0001558370-22-003581 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 113,079	$ 17,006
Accounts receivable, net	9,444	6,470
Inventories, net	9,014	4,263
Prepaid expenses and other current assets	9,277	957
Total current assets	140,814	28,696
Property and equipment, net	7,487	5,528
Restricted cash - long term	302	502
Demo inventory, net	2,548	1,494
Intangible assets, net	21,150	22,714
Goodwill	18,262	18,262
Other assets	344	464
Total assets	190,907	77,660
Current liabilities
Accounts payable	9,435	5,074
Accrued expenses and other current liabilities	13,491	7,015
Current portion of capital lease obligations	272	197
Deferred revenue	4,484	3,844
Current portion of long-term debt		1,032
Total current liabilities	27,682	17,162
Deferred revenue, net of current portion	1,330	1,008
Long-term debt, net of current portion and debt discount	32,471	33,488
Deferred tax liability, net	26	170
Capital lease obligations, net of current portion	197	277
Warrant liability		490
Contingent consideration liability (Note 4), net of current portion	7,850	6,984
Total liabilities	69,556	59,579
Stockholders' equity (deficit):
Additional paid in capital	217,456
Accumulated deficit	(96,107)	(52,280)
Total stockholders' equity (deficit)	121,351	(51,026)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	190,907	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	Dec. 31, 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	37,424,101	2,563,765
Common stock, shares outstanding	37,424,101	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	37,424,101	0
Common stock, shares outstanding	37,424,101	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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 54,917	$ 42,443
Cost of goods sold	20,699	16,535
Gross profit	34,218	25,908
Operating expenses:
Selling, general and administrative	51,016	23,982
Research and development	15,701	9,603
Change in fair value of contingent consideration	2,073	519
Depreciation and amortization	4,726	3,815
Total operating expenses	73,516	37,919
Loss from operations	(39,298)	(12,011)
Other income (expense):
Interest expense, net	(3,115)	(2,723)
Change in fair value of warrant liability	(2,728)	(298)
Gain (loss) on extinguishment of debt	2,476	(1,671)
Other expense, net	(410)	39
Loss before benefit (provision) for income taxes	(43,075)	(16,664)
Benefit (provision) for income taxes	140	(42)
Net loss	(42,935)	(16,706)
Dividends accrued on redeemable convertible preferred stock	(1,435)	(4,760)
Accretion of redeemable convertible preferred stock		(296)
Adjusted net loss attributable to common stockholders	$ (44,370)	$ (21,762)
Net loss per share attributable to common stockholders, basic	$ (1.65)	$ (9.18)
Net loss per share attributable to common stockholders, diluted	$ (1.67)	$ (9.18)
Weighted-average shares outstanding, basic	26,896,976	2,370,574
Weighted-average shares outstanding, diluted	26,896,976	2,370,574
Product
Revenue	$ 44,477	$ 33,438
Cost of goods sold	14,471	12,584
Service and other
Revenue	10,440	9,005
Cost of goods sold	$ 6,228	$ 3,951

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	$ 720	$ 2,040	$ 2,000									$ 4,760
Balance, end of period at Dec. 31, 2020	$ 11,500	$ 30,107	$ 27,500						$ 11,500	$ 30,107	$ 27,500
Balance, end of period (in shares) at Dec. 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							$ 122					122
Exercise of stock options (in shares)						276,893
Accrued dividends							(599)	(4,161)				(4,760)
Net loss								(16,706)				(16,706)
Stock-based compensation							477					477
Balance, end of period at Dec. 31, 2020				$ 1,253		$ 1		(52,280)				(51,026)
Balance, end 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]
Accrued dividends	$ 217	$ 615	$ 603									1,435
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)
Conversion of Class B shares					$ 1	$ (1)
Conversion of Class B shares (in shares)					2,835,099	(2,835,099)
Exercise of stock options							394					394
Exercise of stock options (in shares)					476,423	271,334
Accrued dividends							(543)	(892)				(1,435)
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								(42,935)				(42,935)
Stock-based compensation							4,039					4,039
Balance, end of period at Dec. 31, 2021					$ 2		$ 217,456	$ (96,107)				$ 121,351
Balance, end of period (in shares) at Dec. 31, 2021					37,424,101

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (42,935)	$ (16,706)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,792	3,815
Non-cash interest expense	427	316
Stock-based compensation expense	4,039	477
Paid-in-kind interest		366
Deferred tax liability	(155)	7
Change in fair value of contingent consideration	2,073	519
Change in fair value of warrant liability	2,728	298
Loss (gain) on extinguishment of debt	(2,476)	1,671
Changes in operating assets and liabilities:
Accounts receivable, net	(2,974)	6,697
Prepaid expenses and other assets	(8,789)	56
Inventories, net	(4,628)	(684)
Accounts payable	4,361	(3,045)
Accrued expenses and other liabilities	6,507	(202)
Deferred revenue	962	(428)
Net cash used in operating activities	(36,068)	(6,843)
Investing activities
Maturity of certificates of deposits		10,168
Interest income reinvested in certificates of deposit		(145)
Purchases of property and equipment	(5,094)	(3,295)
Net cash provided by (used in) investing activities	(5,094)	6,728
Financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions	138,553
Proceeds from stock option exercises	394	122
Principal payments on capital leases	(322)	(191)
Proceeds from debt		34,976
Principal payments of debt		(25,000)
Payments of debt issuance costs		(532)
Payments of debt extinguishment costs		(1,262)
Payments of contingent consideration	(1,590)	(2,627)
Net cash provided by (used in) in financing activities	137,035	5,486
Net increase (decrease) in cash, cash equivalents, and restricted cash	95,873	5,371
Cash, cash equivalents, and restricted cash at beginning of year	17,508	12,137
Cash, cash equivalents, and restricted cash at end of year	113,381	17,508
Supplemental disclosures of cash flow information
Cash paid for interest	2,668	2,246
Supplemental disclosures of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	1,105	420
Accretion of dividends on Series B, C, and D Preferred Stock	1,435	$ 4,760
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

12 Months Ended

Dec. 31, 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 PhenoCycler and PhenoImager 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.

Liquidity and going concern

At December 31, 2021, the Company had cash and cash equivalents of $113,079 and an accumulated deficit of $96,107. 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 $36,068 during the year ended December 31, 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

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of significant accounting policies

(2) Summary of significant accounting policies

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.

Foreign currency remeasurement

Akoya UK’s subsidiary’s activities are recorded in British Pound Sterling and are remeasured using the United States Dollar as the functional currency. The balance sheet is remeasured into U.S. dollars at the exchange rate as of the balance sheet date. Revenues, expenses, and cash flows are remeasured at average rates during each reporting period. Net exchange gains and losses resulting from the remeasurement of the United Kingdom subsidiary balances are charged directly to operations and are included in other income (expense), net and were determined to be immaterial for the years ended December 31, 2021 and 2020.

Foreign exchange transaction gains and losses are included in other income (expense), net in the accompanying consolidated statements of operations and were determined to be immaterial for the years ended December 31, 2021 and 2020.

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrant, the useful lives of property and equipment, revenue recognition, determining the fair value of intangible assets, accrued expenses, income tax accounting, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, contingent consideration, goodwill and intangible asset impairment review, and other contingencies. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.

Segment information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess

performance. The Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment.

Concentrations of credit risk

Cash and cash equivalents are financial instruments that potentially subject the Company to concentrations of credit risk. The Company maintains its cash deposits, which at times may exceed federally insured limits, with large financial institutions and, accordingly, the Company believes their cash and cash equivalents are subject to minimal credit risk.

