0001380106-23-000097 | 10-Q | XBRL Viewer | Rapid Micro Biosystems INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40592
Entity Registrant Name	Rapid Micro Biosystems, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8121647
Entity Address, Address Line One	1001 Pawtucket Boulevard West
Entity Address, Address Line Two	Suite 280
Entity Address, City or Town	Lowell
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01854
City Area Code	978
Local Phone Number	349-3200
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	RPID
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001380106
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		36,768,540
Class B Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,553,379

Condensed consolidated balance sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 24,410	$ 27,064
Short-term investments	75,276	81,584
Accounts receivable	5,510	5,369
Inventory	20,944	21,187
Prepaid expenses and other current assets	3,005	3,372
Total current assets	129,145	138,576
Property and equipment, net	13,509	13,818
Right-of-use assets, net	6,825	7,063
Long-term investments	22,462	29,790
Other long-term assets	1,056	1,119
Restricted cash	284	284
Total assets	173,281	190,650
Current liabilities:
Accounts payable	1,287	5,428
Accrued expenses and other current liabilities	6,104	8,150
Deferred revenue	5,496	4,706
Lease liabilities, short-term	773	766
Total current liabilities	13,660	19,050
Lease liabilities, long-term	6,940	7,202
Other long-term liabilities	238	229
Total liabilities	20,838	26,481
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	542,487	540,775
Accumulated deficit	(389,805)	(375,918)
Accumulated other comprehensive loss	(662)	(1,109)
Total stockholders’ equity	152,443	164,169
Total liabilities and stockholders’ equity	173,281	190,650
Class A Common stock
Stockholders’ equity:
Common stock	368	366
Class B Common stock
Stockholders’ equity:
Common stock	$ 55	$ 55

Condensed consolidated balance sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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
Class A Common stock
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)	36,768,540	36,538,805
Common stock, outstanding (in shares)	36,768,540	36,538,805
Class B Common stock
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
Common stock, outstanding (in shares)	5,553,379

Condensed consolidated statements of operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 5,035	$ 4,160
Costs and operating expenses:
Research and development	3,153	3,525
Sales and marketing	3,462	3,456
General and administrative	6,467	6,094
Total costs and operating expenses	19,907	19,159
Loss from operations	(14,872)	(14,999)
Other income (expense):
Interest income, net	1,003	108
Other expense, net	(11)	(16)
Total other income (expense), net	992	92
Loss before income taxes	(13,880)	(14,907)
Income tax expense	7	23
Net loss	$ (13,887)	$ (14,930)
Net loss per share - basic (in dollars per share)	$ (0.32)	$ (0.35)
Net loss per share - diluted (in dollars per share)	$ (0.32)	$ (0.35)
Weighted average common shares outstanding - basic (in shares)	42,812,580	42,197,887
Weighted average common shares outstanding - diluted (in shares)	42,812,580	42,197,887
Product
Revenue:
Total revenue	$ 3,324	$ 2,563
Costs and operating expenses:
Cost of revenue	4,981	4,358
Service
Revenue:
Total revenue	1,711	1,597
Costs and operating expenses:
Cost of revenue	$ 1,844	$ 1,726

Condensed consolidated statements of comprehensive loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,887)	$ (14,930)
Other comprehensive income:
Unrealized gain (loss) on investments, net of tax	447	(588)
Comprehensive loss	$ (13,440)	$ (15,518)

- Definition

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

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+ Details

Condensed consolidated statements of stockholders' equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock Class A Common stock	Common stock Class B Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021		34,564,040,000	6,903,379,000
Balance at beginning of period at Dec. 31, 2021	$ 220,980	$ 346	$ 69	$ 535,693	$ (315,112)	$ (16)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock (in shares)		1,350,000,000	1,350,000,000
Conversion of Class B common stock to Class A common stock		$ 14	$ (14)
Restricted stock award liability accretion	154			154
Issuance of Class A common stock upon exercise of common stock options (in shares)		475,033,000
Issuance of Class A common stock upon exercise of common stock options	471	$ 5		466
Stock-based compensation expense	983			983
Net loss	(14,930)				(14,930)
Other comprehensive income (loss)	(588)					(588)
Common stock, balance at end of period (in shares) at Mar. 31, 2022		36,389,073,000	5,553,379,000
Balance at end of period at Mar. 31, 2022	207,070	$ 365	$ 55	537,296	(330,042)	(604)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2022		36,538,805,000	5,553,379,000
Balance at beginning of period at Dec. 31, 2022	164,169	$ 366	$ 55	540,775	(375,918)	(1,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock under ESPP (in shares)		125,536,000
Issuance of Class A common stock under ESPP	124	$ 1		123
Vesting of restricted stock units (in shares)		96,303,000
Vesting of restricted stock units	0	$ 1		(1)
Restricted stock award liability accretion	$ 341			341
Issuance of Class A common stock upon exercise of common stock options (in shares)	7,896	7,896,000
Issuance of Class A common stock upon exercise of common stock options	$ 6			6
Stock-based compensation expense	1,243			1,243
Net loss	(13,887)				(13,887)
Other comprehensive income (loss)	447					447
Common stock, balance at end of period (in shares) at Mar. 31, 2023		36,768,540,000	5,553,379,000
Balance at end of period at Mar. 31, 2023	$ 152,443	$ 368	$ 55	$ 542,487	$ (389,805)	$ (662)

Condensed consolidated statements of cash flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (13,887)	$ (14,930)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	759	560
Stock-based compensation expense	1,243	983
Provision for excess and obsolete inventory	34	0
Noncash lease expense	297	261
Accretion on investments	(586)	6
Other	9	8
Changes in operating assets and liabilities:
Accounts receivable	(142)	1,169
Inventory	209	(2,041)
Prepaid expenses and other current assets	367	839
Other long-term assets	(23)	(51)
Accounts payable	(4,141)	(372)
Accrued expenses and other current liabilities	(1,615)	(3,880)
Deferred revenue	790	647
Net cash used in operating activities	(16,686)	(16,801)
Cash flows from investing activities:
Purchases of property and equipment	(759)	(2,353)
Purchases of investments	(17,831)	(97,195)
Maturity of investments	32,500	0
Net cash provided by (used) investing activities	13,910	(99,548)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock - stock option exercise	7	471
Proceeds from issuance of Class A common stock - employee stock purchase plan	124	0
Payments on finance lease obligations	(9)	(8)
Net cash provided by financing activities	122	463
Net decrease in cash, cash equivalents and restricted cash	(2,654)	(115,886)
Cash, cash equivalents and restricted cash at beginning of period	27,348	178,671
Cash, cash equivalents and restricted cash at end of period	24,694	62,785
Supplemental disclosure of cash flow information
Cash paid for interest	10	11
Supplemental disclosure of non-cash investing activities
Establishment of right of use operating assets	0	6,932
Purchases of property and equipment in accounts payable	154	1,503
Supplemental disclosure of non-cash financing activities
Establishment of right of use finance assets	$ 0	$ 366

Nature of the business and basis of presentation	3 Months Ended
Nature of the business and basis of presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the business and basis of presentation	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 the Asia-Pacific region. The Company is headquartered in Lowell, Massachusetts. 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, 2022. 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, 2023 and the results of its operations and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are also unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. 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.

