0001380106-24-000073 | 10-K | XBRL Viewer | Rapid Micro Biosystems INC

Leases - Schedule of Operating Lease Liability Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 1,334
2025	1,368
2026	1,402
2027	1,435
2027	1,469
Thereafter	805
Total lease payments	7,813
Less imputed interest	(771)
Total present value of lease liabilities	$ 7,042

Common stock and common stock warrants - Narrative (Details)		12 Months Ended
	Dec. 15, 2023 USD ($)	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 $ / shares 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
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Number of votes per share held \| vote		1
Common stock, issued (in shares)		37,099,909	36,538,805
Common stock, outstanding (in shares)		37,099,909	36,538,805
Shares reserved (in shares)		22,080,002
Class A Common stock \| ATM Agreement \| Cowen And Company, LLC
Common stock and common stock warrants
Maximum consideration permitted to be received on transaction \| $	$ 10,000,000
Class A Common stock \| ATM Agreement \| Maximum \| Cowen And Company, LLC
Common stock and common stock warrants
Maximum aggregate sales proceeds related to agreement \| $	$ 50,000,000
Percentage of commission on sale of stock	3.00%
Class B Common stock
Common stock and common stock warrants
Common stock, authorized (in shares)		10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Common stock, issued (in shares)		5,309,529	5,553,379
Common stock, outstanding (in shares)		5,309,529	5,553,379

Fair value of financial assets and liabilities

12 Months Ended

Dec. 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 December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	20,306	$	—	$	—	$	20,306
Short-term investments	62,625		5,143		—		67,768
Long-term investments	2,911		—		—		2,911
	$	85,842	$	5,143	$	—	$	90,985


	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 years ended December 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. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the years ended December 31, 2023 and 2022.

- Definition

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

+ References + Details

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 27,142	$ 25,620
Less: Accumulated depreciation	(14,310)	(11,802)
Property plant and equipment, net	12,832	13,818
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	13,750	13,408
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,960	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	8,551	8,260
Construction-in-process
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 2,292	$ 1,712

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued employee compensation and benefits expense	$ 4,808	$ 3,217
Accrued vendor expenses	4,017	3,212
Accrued warranty expense	689	872
Accrued taxes	252	329
Other	141	520
Accrued expenses and other current liabilities	$ 9,907	$ 8,150

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$ 1,285	$ 1,207
Operating cash outflows - payments on financing leases	38	42
Financing cash outflows - payments on financing leases	37	33
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	151	7,605
Financing leases	$ 0	$ 366

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (52,467)	$ (60,806)

- 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

Income taxes - Loss Before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (52,455)	$ (61,396)
Foreign	19	14
Loss before income tax provision	$ (52,436)	$ (61,382)

- Definition

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

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+ Details

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) renewal_option	Dec. 31, 2022 USD ($)
Leases
Finance lease term	8 years
Finance lease renewal term	5 years
Rent expense	$ 1.9	$ 1.8
Minimum
Leases
Operating lease term	8 years
Number of finance lease renew options \| renewal_option	1
Maximum
Leases
Operating lease term	10 years
Depreciation and interest expense	$ 0.1	$ 0.1

Stock-based compensation - Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
	May 31, 2023	Jul. 31, 2021	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation
Granted (in shares)				2,039,155
Stock-based compensation expense				$ 4,750,000	$ 4,019,000
Intrinsic value of stock options exercised					$ 2,900,000
Weighted average grant-date fair value of stock options granted (in dollars per share)				$ 0.59	$ 3.13
Employee payments for shares granted				$ 180,000	$ 160,000
Granted (in dollars per share)				$ 1.17
Unrecognized compensation expense				$ 4,100,000
Maximum
Share-based compensation
Intrinsic value of stock options exercised				$ 100,000
Share-Based Payment Arrangement, Option
Share-based compensation
Weighted average period for unrecognized compensation expense				1 year 10 months 24 days
Restricted Stock
Share-based compensation
Vesting period			4 years
Units granted (in shares)			248,903	0
Employee payments for shares granted			$ 500,000
Weighted average grant-date fair value per share of units granted (in dollars per share)			$ 2.10	$ 0
Restricted Stock Units (RSUs)
Share-based compensation
Vesting period				3 years
Stock-based compensation expense				$ 1,500,000	$ 1,000,000
Units granted (in shares)				1,503,945
Weighted average grant-date fair value per share of units granted (in dollars per share)				$ 1.22	$ 7.12
Weighted average period for unrecognized compensation expense				1 year 10 months 24 days
Unrecognized compensation expense related to units				$ 2,500,000
Class A Common stock
Share-based compensation
Shares available for future issuance (in shares)				22,080,002
2010 Plan
Share-based compensation
Shares authorized (in shares)		0
2021 Incentive Award Plan
Share-based compensation
Shares authorized (in shares)				3,566,120
Plan term		10 years
2021 Incentive Award Plan \| Share-Based Payment Arrangement, Option
Share-based compensation
Plan term				10 years
Percentage at market fair value				100.00%
2021 Incentive Award Plan \| Share-Based Payment Arrangement, Option \| Employees, Officers and Consultant
Share-based compensation
Vesting period				4 years
2021 Incentive Award Plan \| Share-Based Payment Arrangement, Option \| Board of Directors
Share-based compensation
Vesting period				3 years
2021 Incentive Award Plan \| Share-Based Payment Arrangement, Option \| Employees, Officers and Directors
Share-based compensation
Granted (in shares)				2,039,155	1,708,293
Stock-based compensation expense				$ 3,100,000	$ 2,800,000
2021 Incentive Award 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
Stock-based compensation expense				$ 100,000	$ 100,000
2021 ESPP \| Options to purchase common stock under ESPP
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)				186,037	51,833
Shares available for future issuance (in shares)				873,158
2023 Inducement Plan
Share-based compensation
Granted (in shares)	220,000
Granted (in dollars per share)	$ 0.83
Number of shares available for grant (in shares)				0
2023 Inducement Plan \| Restricted Stock Units (RSUs)
Share-based compensation
Units granted (in shares)	110,000
2023 Inducement Plan \| Class A Common stock
Share-based compensation
Shares available for future issuance (in shares)	330,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	238

Income taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	1.90%	3.60%
Federal and state research and development tax credits	1.30%	0.60%
Unrecognized tax benefits reserve and interest change	0.00%	1.00%
Change in valuation allowance	(23.20%)	(25.30%)
Permanent differences	(1.10%)	0.10%
Effective income tax rate	(0.10%)	1.00%

Summary of significant accounting policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Cash held in banks outside of the US	$ 100,000	$ 200,000
Guaranteed investment certificates	284,000	284,000
Allowance for doubtful accounts for expected cored losses	0	0
Software development costs, net of amortization	1,400,000	1,400,000
Amortization of software development costs	700,000	400,000
Software development amortization expense	300,000	300,000
Impairment losses on long-lived assets	$ 0	0
Product warranty term	1 year
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Assurance warranty term	1 year
Contract assets	$ 100,000	100,000
Non-current deferred revenue	0	0
Current deferred revenue	6,000,000	4,700,000
Revenue recognized which was included in deferred revenue in prior period	3,500,000	2,700,000
Advertising costs	300,000	100,000
Unrealized gain (loss) on investments, net of tax	$ 1,008,000	$ (1,093,000)
Minimum
Accounting Policies [Line Items]
Payment term	30 days
Maximum
Accounting Policies [Line Items]
Payment term	90 days
Software Development
Accounting Policies [Line Items]
Amortization period of capitalized software costs	5 years

