0001558370-21-011258 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-40344
Entity Registrant Name	Akoya Biosciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5586242
Entity Address, Address Line One	100 Campus Drive
Entity Address, Adress Line Two	6th Floor
Entity Address, City or Town	Marlborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01752
City Area Code	855
Local Phone Number	896-8401
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AKYA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,158,524
Entity Central Index Key	0001711933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 135,464	$ 17,006
Accounts receivable, net	8,158	6,470
Inventories, net	6,562	4,263
Prepaid expenses and other current assets	7,225	957
Total current assets	157,409	28,696
Property and equipment, net	6,020	5,528
Restricted cash - long term	301	502
Demo inventory, net	2,504	1,494
Intangible assets, net	21,644	22,714
Goodwill	18,262	18,262
Other assets	202	464
Total assets	206,342	77,660
Current liabilities
Accounts payable	4,898	5,074
Accrued expenses and other current liabilities	8,688	7,015
Current portion of capital lease obligations	288	197
Deferred revenue	4,287	3,844
Current portion of long-term debt		1,032
Total current liabilities	18,161	17,162
Deferred revenue, net of current portion	996	1,008
Long-term debt, net of current portion and debt discount	32,256	33,488
Deferred tax liability, net	154	170
Capital lease obligations, net of current portion	327	277
Warrant liability		490
Contingent consideration liability (Note 4), net of current portion	6,627	6,984
Total liabilities	58,521	59,579
Stockholders' equity (deficit):
Additional paid in capital	214,636
Accumulated deficit	(66,817)	(52,280)
Total stockholders' equity (deficit)	147,821	(51,026)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	206,342	77,660
Redeemable Convertible Preferred Stock
Current liabilities
Redeemable Convertible Preferred Stock		69,107
Series B Redeemable Convertible Preferred Stock
Current liabilities
Redeemable Convertible Preferred Stock		11,500
Series C Redeemable Convertible Preferred Stock
Current liabilities
Redeemable Convertible Preferred Stock		30,107
Series D Redeemable Convertible Preferred Stock
Current liabilities
Redeemable Convertible Preferred Stock		27,500
Series A Convertible Preferred Stock
Stockholders' equity (deficit):
Preferred Stock		1,253
Class A Common Stock
Stockholders' equity (deficit):
Common Stock	$ 2
Class B Common Stock
Stockholders' equity (deficit):
Common Stock		$ 1

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.00001
Preferred stock, shares authorized	10,000,000
Common stock, par value	$ 0.00001
Common stock, shares authorized	500,000,000
Common stock, shares issued	37,136,853	2,563,765
Common stock, shares outstanding	37,136,853	2,563,765
Series B Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	13,715,330
Preferred stock, shares issued	0	13,715,330
Preferred stock, shares outstanding	0	13,715,330
Preferred stock, preference in liquidation	$ 0	$ 11,500
Series C Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	26,732,361
Preferred stock, shares issued	0	26,732,361
Preferred stock, shares outstanding	0	26,732,361
Preferred stock, preference in liquidation	$ 0	$ 30,107
Series D Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	16,758,996
Preferred stock, shares issued	0	16,390,217
Preferred stock, shares outstanding	0	16,390,217
Preferred stock, preference in liquidation	$ 0	$ 27,500
Series A Convertible Preferred Stock
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	5,013,333
Preferred stock, shares issued	0	5,013,333
Preferred stock, shares outstanding	0	5,013,333
Preferred stock, preference in liquidation	$ 0	$ 1,253
Preferred Stock.
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	62,220,020
Common stock, shares issued	37,136,853	0
Common stock, shares outstanding	37,136,853	0
Class B Common Stock
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	0	16,822,202
Common stock, shares issued	0	2,563,765
Common stock, shares outstanding	0	2,563,765

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 13,071	$ 8,560	$ 25,283	$ 19,581
Cost of goods sold	4,937	3,290	9,744	7,615
Gross profit	8,134	5,270	15,539	11,966
Operating expenses:
Selling, general and administrative	10,066	5,105	18,245	11,454
Research and development	2,947	2,420	6,139	4,792
Change in fair value of contingent consideration	400	655	826	(906)
Depreciation and amortization	1,099	922	2,108	1,821
Total operating expenses	14,512	9,102	27,318	17,161
Loss from operations	(6,378)	(3,832)	(11,779)	(5,195)
Other income (expense):
Interest expense, net	(757)	(658)	(1,508)	(1,295)
Change in fair value of warrant liability	(858)		(2,728)
Gain on extinguishment of debt	2,476		2,476
Other expense, net	(52)	(56)	(118)	(161)
Loss before benefit (provision) for income taxes	(5,569)	(4,546)	(13,657)	(6,651)
Benefit (provision) for income taxes	6	(39)	12	(77)
Net loss	(5,563)	(4,585)	(13,645)	(6,728)
Dividends accrued on redeemable convertible preferred stock	(245)	(1,190)	(1,435)	(2,380)
Accretion of redeemable convertible preferred stock	(296)	(296)	(296)	(296)
Adjusted net loss attributable to common stockholders	$ (6,104)	$ (6,071)	$ (15,376)	$ (9,404)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.20)	$ (2.65)	$ (0.94)	$ (4.11)
Weighted-average shares outstanding, basic and diluted	29,974,811	2,292,510	16,415,800	2,290,689
Product
Revenue	$ 10,719	$ 6,186	$ 20,682	$ 15,115
Cost of goods sold	3,180	2,538	6,787	6,004
Service and other
Revenue	2,352	2,374	4,601	4,466
Cost of goods sold	$ 1,757	$ 752	$ 2,957	$ 1,611

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Preferred Stock Series B Redeemable Convertible Preferred Stock	Preferred Stock Series C Redeemable Convertible Preferred Stock	Preferred Stock Series D Redeemable Convertible Preferred Stock	Preferred Stock Series A Convertible Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Series B Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Series D Redeemable Convertible Preferred Stock	Total
Balance, beginning of period at Dec. 31, 2019	$ 10,780	$ 28,067	$ 25,500
Balance, beginning of period (in shares) at Dec. 31, 2019	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends	$ 180	$ 510	$ 500
Balance, end of period at Mar. 31, 2020	$ 10,960	$ 28,577	$ 26,000
Balance, end of period (in shares) at Mar. 31, 2020	13,715,330	26,732,361	16,390,217
Balance, beginning of period at Dec. 31, 2019				$ 1,253		$ 1		$ (31,413)				$ (30,159)
Balance, beginning of period (in shares) at Dec. 31, 2019				5,013,333		2,286,872
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options							$ 2					2
Exercise of stock options (in shares)						5,495
Accrued dividends							(314)	(876)				(1,190)
Net loss								(2,143)				(2,143)
Stock-based compensation							312					312
Balance, end of period at Mar. 31, 2020				$ 1,253		$ 1		(34,432)				(33,178)
Balance, end of period (in shares) at Mar. 31, 2020				5,013,333		2,292,367
Balance, beginning of period at Dec. 31, 2019	$ 10,780	$ 28,067	$ 25,500
Balance, beginning of period (in shares) at Dec. 31, 2019	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends												2,380
Balance, end of period at Jun. 30, 2020	$ 11,140	$ 29,087	$ 26,500
Balance, end of period (in shares) at Jun. 30, 2020	13,715,330	26,732,361	16,390,217
Balance, beginning of period at Dec. 31, 2019				$ 1,253		$ 1		(31,413)				(30,159)
Balance, beginning of period (in shares) at Dec. 31, 2019				5,013,333		2,286,872
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Net loss												(6,728)
Balance, end of period at Jun. 30, 2020				$ 1,253		$ 1		(40,154)				(38,900)
Balance, end of period (in shares) at Jun. 30, 2020				5,013,333		2,298,893
Balance, beginning of period at Mar. 31, 2020	$ 10,960	$ 28,577	$ 26,000
Balance, beginning of period (in shares) at Mar. 31, 2020	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends	$ 180	$ 510	$ 500
Balance, end of period at Jun. 30, 2020	$ 11,140	$ 29,087	$ 26,500
Balance, end of period (in shares) at Jun. 30, 2020	13,715,330	26,732,361	16,390,217
Balance, beginning of period at Mar. 31, 2020				$ 1,253		$ 1		(34,432)				(33,178)
Balance, beginning of period (in shares) at Mar. 31, 2020				5,013,333		2,292,367
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options							2					2
Exercise of stock options (in shares)						6,526
Accrued dividends							(53)	(1,137)				(1,190)
Net loss								(4,585)				(4,585)
Stock-based compensation							51					51
Balance, end of period at Jun. 30, 2020				$ 1,253		$ 1		(40,154)				(38,900)
Balance, end of period (in shares) at Jun. 30, 2020				5,013,333		2,298,893
Balance, beginning of period at Dec. 31, 2020	$ 11,500	$ 30,107	$ 27,500						$ 11,500	$ 30,107	$ 27,500
Balance, beginning of period (in shares) at Dec. 31, 2020	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends	$ 180	$ 510	$ 500
Balance, end of period at Mar. 31, 2021	$ 11,680	$ 30,617	$ 28,000
Balance, end of period (in shares) at Mar. 31, 2021	13,715,330	26,732,361	16,390,217
Balance, beginning of period at Dec. 31, 2020				$ 1,253		$ 1		(52,280)				(51,026)
Balance, beginning of period (in shares) at Dec. 31, 2020				5,013,333		2,563,765
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options							44					44
Exercise of stock options (in shares)						271,334
Accrued dividends							(298)	(892)				(1,190)
Net loss								(8,082)				(8,082)
Stock-based compensation							254					254
Balance, end of period at Mar. 31, 2021				$ 1,253		$ 1		(61,254)				(60,000)
Balance, end of period (in shares) at Mar. 31, 2021				5,013,333		2,835,099
Balance, beginning of period at Dec. 31, 2020	$ 11,500	$ 30,107	$ 27,500						$ 11,500	$ 30,107	$ 27,500
Balance, beginning of period (in shares) at Dec. 31, 2020	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends												1,435
Balance, beginning of period at Dec. 31, 2020				$ 1,253		$ 1		(52,280)				(51,026)
Balance, beginning of period (in shares) at Dec. 31, 2020				5,013,333		2,563,765
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Reclassification of warrant liability to equity												3,219
Net loss												(13,645)
Balance, end of period at Jun. 30, 2021					$ 2		214,636	(66,817)				147,821
Balance, end of period (in shares) at Jun. 30, 2021					37,136,853
Balance, beginning of period at Mar. 31, 2021	$ 11,680	$ 30,617	$ 28,000
Balance, beginning of period (in shares) at Mar. 31, 2021	13,715,330	26,732,361	16,390,217
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Accrued dividends	$ 37	$ 105	$ 103
Conversion of preferred stock into common stock in connection with the IPO	$ (11,717)	$ (30,722)	$ (28,103)
Conversion of preferred stock into common stock in connection with the IPO (in shares)	(13,715,330)	(26,732,361)	(16,390,217)
Balance, beginning of period at Mar. 31, 2021				$ 1,253		$ 1		(61,254)				(60,000)
Balance, beginning of period (in shares) at Mar. 31, 2021				5,013,333		2,835,099
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Conversion of Class B shares					$ 1	$ (1)
Conversion of Class B shares (in shares)					2,835,099	(2,835,099)
Exercise of stock options							99					99
Exercise of stock options (in shares)					189,175
Accrued dividends							(245)					(245)
Initial public offering of common stock							138,553					138,553
Initial public offering of common stock (in shares)					7,567,000
Conversion of preferred stock into common stock in connection with the IPO				$ (1,253)	$ 1		71,794					70,542
Conversion of preferred stock into common stock in connection with the IPO (in shares)				(5,013,333)	26,545,579
Reclassification of warrant liability to equity							3,219					3,219
Net loss								(5,563)				(5,563)
Stock-based compensation							1,216					1,216
Balance, end of period at Jun. 30, 2021					$ 2		$ 214,636	$ (66,817)				$ 147,821
Balance, end of period (in shares) at Jun. 30, 2021					37,136,853

