0001615055-21-000012 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 12, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40894
Entity Registrant Name	IsoPlexis Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2179799
Entity Address, Address Line One	35 NE Industrial Rd
Entity Address, City or Town	Branford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06405
City Area Code	203
Local Phone Number	208-4111
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ISO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,954,947
Entity Central Index Key	0001615055
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 40,739	$ 106,641
Accounts receivable, net	3,493	2,922
Inventories, net	20,232	3,955
Prepaid expenses and other current assets	7,613	2,156
Total current assets	72,077	115,674
Property and equipment, net	4,558	3,227
Intangible assets, net	21,266	1,643
Other assets	1,971	3,061
Total assets	99,872	123,605
Current liabilities:
Accounts payable	5,909	2,137
Accrued expenses and other current liabilities	5,384	2,129
Deferred revenue	1,089	356
Deferred rent	76	0
Total current liabilities	12,458	4,622
Warrant liability	8,330	4,637
Long-term debt	31,767	22,137
Total liabilities:	52,555	31,396
Commitments and contingencies (Notes 10 and 12)
Stockholders’ deficit:
Common stock, $0.001 par value, 400,000,000 shares authorized; 2,214,960 and 2,133,904 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	2,324	1,151
Accumulated deficit	(108,716)	(52,404)
Total stockholders’ deficit	(106,390)	(51,251)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	99,872	123,605
Series A Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	1,596	1,596
Series A-2 Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	3,870	3,623
Series B Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	6,606	6,606
Series B-2 Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	6,991	6,991
Series C Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	24,839	24,839
Series C-2 Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	24,929	24,929
Series D Preferred
Redeemable convertible preferred stock:
Preferred stock, value, issued	$ 84,876	$ 74,876

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares, issued	2,214,960	2,133,904
Common stock, shares, outstanding	2,214,960	2,133,904
Series A Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	253,862	253,862
Temporary equity, shares issued	253,862	253,862
Temporary equity, shares outstanding	253,862	253,862
Temporary equity, liquidation preference, value	$ 2,842
Series A-2 Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	293,180	293,180
Temporary equity, shares issued	293,180	290,002
Temporary equity, shares outstanding	293,180	290,002
Temporary equity, liquidation preference, value	$ 5,956
Series B Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	376,061	376,061
Temporary equity, shares issued	376,061	376,061
Temporary equity, shares outstanding	376,061	376,061
Temporary equity, liquidation preference, value	$ 9,865
Series B-2 Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	237,183	237,183
Temporary equity, shares issued	237,183	237,183
Temporary equity, shares outstanding	237,183	237,183
Temporary equity, liquidation preference, value	$ 9,699
Series C Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	564,287	564,287
Temporary equity, shares issued	564,287	564,287
Temporary equity, shares outstanding	564,287	564,287
Temporary equity, liquidation preference, value	$ 31,165
Series C-2 Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	515,218	515,218
Temporary equity, shares issued	515,218	515,218
Temporary equity, shares outstanding	515,218	515,218
Temporary equity, liquidation preference, value	$ 28,605
Series D Preferred
Temporary equity, par value per share (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized	1,202,549	1,202,549
Temporary equity, shares issued	1,105,045	975,039
Temporary equity, shares outstanding	1,105,045	975,039
Temporary equity, liquidation preference, value	$ 90,092

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 4,193	$ 3,279	$ 11,716	$ 6,983
Gross profit	1,973	1,761	5,917	3,619
Operating expenses:
Research and development expenses	4,700	2,474	13,869	7,468
General and administrative expenses	7,106	2,575	16,670	6,247
Sales and marketing expenses	10,066	2,962	27,097	7,774
Total operating expenses	21,872	8,011	57,636	21,489
Loss from operations	(19,899)	(6,250)	(51,719)	(17,870)
Other income and (expense):
Grant income	862	1,225	2,189	2,717
Change in fair value of warrants and loan commitment	(97)	(21)	(4,104)	(64)
Interest income	1	1	9	3
Interest expense	(1,066)	0	(2,687)	0
Net loss	(20,199)	(5,045)	(56,312)	(15,214)
Accrued dividends on preferred stock	(3,400)	(1,558)	(10,010)	(4,541)
Net loss attributable to common stockholders	(23,599)	(6,603)	(66,322)	(19,755)
Net loss attributable to common stockholders	$ (23,599)	$ (6,603)	$ (66,322)	$ (19,755)
Basic net loss per common share (in usd per share)	$ (10.66)	$ (3.16)	$ (30.59)	$ (9.48)
Diluted net loss per common share (in usd per share)	$ (10.66)	$ (3.16)	$ (30.59)	$ (9.48)
Weighted-average common shares outstanding—basic	2,213,825	2,086,345	2,168,259	2,084,497
Weighted-average common shares outstanding—diluted	2,213,825	2,086,345	2,168,259	2,084,497
Product revenue
Revenue
Total revenue	$ 3,890	$ 3,025	$ 10,906	$ 6,115
Cost of goods and services sold	2,207	1,505	5,758	3,275
Service revenue
Revenue
Total revenue	303	254	810	868
Cost of goods and services sold	$ 13	$ 13	$ 41	$ 89