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

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, and the valuation of stock-based awards. 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.

There have been no significant changes to the significant accounting policies during the three months ended March 31, 2023, as compared to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2022 filed with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

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,
	2023		2022
Customer A	27.0	%	*
Customer B	20.1	%	15.6	%
Customer C	*		12.9	%
Customer D	*		10.1	%
	47.1	%	38.6	%

____________________________

*– less than 10%

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


	March 31,		December 31,
	2023		2022
Customer A	35.5	%	11.8	%
Customer B	20.2	%	21.4	%
Customer C	*		16.7	%
	55.7	%	49.9	%

____________________________

*– 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, 2023 or 2022.

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, 2023 and December 31, 2022, the Company held cash of less than $0.1 million and $0.2 million, respectively, in banks located outside of the United States.

Restricted cash

As of March 31, 2023 and December 31, 2022, 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 operating leases which have remaining terms 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. The Company had $1.0 million of software development costs, net of amortization, capitalized in other long-term assets at March 31, 2023. These capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. For the three months ended March 31, 2023 and 2022, there was $0.1 million of amortization expense related to capitalized software development costs recorded in the condensed consolidated statements of operations.

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


	Three Months Ended March 31,
	2023		2022
Balance, beginning of period	$	872	$	598
Warranty provisions	—		10
Warranty repairs	(346)		(13)
Balance, end of period	$	526	$	595

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 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 in contract assets as of March 31, 2023 and December 31, 2022, included in prepaid expenses and other current assets.

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, 2023 or December 31, 2022. Deferred revenue was $5.5 million and $4.7 million at March 31, 2023 and December 31, 2022, respectively. Revenue recognized during the three months ended March 31, 2023 and 2022 that was included in deferred revenue at the prior period-end was $1.0 million and $1.1 million, respectively.

Disaggregated revenue

The Company disaggregates revenue based on the recurring and non-recurring nature of the underlying sale. Recurring revenue includes sales of consumables and service contracts. The Company considers these to be recurring

revenues because customers typically place purchase orders on a periodic basis as they use their Growth Direct system over time. These arrangements typically contain a single performance obligation and thus the entire consideration to which the Company is entitled is allocated entirely to that performance obligation. Non-recurring revenue includes sales of systems, LIMS connection software, validation services, and field services, and typically contains multiple performance obligations. The Company considers these to be non-recurring revenues because customers typically place single purchase orders for a bundle of products and services on a one-time or infrequent basis. For these arrangements, significant judgment is applied in identifying the distinct performance obligations, determination of the transaction price, transaction price allocation, and determination of standalone selling price for each of the distinct performance obligations.

The following table presents the Company’s revenue by the recurring or non-recurring nature of the revenue stream (in thousands):


	Three Months Ended March 31,
	2023		2022
Product and service revenue — recurring	$	3,253	$	2,658
Product and service revenue — non-recurring	1,782		1,502
Total revenue	$	5,035	$	4,160

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


	Three Months Ended March 31,
	2023		2022
United States	$	1,703	$	2,042
Japan	1,386		—
Germany	413		424
Switzerland	973		879
All other countries	560		815
Total revenue	$	5,035	$	4,160

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, 2023 and 2022.

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 service-based vesting conditions only and stock-based awards with both service-based and Company performance 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.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three months ended March 31, 2023 and 2022, there were $0.4 million and $0.6 million, respectively, of unrealized gains and losses, respectively, on investments, net of tax, included in comprehensive loss.

Recently adopted accounting pronouncements

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 new standard was effective for the Company beginning January 1, 2023 and primarily impacted trade accounts receivable. The amendments in this update were adopted using a modified retrospective transition method as of January 1, 2023, which had no cumulative impact to retained earnings. The adoption of this new standard had no material impact on the Company's unaudited consolidated financial statements. The Company's concentrations of credit risks are limited due to the large number of customers and their dispersion across a number of geographic areas. Substantially all of the Company's trade receivables are concentrated in the pharmaceuticals industry in the U.S. and internationally or with distributors who operate in international markets. The Company's historical credit losses have not been significant due to this dispersion and the financial stability of the Company's customers. The Company considers its historical credit losses to be immaterial to its business and, therefore, has not provided all the disclosures otherwise required by the standard. The Company updated its accounting policy disclosure for accounts receivable as follows:

Accounts receivable are customer obligations that are unconditional. Accounts receivable are presented net of an allowance for doubtful accounts for expected credit losses, which represents an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and, if necessary, provides an allowance for doubtful accounts and expected credit losses. A provision to the allowances for doubtful accounts for expected credit losses is recorded based on factors including the length of time the receivables are past due, the current business environment, the geographic market, and the Company’s historical experience. Provisions to the allowances for doubtful accounts for expected credit losses are recorded to general and administrative expenses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2023 and December 31, 2022, the allowance for doubtful accounts for expected credit losses was zero.

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.

Fair value of financial assets and liabilities

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	20,175	$	—	$	—	$	20,175
Short-term investments	73,793		1,483		—		75,276
Long-term investments	18,853		3,609		—		22,462
	$	112,821	$	5,092	$	—	$	117,913


	Fair value measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	22,072	$	—	$	—	$	22,072
Short-term investments	81,093		491		—		81,584
Long-term investments	26,431		3,359		—		29,790
	$	129,596	$	3,850	$	—	$	133,446

During the three months ended March 31, 2023 and 2022, respectively, there were no transfers between Level 1, Level 2 and Level 3.

Valuation of short-term and long-term investments

U.S. Treasury bills and notes included in short-term and long-term investments were valued by the Company using quoted prices in active markets for identical securities, which represents a Level 1 measurement within the fair value hierarchy. The Company's certificates of deposit included in short-term and long-term investments were valued using quoted prices for similar assets in active markets (or identical assets in inactive markets), which represent a Level 2 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

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

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


	March 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	1,488	$	—	$	(5)	$	1,483
U.S. Government Treasury Bills	27,121		9		(13)		27,117
U.S. Government Treasury Notes	47,114		3		(441)		46,676
	$	75,723	$	12	$	(459)	$	75,276
Long-term Investments
Certificates of Deposit	3,655		—		(46)		3,609
U.S. Government Treasury Notes - Maturity Up To Two Years	19,021		24		(192)		18,853
	$	22,676	$	24	$	(238)	$	22,462


	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	491	$	—	$	—	$	491
U.S. Government Treasury Bills	32,115		1		(40)		32,076
U.S. Government Treasury Notes	49,625		—		(608)		49,017
	$	82,231	$	1	$	(648)	$	81,584
Long-term Investments
Certificates of Deposit	$	3,391	$	4	$	(36)	$	3,359
U.S. Government Treasury Notes - Maturity Up To Two Years	26,861		1		(431)		26,431
	$	30,252	$	5	$	(467)	$	29,790

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	15,173	$	15,014
Work in process	1,505		1,599
Finished goods	4,266		4,574
Total	$	20,944	$	21,187

Raw materials, work in process and finished goods were net of adjustments to net realizable value of $0.7 million and $1.1 million as of March 31, 2023 and December 31, 2022, respectively.