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (13,645)	$ (6,728)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,174	1,821
Non-cash interest expense	212	133
Stock-based compensation expense	1,470	363
Paid-in-kind interest		220
Deferred tax liability	(16)	59
Change in fair value of contingent consideration	826	(906)
Change in fair value of warrant liability	2,728
Gain on extinguishment of debt	(2,476)
Changes in operating assets and liabilities:
Accounts receivable, net	(1,688)	9,148
Prepaid expenses and other assets	(6,043)	895
Inventories, net	(2,539)	111
Accounts payable	(176)	(6,432)
Accrued expenses and other liabilities	1,923	(669)
Deferred revenue	431	(971)
Net cash used in operating activities	(16,819)	(2,956)
Investing activities
Interest income reinvested in certificates of deposit		(77)
Purchases of property and equipment	(1,854)	(1,946)
Net cash used in investing activities	(1,854)	(2,023)
Financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions	138,553
Proceeds from stock option exercises	143	4
Principal payments on capital leases	(176)	(94)
Proceeds from Payroll Protection Program loan		2,476
Payments of contingent consideration	(1,590)	(2,627)
Net cash provided by (used in) in financing activities	136,930	(241)
Net increase (decrease) in cash, cash equivalents, and restricted cash	118,257	(5,220)
Cash, cash equivalents, and restricted cash at beginning of year	17,508	12,137
Cash, cash equivalents, and restricted cash at end of year	135,765	6,917
Supplemental disclosures of cash flow information
Cash paid for interest	1,290	911
Supplemental disclosures of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	811	289
Accretion of dividends on Series B, C, and D Preferred Stock	1,435	$ 2,380
Conversion of convertible preferred stock into common stock upon completion of initial public offering	71,795
Reclassification of warrant liability to equity	$ 3,219

The company and basis of presentation

6 Months Ended

Jun. 30, 2021

The company and basis of presentation

The company and basis of presentation

AKOYA BIOSCIENCES INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(1) The company and basis of presentation

Description of business

Akoya Biosciences, Inc. (“Akoya” or the “Company”) is a life sciences technology company, founded on November 13, 2015 as a Delaware corporation with operations based in Marlborough, Massachusetts and Menlo Park, California, delivering spatial biology solutions focused on transforming discovery and clinical research. Spatial biology refers to an evolving technology that enables academic and biopharma scientists to detect and map the distribution of cell types and biomarkers across whole tissue samples at single cell resolution, enabling advancements in their understanding of disease progression and patient response to therapy. Through Akoya’s CODEX and Phenoptics platforms, reagents, software and services, the Company offers end-to-end solutions to perform tissue analysis and spatial phenotyping across the full continuum, from discovery through translational and clinical research.

On September 28, 2018, the Company acquired the commercial Phenoptics division of PerkinElmer, Inc. (“PKI”) for multiplex immunofluorescence, with the aim of providing consumers with a full suite of end-to-end solutions for high parameter tissue analysis. The Phenoptics technology offers pathology solutions for cancer immunology and immunotherapy research, including advanced multiplex immunochemistry staining kits, multispectral imaging and whole side scanning instruments, and image analysis software. The Company’s combined portfolio of complementary technologies aims to fuel groundbreaking advancements in cancer immunology, immunotherapy, neurology and a wide range of other applications. The Company sells into three main regions across the world: North America, Asia-Pacific (“APAC”), and Europe-Middle East-Africa (“EMEA”).

On April 8, 2021, the Board of Directors of the Company (the “Board”) approved a 1-for-2.33 reverse stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock, which was effected on April 9, 2021. The par value of the authorized stock was not adjusted as a result of the reverse stock split. Other than the par value, all issued and outstanding shares of common stock and related per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split and adjustment of the Preferred Stock conversion ratios.

In April 2021, the Company completed the initial public offering of its common stock (the “IPO”). In the IPO, the Company issued and sold 7,567,000 shares of its common stock at a price to the public of $20.00 per share, including the exercise by the underwriters of their option to purchase an additional 987,000 shares. The Company received $138.6 million in net proceeds, after deducting underwriting discounts and commissions and other offering expenses.

Immediately prior to completing the IPO, all preferred stock converted into 26,545,579 shares of common stock, and all outstanding shares of the Company’s Class B common stock converted on a 1 for 1 basis into 2,835,099 shares of the Company’s Class A common stock.

On April 20, 2021, in connection with the closing of the IPO, the Company’s amended and restated certificate of incorporation, as filed with the Secretary of State of the State of Delaware, and the Company’s amended and restated bylaws became effective. Refer to Note 9 for further details.

Principles of consolidation

The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned

subsidiary, Akoya Biosciences UK Ltd. (“Akoya UK”). All intercompany balances and transactions have been eliminated in consolidation.

Unaudited interim financial information

The accompanying consolidated balance sheet as of June 30, 2021, the consolidated statements of operations, and the consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021, the results of its operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus for its IPO dated as of April 15, 2021, and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on April 19, 2021 (File No. 333-254760) (the “Prospectus”).

Liquidity and going concern

At June 30, 2021, the Company had cash and cash equivalents of $135,464 and an accumulated deficit of $66,817. The future success of the Company is dependent on its ability to successfully commercialize its products, successfully launch future products, obtain additional capital and ultimately attain profitable operations. The Company has funded its operations primarily through its preferred stock issuances, debt financing arrangements, and the IPO.

The Company is subject to a number of risks similar to other newly commercial life sciences companies, including, but not limited to, development and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional capital.

The Company has incurred losses since its inception and has used cash from operations of $16,819 during the six months ended June 30, 2021. However, we believe that our existing cash and cash equivalents will be adequate to satisfy our current operating plans for at least the next twelve months from the issuance of these financial statements.

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Summary of significant accounting policies

(2) Summary of significant accounting policies

Significant accounting policies

The Company’s significant accounting policies are disclosed the Prospectus and have not materially changed during the six months ended June 30, 2021.

Revenue recognition

The Company follows ASC 606, Revenue from Contracts with Customers (“ASC 606”).

The Company generates revenue from the sale and installation of instruments, related warranty services, reagents and software (both company-owned and with third parties). Pursuant to ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration the Company expects to be entitled to receive in exchange for these goods and services.

To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, the Company performs the following five steps: (i) identification of the customer contract; (ii) identification of the performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer.

The Company evaluates all promised goods and services within a customer contract and determines which of those are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. Promised goods or services are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract.

Most of the Company’s contracts with customers contain multiple performance obligations (i.e., sale of an instrument and warranty services). For these contracts, the Company accounts for individual performance obligations separately if they are distinct (i.e. capable of being distinct and separable from other promises in the contract). The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Excluded from the transaction price are sales tax and other similar taxes which are presented on a net basis.

Product Revenue

Product revenue is generated by the sale of instruments and consumable reagents predominantly through the Company’s direct sales force in the United States and in geographic regions outside the United States such as APAC and EMEA. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty) or price protection allowances to its customers. When an instrument is purchased by a customer, the Company recognizes revenue when the related performance obligation is satisfied (i.e. when the control of an instrument has passed to the customer). Revenue from the sale of consumables is recognized upon shipment to the customer. The Company’s perpetual software licenses generally have significant stand-alone functionality to the customer upon delivery and are considered to be functional intellectual property. The Company’s perpetual software licenses are considered distinct performance obligations, and revenue allocated to the software license is typically recognized upon provision of the license/software code to the customer (i.e., when the software is available for access and download by the customer).

Service and Other Revenue

Product sales of instruments include a service-based warranty typically for one year following the installation of the purchased instrument, with an extended warranty for an additional year sold in many cases. These are separate performance obligations as they are service-based warranties and are recognized on a straight-line basis over the service delivery period. After completion of the service period, customers have an option to renew or extend the warranty services, typically for additional one-year periods in exchange for additional consideration. The extended warranties are also service-based warranties that represent separate purchasing decisions. The Company recognizes revenue allocated to the extended warranty performance obligation on a straight-line basis over the service delivery period. Revenue from separately charged installation services is recognized upon completion of the installation process. Additionally, the Company provides laboratory services, in which revenue is recognized as services are performed. For laboratory services, we generally use the cost-to-cost approach to measure the extent of progress towards completion of the performance obligation because we believe it best depicts the transfer of assets to the customer. Under the cost-to-cost measure approach, the extent of progress towards completion is measured based on the ratio of costs incurred to date to

the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The Company records shipping and handling billed to customers as service and other revenue and the related costs in cost of service and other revenue in the consolidated statements of operations.

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by type of products, and between service and other revenue, as it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following table disaggregates the Company’s revenue by major source:


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenue
Product revenue
Instruments	$	6,259	$	4,453	$	13,096	$	11,103
Consumables		4,309		1,512		6,853		3,578
Standalone software products		151		221		733		434
Total product revenue	$	10,719	$	6,186	$	20,682	$	15,115
Service and other revenue	$	2,352	$	2,374	$	4,601	$	4,466
Total revenue	$	13,071	$	8,560	$	25,283	$	19,581

Significant Judgments

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together requires significant judgment. Once the Company determines the performance obligations, the Company determines the transaction price, which includes estimating the amount of variable consideration, based on the most likely amount, to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on a relative standalone selling price method. The corresponding revenue is recognized as the related performance obligations are satisfied as discussed in the revenue categories above.

Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling price based on the price at which the performance obligation in the contract (i.e. instrument, service warranty, installation) would be sold separately. As the first-year warranty for each instrument is embedded in the instrument price, the amount allocated to the first-year warranty has been determined based on the separately identifiable price of the Company’s extended warranty offering when it is sold on a renewal basis.

If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and the expected costs and margin related to the performance obligations. Contracts in which only one performance obligation is identified (i.e., consumables and standalone software products) do not require allocation of the transaction price.

Contract Assets and Liabilities

The Company did not record any contract assets at June 30, 2021 or December 31, 2020.

The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales. The Company classifies these contract liabilities in deferred revenue as current or noncurrent based on the timing of when the Company expects to service the warranty.

Cost to Obtain and Fulfill a Contract

Under ASC 606, the Company is required to capitalize certain costs to obtain customer contracts and costs to fulfill customer contracts. These costs are required to be amortized to expense on a systemic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates, compared to previously being expensed as incurred. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. Capitalizable costs to obtain contracts, such as commissions, and costs to fulfill customer contracts were determined to be immaterial for the six months ended June 30, 2021 and 2020.

Stock-based compensation

The Company records stock-based compensation for options granted to employees, non-employees, and to members of the Board for their services on the Board based on the grant date fair value of awards issued, and the expense is recorded on a straight-line basis over the requisite service period, which is generally four years.

The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock options. The use of the Black-Scholes-Merton option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. The expected term was determined according to the simplified method, which is the average of the vesting tranche dates and the contractual term. Due to the lack of company-specific historical and implied volatility, the Company bases its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. For these analyses, companies with comparable characteristics are selected, including enterprise value and position within the industry, and with historical price information sufficient to meet the expected life of the stock-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its stock-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon issues with remaining maturities similar to the expected term of the options. The Company has not paid, and does not anticipate paying, cash dividends on shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company has elected to account for forfeitures as they occur; any compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition will be reversed in the period of the forfeiture. Refer to Note 10 for further details on the Company’s stock-based compensation plans.

Net loss per share attributable to common stockholders

Basic and diluted net loss per common share outstanding is determined by dividing net loss, as adjusted for accretion and accrued dividends on redeemable convertible preferred stock, by the weighted average common shares outstanding during the period. Diluted net loss per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. In computing diluted net loss per share, the Company utilizes the treasury stock method.

The Company applies the two-class method to compute basic and diluted net loss or income per share when it has issued shares that meet the definition of participating securities. The two-class method determines net (loss) or income 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 net (loss) income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all net (loss) income for the period had been distributed. The Company’s convertible preferred stock participates in any dividends declared by the Company and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

Recent Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is considered to be an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (Jobs Act). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

Recently issued but not yet adopted accounting standards

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous generally accepted accounting principles. ASU 2016-02 requires a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) and early adoption is permitted. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which provides a new transition option in which an entity initially applies ASU 2016-02 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In June 2020, the FASB issued an extension in the effective date for all non-public companies. This extended the effective date to annual periods beginning after December 15, 2021 (i.e. calendar year periods beginning on January 1, 2022) and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. Prior period comparative balances will not be adjusted. The Company expects to use the new transition option and will expect to be also utilizing the package of practical expedients that allows it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. The Company expects to use the short-term lease exception for leases with a term of twelve months or less. Additionally, the Company expects to use the practical expedient that allows it to treat each separate lease component of a contract and its associated non-lease components as a single lease component. The Company has not yet adopted ASU 2016-02 and is continuing to evaluate the impact of adoption on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-03 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2016-13 may have on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead of determining a hypothetical purchase price allocation to measure goodwill impairment, the Company will compare the fair value of a reporting unit with its carrying amount. The update also includes a new requirement to disclose the amount of goodwill allocated to reporting units with zero or negative carrying amounts. This standard is effective for the Company for fiscal years beginning after December 15, 2021, and early adoption is permitted. The Company is in the process of evaluating the impact, if any, that this new guidance will have on the Company’s consolidated financial statements.

Significant risks and uncertainties including business and credit concentrations

6 Months Ended

Jun. 30, 2021

Significant risks and uncertainties including business and credit concentrations

Significant risks and uncertainties including business and credit concentrations

(3) Significant risks and uncertainties including business and credit concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and receivables. The Company’s cash equivalents are held by large, credit worthy financial institutions. The Company invests its excess cash in certificates of deposits. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these banks may exceed the amounts of insurance provided on such deposits. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs periodic credit evaluations of its customers and generally does not require collateral. Accounts receivable are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts and the aging of the related invoices and represents the Company’s best estimate of probable credit losses in its existing accounts receivable. The Company does not require collateral and had an allowance for doubtful accounts of $83 and $103 at June 30, 2021 and December 31, 2020, respectively.

In 2019, and prior to outsourcing manufacturing and distribution to third party contract manufacturers during 2020, PKI served as our distributor for Europe and parts of APAC, and thus represented a significant concentration of revenue.

For the three months ended June 30, 2021, one customer accounted for 12% of revenue. For the six months ended June 30, 2021, no customers accounted for more than 10% of revenue. For the three months ended June 30, 2020, no customers accounted for more than 10% of revenue. For the six months ended June 30, 2020, PKI accounted for 17% of revenue. No customers accounted for greater than 10% of accounts receivable at June 30, 2021 and December 31, 2020.

Fair value of financial instruments

6 Months Ended

Jun. 30, 2021

Fair value of financial instruments

Fair value of financial instruments

(4) Fair value of financial instruments

The Company measures the following financial liabilities at fair value on a recurring basis. There were no transfers between levels of the fair value hierarchy during any of the periods presented.

The following tables set forth the Company’s financial assets and liabilities carried at fair value categorized using the lowest level of input applicable to each financial instrument as of June 30, 2021 and December 31, 2020:


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	June 30,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Contingent consideration – Long term portion	$	6,627	$	—	$	—	$	6,627
	$	6,627	$	—	$	—	$	6,627


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Warrant liability	$	490	$	—	$	—	$	490
Contingent consideration – Long term portion	$	6,984	$	—	$	—	$	6,984
	$	7,474	$	—	$	—	$	7,474

The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability and warrant liability. In those circumstances where an acquisition involves a contingent

consideration arrangement, the Company recognizes a liability equal to the fair value of the contingent payments the Company expects to make as of the acquisition date. The Company re-measures this liability each reporting period and records changes in the fair value through changes in fair value of Contingent consideration on the Company’s consolidated statements of operations. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount rates, periods, timing and amount of projected revenue.

Prior to completion of the IPO in April 2021, the Company had an outstanding warrant to purchase shares of its Series D redeemable convertible preferred stock. Since the underlying Series D redeemable convertible preferred stock was classified outside of permanent equity, the preferred stock warrant was classified as other long-term liabilities in the accompanying balance sheet. The preferred stock warrant liability was recorded at fair value utilizing the Black-Scholes model. The Black Scholes option pricing model is based on the estimated market value of the underlying redeemable convertible preferred stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates, expected dividends, and expected volatility of the price of the underlying redeemable convertible preferred stock. The Company adjusted the carrying value of the preferred stock warrant to its estimated fair value at each reporting date, with any related increase or decrease in the fair value recorded as an increase or decrease to other income (expense) in the statements of operations. In connection with the IPO, the preferred stock warrant was converted to a warrant to purchase shares of the Company’s common stock, pursuant to its preexisting terms. As such, the Company assessed the classification of the common stock warrant and determined it met the criteria to be classified within stockholders’ equity. Accordingly, the fair value of the warrant liability was reclassified to stockholders’ equity.

Changes in the fair value of the Company’s long-term portion of the contingent consideration liability during the six months ended June 30, 2021 and 2020 were as follows:


Balance as of December 31, 2019	$	8,139
Contingent consideration paid		(171)
Reclassification of FY 2020 payment to accrued expenses		(1,590)
Change in contingent consideration value		(819)
Balance as of June 30, 2020	$	5,559


Balance as of December 31, 2020	$	6,984
Reclassification of FY 2021 payment to accrued expenses		(1,183)
Change in contingent consideration value		826
Balance as of June 30, 2021	$	6,627

The difference between the amount paid in 2020 and the amount included in accrued expenses at December 31, 2019 is $87 and is included in the change in fair value of contingent consideration in the six months ended June 30, 2020 consolidated statement of operations.

The recurring Level 3 fair value measurements of the Company’s contingent consideration liability include the following significant unobservable inputs:


	Fair Value
	as of
	June 30,		Valuation	Unobservable
Contingent Consideration Liability	2021		Technique	Inputs
Revenue-based Payments	$	6,627	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

Changes in the fair value of the Company’s warrant liability during the six months ended June 30, 2021 and 2020 were as follows:


Balance as of December 31, 2019	$	192
Change in fair value of warrant liability		—
Balance as of June 30, 2020	$	192


Balance as of December 31, 2020	$	490
Change in fair value of warrant liability		2,728
Reclassification of warrant liability to stockholders’ equity		(3,218)
Balance as of June 30, 2021	$	—

- 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

6 Months Ended

Jun. 30, 2021

Property and equipment, net

Property and equipment, net

(5) Property and equipment, net

Property and equipment consists of the following:


	Estimated Useful	June 30,		December 31,
	Life (Years)	2021		2020
Furniture and fixtures	7	$	358	$	358
Computers, laptop and peripherals	5		3,055		2,367
Laboratory equipment	5		4,424		3,806
Leasehold improvements	Shorter of the lease life or 7		1,261		1,261
Total property and equipment			9,098		7,792
Less: Accumulated depreciation			(3,078)		(2,264)
Property and equipment, net		$	6,020	$	5,528

Total depreciation expense relating to property and equipment charged to operations for the three and six months ended June 30, 2021 was $430 and $814, respectively. Total depreciation expense relating to property and equipment charged to operations for the three and six months ended June 30, 2020 was $353 and $675, respectively.