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands	Total	Series A Preferred	Series A-2 Preferred	Series B Preferred	Series B-2 Preferred	Series C Preferred	Series C-2 Preferred	Series D Preferred	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		253,862	290,002	376,061	237,183	564,287	412,174	0
Beginning balance at Dec. 31, 2019		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 19,929	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)							103,044
Issuance of Preferred Stock							$ 5,000
Ending balance (in shares) at Mar. 31, 2020		253,862	290,002	376,061	237,183	564,287	515,218	0
Ending balance at Mar. 31, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 0
Beginning balance (in shares) at Dec. 31, 2019									2,083,568
Beginning balance at Dec. 31, 2019	$ (28,534)								$ 2	$ 604	$ (29,140)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	49									49
Net loss	(5,854)										(5,854)
Ending balance (in shares) at Mar. 31, 2020									2,083,568
Ending balance at Mar. 31, 2020	(34,339)								$ 2	653	(34,994)
Beginning balance (in shares) at Dec. 31, 2019		253,862	290,002	376,061	237,183	564,287	412,174	0
Beginning balance at Dec. 31, 2019		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 19,929	$ 0
Ending balance (in shares) at Sep. 30, 2020		253,862	290,002	376,061	237,183	564,287	515,218	0
Ending balance at Sep. 30, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 0
Beginning balance (in shares) at Dec. 31, 2019									2,083,568
Beginning balance at Dec. 31, 2019	(28,534)								$ 2	604	(29,140)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,214)
Ending balance (in shares) at Sep. 30, 2020									2,087,672
Ending balance at Sep. 30, 2020	(43,282)								$ 2	1,071	(44,355)
Beginning balance (in shares) at Mar. 31, 2020		253,862	290,002	376,061	237,183	564,287	515,218	0
Beginning balance at Mar. 31, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 0
Ending balance (in shares) at Jun. 30, 2020		253,862	290,002	376,061	237,183	564,287	515,218	0
Ending balance at Jun. 30, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 0
Beginning balance (in shares) at Mar. 31, 2020									2,083,568
Beginning balance at Mar. 31, 2020	(34,339)								$ 2	653	(34,994)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	53									53
Net loss	(4,316)										(4,316)
Ending balance (in shares) at Jun. 30, 2020									2,083,568
Ending balance at Jun. 30, 2020	(38,602)								$ 2	706	(39,310)
Ending balance (in shares) at Sep. 30, 2020		253,862	290,002	376,061	237,183	564,287	515,218	0
Ending balance at Sep. 30, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)									4,104
Stock-based compensation	365									365
Net loss	(5,045)										(5,045)
Ending balance (in shares) at Sep. 30, 2020									2,087,672
Ending balance at Sep. 30, 2020	(43,282)								$ 2	1,071	(44,355)
Beginning balance (in shares) at Dec. 31, 2020		253,862	290,002	376,061	237,183	564,287	515,218	975,039
Beginning balance at Dec. 31, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 74,876
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)								130,006
Issuance of Preferred Stock								$ 10,000
Ending balance (in shares) at Mar. 31, 2021		253,862	290,002	376,061	237,183	564,287	515,218	1,105,045
Ending balance at Mar. 31, 2021		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 84,876
Beginning balance (in shares) at Dec. 31, 2020									2,133,904
Beginning balance at Dec. 31, 2020	(51,251)								$ 2	1,151	(52,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)									10,912
Exercise of common stock options	5									5
Stock-based compensation	95									95
Net loss	(15,559)										(15,559)
Ending balance (in shares) at Mar. 31, 2021									2,144,816
Ending balance at Mar. 31, 2021	(66,710)								$ 2	1,251	(67,963)
Beginning balance (in shares) at Dec. 31, 2020		253,862	290,002	376,061	237,183	564,287	515,218	975,039
Beginning balance at Dec. 31, 2020		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 74,876
Ending balance (in shares) at Sep. 30, 2021		253,862	293,180	376,061	237,183	564,287	515,218	1,105,045
Ending balance at Sep. 30, 2021		$ 1,596	$ 3,870	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 84,876
Beginning balance (in shares) at Dec. 31, 2020									2,133,904
Beginning balance at Dec. 31, 2020	$ (51,251)								$ 2	1,151	(52,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	81,056
Net loss	$ (56,312)
Ending balance (in shares) at Sep. 30, 2021									2,214,960
Ending balance at Sep. 30, 2021	(106,390)								$ 2	2,324	(108,716)
Beginning balance (in shares) at Mar. 31, 2021		253,862	290,002	376,061	237,183	564,287	515,218	1,105,045
Beginning balance at Mar. 31, 2021		$ 1,596	$ 3,623	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 84,876
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)			3,178
Issuance of Preferred Stock			$ 247
Ending balance (in shares) at Jun. 30, 2021		253,862	293,180	376,061	237,183	564,287	515,218	1,105,045
Ending balance at Jun. 30, 2021		$ 1,596	$ 3,870	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 84,876
Beginning balance (in shares) at Mar. 31, 2021									2,144,816
Beginning balance at Mar. 31, 2021	(66,710)								$ 2	1,251	(67,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)									68,016
Exercise of common stock options	4									4
Stock-based compensation	234									234
Net loss	(20,554)										(20,554)
Ending balance (in shares) at Jun. 30, 2021									2,212,832
Ending balance at Jun. 30, 2021	(87,026)								$ 2	1,489	(88,517)
Ending balance (in shares) at Sep. 30, 2021		253,862	293,180	376,061	237,183	564,287	515,218	1,105,045
Ending balance at Sep. 30, 2021		$ 1,596	$ 3,870	$ 6,606	$ 6,991	$ 24,839	$ 24,929	$ 84,876
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)									2,128
Exercise of common stock options	2									2
Stock-based compensation	833									833
Net loss	(20,199)										(20,199)
Ending balance (in shares) at Sep. 30, 2021									2,214,960
Ending balance at Sep. 30, 2021	$ (106,390)								$ 2	$ 2,324	$ (108,716)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (56,312)	$ (15,214)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,517	560
Provision for warranty costs	190	55
Change in fair value of warrants and loan commitment	4,104	64
Amortization of debt discount	471	0
Stock-based compensation	1,162	467
Provision for excess and obsolete inventories	240	0
Changes in operating assets and liabilities:
Accounts receivable	(571)	(146)
Inventories	(16,517)	(462)
Prepaid expenses and other current assets	(594)	(536)
Other assets	45	41
Accounts payable	3,772	132
Accrued liabilities	3,065	751
Deferred revenue	733	(34)
Deferred rent	76	(17)
Net cash used in operating activities	(58,619)	(14,339)
Cash flows from investing activities
Purchases of property and equipment	(2,203)	(892)
Payments for patents acquired and capitalized	(20,268)	(808)
Net cash used in investing activities	(22,471)	(1,700)
Cash flows from financing activities
Proceeds received from borrowings on credit agreement	10,000	0
Payment of deferred offering costs	(4,863)	0
Exercise of common stock options	11	0
Net cash provided by financing activities	15,188	5,000
Net change in cash	(65,902)	(11,039)
Cash beginning	106,641	27,371
Cash ending	40,739	16,332
Non-cash investing and financing activities
Transfer of Tranche B loan commitment to contra-debt upon additional borrowing under credit agreement	841	0
Supplemental disclosure of cash flow information
Cash paid for interest	2,566	0
Series A-2 Preferred
Cash flows from financing activities
Proceeds from issuance of preferred stock	40	0
Series C-2 Preferred
Cash flows from financing activities
Proceeds from issuance of preferred stock	0	5,000
Series D Preferred
Cash flows from financing activities
Proceeds from issuance of preferred stock	$ 10,000	$ 0

