0001558370-24-015750 | 10-Q | XBRL Viewer

Accrued expenses and other current liabilities

9 Months Ended

Sep. 30, 2024

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:


	September 30,		December 31,
	2024		2023
Payroll and compensation	$	4,261	$	7,074
Current portion of contingent consideration		1,410		1,911
Inventory purchases		63		609
Customer deposits		1,189		1,096
Accrued interest		757		711
Other accrued expenses		1,688		2,032
Total accrued expenses and other current liabilities	$	9,368	$	13,433

Related party transactions	9 Months Ended
Sep. 30, 2024
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 the Company’s total outstanding shares. During the three months ended September 30, 2024 and 2023, the Company incurred costs of goods sold of approximately $438 and $1,762, respectively, related to sales of consumables manufactured by and shipped from AMS. During the nine months ended September 30, 2024 and 2023, the Company incurred costs of goods sold of approximately $3,524 and $5,523, respectively, related to sales of consumables manufactured by and shipped from AMS. As of September 30, 2024 and December 31, 2023, $0 and $3,110, respectively, is included in inventories, net, related to consumables manufactured by and stored at AMS. As of September 30, 2024 and December 31, 2023, the Company had $1,936 and $2,618 in accounts payable, respectively, due to AMS. One of the Company’s officers is a member of the board of directors of a software-as-a-service provider, who provides software development services to the Company, which are utilized for research purposes. During the three months ended September 30, 2024 and 2023, the Company incurred research and development expenses of approximately $188 and $101, respectively, with such provider. During the nine months ended September 30, 2024 and 2023, the Company incurred research and development expenses of approximately $429 and $304, respectively, with such provider. As of September 30, 2024 and December 31, 2023, the Company had $144 and $101 in accounts payable, respectively, due to such provider.

Related party transactions

9 Months Ended

Sep. 30, 2024

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 the Company’s total outstanding shares. During the three months ended September 30, 2024 and 2023, the Company incurred costs of goods sold of approximately $438 and $1,762, respectively, related to sales of consumables manufactured by and shipped from AMS. During the nine months ended September 30, 2024 and 2023, the Company incurred costs of goods sold of approximately $3,524 and $5,523, respectively, related to sales of consumables manufactured by and shipped from AMS. As of September 30, 2024 and December 31, 2023, $0 and $3,110, respectively, is included in inventories, net, related to consumables manufactured by and stored at AMS. As of September 30, 2024 and December 31, 2023, the Company had $1,936 and $2,618 in accounts payable, respectively, due to AMS.

One of the Company’s officers is a member of the board of directors of a software-as-a-service provider, who provides software development services to the Company, which are utilized for research purposes. During the three months ended September 30, 2024 and 2023, the Company incurred research and development expenses of approximately $188 and $101, respectively, with such provider. During the nine months ended September 30, 2024 and 2023, the Company incurred research and development expenses of approximately $429 and $304, respectively, with such provider. As of September 30, 2024 and December 31, 2023, the Company had $144 and $101 in accounts payable, respectively, due to such provider.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Intangible assets and goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 29,989		$ 29,989		$ 29,990
Accumulated amortization	(14,717)		(14,717)		(12,578)
Total	15,272		15,272		17,412
Amortization expense			2,139	$ 2,670
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	713	$ 1,178
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	11,800		11,800		11,800
Accumulated amortization	(4,724)		(4,724)		(4,134)
Total	$ 7,076		$ 7,076		$ 7,666
Useful life (in years)	15 years		15 years		15 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 8,300		$ 8,300		$ 8,300
Accumulated amortization	(4,154)		(4,154)		(3,635)
Total	$ 4,146		$ 4,146		$ 4,665
Useful life (in years)	12 years		12 years		12 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 213		$ 213		$ 213
Accumulated amortization	(186)		(186)		(183)
Total	$ 27		$ 27		$ 30
Useful life (in years)	15 years		15 years		15 years
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 6,300		$ 6,300		$ 6,300
Accumulated amortization	(3,999)		(3,999)		(3,378)
Total	$ 2,301		$ 2,301		$ 2,922
Useful life (in years)	12 years		12 years		12 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	$ 3,376		$ 3,376		$ 3,377
Accumulated amortization	(1,654)		(1,654)		(1,248)
Total	$ 1,722		$ 1,722		$ 2,129
Useful life (in years)	5 years		5 years		5 years

Stockholders equity (deficit) (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Jun. 08, 2023 USD ($)	Jun. 07, 2023 $ / shares shares	Nov. 07, 2022 USD ($) $ / shares	Sep. 30, 2024 Vote $ / shares shares	Sep. 30, 2023 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized				500,000,000	500,000,000	500,000,000
Common stock, par value \| $ / shares				$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares authorized				10,000,000	10,000,000	10,000,000
Preferred stock, par value \| $ / shares				$ 0.00001	$ 0.00001	$ 0.00001
Common stock, voting rights (per share) \| Vote				1	1
Common stock, shares issued				49,522,728		49,117,738
Common stock, shares outstanding				49,522,728		49,117,738
Common stock, shares reserved for issuance upon the exercise of stock options				10,975,187		8,924,291
2021 Plan
Class of Stock [Line Items]
Common stock, shares reserved for issuance upon the exercise of stock options				3,910,298		1,823,265
Telegraph Hill Partners And Other Related Parties [Member]
Class of Stock [Line Items]
Common stock, shares issued		3,509,718
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 \| $			$ 50,000
Underwriting Agreement [Member]
Class of Stock [Line Items]
Common stock, shares issued		10,005,000
Aggregate offering price \| $	$ 47,817,000
Sale of Stock, Price Per Share \| $ / shares		$ 5.00
Over-Allotment Option
Class of Stock [Line Items]
Common stock, shares issued		1,305,000
Option period (in days)		30 days
Sale of Stock, Price Per Share \| $ / shares		$ 4.70

Leases - Future minimum commitments under financing leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
2024 remaining	$ 539
2025	635
2026	430
2027	383
2028	60
Total lease payments	2,047
Less: discount to lease payments	(243)
Total financing lease liabilities	$ 1,804

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated other comprehensive income (loss)	Total
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
Net Income (Loss)			(18,802)		(18,802)
Other comprehensive income (loss)				6	6
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
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]
Net Income (Loss)					(52,521)
Other comprehensive income (loss)					6
Balance, end of period at Sep. 30, 2023	$ 2	281,240	(219,269)		61,973
Balance, end of period (in shares) at Sep. 30, 2023	49,062,360
Balance, beginning of period at Mar. 31, 2023	$ 2	227,672	(185,550)		42,124
Balance, beginning of period (in shares) at Mar. 31, 2023	38,399,071
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		143			143
Exercise of stock options (in shares)	379,418
Vesting of restricted stock units (in shares)	(38,452)
Sale of common stock in underwritten offering, net of costs		47,817			47,817
Sale of common stock in underwritten offering, net of costs (in shares)	10,005,000
Net Income (Loss)			(20,803)		(20,803)
Stock-based compensation		2,620			2,620
Balance, end of period at Jun. 30, 2023	$ 2	278,252	(206,353)		71,901
Balance, end of period (in shares) at Jun. 30, 2023	48,821,941
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		110			110
Exercise of stock options (in shares)	182,557
Vesting of restricted stock units (in shares)	57,862
Net Income (Loss)			(12,916)		(12,916)
Stock-based compensation		2,878			2,878
Balance, end of period at Sep. 30, 2023	$ 2	281,240	(219,269)		61,973
Balance, end of period (in shares) at Sep. 30, 2023	49,062,360
Balance, beginning of period at Dec. 31, 2023	$ 2	283,839	(230,071)		53,770
Balance, beginning of period (in shares) at Dec. 31, 2023	49,117,738
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		36			36
Exercise of stock options (in shares)	65,482
Vesting of restricted stock units		(149)			(149)
Vesting of restricted stock units (in shares)	157,197
Net Income (Loss)			(23,484)		(23,484)
Other comprehensive income (loss)				(16)	(16)
Stock-based compensation		2,566			2,566
Balance, end of period at Mar. 31, 2024	$ 2	286,292	(253,555)	(16)	32,723
Balance, end of period (in shares) at Mar. 31, 2024	49,340,417
Balance, beginning of period at Dec. 31, 2023	$ 2	283,839	(230,071)		53,770
Balance, beginning of period (in shares) at Dec. 31, 2023	49,117,738
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Net Income (Loss)					(47,166)
Other comprehensive income (loss)					8
Balance, end of period at Sep. 30, 2024	$ 2	290,860	(277,237)	8	13,633
Balance, end of period (in shares) at Sep. 30, 2024	49,522,728
Balance, beginning of period at Mar. 31, 2024	$ 2	286,292	(253,555)	(16)	32,723
Balance, beginning of period (in shares) at Mar. 31, 2024	49,340,417
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		23			23
Exercise of stock options (in shares)	59,129
Vesting of restricted stock units		(65)			(65)
Vesting of restricted stock units (in shares)	67,817
Net Income (Loss)			(13,149)		(13,149)
Other comprehensive income (loss)				4	4
Stock-based compensation		2,713			2,713
Balance, end of period at Jun. 30, 2024	$ 2	288,963	(266,704)	(12)	22,249
Balance, end of period (in shares) at Jun. 30, 2024	49,467,363
Increase (Decrease) in Redeemable Convertible Preferred Stock and Stockholders' Equity [Roll Forward]
Exercise of stock options		16			16
Exercise of stock options (in shares)	23,091
Vesting of restricted stock units (in shares)	32,274
Net Income (Loss)			(10,533)		(10,533)
Other comprehensive income (loss)				20	20
Stock-based compensation		1,881			1,881
Balance, end of period at Sep. 30, 2024	$ 2	$ 290,860	$ (277,237)	$ 8	$ 13,633
Balance, end of period (in shares) at Sep. 30, 2024	49,522,728