Demo inventory consists of the following:


	Estimated	June 30,		December 31,
	Life (Years)	2021		2020
Demo inventory – gross	3	$	3,193	$	2,010
Less: Accumulated depreciation			(689)		(516)
Demo inventory, net		$	2,504	$	1,494

Total depreciation expense relating to demo equipment charged to operations for the three and six months ended June 30, 2021 was $148 and $253, respectively. Total depreciation expense relating to demo equipment charged to operations for the three and six months ended June 30, 2020 was $49 and $106, respectively.

Intangible assets and goodwill

6 Months Ended

Jun. 30, 2021

Intangible assets and goodwill

Intangible assets and goodwill

(6) Intangible assets and goodwill

Intangible assets as of June 30, 2021 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(2,167)	$	9,633	15
Developed technology		8,300		(1,906)		6,394	12
Licenses		63		(23)		40	15
Trade names and trademarks		6,300		(1,446)		4,854	12
Capitalized software		696		(66)		630	5
Non-compete agreements		300		(207)		93	4
Total intangible assets	$	27,459	$	(5,815)	$	21,644

Intangible assets as of December 31, 2020 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(1,774)	$	10,026	15
Developed technology		8,300		(1,560)		6,740	12
Licenses		63		(20)		43	15
Trade names and trademarks		6,300		(1,184)		5,116	12
Capitalized software		659		—		659	5
Non-compete agreements		300		(170)		130	4
Total intangible assets	$	27,422	$	(4,708)	$	22,714

Total amortization expense charged to operations for the three and six months ended June 30, 2021 was $521 and $1,041, respectively. Total amortization expense charge to cost of sales for the three and six months ended June 30, 2021 was $33 and $66, respectively. Total amortization expense charged to operations for the three and six months ended June 30, 2020 was $521 and $1,041, respectively.

In November 2015, the Company entered into a license agreement with Stanford University (“Stanford”), pursuant to which Stanford granted the Company an exclusive, worldwide, sublicensable license under certain patent rights to make, use, import and commercialize products for diagnostic, industrial and research and development purposes. In accordance with the agreement, the Company capitalized non-refundable royalties paid to Stanford totaling $63, subject to straight-line amortization over a period of 15 years, or the term of the related agreement.

As of June 30, 2021, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows:


2021 remaining	$	1,112
2022		2,202
2023		2,147
2024		2,147
2025		2,146
Thereafter		11,890
Total	$	21,644

As of June 30, 2021 and December 31, 2020, the goodwill balance is $18,262.

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2021

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

(7) Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	June 30,		December 31,
	2021		2020
Payroll and compensation	$	2,816	$	2,225
Current portion of contingent consideration		1,183		1,590
Inventory purchases		1,703		478
Other accrued expenses		2,986		2,722
Total accrued expenses and other current liabilities	$	8,688	$	7,015

Debt and capital lease obligations

6 Months Ended

Jun. 30, 2021

Debt and capital lease obligations

Debt and capital lease obligations

(8) Debt and capital lease obligations

Term Loan Agreements

In September 2019, the Company entered into a Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP (“Innovatus”), under which Innovatus agreed to make a term loan to the Company in an aggregate principal amount of $25,000 (the “Innovatus Term Loan”). Amounts borrowed under the Innovatus Term Loan have an initial maturity date of September 1, 2024 and accrue interest at a floating annual rate equal to the sum of (a) the greater of 5.25% or the prime rate and (b) 3.75%. For each of the first 24 months, the Company will be paying 7.25% as cash interest and deferring 1.75% of interest until October 1, 2022. Principal payments (including the amortization of the accrued interest) of $1,079 per month commence on October 1, 2022. A final payment fee of $750 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three and six months ended June 30, 2020, the Company recorded $31 and $62, respectively, related to the amortization of the final payment fee associated with the Innovatus Term Loan.

In October 2020, the Company entered into a new debt financing arrangement with Midcap Financial Trust (the “Midcap Trust Term Loan”), for a $37,500 credit facility, consisting of a senior, secured term loan to refinance all existing indebtedness with Innovatus. The Company received $32,500 in aggregate proceeds as a result of the debt financing. In connection with its entry into the Midcap Trust Term Loan, in October 2020, the Company paid off the full balance of the Innovatus Term Loan of $26,882, including the principal, accrued interest, prepayment fee, and final fee.

The term of the Midcap Trust Term Loan is interest only for 36 months followed by 24 months of straight-line amortization. Interest on the outstanding balance of the Midcap Trust Term Loan shall be payable monthly in arrears at an annual rate of one-month LIBOR plus 6.35%, subject to a LIBOR floor of 1.50%. The interest rate was 7.85% at June 30, 2021. At the time of final payment under the Midcap Trust Term Loan, the Company is required to pay Midcap Financial Trust a final payment fee of 5.00% of the amount borrowed under the Midcap Trust Term Loan. If the Midcap Trust Term Loan is prepaid prior to the end of the term, the Company shall pay to Midcap Financial Trust a fee as compensation for the costs of being prepared to make funds available in an amount determined by multiplying the amount being prepaid by (i) three percent (3.00%) in the first year, two percent, (2.00%) in the second year and one percent (1.00%) in the third year and thereafter. A final payment fee of $1,625 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three and six months ended June 30, 2021, the Company recorded $80 and $161, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan.

Paycheck Protection Program Loan (“PPP”)

In April 2020, the Company received a $2,476 small business loan under the PPP, part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). In December 2020, we applied for forgiveness of the full loan amount. Any such forgiveness of indebtedness, in accordance with the CARES Act, does not give rise to federal taxable income. If not forgiven, the note bears interest at a rate of 1.00% and payments are scheduled to begin the latter of March 2021, or upon response by the Small Business Association (the “SBA”) regarding our forgiveness application.

The PPP, established as part of the CARES Act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. Such loan provides for customary events of default, including, among others, those relating to failure to make payment when due and breaches of representations. The Company may prepay the principal of the loan at any time without incurring any prepayment charges. The loan is subject to all the terms and conditions applicable under the PPP and is subject to review by the SBA for compliance with program requirements, including the Company’s certification that the current economic uncertainty made the PPP loan request necessary to support ongoing operations.

In June 2020, the Payroll Protection Program Flexibility Act (“PPPFA”) was signed into law adjusting certain key terms of loans issued under the PPP. In accordance with the PPPFA, the initial deferral period may be extended from six to up to ten months and the loan maturity may be extended from two to five years. The PPPFA also provided for certain other changes, including the extent to which the loan may be forgiven.

The loan’s principal and accrued interest are forgivable to the extent that the proceeds are used for eligible purposes, subject to certain limitations, and that the Company maintains its payroll levels over a twenty-four-week period following the loan date. The Company believes that it has used the proceeds for eligible purposes consistent with the provisions of the PPPFA.

As the legal form of the PPP loan is a debt obligation, the Company initially accounted for it as debt under Accounting Standards Codification (ASC) 470, Debt and recorded a debt obligation of $2,476. The Company received forgiveness on the PPP Loan in June 2021 and therefore has recorded the $2,476 forgiveness of the loan within Other income (expense) on the consolidated statements of operations for the three and six months ending June 30, 2021. The forgiveness qualifies as a gain upon debt extinguishment and the related liability was removed from the consolidated balance sheets as of June 30, 2021.

Debt consists of the following:


	June 30,		December 31,
	2021		2020
Midcap Trust Term Loan	$	32,500	$	32,500
PPP Loan		—		2,476
Total debt		32,500		34,976
Unamortized debt discount		(464)		(515)
Accretion of final fee		220		59
Total debt, net		32,256		34,520
Less amount included as short-term		—		(1,032)
Long-term debt, net	$	32,256	$	33,488

As of June 30, 2021, future principal payments due under the Midcap Trust Term Loan, excluding the $1,625 final payment fee, are as follows:


	Midcap Trust
Year ended:	Term Loan
December 31, 2021	$	—
December 31, 2022		—
December 31, 2023		2,708
December 31, 2024		16,250
December 31, 2025		13,542
Total minimum principal payments	$	32,500

As a condition precedent to the Innovatus Term Loan, the Company also sold shares of Series D Preferred Stock at the same terms provided to the other investors for an aggregate amount of $2,000 to the Lender as part of the Series D Financing. Additionally, as a condition precedent to the Innovatus Term Loan, the Company agreed to receive at least $25,000 in net proceeds from the Series D Financing by December 2019, which the Company completed on

September 27, 2019, as discussed below. In connection with the Loan and Security Agreement, the Company also issued the lender a warrant to purchase 368,779 additional shares of Series D Preferred Stock, which converted to a warrant to purchase common stock upon the IPO as discussed in Note 4, at a purchase price of $1.53 per share. The expiration date of the warrant is September 27, 2029. The holder may at any time and from time to time exercise this warrant, in whole or in part, and on any exercise of the warrant, the holder may elect to receive shares equal to the value of the warrant or portion. The initial warrant value of $192 was recorded as a debt discount and is being amortized over the term of the Innovatus Term Loan. See Note 4 for valuation of warrant.

For the six months ended June 30, 2021, the Company entered into two leases for staining equipment, computer equipment and furniture which are classified as capital lease obligations in the consolidated balance sheets as of June 30, 2021. In 2020, the Company entered into a lease for staining equipment which is classified as a capital lease in the consolidated balance sheets. As of June 30, 2021, and December 31, 2020, the current portion of the lease obligations totaled $288 and $197, respectively, and the long-term portion totaled $327 and $277, respectively.

Stockholder's equity (deficit)

6 Months Ended

Jun. 30, 2021

Stockholder's equity.

Stockholder's equity (deficit)

(9) Stockholder’s equity (deficit)

In February 2021, the Board approved and in April 2021, the Company’s stockholders approved the number of shares of common stock authorized for issuance under the 2015 Plan to be increased from 4,947,214 shares to 6,020,175 shares (an increase by 1,072,961 shares).

The Company’s Amended and Restated Certificate of Incorporation authorizes it to issue 500,000,000 shares of common stock, $0.00001 par value per share, and 10,000,000 shares of preferred stock, par value $0.00001 per share. Each share of Class A common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board, subject to the prior rights of holders of all classes of stock outstanding. As of June 30, 2021 and December 31, 2020, a total of 37,136,853 and 2,563,765 shares of common stock were issued and outstanding, respectively, and 6,996,465 and 4,932,952 shares of common stock were reserved for issuance upon the exercise of outstanding stock options, respectively.

