0001558370-23-008574 | 10-Q | XBRL Viewer

Print Document View Excel Document

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 60,247	$ 74,229
Marketable securities		6,989
Accounts receivable, net	12,943	9,729
Inventories, net	14,507	14,486
Prepaid expenses and other current assets	3,977	6,764
Total current assets	91,674	112,197
Property and equipment, net	10,425	10,174
Restricted cash	304	303
Demo inventory, net	1,967	2,084
Intangible assets, net	19,496	20,048
Goodwill	18,262	18,262
Operating lease right of use assets, net	10,187	10,785
Financing lease right of use assets, net	1,290	1,490
Other assets	692	688
Total assets	154,297	176,031
Current liabilities
Accounts payable	8,683	10,628
Accrued expenses and other current liabilities	14,300	16,519
Current portion of operating lease liabilities	2,975	3,009
Current portion of financing lease liabilities	608	620
Deferred revenue	6,657	6,279
Total current liabilities	33,223	37,055
Deferred revenue, net of current portion	2,545	2,114
Long-term debt, net of debt discount	63,455	63,277
Deferred tax liability, net	87	87
Operating lease liabilities, net of current portion	7,698	8,203
Financing lease liabilities, net of current portion	539	675
Contingent consideration liability (Note 4), net of current portion	4,626	6,039
Total liabilities	112,173	117,450
Stockholders' equity
Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
Common Stock, $0.00001 par value; 500,000,000 shares authorized at March 31, 2023 and December 31, 2022; 38,399,071 and 38,288,188 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	2	2
Additional paid in capital	227,672	225,333
Accumulated deficit	(185,550)	(166,748)
Accumulated other comprehensive loss		(6)
Total stockholders' equity	42,124	58,581
Total liabilities and stockholders' equity	$ 154,297	$ 176,031

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue


	Three months ended
	March 31, 2023		March 31, 2022
Revenue
Product revenue
Instruments	$	9,607	$	8,521
Consumables		5,712		4,628
Standalone software products		205		194
Total product revenue	$	15,524	$	13,343
Service and other revenue	$	5,886	$	3,551
Total revenue	$	21,410	$	16,894

Net loss per share attributable to common stockholders (Tables)

3 Months Ended

Mar. 31, 2023

Net loss per share attributable to common stockholders

Schedule of Computation of basic and diluted earnings per common share


	Three months ended
	March 31,
	2023		2022

Net loss	$	(18,802)	$	(16,399)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		38,326,024		37,464,496
Basic and diluted net loss per common share outstanding	$	(0.49)	$	(0.44)

Schedule of Antidilutive shares excluded from computation


	March 31,
	2023	2022
Outstanding stock options	6,939,998	6,296,781
Unvested restricted stock units	1,353,370	137,500
Warrant to purchase common stock	—	158,274
Total	8,293,368	6,592,555

Significant risks and uncertainties including business and credit concentrations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) customer	Mar. 31, 2022 customer	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Allowance for credit loss \| $	$ 45		$ 45
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

Summary of significant accounting policies - Deferred offering costs and stock-based compensation (Details)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Requisite service period	4 years
Expected dividend yield	0.00%

Related party transactions (Details) - USD ($)	3 Months Ended
Related party transactions (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Inventories, net	$ 14,507,000		$ 14,486,000
Argonaut Manufacturing services
Related Party Transaction [Line Items]
Costs of goods sold relating to sales to related party	1,947,000	$ 971,000
Inventories, net	7,111,000		7,545,000
Accounts payable due to related party	$ 850,000		$ 1,271,000
Argonaut Manufacturing services \| 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

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40344
Entity Registrant Name	Akoya Biosciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5586242
Entity Address, Address Line One	100 Campus Drive
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Marlborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01752
City Area Code	855
Local Phone Number	896-8401
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AKYA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,405,567
Entity Central Index Key	0001711933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 21,410	$ 16,894
Cost of goods sold	9,117	6,798
Gross profit	12,293	10,096
Operating expenses:
Selling, general and administrative	21,758	18,193
Research and development	5,773	5,714
Change in fair value of contingent consideration	227	200
Depreciation and amortization	1,971	1,543
Total operating expenses	29,729	25,650
Loss from operations	(17,436)	(15,554)
Other income (expense):
Interest expense	(2,054)	(749)
Interest income	765	22
Other expense, net	(48)	(96)
Loss before provision for income taxes	(18,773)	(16,377)
Provision for income taxes	(29)	(22)
Net loss	$ (18,802)	$ (16,399)
Net loss per share attributable to common stockholders, basic	$ (0.49)	$ (0.44)
Net loss per share attributable to common stockholders, diluted	$ (0.49)	$ (0.44)
Weighted-average shares outstanding, basic	38,326,024	37,464,496
Weighted-average shares outstanding, diluted	38,326,024	37,464,496
Product
Revenue	$ 15,524	$ 13,343
Cost of goods sold	5,751	4,080
Service and other
Revenue	5,886	3,551
Cost of goods sold	$ 3,366	$ 2,718

Leases - Lease cost classification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease cost:
Interest on lease liabilities	$ 20	$ 6
Operating lease cost:
Total lease cost	1,033	855
Cost of service and other revenue
Finance lease cost:
Amortization of right-of-use assets	71
Depreciation and amortization
Finance lease cost:
Amortization of right-of-use assets	130	139
Cost of product revenue
Operating lease cost:
Rent expense	28
Selling, general and administrative
Operating lease cost:
Rent expense	$ 784	$ 710

Intangible assets and goodwill - Goodwill balance (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible assets and goodwill
Goodwill balance	$ 18,262	$ 18,262

Employee stock purchase plan (Details) - shares	Apr. 08, 2021	Mar. 31, 2023	Dec. 31, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Common stock, shares issued		38,399,071	38,288,188
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	0

Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of financial assets and liabilities at fair value on a recurring basis


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	60,247	$	1,575	$	58,672	$	—
Total Assets	$	60,247	$	1,575	$	58,672	$	—

Liabilities:
Contingent consideration – Long term portion	$	4,626	$	—	$	—	$	4,626
Total Liabilities	$	4,626	$	—	$	—	$	4,626


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	74,229	$	73,973	$	256	$	—
U.S. Treasury securities		6,989		—		6,989		—
Total Assets	$	81,218	$	73,973	$	7,245	$	—

Liabilities:
Contingent consideration – Long term portion	$	6,039	$	—	$	—	$	6,039
Total Liabilities	$	6,039	$	—	$	—	$	6,039

Summary of cash, cash equivalents, and marketable securities

The following is a summary of cash, cash equivalents, and marketable securities as of March 31, 2023 and December 31, 2022:


	March 31, 2023
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

Cash and cash equivalents	$	60,247	$	—	$	—	$	60,247
Total cash and cash equivalents	$	60,247	$	—	$	—	$	60,247


	December 31, 2022
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

Cash and cash equivalents	$	74,229	$	—	$	—	$	74,229
Marketable securities:
U.S. Treasury securities due in one year or less		6,995		—		(6)		6,989
Total marketable securities		6,995		—		(6)		6,989
Total cash, cash equivalents, and marketable securities	$	81,224	$	—	$	(6)	$	81,218

