0001615055-22-000035 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Road
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		39,078,949
Entity Central Index Key	0001615055
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 97,608	$ 126,566
Accounts receivable, net	3,937	4,100
Inventories, net	34,504	24,299
Prepaid expenses and other current assets	3,241	3,478
Total current assets	139,290	158,443
Property and equipment, net	9,610	5,778
Intangible assets, net	20,750	21,008
Operating lease right-of-use assets	5,338	0
Other assets	1,124	2,243
Total assets	176,112	187,472
Current liabilities:
Accounts payable	10,239	4,839
Accrued expenses and other current liabilities	6,828	7,827
Deferred revenue	846	915
Total current liabilities	17,913	13,581
Long-term operating lease obligations	4,598	0
Long-term debt	38,902	31,646
Total liabilities:	61,413	45,227
Commitments and contingencies (Notes 10 and 12)
Stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 400,000,000 shares authorized; 39,043,119 and 39,036,010 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	39	39
Additional paid-in capital	277,358	276,179
Accumulated deficit	(162,698)	(133,973)
Total stockholders’ equity	114,699	142,245
Total liabilities and stockholders’ equity	$ 176,112	$ 187,472

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
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	39,043,119	39,036,010
Common stock, shares, outstanding	39,043,119	39,036,010

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Total revenue	$ 4,911	$ 3,234
Gross profit	2,555	1,660
Operating expenses:
Research and development expenses	7,133	3,674
General and administrative expenses	11,476	4,378
Sales and marketing expenses	12,043	7,074
Total operating expenses	30,652	15,126
Loss from operations	(28,097)	(13,466)
Other Income and Expenses [Abstract]
Interest expense, net	(986)	(743)
Other income (expense), net	358	(1,350)
Net loss	(28,725)	(15,559)
Accrued dividends on preferred stock	0	(3,276)
Net loss attributable to common stockholders	(28,725)	(18,835)
Net loss attributable to common stockholders	$ (28,725)	$ (18,835)
Basic net loss per common share (in usd per share)	$ (0.74)	$ (8.81)
Diluted net loss per common share (in usd per share)	$ (0.74)	$ (8.81)
Weighted-average common shares outstanding—basic	39,037,528	2,137,624
Weighted-average common shares outstanding—diluted	39,037,528	2,137,624
Product revenue
Revenue
Total revenue	$ 4,454	$ 2,927
Cost of goods and services sold	2,329	1,550
Service revenue
Revenue
Total revenue	457	307
Cost of goods and services sold	$ 27	$ 24

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (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, 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, 2021		0	0	0	0	0	0	0
Beginning balance at Dec. 31, 2021		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2022		0	0	0	0	0	0	0
Ending balance at Mar. 31, 2022		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2021									39,036,010
Beginning balance at Dec. 31, 2021	$ 142,245								$ 39	276,179	(133,973)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	7,109								7,109
Exercise of common stock options	$ 2									2
Stock-based compensation	877									877
Warrant modification expense	300									300
Net loss	(28,725)										(28,725)
Ending balance (in shares) at Mar. 31, 2022									39,043,119
Ending balance at Mar. 31, 2022	$ 114,699								$ 39	$ 277,358	$ (162,698)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (28,725)	$ (15,559)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	980	308
Provision for warranty costs	136	84
Change in fair value of warrants and loan commitment	0	1,946
Amortization of debt discount	428	155
Amortization of right-of-use assets	322	0
Share-based compensation	877	95
Provision for excess and obsolete inventories	45	0
Changes in operating assets and liabilities:
Accounts receivable	163	(803)
Inventories	(10,250)	(2,600)
Prepaid expenses and other current assets	237	(1,136)
Operating lease right-of-use assets	(5,660)	0
Other assets	747	135
Accounts payable	5,400	1,990
Accrued liabilities	(1,135)	677
Deferred revenue	(69)	287
Operating lease obligations	4,598	0
Net cash used in operating activities	(31,906)	(14,421)
Cash flows from investing activities
Purchases of property and equipment	(4,394)	(739)
Payments for patents acquired and capitalized	(160)	(86)
Net cash used in investing activities	(4,554)	(825)
Cash flows from financing activities
Proceeds from issuance of preferred stock	0	10,000
Proceeds received from borrowings on credit agreement	7,500	0
Exercise of common stock options	2	5
Net cash provided by financing activities	7,502	10,005
Net change in cash	(28,958)	(5,241)
Cash beginning	126,566	106,641
Cash ending	97,608	101,400
Non-cash investing and financing activities
Transfer of Tranche C loan commitment to contra-debt upon additional borrowing under credit agreement	672	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 987	$ 719