Commitments and contingencies

9 Months Ended

Sep. 30, 2024

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 (subsequently known as Revvity), 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%. As of the acquisition date, the Company accounted for the future potential royalty payments as contingent consideration. This contingent consideration is subject to remeasurement. The Company recorded approximately $1,410 and $1,911 of accrued royalties for projected net sales in

2024, and actual net sales in 2023, as of September 30, 2024 and December 31, 2023, respectively. Such amounts are payable in the first quarter of 2025 and 2024, respectively.

Changes in the fair value of the Company’s long-term portion of the contingent consideration liability During the nine months ended September 30, 2024 and 2023 were as follows:


Balance as of December 31, 2023	$	5,765
Reclassification of FY 2024 payment to accrued expenses		(1,410)
Change in contingent consideration value		(496)
Balance as of September 30, 2024	$	3,859


Balance as of December 31, 2022	$	6,039
Reclassification of FY 2023 payment to accrued expenses		(1,803)
Change in contingent consideration value		1,019
Balance as of September 30, 2023	$	5,255

Intangible assets and goodwill - Amortization expense related to identifiable intangible assets in future periods (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortization expense related to identifiable intangible assets in future periods
2024 remaining	$ 714
2025	2,853
2026	2,822
2027	1,956
2028	1,761
Thereafter	5,166
Total	$ 15,272	$ 17,412

Allowance for credit losses (Tables)

9 Months Ended

Sep. 30, 2024

Allowance for credit losses

Roll-forward of allowance for credit losses


Balance at January 1, 2024	$	45
Change in provision		915
Balance at September 30, 2024	$	960

Commitments and contingencies - License Agreements (Details) - License Agreement - PKI - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2018
Other Commitments [Line Items]
Accrued royalties	$ 1,410,000	$ 1,911,000
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 - Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value	$ 6,651	$ 12,489
Number of Shares
Granted	1,472,051	1,197,542
Weighted-Average Grant Date Fair Value Per Share
Granted	$ 4.52	$ 10.43

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock compensation plans

9 Months Ended

Sep. 30, 2024

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, the Company’s 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 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 nine months ended September 30, 2024 and 2023, the Company granted options with an aggregate fair value of $3,371 and $7,447, 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.

During the nine months ended September 30, 2024, the Company granted options to purchase 1,202,217 shares of common stock at a weighted average fair value of $2.80 per share and a weighted average exercise price of $4.06 per share. During the nine months ended September 30, 2023, the Company granted options to purchase 1,518,154 shares of common stock at a weighted average fair value of $4.91 per share and a weighted average exercise price of $9.01 per share. For the three and nine months ended September 30, 2024 and 2023, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Weighted-average risk-free interest rate	3.7	%	4.4	%	4.3	%	3.8	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	76.6	%	53.5	%	76.2	%	53.5	%
Expected term	5.9 years		6.1 years		5.9 years		5.9 years

Restricted Stock Units

During the nine months ended September 30, 2024 and 2023, the Company granted RSUs with an aggregate fair value of $6,651 and $12,489, 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 nine months ended September 30, 2024, the Company granted 1,472,051 RSUs at a weighted average fair value of $4.52 per share. During the nine months ended September 30, 2023, the Company granted 1,197,542 RSUs at a weighted average fair value of $10.43 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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Cost of goods sold	$	48	$	96	$	215	$	265
Selling, general and administrative		1,554		2,401		5,895		6,509
Research and development		279		381		1,050		1,099
Total stock-based compensation	$	1,881	$	2,878	$	7,160	$	7,873

As of September 30, 2024, there was $6,991 of total unrecognized compensation cost related to non-vested stock options that is expected to be recognized over a remaining weighted-average period of 2.2 years.

As of September 30, 2024, there was $9,731 of total unrecognized compensation cost related to non-vested RSUs that is expected to be recognized over a remaining weighted-average period of 2.7 years.

Segments (Tables)

9 Months Ended

Sep. 30, 2024

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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
North America	$	10,591	$	16,356	$	35,098	$	42,017
APAC		3,029		3,752		9,486		12,249
EMEA		5,194		5,107		15,744		15,880
Total Revenue	$	18,814	$	25,215	$	60,328	$	70,146


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
North America	56	%	65	%	58	%	60	%
APAC	16	%	15	%	16	%	17	%
EMEA	28	%	20	%	26	%	23	%
Total Revenue	100	%	100	%	100	%	100	%

Stock compensation plans - Stock-based compensation expense and unrecognized compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,881	$ 2,878	$ 7,160	$ 7,873
Unrecognized compensation	6,991		$ 6,991
Period for recognition			2 years 2 months 12 days
Employee Stock Option [Member] \| Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	48	96	$ 215	265
Employee Stock Option [Member] \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	1,554	2,401	5,895	6,509
Employee Stock Option [Member] \| Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	279	$ 381	1,050	$ 1,099
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation	$ 9,731		$ 9,731
Period for recognition			2 years 8 months 12 days

- Definition

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

+ References

+ Details

Intangible assets and goodwill

9 Months Ended

Sep. 30, 2024

Intangible assets

Intangible assets

(7) Intangible assets

Intangible assets as of September 30, 2024 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(4,724)	$	7,076	15
Developed technology		8,300		(4,154)		4,146	12
Licenses		213		(186)		27	15
Trade names and trademarks		6,300		(3,999)		2,301	12
Capitalized software		3,376		(1,654)		1,722	5
Total intangible assets	$	29,989	$	(14,717)	$	15,272

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


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(4,134)	$	7,666	15
Developed technology		8,300		(3,635)		4,665	12
Licenses		213		(183)		30	15
Trade names and trademarks		6,300		(3,378)		2,922	12
Capitalized software		3,377		(1,248)		2,129	5
Total intangible assets	$	29,990	$	(12,578)	$	17,412

Total amortization expense was $713 and $1,178 for the three months ended September 30, 2024 and 2023, respectively. Total amortization expense was $2,139 and $2,670 for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024 the amortization expense related to identifiable intangible assets in future periods is expected to be as follows:


2024 remaining	$	714
2025		2,853
2026		2,822
2027		1,956
2028		1,761
Thereafter		5,166
Total	$	15,272

Allowance for credit losses (Details) $ in Thousands	9 Months Ended
Allowance for credit losses (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Allowance for credit losses
Accounts receivable	$ 12,786
Roll-forward of allowance for credit losses
Allowance for credit losses, beginning of period	45
Change in provision	915
Allowance for credit losses, end of period	$ 960

Summary of significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Reclassifications

Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period 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, software (both company-owned and with third parties), and laboratory services. 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.

In order to determine the stand-alone selling price, the Company conducts a periodic analysis to determine whether various goods or services have an observable stand-alone selling price as well as to identify significant changes to current stand-alone selling prices. If the Company does not have an observable stand-alone selling price for a particular good or service, then the stand-alone selling price for that particular good or service is estimated using an approach that maximizes the use of observable inputs. The Company’s process for determining stand-alone selling price requires judgment and considers multiple factors that are reasonably available and maximizes the use of observable inputs that may vary over time depending upon the unique facts and circumstances related to each performance obligation. The Company believes that this method results in an estimate that represents the price the Company would charge for the product offerings if they were sold separately.

Taxes, such as sales, value-added and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales.

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 generally 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 output method to measure the extent of progress towards completion of the performance obligation. For companion diagnostic development, 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 output method, the extent of progress towards completion is measured based on the value of the services transferred to date relative to the remaining services promised under the contract. 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. On December 4, 2023, the Company amended the Acrivon Agreement, which expanded the scope of work and increased total development milestone payments to an aggregate of $17,250. Such amendment was accounted for as a modification to the existing contract. The Company is entitled to be paid through an upfront payment and at the achievement of certain developmental, commercial, and FDA milestones during the development that could aggregate to $17,850. A portion of these payments have been received from June 2022 through September 30, 2024.

The Acrivon Agreement is in the scope of ASC 606, Revenue from Contracts with Customers. The Company concluded that the Acrivon Agreement contains one performance obligation for certain development services, since the underlying elements are inputs to a single development service and are not distinct within the context of the contract. Additional development services in the Acrivon Agreement were deemed to be an option, due to certain contingencies with significant uncertainty. 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.