Prepaid expenses and other current assets

3 Months Ended

Mar. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

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


	March 31,		December 31,
	2023		2022
Prepaid insurance	$	971	$	1,500
Contract asset	112		112
Deposits	835		1,055
Other	1,087		705
	$	3,005	$	3,372

Property and equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

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


	March 31,		December 31,
	2023		2022
Manufacturing and laboratory equipment	$	13,464	$	13,408
Computer hardware and software	1,791		1,651
Office furniture and fixtures	589		589
Leasehold improvements	8,512		8,260
Construction-in-process	1,616		1,712
	25,972		25,620
Less: Accumulated depreciation	(12,463)		(11,802)
	$	13,509	$	13,818

Depreciation and amortization expense related to property and equipment was $0.7 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued expenses and other current liabilities

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


	March 31,		December 31,
	2023		2022
Accrued employee compensation and benefits expense	$	2,776	$	3,217
Accrued vendor expenses	1,972		3,212
Accrued warranty expense	526		872
Accrued taxes	266		329
Other	564		520
	$	6,104	$	8,150

On August 11, 2022, the board of directors of the Company approved an organizational restructuring plan (the “Restructuring Plan”) to right-size its cost structure based on its lowered 2022 outlook. The Company will continue to invest in key growth initiatives including enhancing commercial execution and key product development programs that are expected to drive future revenue growth. The Restructuring Plan involved an approximately 20% reduction in the Company’s workforce, including employees, contractors and temporary employees, which is largely focused on non-commercial functions. The Company recorded a restructuring charge of $1.1 million in the third quarter of 2022 primarily related to severance, employee benefits, outplacement and related costs under the Restructuring Plan. The Company made payments of $0.3 million during the three months ended March 31, 2023 related to the Restructuring Plan and had $0.2 million recorded within accrued expenses as of March 31, 2023.

Common stock and common stock warrants

3 Months Ended

Mar. 31, 2023

Common stock and common stock warrants

Common stock and common stock warrants

As of March 31, 2023 and December 31, 2022, 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, 2023, there were 36,768,540 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, 2023, no cash dividends had been declared or paid.

As of March 31, 2023, the Company had reserved 22,081,371 shares of Class A common stock for the exercise of outstanding stock options, vesting of restricted stock units, the number of shares remaining available for grant under the Company’s 2021 Incentive Award Plan (see Note 10), the number of shares available for purchase under the Company’s Employee Stock Purchase Plan (see Note 10), shares of common stock for the exercise of outstanding common stock warrants and the conversion of Class B common stock.

Prior to its IPO, the Company issued warrants to purchase preferred 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, 2023 and December 31, 2022, outstanding warrants to purchase common stock consisted of the following:



Issuance date	Contractual term	Balance sheet classification	Shares of common stock issuable upon exercise of warrant	Weighted average 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

Stock-based compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

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 of 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 were issued under the 2010 Plan and are forfeited or canceled 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. 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, 2023, there are 4,155,355 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,
	2023		2022
Risk-free interest rate	4.2	%	1.9	%
Expected term (in years)	6.0		6.0
Expected volatility	47.8	%	43.0	%
Expected dividend yield	0	%	0	%

Stock options

The following table summarizes the Company’s stock option activity since December 31, 2022:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				(in years)	(in thousands)
Outstanding as of December 31, 2022	5,041,308	$	5.05	7.55	$	532
Granted	1,109,000	1.24
Exercised	(7,896)	0.83
Expired	(31,249)	10.91
Forfeited	(46,798)	5.53
Outstanding as of March 31, 2023	6,064,365	$	2.87	7.80	$	1,109
Options vested and expected to vest as of March 31, 2023	6,064,365	$	2.87	7.80	$	1,109
Options exercisable as of March 31, 2023	2,950,908	$	2.52	6.53	$	801

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, 2023 and 2022 was less than $0.1 million and $2.8 million, respectively.

The weighted average grant-date fair value per share of stock options granted during the three months ended March 31, 2023 and 2022 was $0.63 and $3.41, respectively.

On March 9, 2023, the board of directors approved a one-time repricing of certain outstanding stock options held by non-executive employees. As a result of the repricing, the exercise prices of eligible vested and unvested stock options were adjusted to reflect the fair market value of Class A common stock on the date of the repricing. The repricing was immaterial to the Company's financial results.

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. At March 31, 2023 and December 31, 2022, the Company had zero and $0.3 million, respectively, in unvested restricted common stock liability included in other current liabilities and other long-term liabilities, respectively, related to these shares. The restricted common stock is no longer vesting due to the employee's termination and the Company waived its repurchase right during the first quarter of 2023, which resulted in all then-outstanding and unvested shares becoming fully vested.

The following table summarizes the Company’s restricted stock activity since December 31, 2022:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	155,565	$	2.10
Granted	—
Vested	(155,565)	$	2.10
Forfeited	—
Unvested as of March 31, 2023	—	$	—

Restricted stock units

Restricted stock unit grants to employees typically have a three-year service-based vesting term in which vesting occurs annually on the anniversary of the grant date. During the three months ended March 31, 2023, the Company granted restricted stock units with service-based vesting conditions only as well as restricted stock units with a combination of service-based and Company performance-based vesting conditions. The Company expenses the fair value of the restricted stock units over the expected 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, 2023:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	532,121	$	7.06
Granted	878,125	$	1.20
Vested	(147,782)	7.74
Forfeited	(6,775)	$	6.17
Unvested as of March 31, 2023	1,255,689	$	2.90

The weighted average grant-date fair value per share of restricted stock units granted during the three months ended March 31, 2023 and 2022 was $1.20 and $7.73, respectively.

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, 2023, there were 125,536 shares of Class A common stock purchased under the 2021 ESPP. The Company recognized less than $0.1 million of expense related to the 2021 ESPP for each of the three months ended March 31, 2023 and 2022. As of March 31, 2023, 933,659 shares were available for future issuance under the 2021 ESPP.

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, 2023 and 2022:


	Three Months Ended March 31,		Three Months Ended March 31,
	2023		2022
Risk-free interest rate	4.73	%	0.86	%
Expected term (in years)	0.5		0.5
Expected volatility	47.8	%	43.1	%
Expected dividend yield	0	%	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,
	2023		2022
Cost of revenue	$	174	$	99
General and administrative	781		674
Sales and marketing	131		132
Research and development	157		78
Total stock-based compensation expense	$	1,243	$	983

As of March 31, 2023, total unrecognized compensation expense related to unvested stock options held by employees and directors was $6.6 million, which is expected to be recognized over a weighted average period of 2.3 years. Additionally, unrecognized compensation expense related to unvested restricted stock units held by employees and directors was $3.0 million, which is expected to be recognized over a weighted average period of 2.2 years.