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Outstanding at beginning of period (in shares)	5,041,308
Granted (in shares)	2,039,155
Exercised (in shares)	(8,830)
Expired (in shares)	(97,131)
Forfeited (in shares)	(443,991)
Outstanding at end of period (in shares)	6,530,511	5,041,308
Options vested and expected to vest (in shares)	6,530,511
Options exercisable (in shares)	3,857,305
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 5.05
Granted (in dollars per share)	1.17
Exercised (in dollars per share)	0.82
Expired (in dollars per share)	5.14
Forfeited (in dollars per share)	3.63
Outstanding at end of period (in dollars per share)	2.59	$ 5.05
Options exercisable (in dollars per share)	2.59
Options exercisable (in dollars per share)	$ 2.75
Weighted average remaining contractual term
Options outstanding	7 years 1 month 13 days	7 years 6 months 18 days
Options vested and expected to vest	7 years 1 month 13 days
Options exercisable	6 years 18 days
Aggregate intrinsic value
Options outstanding	$ 0	$ 532
Options vested and expected to vest	0
Options exercisable	$ 0

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Company's Loss Before Income Tax Expense (Benefit)

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


	Year Ended December 31,
	2023		2022
United States	$	(52,455)	$	(61,396)
Foreign	19		14
Loss before income tax provision	$	(52,436)	$	(61,382)

Schedule of Components of Income Tax Expense (Benefit)

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


	Year Ended December 31,
	2023		2022
Current income tax provision:
Federal	$	—	$	—
State	—		—
Foreign	31		(576)
Total current income tax (benefit) expense	31		(576)
Deferred income tax provision:
Federal	(11,177)		(13,347)
State	(1,241)		(2,824)
Foreign	—		—
Total deferred income tax provision	(12,418)		(16,171)
Change in deferred tax asset valuation allowance	12,418		16,171
Total (benefit) expense for income taxes	$	31	$	(576)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	1.9		3.6
Federal and state research and development tax credits	1.3		0.6
Unrecognized tax benefits reserve and interest change	—		1.0
Change in valuation allowance	(23.2)		(25.3)
Permanent differences	(1.1)		0.1
Effective income tax rate	(0.1)	%	1.0	%

Schedule of Net Deferred Tax Assets

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


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	55,761	$	46,387
Research and development credit carryforwards	5,361		4,403
Research and development capitalized costs	7,100		6,119
Inventories	343		390
Lease liability	1,656		1,858
Accrued expenses	1,352		778
Unrealized loss	24		270
Other	1,281		712
Total deferred tax assets	72,878		60,917
Deferred tax liabilities:
Right-of-use assets	(1,405)		(1,644)
Depreciation	(359)		(340)
Total deferred tax liabilities	(1,764)		(1,984)
Valuation allowance	(71,114)		(58,933)
Net deferred tax assets	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

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


	December 31,		December 31,
	2023		2022
Unrecognized tax benefits as of beginning of year	$	—	$	623
Additions for tax positions of prior years	—		—
Reductions for tax positions of prior years	—		(623)
Unrecognized tax benefits as of end of year	$	—	$	—

Property and equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 2.7	$ 2.5
Fully depreciated assets disposed of	$ 0.2	$ 2.3

Consolidated statements of stockholders' equity - USD ($)	Total	Class A Common stock	Class B Common stock	Common stock Class A Common stock	Common stock Class B Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Balance at beginning of period (in shares) at Dec. 31, 2021				34,564,040	6,903,379
Balance at beginning of period at Dec. 31, 2021	$ 220,980,000			$ 346,000	$ 69,000	$ 535,693,000	$ (315,112,000)	$ (16,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock (in shares)				1,350,000	(1,350,000)
Conversion of Class B common stock to Class A common stock	0			$ 14,000	$ (14,000)
Issuance of Class A common stock upon exercise of common stock options (in shares)				572,932
Issuance of Class A common stock upon exercise of common stock options	568,000			$ 6,000		562,000
Issuance of Class A common stock under ESPP (in shares)				51,833
Issuance of Class A common stock under ESPP	159,000					159,000
Restricted stock award liability accretion	342,000					342,000
Stock-based compensation expense	4,019,000					4,019,000
Net loss	(60,806,000)						(60,806,000)
Other comprehensive income (loss)	(1,093,000)							(1,093,000)
Balance at end of period (in shares) at Dec. 31, 2022		36,538,805	5,553,379	36,538,805	5,553,379
Balance at end of period at Dec. 31, 2022	164,169,000			$ 366,000	$ 55,000	540,775,000	(375,918,000)	(1,109,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock (in shares)				243,850	(243,850)
Conversion of Class B common stock to Class A common stock	$ 0			$ 2,000	$ (2,000)
Issuance of Class A common stock upon exercise of common stock options (in shares)	8,830			8,830
Issuance of Class A common stock upon exercise of common stock options	$ 6,000					6,000
Issuance of Class A common stock under ESPP (in shares)				186,037
Issuance of Class A common stock under ESPP	182,000			$ 2,000		180,000
Vesting of restricted stock units (in shares)				122,387
Vesting of restricted stock units	0			$ 1,000		(1,000)
Restricted stock award liability accretion	341,000					341,000
Stock-based compensation expense	4,750,000					4,750,000
Net loss	(52,467,000)						(52,467,000)
Other comprehensive income (loss)	1,008,000							1,008,000
Balance at end of period (in shares) at Dec. 31, 2023		37,099,909	5,309,529	37,099,909	5,309,529
Balance at end of period at Dec. 31, 2023	$ 117,989,000			$ 371,000	$ 53,000	$ 546,051,000	$ (428,385,000)	$ (101,000)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 12,873	$ 15,014
Work in process	150	1,599
Finished goods	6,938	4,574
Total	19,961	21,187
Inventory adjustments	$ 600	$ 1,100

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, calculating the standalone selling price of products and services for revenue recognition, the valuation of inventory, 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

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

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


	Year Ended December 31,
	2023		2022
Customer A	16.5	%	22.8	%
	16.5	%	22.8	%

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


	Year Ended December 31,
	2023		2022
Customer A	10.7	%	21.4	%
Customer B	21.4	%	*
Customer C	16.4	%	11.8	%
Customer D	12.4	%	*
Customer E	*		16.7	%
	60.9	%	49.9	%

______________________________

*– less than 10%

The Company relies on third parties for the supply and manufacture of certain of its products as well as logistics. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products to its customers on time, if at all, which could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. There are no significant concentrations around a single third-party supplier or manufacturer for the year ended December 31, 2023 or 2022.

Cash equivalents

Restricted cash

As of December 31, 2023 and 2022, the Company was required to maintain guaranteed investment certificates with a value 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 landlords 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 sheet.

Investments

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

The Company evaluates its short-term and long-term investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors

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

Accounts receivable

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 allowance 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 allowance for doubtful accounts for expected credit losses are recorded to general and administrative expenses in the consolidated statements of operations. 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.

Inventory

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

Property and equipment

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


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

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

Software development costs

Impairment of long-lived assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss is based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows.

Fair value measurements

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

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

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

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

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

Product warranties

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

accrual is included in accrued expenses and other current liabilities in the consolidated balance sheets.

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

1.Identify the contract, or contracts, with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when, or as, performance obligations are satisfied.

The Company derives revenue from the sale of its products and services through direct sales representatives and distributors. The Company’s arrangements are generally noncancelable and nonrefundable.

Revenue is measured as the amount of consideration the Company expects to be entitled in exchange for transferring products to a customer (transaction price). To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. However, most arrangements have a fixed transaction price with no variable consideration apart from

discounts.

Product revenue

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

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

Service revenue

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

Performance obligations

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

Payment terms

Payment terms for customer orders are typically between 30 to 90 days after the shipment or delivery of the product and apply to all performance obligations within an arrangement. For certain products, services and customer types, the Company requires payment before the products or services are delivered to, or performed for, the customer. None of the Company’s contracts contain a significant financing component.

Multiple performance obligations with an arrangement

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

Remaining performance obligations

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

Contract balances from contracts with customers

Contract assets arise from 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 included in prepaid expenses and other current assets in the consolidated balance sheets as of both December 31, 2023 and 2022. These balances relate to unbilled amounts with customers.

Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as non-current deferred revenue. The Company did not record any non-current deferred revenue as of December 31, 2023 or 2022. Deferred revenue was $6.0 million and $4.7 million at December 31, 2023 and 2022, respectively. Revenue recognized during the year ended December 31, 2023 that was included in deferred revenue at the prior year-end was $3.5 million. Revenue recognized during the year ended December 31, 2022 that was included in deferred revenue at the prior year-end was $2.7 million.

