0001588978-23-000009 | 10-K | XBRL Viewer

Income Taxes

12 Months Ended

Dec. 31, 2022

The Company did not record an income tax provision for both periods.

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company's actual effective income tax rate are as follows:


	Year Ended December 31,
	2022		2021
Federal statutory tax rate	21	%	21	%
R&D tax credit	2		2
Stock-based compensation and other permanent differences	2		—
Change in valuation allowance	(25)		(23)
Total	—	%	—	%

The Company’s income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Significant components of net deferred tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating losses	$	65,197	$	52,832
Property and equipment	847		555
R&D tax credit	7,346		5,209
Stock-based compensation	2,082		717
Capitalized R&D expenses	12,971		6,268
Inventory	2,279		909
Lease liability	6,404		1,003
Accruals and reserves	2,758		1,418
Total deferred tax assets	99,884		68,911
Valuation allowance	(94,056)		(68,046)
Net deferred tax assets	5,828		865
Deferred tax liabilities:
Right-of-use assets	(5,828)		(865)
Total deferred tax liabilities	(5,828)		(865)
Net deferred tax assets	$	—	$	—

The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. The valuation allowance increased by $26.0 million during the year ended December 31, 2022.

As of December 31, 2022 and 2021, the Company has U.S. federal net operating loss (“NOL”) carryforwards of approximately $264.6 million and $215.0 million, respectively, expiring beginning 2028. As of December 31, 2022 and 2021, the Company has U.S. state and local NOL carryforwards of approximately $155.7 million and $123.5 million, respectively, expiring beginning 2028.

As of December 31, 2022 and 2021, the Company has federal research and development credit carryforwards of approximately $6.0 million and $4.2 million, respectively, available to reduce future taxable income, if any. As of December 31, 2022 and 2021, the Company has California research and development credit carryforwards of approximately $4.8 million and $3.4 million, respectively, available to reduce future taxable income, if any.

The federal research and development credit carryforwards expire beginning 2028 and California research and development credit carryforwards are indefinite.

Internal Revenue Code section 382 places a limitation (the “Section 382 Limitation”) on the amount of taxable income that can be offset by net operating carryforwards after a change in control of a loss corporation. Generally, after a change in control, a loss corporation cannot deduct operating loss carryovers in excess of the Section 382 limitation. The Company has not performed an analysis to determine if a limitation applies and whether the limitation would cause the net operating losses to expire un-utilized.

The Company files federal, state, and foreign income tax returns. The tax periods 2008 through 2022 remain open in most jurisdictions. In addition, any tax losses that were generated in prior years and carried forward may also be subject to examination by respective authorities. The Company is not currently under examination by federal, state or foreign income tax authorities.

One of the provisions under the Tax Cuts and Jobs Act that became effective in tax years beginning after December 31, 2021 required the capitalization and amortization of research and experimental expenditures. The change in this US tax law did not have an impact on the Company's consolidated financial statements. The Company will continue to evaluate the impact of this tax law change on future periods.

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 ( the Inflation Act) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on corporate stock buy-backs. The various provisions of the Inflation Act did not have an impact on the Company’s consolidated financial statements and related notes.

A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands):


	December 31,
	2022		2021
Beginning of year	$	1,917	$	1,407
Additions for tax positions related to:
Current year	783		510
Prior years	—		—
End of year	$	2,700	$	1,917

As of December 31, 2022, the Company had a total of $2.7 million of gross unrecognized tax benefits, none of which would affect the effective tax rate upon realization. The Company currently has a full valuation allowance against its U.S. net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future.

The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of December 31, 2022, the Company has not accrued interest or penalties related to uncertain tax positions.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Loss Per Share, Basic

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021

Net loss	$	(87,154)	$	(59,853)
Weighted-average common stock outstanding	44,400		16,480
Net loss per share, basic and diluted	$	(1.96)	$	(3.63)

Schedule of Loss Per Share, Diluted

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021

Net loss	$	(87,154)	$	(59,853)
Weighted-average common stock outstanding	44,400		16,480
Net loss per share, basic and diluted	$	(1.96)	$	(3.63)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands):


	December 31,
	2022	2021

Common stock options	5,353	6,365
Restricted stock units	742	35
Employee stock purchase plan	110	193
Total	6,205	6,593

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2021 Equity Incentive Award Plan

In September 2021, the Company adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”), which allows for the granting of stock options and stock purchase rights to the employees, members of the board of directors, and consultants of the Company. A total of 5,487,700 shares of common stock were reserved for issuance under the 2021 Plan. Options granted under the 2021 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to the Company’s employees, including officers and directors who are also employees. NSOs may be granted to employees and consultants.

