration Risk [Line Items]
Customer concentration risk percentage	14.40%
Accounts receivable \| Customer G
Concentration Risk [Line Items]
Customer concentration risk percentage			12.60%
Accounts receivable \| Customer H
Concentration Risk [Line Items]
Customer concentration risk percentage			10.60%
Accounts receivable \| Customer I
Concentration Risk [Line Items]
Customer concentration risk percentage			10.00%

Summary of significant accounting policies - Recently issued accounting pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets	$ 6,728
Operating lease liabilities	7,644
Finance lease, right-of-use assets	354
Finance lease liabilities	$ 366
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets		$ 6,000
Operating lease liabilities		7,000
Finance lease, right-of-use assets		400
Finance lease liabilities		400
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use assets		6,039
Finance lease, right-of-use assets		$ 366

Redeemable convertible preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Jul. 14, 2021	Jun. 25, 2021	Mar. 31, 2021	Mar. 31, 2021	Jul. 19, 2021	Dec. 31, 2020
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)					$ 0.01
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				$ 79,808
Preferred stock, authorized (in shares)					10,000,000
Peferred stock , par value (in shares)					$ 0.01
Preferred stock ,outstanding (in shares)			155,521,633	155,521,633		133,021,640
Series C2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Number of shares exchanged		11,437,301
Series D1 and D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity share price (in dollars per share)			$ 3.60	$ 3.60
Issuance costs			$ 1,300
Peferred stock , par value (in shares)			$ 3.60	$ 3.60
Series D1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			22,086,725	22,086,725
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 79,500
Series D2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Shares issued			413,268	413,268
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 1,500
Number of shares exchanged		2,364,509
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

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended
Benefit plans (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Benefit plans
Contributions made	$ 0.3	$ 0.1

- Definition

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

+ References + Details

Net loss per share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (14,930)	$ (22,101)
Accretion of redeemable convertible preferred stock to redemption value		(787)
Cumulative redeemable convertible preferred stock dividends		(1,411)
Net loss attributable to common stockholders - basic	(14,930)	(24,299)
Net loss attributable to common stockholders - diluted	$ (14,930)	$ (24,299)
Denominator:
Weighted average common shares outstanding - basic	42,197,887	641,371
Weighted average common shares outstanding - diluted	42,197,887	641,371
Net loss per share attributable to common stockholders - basic	$ (0.35)	$ (37.89)
Net loss per share attributable to common stockholders - diluted	$ (0.35)	$ (37.89)
Common Class A
Denominator:
Weighted average common shares outstanding - basic	35,941,754	641,371
Weighted average common shares outstanding - diluted	35,941,754	641,371
Net loss per share attributable to common stockholders - basic	$ (0.35)	$ (37.89)
Net loss per share attributable to common stockholders - diluted	$ (0.35)	$ (37.89)
Common Class B
Denominator:
Weighted average common shares outstanding - basic	6,256,133
Weighted average common shares outstanding - diluted	6,256,133
Net loss per share attributable to common stockholders - basic	$ (0.35)
Net loss per share attributable to common stockholders - diluted	$ (0.35)

Net loss per share - Schedule of Common Stock Excluded From Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	6,679,042	36,899,549
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	5,639,683	4,246,685
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	749,205	248,903
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	286,324	55,835
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share	3,830
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares from the computation of diluted net loss per share		31,104,299
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

Leases - Operating lease maturity as of December 31, 2021 (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Maturities of the Company's operating lease liabilities as of December 31, 2021
2022	$ 1,139
2023	1,169
2024	1,199
2025	1,229
2026	1,044
Thereafter	1,953
Total lease payments	$ 7,733

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory
Raw materials	$ 10,914	$ 10,135
Work in process	873	1,235
Finished goods	5,924	4,301
Total	17,711	15,671
Inventory adjustments	$ 600	$ 1,200

Nature of the business and basis of presentation

3 Months Ended

Mar. 31, 2022

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.

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

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

Basis of presentation

These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022 and the results of its operations and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and

2021 are also unaudited. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.

Reverse split

On July 9, 2021, the Company effected a one-for-five reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock (see Note 10). Accordingly, all share and per share amounts for all periods presented in the accompanying 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 the initial 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 IPO 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 unaudited interim condensed consolidated financial statements were issued.