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 instrument warranty and 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				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
Product revenue
Instruments	$	5,737	$	12,045	$	18,901	$	32,928
Consumables		6,293		5,735		20,684		17,266
Standalone software products		268		268		779		525
Total product revenue	$	12,298	$	18,048	$	40,364	$	50,719
Service and other revenue
Service and other revenue	$	3,726	$	4,515	$	11,568	$	11,936
Instrument warranty		2,790		2,652		8,396		7,491
Total service and other revenue	$	6,516	$	7,167	$	19,964	$	19,427
Total revenue	$	18,814	$	25,215	$	60,328	$	70,146

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’s contract assets consist of revenues recognized, but not yet invoiced to customers for lab services, companion diagnostic development, and instruments. The Company classifies contract assets in accounts receivable. Contract assets are classified as current or noncurrent based on timing of when the Company expects to invoice the customer. The Company recorded $763 and $1,276 in contract assets at September 30, 2024 and December 31, 2023, respectively.

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 systematic 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 and nine months ended September 30, 2024 and 2023.

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, in combination with the Company’s historical volatility. 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 Company’s and the selected companies’ shares during the equivalent period of the calculated expected term of its stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price becomes available. 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 by the weighted average common shares outstanding during the period. For purposes of the diluted net loss per share calculations, stock options, and unvested restricted stock units, are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented.

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 and nine months ended September 30, 2024 and 2023 consist of unrealized gain (loss) 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 (loss) 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 interest income. 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

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 issued but not yet adopted accounting standards

In November 2023, the FASB issued ASC Update No. 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures. This update enhances reportable segment disclosure requirements by requiring public entities to provide disclosures of significant segment expenses and other segment items, as well as disclosures about a reportable segment’s profit or loss and assets that are currently required annually in interim periods. The new standard will be effective for the Company’s annual financial statements for the period beginning on January 1, 2024. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements.

In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosure requirements by requiring public entities to provide additional information in its tax rate reconciliation and additional disclosures about income taxes paid. The update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance and the amendments in this update should be applied prospectively, but entities have the option to apply it retrospectively. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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+ Details

Subsequent events

9 Months Ended

Sep. 30, 2024

Subsequent events

Subsequent events

(20) Subsequent events

The Company has evaluated subsequent events from the consolidated balance sheet date through November 14, 2024, which is the date the consolidated financial statements were issued.

On October 25, 2024, the Company entered into the Fourth Amendment to the Acrivon Agreement with Acrivon Therapeutics, Inc., which added additional milestone payments totaling $3,000.

Summary of significant accounting policies

9 Months Ended

Sep. 30, 2024

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, 2023 filed with the SEC and have not materially changed during the nine months ended September 30, 2024.

Reclassifications

Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation.

Revenue recognition

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

Product Revenue

Service and Other Revenue

Disaggregation of Revenue


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
Product revenue
Instruments	$	5,737	$	12,045	$	18,901	$	32,928
Consumables		6,293		5,735		20,684		17,266
Standalone software products		268		268		779		525
Total product revenue	$	12,298	$	18,048	$	40,364	$	50,719
Service and other revenue
Service and other revenue	$	3,726	$	4,515	$	11,568	$	11,936
Instrument warranty		2,790		2,652		8,396		7,491
Total service and other revenue	$	6,516	$	7,167	$	19,964	$	19,427
Total revenue	$	18,814	$	25,215	$	60,328	$	70,146

Significant Judgments

Contract Assets and Liabilities

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 issued but not yet adopted accounting standards

Reduction in force (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
Reduction in force (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Sep. 30, 2024
Reduction in force
Restructuring Charges	$ 1,690	$ 1,257
Employee And Equipment Relocation Costs		140
Accrued Liabilities, Restructuring Charges		$ 19

The company and basis of presentation - Liquidity and going concern (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
The company and basis of presentation
Cash, cash equivalents, and marketable securities	$ 39,295
Accumulated deficit	(277,237)		$ (230,071)
Cash used from operations	$ (41,121)	$ (45,315)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock compensation plans - 2021 Equity Incentive Plan (Details) - shares	Sep. 30, 2024	Apr. 08, 2021
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance		1,727,953
Annual increase in shares available for issuance as a percentage of outstanding shares		5.00%
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance	0

- Definition

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

+ References

+ Details

Intangible assets and goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Intangible assets

Schedule of Intangible assets

Intangible assets as of September 30, 2024 are summarized as follows:


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(4,724)	$	7,076	15
Developed technology		8,300		(4,154)		4,146	12
Licenses		213		(186)		27	15
Trade names and trademarks		6,300		(3,999)		2,301	12
Capitalized software		3,376		(1,654)		1,722	5
Total intangible assets	$	29,989	$	(14,717)	$	15,272

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


				Accumulated			Useful Life
	Cost			Amortization		Net	(in years)
Customer relationships	$	11,800	$	(4,134)	$	7,666	15
Developed technology		8,300		(3,635)		4,665	12
Licenses		213		(183)		30	15
Trade names and trademarks		6,300		(3,378)		2,922	12
Capitalized software		3,377		(1,248)		2,129	5
Total intangible assets	$	29,990	$	(12,578)	$	17,412

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


2024 remaining	$	714
2025		2,853
2026		2,822
2027		1,956
2028		1,761
Thereafter		5,166
Total	$	15,272

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Summary of lease costs


		Three months ended September 30,				Nine months ended September 30,
Lease Costs	Classification	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	Cost of service and other revenue	$	75	$	89	$	243	$	249
Amortization of right-of-use assets	Selling, general and administrative		12		125		83		348
Amortization of right-of-use assets	Research and development		86		—		255		32
Interest on lease liabilities	Interest expense, net		28		41		93		105
Operating lease cost:
Sublease income	Selling, general and administrative		(94)		—		(94)		—
Rent expense	Cost of product revenue		26		28		80		84
Rent expense	Selling, general and administrative		519		788		1,762		2,355
Total lease cost		$	652	$	1,071	$	2,422	$	3,173

Schedule of future minimum commitments under ASC 842 of operating leases


Maturity of operating lease liabilities	As of September 30, 2024
2024 remaining	$	672
2025		2,783
2026		2,618
2027		1,104
2028		436
Thereafter		562
Total lease payments	$	8,175
Less: discount to lease payments		(962)
Total operating lease liabilities	$	7,213

Schedule of future minimum commitments under ASC 842 of financing leases


Maturity of financing lease liabilities	As of September 30, 2024
2024 remaining	$	539
2025		635
2026		430
2027		383
2028		60
Total lease payments	$	2,047
Less: discount to lease payments		(243)
Total financing lease liabilities	$	1,804

Schedule of supplemental lease information


	Nine months ended September 30,
Lease Term, Discount Rates, and Other	2024			2023
Weighted average remaining lease term
Operating leases		3.2	years		4.0	years
Financing leases		2.8	years		3.0	years
Weighted average incremental borrowing rate
Operating leases		7.85	%		7.85	%
Financing leases		11.16	%		9.32	%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$	2,076		$	2,328
Operating cash flows from finance leases		93			105
Financing cash flows from finance leases		520			485

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,533)	$ (13,149)	$ (23,484)	$ (12,916)	$ (20,803)	$ (18,802)	$ (47,166)	$ (52,521)

- Definition

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

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+ Details

Property and equipment, net

9 Months Ended

Sep. 30, 2024

Property and equipment, net

Property and equipment, net

(5) Property and equipment, net

Property and equipment consists of the following:


	Estimated Useful	September 30,		December 31,
	Life (Years)	2024		2023
Furniture and fixtures	7	$	367	$	474
Computers, laptop and peripherals	5		5,192		5,173
Laboratory equipment	5		7,393		8,869
Leasehold improvements	Shorter of the lease life or 7		5,192		5,876
Total property and equipment			18,144		20,392
Less: Accumulated depreciation			(10,598)		(9,663)
Property and equipment, net		$	7,546	$	10,729

For the three months ended March 31, 2024, the Company recorded $902 in impairment related to leasehold improvements, furniture and fixtures, and laboratory equipment associated with its exit of office and laboratory space in Menlo Park, California. Please refer to Note 18 – Leases for further discussion. There was no impairment related to property and equipment for the three and nine months ended September 30, 2023.

Depreciation expense relating to property and equipment charged to operations was $666 and $752 for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense relating to property and equipment charged to operations was $2,049 and $2,171 for the nine months ended September 30, 2024 and 2023, respectively. Depreciation expense relating to property and equipment charged to cost of sales was $109 and $112 for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense relating to property and equipment charged to cost of sales was $379 and $342 for the nine months ended September 30, 2024 and 2023, respectively.

Demo inventory consists of the following:


	Estimated	September 30,		December 31,
	Life (Years)	2024		2023
Demo inventory – gross	3	$	4,466	$	4,284
Less: Accumulated depreciation			(3,674)		(3,391)
Demo inventory, net		$	792	$	893

Depreciation expense relating to demo equipment charged to operations was $169 and $320 for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense relating to demo equipment charged to operations was $654 and $972 for the nine months ended September 30, 2024 and 2023, respectively.