Cash and cash equivalents and restricted cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

The Company records cash and cash equivalents as restricted when it is unable to freely use such cash and cash equivalents for general operating purposes. As of December 31, 2021 and 2020, restricted cash is recorded as long term and consists of a security deposit in a financial institution that is restricted from use as collateral for our letter of credit associated with our office and laboratory space in Marlborough, MA (Note 13), as well as cash restricted from use for the Company’s corporate credit card program.

Accounts receivable

The Company’s accounts receivable consists of amounts due from sales to commercial customers. At each reporting period, management reviews all outstanding balances to determine if the facts and circumstances of each customer relationship indicate the need for a reserve. The Company does not require collateral and had an allowance for doubtful accounts of $45 and $103 at December 31, 2021 and 2020, respectively.

Inventory

Inventories are stated at the lower of cost or net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, direct labor and manufacturing overhead, using the average cost method. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their realizable value in the period in which the impairment is first identified. Shipping and handling costs incurred for inventory purchases are capitalized and recorded upon sale within the cost of goods sold in the consolidated statements of operations. Inventory is primarily raw materials as the Company utilizes contract manufacturers to produce the final products, which are typically drop-shipped directly to customers.

Fair value measurements

Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820, Fair Value Measurements (“ASC 820”), establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available.

Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy defines three levels of valuation inputs:

Level 1 — Quoted unadjusted prices for identical instruments in active markets.

Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability (Note 4).

For certain financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate their fair values as of December 31, 2021 and 2020 because of their short-term nature. At December 31, 2021 and 2020, the carrying value of the Company’s debt approximated fair value, which was determined using Level 3 inputs, using market quotes from brokers and is based on current rates offered for similar debt (Note 8).

Property and equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment.

Demo inventory

Demo inventory is considered a hybrid between fixed asset and regular inventory as the Company occasionally sells the demo product to customers upon request. Potential customers and key opinion leaders use demo inventory in the field for a trial period and on occasion purchase the inventory within a few months of usage. Demo inventory that is not purchased by the potential customer or key opinion leader is returned to the Company. Demo inventory is recorded at cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to demo inventory. Upon sale, Demo inventory, if and when sold, is recorded as product revenue and the remaining carrying value is booked through cost of goods sold.

Business combinations – intangible assets and contingent consideration

The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. The Company’s intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from 4 to 15 years.

For those arrangements which arise from a business combination that involve potential future contingent consideration, the Company records on the date of acquisition a liability equal to the fair value of the estimated additional consideration the Company may be obligated to make in the future. The Company re-measures this liability each reporting period and records changes in the fair value through changes in fair value of contingent consideration within the Company’s consolidated statements of operations. The Company records amounts currently due as it relates to contingent consideration within accrued expenses. 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 or timing or likelihood of achieving regulatory, revenue or commercialization-based milestones. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, useful life or probability of achieving regulatory or revenue-based milestones could result in different purchase price allocations and recognized amortization expense and contingent consideration expense or benefit in current and future periods.

Impairment of long-lived assets and goodwill

The Company evaluates its long-lived assets, including demo inventory, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset or asset group are compared to the carrying amount to determine whether the asset’s value is recoverable. During this analysis, the Company reevaluates the significant assumptions used in determining the original cost and estimated lives of long-lived assets. Although the assumptions may vary from asset to asset, they generally include operating results, changes in the use of the asset or asset group, cash flows and other indicators of value. The Company then determines whether the remaining useful life continues to be appropriate or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ or asset groups recovery. If the carrying value of the asset or asset group exceeds such projected undiscounted cash flows, the asset or asset group will be written down to its estimated fair value.

The Company tests goodwill for impairment annually and tests intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable (i.e., upon occurrence of a triggering event). The Company performs its annual impairment review of goodwill at November 1 (and if and when triggering events occur between annual impairment tests). Upon completion of its quantitative assessment as of November 1, 2021, the Company has concluded that goodwill is not impaired. No events or changes in circumstances have indicated that the Company’s intangible assets with useful lives are impaired as of December 31, 2021.

Debt issuance costs

Debt issuance costs represent fees paid to or on behalf of the Company’s lenders to obtain debt financing. Debt issuance costs are recorded as a discount of the related debt. The costs are accreted over the term of the debt through interest expense using the straight line method which approximates the effective interest method.

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:


	Year ended
	December 31, 2021		December 31, 2020
Revenue
Product revenue
Instruments	$	28,692	$	23,772
Consumables		14,298		8,535
Standalone software products		1,487		1,131
Total product revenue	$	44,477	$	33,438
Service and other revenue	$	10,440	$	9,005
Total revenue	$	54,917	$	42,443

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 December 31, 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 years ended December 31, 2021 and 2020.

Cost of goods sold

Cost of product revenue includes the cost of materials, direct labor, and manufacturing overhead costs used in the manufacture of products sold to customers.

Cost of service and other revenue consists of personnel, facility costs associated with operating our laboratory testing on behalf of the customers, costs related to instrument maintenance, servicing equipment, training customers at customer sites, freight, other direct costs, and overhead.

Redeemable convertible preferred stock

The Company has classified redeemable convertible preferred stock as temporary equity on the accompanying consolidated balance sheets because it becomes redeemable due to the passage of time or could become redeemable due to certain change in control clauses that are outside of the Company’s control. The redeemable convertible preferred

stock is adjusted to the redemption value over time through the date of the earliest redemption date. These increases are recorded as charges against retained earnings, if any, and then to additional paid-in capital. Then, in the absence of additional paid-in capital, the accretion is charged to the accumulated deficit.

Research and development costs

Costs incurred in the research and development of the Company’s product candidates are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including activities associated with performing services under research revenue arrangements, costs associated with the manufacture of developing products and include salaries and benefits, stock compensation, research related facility and overhead costs, laboratory supplies, equipment and contract services.

Capitalized software development costs

Since the Company sells standalone licensed software products to its customers, the Company applies guidance related to accounting for the costs of such software to be sold, leased or otherwise marketed in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, or ASC 985-20. Such guidance requires capitalization of certain software development costs subsequent to the establishment of technological feasibility. Costs eligible for capitalization under ASC 985-20 during the year ended December 31, 2021 were $600 and recorded as an intangible asset on our December 31, 2021 consolidated balance sheet. The Company has determined that costs eligible for capitalization under ASC 985-20 during the year ended December 31, 2020 were immaterial.

We account for costs to develop or obtain internal-use software in accordance with ASC 350-40, Internal-Use Software, or ASC 350-40. We also account for costs of significant upgrades and enhancements resulting in additional functionality under ASC 350-40. Costs incurred for maintenance, training, and minor modifications or enhancements are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Development costs related to internal-use software were immaterial in 2021. Development costs related to internal-use software were $659 in 2020 and recorded as an intangible asset on our December 31, 2020 consolidated balance sheet.

Advertising expenses

The cost of advertising, marketing and media is expensed as incurred. For the years ended December 31, 2021 and 2020, advertising costs totaled $3.4 million and $0.8 million, respectively.

Comprehensive loss

Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss consists of net loss and other comprehensive loss, which includes certain changes in equity that are excluded from net loss. The Company’s comprehensive loss equals reported net loss for all periods presented.

Deferred offering costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed as a charge to operating expenses. There were no deferred offering costs at December 31, 2021. As of December 31, 2020, $269 of deferred offering costs were included in other assets in the accompanying consolidated balance sheets.

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.

Warrant to purchase common stock

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.