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2022
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 approximately 75% 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. IsoPlexis (Shanghai) Trading Co., Ltd. was created on October 9, 2021. COVID - 19 The COVID-19 pandemic developed rapidly in 2021, 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 three months ended March 31, 2022 and 2021, the Company incurred a net loss of $28.7 million and $15.6 million, respectively, and used $31.9 million and $14.4 million in cash for operations, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $162.7 million. The Company expects to continue to generate operating losses and negative cash flows for the foreseeable future. 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
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 subsidiaries, IsoPlexis UK and Isoplexis (Shanghai) Trading Co., Ltd. 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 year ended December 31, 2021 and the notes thereto. 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 With the exception of the following policy, the Company’s significant accounting policies are unchanged from those disclosed in Note 2, “Summary of significant accounting policies” in our consolidated financial statements as of and for the year ended December 31, 2021. Recently adopted accounting pronouncements The Company adopted ASU No. 2016-02 as of January 1, 2022, using a modified retrospective transition approach and elected the optional transition method to apply the provision of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the “package of practical expedients”, which permits it to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. Leases with an initial term of twelve months or less, or on a month-to-month basis, are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. The Company also elected the practical expedient for use-of-hindsight to conclude on lease term. If applicable, the Company combines lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees. The Company determines if an arrangement is a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued expenses and other current liabilities and long-term operating lease obligations on our consolidated balance sheets. The Company presently does not have any finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Some of the Company’s leases include options to extend the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The adoption of this accounting standard resulted in recording operating lease ROU assets for six real estate and three equipment operating lease arrangements and corresponding operating lease liabilities of $5.7 million and $5.9 million, respectively, as of January 1, 2022. The operating lease assets at adoption were lower than the operating lease liabilities because of the balance of the Company’s deferred rent liabilities of $0.2 million at December 31, 2021, which was reclassified into operating lease assets. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows. See Note 10 for further information concerning the Company’s leases. New accounting standards not yet effective 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

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Loan commitment	$	—	$	—	$	822	$	822


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Loan commitment	$	—	$	—	$	1,169	$	1,169

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 three months ended March 31, 2022 and 2021.

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 14.09% and 14.12% at March 31, 2022 and December 31, 2021, respectively.

The following table presents changes during the three months ended March 31, 2022 and 2021 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, 2022	$	1,169	$	—	$	—
Exercise of Tranche C loan commitment	(497)		—		—
Change in warrant exercise price	150		—		—
Balance at March 31, 2022	822		—		—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as 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

Under ASC Topic 480, Distinguishing Liabilities from Equity, the warrants (see Note 7) were freestanding financial instruments that qualified 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. Upon closing of the initial public offering (“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. This common stock warrant is no longer considered “potentially redeemable” and the outstanding balance of the warrant liability has been reclassified into equity in accordance with ASC 480 for the year ended December 31, 2021.

On March 30, 2022, the Company entered into a Third Amendment to Credit Agreement and Guaranty with Perceptive Credit Holdings III, LP pursuant to which the prior $15.0 million Tranche C term loan, which was available through March 31, 2022 subject to several conditions, was changed to $7.5 million and such amount was borrowed on March 30, 2022. In addition, the Third Amendment added a new $7.5 million Tranche D term loan, which remains available through June 30, 2022. In connection with entering into the above-referenced Third Amendment to the Credit Agreement, on March 30, 2022, the Company amended the warrant that had been previously issued to Perceptive Credit Holdings III, LP to purchase up to 811,374 shares of common stock at an exercise price of $9.62 per share. The warrant exercise price was amended to $6.00 per share. The change in exercise price resulted in an increase to debt issuance costs of $0.3 million, half of which was recognized with the Tranche C term loan draw as shown in the table above.

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.

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

3 Months Ended

Mar. 31, 2022

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 March 31,
(in thousands)	2022		2021
Instruments	$	3,035	$	2,119
Consumables	1,419		809
Extended service warranty	226		151
Other service revenue	231		155
Total revenue	$	4,911	$	3,234

Revenue by geographic area


	Three months ended March 31,
Based on region of destination (in thousands)	2022		2021
Americas (1)	$	3,359	$	2,235
Europe (2)	367		565
Greater China (3)	967		226
Asia-Pacific (4)	218		208
Total revenue	$	4,911	$	3,234

__________

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

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

(3)Region includes revenue from China and Taiwan

(4)Region includes revenue from Singapore, Japan, Australia and South 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 March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $0.8 million, of which substantially all is expected to be recognized as revenue during 2022.

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 March 31, 2022 and December 31, 2021 was $0.8 million and $0.9 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 three months ended March 31, 2022 included $0.2 million of previously deferred revenue that was included in contract liabilities as of December 31, 2021.

As of March 31, 2022 and December 31, 2021, no single customer represented 10% or more of accounts receivable. For the three months ended March 31, 2022 and March 31, 2021, no single customer represented 10% or more of revenue.

- 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
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Supplemental Balance Sheet Details

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Details

Accounts receivable, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021
Accounts receivable	$	3,983	$	4,146
Allowance for doubtful accounts	(46)		(46)
Total accounts receivable net of allowance	$	3,937	$	4,100

Inventories, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021
Raw materials	$	33,180	$	22,179
Work in process	—		—
Finished goods	1,695		2,481
Reserve for excess and obsolete inventory	(371)		(361)
Total inventories, net	$	34,504	$	24,299

Property and equipment, net consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Furniture and equipment	$	8,956	$	5,585
Computers and technology	2,916		2,139
Leasehold improvements	1,319		1,073
Total	13,191		8,797
Accumulated depreciation	(3,581)		(3,019)
Property and equipment, net	$	9,610	$	5,778

Depreciation expense was $0.6 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.