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue


	Three months ended				Nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
Product revenue
Instruments	$	5,737	$	12,045	$	18,901	$	32,928
Consumables		6,293		5,735		20,684		17,266
Standalone software products		268		268		779		525
Total product revenue	$	12,298	$	18,048	$	40,364	$	50,719
Service and other revenue
Service and other revenue	$	3,726	$	4,515	$	11,568	$	11,936
Instrument warranty		2,790		2,652		8,396		7,491
Total service and other revenue	$	6,516	$	7,167	$	19,964	$	19,427
Total revenue	$	18,814	$	25,215	$	60,328	$	70,146

Fair value of financial instruments (Details) - Recurring - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of liability transferred into level 3	$ 0	$ 0
Amount of liability transferred out of level 3	0	$ 0
Financial assets at fair value	35,012		$ 76,844
Financial liabilities at fair value	5,269		7,676
Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	8,274		76,844
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	20,889
U.S. Government agency bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	3,399
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	2,450
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	8,274		76,844
Financial liabilities at fair value	0		0
Level 1 \| Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	8,274		76,844
Level 1 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	0
Level 1 \| U.S. Government agency bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	0
Level 1 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	26,738		0
Financial liabilities at fair value	0		0
Level 2 \| Cash and cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	0		0
Level 2 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	20,889
Level 2 \| U.S. Government agency bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	3,399
Level 2 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets at fair value	2,450
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	5,269		7,676
Contingent consideration - Short term portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	1,410		1,911
Contingent consideration - Short term portion \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0		0
Contingent consideration - Short term portion \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0		0
Contingent consideration - Short term portion \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	1,410		1,911
Contingent consideration - Long term portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	3,859		5,765
Contingent consideration - Long term portion \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0		0
Contingent consideration - Long term portion \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	0		0
Contingent consideration - Long term portion \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities at fair value	$ 3,859		$ 5,765

Debt - Debt maturities (Details) - Midcap Trust Term Loan - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
December 31, 2025	$ 3,125
December 31, 2026	37,500
December 31, 2027	34,375
Total minimum principal payments	$ 75,000	$ 75,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Subparagraph (d)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Net loss per share attributable to common stockholders

9 Months Ended

Sep. 30, 2024

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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Net loss	$	(10,533)	$	(12,916)	$	(47,166)	$	(52,521)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		49,503,272		48,975,432		49,370,959		42,686,065
Basic and diluted net loss per common share outstanding	$	(0.21)	$	(0.26)	$	(0.96)	$	(1.23)

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


	September 30,
	2024	2023
Outstanding stock options	5,935,612	5,928,456
Unvested restricted stock units	1,926,220	1,188,102
Total	7,861,832	7,116,558

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	49,522,728	49,117,738
Common stock, shares outstanding	49,522,728	49,117,738

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 18,144		$ 18,144		$ 20,392
Less: Accumulated depreciation	(10,598)		(10,598)		(9,663)
Property and equipment, net	7,546		7,546		10,729
Impairment of long lived assets held for use			902	$ 0
Operating Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	666	$ 752	2,049	2,171
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 109	$ 112	$ 379	$ 342
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years	7 years	7 years	7 years
Property and equipment	$ 367		$ 367		474
Computers, laptop and peripherals
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years	5 years	5 years	5 years
Property and equipment	$ 5,192		$ 5,192		5,173
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years	5 years	5 years	5 years
Property and equipment	$ 7,393		$ 7,393		8,869
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	7 years	7 years	7 years	7 years
Property and equipment	$ 5,192		$ 5,192		$ 5,876

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 18,814	$ 25,215	$ 60,328	$ 70,146
Cost of goods sold	7,090	9,939	26,839	30,461
Gross profit	11,724	15,276	33,489	39,685
Operating expenses:
Selling, general and administrative	14,672	20,251	53,629	67,281
Research and development	4,474	6,314	15,316	19,614
Change in fair value of contingent consideration	(763)	262	(496)	1,019
Impairment			2,971	0
Restructuring	1,690		3,087
Total operating expenses	20,073	26,827	74,507	87,914
Loss from operations	(8,349)	(11,551)	(41,018)	(48,229)
Other income (expense):
Interest expense	(2,625)	(2,239)	(7,843)	(6,468)
Interest income	521	1,074	2,126	2,576
Other expense, net	(36)	(185)	(277)	(338)
Loss before provision for income taxes	(10,489)	(12,901)	(47,012)	(52,459)
Provision for income taxes	(44)	(15)	(154)	(62)
Net loss	$ (10,533)	$ (12,916)	$ (47,166)	$ (52,521)
Net loss per share attributable to common stockholders, basic	$ (0.21)	$ (0.26)	$ (0.96)	$ (1.23)
Net loss per share attributable to common stockholders, diluted	$ (0.21)	$ (0.26)	$ (0.96)	$ (1.23)
Weighted-average shares outstanding, basic	49,503,272	48,975,432	49,370,959	42,686,065
Weighted-average shares outstanding, diluted	49,503,272	48,975,432	49,370,959	42,686,065
Product
Revenue	$ 12,298	$ 18,048	$ 40,364	$ 50,719
Cost of goods sold	4,430	6,208	17,620	19,747
Service and other
Revenue	6,516	7,167	19,964	19,427
Cost of goods sold	$ 2,660	$ 3,731	$ 9,219	$ 10,714

Significant risks and uncertainties including business and credit concentrations (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 customer	Dec. 31, 2023 USD ($) customer
Concentration Risk [Line Items]
Allowance for credit loss \| $	$ 960		$ 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
Accounts Receivable. \| Customers \| One Customer
Concentration Risk [Line Items]
Number of customers with concentration risk	1
Concentration Risk, Percentage	13.00%

Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2024

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
	September 30,		Assets		Inputs		Inputs
	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	8,274	$	8,274	$	—	$	—
U.S Treasury securities		20,889		—		20,889		—
U.S. Government agency bonds		3,399		—		3,399		—
Commercial paper		2,450		—		2,450		—
Total Assets	$	35,012	$	8,274	$	26,738	$	—

Liabilities:
Contingent consideration – Short term portion	$	1,410	$	—	$	—	$	1,410
Contingent consideration – Long term portion		3,859		—		—		3,859
Total Liabilities	$	5,269	$	—	$	—	$	5,269


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	76,844	$	76,844	$	—	$	—
Total Assets	$	76,844	$	76,844	$	—	$	—

Liabilities:
Contingent consideration – Short term portion	$	1,911	$	—	$	—	$	1,911
Contingent consideration – Long term portion		5,765		—		—		5,765
Total Liabilities	$	7,676	$	—	$	—	$	7,676

Summary of cash, cash equivalents, and marketable securities

The following is a summary of cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023:


	September 30, 2024
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents	$	8,274	$	—	$	—	$	8,274
Marketable securities (due in one year or less):
U.S Treasury securities		20,880		10		(1)		20,889
Commercial paper		2,450		—		—		2,450
Total marketable securities due in one year or less		23,330		10		(1)		23,339
Marketable securities (due in one to two years):
U.S. Government agency bonds		3,400		—		(1)		3,399
Total marketable securities due in one to two years		3,400		—		(1)		3,399
Total cash equivalents and marketable securities	$	35,004	$	10	$	(2)	$	35,012


	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents	$	76,844	$	—	$	—	$	76,844
Total cash equivalents	$	76,844	$	—	$	—	$	76,844

Contingent consideration - Long term portion

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

Schedule of significant unobservable inputs for fair value measurements


	Fair Value		Fair Value
	as of		as of
	September 30,		December 31,		Valuation	Unobservable
Contingent Consideration Liability	2024		2023		Technique	Inputs
Revenue-based Payments	$	5,269	$	7,676	Discounted Cash Flow Analysis under the Income Approach	Revenue discount factor, discount rate

Stock compensation plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted-average assumptions:
Expected dividend yield			0.00%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to employees			$ 3,371	$ 7,447
Options granted			1,202,217	1,518,154
Options granted, weighted average fair value per share			$ 2.80	$ 4.91
Options granted, weighted average exercise price per share			$ 4.06	$ 9.01
Weighted-average assumptions:
Weighted-average risk-free interest rate	3.70%	4.40%	4.30%	3.80%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	76.60%	53.50%	76.20%	53.50%
Expected term	5 years 10 months 24 days	6 years 1 month 6 days	5 years 10 months 24 days	5 years 10 months 24 days

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure

Schedule of Components of debt


	September 30,		December 31,
	2024		2023
Midcap Trust Term Loan	$	75,000	$	75,000
Unamortized debt discount		(360)		(448)
Accretion of final fee		1,262		702
Total long-term debt, net	$	75,902	$	75,254

Schedule of Debt maturities


	Midcap Trust
Year ended:	Term Loan
December 31, 2024	$	—
December 31, 2025		3,125
December 31, 2026		37,500
December 31, 2027		34,375
Total minimum principal payments	$	75,000

- 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.