Income taxes

The Company provides for income taxes using the liability method. The Company provides deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the Company’s financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets and liabilities are recorded net as long term. A valuation allowance is provided to reduce the deferred tax assets to the amount that will more likely than not be realized.

The Company applies ASC 740 Income Taxes (“ASC 740”) in accounting for uncertainty in income taxes. The Company has identified an uncertain tax position, however this uncertain tax position has not created a liability for the years ending December 31, 2021 and 2020 as the reserve has been applied against the asset. The Company will recognize interest and penalties related to uncertain tax positions, if any, in income tax expense.

Commitments and contingencies

Indemnification obligations

The Company has entered into indemnification agreements with its officers and directors that require the Company to indemnify such individuals for certain events or occurrences while each such officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make is, in many cases, unlimited. The Company has directors’ and officers’ liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid.

The Company leases office and laboratory space under operating leases. The Company has standard indemnification arrangements under the leases that require it to indemnify the landlords against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation or nonperformance of any covenant or condition of the Company’s leases.

In the ordinary course of business, the Company enters into indemnification agreements with certain suppliers and business partners where the Company has certain indemnification obligations limited to the costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from the Company’s gross negligence or willful misconduct, and in certain instances, breaches, violations or nonperformance of covenants or conditions under the agreements.

As of December 31, 2021 and 2020, the Company had not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

The Company is subject to the possibility of loss contingencies arising in the ordinary course of business. Management considers the likelihood of loss related to an asset, or the incurrence of a liability, as well as its ability to reasonably estimate the amount of the loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired, or a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required. Refer to Note 13 for the details of the Company’s contingencies.

Legal proceedings

From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no claims or actions pending against the Company currently, the ultimate disposition of which would have a material adverse effect on the Company’s consolidated results of operation, financial condition or cash flows.

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 utilize 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 is continuing to finalize its assessment, however we expect the standard will result in the recognition of right-of-use assets of $10.1 million to $11.1 million and lease liabilities of $10.4 million to $11.4 million as of January 1, 2022.

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. ASU 2017-04 is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2017-04 may have on its consolidated financial statements and related disclosures.

Significant risks and uncertainties including business and credit concentrations

12 Months Ended

Dec. 31, 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 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 $45 and $103 at December 31, 2021 and December 31, 2020, respectively.

For the years ended December 31, 2021 and 2020, no customers accounted for greater than 10% of revenue. No customers accounted for greater than 10% of accounts receivable at December 31, 2021 and 2020.

Fair value of financial instruments

12 Months Ended

Dec. 31, 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 December 31, 2021 and December 31, 2020:


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Contingent consideration – Long term portion	$	7,850	$	—	$	—	$	7,850
	$	7,850	$	—	$	—	$	7,850


			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.

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 years ended December 31, 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		606
Balance as of December 31, 2020	$	6,984


Balance as of December 31, 2020	$	6,984
Reclassification of FY 2021 payment to accrued expenses		(1,207)
Change in contingent consideration value		2,073
Balance as of December 31, 2021	$	7,850

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 year ended December 31, 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
	December 31,		Valuation	Unobservable
Contingent Consideration Liability	2021		Technique	Inputs
Revenue-based Payments	$	7,850	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 years ended December 31, 2021 and 2020 were as follows:


Balance as of December 31, 2019	$	192
Change in fair value of warrant liability		298
Balance as of December 31, 2020	$	490


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 December 31, 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

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Property and equipment, net

(5) Property and equipment, net

Property and equipment consists of the following:


	Estimated Useful	December 31,		December 31,
	Life (Years)	2021		2020
Furniture and fixtures	7	$	488	$	358
Computers, laptop and peripherals	5		3,590		2,367
Laboratory equipment	5		5,906		3,806
Leasehold improvements	Shorter of the lease life or 7		1,571		1,261
Total property and equipment			11,555		7,792
Less: Accumulated depreciation			(4,068)		(2,264)
Property and equipment, net		$	7,487	$	5,528

Total depreciation expense relating to property and equipment charged to operations for the year ended December 31, 2021 was $1,804. Total depreciation expense relating to property and equipment charged to operations for the year ended December 31, 2020 was $1,398.

Demo inventory consists of the following:


	Estimated	December 31,		December 31,
	Life (Years)	2021		2020
Demo inventory – gross	3	$	3,733	$	2,010
Less: Accumulated depreciation			(1,185)		(516)
Demo inventory, net		$	2,548	$	1,494

Total depreciation expense relating to demo equipment charged to operations for the year ended December 31, 2021 was $824. Total depreciation expense relating to demo equipment charged to operations for the year ended December 31, 2020 was $335.

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2021

Intangible assets and goodwill

Intangible assets and goodwill

(6) Intangible assets and goodwill

Intangible assets as of December 31, 2021 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(2,561)	$	9,239	15
Developed technology		8,300		(2,252)		6,048	12
Licenses		63		(25)		38	15
Trade names and trademarks		6,300		(1,722)		4,578	12
Capitalized software		1,259		(68)		1,191	5
Non-compete agreements		300		(244)		56	4
Total intangible assets	$	28,022	$	(6,872)	$	21,150

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 year ended December 31, 2021 was $2,098. Total amortization expense charge to cost of sales for the year ended December 31, 2021 was $66. Total amortization expense charged to operations for the year ended December 31, 2020 was $2,082.

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. 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.

In conjunction with rebranding our Phenoptics portfolio to PhenoImager in the fourth quarter of 2021, the Company shortened its remaining useful life estimates from 9 years to 5 years for the related acquired trademark assets, of which the impact to 2021 was immaterial.

As of December 31, 2021, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows:


2022	$	2,372
2023		2,430
2024		2,549
2025		2,549
2026		2,520
Thereafter		8,730
Total	$	21,150

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

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 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:


	December 31,		December 31,
	2021		2020
Payroll and compensation	$	6,502	$	2,225
Current portion of contingent consideration		1,207		1,590
Inventory purchases		1,877		478
Other accrued expenses		3,905		2,722
Total accrued expenses and other current liabilities	$	13,491	$	7,015

Debt and capital lease obligations

12 Months Ended

Dec. 31, 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 year ended December 31, 2020, the Company recorded $123 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 December 31, 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 year ended December 31, 2021, the Company recorded $325 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 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 year ending December 31, 2021. The forgiveness qualifies as a gain upon debt extinguishment and the related liability was removed from the consolidated balance sheet in the second quarter of 2021.

Debt consists of the following:


	December 31,		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		(413)		(515)
Accretion of final fee		384		59
Total debt, net		32,471		34,520
Less amount included as short-term		—		(1,032)
Long-term debt, net	$	32,471	$	33,488

As of December 31, 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, 2022	$	—
December 31, 2023		—
December 31, 2024		2,708
December 31, 2025		16,250
December 31, 2026		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 was amortized over the term of the Innovatus Term Loan. See Note 4 for valuation of warrant.

For the year ended December 31, 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 December 31, 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 December 31, 2021, and December 31, 2020, the current portion of the lease obligations totaled $272 and $197, respectively, and the long-term portion totaled $197 and $277, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholder's equity (deficit)

12 Months Ended

Dec. 31, 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 (as defined below) 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 December 31, 2021 and December 31, 2020, a total of 37,424,101 and 2,563,765 shares of common stock were issued and outstanding, respectively, and 6,709,218 and 4,932,952 shares of common stock were reserved for issuance upon the exercise of stock options, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock compensation plans

12 Months Ended

Dec. 31, 2021

Stock compensation plans

Stock compensation plans

(10) Stock compensation plans

2021 Equity Incentive Plan

On March 24, 2021, the 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 (as defined below) 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 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 years ended December 31, 2021 and 2020, the Company granted options with an aggregate fair value of $21,224 and $587, 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.