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 service, 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.

Cost of revenue

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

Research and development costs

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

Advertising costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations.

Patent costs

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

Stock-based compensation

The Company measures all stock-based awards granted to employees, officers and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with (i) service-based vesting conditions only and (ii) both service-based and Company performance-based vesting conditions, and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur.

The Company measures all restricted common stock and restricted stock units granted to employees based on the common stock value on the date of grant. The purchase price of the restricted common stock is the common stock value on the date of grant.

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

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

Income taxes

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

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

Foreign currency translation and transactions

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

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.

Net loss per share attributable to common stockholders

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

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, shares expected to be purchased under the employee stock purchase plan, unvested restricted stock units, and warrants to purchase common stock are considered potential dilutive common shares.

In periods in which the Company reports a net loss attributable to common stockholders diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2023 and 2022, as such basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders.

Recently adopted 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 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.

Recently issued accounting pronouncements

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

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard requires enhanced disclosures about a public entity's reportable segments including more detailed information about a reportable segment's expenses. The amendments in this update apply to all public entities that are required to report segment information, and include those entities that have a single reportable segment. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (52,467)	$ (60,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	3,105	2,837
Stock-based compensation expense	4,750	4,019
Noncash lease expense	1,203	1,143
Provision recorded for inventory	34	326
Loss on disposal of property and equipment	0	28
Accretion on investments	(2,295)	(662)
Other, net	34	(107)
Changes in operating assets and liabilities
Accounts receivable	(163)	(364)
Inventory	1,193	(5,843)
Prepaid expenses and other current assets	272	578
Other long-term assets	5	179
Accounts payable	(3,455)	1,484
Accrued expenses and other current liabilities	1,434	(2,760)
Deferred revenue	1,269	1,401
Net cash used in operating activities	(45,081)	(58,547)
Cash flows from investing activities:
Purchases of property and equipment	(1,845)	(6,740)
Purchases of investments	(62,492)	(179,229)
Maturity of investments	106,490	92,500
Net cash provided by (used in) investing activities	42,153	(93,469)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock - stock option exercise	6	566
Proceeds from issuance of Class A common stock - employee stock purchase plan	180	160
Payments on finance lease obligations	(37)	(33)
Net cash provided by financing activities	149	693
Net decrease in cash, cash equivalents and restricted cash	(2,779)	(151,323)
Cash, cash equivalents and restricted cash at beginning of period	27,348	178,671
Cash, cash equivalents and restricted cash at end of period	24,569	27,348
Supplemental disclosure of cash flow information
Cash paid for interest	38	42
Supplemental disclosure of non-cash investing activities
Establishment of right of use operating assets	151	7,605
Purchases of property and equipment in accounts payable	443	561
Supplemental disclosure of non-cash financing activities
Establishment of right of use finance assets	$ 0	$ 366

Consolidated balance sheets (Parentheticals) - $ / shares	Dec. 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)	37,099,909	36,538,805
Common stock, outstanding (in shares)	37,099,909	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)	5,309,529	5,553,379
Common stock, outstanding (in shares)	5,309,529	5,553,379

Fair value of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on a Recurring Basis


	Fair value measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	20,306	$	—	$	—	$	20,306
Short-term investments	62,625		5,143		—		67,768
Long-term investments	2,911		—		—		2,911
	$	85,842	$	5,143	$	—	$	90,985


	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

Nature of the business and basis of presentation	12 Months Ended
Nature of the business and basis of presentation	Dec. 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 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Liquidity The Company has incurred recurring losses and net cash outflows from operations since its inception. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its existing cash, cash equivalents and investments will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months following the date these consolidated financial statements were issued.

Income taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 55,761	$ 46,387
Research and development credit carryforwards	5,361	4,403
Research and development capitalized costs	7,100	6,119
Inventories	343	390
Lease liability	1,656	1,858
Accrued expenses	1,352	778
Unrealized loss	24	270
Other	1,281	712
Total deferred tax assets	72,878	60,917
Deferred tax liabilities:
Right-of-use assets	(1,405)	(1,644)
Depreciation	(359)	(340)
Total deferred tax liabilities	(1,764)	(1,984)
Valuation allowance	(71,114)	(58,933)
Net deferred tax assets	$ 0	$ 0

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

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


	December 31,		December 31,
	2023		2022
Manufacturing and laboratory equipment	$	13,750	$	13,408
Computer hardware and software	1,960		1,651
Office furniture and fixtures	589		589
Leasehold improvements	8,551		8,260
Construction-in-process	2,292		1,712
	27,142		25,620
Less: Accumulated depreciation	(14,310)		(11,802)
	$	12,832	$	13,818

Depreciation and amortization expense related to property and equipment was $2.7 million and $2.5 million for the years ended December 31, 2023 and 2022, respectively. The Company had $0.2 million and $2.3 million of fully depreciated assets disposed of during the years ended December 31, 2023 and 2022, respectively.

Investments (Tables)

12 Months Ended

Dec. 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):


	December 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	5,164	$	—	$	(21)	$	5,143
U.S. Government Treasury Bills	16,184		9		—		16,193
U.S. Government Treasury Notes	46,536		42		(146)		46,432
	$	67,884	$	51	$	(167)	$	67,768
Long-term Investments
U.S. Government Treasury Notes - Maturity Up To Two Years	$	2,896	$	15	$	—	$	2,911
	$	2,896	$	15	$	—	$	2,911


	December 31, 2022
Short-term investments	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
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

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option-Pricing Model

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


	Year Ended December 31,
	2023		2022
Risk-free interest rate	3.90	%	2.14	%
Expected term (in years)	6.0		6.0
Expected volatility	47.1	%	43.3	%
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	2,039,155	1.17
Exercised	(8,830)	0.82
Expired	(97,131)	5.14
Forfeited	(443,991)	3.63
Outstanding as of December 31, 2023	6,530,511	$	2.59	7.12	$	—
Options vested and expected to vest as of December 31, 2023	6,530,511	$	2.59	7.12	$	—
Options exercisable as of December 31, 2023	3,857,305	$	2.75	6.05	$	—

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 December 31, 2023	—	$	—

The following table summarizes restricted stock units granted to Company employees during the year ended December 31, 2023:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	532,121	$	7.06
Granted	1,503,945	$	1.22
Vested	(173,866)	$	7.10
Forfeited	(180,440)	$	2.89
Unvested as of December 31, 2023	1,681,760	$	2.28

Schedule of ESPP Black-Scholes Option-Pricing Model

At the grant date, the following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP:


	Year Ended December 31,
	2023		2022
Risk-free interest rate	5.32	%	2.60	%
Expected term (in years)	0.5		0.5
Expected volatility	47.8	%	49.1	%
Expected dividend yield	0	%	0	%

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2023		2022
Cost of revenue	$	642	$	530
General and administrative	3,085		2,630
Sales and marketing	494		475
Research and development	529		384
Total stock-based compensation expense	$	4,750	$	4,019

Stock-based compensation

12 Months Ended

Dec. 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”) provides for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, officers, directors and consultants of the Company.

Following the effectiveness of the IPO in July 2021, no additional awards are being granted under the 2010 Plan and shares of existing outstanding options that are forfeited or cancelled will be available for grant under the 2021 Incentive Award Plan.

2021 Incentive Award Plan

In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective in connection with the IPO of Class A common stock. The 2021 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and cash-based awards. The 2021 Plan has a term of ten years. The aggregate number of shares of Class A common stock available for issuance under the 2021 Plan is

equal to (i) 4,200,000 shares; (ii) any shares which are subject to the 2010 Plan awards that become available for issuance under the 2021 Plan; and (iii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 5% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 33,900,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. As of December 31, 2023, there were 3,566,120 shares available for issuance under the 2021 Plan.

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

During the years ended December 31, 2023 and 2022, the Company granted to employees, officers and directors options to purchase 2,039,155 shares and 1,708,293 shares, respectively, of common stock. The Company recorded stock-based compensation expense for options granted to employees, officers, and directors of $3.1 million and $2.8 million during the years ended December 31, 2023 and 2022, respectively.