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, 2022	$	6,039
Reclassification of FY 2023 payment to accrued expenses		(1,640)
Change in contingent consideration value		227
Balance as of March 31, 2023	$	4,626


Balance as of December 31, 2021	$	7,850
Reclassification of FY 2022 payment to accrued expenses		(1,295)
Change in contingent consideration value		200
Balance as of March 31, 2022	$	6,755

Schedule of significant unobservable inputs for fair value measurements


	Fair Value
	as of
	March 31,		Valuation	Unobservable
Contingent Consideration Liability	2023		Technique	Inputs
Revenue-based Payments	$	4,626	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

Intangible assets and goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 29,809		$ 29,544
Accumulated amortization	(10,313)		(9,496)
Total	19,496		20,048
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	817	$ 618
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	11,800		11,800
Accumulated amortization	(3,544)		(3,348)
Total	$ 8,256		$ 8,452
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	(3,116)		(2,943)
Total	$ 5,184		$ 5,357
Useful life (in years)	12 years		12 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 213		$ 213
Accumulated amortization	(180)		(36)
Total	$ 33		$ 177
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	(2,757)		(2,550)
Total	$ 3,543		$ 3,750
Useful life (in years)	12 years		12 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 2,896		$ 2,631
Accumulated amortization	(416)		(319)
Total	$ 2,480		$ 2,312
Useful life (in years)	5 years		5 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 300		$ 300
Accumulated amortization	$ (300)		$ (300)
Useful life (in years)	4 years		4 years

The company and basis of presentation - Initial public offering (Details)	3 Months Ended
	Mar. 31, 2023 region
The company and basis of presentation
Number of geographic regions for sales	3

Stock compensation plans - Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value	$ 11,547	$ 1,634
Number of Shares
Granted	1,027,590	137,500
Weighted-Average Grant Date Fair Value Per Share
Granted	$ 11.24	$ 11.88

Leases - Future minimum commitments under financing leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases
2023 remaining	$ 470
2024	558
2025	205
Total lease payments	1,233
Less: discount to lease payments	(86)
Total financing lease liabilities	$ 1,147

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2023

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

(8) Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31,		December 31,
	2023		2022
Payroll and compensation	$	4,487	$	8,288
Current portion of contingent consideration		3,348		1,709
Inventory purchases		783		488
Other accrued expenses		5,682		6,034
Total accrued expenses and other current liabilities	$	14,300	$	16,519

Stockholders equity (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Nov. 07, 2022 USD ($) $ / shares	Mar. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 Vote $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000	500,000,000
Common stock, par value \| $ / shares		$ 0.00001	$ 0.00001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, par value \| $ / shares		$ 0.00001	$ 0.00001
Common stock, voting rights (per share) \| Vote		1	1
Common stock, shares issued		38,399,071	38,288,188
Common stock, shares outstanding		38,399,071	38,288,188
Common stock, shares reserved for issuance upon the exercise of stock options		9,625,710	7,834,432
Equity Distribution Agreement
Class of Stock [Line Items]
Common stock, par value \| $ / shares	$ 0.00001
Commission percentage on gross proceeds of common stock sold	3.00%
Equity Distribution Agreement \| Maximum
Class of Stock [Line Items]
Aggregate offering price \| $	$ 50.0

Stock compensation plans - Stock-based compensation expense and unrecognized compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,375	$ 1,545
Unrecognized compensation	$ 19,799	$ 18,700
Period for recognition	2 years 10 months 24 days	3 years 3 months 18 days
Stock Options \| Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 86	$ 47
Stock Options \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	1,922	1,225
Stock Options \| Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	367	273
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation	$ 14,371	$ 1,625
Period for recognition	3 years 9 months 18 days	4 years

Related party transactions

3 Months Ended

Mar. 31, 2023

Related party transactions

Related party transactions

(17) Related party transactions

Argonaut Manufacturing Services Inc. (“AMS”) is a portfolio company of Telegraph Hill Partners, which holds greater than 5% of our total outstanding shares. During the three months ended March 31, 2023 and 2022, the Company incurred costs of goods sold of approximately $1,947 and $971, respectively, related to sales of consumables manufactured by AMS. As of March 31, 2023 and December 31, 2022, $7,111 and $7,545, respectively, is included in inventory related to consumables manufactured by AMS. As of March 31, 2023 and December 31, 2022, the Company had $850 and $1,271 in accounts payable, respectively, due to AMS.

Segments

3 Months Ended

Mar. 31, 2023

Segments

Segments

(16) Segments

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

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


	Three months ended
	March 31,
	2023		2022

North America	$	11,851	$	9,324
APAC		4,387		3,509
EMEA		5,172		4,061
Total Revenue	$	21,410	$	16,894


	Three months ended
	March 31,
	2023		2022

North America	55	%	55	%
APAC	21	%	21	%
EMEA	24	%	24	%
Total Revenue	100	%	100	%

North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the three months ended March 31, 2023, the Company had two countries outside of the United States with 11% and 12% of total revenue, respectively. For the three months ended March 31, 2022, the Company had no countries outside of the United States with more than 10% of total revenue.

As of March 31, 2023 and December 31, 2022, 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Summary of significant accounting policies - Service and Other Revenue and Disaggregation of Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Standard service-based warranty terms		1 year
Extended service-based warranty terms		1 year
Revenue		$ 21,410	$ 16,894
Contract assets		$ 0		$ 0
Practical expedient elected		true
Acrivon Agreement
Disaggregation of Revenue [Line Items]
Potential aggregate upfront payments	$ 10,850
Product
Disaggregation of Revenue [Line Items]
Revenue		$ 15,524	13,343
Instruments
Disaggregation of Revenue [Line Items]
Revenue		9,607	8,521
Consumables
Disaggregation of Revenue [Line Items]
Revenue		5,712	4,628
Standalone software products
Disaggregation of Revenue [Line Items]
Revenue		205	194
Service and other
Disaggregation of Revenue [Line Items]
Revenue		$ 5,886	$ 3,551

Debt - Term Loan Agreements (Details) $ in Thousands			1 Months Ended	3 Months Ended
Debt - Term Loan Agreements (Details) $ in Thousands	Nov. 07, 2022 USD ($)	Jun. 01, 2022 USD ($) payment	Oct. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Midcap Trust Term Loan
Debt Instrument [Line Items]
Credit facility amount			$ 37,500
Proceeds from debt financing			$ 32,500
Term of interest-only payments			36 months
Period of straight-line amortization			24 months
Effective interest rate at end of period				11.58%
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%
Final payment fee to be paid upon termination			$ 3,028
Amortization of final payment fee				$ 150		$ 81
Midcap Trust Term Loan \| LIBOR
Debt Instrument [Line Items]
Interest rate variable rate spread			6.35%
Interest rate floor			1.50%
Midcap Trust Term Loan - Amendment 2
Debt Instrument [Line Items]
Credit facility amount		$ 10,000
Number of principal payment installments \| payment		7
Commitment fee		$ 75
Funding percentage fee		0.25%
Midcap Trust Term Loan - Amendment 2 \| SOFR
Debt Instrument [Line Items]
Interest rate variable rate spread		6.35%
Interest rate floor		1.61448%
Midcap Trust Term Loan - Tranche 3
Debt Instrument [Line Items]
Credit facility amount		$ 10,000					$ 10,000
Midcap Trust Term Loan - Amendment 3
Debt Instrument [Line Items]
Credit facility amount	$ 11,250
Commitment fee	$ 74
Exit fee percentage	4.75%
Payment of accrued final fee					$ (779)
Midcap Trust Term Loan - Amendment 3 \| SOFR
Debt Instrument [Line Items]
Interest rate variable rate spread	6.80%
Interest rate floor	2.50%