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes During the three months ended March 31, 2023 and 2022, 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, 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, 2023 and December 31, 2022 the Company has recorded a full valuation allowance against its net deferred tax assets. The Company files 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 U.S. federal, state and international 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.

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net loss per share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net loss per share

As of March 31, 2023, the Company had 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 for the three months ended March 31, 2023 and 2022, as such basic net loss per share was the same as diluted net loss per share. Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(13,887)	$	(14,930)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted	37,259,201		35,941,754
Weighted average Class B common shares outstanding—basic and diluted	5,553,379		6,256,133
Total shares for EPS—basic and diluted	42,812,580		42,197,887
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(0.32)	$	(0.35)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(0.32)	$	(0.35)

The Company’s potentially dilutive securities, which include stock options, restricted stock, restricted stock units, redeemable convertible preferred stock, and common 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 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 for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2023	2022
Options to purchase common stock	6,064,365	5,639,683
Unvested restricted common stock	286,324	749,205
Warrants to purchase common stock	874,714	286,324
Options to purchase common stock under ESPP	5,244	3,830
	7,230,647	6,679,042

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

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 the Company's sole discretion, with renewal terms that can extend the lease term by 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,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	316	$	283
Operating cash outflows - payments on financing leases	$	10	$	11
Financing cash outflows - payments on financing leases	$	9	$	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, 2023			December 31, 2022
Operating Leases:
Operating lease assets	$	6,520		$	6,746

Accrued expenses and other current liabilities	$	745		$	729
Operating lease liabilities	6,636			6,898
Total operating lease liabilities	$	7,381		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(81)			(69)
Net property, plant and equipment	$	305		$	317

Current portion of long-term debt	$	38		$	37
Long-term debt	294			304
Total financing lease liabilities	$	332		$	341

Weighted-average remaining lease term - operating leases (in years):	6.29			6.54
Weighted-average remaining lease term - financing leases (in years):	6.25			6.50
Weighted-average discount rate - operating leases:	3.7		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

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


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	297	$	265
Financing lease cost - amortization of right-of-use asset	12		12
Financing lease cost - interest on lease liability	10		11
Short-term lease cost	—		16
Variable lease cost	170		166
Total lease cost	$	489	$	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, 2023 and 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 financing lease asset depreciation and interest expense was less than $0.1 million for the three months ended March 31, 2023 and 2022.

Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows (in thousands):


	Operating Lease Maturities
2023 (excluding the three months ended March 31)	$	957
2024	1,306
2025	1,339
2026	1,371
2027	1,404
Thereafter	2,223
Total lease payments	$	8,600
Less imputed interest	(948)
Total present value of lease liabilities	$	7,652

Maturities of the Company’s financing lease liability as of March 31, 2023 were as follows (in thousands):


	Financing Lease Maturities
2023 (excluding the three months ended March 31)	$	56
2024	75
2025	75
2026	75
2027	75
Thereafter	113
Total lease payments	$	469
Less imputed interest	(137)
Total present value of lease liabilities	$	332

Leases

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


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	316	$	283
Operating cash outflows - payments on financing leases	$	10	$	11
Financing cash outflows - payments on financing leases	$	9	$	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, 2023			December 31, 2022
Operating Leases:
Operating lease assets	$	6,520		$	6,746

Accrued expenses and other current liabilities	$	745		$	729
Operating lease liabilities	6,636			6,898
Total operating lease liabilities	$	7,381		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(81)			(69)
Net property, plant and equipment	$	305		$	317

Current portion of long-term debt	$	38		$	37
Long-term debt	294			304
Total financing lease liabilities	$	332		$	341

Weighted-average remaining lease term - operating leases (in years):	6.29			6.54
Weighted-average remaining lease term - financing leases (in years):	6.25			6.50
Weighted-average discount rate - operating leases:	3.7		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

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


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	297	$	265
Financing lease cost - amortization of right-of-use asset	12		12
Financing lease cost - interest on lease liability	10		11
Short-term lease cost	—		16
Variable lease cost	170		166
Total lease cost	$	489	$	470

Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows (in thousands):


	Operating Lease Maturities
2023 (excluding the three months ended March 31)	$	957
2024	1,306
2025	1,339
2026	1,371
2027	1,404
Thereafter	2,223
Total lease payments	$	8,600
Less imputed interest	(948)
Total present value of lease liabilities	$	7,652

Maturities of the Company’s financing lease liability as of March 31, 2023 were as follows (in thousands):


	Financing Lease Maturities
2023 (excluding the three months ended March 31)	$	56
2024	75
2025	75
2026	75
2027	75
Thereafter	113
Total lease payments	$	469
Less imputed interest	(137)
Total present value of lease liabilities	$	332

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Software subscription During the year ended December 31, 2022, 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, 2023, the Company had committed to minimum payments under this arrangement totaling $0.7 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022. 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.

Benefit plans	3 Months Ended
Benefit plans	Mar. 31, 2023
Retirement Benefits [Abstract]
Benefit plans	Benefit plansThe Company established a defined contribution savings plan under Section 401(k) of the Code. This plan covers all U.S. 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 $0.2 million and $0.3 million to the plan during the three months ended March 31, 2023 and 2022, respectively