The following is a summary of option activity:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Term	Aggregate Intrinsic
	Shares	Exercise Price		(in years)	Value
Outstanding at December 31, 2020	3,920,487	$	0.51	8.2	$	13,882
Granted	2,852,252		15.05
Exercised	(747,758)		0.52
Canceled	(297,234)		9.44
Outstanding at December 31, 2021	5,727,747		7.29	8.1	$	48,447
Exercisable at December 31, 2021	2,248,051	$	0.66	6.8	$	32,931

The table above includes 21,459 of performance-based option shares issued to an employee in 2020, with an exercise price of $0.84 per share, which was shown as granted in 2021. As of the original issuance date, the performance conditions were not established, and therefore there was no grant date as prescribed by ASC 718. In 2021, the options vested as performance conditions were established and determined to have been achieved. We recorded $454 of stock-based compensation expense for such award in 2021.

The weighted-average grant date fair value of options granted in the years ended December 31, 2021 and 2020 was $7.45 and $0.45 per share, respectively, and was calculated using the Black-Scholes valuation model based on the following weighted-average assumptions:


	Year ended		Year ended
	December 31,		December 31,
	2021		2020

Weighted-average risk-free interest rate	1.1	%	0.8	%
Expected dividend yield	0	%	0	%
Expected volatility	50.9	%	46.6	%
Expected term	6.0 years		5.4 years

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


	Year ended
	December 31,
	2021		2020
Cost of goods sold	$	118	$	7
Selling, general and administrative		3,339		347
Research and development		582		123
Total stock-based compensation	$	4,039	$	477

As of December 31, 2021, and 2020, there was $16,355 and $478, 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 3.3 and 2.8 years as of December 31, 2021 and 2020, respectively.

Employee stock purchase plan

12 Months Ended

Dec. 31, 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.

The following is a summary of option activity:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Term	Aggregate Intrinsic
	Shares	Exercise Price		(in years)	Value
Outstanding at December 31, 2020	3,920,487	$	0.51	8.2	$	13,882
Granted	2,852,252		15.05
Exercised	(747,758)		0.52
Canceled	(297,234)		9.44
Outstanding at December 31, 2021	5,727,747		7.29	8.1	$	48,447
Exercisable at December 31, 2021	2,248,051	$	0.66	6.8	$	32,931


	Year ended		Year ended
	December 31,		December 31,
	2021		2020

Weighted-average risk-free interest rate	1.1	%	0.8	%
Expected dividend yield	0	%	0	%
Expected volatility	50.9	%	46.6	%
Expected term	6.0 years		5.4 years

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


	Year ended
	December 31,
	2021		2020
Cost of goods sold	$	118	$	7
Selling, general and administrative		3,339		347
Research and development		582		123
Total stock-based compensation	$	4,039	$	477

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 Board. No shares have been issued under the ESPP at December 31, 2021.

Income taxes

12 Months Ended

Dec. 31, 2021

Income taxes

Income taxes

(12) Income taxes

The components of net income (loss) before income taxes for the years ending December 31, 2021 and 2020 is as follows:


		December 31,		December 31,
		2021		2020
Domestic		(43,241)		(16,781)
Foreign		166		117
Total	$	(43,075)	$	(16,664)

The Company’s income tax provision for the years ending December 31, 2021 and 2020 is as follows:


		December 31,		December 31,
		2021		2020
Federal		—		—
State		5		5
Foreign		10		30
Total current tax provision	$	15	$	35
Federal		(58)		2
State		(86)		5
Foreign		(11)		—
Total deferred tax provision	$	(155)	$	7
Total tax provision	$	(140)	$	42

A reconciliation between income tax benefit and the expected tax benefit at the statutory rate for the years ended December 31, 2021 and 2020 is as follows:


	2021		2020
Federal statutory rate	21.00	%	21.00	%
State rate, net of federal benefit	3.60	%	4.09	%
Permanent differences	0.25	%	(1.23)	%
Tax credits generated	3.80	%	7.01	%
Non-deductible financing costs	(1.33)	%	—	%
Change in valuation allowance	(23.22)	%	(24.49)	%
Uncertain tax positions	(3.80)	%	(5.91)	%
Foreign rate differential	0.00	%	0.02	%
Other items	0.03	%	(0.74)	%
Effective tax rate	0.32	%	(0.25)	%

The significant components of the Company’s net deferred tax liability consist of the following at December 31, 2021 and 2020:


		December 31,		December 31,
Deferred tax assets (liabilities):		2021		2020
Deferred tax assets
Net operating losses	$	18,105	$	10,397
Accruals & reserves		1,127		379
Intangibles		358		291
Interest		723		—
Stock		466		—
Other		385		186
Gross deferred tax assets		21,164		11,253
Valuation Allowance		(20,754)		(10,750)
Net deferred tax assets		410		503
Deferred tax liabilities
Depreciation		(327)		(237)
Goodwill		(98)		(436)
Net deferred tax liability	$	(15)	$	(170)

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all the deferred tax assets will not be realized. Based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and as a result the Company continues to maintain a valuation allowance for the full amount of the 2021 deferred tax assets. The increase in the 2021 valuation allowance is primarily attributable to the current year loss.

As of December 31, 2021 and 2020, for federal income tax purposes the Company had total net operating loss carryforwards of approximately $72,454 and $41,315, respectively. As of December 31, 2021, approximately $2,567 will begin to expire in 2036 and approximately $69,887 of the net operating losses will have an indefinite carryforward as a result of the Tax Cuts and Jobs Act. For state income tax purposes, as of December 31, 2021 and December 31, 2020 the Company had net operating loss carryforwards of approximately $44,360 and $26,161, respectively, which begin to expire in 2036.

As of December 31, 2021 and 2020, the Company has available federal research development tax credit carryforwards of approximately $2,272 and $1,544, respectively. The federal research credits will begin to expire in

2036. As of December 31, 2021 and December 31, 2020, the Company has available state research development tax credit carryforwards of approximately $1,955 and $1,220, respectively. The state tax credit carryforwards consist of credits with both a limited carryforward period and unlimited carryforward period. Unused credits with a limited carryforward period will begin to expire in 2032.

Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed equity financings transactions which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. The Company does not believe the impact of any limitation on the use of its net operating loss or credit carryforwards will have a material impact on the Company’s consolidated financial statements since the Company has a full valuation allowance against its deferred tax assets due to the uncertainty regarding future taxable income for the foreseeable future.

The Company has not yet completed a study of its research and development credit carryforwards. Once completed, this study may result in an adjustment to the research and development credit carryforwards claimed on the tax returns. Until such time a research credit study is completed, the Company will not record an asset for research credits claimed on the tax returns. If an adjustment is required at the time the study is completed, this adjustment would be recorded as an adjustment to the deferred tax asset for the research and development credit carryforward and the valuation allowance.

A rollforward of the uncertain tax position that was primarily related to our research and development tax credits is as follows (in thousands):


Uncertain tax positions at December 31, 2019	$	1,677
Increase in uncertain tax positions		1,086
Uncertain tax positions at December 31, 2020		2,763
Increase in uncertain tax positions		1,463
Uncertain tax positions at December 31, 2021		4,226

Uncertain tax positions of $4.2 million will impact our tax rate if realized.

Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expenses in the accompanying Consolidated statements of operations. At December 31, 2021 and 2020, the Company had no accrued interest or penalties related to uncertain tax positions.