Condensed consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 4,160	$ 4,995
Costs and operating expenses:
Research and development	3,525	2,147
Sales and marketing	3,456	2,275
General and administrative	6,094	3,203
Total costs and operating expenses	19,159	14,686
Loss from operations	(14,999)	(9,691)
Other income (expense):
Interest expense	(11)	(932)
Change in fair value of preferred stock warrant liability		(11,448)
Other income (expense), net	103	(11)
Total other income (expense), net	92	(12,391)
Loss before income taxes	(14,907)	(22,082)
Income tax expense	23	19
Net loss	(14,930)	(22,101)
Accretion of redeemable convertible preferred stock to redemption value		(787)
Cumulative redeemable convertible preferred stock dividends		(1,411)
Net loss attributable to common stockholders - basic	(14,930)	(24,299)
Net loss attributable to common stockholders - diluted	$ (14,930)	$ (24,299)
Net loss per share attributable to common stockholders - basic	$ (0.35)	$ (37.89)
Net loss per share attributable to common stockholders - diluted	$ (0.35)	$ (37.89)
Weighted average common shares outstanding - basic	42,197,887	641,371
Weighted average common shares outstanding - diluted	42,197,887	641,371
Product revenue
Revenue:
Total revenue	$ 2,563	$ 3,718
Costs and operating expenses:
Cost of revenue	4,358	5,510
Service revenue
Revenue:
Total revenue	1,597	1,067
Costs and operating expenses:
Cost of revenue	$ 1,726	1,137
Non-commercial revenue
Revenue:
Total revenue		210
Costs and operating expenses:
Cost of revenue		$ 414

Stock-based compensation

3 Months Ended

Mar. 31, 2022

Stock-based compensation

Stock-based compensation

13. Stock-based compensation

2010 Stock Option and Grant Plan

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

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 March 31, 2022, there are 3,690,777 shares available for issuance under the 2021 Plan.

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


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.89	%	0.9	%
Expected term (in years)	6.0		6.0
Expected volatility	43.0	%	44.9	%
Expected dividend yield	0	%	0	%

Stock options

The following table summarizes the Company’s stock option activity since December 31, 2021:


				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	shares	exercise price		contractual term	intrinsic value
				(in years)		(in thousands)
Outstanding as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Granted	1,374,826		7.81
Exercised	(475,033)		0.99
Expired	(2,913)		10.70
Forfeited	(80,297)		11.16
Outstanding as of March 31, 2022	5,639,683	$	5.96	8.39	$	15,883
Options vested and expected to vest as of March 31, 2022	5,639,683	$	5.96	8.39	$	15,883
Options exercisable as of March 31, 2022	2,101,878	$	2.02	6.80	$	11,051

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 Class A common stock for those options that had exercise prices lower than such fair value.

The intrinsic value of stock options exercised during the three months ended March 31, 2022 and 2021 was $2.8 million and $0.1 million, respectively.

The weighted average grant-date fair value per share of stock options granted during the three months ended March 31, 2022 and 2021 was $3.41 and $3.40, 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 March 31, 2022 and December 31, 2021, the Company had $0.4 million and $0.5 million in unvested restricted common stock liability included in other long-term liabilities, respectively.

The following table summarizes the Company’s restricted stock activity December 31, 2021:


		Weighted
	Number of	average
	shares	fair value

Unvested as of December 31, 2021	248,903	$	2.10
Granted	-		-
Vested	(67,411)	$	2.10
Forfeited	-		-
Unvested as of March 31, 2022	181,492	$	2.10

Restricted stock units

Restricted stock unit grants to employees have a three-year vesting term. The Company expenses the fair value of the restricted stock units over the vesting period and accounts for forfeitures prospectively as they occur. The following table summarizes restricted stock units granted to Company employees during the three months ended March 31, 2022:


		Weighted
	Number of	average
	shares	fair value

Unvested as of December 31, 2021	-	$	-
Granted	569,763		7.73
Vested	-		-
Forfeited	(2,050)		7.58
Unvested as of March 31, 2022	567,713	$	7.73

The weighted average grant-date fair value per share of restricted stock units granted during the three months ended March 31, 2022 was $7.73. There were no restricted stock units granted during the three months ended March 31, 2021.

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.