Accrued expenses and other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Accrued compensation	$	1,854	$	3,656
Accrued operating expenses	3,564		3,556
Short-term operating lease liability	1,006		—
Other, including warranties	404		615
Total accrued liabilities	$	6,828	$	7,827

Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets consist of the following:


		March 31, 2022
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	9 - 14	$	21,767	$	1,365	$	20,402
Capitalized licenses	1 - 4	670		322		348
Total intangible assets		$	22,437	$	1,687	$	20,750


		December 31, 2021
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	9 - 14	$	21,607	$	981	$	20,626
Capitalized licenses	1 - 4	670		288		382
Total intangible assets		$	22,277	$	1,269	$	21,008

During the three months ended March 31, 2022, there were $0.2 million of additions to patents with a weighted average useful life of 13.1 years.

Amortization expense was $0.4 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively. The amortization of intangible assets attributable to product sales is recognized in cost of product and service revenue. The amortization of intangible assets not attributable to product sales is recognized in general and administrative operating expenses.

As of March 31, 2022, the estimated annual amortization of intangible assets for the remainder of 2022 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
2022 (remaining nine months)	$	1,264
2023	1,685
2024	1,685
2025	1,602
2026	1,574

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

DebtOn December 30, 2020, the Company closed on a $50.0 million Credit Agreement with a significant equity investor, of which the Company borrowed $25.0 million immediately upon closing. In May 2021, the Company borrowed an additional $10.0 million. On March 30, 2022, the Company entered into a Third Amendment to Credit Agreement and

Guaranty with Perceptive Credit Holdings III, LP pursuant to which the prior remaining $15.0 million Tranche C term loan was changed to $7.5 million and such amount was borrowed on March 30, 2022. In addition, the Third Amendment added a new $7.5 million Tranche D term loan, which remains available through June 30, 2022 subject to several conditions, including compliance with the covenant showing total revenue of at least $16.8 million for the twelve-month period ending March 31, 2022.

Borrowings under the Credit Agreement bear interest at the one-month LIBOR, with a 1.75% floor, plus a 9.50% margin (11.25% at March 31, 2022). 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 trailing twelve-month minimum revenue amounts measured on a quarterly basis. 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 December 31, 2021 and reset the minimum total revenue covenants thereafter. Pursuant to the Second Amendment, the minimum total revenue covenant, as amended, has resumed testing for the twelve months ending March 31, 2022. As of March 31, 2022, the Company was in compliance with the minimum total revenue covenant requirement of $16.8 million and minimum cash balance covenant requirement of $3.0 million.

The total minimum revenue covenant requirements for the next twelve months are as follows:


Twelve-Month Period Ending	Minimum Total Revenue (in thousands)
June 30, 2022	$	18,256
September 30, 2022	21,722
December 31, 2022	26,545
March 31, 2023	30,179

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 had an exercise price of $76.92 per warrant share. The fair value at issuance was estimated at $4.4 million and was recorded as a warrant liability. Upon closing of the IPO on October 12, 2021, the Series D redeemable convertible preferred stock warrant was converted into a warrant exercisable for a total of 811,374 shares of common stock with an exercise price of $9.62 per warrant share. In connection with the Third Amendment to the Credit Agreement dated March 30, 2022, warrants were reissued and the exercise price was changed from $9.62 per warrant share to $6.00 per warrant share. The change in exercise price resulted in an increase to debt issuance costs of $0.3 million, half of which was recognized with the Tranche C term loan which was drawn on March 30, 2022. This common stock warrant is no longer considered “potentially redeemable” and the fair value of the warrant liability as of October 12, 2021 has been reclassified into equity in accordance with ASC 480 for the year ended December 31, 2021 (see Note 3).

In addition, given that the Credit Agreement contained additional tranches of potential borrowings at inception, the Company identified and recorded within other assets on the balance sheet a $2.2 million asset related to future loan commitments at December 30, 2020. During 2021, $0.8 million was reclassified as a reduction in the carrying value of the $10.0 million tranche drawn in May 2021 on a pro-rata basis, and will be amortized over the remaining term of the debt. In connection with the Tranche C draw on March 30, 2022, $0.5 million was reclassified as a reduction in the carrying value of the $7.5 million tranche and will be amortized over the remaining term of the debt. As of March 31, 2022, a $0.6 million asset related to the future loan commitment remains within other assets on the balance sheet. 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 is being amortized over the term of the Credit Agreement.

On December 31, 2021, the process of cessation of LIBOR as a reference rate took effect. After December 31, 2021, new borrowings will no longer use LIBOR as a reference rate. Instead, these borrowings will be subject to an interest rate based on either the Secured Overnight Financing Rate (“SOFR”), which is deemed a replacement benchmark for LIBOR under the Credit Agreement, or an alternate index to be agreed upon; provided that if such alternate rate of interest shall be less than 1.75%, such rate shall be deemed to be 1.75% for the purposes of the Credit Agreement. Between December 31,

2021 and June 30, 2023, any legacy borrowings may continue to use LIBOR as the basis for interest rates. After June 30, 2023, all borrowings will be based on SOFR or the alternate index.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Equity	3 Months Ended
Equity	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Common stock As of March 31, 2022, the Company had authorized 400,000,000 shares of Common Stock, of which a total of 39,043,119 and 39,036,010 shares were outstanding, as of March 31, 2022 and December 31, 2021, respectively. Preferred stock 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. Under the Amended and Restated Certificate of Incorporation filed upon the Company’s IPO, the Company authorized 20,000,000 shares of non-redeemable preferred stock, $0.001 par value per share (“Preferred Stock”), of which no shares were outstanding at March 31, 2022 and December 31, 2021.