The Company files income tax returns in the U.S. federal tax jurisdiction and various state jurisdictions. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all years in which a loss carryforward is available. The statute of limitations for assessment by federal and state tax jurisdictions in which the Company has business operations is open for tax years ending December 31, 2017 and after. The tax years subject to examination vary by jurisdiction.

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. For the year ended December 31, 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, second, and third fiscal quarters of 2021. As a result, we recorded a net benefit of $4,321 related to the employee retention credit as a reduction to payroll expense for the year ended December 31, 2021 and recorded a gross receivable of $5,093 within Prepaid expenses and other current assets as of December 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2021

Commitments and contingencies

Commitments and contingencies

(13) Commitments and contingencies

Operating Leases

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.

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. In July of 2021, the Company signed a 70-month amendment to its lease in Menlo Park, CA to expand its existing space. In connection with this agreement, the Company paid a security deposit totaling $92, in addition to the existing security deposit, which is recorded as a component of long-term assets in the Consolidated Balance Sheet; the lease commencement date was August 2021.

In August of 2021, the Company signed a 30-month lease with MTP Equity Partners, LLC for office space in Marlborough, MA. In connection with this agreement, the Company paid a security deposit totaling $43, which is recorded as a component of long-term assets in the Consolidated Balance Sheet; The lease commencement date is August 2021.

Contractual cash payments for the Company’s operating leases as of December 31, 2021 by fiscal year are as follows:


2022	$	2,596
2023		2,561
2024		2,175
2025		2,204
2026		2,106
Thereafter		682
Total	$	12,324

Total rent expense for the year ended December 31, 2021 was $1,810. Total rent expense for the year ended December 31, 2020 was $1,169.

License Agreements

In November 2015, the Company entered into a license agreement with 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 converted to Class A common stock on April 8, 2021. Such shares 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 $1,207 and $1,590 of accrued royalties in connection with this agreement as of December 31, 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 $415, and $120 in 2022 and 2023, respectively.

Net loss per share attributable to common stockholders

12 Months Ended

Dec. 31, 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:


	Year ended
	December 31,
	2021		2020

Net loss	$	(42,935)	$	(16,706)
Dividends accrued on redeemable convertible preferred stock		(1,435)		(4,760)
Accretion of redeemable convertible preferred stock		—		(296)
Adjusted net loss attributable to common stockholders	$	(44,370)	$	(21,762)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		26,896,976		2,370,574
Basic and diluted net loss per common share outstanding	$	(1.65)	$	(9.18)

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:


	December 31,
	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	5,727,747	3,920,487
Performance-based stock options	—	21,459
Warrant to purchase Series D convertible preferred stock (as converted to common stock)	—	158,274
Warrant to purchase common stock	158,274	—
Total	5,886,021	30,645,799

Segments

12 Months Ended

Dec. 31, 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:


	Year ended
	December 31,
	2021		2020

North America	$	28,028	$	20,178
APAC		12,530		10,409
EMEA		14,359		11,856
Total Revenue	$	54,917	$	42,443


	Year ended
	December 31,
	2021		2020

North America	51	%	47	%
APAC	23	%	25	%
EMEA	26	%	28	%
Total Revenue	100	%	100	%

North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the year ended December 31, 2021, we had one country outside of the United States with 14% of total revenue. For the year ended December 31, 2020, we had one country outside of the United States with 11% of total revenue.

As of December 31, 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
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party transactions

12 Months Ended

Dec. 31, 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 years ended December 31, 2021, the Company incurred costs of goods sold of approximately $3,433 related to sales of consumables manufactured by AMS. During the year ended December 31, 2020, the Company incurred costs of goods sold of approximately $1,475 related to sales of consumables manufactured by AMS. As of December 31, 2021 and December 31, 2020, $4,263 and $1,300, respectively, is included in inventory related to consumables manufactured by AMS. As of December 31, 2021 and December 31, 2020, the Company had $1,700 and $569 in accounts payable, respectively, due to AMS.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Principles of consolidation

Foreign currency remeasurement

Use of estimates

Segment information

performance. The Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment.

Concentrations of credit risk

Cash and cash equivalents and restricted cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Accounts receivable

Inventory

Fair value measurements

Level 1 — Quoted unadjusted prices for identical instruments in active markets.

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

Property and equipment

Demo inventory

Business combinations - intangible assets and contingent consideration

Business combinations – intangible assets and contingent consideration

Impairment of long-lived assets and goodwill

Debt issuance costs

Revenue recognition

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

Product Revenue

Service and Other Revenue

Disaggregation of Revenue


	Year ended
	December 31, 2021		December 31, 2020
Revenue
Product revenue
Instruments	$	28,692	$	23,772
Consumables		14,298		8,535
Standalone software products		1,487		1,131
Total product revenue	$	44,477	$	33,438
Service and other revenue	$	10,440	$	9,005
Total revenue	$	54,917	$	42,443

Significant Judgments

Contract Assets and Liabilities

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

Cost to Obtain and Fulfill a Contract

Cost of goods sold

Cost of product revenue includes the cost of materials, direct labor, and manufacturing overhead costs used in the manufacture of products sold to customers.

Redeemable convertible preferred stock

Research and development costs

Capitalized software development costs

Advertising expenses

The cost of advertising, marketing and media is expensed as incurred. For the years ended December 31, 2021 and 2020, advertising costs totaled $3.4 million and $0.8 million, respectively.

Comprehensive loss

Deferred offering costs

Stock-based compensation

Warrant to purchase common stock

Income taxes

Commitments and contingencies

Indemnification obligations

Legal proceedings

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)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue


	Year ended
	December 31, 2021		December 31, 2020
Revenue
Product revenue
Instruments	$	28,692	$	23,772
Consumables		14,298		8,535
Standalone software products		1,487		1,131
Total product revenue	$	44,477	$	33,438
Service and other revenue	$	10,440	$	9,005
Total revenue	$	54,917	$	42,443

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 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
	December 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Contingent consideration – Long term portion	$	7,850	$	—	$	—	$	7,850
	$	7,850	$	—	$	—	$	7,850


			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		298
Balance as of December 31, 2020	$	490


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 December 31, 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		606
Balance as of December 31, 2020	$	6,984


Balance as of December 31, 2020	$	6,984
Reclassification of FY 2021 payment to accrued expenses		(1,207)
Change in contingent consideration value		2,073
Balance as of December 31, 2021	$	7,850

Schedule of significant unobservable inputs for fair value measurements


	Fair Value
	as of
	December 31,		Valuation	Unobservable
Contingent Consideration Liability	2021		Technique	Inputs
Revenue-based Payments	$	7,850	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Schedule of property and equipment


	Estimated Useful	December 31,		December 31,
	Life (Years)	2021		2020
Furniture and fixtures	7	$	488	$	358
Computers, laptop and peripherals	5		3,590		2,367
Laboratory equipment	5		5,906		3,806
Leasehold improvements	Shorter of the lease life or 7		1,571		1,261
Total property and equipment			11,555		7,792
Less: Accumulated depreciation			(4,068)		(2,264)
Property and equipment, net		$	7,487	$	5,528

Schedule of Demo inventory


	Estimated	December 31,		December 31,
	Life (Years)	2021		2020
Demo inventory – gross	3	$	3,733	$	2,010
Less: Accumulated depreciation			(1,185)		(516)
Demo inventory, net		$	2,548	$	1,494

Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Intangible assets and goodwill