	Year Ended December 31,
	2023		2022
Risk-free interest rate	3.90	%	2.14	%
Expected term (in years)	6.0		6.0
Expected volatility	47.1	%	43.3	%
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	2,039,155	1.17
Exercised	(8,830)	0.82
Expired	(97,131)	5.14
Forfeited	(443,991)	3.63
Outstanding as of December 31, 2023	6,530,511	$	2.59	7.12	$	—
Options vested and expected to vest as of December 31, 2023	6,530,511	$	2.59	7.12	$	—
Options exercisable as of December 31, 2023	3,857,305	$	2.75	6.05	$	—

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock.

The intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was less than $0.1 million and $2.9 million, respectively.

The weighted average grant-date fair value per share of stock options granted during the years ended December 31, 2023 and 2022 was $0.59 and $3.13, respectively.

In March 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 effect of the repricing is included within the table above in the weighted average exercise price of the options outstanding as of December 31, 2023. The repricing was immaterial to the Company's consolidated statements of operations.

Restricted stock

In February 2021, the Company granted 248,903 shares of restricted stock to an employee under the 2010 Plan with a four-year vesting term. In connection with the grant, the employee paid $0.5 million, which represents the $2.10 per share fair value of the common stock on the date of the restricted stock grant. The restricted common stock 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 December 31, 2023	—	$	—

Restricted stock units

Restricted stock unit grants to employees have a three-year vesting term in which vesting occurs annually on the anniversary of the grant date. During the year ended December 31, 2023, the Company granted restricted stock units with service-based vesting conditions 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 vesting period and accounts for forfeitures prospectively as they occur. The Company recorded stock-based compensation expense

for restricted stock units granted to employees and officers of $1.5 million and $1.0 million during the years ended December 31, 2023 and 2022, respectively.

The following table summarizes restricted stock units granted to Company employees during the year ended December 31, 2023:


	Number of shares	Weighted average fair value

Unvested as of December 31, 2022	532,121	$	7.06
Granted	1,503,945	$	1.22
Vested	(173,866)	$	7.10
Forfeited	(180,440)	$	2.89
Unvested as of December 31, 2023	1,681,760	$	2.28

The weighted average grant-date fair value per share of restricted stock units granted during the years ended December 31, 2023 and 2022 was $1.22 and $7.12, 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 years ended December 31, 2023 and 2022, there were 186,037 and 51,833, respectively, shares of Class A common stock purchased under the 2021 ESPP. The Company recognized $0.1 million of expense related to the 2021 ESPP for both of the years ended December 31, 2023 and 2022. As of December 31, 2023, 873,158 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. At the grant date, the following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP:


	Year Ended December 31,
	2023		2022
Risk-free interest rate	5.32	%	2.60	%
Expected term (in years)	0.5		0.5
Expected volatility	47.8	%	49.1	%
Expected dividend yield	0	%	0	%

2023 Inducement Plan

In May 2023, the Company's board of directors adopted the 2023 Inducement Plan (the “Inducement Plan”) pursuant to which the Company reserved 330,000 shares of Class A common stock to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and dividend equivalent rights. The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

In May 2023, pursuant to the Inducement Plan, the Company granted inducement awards to the Company's Senior Vice President Sales & Marketing in the form of an option to purchase 220,000 shares of the Company's Class A common stock with an exercise price per share of $0.83 and 110,000 restricted stock units. The option and restricted stock unit awards were granted as inducements material to the commencement of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

As of December 31, 2023, no shares were available for future issuance under the Inducement Plan.

Stock-based compensation

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


	Year Ended December 31,
	2023		2022
Cost of revenue	$	642	$	530
General and administrative	3,085		2,630
Sales and marketing	494		475
Research and development	529		384
Total stock-based compensation expense	$	4,750	$	4,019

As of December 31, 2023, total unrecognized compensation expense related to unvested stock options held by employees and directors was $4.1 million, which is expected to be recognized over weighted average period of 1.9 years. Additionally, unrecognized compensation expense related to unvested restricted stock units held by employees and directors was $2.5 million, which is expected to be recognized over a weighted average period of 1.9 years.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2023		2022
Customer A	16.5	%	22.8	%
	16.5	%	22.8	%

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


	Year Ended December 31,
	2023		2022
Customer A	10.7	%	21.4	%
Customer B	21.4	%	*
Customer C	16.4	%	11.8	%
Customer D	12.4	%	*
Customer E	*		16.7	%
	60.9	%	49.9	%

______________________________

*– less than 10%

Summary of Estimated Useful Life of Assets

Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset, as follows:


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

Summary of Changes in Amount Reserved for Warranty Cost

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


	Year Ended December 31,
	2023		2022
Balance, beginning of the period	$	872	$	598
Warranty provisions	171		646
Warranty repairs	(354)		(372)
Balance, end of the year	$	689	$	872

Schedule of Disaggregated Revenue by Nature and Geographic Location

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


	Year Ended December 31,
	2023		2022
Product and service revenue — recurring	$	13,546	$	10,983
Product and service revenue — non-recurring	8,973		6,150
Total revenue	$	22,519	$	17,133

The following table presents the Company’s revenue, classified by the major geographic areas in which our customers were located (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	9,879	$	8,767
Germany	2,116		2,649
Switzerland	3,995		2,756
Japan	2,562		*
All other countries	3,967		2,961
Total revenue	$	22,519	$	17,133

______________________________

*– not individually significant

Net loss per share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (52,467)	$ (60,806)
Denominator:
Weighted average common shares outstanding - basic (in shares)	43,024,039	42,454,403
Weighted average common shares outstanding - diluted (in shares)	43,024,039	42,454,403
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (1.22)	$ (1.43)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (1.22)	$ (1.43)
Class A Common stock
Denominator:
Weighted average common shares outstanding - basic (in shares)	37,612,962	36,727,742
Weighted average common shares outstanding - diluted (in shares)	37,612,962	36,727,742
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (1.22)	$ (1.43)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (1.22)	$ (1.43)
Class B Common stock
Denominator:
Weighted average common shares outstanding - basic (in shares)	5,411,077	5,726,661
Weighted average common shares outstanding - diluted (in shares)	5,411,077	5,726,661
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (1.22)	$ (1.43)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (1.22)	$ (1.43)

- 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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+ Details

- 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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+ Details

- Definition

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

+ References

+ Details

Benefit plans	12 Months Ended
Benefit plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Benefit plans	Benefit plans The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $0.8 million to the plan during both the years ended December 31, 2023 and 2022.

Benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Company contributions to plan	$ 0.8	$ 0.8

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued expenses and other current liabilities

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


	December 31,		December 31,
	2023		2022
Accrued employee compensation and benefits expense	$	4,808	$	3,217
Accrued vendor expenses	4,017		3,212
Accrued warranty expense	689		872
Accrued taxes	252		329
Other	141		520
	$	9,907	$	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 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 $0.6 million during the year ended December 31, 2022 related to the Restructuring Plan and had $0.5 million recorded within accrued expenses as of December 31, 2022, which was paid during the year ended December 31, 2023.