Under the 2021 ESPP, eligible employees may purchase shares of the Company’s common stock through payroll deductions of up to 15% of eligible compensation during an offering period. Generally, each offering period will be for 6 months as determined by the Company's board of directors. In no event may an employee purchase more than 100,000 shares per offering period based on the closing price on the first trading date of an offering period or the last trading date of an offering period, or more than $25,000 worth of stock during any calendar year. The purchase price for shares to be purchased under the 2021 ESPP is 85% of the lesser of the market price of the Company's common stock on the first trading date of an offering period or on any purchase date during an offering period (March 14 or September 14).

During the three months ended March 31, 2022 and 2021, there were no shares of Class A common stock purchased under the 2021 ESPP. The Company recognized less than $0.1 million and zero expense related to the 2021 ESPP for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, 745,640 shares were available under the 2021 ESPP for future issuance.

The Company estimates the fair value of shares issued to employees under the 2021 ESPP using the Black-Scholes option-pricing model. The following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP at the grant date for the three months ended March 31, 2022 (there were no offering periods for the three months ended March 31, 2021):


	Three Months Ended March 31,
	2022
Risk-free interest rate		0.86	%
Expected term (in years)		0.5
Expected volatility		43.1	%
Expected dividend yield		0	%

Stock-based compensation

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


	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	99	$	29
General and administrative		674		128
Sales and marketing		132		21
Research and development		78		13
Total stock-based compensation expense	$	983	$	191

As of March 31, 2022, total unrecognized compensation expense related to unvested stock options held by employees and directors was $12.0 million, which is expected to be recognized over a weighted average period of 3.1

years. Additionally, unrecognized compensation expense related to unvested restricted stock units held by employees and directors was $4.2 million, which is expected to be recognized over a weighted average period of 2.9 years.

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property and equipment, net

Schedule of property and equipment, net

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


	March 31,		December 31,
	2022		2021
Manufacturing and laboratory equipment	$	13,526	$	13,277
Computer hardware and software		1,937		1,742
Office furniture and fixtures		554		745
Leasehold improvements		7,883		3,012
Construction-in-process		708		4,313
		24,608		23,089
Less: Accumulated depreciation		(12,220)		(11,785)
	$	12,388	$	11,304

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.89	%	0.9	%
Expected term (in years)	6.0		6.0
Expected volatility	43.0	%	44.9	%
Expected dividend yield	0	%	0	%

Schedule of stock option activity

The following table summarizes the Company’s stock option activity since December 31, 2021:


				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	shares	exercise price		contractual term	intrinsic value
				(in years)		(in thousands)
Outstanding as of December 31, 2021	4,823,100	$	5.06	7.62	$	31,041
Granted	1,374,826		7.81
Exercised	(475,033)		0.99
Expired	(2,913)		10.70
Forfeited	(80,297)		11.16
Outstanding as of March 31, 2022	5,639,683	$	5.96	8.39	$	15,883
Options vested and expected to vest as of March 31, 2022	5,639,683	$	5.96	8.39	$	15,883
Options exercisable as of March 31, 2022	2,101,878	$	2.02	6.80	$	11,051

Schedule of restricted stock activity

The following table summarizes the Company’s restricted stock activity December 31, 2021:


		Weighted
	Number of	average
	shares	fair value

Unvested as of December 31, 2021	248,903	$	2.10
Granted	-		-
Vested	(67,411)	$	2.10
Forfeited	-		-
Unvested as of March 31, 2022	181,492	$	2.10

Schedule of assumptions used to determine fair value of 2021 ESPP

The following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP at the grant date for the three months ended March 31, 2022 (there were no offering periods for the three months ended March 31, 2021):


	Three Months Ended March 31,
	2022
Risk-free interest rate		0.86	%
Expected term (in years)		0.5
Expected volatility		43.1	%
Expected dividend yield		0	%

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

Stock-based compensation

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


	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	99	$	29
General and administrative		674		128
Sales and marketing		132		21
Research and development		78		13
Total stock-based compensation expense	$	983	$	191

Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of restricted stock activity

The following table summarizes restricted stock units granted to Company employees during the three months ended March 31, 2022:


		Weighted
	Number of	average
	shares	fair value

Unvested as of December 31, 2021	-	$	-
Granted	569,763		7.73
Vested	-		-
Forfeited	(2,050)		7.58
Unvested as of March 31, 2022	567,713	$	7.73