Stockholders equity

3 Months Ended

Mar. 31, 2023

Stockholder's equity

Stockholder's equity

(10) Stockholder’s equity

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 March 31, 2023 and December 31, 2022, a total of 38,399,071 and 38,288,188 shares of common stock were issued and outstanding, respectively, and 9,625,710 and 7,834,432 shares of common stock were reserved for issuance upon the exercise of stock options and vesting of restricted stock, respectively.

On November 7, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. (“Piper Sandler”) with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.00001 per share (the “Common Stock”), having an aggregate offering price of up to $50.0 million (the “Placement Shares”) through Piper Sandler as its sales agent. Subject to the terms and conditions of the Equity Distribution Agreement, Piper Sandler may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made through The Nasdaq Global Select Market, on any other existing trading market for the Common Stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company or Piper Sandler may terminate the Equity Distribution Agreement upon notice to the other party and subject to other conditions. The Company will pay Piper Sandler a commission equal to 3.0% of the gross proceeds of any Common Stock sold through Piper Sandler under the Equity Distribution Agreement and has provided Piper Sandler with customary indemnification rights.

Issuance costs incurred related to the Equity Distribution Agreement are classified as long-term assets on the balance sheet at March 31, 2023 and December 31, 2022.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure

Debt

(9) Debt

Term Loan Agreements

In October 2020, the Company entered into a 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. The Company received $32,500 in aggregate proceeds as a result of the debt financing. 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%. 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.

On March 21, 2022, the Company entered into Amendment No. 1 to the Midcap Trust Term Loan, which amended certain provisions to permit certain additional debt and capital leases.

On June 1, 2022, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the Midcap Trust Term Loan, which permitted the draw of a second tranche of $10,000, which was drawn on June 1, 2022. Additionally, the amendment provides the Company with a new third tranche pursuant to which the Company may draw $10,000 any time after September 30, 2022 until September 30, 2023. The amendment also delayed the amortization start dates for the outstanding loan amounts from November 1, 2023 until April 1, 2025, at which point the Company will repay the principal amounts in seven equal monthly installments until the maturity date. Finally, Amendment No. 2 amended the interest rate payable on the term loan to apply an interest rate equal to the Secured Overnight Financing Rate (“SOFR”) rate (with a floor of 1.61448%) plus 6.35%. Substantially all other terms and conditions, and covenants of the credit agreement remain unchanged. In connection with Amendment No. 2, the Company agreed to pay a $75 commitment fee as well as a 0.25% fee upon the funding of each of the second tranche and third tranche amounts. The Company accounted for Amendment No. 2 as a modification pursuant to ASC 470-50. On September 30, 2022, the Company drew the third tranche of $10,000 related to Amendment No. 2.

On November 7, 2022, the Company entered into Amendment No. 3 (“Amendment No. 3”) to the Midcap Trust Term Loan, which permitted the draw of two additional tranches, each totaling $11,250, the first of which was drawn on November 7, 2022. The remaining tranche will become available for draw after June 30, 2023 but before December 31, 2023, and is subject to the Company achieving certain trailing twelve month revenue targets. Amendment No. 3 also delayed the amortization start dates for the outstanding loan amounts from April 1, 2025 until December 1, 2025 (subject to further extension upon certain conditions), at which point the Company will repay the principal amounts in equal monthly installments until the new maturity date of November 1, 2027, which was extended pursuant to Amendment No. 3. In addition, Amendment No. 3 amended the interest rate payable on the term loan to apply an interest rate equal to the SOFR rate (with a floor of 2.50%) plus 6.80%, and reset the call protection to begin as of November 7, 2025. Finally, Amendment No. 3 provides for a commitment fee of $74 payable on November 7, 2022 on the new tranche amounts and an exit fee of 4.75%. As part of Amendment No. 3, the Company paid $779 for the accrued amount of the final payment fee. Substantially all other terms and conditions, and covenants of the credit agreement remain unchanged. The Company accounted for Amendment No. 3 as a modification pursuant to ASC 470-50.

The interest rate was 11.58% at March 31, 2023. A final payment fee of $3,028 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three months ended March 31, 2023 and 2022, the Company recorded $150 and $81, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan.

Debt consists of the following:


	March 31,		December 31,
	2023		2022
Midcap Trust Term Loan	$	63,750	$	63,750
Unamortized debt discount		(536)		(565)
Accretion of final fee		241		92
Total debt, net	$	63,455	$	63,277

As of March 31, 2023, future principal payments due under the Midcap Trust Term Loan, excluding the $3,028 final payment fee, are as follows:


	Midcap Trust
Year ended:	Term Loan
December 31, 2023	$	—
December 31, 2024		—
December 31, 2025		2,656
December 31, 2026		31,875
December 31, 2027		29,219
Total minimum principal payments	$	63,750

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (18,802)	$ (16,399)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,121	1,619
Non-cash interest expense	178	105
Stock-based compensation expense	2,375	1,545
Deferred taxes		10
Change in fair value of contingent consideration	227	200
Net accretion of marketable securities	(5)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,214)	(1,870)
Prepaid expenses and other assets	2,517	(1,151)
Inventories, net	(137)	(2,286)
Operating lease right of use assets	598	472
Accounts payable	(1,945)	2,083
Accrued expenses and other liabilities	(3,941)	(2,460)
Operating lease liabilities	(539)	(397)
Deferred revenue	809	597
Net cash used in operating activities	(19,758)	(17,932)
Investing activities
Purchases of property and equipment	(804)	(1,138)
Maturities of marketable securities	7,000
Net cash provided by (used in) investing activities	6,196	(1,138)
Financing activities
Proceeds from stock option exercises	58	55
Settlement of restricted stock units for tax withholding obligations	(94)
Principal payments on financing leases	(148)	(126)
Payments of debt issuance costs	(33)
Payments of deferred offering costs	(202)
Net cash used in financing activities	(419)	(71)
Net decrease in cash, cash equivalents, and restricted cash	(13,981)	(19,141)
Cash, cash equivalents, and restricted cash at beginning of year	74,532	113,381
Cash, cash equivalents, and restricted cash at end of year	60,551	94,240
Supplemental disclosures of cash flow information
Cash paid for interest	1,793	638
Supplemental disclosures of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	$ 529	$ 887