- Definition

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

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+ Details

Equity Based Compensation

3 Months Ended

Mar. 31, 2022

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. Upon effectiveness of the 2021 Plan (as defined below), no further issuances were made under the 2014 Plan.

The Company’s 2021 Omnibus Incentive Compensation Plan (the “2021 Plan”) was adopted by its board of directors and became effective on October 7, 2021. Following the IPO, all equity-based awards are granted under the 2021 Plan. The 2021 Plan provides for the grant of both non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred share units, cash incentive awards and other equity-based or equity-related awards to the Company’s employees, officers, directors and consultants. The terms of equity awards granted under the 2021 Plan to date are consistent with those granted under the 2014 Plan, as described below. The maximum number of shares outstanding under the 2021 Plan is 5,223,601, plus the number of shares of the Company’s common stock underlying awards under the 2014 Plan, not to exceed 5,113,324 shares, that become available again for grant under the 2014 Plan in accordance with its terms.

Stock options

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. 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 three months ended March 31, 2022:


	Stock Options
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2021	5,105,278	$	2.62	7.7
Granted	—	—
Forfeited	(6,596)	1.38
Exercised	(7,109)	0.71
Outstanding as of March 31, 2022	5,091,573	$	2.60	7.4	$	8,674
Vested and expected to vest as of March 31, 2022	5,091,573	$	2.60	7.4	$	8,674
Exercisable at March 31, 2022	2,535,176	$	0.74	5.9	$	6,832

No stock options were granted during the three months ended March 31, 2022. The weighted-average grant date fair value of stock options awarded during the three months ended March 31, 2021 was approximately $2.77 per share. As of March 31, 2022, there was a total of $11.7 million of unrecognized employee compensation costs related to non-vested stock option awards expected to be recognized over a weighted average period of 3.2 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:


	Three Months Ended March 31,
	2022			2021
Risk-free interest rate	—		%	0.94 - 1.4%
Expected term (in years)	zero			7
Expected volatility	—		%	50		%
Expected dividend yield	—			—
Exercise prices	$	—		$	1.83
Estimated fair value of common stock options	$	—		$3.96 - $4.93

Restricted stock awards

Restricted stock awards are rights to receive shares of the Company’s Common Stock upon meeting specified vesting requirements. The fair value of a restricted stock award is the market value as determined by the closing price of the stock on the day of grant. These awards were granted under the Company’s 2021 Plan.

The following table summarizes restricted stock award activity for the three months ended March 31, 2022:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2021	507,013	$	8.46
Granted	301,883	6.06
Vested	—	—
Forfeited	(16,650)	6.74
Unvested as of March 31, 2022	792,246	$	7.59

No restricted stock awards vested during the three months ended March 31, 2022. As of March 31, 2022, there was approximately $5.4 million of total unrecognized compensation cost related to restricted stock awards. This amount is expected to be recognized over the remaining weighted-average vesting period of 3.8 years.

Employee stock purchase plan

In the third quarter of 2021, the Company approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective upon completion of the IPO. As of March 31, 2022, there has not been an offering under the ESPP and no shares of Common Stock have been purchased under the ESPP.

Expense

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Research and development	$	134	$	19
General and administrative	582		47
Sales and marketing	161		29
Total stock-based compensation expense	$	877	$	95

Commitments

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments

Operating leases

At March 31, 2022, our operating leases had remaining lease terms of up to 4.75 years, including any reasonably probable extensions.

Lease balances within our consolidated balance sheet were as follows:


(in thousands)	March 31, 2022
Assets:
Operating lease right-of-use assets	$	5,338
Liabilities:
Accrued expenses and other current liabilities	$	1,006
Long-term operating lease obligations	4,598
Total lease liabilities	$	5,604

Operating lease expense, including variable and short-term lease costs, which were insignificant to the total operating lease cash flows and supplemental cash flow information were as follows:


	Three Months Ended March 31,
(in thousands)	2022
Cost of product revenue	$	30
Research and development expenses	97
Sales and marketing expenses	158
General and administrative expenses	133
Total operating lease expense	$	418
Operating cash outflows from operating leases	$	418

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	March 31, 2022
Weighted average lease liability term (in years)	4.01
Weighted average discount rate	5.00	%

The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at March 31, 2022. The reconciliation excludes short-term leases that are not recorded on the balance sheet.


(in thousands)	March 31, 2022
2022 (remaining nine months)	$	1,194
2023	1,585
2024	1,645
2025	1,155
2026	607
Thereafter	—
Total lease payments	6,186
Less: imputed interest	(582)
Total lease liabilities	$	5,604

We had one lease commence in December 2021 with payments beginning in February 2022.

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. The future minimum purchase values are as follows:


(in millions)	Year Ending December 31,
2022	$	2.5
2023	4.0
2024	5.0
2025	7.0
2026	9.0
2027	10.0
Total	$	37.5

Product Warranties

3 Months Ended

Mar. 31, 2022

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.


	Three Months Ended March 31,
(in thousands)	2022		2021
Accrued warranty cost, beginning	$	285	$	135
Cost of warranty services	(69)		(43)
Estimated provision for warranty cost	136		84
Accrued warranty cost, end	$	352	$	176

Legal Proceedings	3 Months Ended
Legal Proceedings	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	Legal proceedingsThe Company may be a party to 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.