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Operating lease, right-of-use assets	$ 6,728
Finance lease, right-of-use assets	354
Property and equipment, net	12,388		$ 11,304
Current liabilities:
Lease liabilities, short-term, operating	601
Lease liabilities, short-term, financing	34
Accrued expenses	6,735		10,917
Total current liabilities	14,872		18,166
Lease liabilities, long-term, operating	7,043
Lease liabilities, long-term, financing	332
Deferred rent, long term			813
Other long-term liabilities	735		1,210
Total liabilities	22,982		20,189
Total stockholders' deficit	207,070		220,980	$ (151,047)	$ (127,006)
Total liabilities and stockholders' equity	$ 230,052		241,169
Finance lease, term of contract	8 years
Finance lease, Existence of option to extend	true
Minimum
Current liabilities:
Operating lease, term of contract	8 years
Maximum
Current liabilities:
Operating lease, term of contract	10 years
Finance lease, Renewal term	5 years
Accounting Standards Update 2016-02
Assets
Operating lease, right-of-use assets		$ 6,000
Finance lease, right-of-use assets		400
Property and equipment, net			11,304
Total assets			11,304
Current liabilities:
Accrued expenses			10,917
Total current liabilities			18,166
Deferred rent, long term			813
Other long-term liabilities			1,210
Total liabilities			20,189
Total stockholders' deficit			220,980
Total liabilities and stockholders' equity			$ 241,169
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption, Adjustment
Assets
Operating lease, right-of-use assets		6,039
Finance lease, right-of-use assets		366
Property and equipment, net		(351)
Total assets		6,054
Current liabilities:
Lease liabilities, short-term, operating		1,023
Lease liabilities, short-term, financing		33
Accrued expenses		(160)
Total current liabilities		896
Lease liabilities, long-term, operating		5,960
Lease liabilities, long-term, financing		341
Deferred rent, long term		(813)
Other long-term liabilities		(330)
Total liabilities		6,054
Total liabilities and stockholders' equity		6,054
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Assets
Operating lease, right-of-use assets		6,039
Finance lease, right-of-use assets		366
Property and equipment, net		10,953
Total assets		17,358
Current liabilities:
Lease liabilities, short-term, operating		1,023
Lease liabilities, short-term, financing		33
Accrued expenses		10,757
Total current liabilities		19,062
Lease liabilities, long-term, operating		5,960
Lease liabilities, long-term, financing		341
Other long-term liabilities		880
Total liabilities		26,243
Total stockholders' deficit		220,980
Total liabilities and stockholders' equity		$ 247,223

Summary of significant accounting policies - Debt Issuance Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary of significant accounting policies
Debt issuance costs	$ 0.0		$ 0.0
Amortization of the debt issuance costs	$ 0.0	$ 0.1

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Number of shares
Outstanding as of December 31, 2021 (in shares)	4,823,100
Granted (in shares)	1,374,826
Exercised (in shares)	(475,033)
Expired (in shares)	(2,913)
Forfeited (in shares)	(80,297)
Outstanding as of March 31, 2022 (in shares)	5,639,683		4,823,100
Options vested and expected to vest as of March 31, 2022 (in shares)	5,639,683
Options exercisable as of March 31, 2022 (in shares)	2,101,878
Weighted average exercise price
Outstanding as of December 31, 2021 (in dollars per share)	$ 5.06
Granted (in dollars per share)	7.81
Exercised (in dollars per share)	0.99
Expired (in dollars per share)	10.70
Forfeited (in dollars per share)	11.16
Outstanding as of March 31 2022 (in dollars per share)	5.96		$ 5.06
Options vested and expected to vest as of March 31, 2022 (in dollars per share)	5.96
Options exercisable as of March 31, 2022 (in dollars per share)	$ 2.02
Weighted average remaining contractual term
Weighted average remaining contractual term (in years)	8 years 4 months 20 days		7 years 7 months 13 days
Options vested and expected to vest (in years)	8 years 4 months 20 days
Options exercisable (in years)	6 years 9 months 18 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 15,883		$ 31,041
Options vested and expected to vest	15,883
Options exercisable	11,051
Exercised	$ 2,800	$ 100
Weighted average grant-date fair value	$ 3.41	$ 3.40