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+ Details

Net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss per share attributable to common stockholders
Net Income (Loss)	$ (10,533)	$ (13,149)	$ (23,484)	$ (12,916)	$ (20,803)	$ (18,802)	$ (47,166)	$ (52,521)
Weighted-average shares outstanding, basic	49,503,272			48,975,432			49,370,959	42,686,065
Weighted-average shares outstanding, diluted	49,503,272			48,975,432			49,370,959	42,686,065
Net loss per share attributable to common stockholders, basic	$ (0.21)			$ (0.26)			$ (0.96)	$ (1.23)
Net loss per share attributable to common stockholders, diluted	$ (0.21)			$ (0.26)			$ (0.96)	$ (1.23)

- Definition

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

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

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+ Details

- Definition

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

+ References

+ Details

Related party transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related party transactions (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Cost of goods sold	$ 7,090,000	$ 9,939,000	$ 26,839,000	$ 30,461,000
Inventories, net	25,212,000		25,212,000		$ 17,877,000
Accounts payable	8,760,000		8,760,000		11,776,000
Research and Development Expense	4,474,000	6,314,000	15,316,000	19,614,000
Officer
Related Party Transaction [Line Items]
Accounts payable	144,000		144,000		101,000
Research and Development Expense	188,000	101,000	429,000	304,000
Argonaut Manufacturing services
Related Party Transaction [Line Items]
Cost of goods sold	438,000	$ 1,762,000	3,524,000	$ 5,523,000
Inventories, net	0		0		3,110,000
Accounts payable	$ 1,936,000		$ 1,936,000		$ 2,618,000
Argonaut Manufacturing services \| Minimum
Related Party Transaction [Line Items]
Percentage of total outstanding shares owned by related party	5.00%		5.00%

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Fair value of financial instruments - Recurring Basis Unobservable (Details) - Contingent consideration - Long term portion - Series D Redeemable Convertible Preferred Stock - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent Consideration Liability	$ 3,859	$ 5,765	$ 5,255	$ 6,039
Discounted Cash Flow Analysis under the Income Approach
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent Consideration Liability	$ 5,269	$ 7,676

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 11, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		49,563,386
Entity Central Index Key	0001711933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Income taxes

9 Months Ended

Sep. 30, 2024

Income taxes

Income taxes

(13) Income taxes

During the three months ended September 30, 2024 and 2023, the Company recorded a tax provision of $44 and $15, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded a tax provision of $154 and $62, respectively. The tax provision consists 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.

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+ Details

Net loss per share attributable to common stockholders - Antidilutive shares (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	7,861,832	7,116,558
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	5,935,612	5,928,456
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amounts excluded from computation of diluted net loss per share	1,926,220	1,188,102

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure

Debt

(9) Debt

Term Loan Agreements

In October 2020, the Company entered into the Midcap Trust Term Loan with Midcap Financial Trust, 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 Midcap Trust Term Loan initially provided for an interest only term for 36 months followed by 24 months of straight-line amortization. Interest on the outstanding balance of the Midcap Trust Term Loan was originally to be payable monthly in arrears at an annual rate of one-month LIBOR plus 6.35%, subject to a LIBOR floor of 1.50%. Under the original terms of the loan, at the time of final payment, the Company would be required to pay Midcap Financial Trust a final payment fee of 5.00% of the amount borrowed under the Midcap Trust Term Loan. Additionally, the original terms of the Midcap Trust Term Loan provided that if the loan was prepaid prior to the end of the term, the Company would be required to 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, and a third tranche of $10,000, which were drawn on June 1, 2022, and September 30, 2022, respectively. Amendment No. 2 also delayed the amortization start dates for the outstanding loan amounts from November 1, 2023 until April 1, 2025, at which point the Company would be required to 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 remained 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 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, which were drawn on November 7, 2022, and December 22, 2023, respectively. 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 would be required to 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 provided for a commitment fee of $74 that was paid 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 remained unchanged. The Company accounted for Amendment No. 3 as a modification pursuant to ASC 470-50.

In July 2024, the Company entered into Amendment No. 4 (“Amendment No. 4”) to the Midcap Trust Term Loan, which amended certain affirmative financial covenants.

In November 2024, the Company entered into Amendment No. 5 (“Amendment No. 5”) to the Midcap Trust Term Loan, effective as of September 30, 2024, which amended certain affirmative financial covenants. Amendment No. 5 also extends the interest only period from December 1, 2025 until March 1, 2026 (subject to further extension upon certain conditions), at which point the Company must repay the principal amounts in equal monthly installments until the maturity date of November 1, 2027. Finally, Amendment No. 5 increases the exit fee from 4.75% to 6.25%.

The interest rate was 12.12% at September 30, 2024. A final payment fee of $3,563 is due upon the earlier to occur of the maturity date or prepayment of such borrowings. For the three months ended September 30, 2024 and 2023, the Company recorded $188 and $153, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan. For the nine months ended September 30, 2024 and 2023, the Company recorded $560 and $454, respectively, related to the amortization of the final payment fee associated with the Midcap Trust Term Loan.

Debt consists of the following:


	September 30,		December 31,
	2024		2023
Midcap Trust Term Loan	$	75,000	$	75,000
Unamortized debt discount		(360)		(448)
Accretion of final fee		1,262		702
Total long-term debt, net	$	75,902	$	75,254

As of September 30, 2024, future principal payments due under the Midcap Trust Term Loan, excluding the $3,563 final payment fee, are as follows:


	Midcap Trust
Year ended:	Term Loan
December 31, 2024	$	—
December 31, 2025		3,125
December 31, 2026		37,500
December 31, 2027		34,375
Total minimum principal payments	$	75,000

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segments

9 Months Ended

Sep. 30, 2024

Segments

Segments

(16) Segments

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision-maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment. 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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
North America	$	10,591	$	16,356	$	35,098	$	42,017
APAC		3,029		3,752		9,486		12,249
EMEA		5,194		5,107		15,744		15,880
Total Revenue	$	18,814	$	25,215	$	60,328	$	70,146


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
North America	56	%	65	%	58	%	60	%
APAC	16	%	15	%	16	%	17	%
EMEA	28	%	20	%	26	%	23	%
Total Revenue	100	%	100	%	100	%	100	%

North America includes the United States and related territories, as well as Canada. APAC also includes Australia. For the three and nine months ended September 30, 2024, the Company had no countries outside of the United States with more than 10% of total revenue. For the three months and nine months ended September 30, 2023, the Company had no countries outside of the United States with more than 10% of total revenue.

As of September 30, 2024 and December 31, 2023, 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases - Future minimum commitments under operating leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
2024 remaining	$ 672
2025	2,783
2026	2,618
2027	1,104
2028	436
Thereafter	562
Total lease payments	8,175
Less: discount to lease payments	(962)
Total operating lease liabilities	$ 7,213

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued expenses and other current liabilities
Payroll and compensation	$ 4,261	$ 7,074
Current portion of contingent consideration	1,410	1,911
Inventory purchases	63	609
Customer deposits	1,189	1,096
Accrued interest	757	711
Other accrued expenses	1,688	2,032
Total accrued expenses and other current liabilities	$ 9,368	$ 13,433

Employee stock purchase plan (Details) - shares	Apr. 08, 2021	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Common stock, shares issued		49,522,728	49,117,738
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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (47,166)	$ (52,521)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,802	6,784
Non-cash interest expense	648	541
Stock-based compensation expense	7,160	7,873
Deferred taxes	75
Change in fair value of contingent consideration	(496)	1,019
Credit losses on accounts receivable	915
Net accretion of marketable securities	(1,400)	(5)
Operating lease right of use assets	1,632	1,782
Provision for excess and obsolete inventories	3,129	2,600
Impairment	2,971	0
Changes in operating assets and liabilities:
Accounts receivable, net	3,293	(6,367)
Prepaid expenses and other assets	787	2,547
Inventories, net	(10,379)	(7,040)
Accounts payable	(3,016)	1,262
Accrued expenses and other liabilities	(2,770)	(3,359)
Operating lease liabilities	(1,706)	(1,670)
Deferred revenue	(600)	1,239
Net cash used in operating activities	(41,121)	(45,315)
Investing activities
Purchases of property and equipment	(1,414)	(3,059)
Purchases of marketable securities	(87,328)
Sales of marketable securities	8,498
Maturities Of Marketable Securities	53,500	7,000
Net cash (used in) provided by investing activities	(26,744)	3,941
Financing activities
Sale of common stock in underwritten offering, net of costs		47,995
Proceeds from stock option exercises	75	311
Settlement of restricted stock units for tax withholding obligations	(214)	(94)
Principal payments on financing leases	(520)	(496)
Payments of debt issuance costs		(33)
Payments of deferred offering costs	(150)	(207)
Payments of contingent consideration	(1,910)	(1,709)
Net cash used in financing activities	(2,719)	45,767
Net decrease in cash, cash equivalents, and restricted cash	(70,584)	4,393
Cash, cash equivalents, and restricted cash at beginning of period	83,824	74,532
Cash, cash equivalents, and restricted cash at end of period	13,240	78,925
Supplemental disclosures of cash flow information
Cash paid for interest	6,937	5,678
Cash paid for income taxes		56
Supplemental disclosures of non-cash activities
Right-of-use asset obtained in exchange for lease liabilities	790	914
Unpaid offering costs related to sale of common stock in underwritten offer		178
Purchases of property and equipment included in accounts payable and accrued expenses	$ 53	$ 521