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property and equipment, net

Schedule of property and equipment


	Estimated Useful	March 31,		December 31,
	Life (Years)	2023		2022
Furniture and fixtures	7	$	679	$	452
Computers, laptop and peripherals	5		5,136		4,762
Laboratory equipment	5		7,742		7,302
Leasehold improvements	Shorter of the lease life or 7		3,951		3,983
Total property and equipment			17,508		16,499
Less: Accumulated depreciation			(7,083)		(6,325)
Property and equipment, net		$	10,425	$	10,174

Schedule of Demo inventory


	Estimated	March 31,		December 31,
	Life (Years)	2023		2022
Demo inventory – gross	3	$	4,663	$	4,453
Less: Accumulated depreciation			(2,696)		(2,369)
Demo inventory, net		$	1,967	$	2,084

Stock compensation plans - 2021 Equity Incentive Plan (Details) - 2021 Plan	Apr. 08, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance	1,727,953
Expected term	10 years
Annual increase in shares available for issuance as a percentage of outstanding shares	5.00%

Accrued expense and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued expenses and other current liabilities

Schedule of accrued expenses and other liabilities


	March 31,		December 31,
	2023		2022
Payroll and compensation	$	4,487	$	8,288
Current portion of contingent consideration		3,348		1,709
Inventory purchases		783		488
Other accrued expenses		5,682		6,034
Total accrued expenses and other current liabilities	$	14,300	$	16,519

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income taxes
Provision for income taxes	$ (29)	$ (22)
Statutory rate	21.00%

- Definition

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

+ References + Details

Commitments and contingencies - License Agreements (Details) - License Agreement - PKI - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2018
Other Commitments [Line Items]
Accrued royalties	$ 1,639,000	$ 1,709,000
Minimum
Other Commitments [Line Items]
Royalty rate on net sales of the product			1.00%
Maximum
Other Commitments [Line Items]
Royalty rate on net sales of the product			7.00%

Stock compensation plans (Tables)

3 Months Ended

Mar. 31, 2023

Stock compensation plans

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


	Three months ended		Three months ended
	March 31,		March 31,
	2023		2022

Weighted-average risk-free interest rate	3.9	%	2.0	%
Expected dividend yield	0	%	0	%
Expected volatility	55.4	%	49.9	%
Expected term	6.1 years		6.0 years

Schedule of Stock-based compensation expense allocated


	Three months ended
	March 31,
	2023		2022
Cost of goods sold	$	86	$	47
Selling, general and administrative		1,922		1,225
Research and development		367		273
Total stock-based compensation	$	2,375	$	1,545

Significant risks and uncertainties including business and credit concentrations

3 Months Ended

Mar. 31, 2023

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, marketable securities, and receivables. The Company’s cash equivalents are held by large, credit worthy financial institutions. Marketable securities consist of short-term investments. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these banks generally exceed federally insured limits. 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 credit loss 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 had an allowance for credit loss of $45 and $45 at March 31, 2023 and December 31, 2022, respectively.

For the three months ended March 31, 2023 and 2022, no single customer accounted for more than 10% of revenue. As of March 31, 2023 and December 31, 2022, no single customer accounted for more than 10% of accounts receivable.

Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property and equipment, net
Estimated life (years)	3 years		3 years
Demo inventory - gross	$ 4,663		$ 4,453
Less: Accumulated depreciation	(2,696)		(2,369)
Demo inventory, net	1,967		$ 2,084
Depreciation expense relating to demo equipment	$ 326	$ 352

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Accrued payroll and compensation	$ 4,487	$ 8,288
Current portion of contingent consideration	3,348	1,709
Inventory purchases	783	488
Other accrued expenses	5,682	6,034
Total accrued expenses and other current liabilities	$ 14,300	$ 16,519

Fair value of financial instruments - Innovatus Term Loan (Details) $ / shares in Units, $ in Thousands	Sep. 30, 2019 USD ($) $ / shares shares
Innovatus
Fair value of financial instruments
Purchase price (per share) \| $ / shares	$ 1.53
Series D Warrant
Fair value of financial instruments
Shares called by warrant \| shares	368,779
Innovatus Term Loan
Fair value of financial instruments
Principal amount \| $	$ 25,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (18,802)	$ (16,399)
Other comprehensive income:
Unrealized gain on marketable securities	6
Total other comprehensive income	6
Comprehensive loss	$ (18,796)	$ (16,399)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: 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 8: 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(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: 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 12: 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)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: 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)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: 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)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: 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

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-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 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: 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 32: 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)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: 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)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Commitments and contingencies

3 Months Ended

Mar. 31, 2023

Commitments and contingencies

Commitments and contingencies

(14) Commitments and contingencies

License Agreements

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 $1,639 and $1,709 of accrued royalties in connection with this agreement as of March 31, 2023 and December 31, 2022, respectively, payable in the first quarter of 2024 and 2023, respectively.

Allowance for credit losses

3 Months Ended

Mar. 31, 2023

Allowance for credit losses

Allowance for credit losses

(6) Allowance for credit losses

The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances.

The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted.

As of March 31, 2023, the Company’s accounts receivable balance was $12,988, net of $45 of allowance for credit losses. The following table provides a roll-forward of the allowance for credit losses for the three months ended March 31, 2023 that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.


Balance at January 1, 2023	$	45
Change in provision		—
Balance at March 31, 2023	$	45

Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

(18) Leases

The Company is a lessee under operating leases of offices, warehouse space, laboratory space, and auto leases, and financing leases of computer equipment, staining equipment, and furniture.

Some leases include an option to renew, with renewal terms that can extend the lease term by five years. The exercise of lease renewal options is at the Company’s sole discretion. None of these options to renew are recognized as part of the

Company’s right-to-use asset or lease liability as of March 31, 2023, as renewal was determined to not be reasonably assured.

The table below summarizes the Company’s lease costs for the three months ended March 31, 2023:


		Three Months Ended March 31,
Lease Costs	Classification	2023		2022
Finance lease cost:
Amortization of right-of-use assets	Cost of service and other revenue	$	71	$	—
Amortization of right-of-use assets	Depreciation and amortization		130		139
Interest on lease liabilities	Interest expense, net		20		6
Operating lease cost:
Rent expense	Cost of product revenue		28		—
Rent expense	Selling, general and administrative		784		710
Total lease cost		$	1,033	$	855

As of March 31, 2023, future minimum commitments under ASC 842 under the Company’s operating leases were as follows:


Maturity of operating lease liabilities	As of March 31, 2023
2023 remaining	$	2,367
2024		2,760
2025		2,822
2026		2,619
2027		1,105
Thereafter		998
Total lease payments	$	12,671
Less: discount to lease payments		(1,998)
Total operating lease liabilities	$	10,673

As of March 31, 2023, future minimum commitments under ASC 842 under the Company’s financing leases were as follows:


Maturity of financing lease liabilities	As of March 31, 2023
2023 remaining	$	470
2024		558
2025		205
2026		—
2027		—
Thereafter		—
Total lease payments	$	1,233
Less: discount to lease payments		(86)
Total financing lease liabilities	$	1,147