Summary of significant accounting policies - Property and Equipment (Details)	Dec. 31, 2023
Manufacturing and laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Manufacturing and laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Office furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Office furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years

Consolidated statements of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (52,467)	$ (60,806)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net of tax	1,008	(1,093)
Comprehensive loss	$ (51,459)	$ (61,899)

- Definition

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

+ References

+ Details

Consolidated statements of operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 22,519	$ 17,133
Costs and operating expenses:
Research and development	12,820	12,866
Sales and marketing	13,322	14,994
General and administrative	24,936	26,819
Total costs and operating expenses	79,082	80,352
Loss from operations	(56,563)	(63,219)
Other income (expense):
Interest income, net	4,210	1,778
Other (expense) income, net	(83)	59
Total other income, net	4,127	1,837
Loss before income taxes	(52,436)	(61,382)
Income tax expense (benefit)	31	(576)
Net loss	$ (52,467)	$ (60,806)
Net loss per share — basic (in dollars per share)	$ (1.22)	$ (1.43)
Net loss per share — diluted (in dollars per share)	$ (1.22)	$ (1.43)
Weighted average common shares outstanding - basic (in shares)	43,024,039	42,454,403
Weighted average common shares outstanding - diluted (in shares)	43,024,039	42,454,403
Product
Revenue:
Total revenue	$ 14,805	$ 11,056
Costs and operating expenses:
Cost of revenue	20,060	18,477
Service
Revenue:
Total revenue	7,714	6,077
Costs and operating expenses:
Cost of revenue	$ 7,944	$ 7,196

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

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 24,285	$ 27,064
Short-term investments	67,768	81,584
Accounts receivable	5,532	5,369
Inventory	19,961	21,187
Prepaid expenses and other current assets	2,869	3,372
Total current assets	120,415	138,576
Property and equipment, net	12,832	13,818
Right-of-use assets	6,240	7,063
Long-term investments	2,911	29,790
Other long-term assets	770	1,119
Restricted cash	284	284
Total assets	143,452	190,650
Current liabilities:
Accounts payable	1,973	5,428
Accrued expenses and other current liabilities	9,907	8,150
Deferred revenue	5,974	4,706
Lease liabilities, short-term	1,132	766
Total current liabilities	18,986	19,050
Lease liabilities, long-term	6,214	7,202
Other long-term liabilities	263	229
Total liabilities	25,463	26,481
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	546,051	540,775
Accumulated deficit	(428,385)	(375,918)
Accumulated other comprehensive loss	(101)	(1,109)
Total stockholders’ equity	117,989	164,169
Total liabilities and stockholders’ equity	143,452	190,650
Class A Common stock
Stockholders’ equity:
Common stock	371	366
Class B Common stock
Stockholders’ equity:
Common stock	$ 53	$ 55

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Raw materials	$	12,873	$	15,014
Work in process	150		1,599
Finished goods	6,938		4,574
Total	$	19,961	$	21,187

Raw materials, work in process and finished goods were net of adjustments to realizable value of $0.6 million and $1.1 million, as of December 31, 2023 and 2022, respectively.

Leases

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	1,285	$	1,207
Operating cash outflows - payments on financing leases	$	38	$	42
Financing cash outflows - payments on financing leases	$	37	$	33
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	151	$	7,605
Financing leases	$	—	$	366

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


	Year Ended December 31,
	2023			2022
Operating Leases:
Operating lease assets	$	5,972		$	6,746

Operating lease liabilities, short-term	$	1,090		$	729
Operating lease liabilities, long-term	5,952			6,898
Total operating lease liabilities	$	7,042		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(118)			(69)
Net property, plant and equipment	$	268		$	317

Lease liabilities, short-term	$	42		$	37
Lease liabilities, long-term	262			304
Total financing lease liabilities	$	304		$	341

Weighted-average remaining lease term - operating leases (in years):	5.54			6.54
Weighted-average remaining lease term - financing leases (in years):	5.50			6.50
Weighted-average discount rate - operating leases:	3.8		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

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


	Year Ended December 31,
	2023		2022
Operating lease cost	$	1,203	$	1,144
Financing lease cost - amortization of right-of-use asset	49		49
Financing lease cost - interest on lease liability	38		42
Short-term lease cost	—		59
Variable lease cost	694		617
Total lease cost	$	1,984	$	1,911

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 $1.9 million and $1.8 million for the years ended December 31, 2023 and 2022, respectively. 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 both of the years ended December 31, 2023 and 2022.

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


	Operating Lease Maturities
2024	$	1,334
2025	1,368
2026	1,402
2027	1,435
2027	1,469
Thereafter	805
Total lease payments	$	7,813
Less imputed interest	(771)
Total present value of lease liabilities	$	7,042

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


	Financing Lease Maturities
2024	$	75
2025	75
2026	75
2027	75
2028	75
Thereafter	38
Total lease payments	$	413
Less imputed interest	(109)
Total present value of lease liabilities	$	304

Leases

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


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	1,285	$	1,207
Operating cash outflows - payments on financing leases	$	38	$	42
Financing cash outflows - payments on financing leases	$	37	$	33
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	151	$	7,605
Financing leases	$	—	$	366

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


	Year Ended December 31,
	2023			2022
Operating Leases:
Operating lease assets	$	5,972		$	6,746

Operating lease liabilities, short-term	$	1,090		$	729
Operating lease liabilities, long-term	5,952			6,898
Total operating lease liabilities	$	7,042		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(118)			(69)
Net property, plant and equipment	$	268		$	317

Lease liabilities, short-term	$	42		$	37
Lease liabilities, long-term	262			304
Total financing lease liabilities	$	304		$	341

Weighted-average remaining lease term - operating leases (in years):	5.54			6.54
Weighted-average remaining lease term - financing leases (in years):	5.50			6.50
Weighted-average discount rate - operating leases:	3.8		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

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


	Year Ended December 31,
	2023		2022
Operating lease cost	$	1,203	$	1,144
Financing lease cost - amortization of right-of-use asset	49		49
Financing lease cost - interest on lease liability	38		42
Short-term lease cost	—		59
Variable lease cost	694		617
Total lease cost	$	1,984	$	1,911

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


	Operating Lease Maturities
2024	$	1,334
2025	1,368
2026	1,402
2027	1,435
2027	1,469
Thereafter	805
Total lease payments	$	7,813
Less imputed interest	(771)
Total present value of lease liabilities	$	7,042

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


	Financing Lease Maturities
2024	$	75
2025	75
2026	75
2027	75
2028	75
Thereafter	38
Total lease payments	$	413
Less imputed interest	(109)
Total present value of lease liabilities	$	304

Income taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of beginning of year	$ 0	$ 623
Additions for tax positions of prior years	0	0
Reductions for tax positions of prior years	0	(623)
Unrecognized tax benefits as of end of year	$ 0	$ 0

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 valueper share
Trading Symbol	RPID
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 28,178,899
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2023 are incorporated herein by reference in Part III.
Entity Central Index Key	0001380106
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		37,187,884
Class B Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,309,529

Income taxes - Components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current income tax provision:
Federal	$ 0	$ 0
State	0	0
Foreign	31	(576)
Total current income tax (benefit) expense	31	(576)
Deferred income tax provision:
Federal	(11,177)	(13,347)
State	(1,241)	(2,824)
Foreign	0	0
Total deferred income tax provision	(12,418)	(16,171)
Change in deferred tax asset valuation allowance	12,418	16,171
Total (benefit) expense for income taxes	$ 31	$ (576)

Net loss per share - Schedule of Common Stock Excluded From Computation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 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)	8,723,105	6,241,893
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)	6,530,511	5,076,650
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)	286,324	286,324
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)	1,681,760	697,361
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)	224,510	181,558

Summary of significant accounting policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,519	$ 17,133
United States
Disaggregation of Revenue [Line Items]
Total revenue	9,879	8,767
Germany
Disaggregation of Revenue [Line Items]
Total revenue	2,116	2,649
Switzerland
Disaggregation of Revenue [Line Items]
Total revenue	3,995	2,756
Japan
Disaggregation of Revenue [Line Items]
Total revenue	2,562
All other countries
Disaggregation of Revenue [Line Items]
Total revenue	3,967	2,961
Product and Service Revenue \| Recurring
Disaggregation of Revenue [Line Items]
Total revenue	13,546	10,983
Product and Service Revenue \| Non-Recurring
Disaggregation of Revenue [Line Items]
Total revenue	$ 8,973	$ 6,150

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2023		2022
Raw materials	$	12,873	$	15,014
Work in process	150		1,599
Finished goods	6,938		4,574
Total	$	19,961	$	21,187