Fair value of financial assets and liabilities - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash equivalents	$ 57,185	$ 173,755
Assets	178,861	198,831
Short-term Investments
Assets
Investments	99,732	15,110
Long-term investments
Assets
Investments	21,944	9,966
Level 1
Assets
Cash equivalents	57,185	173,755
Assets	178,861	198,831
Level 1 \| Short-term Investments
Assets
Investments	99,732	15,110
Level 1 \| Long-term investments
Assets
Investments	$ 21,944	$ 9,966

Preferred stock warrants - Rollforward of the Aggregate Fair Values (Details) - Preferred stock warrant liability $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,117
Change in fair value	11,448
Balance, end of period	$ 15,565

Leases - Supplemental balance sheet information (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases
Operating lease assets	$ 6,728
Accrued expenses and other current liabilities	$ 601
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease Liability, Current
Operating lease liabilities	$ 7,043
Total operating lease liabilities	7,644
Financing Leases:
Accumulated depreciation	(32)
Net property, plant and equipment	354
Current portion of long-term debt	$ 34
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease Liability, Current
Long-term debt	$ 332
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease Liability, Non Current
Total financing lease liabilities	$ 366
Weighted-average remaining lease term - operating leases:	7 years 3 months 10 days
Weighted-average remaining lease term - financing leases:	7 years 3 months
Weighted-average discount rate - operating leases:	3.60%
Weighted-average discount rate - financing leases	12.00%
Office furniture and fixtures
Financing Leases:
Gross property, plant and equipment	$ 386

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2022

Net loss per share

Schedule of basic and diluted net loss per share


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(14,930)	$	(22,101)
Accretion of redeemable convertible preferred stock to redemption value		—		(787)
Cumulative redeemable convertible preferred stock dividends		—		(1,411)
Net loss attributable to common stockholders—basic and diluted	$	(14,930)	$	(24,299)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted		35,941,754		641,371
Weighted average Class B common shares outstanding—basic and diluted		6,256,133		—
Total shares for EPS—basic and diluted		42,197,887		641,371
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(0.35)	$	(37.89)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(0.35)	$	—

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


	March 31,
	2022	2021
Options to purchase common stock	5,639,683	4,246,685
Unvested restricted common stock	749,205	248,903
Warrants to purchase common stock	286,324	55,835
Options to purchase common stock under ESPP	3,830	—
Redeemable convertible preferred stock (as converted to common stock)	—	31,104,299
Warrants to purchase preferred stock (as converted to warrants to purchase common stock)	—	1,243,827
	6,679,042	36,899,549

Condensed consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (14,930)	$ (22,101)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	560	344
Stock-based compensation expense	983	191
Change in fair value of preferred stock warrant liability		11,448
Noncash lease expense	261
Noncash interest expense		139
Accretion on investments	6
Other, net	8	(3)
Changes in operating assets and liabilities
Accounts receivable	1,169	1,264
Inventory	(2,041)	(812)
Prepaid expenses and other current assets	839	324
Other long-term assets	(51)	13
Accounts payable	(372)	(1,974)
Accrued expenses and other current liabilities	(3,880)	(781)
Deferred revenue	647	717
Deferred rent, long term		(31)
Net cash used in operating activities	(16,801)	(11,262)
Cash flows from investing activities:
Purchases of property and equipment	(2,353)	(251)
Purchases of investments	(97,195)
Maturity of investments		10,000
Net cash (used) provided by investing activities	(99,548)	9,749
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		79,808
Proceeds from issuance of Class A common stock upon stock option exercise	471	67
Proceeds from issuance of restricted Class A stock award		523
Payments on finance lease obligations	(8)
Payments of deferred offering costs		(329)
Net cash provided by financing activities	463	80,069
Net (decrease) increase in cash, cash equivalents and restricted cash	(115,886)	78,556
Cash, cash equivalents and restricted cash at beginning of period	178,671	30,179
Cash, cash equivalents and restricted cash at end of period	62,785	108,735
Supplemental disclosure of cash flow information
Cash paid for interest	11	339
Supplemental disclosure of non-cash investing activities
Establishment of right of use operating assets	6,932
Purchases of property and equipment in accounts payable	1,503
Supplemental disclosure of non-cash financing activities
Establishment of right of use finance assets	$ 366
Deferred offering costs included in accounts payable and accrued expenses		978
Accretion of redeemable convertible preferred stock to redemption value		787
Cumulative redeemable convertible preferred stock dividends		$ 1,411