Stock compensation plan

6 Months Ended

Jun. 30, 2021

Stock compensation plan

Stock compensation plan

(10) Stock compensation plans

2021 Equity Incentive Plan

On March 24, 2021, the Company’s Board and on April 8, 2021, its stockholders approved and adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”). The 2021 Plan became effective immediately prior to the closing of the IPO. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company. A total of 1,727,953 shares of common stock were approved to be initially reserved for issuance under the 2021 Plan. The number of shares under the 2015 Plan subject to outstanding awards as of the effective date of the 2021 Plan that are subsequently canceled, forfeited or repurchased by the Company were added to the shares reserved under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2021 Plan, beginning with January 1, 2022 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s Board.

2015 Equity Incentive Plan

The Company’s 2015 Equity Incentive Plan (the “2015 Plan”) was established for granting stock incentive awards to directors, officers, employees and consultants to the Company. The 2015 Plan provided for the grant of incentive and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units as determined by the Board. Under the 2015 Plan, stock options were generally granted with exercise prices equal to or greater than the fair value of the common stock as determined by the Board, expired no later than 10 years from the date of grant, and vested over various periods not exceeding four years. While no shares are available for future issuance under the 2015 Plan, it continues to govern outstanding equity awards granted thereunder.

Stock Options

During the six months ended June 30, 2021 and 2020, the Company granted options to employees with an aggregate fair value of $12,327 and $379, respectively, which are being recorded as compensation expense over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted-average period of time that the options granted are expected to be outstanding), volatility of the Company’s common stock and an assumed-risk-free interest rate.

Expected Volatility. The Company uses an average historical stock price volatility of comparable public companies within a group of similar entities that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price options becomes available.

Expected Term. The Company derived the expected term using the “simplified” method (the expected term is determined as the average of the time-to-vesting and the contractual life of the options), as the Company had limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior.

Risk-Free Interest Rate. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.

Dividend Yield. The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model.

During the six months ended June 30, 2021, the Company granted options to purchase 1,610,842 shares of common stock at a weighted average fair value of $7.65 per share and a weighted average exercise price of $15.23 per share. During the six months ended June 30, 2020, the Company granted options to purchase 820,020 shares of common stock at a weighted average fair value of $0.46 per share and a weighted average exercise price of $0.57 per share. For the three and six months ended June 30, 2021 and 2020, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020

Weighted-average risk-free interest rate	1.0	%	0.4	%	1.0	%	1.0	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	50.4	%	49.4	%	50.9	%	45.6	%
Expected term	5.8 years		6.0 years		6.0 years		5.2 years

Stock-based compensation related to the Company’s stock-based awards was recorded as an expense and allocated as follows:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of goods sold	$	31	$	2	$	47	$	4
Selling, general and administrative		1,090		36		1,273		267
Research and development		95		13		150		92
Total stock-based compensation	$	1,216	$	51	$	1,470	$	363

As of June 30, 2021, and 2020, there was $10,917 and $466, respectively, of total unrecognized compensation cost related to non-vested stock options. The Company expects to recognize that cost over a remaining weighted-average period of 3.4 and 2.7 years as of June 30, 2021 and 2020, respectively.

Employee stock purchase plan

6 Months Ended

Jun. 30, 2021

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Employee stock purchase plan

(10) Stock compensation plans

2021 Equity Incentive Plan

2015 Equity Incentive Plan

Stock Options

Risk-Free Interest Rate. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020

Weighted-average risk-free interest rate	1.0	%	0.4	%	1.0	%	1.0	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	50.4	%	49.4	%	50.9	%	45.6	%
Expected term	5.8 years		6.0 years		6.0 years		5.2 years

Stock-based compensation related to the Company’s stock-based awards was recorded as an expense and allocated as follows:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of goods sold	$	31	$	2	$	47	$	4
Selling, general and administrative		1,090		36		1,273		267
Research and development		95		13		150		92
Total stock-based compensation	$	1,216	$	51	$	1,470	$	363

ESPP

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Employee stock purchase plan

(11) Employee stock purchase plan

On March 24, 2021, the Board and on April 8, 2021, its stockholders approved and adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective in connection with the closing of the Company’s IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. A total of 172,795 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2022 and ending with January 1, 2030, by an amount equal to 0.5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s Board. No shares have been issued under the ESPP at June 30, 2021.

Income taxes

6 Months Ended

Jun. 30, 2021

Income taxes

Income taxes

(12) Income taxes

During the three and six months ended June 30, 2021 and 2020, the Company recorded a tax benefit (provision) of $6, $12, ($39), and ($77), respectively. The tax benefit and provision consist primarily of foreign income taxes and state taxes in the United States. The provision differs from the U.S. federal statutory rate of 21% primarily due to the full valuation allowance recorded against the U.S. deferred tax assets, including the current year to date losses. The Company maintains a valuation allowance against its U.S. deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act included several provisions that provide economic relief for individuals and businesses. The CARES Act, among other things, included tax provisions relating to refundable payroll tax credits, the deferral of employer’s social security payments, and modifications to net operating loss carryback provisions. On December 27, 2020, the Consolidated Appropriations Act of 2021 (the “CAA”), which includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and the American Rescue Plan Act of 2021, was signed into law and provided further COVID-19 economic relief with an expansion of the employee retention credit. In March 2021, the Internal Revenue Service (“IRS”) released Notice 2021-20, which retroactively eliminated the restriction that prevented employers who received a PPP loan from qualifying for the Employee Retention Credit (“ERC”), which is a refundable tax credit against certain employment taxes. Upon determination that the employer has complied with all of the conditions required to receive the credit, a receivable is recognized and the credit reduces salaries and wages. In connection with the CARES Act, the Company adopted a policy to recognize the employee retention credit when earned. During the second quarter of 2021, we determined that we qualify for the employee retention credit as it relates to wages paid during the twelve months ended December 31, 2020, as well as wages paid during the first and second fiscal quarters of 2021. As a result, we recorded a net benefit of $2,825 related to the employee retention credit as a reduction to payroll expense for the three and six months ended June 31, 2021 and recorded a gross receivable of $3,332 within Prepaid expenses and other current assets as of June 31, 2021.

- 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 + Details

Commitments and contingencies

6 Months Ended

Jun. 30, 2021

Commitments and contingencies

Commitments and contingencies

(13) Commitments and contingencies

Operating Leases

In November 2017, the Company entered into a month to month tenancy agreement for office and laboratory space in Menlo Park, CA. In connection with this agreement, the Company paid a security deposit totaling $56, which is recorded as a component of prepaid expenses and other current assets in the Consolidated Balance Sheet.

In July 2019, the Company entered into a seven-year office lease agreement for office and laboratory space in Marlborough, MA. In connection with this agreement, the Company paid a security deposit totaling $450 in the form of a letter of credit. On June 18, 2021, the Company entered into an amendment to reduce its letter of credit to $300. The Company’s letter of credit is recorded as restricted cash in the Consolidated Balance Sheet. Additionally, in July 2019, the Company signed a seven-year lease agreement for office and laboratory space in Menlo Park, CA. In connection with this agreement, the Company paid a security deposit totaling $181, which is recorded as a component of long-term assets in the Consolidated Balance Sheet; the lease commencement date was May 2020.

Contractual cash payments for the Marlborough and Menlo Park leases as of June 30, 2021 by fiscal year are as follows:


2021 remaining	$	575
2022		1,179
2023		1,219
2024		1,259
2025		1,300
Thereafter		1,399
Total	$	6,931

Total rent expense for the three and six months ended June 30, 2021 was $308 and $627, respectively. Total rent expense for the three and six months ended June 30, 2020 was $299 and $572, respectively.

License Agreements

In November 2015, the Company entered into a license agreement with The Board of Trustees of the Leland Stanford Junior University (“Stanford”), pursuant to which Stanford granted the Company an exclusive, worldwide, sublicensable license under certain patent rights to make, use, import and commercialize products for diagnostic, industrial and research and development purposes. The Company agreed to pay annual license maintenance fees ranging from $20 to $50 for the royalty-bearing license to certain patents. The Company also issued a total of 91,559 shares of Class B common stock pursuant to the agreement in 2015, which were recorded at fair value at the date of issuance. The Company is required to pay royalties on net sales of products that are covered by patent rights under the agreement at a rate of 2.25%, subject to reductions and offsets in certain circumstances.

In September 2018, in connection with the acquisition of the QPS division of PKI, the Company entered into a License Agreement with PKI, pursuant to which PKI granted the Company an exclusive, nontransferable, sublicensable license under certain patent rights to make, use, import and commercialize QPS products and services. The Company is required to pay royalties on net sales of products and services that are covered by patent rights under the agreement at a rate ranging from 1.0% to 7.0%. The Company recorded approximately $1,183 and $1,590 of accrued royalties in connection with this agreement as of June 30, 2021 and December 31, 2020, respectively, payable in the first quarter of 2022 and 2021, respectively.

Research Agreements

In 2019 the Company entered into a research arrangement with an unrelated third party. Under this arrangement, we are obligated to pay such third party $500, $415, and $120 in 2021, 2022, and 2023, respectively.

Net loss per share attributable to common stockholders

6 Months Ended

Jun. 30, 2021

Net loss per share attributable to common stockholders

Net loss per share attributable to common stockholders

(14) Net loss per share attributable to common stockholders

Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards. Awards granted with performance conditions are excluded from the shares used to compute diluted earnings per share until the performance conditions associated with the awards are met.

The following table sets forth the computation of basic and diluted earnings per common share:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

Net loss	$	(5,563)	$	(4,585)	$	(13,645)	$	(6,728)
Dividends accrued on redeemable convertible preferred stock		(245)		(1,190)		(1,435)		(2,380)
Accretion of redeemable convertible preferred stock		(296)		(296)		(296)		(296)
Adjusted net loss attributable to common stockholders	$	(6,104)	$	(6,071)	$	(15,376)	$	(9,404)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		29,974,811		2,292,510		16,415,800		2,290,689
Basic and diluted net loss per common share outstanding	$	(0.20)	$	(2.65)	$	(0.94)	$	(4.11)

The Company’s potential dilutive securities, which include stock options, convertible preferred stock, and warrant, have been excluded from the computation of diluted net loss per share attributable to common stockholders whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, 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 following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	June 30,
	2021	2020
Series A Convertible Preferred Stock (as converted to common stock)	—	2,151,641
Series B Redeemable Convertible Preferred Stock (as converted to common stock)	—	5,886,405
Series C Redeemable Convertible Preferred Stock (as converted to common stock)	—	11,473,110
Series D Redeemable Convertible Preferred Stock (as converted to common stock)	—	7,034,423
Outstanding stock options	4,957,855	3,943,036
Performance-based stock options	—	28,163
Warrant to purchase Series D convertible preferred stock (as converted to common stock)	—	158,274
Warrant to purchase common stock	158,274	—
Total	5,116,129	30,675,052

Segments

6 Months Ended

Jun. 30, 2021

Segments

Segments

(15) Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company has one business activity and there are no segment managers who are held accountable for operations. Accordingly, the Company has a single reportable segment structure. The Company’s principal operations and decision-making functions are located in the United States.