Summary of significant accounting policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Benchmark \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk	16.50%	22.80%
Revenue Benchmark \| Customer A
Concentration Risk [Line Items]
Customer concentration risk	16.50%	22.80%
Accounts Receivable \| Major Customers
Concentration Risk [Line Items]
Customer concentration risk	60.90%	49.90%
Accounts Receivable \| Customer A
Concentration Risk [Line Items]
Customer concentration risk	10.70%	21.40%
Accounts Receivable \| Customer B
Concentration Risk [Line Items]
Customer concentration risk	21.40%
Accounts Receivable \| Customer C
Concentration Risk [Line Items]
Customer concentration risk	16.40%	11.80%
Accounts Receivable \| Customer D
Concentration Risk [Line Items]
Customer concentration risk	12.40%
Accounts Receivable \| Customer E
Concentration Risk [Line Items]
Customer concentration risk		16.70%

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 67,884	$ 82,231
Gross unrealized gains	51	1
Gross unrealized losses	(167)	(648)
Fair value	67,768	81,584
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost	5,164	491
Gross unrealized gains	0	0
Gross unrealized losses	(21)	0
Fair value	5,143	491
U.S. Government Treasury Bills
Debt Securities, Available-for-sale [Line Items]
Amortized cost	16,184	32,115
Gross unrealized gains	9	1
Gross unrealized losses	0	(40)
Fair value	16,193	32,076
U.S. Government Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	46,536	49,625
Gross unrealized gains	42	0
Gross unrealized losses	(146)	(608)
Fair value	46,432	49,017
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,896	30,252
Gross unrealized gains	15	5
Gross unrealized losses	0	(467)
Fair value	2,911	29,790
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost		3,391
Gross unrealized gains		4
Gross unrealized losses		(36)
Fair value		3,359
U.S. Government Treasury Notes - Maturity Up To Two Years
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,896	26,861
Gross unrealized gains	15	1
Gross unrealized losses	0	(431)
Fair value	$ 2,911	$ 26,431

Common stock and common stock warrants (Tables)

12 Months Ended

Dec. 31, 2023

Common stock and common stock warrants

Schedule of Outstanding Common Stock Warrants

As of December 31, 2023 and 2022, warrants to purchase the Class A common stock outstanding 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

Prepaid expenses and other current assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,282,000	$ 1,500,000
Contract asset	51,000	112,000
Deposits	667,000	1,055,000
Prepaid financing fees	292,000	0
Other	577,000	705,000
Prepaid expenses and other current assets	$ 2,869,000	$ 3,372,000

Stock-based compensation - Schedule of ESPP Black-Scholes Option-Pricing Model (Details) - Employee Stock - 2021 ESPP	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation
Risk-free interest rate	5.32%	2.60%
Expected term (in years)	6 months	6 months
Expected volatility	47.80%	49.10%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Common stock and common stock warrants

12 Months Ended

Dec. 31, 2023

Common stock and common stock warrants

Common stock and common stock warrants

As of December 31, 2023 and 2022, the Company’s restated certificate of incorporation authorized the issuance of 210,000,000 shares and $10,000,000 shares of $0.01 par value Class A and Class B common stock, respectively. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B common stock is non-voting. Class A and Class B common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of Preferred Stock. As of December 31, 2023, no cash dividends had been declared or paid.

As of December 31, 2023, there were 37,099,909 shares of Class A common stock issued and outstanding, and 5,309,529 shares of Class B common stock issued and outstanding.

On December 15, 2023, the Company entered into an ATM Agreement with Cowen, pursuant to which the Company may issue and sell shares of its Class A common stock having aggregate sales proceeds of up to $50,000,000 from time to time through Cowen, acting as sales agent and/or principal. The prospectus filed by the Company related to the ATM Agreement permits the issuance and sale of up to $10,000,000 of shares of Class A common stock from time to time The Company agreed to pay Cowen a commission of up to 3.0% of the gross proceeds from any sales of shares of its Class A common stock under this facility. During the year ended December 31, 2023, the Company did not issue or sell any shares of its Class A common stock.

As of December 31, 2023, the Company had reserved 22,080,002 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), for the exercise of outstanding common stock warrants and for the conversion of Class B common stock.

As of December 31, 2023 and 2022, warrants to purchase the Class A common stock outstanding 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

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 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):


	December 31,		December 31,
	2023		2022
Prepaid insurance	$	1,282	$	1,500
Contract asset	51		112
Deposits	667		1,055
Prepaid financing fees	292		—
Other	577		705
	$	2,869	$	3,372

Stock-based compensation - Schedule of Black-Scholes Option-Pricing Model (Details) - 2021 Incentive Award Plan - Share-Based Payment Arrangement, Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation
Risk-free interest rate	3.90%	2.14%
Expected term (in years)	6 years	6 years
Expected volatility	47.10%	43.30%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepaid expenses and other current assets

12 Months Ended

Dec. 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):


	December 31,		December 31,
	2023		2022
Prepaid insurance	$	1,282	$	1,500
Contract asset	51		112
Deposits	667		1,055
Prepaid financing fees	292		—
Other	577		705
	$	2,869	$	3,372

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 1,203	$ 1,144
Financing lease cost - amortization of right-of-use asset	49	49
Financing lease cost - interest on lease liability	38	42
Short-term lease cost	0	59
Variable lease cost	694	617
Total lease cost	$ 1,984	$ 1,911

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-based compensation - Schedule of Restricted Stock Activity (Details) - $ / shares	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Number of shares
Unvested at beginning of period (in shares)		155,565
Granted (in shares)	248,903	0
Vested (in shares)		(155,565)
Forfeited (in shares)		0
Unvested at end of period (in shares)		0	155,565
Weighted average fair value
Unvested at beginning of period (in dollars per share)		$ 2.10
Granted (in dollars per share)	$ 2.10	0
Vested (in dollars per share)		2.10
Forfeited (in shares)		0
Unvested at end of period (in dollars per share)		$ 0	$ 2.10
Restricted Stock Units (RSUs)
Number of shares
Unvested at beginning of period (in shares)		532,121
Granted (in shares)		1,503,945
Vested (in shares)		(173,866)
Forfeited (in shares)		(180,440)
Unvested at end of period (in shares)		1,681,760	532,121
Weighted average fair value
Unvested at beginning of period (in dollars per share)		$ 7.06
Granted (in dollars per share)		1.22	$ 7.12
Vested (in dollars per share)		7.10
Forfeited (in shares)		2.89
Unvested at end of period (in dollars per share)		$ 2.28	$ 7.06

Net loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

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


	Year Ended December 31,
	2023		2022
Numerator:
Net loss	$	(52,467)	$	(60,806)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted	37,612,962		36,727,742
Weighted average Class B common shares outstanding—basic and diluted	5,411,077		5,726,661
Total shares for EPS—basic and diluted	43,024,039		42,454,403
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(1.22)	$	(1.43)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(1.22)	$	(1.43)

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 attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2023	2022
Options to purchase common stock	6,530,511	5,076,650
Warrants to purchase common stock	286,324	286,324
Unvested restricted common stock	1,681,760	697,361
Options to purchase common stock under ESPP	224,510	181,558
	8,723,105	6,241,893

Fair value of financial assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term investments
Assets
Investments	$ 67,768	$ 81,584
Long-term investments
Assets
Investments	2,911	29,790
Fair Value, Recurring
Assets
Cash equivalents	20,306	22,072
Assets	90,985	133,446
Fair Value, Recurring \| Short-term investments
Assets
Investments	67,768	81,584
Fair Value, Recurring \| Long-term investments
Assets
Investments	2,911	29,790
Fair Value, Recurring \| Level 1
Assets
Cash equivalents	20,306	22,072
Assets	85,842	129,596
Fair Value, Recurring \| Level 1 \| Short-term investments
Assets
Investments	62,625	81,093
Fair Value, Recurring \| Level 1 \| Long-term investments
Assets
Investments	2,911	26,431
Fair Value, Recurring \| Level 2
Assets
Cash equivalents	0	0
Assets	5,143	3,850
Fair Value, Recurring \| Level 2 \| Short-term investments
Assets
Investments	5,143	491
Fair Value, Recurring \| Level 2 \| Long-term investments
Assets
Investments	0	3,359
Fair Value, Recurring \| Level 3
Assets
Cash equivalents	0	0
Assets	0	0
Fair Value, Recurring \| Level 3 \| Short-term investments
Assets
Investments	0	0
Fair Value, Recurring \| Level 3 \| Long-term investments
Assets
Investments	$ 0	$ 0