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operations IsoPlexis Corporation (together with its subsidiaries, the “Company”) was incorporated in the State of Delaware in March 2013. The Company is a life sciences company building solutions to accelerate the development of curative medicines and personalized therapeutics. The Company’s award-winning single-cell proteomics systems reveal unique biological activity in small subsets of cells, allowing researchers to connect more directly to in-vivo biology and develop more precise and personalized therapies. The Company’s products have been adopted by researchers around the world, including each of the top 15 global pharmaceutical companies by revenue and by more than half of the comprehensive cancer centers in the United States. On December 28, 2018, the Company created IsoPlexis UK Limited (“IsoPlexis UK”), which has remained dormant. COVID - 19 The COVID-19 pandemic developed rapidly in 2020, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity. The Company has taken a number of measures to monitor and mitigate the effects of COVID-19, such as safety and health measures for the Company’s employees (such as social distancing and working from home) and securing the supply of materials that are essential to the production process. At this stage, the impact on the Company’s business and results has not been significant and based on the Company’s experience to date management expects this to remain the case. The Company will continue to follow the various government policies and advice. Liquidity and ability to continue as a going concern Since its inception, the Company has incurred net losses and negative cash flows from operations. During the nine months ended September 30, 2021 and 2020, the Company incurred a net loss of $56.3 million and $15.2 million, respectively, and used $58.6 million and $14.3 million in cash for operations, respectively. In addition, as of September 30, 2021, the Company had an accumulated deficit of $108.7 million. On October 12, 2021, the Company closed its initial public offering (the “IPO”), which generated net proceeds of $111.0 million (see Note 15). As of November 12, 2021, the issuance date of the condensed consolidated financial statements for the nine months ended September 30, 2021, the Company expected that its cash would be sufficient to fund its operating expenses, capital expenditure requirements and debt service payments through at least 12 months from the issuance date of the condensed consolidated financial statements. The Company expects to continue to generate operating losses and negative cash flows for the foreseeable future. In addition, the Company’s Credit Agreement and Guaranty, dated as of December 30, 2020 (as amended, the “Credit Agreement”), between the Company and Perceptive Credit Holdings III, LP, as administrative agent and as a lender (in such capacities, the “Administrative Agent”), includes covenants with minimum revenue requirements for the trailing twelve months at various quarterly measurement dates through December 2025. On October 29, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) with the Administrative Agent to, among other things, eliminate the minimum total revenue covenant for the twelve months ending September 30, 2021 and December 31, 2021 and reset the minimum total revenue covenants thereafter. The Company may seek additional funding in order to reach its business objectives. The Company may seek these funds either through public debt or equity offerings or further private equity financings, debt financings, and strategic alliances. The Company may not be able to obtain funding on acceptable terms, or at all, and the terms of any funding may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain additional funding, it could adversely affect the Company’s business prospects. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts classification of liabilities that might be necessary if the company is unable to continue as a going concern.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, IsoPlexis UK. All intercompany transactions have been eliminated. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2020 and 2019, and the notes thereto, which are included in the Company’s final prospectus related to the Company’s IPO, dated October 7, 2021 and filed on October 12, 2021 with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The results for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of significant accounting policies” in our consolidated financial statements as of and for the years ended December 31, 2020 and 2019. Deferred offering costs The Company capitalizes incremental legal, professional accounting and other third-party fees that are directly associated with the Company’s IPO as other current assets. After consummation of the IPO on October 12, 2021, these costs will be recorded in stockholders’ deficit as a reduction of additional paid-in-capital generated as a result of the IPO. As of September 30, 2021, there were deferred offering costs of approximately $4.9 million included in prepaid expenses and other current assets. New accounting standards not yet effective In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard established a right-of- use model that requires all lessees to recognize right-of-use assets and liabilities on their balance sheet that arise from leases as well as provide disclosures with respect to certain qualitative and quantitative information related to their leasing arrangements. The Company plans to adopt the standard on January 1, 2022, using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2022. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides companies with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows companies to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has certain debt instruments for which the interest rates are indexed to LIBOR, and as a result, is currently evaluating the effect that the implementation of this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures.

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Certain of the Company’s assets and liabilities are recorded at fair value, as described below.

The following tables set forth the Company’s financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy:


	September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	8,330	$	8,330
Loan commitment	$	—	$	—	$	1,195	$	1,195


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	4,637	$	4,637
Loan commitment	$	—	$	—	$	2,240	$	2,240

Under ASC Topic 480, Distinguishing Liabilities from Equity, the warrants (see Note 7) are freestanding financial instruments that qualify as liabilities required to be recorded at their estimated fair value at the inception date and remeasured at each reported balance sheet date thereafter until settlement. The Series A-2 Preferred Stock Warrant was exercised on May 11, 2021, at an exercise price of $12.58606 per share for 3,178 shares of Series A-2 redeemable convertible preferred stock. The fair value of the warrant liability was estimated using a Black-Scholes option pricing model, with the following significant unobservable inputs (Level 3):


	September 30, 2021			December 31, 2020
	Series D			Series A-2			Series D
Stock price	$	120.73		$	76.92		$	76.92
Exercise price	$	76.92		$	12.59		$	76.92
Expected term (in years)	9.25			4.7			10
Volatility	55		%	50		%	50		%
Dividend rate	—			—			—
Risk-free interest rate	1.45		%	0.36		%	0.93		%

The Company’s volatility was estimated at each valuation date based on the price history for guideline companies looking back over the number of years equal to the expected term. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the nine months ended September 30, 2021 and 2020.

The commitment for an additional tranche under the Credit Agreement (see Note 7) qualifies as a freestanding financial instrument required to be recorded at estimated fair value. The fair value of the loan commitment was estimated based on the present value of future expected cash flows discounted at the Company’s effective interest rate of 14.19% and 13.98% at September 30, 2021 and December 31, 2020 respectively.

The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis:


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance at January 1, 2021	$	2,240	$	4,430	$	207
Change in estimated fair value	(139)		1,807		—
Balance at March 31, 2021	2,101		6,237		207
Change in estimated fair value	—		2,061		—
Exercise of warrant	—		—		(207)
Exercise of Tranche B loan commitment	(841)		—		—
Balance at June 30, 2021	1,260		8,298		—
Change in estimated fair value	(65)		32		—
Balance at September 30, 2021	$	1,195	$	8,330	$	—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as January 1, 2020	$	—	$	—	$	122
Change in estimated fair value	—		—		21
Balance at March 31, 2020	—		—		143
Change in estimated fair value	—		—		22
Balance at June 30, 2020	—		—		165
Change in estimated fair value	—		—		21
Balance at September 30, 2020	$	—	$	—	$	186

The above fair value measurements are sensitive to changes in underlying unobservable inputs. A change in those inputs could result in a significantly higher or lower fair value measurement. The full amount of the Tranche B term loan was drawn and $0.8 million was reclassified from the loan commitment to debt discount on May 27, 2021. As of September 30, 2021, $15.0 million under Tranche C remained available through March 31, 2022.

Changes in fair value of the warrants and loan commitment is included in other expense in the statements of operations.

- 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

Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s revenue is generated primarily from the sale of products and services. Product revenue primarily consists of sales of instruments and consumables used in single cell research equipment. Service and other revenue primarily consists of revenue generated from measuring immune responses using the Company’s technology.

Revenue by source


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Instruments	$	2,647	$	2,471	$	7,615	$	5,019
Consumables	1,243		554		3,291		1,096
Extended service warranty	213		101		510		204
Other service revenue	90		153		300		664
Total revenue	$	4,193	$	3,279	$	11,716	$	6,983

Revenue by geographic area


	Three Months Ended September 30,				Nine Months Ended September 30,
Based on region of destination (in thousands)	2021		2020		2021		2020
Americas (1)	$	2,933	$	2,523	$	8,554	$	5,184
Europe (2)	900		94		1,639		508
Greater China (3)	314		619		826		905
Asia-Pacific (4)	46		43		697		386
Total revenue	$	4,193	$	3,279	$	11,716	$	6,983

__________

(1)Region includes revenue from the United States of America and Canada

(2)Region includes revenue from the United Kingdom, Belgium, Portugal, Spain, Germany, Sweden, Italy, Israel and Switzerland

(3)Region includes revenue from China and Taiwan

(4)Region includes revenue from Singapore, Japan, Australia, New Zealand and Korea

Performance obligations

The Company regularly enters into contracts with multiple performance obligations. Most performance obligations are generally satisfied within a short time after the contract execution date. As of September 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.1 million, of which substantially all is expected to be recognized as revenue during 2021.