Other income (expense), net

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Other income (expense), net

Other income (expense), net consisted of the following:


	Three Months Ended March 31,
(in thousands)	2022		2021
Grant revenue	$	357	$	596
Change in fair value of warrants and loan commitment	—		(1,946)
Other income (expense)	1		—
Other income (expense), net	$	358	$	(1,350)

Net Loss per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022	March 31, 2021
Options outstanding to purchase common stock	5,091,573	3,452,128
Convertible preferred stock (as converted to common stock)	—	26,733,272

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related party transactions	Related party transactionsThe Company has license agreements with Yale University and California Institute of Technology, which are holders of Common Stock. As described in Note 7, the Company has a Credit Agreement with Perceptive Credit Holdings III, LP, which is a holder of Common Stock. There is an immaterial amount of receivables or payables due from or to these entities as of March 31, 2022.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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 subsidiaries, IsoPlexis UK and Isoplexis (Shanghai) Trading Co., Ltd. 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 year ended December 31, 2021 and the notes thereto. 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	Recently adopted accounting pronouncements The Company adopted ASU No. 2016-02 as of January 1, 2022, using a modified retrospective transition approach and elected the optional transition method to apply the provision of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the “package of practical expedients”, which permits it to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. Leases with an initial term of twelve months or less, or on a month-to-month basis, are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. The Company also elected the practical expedient for use-of-hindsight to conclude on lease term. If applicable, the Company combines lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees. The Company determines if an arrangement is a lease at inception and determines the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use (“ROU”) assets, accrued expenses and other current liabilities and long-term operating lease obligations on our consolidated balance sheets. The Company presently does not have any finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company’s leases do not provide a readily determinable implicit discount rate. The Company’s borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Some of the Company’s leases include options to extend the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The adoption of this accounting standard resulted in recording operating lease ROU assets for six real estate and three equipment operating lease arrangements and corresponding operating lease liabilities of $5.7 million and $5.9 million, respectively, as of January 1, 2022. The operating lease assets at adoption were lower than the operating lease liabilities because of the balance of the Company’s deferred rent liabilities of $0.2 million at December 31, 2021, which was reclassified into operating lease assets. The adoption of the standard did not have a material effect on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows. See Note 10 for further information concerning the Company’s leases. New accounting standards not yet effective 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)

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Loan commitment	$	—	$	—	$	822	$	822


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Loan commitment	$	—	$	—	$	1,169	$	1,169

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

The following table presents changes during the three months ended March 31, 2022 and 2021 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, 2022	$	1,169	$	—	$	—
Exercise of Tranche C loan commitment	(497)		—		—
Change in warrant exercise price	150		—		—
Balance at March 31, 2022	822		—		—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as 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

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

The following table presents changes during the three months ended March 31, 2022 and 2021 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, 2022	$	1,169	$	—	$	—
Exercise of Tranche C loan commitment	(497)		—		—
Change in warrant exercise price	150		—		—
Balance at March 31, 2022	822		—		—


(in thousands)	Loan Commitment		Series D Warrants		Series A Warrants
Balance as 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

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue by source


	Three months ended March 31,
(in thousands)	2022		2021
Instruments	$	3,035	$	2,119
Consumables	1,419		809
Extended service warranty	226		151
Other service revenue	231		155
Total revenue	$	4,911	$	3,234

Revenue from External Customers by Geographic Areas

Revenue by geographic area


	Three months ended March 31,
Based on region of destination (in thousands)	2022		2021
Americas (1)	$	3,359	$	2,235
Europe (2)	367		565
Greater China (3)	967		226
Asia-Pacific (4)	218		208
Total revenue	$	4,911	$	3,234

__________

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

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

(3)Region includes revenue from China and Taiwan

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

Supplemental Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021
Accounts receivable	$	3,983	$	4,146
Allowance for doubtful accounts	(46)		(46)
Total accounts receivable net of allowance	$	3,937	$	4,100

Schedule of Inventory, Current

Inventories, net consists of the following:


(in thousands)	March 31, 2022		December 31, 2021
Raw materials	$	33,180	$	22,179
Work in process	—		—
Finished goods	1,695		2,481
Reserve for excess and obsolete inventory	(371)		(361)
Total inventories, net	$	34,504	$	24,299

Property, Plant and Equipment

Property and equipment, net consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Furniture and equipment	$	8,956	$	5,585
Computers and technology	2,916		2,139
Leasehold improvements	1,319		1,073
Total	13,191		8,797
Accumulated depreciation	(3,581)		(3,019)
Property and equipment, net	$	9,610	$	5,778

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Accrued compensation	$	1,854	$	3,656
Accrued operating expenses	3,564		3,556
Short-term operating lease liability	1,006		—
Other, including warranties	404		615
Total accrued liabilities	$	6,828	$	7,827

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


		March 31, 2022
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	9 - 14	$	21,767	$	1,365	$	20,402
Capitalized licenses	1 - 4	670		322		348
Total intangible assets		$	22,437	$	1,687	$	20,750