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities
Accrued employee compensation and benefits expense	$ 2,571	$ 3,569
Accrued vendor expenses	2,657	5,500
Accrued warranty expense	595	598
Deferred rent, current portion		131
Accrued taxes	826	781
Other	86	338
Accrued expenses and other current liabilities	$ 6,735	$ 10,917

Condensed consolidated statements of comprehensive loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed consolidated statements of comprehensive loss
Net loss	$ (14,930)	$ (22,101)
Other comprehensive income:
Unrealized loss on short-term investments, net of tax	(588)	0
Comprehensive loss	$ (15,518)	$ (22,101)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Common stock and common stock warrants (Tables)

3 Months Ended

Mar. 31, 2022

Common stock and common stock warrant

Preferred stock warrants

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


	March 31, 2022
			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	17,194	$	292.81
April 12, 2018	10	Equity	30,000	$	1.00
July 14, 2021	10	Equity	975,109	$	1.46
			1,022,303

As of December 31, 2021, outstanding warrants to purchase common stock outstanding consisted of the following:


	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

Long-term debt - Term loans agreements (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2020 USD ($) item $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term Debt.		$ 0.0		$ 0.0
2020 Term Loan
Debt Instrument [Line Items]
Loan amount	$ 60.0
Interest expenses		0.0	$ 0.9
Amortization of debt discount	0.3	0.0	$ 0.1
Facility fees	$ 0.8
Number of loan tranches \| item	3
Debt issuance costs	$ 1.5
Professional fees	0.9
Debt issuance cost allocated to warrant issued	$ 0.6
Loss on extinguishment of debt		3.1
Prepayment Penalty		1.8
Expense to unamortized discounts		1.1
Unamortized prepaid facility fees and other charges		$ 0.2
2020 Term Loan \| Series C1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Shares issued upon conversion of warrant \| shares	1,195,652
Exercise price \| $ / shares	$ 1.15
2020 Term Loan- Tranche One
Debt Instrument [Line Items]
Loan amount	$ 25.0
2020 Term Loan- Tranche Two and Three
Debt Instrument [Line Items]
Loan amount	35.0
2020 Term Loan- Tranche Two
Debt Instrument [Line Items]
Loan amount	20.0
Debt issuance costs	0.3
2020 Term Loan- Tranche Three
Debt Instrument [Line Items]
Loan amount	15.0
Debt issuance costs	$ 0.2

Fair value of financial assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair value of financial assets and liabilities

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


	Fair value measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	57,185	$	—	$	—	$	57,185
Short-term investments		99,732		—		—		99,732
Long-term investments		21,944		—		—		21,944
	$	178,861	$	—	$	—	$	178,861


	Fair value measurements at 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

- 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

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2022

Summary of significant accounting policies

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


	Three Months Ended March 31,
	2022		2021
Customer A	15.6	%	*
Customer B	12.9	%	*
Customer C	10.1	%	*
Customer D	*		18.7	%
Customer E	*		17.5	%
Customer F	*		16.1	%
	38.6	%	52.3	%

*	– less than 10%

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


	March 31,		December 31,
	2022		2021
Customer A	13.3	%	19.5	%
Customer B	13.5	%	*
Customer C	14.4	%	*
Customer G	*		12.6	%
Customer H	*		10.6	%
Customer I	*		10.0	%
	41.2	%	52.7	%

*	– less than 10%

Summary of changes in the amount reserved for warranty cost


	March 31,		December 31,
	2022		2021
Balance, beginning of period	$	598	$	637
Warranty provisions		10		—
Warranty repairs		(13)		(39)
Balance, end of period	$	595	$	598

Schedule of disaggregated revenue by nature and geographic location


	Three Months Ended March 31,
	2022		2021
Product and service revenue — recurring	$	2,658	$	1,606
Product and service revenue — non-recurring		1,502		3,179
Non-commercial revenue — non-recurring		—		210
Total revenue	$	4,160	$	4,995

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


	Three Months Ended March 31,
	2022		2021
United States	$	2,042	$	2,329
Germany		424		325
Switzerland		879		1,041
All other countries		815		1,300
Total revenue	$	4,160	$	4,995