Contract balances

Contract balances represent amounts presented in the consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances included accounts receivable (see Note 5) and deferred revenue. Accounts receivable balances represent amounts billed to customers for goods and services when the Company has an unconditional right to payment of the amount billed. Deferred revenue, as of September 30, 2021 and December 31, 2020 was $1.1 million and $0.4 million, respectively. Deferred revenue represents cash consideration received from customers for which all services or products have not yet been transferred. Revenue recorded during the nine months ended September 30, 2020 included $0.2 million of previously deferred revenue that was included in contract liabilities as of December 31, 2019. Revenue recorded during the nine months ended September 30, 2021 included $0.5 million of previously deferred revenue that was included in contract liabilities as of December 31, 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Supplemental Balance Sheet Details

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Details

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2021		December 31, 2020
Accounts receivable	$	3,539	$	2,972
Allowance for doubtful accounts	(46)		(50)
Total accounts receivable net of allowance	$	3,493	$	2,922

Inventories, net consists of the following:


(in thousands)	September 30, 2021		December 31, 2020
Raw materials	$	18,870	$	3,631
Work in process	3		28
Finished goods	1,659		356
Reserve for excess and obsolete inventory	(300)		(60)
Total Inventories, net	$	20,232	$	3,955

Property and equipment, net consist of the following:


(in thousands)	September 30, 2021		December 31, 2020
Furniture and equipment	$	4,342	$	2,848
Computers and technology	2,004		1,453
Leasehold improvements	856		698
Total	7,202		4,999
Accumulated depreciation	(2,644)		(1,772)
Property and equipment, net	$	4,558	$	3,227

Depreciation expense was $0.9 million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Accrued expenses and other current liabilities consist of the following:


(in thousands)	September 30, 2021		December 31, 2020
Accrued compensation	$	2,305	$	867
Accrued operating expenses	2,769		1,081
Other, including warranties	310		181
Total accrued liabilities	$	5,384	$	2,129

Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets consist of the following:


		September 30, 2021
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	8 - 14	$	21,450	$	604	$	20,846
Capitalized Licenses	2 - 5	670		250		420
Total intangible assets		$	22,120	$	854	$	21,266


		December 31, 2020
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	8 - 14	$	1,182	$	52	$	1,130
Capitalized Licenses	2 - 5	670		157		513
Total intangible assets		$	1,852	$	209	$	1,643

Amortization expense was $0.6 million and $0.1 million for the nine months ended September 30, 2021 and 2020, respectively. The amortization of capitalized intangible assets is recognized in cost of product and service revenue. The amortization of purchased intangible assets is recognized in general and administrative operating expenses.

On May 12, 2021, the Company entered into a Patent Purchase Agreement to purchase a collection of 86 patents related to DNA and RNA sequencing for an aggregate purchase price of $20.0 million. The Company closed the acquisition on May 15, 2021.

As of September 30, 2021, the estimated annual amortization of intangible assets for the remainder of 2021 and the next four years is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.


Year (in thousands)	Estimated Annual Amortization
2021	$	415
2022	1,662
2023	1,662
2024	1,662
2025	1,578

Debt	9 Months Ended
Debt	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt On December 30, 2020, the Company closed on a $50.0 million Credit Agreement, of which the Company borrowed $25.0 million immediately upon closing. In connection with the Credit Agreement closing, the Company issued to the lender warrants to purchase 97,504 shares of Series D preferred stock. The warrants have a 10-year contractual life and an exercise price of $76.92 per warrant share. The fair value at issuance was initially estimated at $4.4 million and was recorded as a warrant liability. The lender and affiliates of the lender also purchased Series D preferred stock at the closing of the Credit Agreement. In addition, given that the Credit Agreement contained a second tranche of potential borrowings, the Company identified and initially recorded within other assets on the balance sheet a $2.2 million asset related to the future loan commitment. The Company determined that the loan commitment meets the definition within ASC 480 as a freestanding financial instrument to be recorded at fair value given that it is both (1) legally detachable per the explicit ability provided to the creditor allowing it to assign all or part of its interest under the Credit Agreement to any person or entity; and (2) separately exercisable given that it can be exercised or not exercised at the Company’s option without impacting the outstanding balance of the original $25.0 million borrowed upon execution of the Credit Agreement. The remaining proceeds were allocated to the value of the initial debt borrowed and the discount resulting on such debt will be amortized over the term of the Credit Agreement. On May 27, 2021, the Company executed the First Amendment to the Credit Agreement to, among other things, split the previously remaining $25.0 million delayed draw term loan commitments under the Credit Agreement into a $10.0 million Tranche B term loan, available to be drawn upon the effectiveness of the First Amendment, and a $15.0 million Tranche C term loan, available to be drawn subject to achievement of a revenue milestone set forth in the Credit Agreement. The full amount of the Tranche B term loan was drawn and $0.8 million was reclassified from the loan commitment to debt discount on May 27, 2021. As of September 30, 2021, $15.0 million remained available through March 31, 2022. The Credit Agreement bears interest at the one-month LIBOR, with a 1.75% floor, plus a 9.50% margin (11.25% at September 30, 2021). Monthly payments of interest-only are due over the term of the loan with no scheduled loan amortization. Amounts borrowed are due and payable on the maturity date, December 30, 2025. The loan is secured by substantially all of the Company’s assets. Financial covenants include a $3.0 million minimum cash balance at all times and minimum revenue amounts; the minimum revenue covenants as amended in October 2021 now range from $15.0 million for the twelve-month period ended June 30, 2021 to $106.0 million for the twelve-month period ended December 31, 2025 and are measured on a quarterly basis.

- 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

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+ Details

Equity	9 Months Ended
Equity	Sep. 30, 2021
Equity [Abstract]
Equity	Equity Common stock On September 27, 2021, the Company implemented an 8-for-1 forward stock split (the “Stock Split”) of the Company’s common stock, $0.001 par value per share (“Common Stock”), pursuant to an amendment to the Company’s amended and restated certificate of incorporation approved by the Company’s board of directors and stockholders. As a result of the Stock Split, all Common Stock share and per share data and related information shown in these financial statements and related notes have been adjusted on a retroactive basis for all periods presented. There was no change in the par value of the Company’s Common Stock. As of September 30, 2021, the Company had authorized 400,000,000 shares of Common Stock, of which a total of 2,214,960 and 2,133,904 shares were outstanding, as of September 30, 2021 and December 31, 2020, respectively. Preferred stock All Series of preferred stock are collectively referred to as the “Preferred Stock”. As of September 30, 2021, the cumulative, accrued dividends totaled $24.2 million. As of September 30, 2021, shares of Preferred Stock were convertible into 26,758,688 shares of Common Stock. Voting rights Each holder of Preferred Stock is entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held are convertible. The holders of Preferred Stock vote together with the holders of Common Stock as a single class.