		December 31, 2021
(in thousands)	Remaining Useful Life (Years)	Gross		Accumulated Amortization		Net
Patents	9 - 14	$	21,607	$	981	$	20,626
Capitalized licenses	1 - 4	670		288		382
Total intangible assets		$	22,277	$	1,269	$	21,008

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


Year (in thousands)	Estimated Annual Amortization
2022 (remaining nine months)	$	1,264
2023	1,685
2024	1,685
2025	1,602
2026	1,574

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the three months ended March 31, 2022:


	Stock Options
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2021	5,105,278	$	2.62	7.7
Granted	—	—
Forfeited	(6,596)	1.38
Exercised	(7,109)	0.71
Outstanding as of March 31, 2022	5,091,573	$	2.60	7.4	$	8,674
Vested and expected to vest as of March 31, 2022	5,091,573	$	2.60	7.4	$	8,674
Exercisable at March 31, 2022	2,535,176	$	0.74	5.9	$	6,832

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:


	Three Months Ended March 31,
	2022			2021
Risk-free interest rate	—		%	0.94 - 1.4%
Expected term (in years)	zero			7
Expected volatility	—		%	50		%
Expected dividend yield	—			—
Exercise prices	$	—		$	1.83
Estimated fair value of common stock options	$	—		$3.96 - $4.93

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes restricted stock award activity for the three months ended March 31, 2022:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2021	507,013	$	8.46
Granted	301,883	6.06
Vested	—	—
Forfeited	(16,650)	6.74
Unvested as of March 31, 2022	792,246	$	7.59

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:


	Three Months Ended March 31,
(in thousands)	2022		2021
Research and development	$	134	$	19
General and administrative	582		47
Sales and marketing	161		29
Total stock-based compensation expense	$	877	$	95

Commitments (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost

Lease balances within our consolidated balance sheet were as follows:


(in thousands)	March 31, 2022
Assets:
Operating lease right-of-use assets	$	5,338
Liabilities:
Accrued expenses and other current liabilities	$	1,006
Long-term operating lease obligations	4,598
Total lease liabilities	$	5,604

Operating lease expense, including variable and short-term lease costs, which were insignificant to the total operating lease cash flows and supplemental cash flow information were as follows:


	Three Months Ended March 31,
(in thousands)	2022
Cost of product revenue	$	30
Research and development expenses	97
Sales and marketing expenses	158
General and administrative expenses	133
Total operating lease expense	$	418
Operating cash outflows from operating leases	$	418

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	March 31, 2022
Weighted average lease liability term (in years)	4.01
Weighted average discount rate	5.00	%

Lessee, Operating Lease, Liability, Maturity

The reconciliation excludes short-term leases that are not recorded on the balance sheet.


(in thousands)	March 31, 2022
2022 (remaining nine months)	$	1,194
2023	1,585
2024	1,645
2025	1,155
2026	607
Thereafter	—
Total lease payments	6,186
Less: imputed interest	(582)
Total lease liabilities	$	5,604

Contractual Obligation, Fiscal Year Maturity

The future minimum purchase values are as follows:


(in millions)	Year Ending December 31,
2022	$	2.5
2023	4.0
2024	5.0
2025	7.0
2026	9.0
2027	10.0
Total	$	37.5

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2022

Guarantees and Product Warranties [Abstract]

Schedule of Product Warranty Liability


	Three Months Ended March 31,
(in thousands)	2022		2021
Accrued warranty cost, beginning	$	285	$	135
Cost of warranty services	(69)		(43)
Estimated provision for warranty cost	136		84
Accrued warranty cost, end	$	352	$	176

Other income (expense), net (Tables)

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Other income (expense), net consisted of the following:


	Three Months Ended March 31,
(in thousands)	2022		2021
Grant revenue	$	357	$	596
Change in fair value of warrants and loan commitment	—		(1,946)
Other income (expense)	1		—
Other income (expense), net	$	358	$	(1,350)

Net Loss per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31, 2022	March 31, 2021
Options outstanding to purchase common stock	5,091,573	3,452,128
Convertible preferred stock (as converted to common stock)	—	26,733,272

Nature of Operations (Details) $ in Thousands	3 Months Ended
Nature of Operations (Details) $ in Thousands	Mar. 31, 2022 USD ($) company	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of global pharmaceutical companies \| company	15
Net loss	$ 28,725	$ 15,559
Net cash used in operating activities	31,906	$ 14,421
Accumulated deficit	$ 162,698		$ 133,973

- Definition

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

+ References

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-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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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) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 5,338		$ 0
Total lease liabilities	$ 5,604
Deferred rent			$ 200
Real Estate Lease
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 5,700
Total lease liabilities		5,700
Equipment Lease
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		5,900
Total lease liabilities		$ 5,900

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	Mar. 31, 2022	Dec. 31, 2021	Dec. 30, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitment	$ 600		$ 2,200
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitment	822	$ 1,169
Level 1 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitment	0	0
Level 2 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitment	0	0
Level 3 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loan commitment	$ 822	$ 1,169