Leases - Lease cost classification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost:
Interest on lease liabilities	$ 28	$ 41	$ 93	$ 105
Operating lease cost:
Rent expense			2,076	2,328
Total lease cost	652	1,071	2,422	3,173
Cost of service and other revenue
Finance lease cost:
Amortization of right-of-use assets	75	89	243	249
Cost of product revenue
Operating lease cost:
Rent expense	26	28	80	84
Selling, general and administrative
Finance lease cost:
Amortization of right-of-use assets	12	125	83	348
Operating lease cost:
Sublease Income	94		94
Rent expense	519	$ 788	1,762	2,355
Research and development
Finance lease cost:
Amortization of right-of-use assets	$ 86		$ 255	$ 32

Fair value of financial instruments - Cash, cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost	$ 35,004	$ 76,844
Cost	3,400
Gross Unrealized Gains	10
Gross Unrealized Losses	(2)
Gross Unrealized Losses	(1)
Estimated Fair Value	35,012	76,844
Estimated Fair Value	3,399
Cash and cash equivalents
Net Investment Income [Line Items]
Cost		76,844
Estimated Fair Value		$ 76,844
Cash equivalents
Net Investment Income [Line Items]
Cost	8,274
Estimated Fair Value	8,274
Marketable securities (due in one year or less):
Net Investment Income [Line Items]
Cost	23,330
Gross Unrealized Gains	10
Gross Unrealized Losses	(1)
Estimated Fair Value	23,339
Estimated Fair Value	12,148
U.S. Treasury securities
Net Investment Income [Line Items]
Cost	20,880
Gross Unrealized Gains	10
Gross Unrealized Losses	(1)
Estimated Fair Value	20,889
U.S. Government agency bonds
Net Investment Income [Line Items]
Cost	3,400
Gross Unrealized Losses	(1)
Estimated Fair Value	3,399
Yankee bonds
Net Investment Income [Line Items]
Cost	2,450
Estimated Fair Value	$ 2,450

Debt - Term Loan Agreements (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 07, 2022	Jun. 01, 2022	Nov. 30, 2024	Oct. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Midcap Trust Term Loan
Debt Instrument [Line Items]
Credit facility amount				$ 37,500
Proceeds received				$ 32,500
Term of interest-only payments				36 months
Period of straight-line amortization				24 months
Effective interest rate at end of period					12.12%		12.12%
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				$ 3,563
Amortization of final payment fee					$ 188	$ 153	$ 560	$ 454
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
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
Midcap Trust Term Loan - Amendment 3
Debt Instrument [Line Items]
Credit facility amount	$ 11,250
Exit fee percentage	4.75%
Payment of accrued final fee	$ 74						$ 779
Midcap Trust Term Loan - Amendment 3 \| SOFR
Debt Instrument [Line Items]
Interest rate variable rate spread	6.80%
Interest rate floor	2.50%
Midcap Trust Term Loan - Amendment 5 \| Subsequent event
Debt Instrument [Line Items]
Exit fee percentage			6.25%

Summary of significant accounting policies - Service and Other Revenue and Disaggregation of Revenue (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 04, 2023	Jun. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Standard service-based warranty terms					1 year
Extended service-based warranty terms					1 year
Revenue			$ 18,814	$ 25,215	$ 60,328	$ 70,146
Contract assets			763		$ 763		$ 1,276
Practical expedient elected					true
Acrivon Agreement
Disaggregation of Revenue [Line Items]
Potential aggregate upfront payments	$ 17,250	$ 17,850
Product
Disaggregation of Revenue [Line Items]
Revenue			12,298	18,048	$ 40,364	50,719
Instruments
Disaggregation of Revenue [Line Items]
Revenue			5,737	12,045	18,901	32,928
Consumables
Disaggregation of Revenue [Line Items]
Revenue			6,293	5,735	20,684	17,266
Standalone software products
Disaggregation of Revenue [Line Items]
Revenue			268	268	779	525
Service and other
Disaggregation of Revenue [Line Items]
Revenue			6,516	7,167	19,964	19,427
Service and other revenue
Disaggregation of Revenue [Line Items]
Revenue			3,726	4,515	11,568	11,936
Instrument warranty
Disaggregation of Revenue [Line Items]
Revenue			$ 2,790	$ 2,652	$ 8,396	$ 7,491

Accrued expense and other current liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued expenses and other current liabilities

Schedule of accrued expenses and other liabilities


	September 30,		December 31,
	2024		2023
Payroll and compensation	$	4,261	$	7,074
Current portion of contingent consideration		1,410		1,911
Inventory purchases		63		609
Customer deposits		1,189		1,096
Accrued interest		757		711
Other accrued expenses		1,688		2,032
Total accrued expenses and other current liabilities	$	9,368	$	13,433

Property and equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property and equipment, net

Schedule of property and equipment


	Estimated Useful	September 30,		December 31,
	Life (Years)	2024		2023
Furniture and fixtures	7	$	367	$	474
Computers, laptop and peripherals	5		5,192		5,173
Laboratory equipment	5		7,393		8,869
Leasehold improvements	Shorter of the lease life or 7		5,192		5,876
Total property and equipment			18,144		20,392
Less: Accumulated depreciation			(10,598)		(9,663)
Property and equipment, net		$	7,546	$	10,729

Schedule of Demo inventory


	Estimated	September 30,		December 31,
	Life (Years)	2024		2023
Demo inventory – gross	3	$	4,466	$	4,284
Less: Accumulated depreciation			(3,674)		(3,391)
Demo inventory, net		$	792	$	893

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 12,557	$ 83,125
Marketable securities	23,339
Accounts receivable, net	12,786	16,994
Inventories, net	25,212	17,877
Prepaid expenses and other current assets	2,967	3,794
Total current assets	76,861	121,790
Property and equipment, net	7,546	10,729
Marketable securities, net of current portion	3,399
Restricted cash	683	699
Demo inventory, net	792	893
Intangible assets, net	15,272	17,412
Goodwill	18,262	18,262
Operating lease right of use assets, net	4,664	8,365
Financing lease right of use assets, net	1,763	1,562
Other assets	731	657
Total assets	129,973	180,369
Current liabilities
Accounts payable	8,760	11,776
Accrued expenses and other current liabilities	9,368	13,433
Current portion of operating lease liabilities	2,651	2,681
Current portion of financing lease liabilities	1,026	767
Deferred revenue	6,188	6,688
Total current liabilities	27,993	35,345
Deferred revenue, net of current portion	3,093	3,193
Long-term debt, net of debt discount	75,902	75,254
Deferred tax liability, net	113	38
Operating lease liabilities, net of current portion	4,562	6,238
Financing lease liabilities, net of current portion	778	766
Contingent consideration liability, net of current portion	3,859	5,765
Other liabilities	40
Total liabilities	116,340	126,599
Stockholders' equity:
Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
Common Stock, $0.00001 par value; 500,000,000 shares authorized at September 30, 2024 and December 31, 2023; 49,522,728 and 49,117,738 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2	2
Additional paid in capital	290,860	283,839
Accumulated deficit	(277,237)	(230,071)
Accumulated other comprehensive loss	8
Total stockholders' equity	13,633	53,770
Total liabilities and stockholders' equity	$ 129,973	$ 180,369

The company and basis of presentation - Description of business (Details)	9 Months Ended
	Sep. 30, 2024 region
The company and basis of presentation
Number of geographic regions for sales	3

Stock compensation plans (Tables)

9 Months Ended

Sep. 30, 2024

Stock compensation plans

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


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Weighted-average risk-free interest rate	3.7	%	4.4	%	4.3	%	3.8	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	76.6	%	53.5	%	76.2	%	53.5	%
Expected term	5.9 years		6.1 years		5.9 years		5.9 years

Schedule of Stock-based compensation expense allocated


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Cost of goods sold	$	48	$	96	$	215	$	265
Selling, general and administrative		1,554		2,401		5,895		6,509
Research and development		279		381		1,050		1,099
Total stock-based compensation	$	1,881	$	2,878	$	7,160	$	7,873

Leases - Weighted-average remaining lease term, incremental borrowing rate, and supplemental cash flow information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted average remaining lease term
Operating leases	3 years 2 months 12 days	4 years
Financing leases	2 years 9 months 18 days	3 years
Weighted average incremental borrowing rate
Operating leases	7.85%	7.85%
Financing leases	11.16%	9.32%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$ 2,076	$ 2,328
Operating cash flows from finance leases	93	105
Financing cash flows from finance leases	$ 520	496
Financing cash flows from finance leases		$ 485

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income taxes
Provision for income taxes	$ 44	$ 15	$ 154	$ 62
Statutory rate			21.00%

- Definition

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

+ References + Details

Summary of significant accounting policies - Deferred offering costs and stock-based compensation (Details)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Requisite service period	4 years
Expected dividend yield	0.00%

Allowance for credit losses

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, the Company’s accounts receivable balance was $12,786, net of $960 of allowance for credit losses. The following table provides a roll-forward of the allowance for credit losses for the nine months ended September 30, 2024 that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.