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	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, 2022. 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, 2023 and the results of its operations and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are also unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period.
Use of estimates	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, and the valuation of stock-based awards. 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.
Risk of concentrations of credit, significant customers and significant suppliers	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.
Cash equivalents	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.
Restricted cash	Restricted cash As of March 31, 2023 and December 31, 2022, 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 operating leases which have remaining terms of greater than one year and are classified as restricted cash (non-current) on the Company’s consolidated balance sheets.
Software Development Costs	Software Development CostsThe 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.
Fair value measurements	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	Product warrantiesThe Company offers a one-year limited assurance warranty on System sales, which is included in the selling price. The accrual for these warranty obligations is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
Segment information	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	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 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 in contract assets as of March 31, 2023 and December 31, 2022, included in prepaid expenses and other current assets. 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, 2023 or December 31, 2022. Deferred revenue was $5.5 million and $4.7 million at March 31, 2023 and December 31, 2022, respectively. Revenue recognized during the three months ended March 31, 2023 and 2022 that was included in deferred revenue at the prior period-end was $1.0 million and $1.1 million, respectively. Disaggregated revenue The Company disaggregates revenue based on the recurring and non-recurring nature of the underlying sale. Recurring revenue includes sales of consumables and service contracts. The Company considers these to be recurring revenues because customers typically place purchase orders on a periodic basis as they use their Growth Direct system over time. These arrangements typically contain a single performance obligation and thus the entire consideration to which the Company is entitled is allocated entirely to that performance obligation. Non-recurring revenue includes sales of systems, LIMS connection software, validation services, and field services, and typically contains multiple performance obligations. The Company considers these to be non-recurring revenues because customers typically place single purchase orders for a bundle of products and services on a one-time or infrequent basis. For these arrangements, significant judgment is applied in identifying the distinct performance obligations, determination of the transaction price, transaction price allocation, and determination of standalone selling price for each of the distinct performance obligations.
Advertising costs	Advertising costsAdvertising costs are expensed as incurred and are included in sales and marketing expenses in the condensed consolidated statements of operations.
Stock-based compensation	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 service-based vesting conditions only and stock-based awards with both service-based and Company performance 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.
Comprehensive loss	Comprehensive lossComprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders.
Recently adopted and issued accounting pronouncements	Recently adopted accounting pronouncements 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 new standard was effective for the Company beginning January 1, 2023 and primarily impacted trade accounts receivable. The amendments in this update were adopted using a modified retrospective transition method as of January 1, 2023, which had no cumulative impact to retained earnings. The adoption of this new standard had no material impact on the Company's unaudited consolidated financial statements. The Company's concentrations of credit risks are limited due to the large number of customers and their dispersion across a number of geographic areas. Substantially all of the Company's trade receivables are concentrated in the pharmaceuticals industry in the U.S. and internationally or with distributors who operate in international markets. The Company's historical credit losses have not been significant due to this dispersion and the financial stability of the Company's customers. The Company considers its historical credit losses to be immaterial to its business and, therefore, has not provided all the disclosures otherwise required by the standard. The Company updated its accounting policy disclosure for accounts receivable as follows: Accounts receivable are customer obligations that are unconditional. Accounts receivable are presented net of an allowance for doubtful accounts for expected credit losses, which represents an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and, if necessary, provides an allowance for doubtful accounts and expected credit losses. A provision to the allowances for doubtful accounts for expected credit losses is recorded based on factors including the length of time the receivables are past due, the current business environment, the geographic market, and the Company’s historical experience. Provisions to the allowances for doubtful accounts for expected credit losses are recorded to general and administrative expenses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2023 and December 31, 2022, the allowance for doubtful accounts for expected credit losses was zero. 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.

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Concentration Risk

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


	Three Months Ended March 31,
	2023		2022
Customer A	27.0	%	*
Customer B	20.1	%	15.6	%
Customer C	*		12.9	%
Customer D	*		10.1	%
	47.1	%	38.6	%

____________________________

*– less than 10%

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


	March 31,		December 31,
	2023		2022
Customer A	35.5	%	11.8	%
Customer B	20.2	%	21.4	%
Customer C	*		16.7	%
	55.7	%	49.9	%

____________________________

*– less than 10%

Schedule of Product Warranties

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


	Three Months Ended March 31,
	2023		2022
Balance, beginning of period	$	872	$	598
Warranty provisions	—		10
Warranty repairs	(346)		(13)
Balance, end of period	$	526	$	595

Schedule of Disaggregated Revenue

The following table presents the Company’s revenue by the recurring or non-recurring nature of the revenue stream (in thousands):


	Three Months Ended March 31,
	2023		2022
Product and service revenue — recurring	$	3,253	$	2,658
Product and service revenue — non-recurring	1,782		1,502
Total revenue	$	5,035	$	4,160

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


	Three Months Ended March 31,
	2023		2022
United States	$	1,703	$	2,042
Japan	1,386		—
Germany	413		424
Switzerland	973		879
All other countries	560		815
Total revenue	$	5,035	$	4,160

Fair value of financial assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on a Recurring Basis


	Fair value measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	20,175	$	—	$	—	$	20,175
Short-term investments	73,793		1,483		—		75,276
Long-term investments	18,853		3,609		—		22,462
	$	112,821	$	5,092	$	—	$	117,913


	Fair value measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	22,072	$	—	$	—	$	22,072
Short-term investments	81,093		491		—		81,584
Long-term investments	26,431		3,359		—		29,790
	$	129,596	$	3,850	$	—	$	133,446

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

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


	March 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	1,488	$	—	$	(5)	$	1,483
U.S. Government Treasury Bills	27,121		9		(13)		27,117
U.S. Government Treasury Notes	47,114		3		(441)		46,676
	$	75,723	$	12	$	(459)	$	75,276
Long-term Investments
Certificates of Deposit	3,655		—		(46)		3,609
U.S. Government Treasury Notes - Maturity Up To Two Years	19,021		24		(192)		18,853
	$	22,676	$	24	$	(238)	$	22,462


	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	491	$	—	$	—	$	491
U.S. Government Treasury Bills	32,115		1		(40)		32,076
U.S. Government Treasury Notes	49,625		—		(608)		49,017
	$	82,231	$	1	$	(648)	$	81,584
Long-term Investments
Certificates of Deposit	$	3,391	$	4	$	(36)	$	3,359
U.S. Government Treasury Notes - Maturity Up To Two Years	26,861		1		(431)		26,431
	$	30,252	$	5	$	(467)	$	29,790

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Raw materials	$	15,173	$	15,014
Work in process	1,505		1,599
Finished goods	4,266		4,574
Total	$	20,944	$	21,187

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	March 31,		December 31,
	2023		2022
Prepaid insurance	$	971	$	1,500
Contract asset	112		112
Deposits	835		1,055
Other	1,087		705
	$	3,005	$	3,372

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	March 31,		December 31,
	2023		2022
Manufacturing and laboratory equipment	$	13,464	$	13,408
Computer hardware and software	1,791		1,651
Office furniture and fixtures	589		589
Leasehold improvements	8,512		8,260
Construction-in-process	1,616		1,712
	25,972		25,620
Less: Accumulated depreciation	(12,463)		(11,802)
	$	13,509	$	13,818

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31,		December 31,
	2023		2022
Accrued employee compensation and benefits expense	$	2,776	$	3,217
Accrued vendor expenses	1,972		3,212
Accrued warranty expense	526		872
Accrued taxes	266		329
Other	564		520
	$	6,104	$	8,150

Common stock and common stock warrants (Tables)

3 Months Ended

Mar. 31, 2023

Common stock and common stock warrants

Schedule of Outstanding Common Stock Warrants

As of March 31, 2023 and December 31, 2022, outstanding warrants to purchase common stock consisted of the following:



Issuance date	Contractual term	Balance sheet classification	Shares of common stock issuable upon exercise of warrant	Weighted average 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

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option-Pricing Model


	Three Months Ended March 31,
	2023		2022
Risk-free interest rate	4.2	%	1.9	%
Expected term (in years)	6.0		6.0
Expected volatility	47.8	%	43.0	%
Expected dividend yield	0	%	0	%

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2022:


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
				(in years)	(in thousands)
Outstanding as of December 31, 2022	5,041,308	$	5.05	7.55	$	532
Granted	1,109,000	1.24
Exercised	(7,896)	0.83
Expired	(31,249)	10.91
Forfeited	(46,798)	5.53
Outstanding as of March 31, 2023	6,064,365	$	2.87	7.80	$	1,109
Options vested and expected to vest as of March 31, 2023	6,064,365	$	2.87	7.80	$	1,109
Options exercisable as of March 31, 2023	2,950,908	$	2.52	6.53	$	801

Schedule of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the Company’s restricted stock activity since December 31, 2022:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	155,565	$	2.10
Granted	—
Vested	(155,565)	$	2.10
Forfeited	—
Unvested as of March 31, 2023	—	$	—

The following table summarizes restricted stock units granted to Company employees during the three months ended March 31, 2023:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	532,121	$	7.06
Granted	878,125	$	1.20
Vested	(147,782)	7.74
Forfeited	(6,775)	$	6.17
Unvested as of March 31, 2023	1,255,689	$	2.90

Schedule of ESPP 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, 2023 and 2022:


	Three Months Ended March 31,		Three Months Ended March 31,
	2023		2022
Risk-free interest rate	4.73	%	0.86	%
Expected term (in years)	0.5		0.5
Expected volatility	47.8	%	43.1	%
Expected dividend yield	0	%	0	%

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2023		2022
Cost of revenue	$	174	$	99
General and administrative	781		674
Sales and marketing	131		132
Research and development	157		78
Total stock-based compensation expense	$	1,243	$	983

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(13,887)	$	(14,930)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted	37,259,201		35,941,754
Weighted average Class B common shares outstanding—basic and diluted	5,553,379		6,256,133
Total shares for EPS—basic and diluted	42,812,580		42,197,887
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(0.32)	$	(0.35)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(0.32)	$	(0.35)

Schedule of Anti-Dilutive Shares Excluded from Computation of Diluted Net Let per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2023	2022
Options to purchase common stock	6,064,365	5,639,683
Unvested restricted common stock	286,324	749,205
Warrants to purchase common stock	874,714	286,324
Options to purchase common stock under ESPP	5,244	3,830
	7,230,647	6,679,042

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Supplemental Cash Flow Information and Lease Expense

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


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	316	$	283
Operating cash outflows - payments on financing leases	$	10	$	11
Financing cash outflows - payments on financing leases	$	9	$	8
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	—	$	6,932
Financing leases	$	—	$	366

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


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	297	$	265
Financing lease cost - amortization of right-of-use asset	12		12
Financing lease cost - interest on lease liability	10		11
Short-term lease cost	—		16
Variable lease cost	170		166
Total lease cost	$	489	$	470

Schedule of Supplemental Balance Sheet Information

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


	March 31, 2023			December 31, 2022
Operating Leases:
Operating lease assets	$	6,520		$	6,746

Accrued expenses and other current liabilities	$	745		$	729
Operating lease liabilities	6,636			6,898
Total operating lease liabilities	$	7,381		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(81)			(69)
Net property, plant and equipment	$	305		$	317

Current portion of long-term debt	$	38		$	37
Long-term debt	294			304
Total financing lease liabilities	$	332		$	341

Weighted-average remaining lease term - operating leases (in years):	6.29			6.54
Weighted-average remaining lease term - financing leases (in years):	6.25			6.50
Weighted-average discount rate - operating leases:	3.7		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

Schedule of Operating Lease Liability Maturities

Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows (in thousands):


	Operating Lease Maturities
2023 (excluding the three months ended March 31)	$	957
2024	1,306
2025	1,339
2026	1,371
2027	1,404
Thereafter	2,223
Total lease payments	$	8,600
Less imputed interest	(948)
Total present value of lease liabilities	$	7,652

Schedule of Finance Lease Liability Maturities

Maturities of the Company’s financing lease liability as of March 31, 2023 were as follows (in thousands):


	Financing Lease Maturities
2023 (excluding the three months ended March 31)	$	56
2024	75
2025	75
2026	75
2027	75
Thereafter	113
Total lease payments	$	469
Less imputed interest	(137)
Total present value of lease liabilities	$	332

Summary of significant accounting policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue Benchmark \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk	47.10%	38.60%
Revenue Benchmark \| Customer A
Concentration Risk [Line Items]
Customer concentration risk	27.00%
Revenue Benchmark \| Customer B
Concentration Risk [Line Items]
Customer concentration risk	20.10%	15.60%
Revenue Benchmark \| Customer C
Concentration Risk [Line Items]
Customer concentration risk		12.90%
Revenue Benchmark \| Customer D
Concentration Risk [Line Items]
Customer concentration risk		10.10%
Accounts Receivable \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk	55.70%		49.90%
Accounts Receivable \| Customer A
Concentration Risk [Line Items]
Customer concentration risk	35.50%		11.80%
Accounts Receivable \| Customer B
Concentration Risk [Line Items]
Customer concentration risk	20.20%		21.40%
Accounts Receivable \| Customer C
Concentration Risk [Line Items]
Customer concentration risk			16.70%

Summary of significant accounting policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Cash held in banks outside of the US	$ 100,000		$ 200,000
Guaranteed investment certificates	284,000		284,000
Software development costs, net of amortization	1,000,000
Software development amortization expense	$ 100,000	$ 100,000
Product warranty term	1 year
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Contract assets	$ 100,000		100,000
Non-current deferred revenue	0		0
Current deferred revenue	5,496,000		4,706,000
Revenue recognized which was included in deferred revenue in prior period	1,000,000	1,100,000
Unrealized gains (losses) on investments, net of tax	447,000	(588,000)
Allowance for doubtful accounts for expected credit losses	0		$ 0
Maximum
Accounting Policies [Line Items]
Advertising costs	$ 100,000	$ 100,000
Software Development
Accounting Policies [Line Items]
Amortization period of capitalized software costs	5 years

Summary of significant accounting policies - Schedule of Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 872	$ 598
Warranty provisions	0	10
Warranty repairs	(346)	(13)
Balance at end of period	$ 526	$ 595

Summary of significant accounting policies - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,035	$ 4,160
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,703	2,042
Japan
Disaggregation of Revenue [Line Items]
Total revenue	1,386	0
Germany
Disaggregation of Revenue [Line Items]
Total revenue	413	424
Switzerland
Disaggregation of Revenue [Line Items]
Total revenue	973	879
All other countries
Disaggregation of Revenue [Line Items]
Total revenue	560	815
Product and Service Revenue \| Recurring
Disaggregation of Revenue [Line Items]
Total revenue	3,253	2,658
Product and Service Revenue \| Non-recurring
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,782	$ 1,502