- Definition

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

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

+ Details

Equity Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity based compensation

The Company’s 2014 Stock Plan (the “Plan”) provides for the granting of stock options or restricted stock to key employees, officers, directors and consultants. The Board of Directors, at its sole discretion, shall determine the exercise price. Stock options expire 10 years from the date of grant. The stock options generally vest 25% upon the one-year anniversary of the service inception date and then ratably each month over the remaining 36 months. Upon termination of service, any unvested stock options are automatically returned to the Company. Vested stock options that are not exercised within the specified period, according to the terms and conditions of the option plan, following the termination as an employee, consultant, or service provider to the Company are surrendered back to the Company. Those stock options are added back to the plan pool and made available for future grants. The maximum number of shares of Common Stock reserved under the Plan is 7,683,360. Compensation cost is recorded on a straight-line basis over the requisite service period of the award based on the fair value of the options issued on the measurement date.

The following table summarizes stock option activity for the nine months ended September 30, 2021:


	Stock Options
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2020	3,076,904	$	0.72	7.2
Granted	2,165,018	4.77
Forfeited	(47,542)	2.38
Exercised	(81,056)	0.29
Outstanding as of September 30, 2021	5,113,324	$	2.46	8.9	$	64,138
Vested and expected to vest as of September 30, 2021	5,113,324	$	2.46	8.9	$	64,138
Exercisable at September 30, 2021	2,467,519	$	0.69	7.3	$	35,312

The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations:


	Nine Months Ended September 30,
(in thousands)	2021		2020
Research and development	$	178	$	17
General and administrative	716		427
Sales and marketing	268		23
Total stock-based compensation expense	$	1,162	$	467

The weighted-average grant date fair value of stock options awarded during the nine months ended September 30, 2021 and 2020 was approximately $6.37 per share and $0.60 per share, respectively. The aggregate grant date fair value of stock options vested during each of the nine month periods ended September 30, 2021 and 2020 was $0.1 million. As of September 30, 2021, there was a total of $12.3 million of unrecognized employee compensation costs related to non-vested stock option awards expected to be recognized over a weighted average period of 3.9 years.

The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine.

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:


	Nine Months Ended September 30,
	2021		2020
Risk-free interest rate	0.94 - 1.4%		0.22		%
Expected term (in years)	7		7
Expected volatility	55	%	50		%
Expected dividend yield	—		—
Exercise prices	$1.83 - $10.72		$	1.03
Estimated fair value of common stock	$3.96 - $10.72		$1.03 - $1.69

The risk-free interest rate assumption was based upon observed interest rates appropriate for the expected term of the stock options. The expected volatility was calculated based on comparable public companies. The expected term is based on the average of the vesting period and the legal term. The Company has not declared any dividends in its history and does not expect to issue dividends over the life of the stock options and therefore has estimated the dividend yield to be zero.

Commitments

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments

Operating leases

The Company has multiple operating lease commitments for office space and equipment, which expire through 2026. As of September 30, 2021, the Company had the following future minimum lease payments under non-cancelable leases for the remainder of 2021 and the future years thereafter:


(in thousands)	Years Ending December 31
2021	$	371
2022	1,249
2023	1,103
2024	1,037
2025	887
Thereafter	379
Total	$	5,026

The rent expense for the nine months ended September 30, 2021 and 2020 was approximately $0.8 million and $0.6 million, respectively.

Purchase Commitments

On May 12, 2021 the Company entered into a Supply Agreement with QIAGEN GmbH, pursuant to which they have agreed to supply certain reagents to the Company, and the Company has agreed to certain annual minimum purchases, starting at $2.5 million per year initially, and increasing over time to a maximum of $10.0 million per year in 2027.

Product Warranties

9 Months Ended

Sep. 30, 2021

Guarantees and Product Warranties [Abstract]

Product warranties

The Company warrants certain products generally for periods of one year following the delivery date. Accrued warranty costs are included in accrued expenses and other current liabilities.


	Nine Months Ended September 30,
(in thousands)	2021		2020
Accrued warranty cost, beginning	$	135	$	85
Cost of warranty services	(75)		(71)
Estimated provision for warranty cost	190		55
Accrued warranty cost, end	$	250	$	69

Legal Proceedings	9 Months Ended
Legal Proceedings	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	Legal proceedingsThe Company may be a party to a litigation or subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company is not currently a party to any material legal proceedings, and the Company’s management believes that there are currently no claims or actions pending against the Company, the ultimate disposition of which could have a material adverse effect on the Company’s results of operations or financial condition.

Net Loss per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net loss per share attributable to common stockholders

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have an anti-dilutive effect:


	September 30, 2021	September 30, 2020
Options outstanding to purchase common stock	5,113,324	3,134,505
Convertible preferred stock (as converted to common stock)	26,758,688	17,892,904

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	Related party transactionsThe Company has a License Agreement with Yale University, which is a holder of Series A and Series B-2 preferred stock. The Company has a License Agreement with Caltech, which is a holder of Series B preferred stock. As noted in Note 7, the Company has a Credit Agreement with Perceptive, which is a holder of Series D preferred stock. There are no receivables or payables due from or to these entities as of September 30, 2021.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent events The Company has evaluated for subsequent events through November 12, 2021, the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose, except as follows:. On October 12, 2021, the Company closed an IPO of its Common Stock through an underwritten sale of 8,333,000 shares of Common Stock at a price of $15.00 per share. The aggregate net proceeds from the IPO, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, were approximately $111.0 million. The net proceeds from the IPO will be used for general corporate purposes. Upon closing of the IPO on October 12, 2021, all 3,344,836 shares of Preferred Stock that were outstanding immediately prior to the closing of the IPO automatically converted into 26,758,688 shares of Common Stock. In addition, the Company issued 1,643,374 shares of Common Stock to the holders of the outstanding Preferred Stock in respect of accrued dividends thereon accrued to but not including October 12, 2021, based on the IPO price of $15.00 per share. Upon closing of the IPO on October 12, 2021, the warrant held by Perceptive Credit Holdings III, LP to purchase Series D redeemable convertible preferred stock was converted into a warrant exercisable for a total of 811,374 shares of common stock. On October 29, 2021, the Company entered into the Second Amendment to, among other things, eliminate the minimum total revenue covenant for the twelve months ending September 30, 2021 and December 31, 2021 and reset the minimum total revenue covenants thereafter.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, IsoPlexis UK. All intercompany transactions have been eliminated. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the years ended December 31, 2020 and 2019, and the notes thereto, which are included in the Company’s final prospectus related to the Company’s IPO, dated October 7, 2021 and filed on October 12, 2021 with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The results for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
New accounting standards not yet effective	New accounting standards not yet effective In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard established a right-of- use model that requires all lessees to recognize right-of-use assets and liabilities on their balance sheet that arise from leases as well as provide disclosures with respect to certain qualitative and quantitative information related to their leasing arrangements. The Company plans to adopt the standard on January 1, 2022, using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2022. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. The Company has not yet determined the impact the adoption of this standard will have on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides companies with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows companies to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has certain debt instruments for which the interest rates are indexed to LIBOR, and as a result, is currently evaluating the effect that the implementation of this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures.