Fair Value Measurement - Narrative (Details) $ / shares in Units, $ in Millions	Mar. 31, 2022	Mar. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Oct. 12, 2021 $ / shares shares	May 31, 2021 USD ($)	May 11, 2021 $ / shares shares	Dec. 30, 2020 $ / shares shares
Fair Value, Option, Quantitative Disclosures [Line Items]
Future expected cash flows discounted, effective interest rate	0.1409		0.1412
Secured Debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Principal balance					$ 10.0
Tranche C Term Loan \| Loans Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Debt Instrument, remaining borrowing capacity		$ 7.5	$ 15.0
Increase in debt issuance costs		0.3
Tranche C Term Loan \| Secured Debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Principal balance		7.5
Credit Agreement, Tranche D Term Loan \| Secured Debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Principal balance		$ 7.5
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		$ 6.00	$ 9.62			$ 12.58606
Convertible preferred stock, shares issued upon conversion \| shares						3,178
Series D Preferred
Fair Value, Option, Quantitative Disclosures [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares		$ 6.00	$ 9.62	$ 9.62			$ 76.92
Convertible preferred stock, shares issued upon conversion \| shares				811,374
Preferred stock, convertible, shares issuable \| shares		811,374		811,374
Class of warrant or right, number of securities called by warrants or rights \| shares							97,504

Fair Value Measurement - Level 3 liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,169	$ 2,240
Exercise of Tranche C loan commitment	(497)
Change in warrant exercise price	150
Change in estimated fair value		(139)
Ending balance	822	2,101
Series D Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	4,430
Change in estimated fair value		1,807
Ending balance	0	6,237
Series A Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	207
Change in estimated fair value		0
Ending balance	$ 0	$ 207

Revenue - Revenue by source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,911	$ 3,234
Instruments
Disaggregation of Revenue [Line Items]
Total revenue	3,035	2,119
Consumables
Disaggregation of Revenue [Line Items]
Total revenue	1,419	809
Extended service warranty
Disaggregation of Revenue [Line Items]
Total revenue	226	151
Other service revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 231	$ 155

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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

+ Details

Revenue - Revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,911	$ 3,234
Americas
Disaggregation of Revenue [Line Items]
Total revenue	3,359	2,235
Europe
Disaggregation of Revenue [Line Items]
Total revenue	367	565
Greater China
Disaggregation of Revenue [Line Items]
Total revenue	967	226
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 218	$ 208

- Definition

+ References

+ Details

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 800
Deferred revenue	846	$ 915
Contract with customer, liability, revenue recognized	$ 200

Supplemental Balance Sheet Details - Accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 3,983	$ 4,146
Allowance for doubtful accounts	(46)	(46)
Total accounts receivable net of allowance	$ 3,937	$ 4,100

Supplemental Balance Sheet Details - Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 33,180	$ 22,179
Work in process	0	0
Finished goods	1,695	2,481
Reserve for excess and obsolete inventory	(371)	(361)
Inventories, net	$ 34,504	$ 24,299

Supplemental Balance Sheet Details - Property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 13,191	$ 8,797
Accumulated depreciation	(3,581)	(3,019)
Property and equipment, net	9,610	5,778
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total	8,956	5,585
Computers and technology
Property, Plant and Equipment [Line Items]
Total	2,916	2,139
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 1,319	$ 1,073

Supplemental Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 0.6	$ 0.2

Supplemental Balance Sheet Details - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 1,854	$ 3,656
Accrued operating expenses	3,564	3,556
Short-term operating lease liability	1,006
Other, including warranties	404	615
Total accrued liabilities	$ 6,828	$ 7,827

Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross	$ 22,437	$ 22,277
Accumulated Amortization	1,687	1,269
Net	20,750	21,008
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	21,767	21,607
Accumulated Amortization	1,365	981
Net	$ 20,402	$ 20,626
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	9 years	9 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	322	288
Net	$ 348	$ 382
Capitalized licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	1 year	1 year
Capitalized licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining Useful Life (Years)	4 years	4 years

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization	$ 0.4	$ 0.1
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets acuired	$ 0.2
Acquired intangible assets, weighted average useful life	13 years 1 month 6 days

Intangible Assets - Estimated annual amortization (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining nine months)	$ 1,264
2023	1,685
2024	1,685
2025	1,602
2026	$ 1,574

Debt - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Mar. 30, 2022 USD ($) $ / shares	Oct. 12, 2021 $ / shares shares	May 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Class of Warrant or Right, Contractual Term	10 years
Long-term operating lease obligations	$ 4,400	$ 4,598	$ 4,598	$ 0
Loan commitment	$ 2,200	$ 600	600
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, exercise price of warrants or rights (in usd per share) \| $ / shares	$ 76.92			$ 9.62	$ 6.00	$ 9.62
Convertible preferred stock, shares issued upon conversion \| shares						811,374
Pro Forma
Line of Credit Facility [Line Items]
Debt Instrument, Covenant, Minimum Pro Forma Compliance Revenue			$ 16,800
Secured Debt
Line of Credit Facility [Line Items]
Principal balance							$ 10,000
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
Debt Instrument, interest rate, effective percentage		11.25%	11.25%
Financial covenants, minimum cash balance		$ 16,800		$ 3,000
Long-term debt, gross		$ 25,000	$ 25,000
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 C Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Principal balance					$ 7,500
Debt discount, increase					(500)
Tranche C Term Loan \| Loans Payable
Line of Credit Facility [Line Items]
Debt Instrument, remaining borrowing capacity				15,000	7,500
Increase in debt issuance costs					300
Credit Agreement, Tranche D Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Principal balance					$ 7,500
Tranche B Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, maximum borrowing capacity							$ 10,000
Debt discount, increase				$ (800)