Fair value of financial assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 75,276	$ 81,584
Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	22,462	29,790
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20,175	22,072
Assets	117,913	133,446
Fair Value, Recurring \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	75,276	81,584
Fair Value, Recurring \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	22,462	29,790
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20,175	22,072
Assets	112,821	129,596
Fair Value, Recurring \| Level 1 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	73,793	81,093
Fair Value, Recurring \| Level 1 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,853	26,431
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Assets	5,092	3,850
Fair Value, Recurring \| Level 2 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,483	491
Fair Value, Recurring \| Level 2 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,609	3,359
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Assets	0	0
Fair Value, Recurring \| Level 3 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 3 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 75,723	$ 82,231
Gross unrealized gains	12	1
Gross unrealized losses	(459)	(648)
Fair value	75,276	81,584
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,488	491
Gross unrealized gains	0	0
Gross unrealized losses	(5)	0
Fair value	1,483	491
U.S. Government Treasury Bills
Debt Securities, Available-for-sale [Line Items]
Amortized cost	27,121	32,115
Gross unrealized gains	9	1
Gross unrealized losses	(13)	(40)
Fair value	27,117	32,076
U.S. Government Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	47,114	49,625
Gross unrealized gains	3	0
Gross unrealized losses	(441)	(608)
Fair value	46,676	49,017
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	22,676	30,252
Gross unrealized gains	24	5
Gross unrealized losses	(238)	(467)
Fair value	22,462	29,790
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost	3,655	3,391
Gross unrealized gains	0	4
Gross unrealized losses	(46)	(36)
Fair value	3,609	3,359
U.S. Government Treasury Notes - Maturity Up To Two Years
Debt Securities, Available-for-sale [Line Items]
Amortized cost	19,021	26,861
Gross unrealized gains	24	1
Gross unrealized losses	(192)	(431)
Fair value	$ 18,853	$ 26,431

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 15,173	$ 15,014
Work in process	1,505	1,599
Finished goods	4,266	4,574
Total	20,944	21,187
Inventory adjustments	$ 700	$ 1,100

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 971	$ 1,500
Contract asset	112	112
Deposits	835	1,055
Other	1,087	705
Prepaid expenses and other current assets	$ 3,005	$ 3,372

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 25,972	$ 25,620
Less: Accumulated depreciation	(12,463)	(11,802)
Property plant and equipment, net	13,509	13,818
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	13,464	13,408
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,791	1,651
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	589	589
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	8,512	8,260
Construction-in-process
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 1,616	$ 1,712

Property and equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 0.7	$ 0.5

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued employee compensation and benefits expense	$ 2,776	$ 3,217
Accrued vendor expenses	1,972	3,212
Accrued warranty expense	526	872
Accrued taxes	266	329
Other	564	520
Total accrued expenses and other current liabilities	$ 6,104	$ 8,150

Accrued expenses and other current liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Aug. 11, 2022
Payables and Accruals [Abstract]
Workforce reduction percentage			20.00%
Restructuring costs		$ 1.1
Payments for restructuring	$ 0.3
Restructuring related accrued expenses	$ 0.2

Common stock and common stock warrants - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Jul. 19, 2021 shares
Common stock and common stock warrants
Cash dividends \| $	$ 0
Class A Common stock
Common stock and common stock warrants
Common stock, authorized (in shares)	210,000,000	210,000,000	210,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, issued (in shares)	36,768,540	36,538,805
Common stock, outstanding (in shares)	36,768,540	36,538,805
Number of votes per share held \| vote	1
Shares reserved (in shares)	22,081,371
Class B Common stock
Common stock and common stock warrants
Common stock, authorized (in shares)	10,000,000	10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, issued (in shares)	5,553,379
Common stock, outstanding (in shares)	5,553,379

Common stock and common stock warrants - Schedule of Outstanding Common Stock Warrants (Details) - Common Stock Warrants - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock and common stock warrants
Shares of common stock issuable upon exercise of warrant (in shares)	1,022,303	1,022,303
July 24, 2017
Common stock and common stock warrants
Contractual term	10 years	10 years
Shares of common stock issuable upon exercise of warrant (in shares)	17,194	17,194
Weighted average exercise price (in dollars per share)	$ 292.81	$ 292.81
April 12, 2018
Common stock and common stock warrants
Contractual term	10 years	10 years
Shares of common stock issuable upon exercise of warrant (in shares)	30,000	30,000
Weighted average exercise price (in dollars per share)	$ 1.00	$ 1.00
July 14, 2021
Common stock and common stock warrants
Contractual term	10 years	10 years
Shares of common stock issuable upon exercise of warrant (in shares)	975,109	975,109
Weighted average exercise price (in dollars per share)	$ 1.46	$ 1.46

Stock-based compensation - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended
	Jul. 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 19, 2021
Share-based compensation
Intrinsic value of stock options exercised				$ 100,000	$ 2,800,000
Weighted average grant-date fair value of stock options granted (in dollars per share)				$ 0.63	$ 3.41
Employee payments for shares granted				$ 124,000	$ 0
Stock-based compensation expense				1,243,000	$ 983,000
Unrecognized compensation expense				$ 6,600,000
Restricted Stock
Share-based compensation
Units granted (in shares)			248,903	0
Vesting Period			4 years
Employee payments for shares granted			$ 500,000
Weighted average grant-date fair value per share of units granted (in dollars per share)			$ 2.10
Unvested stock liability				$ 0		$ 300,000
Restricted Stock Units (RSUs)
Share-based compensation
Units granted (in shares)				878,125
Vesting Period				3 years
Weighted average grant-date fair value per share of units granted (in dollars per share)				$ 1.20	$ 7.73
Weighted average recognition period				2 years 2 months 12 days
Unrecognized compensation expense related to units				$ 3,000,000
Share-Based Payment Arrangement, Option
Share-based compensation
Weighted average recognition period				2 years 3 months 18 days
Class A Common stock
Share-based compensation
Shares available for future issuance (in shares)				22,081,371
2010 Plan
Share-based compensation
Additional shares authorized (in shares)		382,889
Shares authorized (in shares)							0
2021 Plan
Share-based compensation
Shares authorized (in shares)				4,155,355
Plan term	10 years			10 years
2021 Plan \| Class A Common stock
Share-based compensation
Shares authorized (in shares)	4,200,000
Percentage of aggregate number of shares outstanding	5.00%
Maximum number of shares issuable upon exercise of stock option (in shares)	33,900,000
2021 ESPP
Share-based compensation
Plan term	10 years
2021 ESPP \| Maximum
Share-based compensation
Stock-based compensation expense				$ 100,000	$ 100,000
2021 ESPP \| Employee Stock
Share-based compensation
Maximum percentage of payroll deduction	15.00%
Offering period	6 months
Maximum shares available for purchase per employee (in shares)	100,000
Maximum value of shares available for purchase per employee	$ 25,000
Discount percentage from market price	85.00%
2021 ESPP \| Class A Common stock
Share-based compensation
Shares authorized (in shares)	400,000
Percentage of aggregate number of shares outstanding	1.00%
Maximum number of shares issuable upon exercise of stock option (in shares)	6,300,000
Shares purchased under plan (in shares)				125,536
Shares available for future issuance (in shares)				933,659