The table below summarizes the weighted-average remaining lease term (in years), the weighted-average incremental borrowing rate (in percentages), as well as supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
Lease Term, Discount Rates, and Other	2023			2022
Weighted average remaining lease term
Operating leases		4.4	years		4.6	years
Financing leases		2.1	years		2.4	years
Weighted average incremental borrowing rate
Operating leases		7.85	%		7.85	%
Financing leases		6.83	%		4.97	%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$	753		$	637
Operating cash flows from finance leases		20			6
Financing cash flows from finance leases		148			126

Fair value of financial instruments - Recurring Basis Unobservable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Valuation Technique and Input, Description [Abstract]
Contingent consideration liability	$ 4,626		$ 6,039
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	6,039	$ 7,850
Reclassification of FY payment to accrued expenses	(1,640)	(1,295)
Change in contingent consideration value	227	200
Balance, end of period	4,626	$ 6,755
Contingent consideration - Long term portion \| Series D Redeemable Convertible Preferred Stock \| Discounted Cash Flow Analysis under the Income Approach
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, end of period	$ 4,626

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated other comprehensive income (loss)	Total
Balance, beginning of period at Dec. 31, 2021	$ 2	$ 217,456	$ (96,107)		$ 121,351
Balance, beginning of period (in shares) at Dec. 31, 2021	37,424,101
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		55			55
Exercise of stock options (in shares)	78,257
Net loss			(16,399)		(16,399)
Stock-based compensation		1,545			1,545
Balance, end of period at Mar. 31, 2022	$ 2	219,056	(112,506)		106,552
Balance, end of period (in shares) at Mar. 31, 2022	37,502,358
Balance, beginning of period at Dec. 31, 2022	$ 2	225,333	(166,748)	$ (6)	58,581
Balance, beginning of period (in shares) at Dec. 31, 2022	38,288,188
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		58			58
Exercise of stock options (in shares)	88,756
Vesting of restricted stock units		(94)			(94)
Vesting of restricted stock units (in shares)	22,127
Other comprehensive income (loss)				$ 6	6
Net loss			(18,802)		(18,802)
Stock-based compensation		2,375			2,375
Balance, end of period at Mar. 31, 2023	$ 2	$ 227,672	$ (185,550)		$ 42,124
Balance, end of period (in shares) at Mar. 31, 2023	38,399,071

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 17,508		$ 16,499
Less: Accumulated depreciation	(7,083)		(6,325)
Property and equipment, net	10,425		$ 10,174
Operating Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	698	$ 434
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 79	$ 76
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years		7 years
Property and equipment	$ 679		$ 452
Computers, laptop and peripherals
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years		5 years
Property and equipment	$ 5,136		$ 4,762
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years		5 years
Property and equipment	$ 7,742		$ 7,302
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years		7 years
Property and equipment	$ 3,951		$ 3,983

The company and basis of presentation

3 Months Ended

Mar. 31, 2023

The company and basis of presentation

The company and basis of presentation

(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™ (formerly CODEX^®) and PhenoImager™ (formerly Phenoptics™) platforms, reagents, software and services, the Company offers end-to-end solutions to perform tissue analysis and spatial phenotyping across the full continuum, from discovery through translational and clinical research.

On September 28, 2018, the Company acquired the commercial Quantitative Pathology Solutions (“QPS”) 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 QPS 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”).

Principles of consolidation

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

Unaudited interim financial information

The accompanying consolidated balance sheet as of March 31, 2023, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of stockholders’ equity, and the consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2023, the results of its operations for the three months ended March 31, 2023 and 2022, and cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are also unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in the Annual Report on Form 10-K filed with the SEC on March 6, 2023.

Liquidity and going concern

At March 31, 2023, the Company had cash and cash equivalents of $60,247 and an accumulated deficit of $185,550. 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 initial public offering of the Company’s common stock in April of 2021 (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 $19,758 during the three months ended March 31, 2023. However, the Company believes that its existing cash and cash equivalents will be adequate to satisfy its 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.

Intangible assets and goodwill

3 Months Ended

Mar. 31, 2023

Intangible assets and goodwill

Intangible assets and goodwill

(7) Intangible assets and goodwill

Intangible assets as of March 31, 2023 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(3,544)	$	8,256	15
Developed technology		8,300		(3,116)		5,184	12
Licenses		213		(180)		33	15
Trade names and trademarks		6,300		(2,757)		3,543	12
Capitalized software		2,896		(416)		2,480	5
Non-compete agreements		300		(300)		—	4
Total intangible assets	$	29,809	$	(10,313)	$	19,496

Intangible assets as of December 31, 2022 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(3,348)	$	8,452	15
Developed technology		8,300		(2,943)		5,357	12
Licenses		213		(36)		177	15
Trade names and trademarks		6,300		(2,550)		3,750	12
Capitalized software		2,631		(319)		2,312	5
Non-compete agreements		300		(300)		—	4
Total intangible assets	$	29,544	$	(9,496)	$	20,048

Total amortization expense for the three months ended March 31, 2023 and 2022 was $817 and $618, respectively, which was charged to operations.

As of March 31, 2023 the amortization expense related to identifiable intangible assets in future periods is expected to be as follows:


2023 remaining	$	2,163
2024		2,887
2025		2,887
2026		2,856
2027		1,869
Thereafter		6,834
Total	$	19,496

As of March 31, 2023 and December 31, 2022, the goodwill balance is $18,262.

Segments (Details) $ in Thousands	3 Months Ended
Segments (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment item	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of business activities \| item	1
Number of reportable segments \| segment	1
Total Revenue	$ 21,410	$ 16,894
Operations
Disaggregation of Revenue [Line Items]
Number of segment managers	0
North America
Disaggregation of Revenue [Line Items]
Total Revenue	$ 11,851	9,324
APAC
Disaggregation of Revenue [Line Items]
Total Revenue	4,387	3,509
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	$ 5,172	$ 4,061

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

Stock compensation plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted-average assumptions:
Expected dividend yield	0.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to employees	$ 6,008	$ 4,481
Options granted	982,400	811,000
Options granted, weighted average fair value per share	$ 6.12	$ 5.54
Options granted, weighted average exercise price per share	$ 10.86	$ 11.20
Weighted-average assumptions:
Weighted-average risk-free interest rate	3.90%	2.00%
Expected dividend yield	0.00%	0.00%
Expected volatility	55.40%	49.90%
Expected term	6 years 1 month 6 days	6 years

Stock compensation plans

3 Months Ended

Mar. 31, 2023

Stock compensation plans

Stock compensation plans

(11) 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 Company’s 2015 Equity Incentive Plan (the “2015 Plan”) subject to outstanding awards as of the effective date of the 2021 Plan that are subsequently canceled, forfeited or repurchased by the Company were added to the shares reserved under the 2021 Plan. In addition, the number of shares of common stock

available for issuance under the 2021 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2021 Plan, beginning with January 1, 2022 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Board.

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 three months ended March 31, 2023 and 2022, the Company granted options with an aggregate fair value of $6,008 and $4,481, 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 becomes available.