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy:


	September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	8,330	$	8,330
Loan commitment	$	—	$	—	$	1,195	$	1,195


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Warrant liability	$	—	$	—	$	4,637	$	4,637
Loan commitment	$	—	$	—	$	2,240	$	2,240

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the warrant liability was estimated using a Black-Scholes option pricing model, with the following significant unobservable inputs (Level 3):


	September 30, 2021			December 31, 2020
	Series D			Series A-2			Series D
Stock price	$	120.73		$	76.92		$	76.92
Exercise price	$	76.92		$	12.59		$	76.92
Expected term (in years)	9.25			4.7			10
Volatility	55		%	50		%	50		%
Dividend rate	—			—			—
Risk-free interest rate	1.45		%	0.36		%	0.93		%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis:


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance at January 1, 2021	$	2,240	$	4,430	$	207
Change in estimated fair value	(139)		1,807		—
Balance at March 31, 2021	2,101		6,237		207
Change in estimated fair value	—		2,061		—
Exercise of warrant	—		—		(207)
Exercise of Tranche B loan commitment	(841)		—		—
Balance at June 30, 2021	1,260		8,298		—
Change in estimated fair value	(65)		32		—
Balance at September 30, 2021	$	1,195	$	8,330	$	—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as January 1, 2020	$	—	$	—	$	122
Change in estimated fair value	—		—		21
Balance at March 31, 2020	—		—		143
Change in estimated fair value	—		—		22
Balance at June 30, 2020	—		—		165
Change in estimated fair value	—		—		21
Balance at September 30, 2020	$	—	$	—	$	186

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes during the nine months ended September 30, 2021 and 2020 in Level 3 liabilities measured at fair value on a recurring basis:


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance at January 1, 2021	$	2,240	$	4,430	$	207
Change in estimated fair value	(139)		1,807		—
Balance at March 31, 2021	2,101		6,237		207
Change in estimated fair value	—		2,061		—
Exercise of warrant	—		—		(207)
Exercise of Tranche B loan commitment	(841)		—		—
Balance at June 30, 2021	1,260		8,298		—
Change in estimated fair value	(65)		32		—
Balance at September 30, 2021	$	1,195	$	8,330	$	—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as January 1, 2020	$	—	$	—	$	122
Change in estimated fair value	—		—		21
Balance at March 31, 2020	—		—		143
Change in estimated fair value	—		—		22
Balance at June 30, 2020	—		—		165
Change in estimated fair value	—		—		21
Balance at September 30, 2020	$	—	$	—	$	186

Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue by source


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Instruments	$	2,647	$	2,471	$	7,615	$	5,019
Consumables	1,243		554		3,291		1,096
Extended service warranty	213		101		510		204
Other service revenue	90		153		300		664
Total revenue	$	4,193	$	3,279	$	11,716	$	6,983

Revenue from External Customers by Geographic Areas

Revenue by geographic area


	Three Months Ended September 30,				Nine Months Ended September 30,
Based on region of destination (in thousands)	2021		2020		2021		2020
Americas (1)	$	2,933	$	2,523	$	8,554	$	5,184
Europe (2)	900		94		1,639		508
Greater China (3)	314		619		826		905
Asia-Pacific (4)	46		43		697		386
Total revenue	$	4,193	$	3,279	$	11,716	$	6,983

__________

(1)Region includes revenue from the United States of America and Canada

(2)Region includes revenue from the United Kingdom, Belgium, Portugal, Spain, Germany, Sweden, Italy, Israel and Switzerland

(3)Region includes revenue from China and Taiwan

(4)Region includes revenue from Singapore, Japan, Australia, New Zealand and Korea

Supplemental Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2021		December 31, 2020
Accounts receivable	$	3,539	$	2,972
Allowance for doubtful accounts	(46)		(50)
Total accounts receivable net of allowance	$	3,493	$	2,922

Schedule of Inventory, Current

Inventories, net consists of the following:


(in thousands)	September 30, 2021		December 31, 2020
Raw materials	$	18,870	$	3,631
Work in process	3		28
Finished goods	1,659		356
Reserve for excess and obsolete inventory	(300)		(60)
Total Inventories, net	$	20,232	$	3,955

Property, Plant and Equipment

Property and equipment, net consist of the following:


(in thousands)	September 30, 2021		December 31, 2020
Furniture and equipment	$	4,342	$	2,848
Computers and technology	2,004		1,453
Leasehold improvements	856		698
Total	7,202		4,999
Accumulated depreciation	(2,644)		(1,772)
Property and equipment, net	$	4,558	$	3,227

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	September 30, 2021		December 31, 2020
Accrued compensation	$	2,305	$	867
Accrued operating expenses	2,769		1,081
Other, including warranties	310		181
Total accrued liabilities	$	5,384	$	2,129

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


		September 30, 2021
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	8 - 14	$	21,450	$	604	$	20,846
Capitalized Licenses	2 - 5	670		250		420
Total intangible assets		$	22,120	$	854	$	21,266


		December 31, 2020
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	8 - 14	$	1,182	$	52	$	1,130
Capitalized Licenses	2 - 5	670		157		513
Total intangible assets		$	1,852	$	209	$	1,643

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


Year (in thousands)	Estimated Annual Amortization
2021	$	415
2022	1,662
2023	1,662
2024	1,662
2025	1,578

Equity Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the nine months ended September 30, 2021:


	Stock Options
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2020	3,076,904	$	0.72	7.2
Granted	2,165,018	4.77
Forfeited	(47,542)	2.38
Exercised	(81,056)	0.29
Outstanding as of September 30, 2021	5,113,324	$	2.46	8.9	$	64,138
Vested and expected to vest as of September 30, 2021	5,113,324	$	2.46	8.9	$	64,138
Exercisable at September 30, 2021	2,467,519	$	0.69	7.3	$	35,312

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes stock-based compensation expense, and also the allocation within the consolidated statements of operations:


	Nine Months Ended September 30,
(in thousands)	2021		2020
Research and development	$	178	$	17
General and administrative	716		427
Sales and marketing	268		23
Total stock-based compensation expense	$	1,162	$	467

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during:


	Nine Months Ended September 30,
	2021		2020
Risk-free interest rate	0.94 - 1.4%		0.22		%
Expected term (in years)	7		7
Expected volatility	55	%	50		%
Expected dividend yield	—		—
Exercise prices	$1.83 - $10.72		$	1.03
Estimated fair value of common stock	$3.96 - $10.72		$1.03 - $1.69

Commitments (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

As of September 30, 2021, the Company had the following future minimum lease payments under non-cancelable leases for the remainder of 2021 and the future years thereafter:


(in thousands)	Years Ending December 31
2021	$	371
2022	1,249
2023	1,103
2024	1,037
2025	887
Thereafter	379
Total	$	5,026

Product Warranties (Tables)

9 Months Ended

Sep. 30, 2021

Guarantees and Product Warranties [Abstract]

Schedule of Product Warranty Liability


	Nine Months Ended September 30,
(in thousands)	2021		2020
Accrued warranty cost, beginning	$	135	$	85
Cost of warranty services	(75)		(71)
Estimated provision for warranty cost	190		55
Accrued warranty cost, end	$	250	$	69

Net Loss per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	September 30, 2021	September 30, 2020
Options outstanding to purchase common stock	5,113,324	3,134,505
Convertible preferred stock (as converted to common stock)	26,758,688	17,892,904

Nature of Operations (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
Nature of Operations (Details) - USD ($) $ in Thousands	Oct. 12, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Net loss		$ 20,199	$ 20,554	$ 15,559	$ 5,045	$ 4,316	$ 5,854	$ 56,312	$ 15,214
Net cash used in operating activities								58,619	$ 14,339
Accumulated deficit		$ 108,716						$ 108,716		$ 52,404
Subsequent Event
Class of Stock [Line Items]
Proceeds from issuance initial public offering	$ 111,000

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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+ Details

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Details) $ in Millions	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Deferred offering costs	$ 4.9

Fair Value Measurement - Financial instruments that were measured at fair value on recurring basis by level within the fair value hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 30, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 8,330	$ 4,637	$ 4,400
Loan commitment			$ 2,200
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	8,330	4,637
Loan commitment	1,195	2,240
Level 1 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0	0
Loan commitment	0	0
Level 2 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0	0
Loan commitment	0	0
Level 3 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	8,330	4,637
Loan commitment	$ 1,195	$ 2,240

Fair Value Measurement - Narrative (Details) $ / shares in Units, $ in Millions	Sep. 30, 2021 USD ($)	May 27, 2021 USD ($)	May 11, 2021 $ / shares shares	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Future expected cash flows discounted, effective interest rate	0.1398			0.1419
Debt discount, increase		$ 0.8
Tranche C Term Loan \| Loans Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Debt Instrument, remaining borrowing capacity	$ 15.0
Series A-2 Preferred
Fair Value, Option, Quantitative Disclosures [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares			$ 12.58606
Convertible preferred stock, shares issued upon conversion \| shares			3,178

Fair Value Measurement - Estimated warrant liability (Details) - Level 3	Sep. 30, 2021 $ / shares year rate	Dec. 31, 2020 $ / shares year rate
Series A-2 Preferred \| Stock price
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares		76.92
Series A-2 Preferred \| Exercise price
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares		12.59
Series A-2 Preferred \| Expected term (in years)
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| year		4.7
Series A-2 Preferred \| Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input		0.50
Series A-2 Preferred \| Dividend rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input		0
Series A-2 Preferred \| Risk-free interest rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input		0.0036
Series D Preferred \| Stock price
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares	120.73	76.92
Series D Preferred \| Exercise price
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares	76.92	76.92
Series D Preferred \| Expected term (in years)
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input \| year	9.25	10
Series D Preferred \| Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input	0.55	0.50
Series D Preferred \| Dividend rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input	0	0
Series D Preferred \| Risk-free interest rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrants and rights outstanding, measurement input	0.0145	0.0093

Fair Value Measurement - Level 3 liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,260	$ 2,101	$ 2,240	$ 0	$ 0	$ 0
Change in estimated fair value	(65)	0	(139)	0	0	0
Exercise of Tranche B loan commitment		(841)
Ending balance	1,195	1,260	2,101	0	0	0
Series D Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,298	6,237	4,430	0	0	0
Change in estimated fair value	(32)	(2,061)	(1,807)	0	0	0
Exercise of warrant		0
Ending balance	8,330	8,298	6,237	0	0	0
Series A Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	207	207	165	143	122
Change in estimated fair value	0	0	0	(21)	(22)	(21)
Exercise of warrant		(207)
Ending balance	$ 0	$ 0	$ 207	$ 186	$ 165	$ 143

Revenue - Revenue by source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,193	$ 3,279	$ 11,716	$ 6,983
Instruments
Disaggregation of Revenue [Line Items]
Total revenue	2,647	2,471	7,615	5,019
Consumables
Disaggregation of Revenue [Line Items]
Total revenue	1,243	554	3,291	1,096
Extended service warranty
Disaggregation of Revenue [Line Items]
Total revenue	213	101	510	204
Other service revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 90	$ 153	$ 300	$ 664

- Definition

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

+ References

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

+ Details

Revenue - Revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,193	$ 3,279	$ 11,716	$ 6,983
Americas
Disaggregation of Revenue [Line Items]
Total revenue	2,933	2,523	8,554	5,184
Europe
Disaggregation of Revenue [Line Items]
Total revenue	900	94	1,639	508
Greater China
Disaggregation of Revenue [Line Items]
Total revenue	314	619	826	905
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 46	$ 43	$ 697	$ 386

- Definition

+ References

+ Details

Revenue - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount			$ 1,100
Deferred revenue		$ 356	$ 1,089
Contract with customer, liability, revenue recognized	$ 200	$ 500

Supplemental Balance Sheet Details - Accounts receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 3,539	$ 2,972
Allowance for doubtful accounts	(46)	(50)
Total accounts receivable net of allowance	$ 3,493	$ 2,922

Supplemental Balance Sheet Details - Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 18,870	$ 3,631
Work in process	3	28
Finished goods	1,659	356
Reserve for excess and obsolete inventory	(300)	(60)
Inventories, net	$ 20,232	$ 3,955

Supplemental Balance Sheet Details - Property and equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 7,202	$ 4,999
Accumulated depreciation	(2,644)	(1,772)
Property and equipment, net	4,558	3,227
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total	4,342	2,848
Technology Equipment
Property, Plant and Equipment [Line Items]
Total	2,004	1,453
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 856	$ 698

Supplemental Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 0.9	$ 0.5

Supplemental Balance Sheet Details - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 2,305	$ 867
Accrued operating expenses	2,769	1,081
Other, including warranties	310	181
Total accrued liabilities	$ 5,384	$ 2,129

Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 22,120	$ 1,852
Accumulated Amortization	854	209
Net	21,266	1,643
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	21,450	1,182
Accumulated Amortization	604	52
Net	$ 20,846	$ 1,130
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	8 years	8 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	14 years	14 years
Capitalized Licenses
Finite-Lived Intangible Assets [Line Items]
Gross	$ 670	$ 670
Accumulated Amortization	250	157
Net	$ 420	$ 513
Capitalized Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	2 years	2 years
Capitalized Licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	5 years	5 years