Stock-based compensation - Schedule of Black-Scholes Option-Pricing Model (Details) - 2021 Plan - Share-Based Payment Arrangement, Option	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based compensation
Risk-free interest rate	4.20%	1.90%
Expected term (in years)	6 years	6 years
Expected volatility	47.80%	43.00%
Expected dividend yield	0.00%	0.00%

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of shares
Outstanding at beginning of period (in shares)	5,041,308
Granted (in shares)	1,109,000
Exercised (in shares)	(7,896)
Expired (in shares)	(31,249)
Forfeited (in shares)	(46,798)
Outstanding at end of period (in shares)	6,064,365	5,041,308
Options vested and expected to vest (in shares)	6,064,365
Options exercisable (in shares)	2,950,908
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 5.05
Granted (in dollars per share)	1.24
Exercised (in dollars per share)	0.83
Expired (in dollars per share)	10.91
Forfeited (in dollars per share)	5.53
Outstanding at end of period (in dollars per share)	2.87	$ 5.05
Options vested and expected to vest (in dollars per share)	2.87
Options exercisable (in dollars per share)	$ 2.52
Weighted average remaining contractual term
Weighted average remaining contractual term of options outstanding	7 years 9 months 18 days	7 years 6 months 18 days
Weighted average remaining contractual term of options vested and expected to vest	7 years 9 months 18 days
Weighted average remaining contractual term of options exercisable	6 years 6 months 10 days
Aggregate intrinsic value
Aggregate intrinsic value of options outstanding	$ 1,109	$ 532
Aggregate intrinsic value of options vested and expected to vest	1,109
Aggregate intrinsic value of options exercisable	$ 801

Stock-based compensation - Schedule of Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock
Number of shares
Unvested units at beginning of period (in shares)		155,565
Granted (in shares)	248,903	0
Vested (in shares)		(155,565)
Forfeited (in shares)		0
Unvested units at end of period (in shares)		0
Weighted average fair value
Unvested units at beginning of period (in dollars per share)		$ 2.10
Granted (in dollars per share)	$ 2.10
Vested (in dollars per share)		2.10
Forfeited (in shares)
Unvested units at end of period (in dollars per share)		$ 0
Restricted Stock Units (RSUs)
Number of shares
Unvested units at beginning of period (in shares)		532,121
Granted (in shares)		878,125
Vested (in shares)		(147,782)
Forfeited (in shares)		(6,775)
Unvested units at end of period (in shares)		1,255,689
Weighted average fair value
Unvested units at beginning of period (in dollars per share)		$ 7.06
Granted (in dollars per share)		1.20	$ 7.73
Vested (in dollars per share)		7.74
Forfeited (in shares)		6.17
Unvested units at end of period (in dollars per share)		$ 2.90

Stock-based compensation - Schedule of ESPP Black-Scholes Option-Pricing Model (Details) - Employee Stock - 2021 ESPP	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based compensation
Risk-free interest rate	4.73%	0.86%
Expected term (in years)	6 months	6 months
Expected volatility	47.80%	43.10%
Expected dividend yield	0.00%	0.00%

Stock-based compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,243	$ 983
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	174	99
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	781	674
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	131	132
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 157	$ 78

Net loss per share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (13,887)	$ (14,930)
Denominator:
Weighted average common shares outstanding - basic (in shares)	42,812,580	42,197,887
Weighted average common shares outstanding - diluted (in shares)	42,812,580	42,197,887
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.32)	$ (0.35)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.32)	$ (0.35)
Class A Common stock
Denominator:
Weighted average common shares outstanding - basic (in shares)	37,259,201	35,941,754
Weighted average common shares outstanding - diluted (in shares)	37,259,201	35,941,754
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.32)	$ (0.35)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.32)	$ (0.35)
Class B Common stock
Denominator:
Weighted average common shares outstanding - basic (in shares)	5,553,379	6,256,133
Weighted average common shares outstanding - diluted (in shares)	5,553,379	6,256,133
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.32)	$ (0.35)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.32)	$ (0.35)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

+ References

+ Details

Net loss per share - Schedule of Anti-Dilutive Shares Excluded from Computation of Diluted Net Let per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares)	7,230,647	6,679,042
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares)	6,064,365	5,639,683
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares)	286,324	749,205
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares)	874,714	286,324
Options to purchase common stock under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares)	5,244	3,830

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) renewalOption	Mar. 31, 2022 USD ($)
Leases
Finance lease term	8 years
Finance lease renewal term	5 years
Rent expense	$ 0.5	$ 0.5
Minimum
Leases
Operating lease term	8 years
Number of finance lease renew options \| renewalOption	1
Maximum
Leases
Operating lease term	10 years
Depreciation and interest expense	$ 0.1	$ 0.1

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$ 316	$ 283
Operating cash outflows - payments on financing leases	10	11
Financing cash outflows - payments on financing leases	9	8
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	0	6,932
Financing leases	$ 0	$ 366

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases:
Operating lease assets	$ 6,520	$ 6,746
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets, net	Right-of-use assets, net
Accrued expenses and other current liabilities	$ 745	$ 729
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Operating lease liabilities	$ 6,636	$ 6,898
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term
Total operating lease liabilities	$ 7,381	$ 7,627
Financing Leases:
Office furniture and fixtures	386	386
Accumulated depreciation	(81)	(69)
Net property, plant and equipment	$ 305	$ 317
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets, net	Right-of-use assets, net
Current portion of long-term debt	$ 38	$ 37
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Long-term debt	$ 294	$ 304
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term
Total financing lease liabilities	$ 332	$ 341
Weighted-average remaining lease term - operating leases (in years):	6 years 3 months 14 days	6 years 6 months 14 days
Weighted-average remaining lease term - financing leases (in years):	6 years 3 months	6 years 6 months
Weighted-average discount rate - operating leases:	3.70%	3.70%
Weighted-average discount rate - financing leases:	12.00%	12.00%

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 297	$ 265
Financing lease cost - amortization of right-of-use asset	12	12
Financing lease cost - interest on lease liability	10	11
Short-term lease cost	0	16
Variable lease cost	170	166
Total lease cost	$ 489	$ 470

Leases - Schedule of Operating Lease Liability Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (excluding the three months ended March 31)	$ 957
2024	1,306
2025	1,339
2026	1,371
2027	1,404
Thereafter	2,223
Total lease payments	8,600
Less imputed interest	(948)
Total present value of lease liabilities	$ 7,652

Leases - Schedule of Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (excluding the three months ended March 31)	$ 56
2024	75
2025	75
2026	75
2027	75
Thereafter	113
Total lease payments	469
Less imputed interest	(137)
Total present value of lease liabilities	$ 332	$ 341

Commitments and contingencies (Details) - Software subscription - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Purchase obligation	$ 700,000
Accrued liability	$ 0	$ 100,000

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended
Benefit plans (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Company contributions to plan	$ 0.2	$ 0.3