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

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

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

During the three months ended March 31, 2023, the Company granted options to purchase 982,400 shares of common stock at a weighted average fair value of $6.12 per share and a weighted average exercise price of $10.86 per share. During the three months ended March 31, 2022, the Company granted options to purchase 811,000 shares of common stock at a weighted average fair value of $5.54 per share and a weighted average exercise price of $11.20 per

share. For the three months ended March 31, 2023 and 2022, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three months ended		Three months ended
	March 31,		March 31,
	2023		2022

Weighted-average risk-free interest rate	3.9	%	2.0	%
Expected dividend yield	0	%	0	%
Expected volatility	55.4	%	49.9	%
Expected term	6.1 years		6.0 years

Restricted Stock Units

During the three months ended March 31, 2023 and 2022, the Company granted RSUs with an aggregate fair value of $11,547 and $1,634, respectively, which are being recorded as compensation expense over the requisite service period. The fair value of each grant is calculated based on the Company’s stock price on the date of grant. During the three months ended March 31, 2023, the Company granted 1,027,590 shares of restricted common stock at a weighted average fair value of $11.24 per share. During the three months ended March 31, 2022, the Company granted 137,500 shares of restricted common stock at a weighted average fair value of $11.88 per share.

Stock-Based Compensation

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


	Three months ended
	March 31,
	2023		2022
Cost of goods sold	$	86	$	47
Selling, general and administrative		1,922		1,225
Research and development		367		273
Total stock-based compensation	$	2,375	$	1,545

As of March 31, 2023 and 2022, there was $19,799 and $18,700, 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 2.9 years and 3.3 years as of March 31, 2023 and 2022, respectively.

As of March 31, 2023 and 2022 there was $14,371 and $1,625 of total unrecognized compensation cost related to non-vested RSUs. The Company expects to recognize that cost over a remaining weighted-average period of 3.8 and 4.0 years as of March 31, 2023 and 2022, respectively.

Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	8,293,368	6,592,555
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	6,939,998	6,296,781
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	1,353,370	137,500
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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	38,399,071	38,288,188
Common stock, shares outstanding	38,399,071	38,288,188

Intangible assets and goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Intangible assets and goodwill

Schedule of Intangible assets

Intangible assets as of March 31, 2023 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(3,544)	$	8,256	15
Developed technology		8,300		(3,116)		5,184	12
Licenses		213		(180)		33	15
Trade names and trademarks		6,300		(2,757)		3,543	12
Capitalized software		2,896		(416)		2,480	5
Non-compete agreements		300		(300)		—	4
Total intangible assets	$	29,809	$	(10,313)	$	19,496

Intangible assets as of December 31, 2022 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(3,348)	$	8,452	15
Developed technology		8,300		(2,943)		5,357	12
Licenses		213		(36)		177	15
Trade names and trademarks		6,300		(2,550)		3,750	12
Capitalized software		2,631		(319)		2,312	5
Non-compete agreements		300		(300)		—	4
Total intangible assets	$	29,544	$	(9,496)	$	20,048

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


2023 remaining	$	2,163
2024		2,887
2025		2,887
2026		2,856
2027		1,869
Thereafter		6,834
Total	$	19,496

The company and basis of presentation - Liquidity and going concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
The company and basis of presentation
Cash and cash equivalents	$ 60,247		$ 74,229
Accumulated deficit	(185,550)		$ (166,748)
Cash used from operations	$ (19,758)	$ (17,932)

- Definition

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

+ References + Details

Fair value of financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of liability transferred out of level 3	$ 0	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	60,247	81,218
Financial liabilities at fair value	4,626	6,039
Amount of liability transferred into level 3	0	0
Recurring \| Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	60,247	74,229
Recurring \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value		6,989
Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	1,575	73,973
Financial liabilities at fair value	0	0
Recurring \| Level 1 \| Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	1,575	73,973
Recurring \| Level 1 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value		0
Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	58,672	7,245
Financial liabilities at fair value	0	0
Recurring \| Level 2 \| Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	58,672	256
Recurring \| Level 2 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value		6,989
Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	4,626	6,039
Contingent consideration - Long term portion \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	4,626	6,039
Contingent consideration - Long term portion \| Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion \| Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0	0
Contingent consideration - Long term portion \| Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 4,626	$ 6,039

Leases - Future minimum commitments under operating leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases
2023 remaining	$ 2,367
2024	2,760
2025	2,822
2026	2,619
2027	1,105
Thereafter	998
Total lease payments	12,671
Less: discount to lease payments	(1,998)
Total operating lease liabilities	$ 10,673

Subsequent events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent events

(19) Subsequent events

The Company has evaluated subsequent events from the consolidated balance sheet date through May 8, 2023, which is the date the consolidated financial statements were issued.

Debt - Debt maturities (Details) - Midcap Trust Term Loan - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
December 31, 2025	$ 2,656
December 31, 2026	31,875
December 31, 2027	29,219
Total minimum principal payments	$ 63,750	$ 63,750

Employee stock purchase plan

3 Months Ended

Mar. 31, 2023

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

Employee stock purchase plan

(11) 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.

share. For the three months ended March 31, 2023 and 2022, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three months ended		Three months ended
	March 31,		March 31,
	2023		2022

Weighted-average risk-free interest rate	3.9	%	2.0	%
Expected dividend yield	0	%	0	%
Expected volatility	55.4	%	49.9	%
Expected term	6.1 years		6.0 years

Restricted Stock Units

Stock-Based Compensation

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


	Three months ended
	March 31,
	2023		2022
Cost of goods sold	$	86	$	47
Selling, general and administrative		1,922		1,225
Research and development		367		273
Total stock-based compensation	$	2,375	$	1,545

ESPP

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

Employee stock purchase plan

(12) 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 March 31, 2023 and December 31, 2022, respectively.

Fair value of financial instruments

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	60,247	$	1,575	$	58,672	$	—
Total Assets	$	60,247	$	1,575	$	58,672	$	—

Liabilities:
Contingent consideration – Long term portion	$	4,626	$	—	$	—	$	4,626
Total Liabilities	$	4,626	$	—	$	—	$	4,626


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	74,229	$	73,973	$	256	$	—
U.S. Treasury securities		6,989		—		6,989		—
Total Assets	$	81,218	$	73,973	$	7,245	$	—

Liabilities:
Contingent consideration – Long term portion	$	6,039	$	—	$	—	$	6,039
Total Liabilities	$	6,039	$	—	$	—	$	6,039

The following is a summary of cash, cash equivalents, and marketable securities as of March 31, 2023 and December 31, 2022:


	March 31, 2023
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

Cash and cash equivalents	$	60,247	$	—	$	—	$	60,247
Total cash and cash equivalents	$	60,247	$	—	$	—	$	60,247


	December 31, 2022
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value

Cash and cash equivalents	$	74,229	$	—	$	—	$	74,229
Marketable securities:
U.S. Treasury securities due in one year or less		6,995		—		(6)		6,989
Total marketable securities		6,995		—		(6)		6,989
Total cash, cash equivalents, and marketable securities	$	81,224	$	—	$	(6)	$	81,218

The Company had no material realized gains or losses on its available-for-sale securities for the three months ended March 31, 2023 and 2022.

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.

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”). 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, 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 full value of the warrant or a portion of its full value. Prior to the IPO, 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. In the third quarter of 2022, Innovatus exercised its warrant to purchase the Company’s common stock.