Schedule of Intangible assets

Intangible assets as of December 31, 2021 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(2,561)	$	9,239	15
Developed technology		8,300		(2,252)		6,048	12
Licenses		63		(25)		38	15
Trade names and trademarks		6,300		(1,722)		4,578	12
Capitalized software		1,259		(68)		1,191	5
Non-compete agreements		300		(244)		56	4
Total intangible assets	$	28,022	$	(6,872)	$	21,150

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


2022	$	2,372
2023		2,430
2024		2,549
2025		2,549
2026		2,520
Thereafter		8,730
Total	$	21,150

Accrued expense and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued expenses and other current liabilities

Schedule of accrued expenses and other liabilities


	December 31,		December 31,
	2021		2020
Payroll and compensation	$	6,502	$	2,225
Current portion of contingent consideration		1,207		1,590
Inventory purchases		1,877		478
Other accrued expenses		3,905		2,722
Total accrued expenses and other current liabilities	$	13,491	$	7,015

Debt and capital lease obligations (Tables)

12 Months Ended

Dec. 31, 2021

Debt and capital lease obligations

Schedule of Components of debt


	December 31,		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		(413)		(515)
Accretion of final fee		384		59
Total debt, net		32,471		34,520
Less amount included as short-term		—		(1,032)
Long-term debt, net	$	32,471	$	33,488

Schedule of Debt maturities


	Midcap Trust
Year ended:	Term Loan
December 31, 2022	$	—
December 31, 2023		—
December 31, 2024		2,708
December 31, 2025		16,250
December 31, 2026		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://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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-Section 45
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Stock compensation plans (Tables)

12 Months Ended

Dec. 31, 2021

Stock compensation plans

Summary of option activity

The following is a summary of option activity:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Term	Aggregate Intrinsic
	Shares	Exercise Price		(in years)	Value
Outstanding at December 31, 2020	3,920,487	$	0.51	8.2	$	13,882
Granted	2,852,252		15.05
Exercised	(747,758)		0.52
Canceled	(297,234)		9.44
Outstanding at December 31, 2021	5,727,747		7.29	8.1	$	48,447
Exercisable at December 31, 2021	2,248,051	$	0.66	6.8	$	32,931

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


	Year ended		Year ended
	December 31,		December 31,
	2021		2020

Weighted-average risk-free interest rate	1.1	%	0.8	%
Expected dividend yield	0	%	0	%
Expected volatility	50.9	%	46.6	%
Expected term	6.0 years		5.4 years

Schedule of Stock-based compensation expense allocated


	Year ended
	December 31,
	2021		2020
Cost of goods sold	$	118	$	7
Selling, general and administrative		3,339		347
Research and development		582		123
Total stock-based compensation	$	4,039	$	477

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income taxes

Schedule of components of net income (loss) before income taxes

The components of net income (loss) before income taxes for the years ending December 31, 2021 and 2020 is as follows:


		December 31,		December 31,
		2021		2020
Domestic		(43,241)		(16,781)
Foreign		166		117
Total	$	(43,075)	$	(16,664)

Schedule of income tax provision

The Company’s income tax provision for the years ending December 31, 2021 and 2020 is as follows:


		December 31,		December 31,
		2021		2020
Federal		—		—
State		5		5
Foreign		10		30
Total current tax provision	$	15	$	35
Federal		(58)		2
State		(86)		5
Foreign		(11)		—
Total deferred tax provision	$	(155)	$	7
Total tax provision	$	(140)	$	42

Reconciliation between income tax benefit and expected tax benefit at the statutory rate

A reconciliation between income tax benefit and the expected tax benefit at the statutory rate for the years ended December 31, 2021 and 2020 is as follows:


	2021		2020
Federal statutory rate	21.00	%	21.00	%
State rate, net of federal benefit	3.60	%	4.09	%
Permanent differences	0.25	%	(1.23)	%
Tax credits generated	3.80	%	7.01	%
Non-deductible financing costs	(1.33)	%	—	%
Change in valuation allowance	(23.22)	%	(24.49)	%
Uncertain tax positions	(3.80)	%	(5.91)	%
Foreign rate differential	0.00	%	0.02	%
Other items	0.03	%	(0.74)	%
Effective tax rate	0.32	%	(0.25)	%

Schedule of significant components of net deferred tax liability

The significant components of the Company’s net deferred tax liability consist of the following at December 31, 2021 and 2020:


		December 31,		December 31,
Deferred tax assets (liabilities):		2021		2020
Deferred tax assets
Net operating losses	$	18,105	$	10,397
Accruals & reserves		1,127		379
Intangibles		358		291
Interest		723		—
Stock		466		—
Other		385		186
Gross deferred tax assets		21,164		11,253
Valuation Allowance		(20,754)		(10,750)
Net deferred tax assets		410		503
Deferred tax liabilities
Depreciation		(327)		(237)
Goodwill		(98)		(436)
Net deferred tax liability	$	(15)	$	(170)

Rollforward of uncertain tax position primarily related to research and development tax credits

A rollforward of the uncertain tax position that was primarily related to our research and development tax credits is as follows (in thousands):


Uncertain tax positions at December 31, 2019	$	1,677
Increase in uncertain tax positions		1,086
Uncertain tax positions at December 31, 2020		2,763
Increase in uncertain tax positions		1,463
Uncertain tax positions at December 31, 2021		4,226

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and contingencies

Schedule of Contractual cash lease payments

Contractual cash payments for the Company’s operating leases as of December 31, 2021 by fiscal year are as follows:


2022	$	2,596
2023		2,561
2024		2,175
2025		2,204
2026		2,106
Thereafter		682
Total	$	12,324

Net loss per share attributable to common stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Net loss per share attributable to common stockholders

Schedule of Computation of basic and diluted earnings per common share


	Year ended
	December 31,
	2021		2020

Net loss	$	(42,935)	$	(16,706)
Dividends accrued on redeemable convertible preferred stock		(1,435)		(4,760)
Accretion of redeemable convertible preferred stock		—		(296)
Adjusted net loss attributable to common stockholders	$	(44,370)	$	(21,762)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		26,896,976		2,370,574
Basic and diluted net loss per common share outstanding	$	(1.65)	$	(9.18)

Schedule of Antidilutive shares excluded from computation


	December 31,
	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	5,727,747	3,920,487
Performance-based stock options	—	21,459
Warrant to purchase Series D convertible preferred stock (as converted to common stock)	—	158,274
Warrant to purchase common stock	158,274	—
Total	5,886,021	30,645,799

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segments

Schedule of revenues by geographical market


	Year ended
	December 31,
	2021		2020

North America	$	28,028	$	20,178
APAC		12,530		10,409
EMEA		14,359		11,856
Total Revenue	$	54,917	$	42,443


	Year ended
	December 31,
	2021		2020

North America	51	%	47	%
APAC	23	%	25	%
EMEA	26	%	28	%
Total Revenue	100	%	100	%

The company and basis of presentation (Details)	12 Months Ended
The company and basis of presentation (Details)	Dec. 31, 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	12 Months Ended
	Apr. 20, 2021 shares	Apr. 08, 2021	Apr. 30, 2021 USD ($) $ / shares shares	Dec. 31, 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 to Common
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
The company and basis of presentation
Cash and cash equivalents	$ 113,079	$ 17,006
Accumulated deficit	(96,107)	(52,280)
Cash used from operations	$ (36,068)	$ (6,843)

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of significant accounting policies - Accounts receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Allowance for doubtful accounts	$ 45	$ 103

Summary of significant accounting policies - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years