Debt - Debt covenants (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Forecast
Line of Credit Facility [Line Items]
Minimum Total Revenue (in thousands)	$ 30,179	$ 26,545	$ 21,722	$ 18,256

Equity (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Oct. 12, 2021
Class of Stock [Line Items]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares, outstanding	39,043,119	39,036,010
Common stock, shares, issued	39,043,119	39,036,010
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, par value per share (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares outstanding	0	0
IPO
Class of Stock [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
Sale of stock, price per share (in usd per share)			$ 15.00

Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Award vesting rights, percentage	25.00%
Award vesting rights, anniversary period	1 year
Award vesting period	36 months
Granted (in shares)	0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	5,223,601
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	5,113,324
Options outstanding to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Weighted average grant date fair value (in usd per share)		$ 2.77
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 11.7
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 years 2 months 12 days
Restricted Stock Awards
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 9 months 18 days
Vested (in shares)	0
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 5.4

Equity Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding, beginning of period (in shares)	5,105,278
Granted (in shares)	0
Forfeited (in shares)	(6,596)
Exercised (in shares)	(7,109)
Outstanding, end of period (in shares)	5,091,573	5,105,278
Vested and expected to vest at end of period (in shares)	5,091,573
Exercisable at end of period (in shares)	2,535,176
Weighted Average Exercise Price
Outstanding, beginning of period (in usd per share)	$ 2.62
Granted (in usd per share)	0
Forfeited (in usd per share)	1.38
Exercised (in usd per share)	0.71
Outstanding, end of period (in usd per share)	2.60	$ 2.62
Vested and expected to vest at end of period (in usd per share)	2.60
Exercisable at end of period (in usd per share)	$ 0.74
Weighted Average Remaining Contractual Life (in years)
Outstanding, weighted average remaining contractual term	7 years 4 months 24 days	7 years 8 months 12 days
Vested and expected to vest, weighted average remaining contractual term	7 years 4 months 24 days
Exercisable, weighted average remaining contractual term	5 years 10 months 24 days
Aggregate Intrinsic Value (In thousands)
Outstanding, intrinsic value at end of period	$ 8,674
Vested and expected to vest, intrinsic value at end of period	8,674
Exercisable, intrinsic value at end of period	$ 6,832

Equity Based Compensation - Range of key assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.00%
Expected term (in years)	0 years	7 years
Expected volatility	0.00%	50.00%
Expected dividend yield	0.00%	0.00%
Exercise prices	$ 0		$ 1.83
Estimated fair value of common stock options	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		0.94%
Estimated fair value of common stock options		$ 3.96
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		1.40%
Estimated fair value of common stock options		$ 4.93

Equity based compensation - Restricted stock activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Awards
Unvested at beginning of period (in shares) \| shares	507,013
Granted (in shares) \| shares	301,883
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(16,650)
Unvested at end of period (in shares) \| shares	792,246
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in usd per share) \| $ / shares	$ 8.46
Granted (in usd per share) \| $ / shares	6.06
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	6.74
Outstanding at end of period (in usd per share) \| $ / shares	$ 7.59

Equity Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 877	$ 95
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	134	19
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	582	47
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 161	$ 29

Commitments - Narrative (Details)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term	4 years 9 months

Commitments - Lease balances within the balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	$ 5,338	$ 0
Short-term operating lease liability	$ 1,006
Operating lease, liability, current, statement of financial position	Accrued Liabilities, Current
Long-term operating lease obligations	$ 4,598
Total lease liabilities	$ 5,604

Commitments - Operating lease expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Total operating lease expense	$ 418
Operating cash outflows from operating leases	418
Cost of Sales
Other Commitments [Line Items]
Total operating lease expense	30
Research and development
Other Commitments [Line Items]
Total operating lease expense	97
Sales and marketing
Other Commitments [Line Items]
Total operating lease expense	158
General and administrative
Other Commitments [Line Items]
Total operating lease expense	$ 133

Commitments - Weighted average remaining lease term and discount rate (Details)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average lease liability term (in years)	4 years 3 days
Weighted average discount rate	5.00%

Commitments - Future minimum lease payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 1,194
2023	1,585
2024	1,645
2025	1,155
2026	607
Thereafter	0
Total lease payments	6,186
Less: imputed interest	(582)
Total lease liabilities	$ 5,604

Commitments - Purchase commitment (Details) $ in Millions	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 2.5
2023	4.0
2024	5.0
2025	7.0
2026	9.0
2027	10.0
Total	$ 37.5

Product Warranties - Narrative (Details)	3 Months Ended
Product Warranties - Narrative (Details)	Mar. 31, 2022
Guarantees and Product Warranties [Abstract]
Standard product warranty term	1 year

Product Warranties - Accrued warranty roll forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty cost, beginning	$ 285	$ 135
Cost of warranty services	(69)	(43)
Estimated provision for warranty cost	136	84
Accrued warranty cost, end	$ 352	$ 176

Other income (expense), net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Grant revenue	$ 357	$ 596
Change in fair value of warrants and loan commitment	0	(1,946)
Other income (expense)	1	0
Other income (expense), net	$ 358	$ (1,350)

Net Loss per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	5,091,573	3,452,128
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	0	26,733,272