The following table provides the Company’s revenues by geographical market based on the location where the services were provided or to which product was shipped:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

North America	$	6,401	$	3,433	$	11,610	$	8,298
APAC		3,009		2,036		6,699		5,892
EMEA		3,661		3,091		6,974		5,391
Total Revenue	$	13,071	$	8,560	$	25,283	$	19,581


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

North America	49	%	40	%	46	%	42	%
APAC	23	%	24	%	26	%	30	%
EMEA	28	%	36	%	28	%	28	%
Total Revenue	100	%	100	%	100	%	100	%

North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the three and six months ended June 30, 2021, we had one country outside of the United States with 17% and 16% of total revenue, respectively. For the three and six months ended June 30, 2020, we had countries outside of the United States with 13% and 10% of total revenue, and 15% and 11% of total revenue, respectively.

As of June 30, 2021 and December 31, 2020, substantially all of the Company’s long-lived assets are located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party transactions

6 Months Ended

Jun. 30, 2021

Related party transactions

Related party transactions

(16) Related party transactions

Argonaut Manufacturing Services Inc. (“AMS”) is a portfolio company of Telegraph Hill Partners, which holds greater than 5% of our total outstanding shares. During the three and six months ended June 30, 2021, the Company incurred costs of goods sold of approximately $744 and $1,235, respectively, related to sales of consumables manufactured by AMS. During the three and six months ended June 30, 2020, the Company incurred costs of goods sold of approximately $241 and $441, respectively, related to sales of consumables manufactured by AMS. As of June 30, 2021 and December 31, 2020, $2,097 and $1,300, respectively, is included in inventory related to consumables manufactured by AMS. As of June 30, 2021 and December 31, 2020, the Company had $967 and $569 in accounts payable, respectively, due to AMS.

Subsequent events

6 Months Ended

Jun. 30, 2021

Subsequent events

Subsequent events

(17) Subsequent events

The Company has evaluated subsequent events from the Consolidated Balance Sheet date through August 11, 2021, which is the date the consolidated financial statements were issued.

In July of 2021, the Company signed an amendment to its lease in Menlo Park, California to expand the space to include approximately 11,349 rentable square feet on the first and second floor of its existing space. The lease commencement date is the earlier of (i) the date that the Company commences business operations in the expansion premises, or (ii) August 2, 2021, with a term continuing until May 31, 2027. Effective as of the commencement date and throughout the term of the lease, the Company will be obligated to pay an aggregate of $5,219 in lease payments, ranging from $797 to $946 in annual rent throughout the lease term.

In August of 2021, the Company signed a 30-month lease with MTP Equity Partners, LLC for office space in Marlborough, MA. The leased premises contains approximately 23,296 rentable square feet. The lease commencement

date is August 1, 2021. The Company will be obligated to pay an aggregate of $1,211 in lease payments, with approximately $500 in annual base rent.

Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Revenue recognition

The Company follows ASC 606, Revenue from Contracts with Customers (“ASC 606”).

Product Revenue

Service and Other Revenue

Disaggregation of Revenue


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenue
Product revenue
Instruments	$	6,259	$	4,453	$	13,096	$	11,103
Consumables		4,309		1,512		6,853		3,578
Standalone software products		151		221		733		434
Total product revenue	$	10,719	$	6,186	$	20,682	$	15,115
Service and other revenue	$	2,352	$	2,374	$	4,601	$	4,466
Total revenue	$	13,071	$	8,560	$	25,283	$	19,581

Significant Judgments

Contract Assets and Liabilities

The Company did not record any contract assets at June 30, 2021 or December 31, 2020.

Cost to Obtain and Fulfill a Contract

Stock-based compensation

Net loss per share attributable to common stockholders

Recent Accounting Standards

Recently issued but not yet adopted accounting standards

Summary of Significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenue
Product revenue
Instruments	$	6,259	$	4,453	$	13,096	$	11,103
Consumables		4,309		1,512		6,853		3,578
Standalone software products		151		221		733		434
Total product revenue	$	10,719	$	6,186	$	20,682	$	15,115
Service and other revenue	$	2,352	$	2,374	$	4,601	$	4,466
Total revenue	$	13,071	$	8,560	$	25,283	$	19,581

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of financial liabilities at fair value on a recurring basis


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	June 30,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Contingent consideration – Long term portion	$	6,627	$	—	$	—	$	6,627
	$	6,627	$	—	$	—	$	6,627


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Warrant liability	$	490	$	—	$	—	$	490
Contingent consideration – Long term portion	$	6,984	$	—	$	—	$	6,984
	$	7,474	$	—	$	—	$	7,474

Warrant liability

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of changes in the fair value of the liability


Balance as of December 31, 2019	$	192
Change in fair value of warrant liability		—
Balance as of June 30, 2020	$	192


Balance as of December 31, 2020	$	490
Change in fair value of warrant liability		2,728
Reclassification of warrant liability to stockholders’ equity		(3,218)
Balance as of June 30, 2021	$	—

Contingent consideration - Long term portion

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of changes in the fair value of the liability


Balance as of December 31, 2019	$	8,139
Contingent consideration paid		(171)
Reclassification of FY 2020 payment to accrued expenses		(1,590)
Change in contingent consideration value		(819)
Balance as of June 30, 2020	$	5,559


Balance as of December 31, 2020	$	6,984
Reclassification of FY 2021 payment to accrued expenses		(1,183)
Change in contingent consideration value		826
Balance as of June 30, 2021	$	6,627

Schedule of significant unobservable inputs for fair value measurements


	Fair Value
	as of
	June 30,		Valuation	Unobservable
Contingent Consideration Liability	2021		Technique	Inputs
Revenue-based Payments	$	6,627	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property and equipment, net

Schedule of property and equipment


	Estimated Useful	June 30,		December 31,
	Life (Years)	2021		2020
Furniture and fixtures	7	$	358	$	358
Computers, laptop and peripherals	5		3,055		2,367
Laboratory equipment	5		4,424		3,806
Leasehold improvements	Shorter of the lease life or 7		1,261		1,261
Total property and equipment			9,098		7,792
Less: Accumulated depreciation			(3,078)		(2,264)
Property and equipment, net		$	6,020	$	5,528

Schedule of Demo inventory


	Estimated	June 30,		December 31,
	Life (Years)	2021		2020
Demo inventory – gross	3	$	3,193	$	2,010
Less: Accumulated depreciation			(689)		(516)
Demo inventory, net		$	2,504	$	1,494

Intangible assets and goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Intangible assets and goodwill

Schedule of Intangible assets

Intangible assets as of June 30, 2021 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(2,167)	$	9,633	15
Developed technology		8,300		(1,906)		6,394	12
Licenses		63		(23)		40	15
Trade names and trademarks		6,300		(1,446)		4,854	12
Capitalized software		696		(66)		630	5
Non-compete agreements		300		(207)		93	4
Total intangible assets	$	27,459	$	(5,815)	$	21,644

Intangible assets as of December 31, 2020 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(1,774)	$	10,026	15
Developed technology		8,300		(1,560)		6,740	12
Licenses		63		(20)		43	15
Trade names and trademarks		6,300		(1,184)		5,116	12
Capitalized software		659		—		659	5
Non-compete agreements		300		(170)		130	4
Total intangible assets	$	27,422	$	(4,708)	$	22,714

Schedule of amortization expense related to identifiable intangible assets in future periods


2021 remaining	$	1,112
2022		2,202
2023		2,147
2024		2,147
2025		2,146
Thereafter		11,890
Total	$	21,644

Accrued expense and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued expenses and other current liabilities

Schedule of accrued expenses


	June 30,		December 31,
	2021		2020
Payroll and compensation	$	2,816	$	2,225
Current portion of contingent consideration		1,183		1,590
Inventory purchases		1,703		478
Other accrued expenses		2,986		2,722
Total accrued expenses and other current liabilities	$	8,688	$	7,015

Debt and capital lease obligations (Tables)

6 Months Ended

Jun. 30, 2021

Debt and capital lease obligations

Schedule of Components of debt


	June 30,		December 31,
	2021		2020
Midcap Trust Term Loan	$	32,500	$	32,500
PPP Loan		—		2,476
Total debt		32,500		34,976
Unamortized debt discount		(464)		(515)
Accretion of final fee		220		59
Total debt, net		32,256		34,520
Less amount included as short-term		—		(1,032)
Long-term debt, net	$	32,256	$	33,488

Schedule of Debt maturities


	Midcap Trust
Year ended:	Term Loan
December 31, 2021	$	—
December 31, 2022		—
December 31, 2023		2,708
December 31, 2024		16,250
December 31, 2025		13,542
Total minimum principal payments	$	32,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stock compensation plan (Tables)

6 Months Ended

Jun. 30, 2021

Stock compensation plan

Schedule of weighted-average assumptions used to estimate the fair value


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020

Weighted-average risk-free interest rate	1.0	%	0.4	%	1.0	%	1.0	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	50.4	%	49.4	%	50.9	%	45.6	%
Expected term	5.8 years		6.0 years		6.0 years		5.2 years

Schedule of Stock-based compensation expense allocated


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of goods sold	$	31	$	2	$	47	$	4
Selling, general and administrative		1,090		36		1,273		267
Research and development		95		13		150		92
Total stock-based compensation	$	1,216	$	51	$	1,470	$	363

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and contingencies

Schedule of Contractual cash lease payments


2021 remaining	$	575
2022		1,179
2023		1,219
2024		1,259
2025		1,300
Thereafter		1,399
Total	$	6,931

Net loss per share attributable to common stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Net loss per share attributable to common stockholders

Schedule of Computation of basic and diluted earnings per common share


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

Net loss	$	(5,563)	$	(4,585)	$	(13,645)	$	(6,728)
Dividends accrued on redeemable convertible preferred stock		(245)		(1,190)		(1,435)		(2,380)
Accretion of redeemable convertible preferred stock		(296)		(296)		(296)		(296)
Adjusted net loss attributable to common stockholders	$	(6,104)	$	(6,071)	$	(15,376)	$	(9,404)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		29,974,811		2,292,510		16,415,800		2,290,689
Basic and diluted net loss per common share outstanding	$	(0.20)	$	(2.65)	$	(0.94)	$	(4.11)