Summary of significant accounting policies - Service and Other Revenue and Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Standard service-based warranty terms	1 year
Extended service-based warranty terms	1 year
Revenue	$ 54,917	$ 42,443
Contract assets	$ 0	0
Practical expedient elected	true
Product
Disaggregation of Revenue [Line Items]
Revenue	$ 44,477	33,438
Instruments
Disaggregation of Revenue [Line Items]
Revenue	28,692	23,772
Consumables
Disaggregation of Revenue [Line Items]
Revenue	14,298	8,535
Standalone software products
Disaggregation of Revenue [Line Items]
Revenue	1,487	1,131
Service and other
Disaggregation of Revenue [Line Items]
Revenue	$ 10,440	$ 9,005

Summary of significant accounting policies - Capitalized software development costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Summary of Significant Accounting Policies
Costs eligible for capitalization under ASC 985-20		$ 600
Development costs related to internal-use software	$ 659

Summary of significant accounting policies - Advertising expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Advertising costs	$ 3.4	$ 0.8

Summary of significant accounting policies - Deferred offering costs and stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Deferred offering costs	$ 0	$ 269
Requisite service period	4 years
Expected dividend yield	0.00%

Summary of significant accounting policies - Recent accounting standards (Details) - ASU 2016-02 $ in Millions	Jan. 01, 2022 USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 10.1
Lease liabilities	10.4
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	11.1
Lease liabilities	$ 11.4

Significant risks and uncertainties including business and credit concentrations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) customer	Dec. 31, 2020 USD ($) customer
Concentration Risk [Line Items]
Allowance for doubtful accounts \| $	$ 45	$ 103
Revenue from Contract with Customer Benchmark \| Customers
Concentration Risk [Line Items]
Number of customers with concentration risk	0	0
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 7,850	$ 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	7,850	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	7,850	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	$ 7,850	$ 6,984

Fair value of financial instruments - Recurring Basis Unobservable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation Technique and Input, Description [Abstract]
Contingent consideration liability (Note 4), net of current portion	$ 7,850	$ 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 payment to accrued expenses	(1,207)	(1,590)
Change in fair value	2,073	606
Balance, end of period	7,850	6,984
Difference between the amount paid and the amount included in accrued expenses		87
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	298
Reclassification of warrant liability to stockholders' equity	$ (3,218)
Balance, end of period		$ 490

Property and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,555	$ 7,792
Less: Accumulated depreciation	(4,068)	(2,264)
Property and equipment, net	7,487	5,528
Depreciation expense	$ 1,804	$ 1,398
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years	7 years
Property and equipment, gross	$ 488	$ 358
Computers, laptop and peripherals
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years	5 years
Property and equipment, gross	$ 3,590	$ 2,367
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years	5 years
Property and equipment, gross	$ 5,906	$ 3,806
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years	7 years
Property and equipment, gross	$ 1,571	$ 1,261

Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and equipment, net
Estimated life (years)	3 years	3 years
Demo inventory - gross	$ 3,733	$ 2,010
Less: Accumulated depreciation	(1,185)	(516)
Demo inventory, net	2,548	1,494
Depreciation expense relating to demo equipment	$ 824	$ 335

Intangible assets and goodwill (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2015	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		$ 28,022	$ 27,422
Accumulated amortization		(6,872)	(4,708)
Total		21,150	22,714
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense		2,098	2,082
Cost of goods sold
Finite-Lived Intangible Assets [Line Items]
Amortization expense		66
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		11,800	11,800
Accumulated amortization		(2,561)	(1,774)
Total		$ 9,239	$ 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
Accumulated amortization		(2,252)	(1,560)
Total		$ 6,048	$ 6,740
Useful life (in years)		12 years	12 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		$ 63	$ 63
Accumulated amortization		(25)	(20)
Total		$ 38	$ 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
Accumulated amortization		(1,722)	(1,184)
Total		$ 4,578	$ 5,116
Useful life (in years)		12 years	12 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		$ 1,259	$ 659
Accumulated amortization		(68)
Total		$ 1,191	$ 659
Useful life (in years)		5 years	5 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		$ 300	$ 300
Accumulated amortization		(244)	(170)
Total		$ 56	$ 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	Dec. 31, 2021	Dec. 31, 2020
Amortization expense related to identifiable intangible assets in future periods
2022	$ 2,372
2023	2,430
2024	2,549
2025	2,549
2026	2,520
Thereafter	8,730
Total	$ 21,150	$ 22,714

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

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued payroll and compensation	$ 6,502	$ 2,225
Current portion of contingent consideration	1,207	1,590
Accrued inventory purchases	1,877	478
Other accrued expenses	3,905	2,722
Total accrued expenses and other current liabilities	$ 13,491	$ 7,015

Debt and capital lease obligations - Term Loan Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Short-term debt obligation				$ 1,032
Long-term debt obligation			$ 32,471	33,488
Gain (loss) on extinguishment of debt			2,476	(1,671)
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				$ 123
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]
Final payment fee to be paid upon termination	1,625
Amortization of final payment fee			$ 325
Credit facility amount	37,500
Proceeds received	$ 32,500
Term of interest-only payments	36 months
Period of straight-line amortization	24 months
Effective interest rate at end of period			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%
Midcap Trust Term Loan \| LIBOR
Debt Instrument [Line Items]
Interest rate variable rate spread	6.35%
LIBOR floor	1.50%
PPP loan
Debt Instrument [Line Items]
Principal amount					$ 2,476
Interest rate					1.00%
Gain (loss) on extinguishment of debt			$ 2,476

Debt and capital lease obligations - Debt components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 32,500	$ 34,976
Unamortized debt discount	(413)	(515)
Accretion of final fee	384	59
Total debt, net	32,471	34,520
Amount included as short-term		(1,032)
Long-term debt, net of current portion and debt discount	32,471	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

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt and capital lease obligations - Debt maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total minimum principal payments	$ 32,500	$ 34,976
Midcap Trust Term Loan
Debt Instrument [Line Items]
2024	2,708
2025	16,250
2026	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	1 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Series D Warrant
Temporary Equity [Line Items]
Shares called by warrant \| shares	368,779
Innovatus
Temporary Equity [Line Items]
Purchase price (per share) \| $ / shares	$ 1.53
Warrant value recorded as debt discount	$ 192
Series D Redeemable Convertible Preferred Stock \| Innovatus
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	12 Months Ended
	Dec. 31, 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	$ 272	$ 197
Long-term portion of capital lease obligations	$ 197	$ 277

Stockholder's equity (deficit) (Details)	1 Months Ended	12 Months Ended
Stockholder's equity (deficit) (Details)	Apr. 30, 2021 shares	Dec. 31, 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
Common stock, par value \| $ / shares		$ 0.00001
Preferred stock, shares authorized		10,000,000
Preferred stock, par value \| $ / shares		$ 0.00001
Common stock, shares issued		37,424,101		2,563,765
Common stock, shares outstanding		37,424,101		2,563,765
Common stock, shares reserved for issuance upon the exercise of stock options		6,709,218		4,932,952
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000		62,220,020
Common stock, par value \| $ / shares		$ 0.00001		$ 0.00001
Common stock, voting rights (per share) \| Vote		1
Common stock, shares issued		37,424,101		0
Common stock, shares outstanding		37,424,101		0
2015 Plan
Class of Stock [Line Items]
Common stock, shares authorized	6,020,175		4,947,214
Increase in number of shares of common stock authorized	1,072,961