Options under the 2021 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an ISO and NSO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant.

Granted options for newly hired employees usually vest over four years monthly with a one-year cliff vesting, and follow-on options vest monthly over four years with no cliff vesting. Options granted to consultants have various vesting schedules depending on the underlying consulting arrangement and anticipated period of service. Granted restricted stock units usually vest over four years annually. As of December 31, 2022, there were 4.4 million shares available for grant and 1.1 million awards outstanding under the 2021 Plan.

2008 Stock Plan

The Company ceased making awards under the 2008 Stock Plan upon the effective date of the Company’s IPO. In 2008, the Company adopted the 2008 Stock Plan (the “2008 Plan”), which allows for the granting of stock options and stock purchase rights to the employees, members of the board of directors, and consultants of the Company. Options granted under the 2008 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to the Company’s employees, including officers and directors who are also employees. NSOs may be granted to employees and consultants. Options granted under the 2008 Plan will start expiring in August 2021. Options outstanding under the 2008 Plan will expire upon forfeiture. As of December 31, 2022, 5.0 million options were outstanding under the 2008 Plan.

2021 Employee Stock Purchase Plan

In September 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The 2021 ESPP became effective on the effective date of the IPO. A total of 412,988 shares were initially reserved for issuance under the 2021 ESPP. Additionally, the number of shares of common stock reserved for issuance under the 2021 ESPP will increase automatically each year, beginning on January 1, 2022, and continuing through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; or (2) such lesser number as determined by the Company’s board of directors. The number of shares that may be issued under the 2021 ESPP shall not exceed a total of 10,526,315 shares. As of December 31, 2022, approximately 110,000 shares have been issued under the 2021 ESPP. As of December 31, 2022, there were 0.7 million shares available for grant under the 2021 ESPP.

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Year Ended December 31,
	2022		2021

Cost of sales	$	1,053	$	253
Research and development	2,230		783
Sales, general and administrative	7,387		2,760
Total stock-based compensation	$	10,670	$	3,796

Total stock-based compensation cost capitalized in inventory was $0.3 million and $0 as of December 31, 2022 and 2021, respectively.

Stock Options

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Year Ended
	December 31, 2022

		Options	Weighted Average Exercise Price
Outstanding, beginning of period		6,365	$	5.34
Granted		254	35.58
Exercised		(1,031)	3.89
Forfeited		(235)	8.14
Outstanding, end of period		5,353	6.93
Vested and expected to vest		5,353	6.93
Exercisable		3,386	5.38

The weighted-average grant date fair value of options granted during the years of December 31, 2022 and 2021 was $19.15 and $4.36, respectively. As of December 31, 2022, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $126.3 million and options outstanding were $185.3 million. The aggregate pre-tax intrinsic value of options exercised was $29.8 million and $10.9 million during the years ended December 31, 2022 and 2021, respectively. The aggregate pre-tax intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. The total fair value of options vested was $4.8 million and $3.4 million during the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, total unrecognized stock-based compensation related to unvested stock options was $8.5 million, which the Company expects to recognize over a remaining weighted-average period of 2.4 years.

The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:


	Year Ended December 31,
	2022			2021

Expected life (years)	5.9			6.0
Expected volatility	55		%	50		%
Risk-free interest rate	2.5		%	1.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	19.15		$	4.36

RSUs

A summary of the Company’s RSU activity and related information are as follows (RSUs in thousands):


	Year Ended
	December 31, 2022

		Restricted Stock Units	Weighted-Average Fair Value
Outstanding, beginning of period		35	$	34.78
Granted		770	36.23
Released		(12)	31.28
Canceled/forfeited		(51)	34.78
Outstanding, end of period		742	36.35

The weighted-average grant date fair value of RSUs granted during the years of December 31, 2022 and 2021 was $36.23 and $34.78, respectively.

As of December 31, 2022, the aggregate pre-tax intrinsic value of RSUs outstanding was $30.8 million, calculated based on the closing price of the Company’s common stock at the end of the period.

As of December 31, 2022, total unrecognized stock-based compensation related to unvested RSUs was $22.8 million, which the Company expects to recognize over a remaining weighted-average period of 3.3 years.

ESPP

As of December 31, 2022, there was approximately $1.4 million of unrecognized cost related to employee stock purchases under the 2021 ESPP. This cost is expected to be recognized over a weighted average period of 0.8 years. As of December 31, 2022, a total of 0.7 million shares were available for issuance under the 2021 ESPP.