Schedule of Antidilutive shares excluded from computation


	June 30,
	2021	2020
Series A Convertible Preferred Stock (as converted to common stock)	—	2,151,641
Series B Redeemable Convertible Preferred Stock (as converted to common stock)	—	5,886,405
Series C Redeemable Convertible Preferred Stock (as converted to common stock)	—	11,473,110
Series D Redeemable Convertible Preferred Stock (as converted to common stock)	—	7,034,423
Outstanding stock options	4,957,855	3,943,036
Performance-based stock options	—	28,163
Warrant to purchase Series D convertible preferred stock (as converted to common stock)	—	158,274
Warrant to purchase common stock	158,274	—
Total	5,116,129	30,675,052

Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segments

Schedule of revenues by geographical market


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

North America	$	6,401	$	3,433	$	11,610	$	8,298
APAC		3,009		2,036		6,699		5,892
EMEA		3,661		3,091		6,974		5,391
Total Revenue	$	13,071	$	8,560	$	25,283	$	19,581


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020

North America	49	%	40	%	46	%	42	%
APAC	23	%	24	%	26	%	30	%
EMEA	28	%	36	%	28	%	28	%
Total Revenue	100	%	100	%	100	%	100	%

The company and basis of presentation (Details)	6 Months Ended
The company and basis of presentation (Details)	Jun. 30, 2021 region
The company and basis of presentation
Number of geographic regions for sales	3

The company and basis of presentation - Initial public offering (Details) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended
	Apr. 20, 2021 shares	Apr. 08, 2021	Apr. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Subsequent Event [Line Items]
Reverse stock split ratio		2.33
Proceeds from public offering, net of discounts, commissions and other offering costs \| $				$ 138,553
Class A Common Stock
Subsequent Event [Line Items]
Conversion of stock			2,835,099
Conversion Of Preferred Stock At Initial Public Offering [Member]
Subsequent Event [Line Items]
Number of shares of common stock issued on conversion of preferred stock	26,545,579
IPO
Subsequent Event [Line Items]
Stock issued during period			7,567,000
Proceeds from public offering, net of discounts, commissions and other offering costs \| $			$ 138,600
Price per share \| $ / shares			$ 20.00
Over-Allotment Option
Subsequent Event [Line Items]
Stock issued during period			987,000

The company and basis of presentation - Liquidity and going concern (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
The company and basis of presentation
Cash and cash equivalents	$ 135,464		$ 17,006
Accumulated deficit	(66,817)		$ (52,280)
Cash used from operations	$ (16,819)	$ (2,956)

Summary of Significant accounting policies - Service and Other Revenue and Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Standard service-based warranty terms			1 year
Extended service-based warranty terms			1 year
Revenue	$ 13,071	$ 8,560	$ 25,283	$ 19,581
Contract assets	0		$ 0		$ 0
Practical expedient elected			true
Product
Disaggregation of Revenue [Line Items]
Revenue	10,719	6,186	$ 20,682	15,115
Instruments
Disaggregation of Revenue [Line Items]
Revenue	6,259	4,453	13,096	11,103
Consumables
Disaggregation of Revenue [Line Items]
Revenue	4,309	1,512	6,853	3,578
Standalone software products
Disaggregation of Revenue [Line Items]
Revenue	151	221	733	434
Service and other
Disaggregation of Revenue [Line Items]
Revenue	$ 2,352	$ 2,374	$ 4,601	$ 4,466

Summary of Significant accounting policies - Stock-based compensation (Details)	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Requisite service period	4 years
Expected dividend yield	0.00%

Significant risks and uncertainties including business and credit concentrations (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) customer	Jun. 30, 2020 customer	Jun. 30, 2021 USD ($) customer	Jun. 30, 2020	Dec. 31, 2020 USD ($) customer
Concentration Risk [Line Items]
Allowance for doubtful accounts \| $	$ 83		$ 83		$ 103
Revenue from Contract with Customer Benchmark \| Customers
Concentration Risk [Line Items]
Number of customers with concentration risk	0	0	0
Revenue from Contract with Customer Benchmark \| Customers \| PKI
Concentration Risk [Line Items]
Concentration Risk, Percentage				17.00%
Accounts Receivable. \| Customers
Concentration Risk [Line Items]
Number of customers with concentration risk			0		0

Fair value of financial instruments (Details) - Recurring - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 6,627	$ 7,474
Amount of liability transferred into level 3	0	0
Amount of liability transferred out of level 3	0	0
Amount of liability transferred level 1 to level 2	0	0
Amount of liability transferred level 2 to level 1	0	0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	6,627	7,474
Warrant liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value		490
Warrant liability \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value		0
Warrant liability \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value		0
Warrant liability \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value		490
Contingent consideration - Long term portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	6,627	6,984
Contingent consideration - Long term portion \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 6,627	$ 6,984

Fair value of financial instruments - Recurring Basis Unobservable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Valuation Technique and Input, Description [Abstract]
Contingent consideration liability (Note 4), net of current portion	$ 6,627		$ 6,984
Warrant liability			$ 490
Contingent consideration - Long term portion \| Series D Redeemable Convertible Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	6,984	$ 8,139
Contingent consideration paid		(171)
Reclassification of FY 2020 payment to accrued expenses	(1,183)	(1,590)
Change in fair value	826	(819)
Balance, end of period	$ 6,627	5,559
Difference between the amount paid and the amount included in accrued expenses		87
Contingent consideration - Long term portion \| Series D Redeemable Convertible Preferred Stock \| Discounted Cash Flow Analysis under the Income Approach
Valuation Technique and Input, Description [Abstract]
Valuation Technique	Discounted Cash Flow Analysis under the Income Approach
Contingent consideration - Long term portion \| Series D Redeemable Convertible Preferred Stock \| Measurement Input, Discount Rate
Valuation Technique and Input, Description [Abstract]
Unobservable Inputs	us-gaap:MeasurementInputDiscountRateMember akya:RevenueDiscountFactorMember
Warrant liability \| Series D Redeemable Convertible Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 490	192
Change in fair value	2,728	0
Reclassification of warrant liability to stockholders' equity	$ (3,218)
Balance, end of period		$ 192

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,098		$ 9,098		$ 7,792
Less: Accumulated depreciation	(3,078)		(3,078)		(2,264)
Property and equipment, net	6,020		6,020		$ 5,528
Depreciation expense	430	$ 353	$ 814	$ 675
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)			7 years		7 years
Property and equipment, gross	358		$ 358		$ 358
Computers, laptop and peripherals
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)			5 years		5 years
Property and equipment, gross	3,055		$ 3,055		$ 2,367
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)			5 years		5 years
Property and equipment, gross	4,424		$ 4,424		$ 3,806
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)			7 years		7 years
Property and equipment, gross	$ 1,261		$ 1,261		$ 1,261

Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property and equipment, net
Estimated life (years)			3 years		3 years
Demo inventory - gross	$ 3,193		$ 3,193		$ 2,010
Less: Accumulated depreciation	(689)		(689)		(516)
Demo inventory, net	2,504		2,504		$ 1,494
Depreciation expense relating to demo equipment	$ 148	$ 49	$ 253	$ 106

Intangible assets and goodwill (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2015	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		$ 27,459		$ 27,459		$ 27,422
Accumulated amortization		(5,815)		(5,815)		(4,708)
Total		21,644		21,644		22,714
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense		521	$ 521	1,041	$ 1,041
Cost of goods sold
Finite-Lived Intangible Assets [Line Items]
Amortization expense		33		66
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		11,800		11,800		11,800
Accumulated amortization		(2,167)		(2,167)		(1,774)
Total		9,633		$ 9,633		$ 10,026
Useful life (in years)				15 years		15 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		8,300		$ 8,300		$ 8,300
Accumulated amortization		(1,906)		(1,906)		(1,560)
Total		6,394		$ 6,394		$ 6,740
Useful life (in years)				12 years		12 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		63		$ 63		$ 63
Accumulated amortization		(23)		(23)		(20)
Total		40		$ 40		$ 43
Useful life (in years)				15 years		15 years
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		6,300		$ 6,300		$ 6,300
Accumulated amortization		(1,446)		(1,446)		(1,184)
Total		4,854		$ 4,854		$ 5,116
Useful life (in years)				12 years		12 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		696		$ 696		$ 659
Accumulated amortization		(66)		(66)
Total		630		$ 630		$ 659
Useful life (in years)				5 years		5 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		300		$ 300		$ 300
Accumulated amortization		(207)		(207)		(170)
Total		$ 93		$ 93		$ 130
Useful life (in years)				4 years		4 years
Stanford \| Patents
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years
Capitalized non-refundable royalties	$ 63

Intangible assets and goodwill - Amortization expense related to identifiable intangible assets in future periods (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortization expense related to identifiable intangible assets in future periods
2021 remaining	$ 1,112
2022	2,202
2023	2,147
2024	2,147
2025	2,146
Thereafter	11,890
Total	$ 21,644	$ 22,714

Intangible assets and goodwill - Goodwill balance (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible assets and goodwill
Goodwill balance	$ 18,262	$ 18,262

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued payroll and compensation	$ 2,816	$ 2,225
Current portion of contingent consideration	1,183	1,590
Accrued inventory purchases	1,703	478
Other accrued expenses	2,986	2,722
Total accrued expenses and other current liabilities	$ 8,688	$ 7,015

Debt and capital lease obligations - Term Loan Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Oct. 31, 2020	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Final payment fee to be paid upon termination			$ 1,625		$ 1,625
Amortization of final payment fee			$ 80		$ 161
Term of interest-only payments					36 months
Period of straight-line amortization					24 months
Effective interest rate at end of period			7.85%		7.85%
Final payment fee to be paid upon termination (as a percent)					5.00%
Prepayment fee percent , year one					3.00%
Prepayment fee percent, year two					2.00%
Prepayment fee percent, year three					1.00%
Short-term debt obligation							$ 1,032
Long-term debt obligation			$ 32,256		$ 32,256		$ 33,488
Gain on extinguishment of debt			2,476		$ 2,476
LIBOR
Debt Instrument [Line Items]
Interest rate variable rate spread					6.35%
LIBOR floor					1.50%
Innovatus Term Loan
Debt Instrument [Line Items]
Principal amount		$ 25,000
Period for deferred interest		24 months
Cash interest, effective interest rate for first 24 months		7.25%
Deferred interest, effective interest rate for first 24 months		1.75%
Monthly principal payment		$ 1,079
Final payment fee to be paid upon termination		$ 750
Amortization of final payment fee				$ 31		$ 62
Repayments of debt	$ 26,882
Innovatus Term Loan \| Prime
Debt Instrument [Line Items]
Interest rate		5.25%
Interest rate variable rate spread		3.75%
Midcap Trust Term Loan
Debt Instrument [Line Items]
Credit facility amount	37,500
Proceeds received	$ 32,500
PPP loan
Debt Instrument [Line Items]
Principal amount								$ 2,476
Interest rate								1.00%
Gain on extinguishment of debt			$ 2,476		$ 2,476