Balance at January 1, 2024	$	45
Change in provision		915
Balance at September 30, 2024	$	960

Property and equipment, net - Demo inventory (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Estimated life (years)	3 years	3 years
Demo inventory - gross	$ 4,466		$ 4,466		$ 4,284
Less: Accumulated depreciation	(3,674)		(3,674)		(3,391)
Demo inventory, net	792		792		$ 893
Operating Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense relating to demo equipment	$ 169	$ 320	$ 654	$ 972

Debt - Debt components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt discount	$ (360)	$ (448)
Accretion of final fee	1,262	702
Total debt, net	75,902	75,254
Midcap Trust Term Loan
Debt Instrument [Line Items]
Total minimum principal payments	$ 75,000	$ 75,000

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Reduction in force

9 Months Ended

Sep. 30, 2024

Reduction in force

Reduction in force

(19) Reductions in force

In January of 2024, the Company initiated a workforce reduction in connection with certain operating expense cost savings initiatives implemented by the Company, including the consolidation of its facilities and the exit of its Menlo Park, California leased facility as discussed in Note 18 – Leases. This workforce reduction was substantially completed by the end of the first quarter of 2024.

During the three months ended March 31, 2024, the Company recorded $1,257 for charges related to this workforce reduction, and $140 of employee and equipment relocation costs associated with the Menlo Park, California exit,

respectively, which were recorded in restructuring on the consolidated statements of operations. As of September 30, 2024, none of these workforce reduction charges remain unpaid.

In July 2024, the Company initiated a workforce reduction in connection with certain operating expense cost savings initiatives. This workforce reduction was substantially completed by the end of the third quarter of 2024.

During the three months ended September 30, 2024, the Company recorded $1,690 for charges related to this workforce reduction, which were recorded in restructuring on the consolidated statements of operations. As of September 30, 2024, $19 of these workforce reduction charges remain unpaid.

Commitments and contingencies (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023	$	5,765
Reclassification of FY 2024 payment to accrued expenses		(1,410)
Change in contingent consideration value		(496)
Balance as of September 30, 2024	$	3,859


Balance as of December 31, 2022	$	6,039
Reclassification of FY 2023 payment to accrued expenses		(1,803)
Change in contingent consideration value		1,019
Balance as of September 30, 2023	$	5,255

Net loss per share attributable to common stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Net loss per share attributable to common stockholders

Schedule of Computation of basic and diluted earnings per common share


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Net loss	$	(10,533)	$	(12,916)	$	(47,166)	$	(52,521)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		49,503,272		48,975,432		49,370,959		42,686,065
Basic and diluted net loss per common share outstanding	$	(0.21)	$	(0.26)	$	(0.96)	$	(1.23)

Schedule of Antidilutive shares excluded from computation


	September 30,
	2024	2023
Outstanding stock options	5,935,612	5,928,456
Unvested restricted stock units	1,926,220	1,188,102
Total	7,861,832	7,116,558

The company and basis of presentation

9 Months Ended

Sep. 30, 2024

The company and basis of presentation

The company and basis of presentation

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(1) The company and basis of presentation

Description of business

Akoya Biosciences, Inc. (“Akoya” or the “Company”) is a life sciences technology company, founded on November 13, 2015 as a Delaware corporation with operations based in Marlborough, Massachusetts, delivering spatial biology solutions focused on transforming discovery, clinical research and diagnostics. Spatial biology refers to a rapidly 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 and diagnostics.

On September 28, 2018, the Company acquired the commercial Quantitative Pathology Solutions (“QPS”) division of Perkin Elmer, Inc. (“PKI”), subsequently known as Revvity, Inc. (“Revvity”), 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 September 30, 2024, the consolidated statements of operations, the consolidated statements of comprehensive loss and the consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 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 September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The consolidated balance sheet as of December 31, 2023 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, 2023 included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024.

Liquidity and going concern

The Company is subject to a number of risks similar to other newly commercial life sciences companies, including, but not limited to, its ability to develop and achieve market acceptance of its products and potential products, successfully compete with its competitors, protect its proprietary technology, and raise additional capital when and as needed.

At September 30, 2024, the Company had cash, cash equivalents, and marketable securities of $39,295 and an accumulated deficit of $277,237. The Company has incurred losses since its inception and has used cash from operations of $41,121 during the nine months ended September 30, 2024. The future success of the Company is dependent on its ability to successfully commercialize its products, successfully launch future products, obtain additional capital, if necessary, and ultimately attain profitable operations. The Company has funded its operations primarily through its preferred stock issuances, debt financing arrangements, and through the sale of shares of the Company’s common stock. The Company completed its initial public offering of the Company’s common stock in April of 2021 (the “IPO”) and completed a follow-on public offering of the Company’s common stock in June of 2023, as further described in Note 10. There can be no assurance that additional financings will be available to the Company or that the Company will become profitable.

The Company’s debt financing with Midcap Financial Trust (the “Midcap Trust Term Loan”) is subject to minimum financial covenants. Based on the Company’s current operating plan, the Company cannot be certain that it will be able to maintain compliance with these financial covenants for at least the next twelve months from the issuance of these financials, which could result in additional cash resources being required if the Company’s Midcap Trust Term Loan becomes due. The Company intends to seek a waiver, refinance the outstanding borrowings or otherwise mitigate these concerns with Midcap Financial Trust or another lender. There can be no assurance that a waiver will be granted or that the Company will be able to refinance the amounts outstanding and in such an event, the lender may exercise any and all of its rights and remedies provided for under the Midcap Trust Term loan.

As a result of these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern for the next twelve months following the date that these consolidated financial statements are issued. 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.

Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 18,814	$ 25,215	$ 60,328	$ 70,146
North America
Disaggregation of Revenue [Line Items]
Total Revenue	10,591	16,356	35,098	42,017
APAC
Disaggregation of Revenue [Line Items]
Total Revenue	3,029	3,752	9,486	12,249
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	$ 5,194	$ 5,107	$ 15,744	$ 15,880

- Definition

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

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stock compensation plans - 2015 Equity Incentive Plan (Details) - 2015 Plan	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Number of shares of common stock authorized for issuance	0

- Definition

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

+ References

+ Details

Leases - Impairment Charges (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Impairment	$ 2,971	$ 0
Property and equipment, net	7,546		$ 10,729
Property, plant, and equipment
Impairment	2,069
Right of use assets
Impairment	902
Facility not Being Used
Property and equipment, net	$ 2,115

Commitments and contingencies - Changes in fair value of long-term portion of contingent consideration (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Commitments [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses.	Operating Expenses.
Contingent consideration - Long term portion \| Series D Redeemable Convertible Preferred Stock
Other Commitments [Line Items]
Balance, beginning of period	$ 5,765	$ 6,039
Reclassification of FY payment to accrued expenses	(1,410)	(1,803)
Change in contingent consideration value	(496)	1,019
Balance, end of period	$ 3,859	$ 5,255

Subsequent events (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
Subsequent events (Details) - USD ($) $ in Thousands	Oct. 25, 2024	Jul. 31, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Restructuring Charges		$ 1,690	$ 1,257
Subsequent event \| Acrivon Agreement
Subsequent Event [Line Items]
Milestone Payment	$ 3,000

Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

(18) Leases

In the first quarter of 2024, the Company ceased use of its leased facility in Menlo Park, California with the intention to either sublease or exit the vacant space to recover a portion of the total lease costs. The Company’s cease use of its leased facilities required an impairment assessment and the related right-of-use (“ROU”) assets and property and

equipment became their own asset group. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under estimated subleases to identify any potential impairment amount. The impairment assessment considered all industry and economic factors such as rental rates, interest rates, and recent real estate activities to estimate the net cash flows analysis and impairment amount.

The above assessments resulted in the Company recording an impairment charge of $2,971 during the nine months ended September 30, 2024, which was recorded in impairment on the consolidated statements of operations. For the nine months ended September 30, 2024, impairment charges included $2,069 impairment of ROU assets, and $902 impairment of property and equipment, respectively. After recording impairments for the nine months ended September 30, 2024, the carrying value of ROU assets and related property and equipment for the facility not being used was $2,115.

In June 2024, the Company signed a thirty-five month sublease agreement for a portion of its leased facility in Menlo Park, California. In connection with this agreement, the Company received a security deposit totaling $40, which is recorded as a component of long-term liabilities in the consolidated balance sheet. The lease commencement date was July 2024.