Leases (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	1,285	$	1,207
Operating cash outflows - payments on financing leases	$	38	$	42
Financing cash outflows - payments on financing leases	$	37	$	33
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	151	$	7,605
Financing leases	$	—	$	366

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


	Year Ended December 31,
	2023		2022
Operating lease cost	$	1,203	$	1,144
Financing lease cost - amortization of right-of-use asset	49		49
Financing lease cost - interest on lease liability	38		42
Short-term lease cost	—		59
Variable lease cost	694		617
Total lease cost	$	1,984	$	1,911

Schedule of Supplemental Balance Sheet Information

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


	Year Ended December 31,
	2023			2022
Operating Leases:
Operating lease assets	$	5,972		$	6,746

Operating lease liabilities, short-term	$	1,090		$	729
Operating lease liabilities, long-term	5,952			6,898
Total operating lease liabilities	$	7,042		$	7,627

Financing Leases:
Office furniture and fixtures	$	386		$	386
Accumulated depreciation	(118)			(69)
Net property, plant and equipment	$	268		$	317

Lease liabilities, short-term	$	42		$	37
Lease liabilities, long-term	262			304
Total financing lease liabilities	$	304		$	341

Weighted-average remaining lease term - operating leases (in years):	5.54			6.54
Weighted-average remaining lease term - financing leases (in years):	5.50			6.50
Weighted-average discount rate - operating leases:	3.8		%	3.7		%
Weighted-average discount rate - financing leases:	12.0		%	12.0		%

Schedule of Future Minimum Lease Commitments Under Operating Leases

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


	Operating Lease Maturities
2024	$	1,334
2025	1,368
2026	1,402
2027	1,435
2027	1,469
Thereafter	805
Total lease payments	$	7,813
Less imputed interest	(771)
Total present value of lease liabilities	$	7,042

Schedule of Finance Lease Liability Maturities

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


	Financing Lease Maturities
2024	$	75
2025	75
2026	75
2027	75
2028	75
Thereafter	38
Total lease payments	$	413
Less imputed interest	(109)
Total present value of lease liabilities	$	304

Leases - Schedule of Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 75
2025	75
2026	75
2027	75
2028	75
Thereafter	38
Total lease payments	413
Less imputed interest	(109)
Total present value of lease liabilities	$ 304	$ 341

Income taxes - Narrative (Details) - USD ($)	12 Months Ended
Income taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards	$ 229,300,000
State net operating loss carryforwards	100,400,000
Operating loss carryforward not subject to expiry	216,500,000
Valuation allowance	71,114,000	$ 58,933,000
Valuation allowance increase	12,200,000
Interest and penalties	0
Accrued interest and penalties	0	100,000
Maximum
Income Tax Disclosure [Line Items]
Interest and penalties		$ 100,000
Domestic Tax Authority
Income Tax Disclosure [Line Items]
Tax credit carryforwards	2,200,000
Operating loss carryforward not utilized and expected to expire	121,500,000
Domestic Tax Authority \| Research Tax Credit Carryforward
Income Tax Disclosure [Line Items]
Tax credit carryforward not utilized and expected to expire	2,400,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Tax credit carryforwards	3,200,000
Operating loss carryforward not utilized and expected to expire	$ 58,400,000

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

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


	December 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Short-term investments
Certificates of Deposit	$	5,164	$	—	$	(21)	$	5,143
U.S. Government Treasury Bills	16,184		9		—		16,193
U.S. Government Treasury Notes	46,536		42		(146)		46,432
	$	67,884	$	51	$	(167)	$	67,768
Long-term Investments
U.S. Government Treasury Notes - Maturity Up To Two Years	$	2,896	$	15	$	—	$	2,911
	$	2,896	$	15	$	—	$	2,911


	December 31, 2022
Short-term investments	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
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

Net loss per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net loss per share

Net loss per share attributable to the common stockholders

As of December 31, 2023, the Company had Class A common stock and Class B common stock. Both classes have the same rights to the Company’s earnings and neither of the shares have any preference rights to dividends to other shares.

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


	Year Ended December 31,
	2023		2022
Numerator:
Net loss	$	(52,467)	$	(60,806)
Denominator:
Weighted average Class A common shares outstanding—basic and diluted	37,612,962		36,727,742
Weighted average Class B common shares outstanding—basic and diluted	5,411,077		5,726,661
Total shares for EPS—basic and diluted	43,024,039		42,454,403
Net loss per share attributable to Class A common stockholders—basic and diluted	$	(1.22)	$	(1.43)
Net loss per share attributable to Class B common stockholders—basic and diluted	$	(1.22)	$	(1.43)

The Company’s potentially dilutive securities, which include stock options, restricted stock, restricted stock units, 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 attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2023	2022
Options to purchase common stock	6,530,511	5,076,650
Warrants to purchase common stock	286,324	286,324
Unvested restricted common stock	1,681,760	697,361
Options to purchase common stock under ESPP	224,510	181,558
	8,723,105	6,241,893

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2023 and 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.

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases:
Operating lease assets	$ 5,972	$ 6,746
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease, Right-Of-Use Asset	Lease, Right-Of-Use Asset
Operating lease liabilities, short-term	$ 1,090	$ 729
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Operating lease liabilities, long-term	$ 5,952	$ 6,898
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term
Total operating lease liabilities	$ 7,042	$ 7,627
Financing Leases:
Office furniture and fixtures	386	386
Accumulated depreciation	(118)	(69)
Net property, plant and equipment	$ 268	$ 317
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease, Right-Of-Use Asset	Lease, Right-Of-Use Asset
Lease liabilities, short-term	$ 42	$ 37
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Lease liabilities, long-term	$ 262	$ 304
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term
Total financing lease liabilities	$ 304	$ 341
Weighted-average remaining lease term - operating leases (in years):	5 years 6 months 14 days	6 years 6 months 14 days
Weighted-average remaining lease term - financing leases (in years):	5 years 6 months	6 years 6 months
Weighted-average discount rate - operating leases:	3.80%	3.70%
Weighted-average discount rate - financing leases:	12.00%	12.00%

Summary of significant accounting policies - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, beginning of the period	$ 872	$ 598
Warranty provisions	171	646
Warranty repairs	(354)	(372)
Balance, end of the year	$ 689	$ 872

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

Use of estimates

Risk of concentrations of credit, significant customers and significant suppliers


	Year Ended December 31,
	2023		2022
Customer A	16.5	%	22.8	%
	16.5	%	22.8	%

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


	Year Ended December 31,
	2023		2022
Customer A	10.7	%	21.4	%
Customer B	21.4	%	*
Customer C	16.4	%	11.8	%
Customer D	12.4	%	*
Customer E	*		16.7	%
	60.9	%	49.9	%

______________________________

*– less than 10%

Cash equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. At December 31, 2023 and 2022, the Company held cash of $0.1 million and $0.2 million in banks located outside of the U.S., respectively.

Restricted cash

Investments

The Company’s short-term investments as of December 31, 2023 and 2022 had maturities of less than one year, and long-term investments as of December 31, 2023 and 2022 had maturities greater than one year.

Accounts receivable

Inventory

Property and equipment


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

Software development costs

The Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software are capitalized, provided these costs are expected to be recoverable. There was $1.4 million of software development costs related to the Company's enterprise resource planning ("ERP") system capitalized in other long-term assets at both

December 31, 2023 and 2022, net of accumulated amortization of $0.7 million and $0.4 million, respectively. These capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. There was $0.3 million of amortization expense recorded in the consolidated statement of operations for each of the years ended December 31, 2023 and 2022.