Debt and capital lease obligations - Debt components (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 32,500	$ 34,976
Unamortized debt discount	(464)	(515)
Accretion of final fee	220	59
Total debt, net	32,256	34,520
Amount included as short-term		(1,032)
Long-term debt, net of current portion and debt discount	32,256	33,488
Midcap Trust Term Loan
Debt Instrument [Line Items]
Total minimum principal payments	$ 32,500	32,500
PPP loan
Debt Instrument [Line Items]
Total minimum principal payments		$ 2,476

Debt and capital lease obligations - Debt maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 32,500	$ 34,976
Midcap Trust Term Loan
Debt Instrument [Line Items]
December 31, 2023	2,708
December 31, 2024	16,250
December 31, 2025	13,542
Total minimum principal payments	$ 32,500	32,500
PPP loan
Debt Instrument [Line Items]
Total minimum principal payments		$ 2,476

Debt and capital lease obligations - Sale of Series D Preferred Stock (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Temporary Equity [Line Items]
Purchase price (per share) \| $ / shares	$ 1.53
Warrant value recorded as debt discount	$ 192
Series D Warrant
Temporary Equity [Line Items]
Shares called by warrant \| shares	368,779
Series D Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Proceeds from sale of stock	$ 2,000
Minimum offering proceeds required as condition of debt arrangement	$ 25,000

Debt and capital lease obligations - Capital lease obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) lease	Dec. 31, 2020 USD ($)
Debt and capital lease obligations
Number of leases entered into \| lease	2
Current portion of capital lease obligations	$ 288	$ 197
Long-term portion of capital lease obligations	$ 327	$ 277

Stockholder's equity (deficit) (Details)	3 Months Ended	6 Months Ended
Stockholder's equity (deficit) (Details)	Jun. 30, 2021 $ / shares shares	Jun. 30, 2021 Vote $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value \| $ / shares	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value \| $ / shares	$ 0.00001	$ 0.00001
Common stock, shares issued	37,136,853	37,136,853		2,563,765
Common stock, shares outstanding	37,136,853	37,136,853		2,563,765
Common stock, shares reserved for issuance upon the exercise of stock options	6,996,465	6,996,465		4,932,952
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000		62,220,020
Common stock, par value \| $ / shares	$ 0.00001	$ 0.00001		$ 0.00001
Common stock, voting rights (per share) \| Vote		1
Common stock, shares issued	37,136,853	37,136,853		0
Common stock, shares outstanding	37,136,853	37,136,853		0
2015 Plan
Class of Stock [Line Items]
Common stock, shares authorized	6,020,175	6,020,175	4,947,214
Increase in number of shares of common stock authorized	1,072,961

Stock compensation plan (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 08, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected dividend yield				0.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to employees				$ 12,327	$ 379
Options granted				1,610,842	820,020
Options granted, weighted average fair value per share				$ 7.65	$ 0.46
Options granted, weighted average exercise price per share				$ 15.23	$ 0.57
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average risk-free interest rate		1.00%	0.40%	1.00%	1.00%
Expected dividend yield		0.00%	0.00%	0.00%	0.00%
Expected volatility		50.40%	49.40%	50.90%	45.60%
Expected term		5 years 9 months 18 days	6 years	6 years	5 years 2 months 12 days
Stock-based compensation		$ 1,216	$ 51	$ 1,470	$ 363
Unrecognized compensation		10,917	466	$ 10,917	$ 466
Period for recognition				3 years 4 months 24 days	2 years 8 months 12 days
Stock Options \| Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation		31	2	$ 47	$ 4
Stock Options \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation		1,090	36	1,273	267
Stock Options \| Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation		$ 95	$ 13	$ 150	$ 92
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Vesting period				4 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance	1,727,953
Annual increase in shares available for issuance as a percentage of outstanding shares	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term	10 years

Employee stock purchase plan (Details) - shares	Apr. 08, 2021	Jun. 30, 2021	Dec. 31, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Common stock, shares issued		37,136,853	2,563,765
ESPP
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Maximum payroll deduction percentage	15.00%
Number of shares of common stock authorized for issuance	172,795
Term of automatic increases in shares available for issuance	10 years
Annual increase in shares available for issuance as a percentage of outstanding shares	0.50%
Common stock, shares issued		0

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Tax Credit, Amount [Abstract]
Benefit (provision) for income taxes	$ 6	$ (39)	$ 12	$ (77)
Statutory rate			21.00%
PPP loan
Effective Income Tax Rate Reconciliation, Tax Credit, Amount [Abstract]
Tax credit	2,825		$ 2,825
Gross tax receivable in Prepaid expenses and other current assets	$ 3,332		$ 3,332

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and contingencies - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 18, 2021	Jul. 31, 2019	Nov. 30, 2017
Lessee, Lease, Description [Line Items]
2021 remaining	$ 575		$ 575
2022	1,179		1,179
2023	1,219		1,219
2024	1,259		1,259
2025	1,300		1,300
Thereafter	1,399		1,399
Total	6,931		6,931
Rent expense	$ 308	$ 299	$ 627	$ 572
Office and laboratory space \| Menlo Park, CA \| Month To Month Lease
Lessee, Lease, Description [Line Items]
Security deposit							$ 56
Office and laboratory space \| Menlo Park, CA \| Seven Year Lease
Lessee, Lease, Description [Line Items]
Security deposit						$ 181
Term of contract						7 years
Office lease \| Marlborough, MA \| Seven Year Lease
Lessee, Lease, Description [Line Items]
Security deposit					$ 300	$ 450
Term of contract						7 years

Commitments and contingencies - License Agreements (Details) - USD ($)	1 Months Ended
	Nov. 30, 2015	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2018
Other Commitments [Line Items]
Royalty rate on net sales of the product	2.25%
Class B Common Stock
Other Commitments [Line Items]
Shares issued pursuant to the agreement	91,559
License Agreement \| Stanford \| Minimum
Other Commitments [Line Items]
Annual license maintenance fee commitment	$ 20,000
License Agreement \| Stanford \| Maximum
Other Commitments [Line Items]
Annual license maintenance fee commitment	$ 50,000
License Agreement \| PKI
Other Commitments [Line Items]
Accrued royalties		$ 1,183,000	$ 1,590,000
License Agreement \| PKI \| Minimum
Other Commitments [Line Items]
Royalty rate on net sales of the product					1.00%
License Agreement \| PKI \| Maximum
Other Commitments [Line Items]
Royalty rate on net sales of the product					7.00%
Research Arrangement
Other Commitments [Line Items]
Amount required to pay 2021				$ 500,000
Amount required to pay 2022				415,000
Amount required to pay 2023				$ 120,000

Net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss per share attributable to common stockholders
Net loss	$ (5,563)	$ (8,082)	$ (4,585)	$ (2,143)	$ (13,645)	$ (6,728)
Dividends accrued on redeemable convertible preferred stock	(245)		(1,190)		(1,435)	(2,380)
Accretion of redeemable convertible preferred stock	(296)		(296)		(296)	(296)
Adjusted net loss attributable to common stockholders	$ (6,104)		$ (6,071)		$ (15,376)	$ (9,404)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted	29,974,811		2,292,510		16,415,800	2,290,689
Basic and diluted net loss per common share outstanding	$ (0.20)		$ (2.65)		$ (0.94)	$ (4.11)

- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	5,116,129	30,675,052
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		2,151,641
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		5,886,405
Series C Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		11,473,110
Series D Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		7,034,423
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	4,957,855	3,943,036
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		28,163
Series D Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share		158,274
Warrant to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	158,274

Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Details) $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segment \| segment			1
Total Revenue	$ 13,071	$ 8,560	$ 25,283	$ 19,581
North America
Disaggregation of Revenue [Line Items]
Total Revenue	6,401	3,433	11,610	8,298
APAC
Disaggregation of Revenue [Line Items]
Total Revenue	3,009	2,036	6,699	5,892
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	$ 3,661	$ 3,091	$ 6,974	$ 5,391

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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

+ Details

Segments - Revenue (Details) - Revenue from Contract with Customer Benchmark - Geographic Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
North America
Concentration Risk [Line Items]
Concentration Risk, Percentage	49.00%	40.00%	46.00%	42.00%
APAC
Concentration Risk [Line Items]
Concentration Risk, Percentage	23.00%	24.00%	26.00%	30.00%
EMEA
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.00%	36.00%	28.00%	28.00%
One country
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	13.00%	16.00%	15.00%
Another country
Concentration Risk [Line Items]
Concentration Risk, Percentage		10.00%		11.00%

Related party transactions (Details) - Argonaut Manufacturing services - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Costs of goods sold relating to sales to related party	$ 744,000	$ 241,000	$ 1,235,000	$ 441,000
Inventory purchased from related party			2,097,000		$ 1,300,000
Accounts payable due to related party	$ 967,000		$ 967,000		$ 569,000
Percentage of total outstanding shares owned by related party	5.00%		5.00%

Subsequent events (Details) $ in Thousands	1 Months Ended
Subsequent events (Details) $ in Thousands	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Subsequent Event [Line Items]
Aggregate lease payments		$ 6,931
Subsequent Event \| Lease amendment \| Office and laboratory space \| Menlo Park, CA
Subsequent Event [Line Items]
Rentable square feet	11,349
Aggregate lease payments	$ 5,219
Subsequent Event \| 30-month lease \| Office lease \| Marlborough, MA
Subsequent Event [Line Items]
Term of contract	30 months
Rentable square feet	23,296
Aggregate lease payments	$ 1,211
Annual rent	500
Subsequent Event \| Minimum \| Lease amendment \| Office and laboratory space \| Menlo Park, CA
Subsequent Event [Line Items]
Annual rent	797
Subsequent Event \| Maximum \| Lease amendment \| Office and laboratory space \| Menlo Park, CA
Subsequent Event [Line Items]
Annual rent	$ 946