There were no ROU asset or leasehold improvement impairments recorded in the three and nine months ended September 30, 2023.

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-of-use asset or lease liability as of September 30, 2024, as renewal was determined to not be reasonably assured.

The table below summarizes the Company’s lease costs for the three and nine months ended September 30, 2024 and 2023:


		Three months ended September 30,				Nine months ended September 30,
Lease Costs	Classification	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	Cost of service and other revenue	$	75	$	89	$	243	$	249
Amortization of right-of-use assets	Selling, general and administrative		12		125		83		348
Amortization of right-of-use assets	Research and development		86		—		255		32
Interest on lease liabilities	Interest expense, net		28		41		93		105
Operating lease cost:
Sublease income	Selling, general and administrative		(94)		—		(94)		—
Rent expense	Cost of product revenue		26		28		80		84
Rent expense	Selling, general and administrative		519		788		1,762		2,355
Total lease cost		$	652	$	1,071	$	2,422	$	3,173

As of September 30, 2024, future minimum commitments under ASC 842 under the Company’s operating leases were as follows:


Maturity of operating lease liabilities	As of September 30, 2024
2024 remaining	$	672
2025		2,783
2026		2,618
2027		1,104
2028		436
Thereafter		562
Total lease payments	$	8,175
Less: discount to lease payments		(962)
Total operating lease liabilities	$	7,213

As of September 30, 2024, future minimum commitments under ASC 842 under the Company’s financing leases were as follows:


Maturity of financing lease liabilities	As of September 30, 2024
2024 remaining	$	539
2025		635
2026		430
2027		383
2028		60
Total lease payments	$	2,047
Less: discount to lease payments		(243)
Total financing lease liabilities	$	1,804

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 nine months ended September 30, 2024 and 2023:


	Nine months ended September 30,
Lease Term, Discount Rates, and Other	2024			2023
Weighted average remaining lease term
Operating leases		3.2	years		4.0	years
Financing leases		2.8	years		3.0	years
Weighted average incremental borrowing rate
Operating leases		7.85	%		7.85	%
Financing leases		11.16	%		9.32	%
Cash payments of amounts included in lease liabilities
Operating cash flows from operating leases	$	2,076		$	2,328
Operating cash flows from finance leases		93			105
Financing cash flows from finance leases		520			485

Segments - Revenue (Details) - country	3 Months Ended		6 Months Ended	9 Months Ended
Segments - Revenue (Details) - country	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk [Line Items]
Number of countries with concentration risk			0	0
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%		100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| North America
Concentration Risk [Line Items]
Concentration Risk, Percentage	56.00%	65.00%		58.00%	60.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| APAC
Concentration Risk [Line Items]
Concentration Risk, Percentage	16.00%	15.00%		16.00%	17.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| EMEA
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.00%	20.00%		26.00%	23.00%

Leases - Office and warehouse leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Menlo Park, CA
Leases
Security Deposit	$ 40

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
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Reference 88: http://www.xbrl.org/2003/role/disclosureRef
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Paragraph 2
-Subparagraph (a)
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Reference 91: http://www.xbrl.org/2003/role/disclosureRef
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Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Employee stock purchase plan

9 Months Ended

Sep. 30, 2024

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


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Weighted-average risk-free interest rate	3.7	%	4.4	%	4.3	%	3.8	%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected volatility	76.6	%	53.5	%	76.2	%	53.5	%
Expected term	5.9 years		6.1 years		5.9 years		5.9 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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Cost of goods sold	$	48	$	96	$	215	$	265
Selling, general and administrative		1,554		2,401		5,895		6,509
Research and development		279		381		1,050		1,099
Total stock-based compensation	$	1,881	$	2,878	$	7,160	$	7,873

As of September 30, 2024, there was $9,731 of total unrecognized compensation cost related to non-vested RSUs that is expected to be recognized over a remaining weighted-average period of 2.7 years.

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, the Company’s 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 September 30, 2024 and December 31, 2023, respectively.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net Income (Loss)	$ (10,533)	$ (12,916)	$ (47,166)	$ (52,521)
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities	20		8	6
Total other comprehensive (loss) income	20		8	6
Comprehensive loss	$ (10,513)	$ (12,916)	$ (47,158)	$ (52,515)

- Definition

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

+ References

+ Details

Significant risks and uncertainties including business and credit concentrations

9 Months Ended

Sep. 30, 2024

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 credit losses. The allowance for credit losses is developed using historical collection experience, current and future economic and market conditions, and a review of the status of customers’ accounts receivable. The Company had an allowance for credit losses of $960 and $45 at September 30, 2024 and December 31, 2023, respectively.

For the three and nine months ended September 30, 2024 and 2023, no single customer accounted for more than 10% of revenue. As of September 30, 2024, one customer accounted for 13% of accounts receivable. As of December 31, 2023, no single customer accounted for more than 10% of accounts receivable.

Stockholder's equity (deficit)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023, a total of 49,522,728 and 49,117,738 shares of common stock were issued and outstanding, respectively, and 10,975,187 and 8,924,291 shares of common stock were reserved for issuance upon the exercise of stock options and vesting of restricted stock, respectively, including 3,910,298, and 1,823,265, respectively, of shares available for issuance under the 2021 Equity Incentive Plan.

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 $50,000 (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 (the “Securities Act”), 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. As of September 30, 2024, we have not sold any shares of common stock under the ATM program.

Issuance costs incurred related to the Equity Distribution Agreement are classified as long-term assets on the balance sheet at September 30, 2024 and December 31, 2023.

On June 7, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC and Piper Sandler (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell up to 10,005,000 shares of common stock (the “Shares”), which included 1,305,000 shares (the “Optional Shares”) subject to a 30-day option to purchase additional shares granted to the Underwriters (the “Offering”). The Shares were offered and sold in the Offering at the public offering price of $5.00 per share and were purchased by the Underwriters from the Company at a price of $4.70 per share, except for 3,509,718 shares purchased by entities affiliated with Telegraph Hill Partners, entities affiliated with PSC Capital Partners LLC and certain of our directors, executive officers and other insiders, all considered related parties, which were purchased by the Underwriters at the public offering price.

On June 8, 2023, the Underwriters exercised their option to purchase the Optional Shares in full.

The Company received approximately $47,817 in net proceeds from the Offering, after deducting the underwriting discounts and commissions and offering expenses payable by the Company. The Offering closed on June 12, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Fair value of financial instruments

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023:


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	8,274	$	8,274	$	—	$	—
U.S Treasury securities		20,889		—		20,889		—
U.S. Government agency bonds		3,399		—		3,399		—
Commercial paper		2,450		—		2,450		—
Total Assets	$	35,012	$	8,274	$	26,738	$	—

Liabilities:
Contingent consideration – Short term portion	$	1,410	$	—	$	—	$	1,410
Contingent consideration – Long term portion		3,859		—		—		3,859
Total Liabilities	$	5,269	$	—	$	—	$	5,269


			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
	Balance at		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	76,844	$	76,844	$	—	$	—
Total Assets	$	76,844	$	76,844	$	—	$	—

Liabilities:
Contingent consideration – Short term portion	$	1,911	$	—	$	—	$	1,911
Contingent consideration – Long term portion		5,765		—		—		5,765
Total Liabilities	$	7,676	$	—	$	—	$	7,676

The following is a summary of cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023:


	September 30, 2024
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents	$	8,274	$	—	$	—	$	8,274
Marketable securities (due in one year or less):
U.S Treasury securities		20,880		10		(1)		20,889
Commercial paper		2,450		—		—		2,450
Total marketable securities due in one year or less		23,330		10		(1)		23,339
Marketable securities (due in one to two years):
U.S. Government agency bonds		3,400		—		(1)		3,399
Total marketable securities due in one to two years		3,400		—		(1)		3,399
Total cash equivalents and marketable securities	$	35,004	$	10	$	(2)	$	35,012


	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents	$	76,844	$	—	$	—	$	76,844
Total cash equivalents	$	76,844	$	—	$	—	$	76,844

The Company held four debt securities at September 30, 2024 classified as marketable securities with original maturity dates greater than three months that were in an unrealized loss position for less than twelve months. The fair market value of these securities was $12,148. The Company evaluated its securities for other-than-temporary impairments based on quantitative and qualitative factors. The Company considered the decline in market value for these securities to be primarily attributable to current economic and market conditions. It is not more likely than not that the Company will be required to sell these securities, and the Company does not intend to sell these securities before the recovery of their amortized cost basis. Based on its analysis, the Company does not consider these investments to be other-than-temporarily impaired as of September 30, 2024.

The Company had no material realized gains or losses on its available-for-sale securities for the three and nine months ended September 30, 2024 and 2023.

The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration 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.

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


	Fair Value		Fair Value
	as of		as of
	September 30,		December 31,		Valuation	Unobservable
Contingent Consideration Liability	2024		2023		Technique	Inputs
Revenue-based Payments	$	5,269	$	7,676	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