Stock compensation plans (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 08, 2021	Dec. 31, 2021	Dec. 31, 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		$ 21,224	$ 587
Options granted, weighted average fair value per share		$ 7.45	$ 0.45
Options granted, weighted average exercise price per share		$ 15.05
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average risk-free interest rate		1.10%	0.80%
Expected dividend yield		0.00%	0.00%
Expected volatility		50.90%	46.60%
Expected term		6 years	5 years 4 months 24 days
Stock-based compensation		$ 4,039	$ 477
Unrecognized compensation		$ 16,355	$ 478
Period for recognition		3 years 3 months 18 days	2 years 9 months 18 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		$ 118	$ 7
Stock Options \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation		3,339	347
Stock Options \| Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation		$ 582	$ 123
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
2015 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance		0
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

Stock compensation plans - Summary of option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock Options
Number of Shares
Outstanding at beginning of year	3,920,487
Options granted	2,852,252
Options exercised	(747,758)
Options canceled	(297,234)
Outstanding at end of year	5,727,747	3,920,487
Options exercisable	2,248,051
Weighted-Average Exercise Price
Outstanding at beginning of year	$ 0.51
Granted	15.05
Exercised	0.52
Canceled	9.44
Outstanding at end of year	7.29	$ 0.51
Exercisable	$ 0.66
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding	8 years 1 month 6 days	8 years 2 months 12 days
Exercisable	6 years 9 months 18 days
Outstanding	$ 48,447	$ 13,882
Exercisable	32,931
Stock-based compensation	4,039	$ 477
Performance-based stock options
Number of Shares
Options granted		21,459
Weighted-Average Exercise Price
Granted		$ 0.84
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Stock-based compensation	$ 454

Employee stock purchase plan (Details) - shares	Apr. 08, 2021	Dec. 31, 2021	Dec. 31, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Common stock, shares issued		37,424,101	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	12 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Tax Credit, Amount [Abstract]
Benefit (provision) for income taxes	$ 140	$ (42)
Statutory rate	21.00%	21.00%
Federal net operating loss carryforwards	$ 72,454	$ 41,315
Federal net operating loss carryforwards subject to expiration	2,567
Federal net operating loss carryforwards not subject to expiration	69,887
State net operating loss carryforwards	44,360	26,161
Research development tax credit carryforwards
Effective Income Tax Rate Reconciliation, Tax Credit, Amount [Abstract]
Federal net operating loss carryforwards	2,272	1,544
State net operating loss carryforwards	1,955	$ 1,220
PPP loan
Effective Income Tax Rate Reconciliation, Tax Credit, Amount [Abstract]
Tax credit	4,321
Gross tax receivable in Prepaid expenses and other current assets	$ 5,093

Income taxes - Components of net income (loss) before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net income (loss) before income taxes
Domestic	$ (43,241)	$ (16,781)
Foreign	166	117
Loss before benefit (provision) for income taxes	$ (43,075)	$ (16,664)

- Definition

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

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+ Details

Income taxes - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income tax provision
State	$ 5	$ 5
Foreign	10	30
Total current tax provision	15	35
Federal	(58)	2
State	(86)	5
Foreign	(11)
Deferred Income Tax Expense (Benefit), Total	(155)	7
Income Tax Expense (Benefit), Total	$ (140)	$ 42

- Definition

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

+ References + Details

Income taxes - Reconciliation between income tax benefit and expected tax benefit at the statutory rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation between income tax benefit and expected tax benefit at the statutory rate
Federal statutory rate	21.00%	21.00%
State rate, net of federal benefit	3.60%	4.09%
Permanent differences	0.25%	(1.23%)
Tax credits generated	3.80%	7.01%
Non-deductible financing costs	(1.33%)
Change in valuation allowance	(23.22%)	(24.49%)
Uncertain tax positions	(3.80%)	(5.91%)
Foreign rate differential	0.00%	0.02%
Other items	0.03%	(0.74%)
Effective tax rate	0.32%	(0.25%)

Income taxes - Significant components of net deferred tax liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating losses	$ 18,105	$ 10,397
Accruals & reserves	1,127	379
Intangibles	358	291
Interest	723
Stock	466
Other	385	186
Gross deferred tax assets	21,164	11,253
Valuation Allowance	(20,754)	(10,750)
Net deferred tax assets	410	503
Deferred tax liabilities
Depreciation	(327)	(237)
Goodwill	(98)	(436)
Net deferred tax liability	$ (15)	$ (170)

Income taxes - Rollforward of uncertain tax positions related to research and development tax credits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Uncertain tax positions at beginning of period	$ 2,763	$ 1,677
Increase in uncertain tax positions	1,463	1,086
Uncertain tax positions at end of period	4,226	2,763
Accrued interest and penalties related to uncertain tax positions	$ 0	$ 0

Commitments and contingencies - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2021	Jul. 31, 2021	Jun. 18, 2021	Jul. 31, 2019
Lessee, Lease, Description [Line Items]
2022	$ 2,596
2023	2,561
2024	2,175
2025	2,204
2026	2,106
Thereafter	682
Total	12,324
Rent expense	$ 1,810	$ 1,169
Office and laboratory space \| Menlo Park, CA
Lessee, Lease, Description [Line Items]
Security deposit				$ 92
Term of contract				70 months
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
Lessee, Lease, Description [Line Items]
Security deposit			$ 43
Term of contract			30 months
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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2018
License Agreement \| Stanford
Other Commitments [Line Items]
Royalty rate on net sales of the product	2.25%
License Agreement \| Stanford \| 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		$ 1,207,000	$ 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 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net loss per share attributable to common stockholders
Net loss	$ (42,935)	$ (16,706)
Dividends accrued on redeemable convertible preferred stock	(1,435)	(4,760)
Accretion of redeemable convertible preferred stock		(296)
Adjusted net loss attributable to common stockholders	$ (44,370)	$ (21,762)
Weighted-average shares outstanding, basic	26,896,976	2,370,574
Weighted-average shares outstanding, diluted	26,896,976	2,370,574
Net loss per share attributable to common stockholders, basic	$ (1.65)	$ (9.18)
Net loss per share attributable to common stockholders, diluted	$ (1.67)	$ (9.18)

- Definition

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

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

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Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	5,886,021	30,645,799
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	5,727,747	3,920,487
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		21,459
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	12 Months Ended
Segments (Details) $ in Thousands	Dec. 31, 2021 USD ($) segment item	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Number of business activities \| item	1
Number of reportable segments \| segment	1
Total Revenue	$ 54,917	$ 42,443
Operations
Disaggregation of Revenue [Line Items]
Number of segment managers	0
North America
Disaggregation of Revenue [Line Items]
Total Revenue	$ 28,028	20,178
APAC
Disaggregation of Revenue [Line Items]
Total Revenue	12,530	10,409
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	$ 14,359	$ 11,856

- 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.

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Segments - Revenue (Details) - Revenue from Contract with Customer Benchmark - Geographic Concentration Risk - country	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
North America
Concentration Risk [Line Items]
Concentration Risk, Percentage	51.00%	47.00%
APAC
Concentration Risk [Line Items]
Concentration Risk, Percentage	23.00%	25.00%
EMEA
Concentration Risk [Line Items]
Concentration Risk, Percentage	26.00%	28.00%
One country
Concentration Risk [Line Items]
Number of countries with concentration risk	1
Concentration Risk, Percentage	14.00%	11.00%

Related party transactions (Details) - Argonaut Manufacturing services - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Costs of goods sold relating to sales to related party	$ 3,433,000	$ 1,475,000
Inventory purchased from related party	4,263,000	1,300,000
Accounts payable due to related party	$ 1,700,000	$ 569,000
Minimum
Related Party Transaction [Line Items]
Percentage of total outstanding shares owned by related party	5.00%

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details