Changes in the fair value of the Company’s long-term portion of the contingent consideration liability during the three months ended March 31, 2023 and 2022 were as follows:


Balance as of December 31, 2022	$	6,039
Reclassification of FY 2023 payment to accrued expenses		(1,640)
Change in contingent consideration value		227
Balance as of March 31, 2023	$	4,626


Balance as of December 31, 2021	$	7,850
Reclassification of FY 2022 payment to accrued expenses		(1,295)
Change in contingent consideration value		200
Balance as of March 31, 2022	$	6,755

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


	Fair Value
	as of
	March 31,		Valuation	Unobservable
Contingent Consideration Liability	2023		Technique	Inputs
Revenue-based Payments	$	4,626	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

- 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

Debt - Debt components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt discount	$ (536)	$ (565)
Accretion of final fee	241	92
Total debt, net	63,455	63,277
Long-term debt, net of debt discount	63,455	63,277
Midcap Trust Term Loan
Debt Instrument [Line Items]
Total minimum principal payments	$ 63,750	$ 63,750

- 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

Net loss per share attributable to common stockholders

3 Months Ended

Mar. 31, 2023

Net loss per share attributable to common stockholders

Net loss per share attributable to common stockholders

(15) Net loss per share attributable to common stockholders

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

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


	Three months ended
	March 31,
	2023		2022

Net loss	$	(18,802)	$	(16,399)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		38,326,024		37,464,496
Basic and diluted net loss per common share outstanding	$	(0.49)	$	(0.44)

The Company’s potential dilutive securities, which include stock options, unvested restricted stock units, convertible preferred stock, and the outstanding 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:


	March 31,
	2023	2022
Outstanding stock options	6,939,998	6,296,781
Unvested restricted stock units	1,353,370	137,500
Warrant to purchase common stock	—	158,274
Total	8,293,368	6,592,555

Allowance for credit losses (Tables)

3 Months Ended

Mar. 31, 2023

Allowance for credit losses

Roll-forward of allowance for credit losses


Balance at January 1, 2023	$	45
Change in provision		—
Balance at March 31, 2023	$	45

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure

Schedule of Components of debt


	March 31,		December 31,
	2023		2022
Midcap Trust Term Loan	$	63,750	$	63,750
Unamortized debt discount		(536)		(565)
Accretion of final fee		241		92
Total debt, net	$	63,455	$	63,277

Schedule of Debt maturities


	Midcap Trust
Year ended:	Term Loan
December 31, 2023	$	—
December 31, 2024		—
December 31, 2025		2,656
December 31, 2026		31,875
December 31, 2027		29,219
Total minimum principal payments	$	63,750

- 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
-Publisher FASB
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Allowance for credit losses (Details) $ in Thousands	3 Months Ended
Allowance for credit losses (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Allowance for credit losses
Accounts receivable	$ 12,988
Roll-forward of allowance for credit losses
Allowance for credit losses, beginning of period	45
Change in provision	0
Allowance for credit losses, end of period	$ 45

Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segments

Schedule of revenues by geographical market

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


	Three months ended
	March 31,
	2023		2022

North America	$	11,851	$	9,324
APAC		4,387		3,509
EMEA		5,172		4,061
Total Revenue	$	21,410	$	16,894


	Three months ended
	March 31,
	2023		2022

North America	55	%	55	%
APAC	21	%	21	%
EMEA	24	%	24	%
Total Revenue	100	%	100	%

Segments - Revenue (Details) - Revenue from Contract with Customer Benchmark - Geographic Concentration Risk - country	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Concentration Risk [Line Items]
Number of countries with concentration risk	2	0
Concentration Risk, Percentage	100.00%	100.00%
North America
Concentration Risk [Line Items]
Concentration Risk, Percentage	55.00%	55.00%
APAC
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%	21.00%
EMEA
Concentration Risk [Line Items]
Concentration Risk, Percentage	24.00%	24.00%
One country
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%
Another country
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%

Property and equipment, net

3 Months Ended

Mar. 31, 2023

Property and equipment, net

Property and equipment, net

(5) Property and equipment, net

Property and equipment consists of the following:


	Estimated Useful	March 31,		December 31,
	Life (Years)	2023		2022
Furniture and fixtures	7	$	679	$	452
Computers, laptop and peripherals	5		5,136		4,762
Laboratory equipment	5		7,742		7,302
Leasehold improvements	Shorter of the lease life or 7		3,951		3,983
Total property and equipment			17,508		16,499
Less: Accumulated depreciation			(7,083)		(6,325)
Property and equipment, net		$	10,425	$	10,174

Depreciation expense of $698 and $434 relating to property and equipment was charged to operations for the three months ended March 31, 2023 and 2022, respectively. Depreciation expense of $79 and $76 relating to property and equipment was charged to cost of sales for the three months ended March 31, 2023 and 2022, respectively.

Demo inventory consists of the following:


	Estimated	March 31,		December 31,
	Life (Years)	2023		2022
Demo inventory – gross	3	$	4,663	$	4,453
Less: Accumulated depreciation			(2,696)		(2,369)
Demo inventory, net		$	1,967	$	2,084

Depreciation expense of $326 and $352 relating to demo equipment was charged to operations for the three months ended March 31, 2023 and 2022, respectively.

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases

Summary of lease costs


		Three Months Ended March 31,
Lease Costs	Classification	2023		2022
Finance lease cost:
Amortization of right-of-use assets	Cost of service and other revenue	$	71	$	—
Amortization of right-of-use assets	Depreciation and amortization		130		139
Interest on lease liabilities	Interest expense, net		20		6
Operating lease cost:
Rent expense	Cost of product revenue		28		—
Rent expense	Selling, general and administrative		784		710
Total lease cost		$	1,033	$	855

Schedule of future minimum commitments under ASC 842 of operating leases


Maturity of operating lease liabilities	As of March 31, 2023
2023 remaining	$	2,367
2024		2,760
2025		2,822
2026		2,619
2027		1,105
Thereafter		998
Total lease payments	$	12,671
Less: discount to lease payments		(1,998)
Total operating lease liabilities	$	10,673

Schedule of future minimum commitments under ASC 842 of financing leases


Maturity of financing lease liabilities	As of March 31, 2023
2023 remaining	$	470
2024		558
2025		205
2026		—
2027		—
Thereafter		—
Total lease payments	$	1,233
Less: discount to lease payments		(86)
Total financing lease liabilities	$	1,147

Schedule of supplemental lease information


	Three Months Ended March 31,
Lease Term, Discount Rates, and Other	2023			2022
Weighted average remaining lease term
Operating leases		4.4	years		4.6	years
Financing leases		2.1	years		2.4	years
Weighted average incremental borrowing rate
Operating leases		7.85	%		7.85	%
Financing leases		6.83	%		4.97	%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$	753		$	637
Operating cash flows from finance leases		20			6
Financing cash flows from finance leases		148			126

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Summary of significant accounting policies

(2) Summary of significant accounting policies

Significant accounting policies

The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “Commission”) and have not materially changed during the three months ended March 31, 2023.