Impairment of long-lived assets

Fair value measurements

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

Product warranties

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


	Year Ended December 31,
	2023		2022
Balance, beginning of the period	$	872	$	598
Warranty provisions	171		646
Warranty repairs	(354)		(372)
Balance, end of the year	$	689	$	872

Segment information

Revenue recognition

1.Identify the contract, or contracts, with the customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when, or as, performance obligations are satisfied.

discounts.

Product revenue

Service revenue

Performance obligations

Payment terms

Multiple performance obligations with an arrangement

Remaining performance obligations

Contract balances from contracts with customers

Disaggregated revenue

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


	Year Ended December 31,
	2023		2022
Product and service revenue — recurring	$	13,546	$	10,983
Product and service revenue — non-recurring	8,973		6,150
Total revenue	$	22,519	$	17,133

The following table presents the Company’s revenue, classified by the major geographic areas in which our customers were located (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	9,879	$	8,767
Germany	2,116		2,649
Switzerland	3,995		2,756
Japan	2,562		*
All other countries	3,967		2,961
Total revenue	$	22,519	$	17,133

______________________________

*– not individually significant

Contract acquisition costs

The Company incurs and pays commissions on systems, LIMS connection software, validation services, consumables, and service contracts. The period of the related revenue stream is typically less than one year in duration, and as such, the Company applies the practical expedient to expense the costs in the period in which they were incurred.

Cost of revenue

Shipping and handling fees

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

Research and development costs

Advertising costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. Advertising costs were $0.3 million and $0.1 million during the years ended December 31, 2023 and 2022, respectively.

Patent costs

Stock-based compensation

Income taxes

Foreign currency translation and transactions

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 years ended December 31, 2023 and 2022, comprehensive loss included $1.0 million and $1.1 million, respectively, of unrealized gains and losses, respectively, on investments, net of tax.

Net loss per share attributable to common stockholders

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Accrued expenses and other current liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Restructuring costs	$ 1.1
Payments for restructuring		$ 0.5	$ 0.6
Restructuring related accrued expenses			$ 0.5

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 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):


	December 31,		December 31,
	2023		2022
Accrued employee compensation and benefits expense	$	4,808	$	3,217
Accrued vendor expenses	4,017		3,212
Accrued warranty expense	689		872
Accrued taxes	252		329
Other	141		520
	$	9,907	$	8,150

Stock-based compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,750	$ 4,019
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	642	530
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,085	2,630
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	494	475
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 529	$ 384

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

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


	Year Ended December 31,
	2023		2022
United States	$	(52,455)	$	(61,396)
Foreign	19		14
Loss before income tax provision	$	(52,436)	$	(61,382)

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


	Year Ended December 31,
	2023		2022
Current income tax provision:
Federal	$	—	$	—
State	—		—
Foreign	31		(576)
Total current income tax (benefit) expense	31		(576)
Deferred income tax provision:
Federal	(11,177)		(13,347)
State	(1,241)		(2,824)
Foreign	—		—
Total deferred income tax provision	(12,418)		(16,171)
Change in deferred tax asset valuation allowance	12,418		16,171
Total (benefit) expense for income taxes	$	31	$	(576)

During the years ended December 31, 2023 and 2022, the Company did not record income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each year, due to its uncertainty of realizing a benefit from those items. The only income tax provision was generated from operations in Germany and Switzerland. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	1.9		3.6
Federal and state research and development tax credits	1.3		0.6
Unrecognized tax benefits reserve and interest change	—		1.0
Change in valuation allowance	(23.2)		(25.3)
Permanent differences	(1.1)		0.1
Effective income tax rate	(0.1)	%	1.0	%

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


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	55,761	$	46,387
Research and development credit carryforwards	5,361		4,403
Research and development capitalized costs	7,100		6,119
Inventories	343		390
Lease liability	1,656		1,858
Accrued expenses	1,352		778
Unrealized loss	24		270
Other	1,281		712
Total deferred tax assets	72,878		60,917
Deferred tax liabilities:
Right-of-use assets	(1,405)		(1,644)
Depreciation	(359)		(340)
Total deferred tax liabilities	(1,764)		(1,984)
Valuation allowance	(71,114)		(58,933)
Net deferred tax assets	$	—	$	—

As of December 31, 2023, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $229.3 million and 100.4 million respectively, which may be available to offset future taxable income and begin to expire at various dates beginning in 2038 and 2032, respectively. Additionally, the Company had U.S. federal NOLs of $216.5 million generated since 2018 that will not expire.

As of December 31, 2023, the Company also had U.S. federal and state research and development tax credit carryforwards of $2.2 million and $3.2 million, respectively, which may be available to offset future tax liabilities and begin to expire in 2038 and 2024, respectively.

Utilization of the U.S. federal and state NOL carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has completed a Section 382 study through July 31, 2020 to assess whether one or multiple ownership changes(s) occurred. According to the results from the study, the Company has four ownership changes prior to July 31, 2020 which occurred on July 1, 2009, April 3, 2014, July 25, 2017, and April 12, 2018, as defined by Section 382. These ownership changes materially limit the NOL carryforwards and research and development tax credits available to offset future tax liabilities generated prior to July 31, 2020. The Section 382 study concluded that $121.5 million of U.S. federal NOL carryforwards, $58.4 million of state NOL carryforwards, and $2.4 million of federal research and development tax credits will expire unutilized due to these ownership changes. These expirations and unutilized NOL carryforwards and research and development tax credits have been reflected in the amounts of NOL carryforwards, research and development tax credits, and deferred tax assets disclosed above. The Company has not completed a Section 382 study for any transactions subsequent to July 31, 2020 which could create an additional limitation although materially all of the current federal NOL carryforwards can be carried forward indefinitely.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. The Company considered its history of cumulative net operating losses incurred since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance of $71.1 million and $58.9 million has been established against the net deferred tax assets as of December 31, 2023 and 2022, respectively. The Company reevaluates the positive and negative evidence at each reporting

period. The valuation allowance increased $12.2 million during the year ended December 31, 2023 primarily due to net operating losses generated, capitalized research and development expenses, and research and development tax credits.

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


	December 31,		December 31,
	2023		2022
Unrecognized tax benefits as of beginning of year	$	—	$	623
Additions for tax positions of prior years	—		—
Reductions for tax positions of prior years	—		(623)
Unrecognized tax benefits as of end of year	$	—	$	—

The Company recognizes interest and penalties related to unrecognized tax benefits in U.S. federal, state, and foreign income tax expense. For the years ended December 31, 2023, and 2022, the Company recognized zero and less than $0.1 million in interest and penalties. The Company had zero and approximately $0.1 million of interest and penalties accrued as of December 31, 2023 and 2022, respectively.

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

In recent years, the Organization for Economic Co-operation and Development (“OECD”) and member countries have been focused on taxation issues relating to multi-national companies. In October 2021, more than 130 countries agreed to implement Pillar 2, a plan introduced by the OECD providing for a global minimum tax rate of 15% (calculated on a country-by-country basis) for those companies having consolidated revenue of at least €750 million; with any shortfall of the 15% minimum tax resulting in a related tax assessment ("Top-Up Tax"). The implementation of the Pillar 2 global minimum tax rules is intended to apply for tax years beginning in 2024. The main purpose of such rules is to minimize tax base erosion and profit shifting from higher tax jurisdictions to lower tax jurisdictions by multi-national companies. On February 2, 2023, the OECD issued various administrative guidance including transitional safe harbor rules available in conjunction with the implementation of the Pillar 2 global minimum tax. Based upon the current OECD rules and administrative guidance, the Company does not anticipate being subject to material Top-Up Taxes as various tax jurisdictions begin enacting such legislation. The Company is continuing to monitor the potential impact of the Pillar 2 proposals and developments on our consolidated financial statements and related disclosures, including eligibility for any transitional safe harbor rules.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,		December 31,
	2023		2022
Manufacturing and laboratory equipment	$	13,750	$	13,408
Computer hardware and software	1,960		1,651
Office furniture and fixtures	589		589
Leasehold improvements	8,551		8,260
Construction-in-process	2,292		1,712
	27,142		25,620
Less: Accumulated depreciation	(14,310)		(11,802)
	$	12,832	$	13,818