Intangible Assets - Narrative (Details) $ in Thousands		9 Months Ended
Intangible Assets - Narrative (Details) $ in Thousands	May 12, 2021 USD ($)	Sep. 30, 2021 USD ($) patent	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization		$ 600	$ 100
Number of patents included in purchase agreement \| patent		86
Payments to acquire intangible assets	$ 20,000	$ 20,268	$ 808

Intangible Assets - Estimated annual amortization (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 415
2022	1,662
2023	1,662
2024	1,662
2025	$ 1,578

Debt (Details) $ / shares in Units, $ in Thousands		9 Months Ended
Debt (Details) $ / shares in Units, $ in Thousands	Dec. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	May 27, 2021 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Warrant liability	$ 4,400	$ 8,330		$ 4,637
Loan commitment	$ 2,200
Debt discount, increase			$ 800
Series D Preferred
Line of Credit Facility [Line Items]
Class of warrant or right, number of securities called by warrants or rights \| shares	97,504
Class of warrant or right, contractual life	10 years
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares	$ 76.92
Credit Agreement \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, maximum borrowing capacity	$ 50,000
Proceeds from issuance of long-term debt	25,000
Long-term debt, gross	$ 25,000
Debt Instrument, remaining borrowing capacity			25,000
Debt discount, increase			800
Debt Instrument, interest rate, effective percentage		11.25%
Financial covenants, minimum cash balance		$ 3,000
Credit Agreement \| Secured Debt \| Covenant One
Line of Credit Facility [Line Items]
Debt instrument, financial covenants, minimum revenue amounts		15,000
Credit Agreement \| Secured Debt \| Covenant Two
Line of Credit Facility [Line Items]
Debt instrument, financial covenants, minimum revenue amounts		$ 106,000
Credit Agreement \| Secured Debt \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate, floor		0.0175
Debt instrument, basis spread on variable Rate		9.50%
Tranche B Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, maximum borrowing capacity			10,000
Tranche C Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, maximum borrowing capacity			$ 15,000
Debt Instrument, remaining borrowing capacity		$ 15,000

Equity (Details) $ / shares in Units, $ in Millions	Sep. 27, 2021 $ / shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Equity [Abstract]
Stock split, conversion ratio	8
Common stock, par value per share (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized		400,000,000	400,000,000
Common stock, shares, outstanding		2,214,960	2,133,904
Temporary equity, cumulative accrued dividends \| $		$ 24.2
Preferred stock, convertible, shares issuable		26,758,688

Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Award vesting rights, percentage	25.00%
Award vesting period	36 months
Common stock, capital shares reserved for future issuance	7,683,360
Weighted average grant date fair value (in usd per share)	$ 6.37	$ 0.60
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value	$ 100	$ 100
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 12,300
Expected dividend yield	0.00%	0.00%
Options outstanding to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 years 10 months 24 days

Equity Based Compensation - Stock option activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Shares
Outstanding, beginning of period (in shares) \| shares	3,076,904
Granted (in shares) \| shares	2,165,018
Forfeited (in shares) \| shares	(47,542)
Exercised (in shares) \| shares	(81,056)
Outstanding, end of period (in shares) \| shares	5,113,324	3,076,904
Vested and expected to vest at end of period (in shares) \| shares	5,113,324
Exercisable at end of period (in shares) \| shares	2,467,519
Weighted Average Exercise Price
Outstanding, beginning of period (in usd per share) \| $ / shares	$ 0.72
Granted (in usd per share) \| $ / shares	4.77
Outstanding, end of period (in usd per share) \| $ / shares	2.46	$ 0.72
Exercised (in usd per share) \| $ / shares	0.29
Forfeited (in usd per share) \| $ / shares	2.38
Vested and expected to vest at end of period (in usd per share) \| $ / shares	2.46
Exercisable at end of period (in usd per share) \| $ / shares	$ 0.69
Weighted Average Remaining Contractual Life (in years)
Outstanding, weighted average remaining contractual term	8 years 10 months 24 days	7 years 2 months 12 days
Vested and expected to vest, weighted average remaining contractual term	8 years 10 months 24 days
Exercisable, weighted average remaining contractual term	7 years 3 months 18 days
Aggregate Intrinsic Value (In thousands)
Outstanding, intrinsic value at end of period \| $	$ 64,138
Vested and expected to vest, intrinsic value at end of period \| $	64,138
Exercisable, intrinsic value at end of period \| $	$ 35,312

Equity Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,162	$ 467
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	178	17
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	716	427
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 268	$ 23

Equity Based Compensation - Range of key assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		0.22%
Expected term (in years)	7 years	7 years
Expected volatility	55.00%	50.00%
Expected dividend yield	0.00%	0.00%
Exercise prices			$ 1.03
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.94%
Exercise prices	$ 1.83
Estimated fair value of common stock	$ 3.96	$ 1.03
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.40%
Exercise prices	$ 10.72
Estimated fair value of common stock	$ 10.72	$ 1.69

Commitments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 371
2022	1,249
2023	1,103
2024	1,037
2025	887
Thereafter	379
Total	$ 5,026

Commitments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Commitments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	May 12, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating leases, rent expense, net	$ 0.8	$ 0.6
2021			$ 2.5
2022			2.5
2023			2.5
2024			2.5
2025			2.5
2026			2.5
Thereafter			$ 10.0

Product Warranties - Narrative (Details)	9 Months Ended
Product Warranties - Narrative (Details)	Sep. 30, 2021
Guarantees and Product Warranties [Abstract]
Standard product warranty term	1 year

Product Warranties - Accrued warranty roll forward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty cost, beginning	$ 135	$ 85
Cost of warranty services	(75)	(71)
Estimated provision for warranty cost	190	55
Accrued warranty cost, end	$ 250	$ 69

Net Loss per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Options outstanding to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,113,324	3,134,505
Convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	26,758,688	17,892,904

Related Party Transactions (Details)	Sep. 30, 2021 USD ($)
Related Party Transactions [Abstract]
Due to related parties	$ 0

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

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

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 12, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Common stock, shares, issued		2,214,960			2,133,904
Series D Preferred
Subsequent Event [Line Items]
Temporary equity, shares outstanding		1,105,045	1,105,045	1,105,045	975,039	0	0	0	0
Subsequent Event
Subsequent Event [Line Items]
Temporary equity, shares outstanding	3,344,836
Convertible preferred stock, shares issued upon conversion	26,758,688
Common stock, shares, issued	1,643,374
Subsequent Event \| Series D Preferred
Subsequent Event [Line Items]
Convertible preferred stock, shares issued upon conversion	811,374
Subsequent Event \| IPO
Subsequent Event [Line Items]
Number of shares issued in transaction	8,333,000
Sale of stock, price per share (in usd per share)	$ 15.00
Sale of stock, consideration received on transaction	$ 111