Reclassifications

Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation.

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. 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, the Company generally uses the cost-to-cost approach to measure the extent of progress towards completion of the performance obligation because the Company believes 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.

In June 2022, the Company entered into a Companion Diagnostic Agreement with Acrivon Therapeutics, Inc. (the “Acrivon Agreement”) to co-develop, validate, and commercialize Acrivon’s OncoSignature® test. The Company will be paid through an upfront payment and at the achievement of certain developmental, commercial, and FDA milestones during the development, that could aggregate to $10,850.

The Acrivon Agreement is in the scope of ASC 606, Revenue from Contracts with Customers and includes one performance obligation since the underlying elements are inputs to a single development service and are not distinct within the context of the contract. Accordingly, the Company will recognize revenue over time for the transaction price in an amount proportional to the expenses incurred and the total estimated expenses to satisfy its performance obligation. Due to the uncertainty in the achievement of certain developmental, commercial, and FDA milestones, the variable consideration associated with certain future milestone payments has been fully constrained from the transaction price

until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur.

The costs incurred by the Company under this arrangement are included as research and development expenses in the Company’s Consolidated Statements of Operations as these costs are related to the development of new services and technology to be owned and offered by the Company.

Disaggregation of Revenue

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


	Three months ended
	March 31, 2023		March 31, 2022
Revenue
Product revenue
Instruments	$	9,607	$	8,521
Consumables		5,712		4,628
Standalone software products		205		194
Total product revenue	$	15,524	$	13,343
Service and other revenue	$	5,886	$	3,551
Total revenue	$	21,410	$	16,894

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 March 31, 2023 or December 31, 2022.

The Company’s contract liabilities consist of upfront payments for service-based warranties on instrument sales, as well as lab services. The Company classifies contract liabilities associated with service based warranties in deferred revenue, and contract liabilities associated with lab services in accrued expenses. Contract liabilities are classified as

current or noncurrent based on the timing of when the Company expects to service the warranty, or complete the lab services contract.

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 three months ended March 31, 2023 and 2022.

Stock-based compensation

The Company records stock-based compensation for awards granted to employees, non-employees, and to members of the Board of Directors of the Company (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.

For restricted stock units (“RSUs”) issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant.

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 11 for further details on the Company’s stock-based compensation plans.

Net loss per share attributable to common stockholders

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

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

Comprehensive income (loss)

Components of comprehensive income (loss), including net loss, are reported in the financial statements in the period in which they are recognized. Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net loss and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders which for the three months ended March 31, 2023 consist of unrealized gain on marketable securities.

Marketable securities

Marketable securities represent holdings of available-for-sale marketable debt securities in accordance with the Company’s investment policy. Short-term marketable securities mature within one year from the balance sheet date while long-term marketable securities mature after one year. Investments in marketable securities are recorded at fair value, with any unrealized gains and losses reported within accumulated other comprehensive income as a separate component of stockholders’ equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are reflected as a component of other expense. Interest on securities sold is determined based on the specific identification method and reflected as interest income. Any realized gains or losses on the sale of investment are reflected as realized (loss) gain on investments.

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. The Company has elected to avail itself of this extended transition period and, as a result, the Company 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 adopted accounting standards

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. The Company adopted ASU 2016-13 on January 1, 2023 using the modified

retrospective approach. The Company’s consolidated financial statements for prior-year periods have not been revised and are reflective of the credit loss requirements which were in effect for that period. The adoption of ASU 2016-13 did not have a material impact on the Company’s 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. The Company adopted ASU 2017-04 on January 1, 2023. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of significant accounting policies (Policies)

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Reclassifications

Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation.

Revenue recognition

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

Product Revenue

Service and Other Revenue

until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur.

Disaggregation of Revenue


	Three months ended
	March 31, 2023		March 31, 2022
Revenue
Product revenue
Instruments	$	9,607	$	8,521
Consumables		5,712		4,628
Standalone software products		205		194
Total product revenue	$	15,524	$	13,343
Service and other revenue	$	5,886	$	3,551
Total revenue	$	21,410	$	16,894

Significant Judgments

Contract Assets and Liabilities

The Company did not record any contract assets at March 31, 2023 or December 31, 2022.

current or noncurrent based on the timing of when the Company expects to service the warranty, or complete the lab services contract.

Cost to Obtain and Fulfill a Contract

Stock-based compensation

Refer to Note 11 for further details on the Company’s stock-based compensation plans.

Net loss per share attributable to common stockholders

Comprehensive income (loss)

Marketable securities

Recent accounting standards

Recently adopted accounting standards

Fair value of financial instruments - Cash, cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Cost	$ 60,247	$ 81,224
Gross Unrealized Losses		(6)
Estimated Fair Value	60,247	81,218
Cash and cash equivalents
Net Investment Income [Line Items]
Cost	60,247	74,229
Estimated Fair Value	$ 60,247	74,229
Marketable securities
Net Investment Income [Line Items]
Cost		6,995
Gross Unrealized Losses		(6)
Estimated Fair Value		6,989
U.S. Treasury securities due in one year or less
Net Investment Income [Line Items]
Cost		6,995
Gross Unrealized Losses		(6)
Estimated Fair Value		$ 6,989

Net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net loss per share attributable to common stockholders
Net loss	$ (18,802)	$ (16,399)
Weighted-average shares outstanding, basic	38,326,024	37,464,496
Weighted-average shares outstanding, diluted	38,326,024	37,464,496
Net loss per share attributable to common stockholders, basic	$ (0.49)	$ (0.44)
Net loss per share attributable to common stockholders, diluted	$ (0.49)	$ (0.44)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

- Definition

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

+ References

+ Details

Income taxes

3 Months Ended

Mar. 31, 2023

Income taxes

Income taxes

(13) Income taxes

During the three months ended March 31, 2023 and 2022, the Company recorded a tax provision of $29 and $22, respectively. The tax benefit and provision consist primarily of foreign income taxes and state taxes in the United States. The provision differs from the U.S. federal statutory rate of 21% primarily due to the full valuation allowance recorded against the U.S. deferred tax assets, including the current year to date losses. The Company maintains a valuation allowance against its U.S. deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Leases - Weighted-average remaining lease term, incremental borrowing rate, and supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted average remaining lease term
Operating leases	4 years 4 months 24 days	4 years 7 months 6 days
Financing leases	2 years 1 month 6 days	2 years 4 months 24 days
Weighted average incremental borrowing rate
Operating leases	7.85%	7.85%
Financing leases	6.83%	4.97%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$ 753	$ 637
Operating cash flows from finance leases	20	6
Financing cash flows from finance leases	$ 148	$ 126

Stock compensation plans - 2015 Equity Incentive Plan (Details) - 2015 Plan	3 Months Ended
	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance	0

Intangible assets and goodwill - Amortization expense related to identifiable intangible assets in future periods (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortization expense related to identifiable intangible assets in future periods
2023 remaining	$ 2,163
2024	2,887
2025	2,887
2026	2,856
2027	1,869
Thereafter	6,834
Total	$ 19,496	$ 20,048