The fair value of the options granted under the 2021 ESPP to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:


	Year Ended
	December 31, 2022

Expected life (years)	0.7
Expected volatility	56		%
Risk-free interest rate	4.2		%
Expected dividend rate	—		%
Weighted-average fair value	$	15.11

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31,
	2022			2021
		Level 1		Level 2		Level 3		Total		Level 1			Level 2		Level 3		Total
Cash and cash equivalents:
Cash		$	8,870	$	—	$	—	$	8,870	$	13,621		$	—	$	—	$	13,621
Cash equivalents		212,989		—		—		212,989		290,699			—		—		290,699

Total cash and cash equivalents		$	221,859	$	—	$	—	$	221,859	$	304,320	304,320	$	—	$	—	$	304,320

Loan facility derivative liability		$	—	$	—	$	1,779	$	1,779	$	—		$	—	$	1,496	$	1,496

The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities. The Company’s long-term debt is recorded at its net carrying value, which approximates fair value.

There were no transfers in and out of Level 3 during the years ended December 31, 2022 and 2021.

Loan facility derivative liability

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Year Ended December 31,
	2022		2021

Beginning of the period	$	1,496	$	1,782
Issued	—		—
Payment of success fee	—		(150)
Change in fair value	$	283	$	(136)
End of the period	$	1,779	$	1,496

The fair value of the loan facility derivative liability was determined using a discounted cash flow calculation discounted at 6%.

- 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

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible AssetsIn March 2019, the Company entered into a license agreement with HydroCision, Inc. This agreement grants the Company an exclusive, perpetual, irrevocable, worldwide, fully paid-up license to develop, manufacture and commercialize products in the field of urology using the patented technology and know-how controlled by HydroCision as of the effective date and as well as new patented technology developed by HydroCision that cover certain activities and improvements that relate to the use of fluid jet technology in connection with the licensed products during the period commencing on the effective date and ending on the earlier of the date that the Company ceases to use HydroCision’s existing contract manufacturers and the third anniversary of the effective date. Also included is the right to utilize HydroCision’s contract manufacturers, if desired. The consideration paid was a one-time upfront payment of $2.5 million, as well as allowing HydroCision (a reciprocal license) to use any new patented technology and know-how developed by the Company relating to the HydroCision patented technology and know-how in the field of urology for HydroCision use outside the field of urology. HydroCision will pay for any patent maintenance fees on HydroCision’s licensed patents. As of December 31, 2022 and 2021, accumulated amortization was $1.0 million, respectively, and the net carrying amount is expected to be amortized at a rate of $0.3 million per year until fully amortized.Amortization expense for intangible assets for both the years ended December 31, 2022 and 2021, was $0.3 million.

Geographical Information (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Geographic Areas

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2022		2021

U.S.
System sales and rentals	$	36,527	$	19,375
Handpieces and other consumables	28,543		8,893
Service	2,698		680
Total U.S. revenue	67,768		28,948
Outside of U.S.
System sales and rentals	3,201		2,493
Handpieces and other consumables	3,273		2,634
Service	772		398
Total outside of U.S. revenue	7,246		5,525
Total revenue	$	75,014	$	34,473

Revenue from External Customers by Products and Services

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2022		2021

U.S.
System sales and rentals	$	36,527	$	19,375
Handpieces and other consumables	28,543		8,893
Service	2,698		680
Total U.S. revenue	67,768		28,948
Outside of U.S.
System sales and rentals	3,201		2,493
Handpieces and other consumables	3,273		2,634
Service	772		398
Total outside of U.S. revenue	7,246		5,525
Total revenue	$	75,014	$	34,473

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of year	$ 1,917	$ 1,407
Additions for tax positions related to:
Current year	783	510
End of year	$ 2,700	$ 1,917

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31,
	2022			2021
		Level 1		Level 2		Level 3		Total		Level 1			Level 2		Level 3		Total
Cash and cash equivalents:
Cash		$	8,870	$	—	$	—	$	8,870	$	13,621		$	—	$	—	$	13,621
Cash equivalents		212,989		—		—		212,989		290,699			—		—		290,699

Total cash and cash equivalents		$	221,859	$	—	$	—	$	221,859	$	304,320	304,320	$	—	$	—	$	304,320

Loan facility derivative liability		$	—	$	—	$	1,779	$	1,779	$	—		$	—	$	1,496	$	1,496

Schedule of Derivative Liabilities at Fair Value

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Year Ended December 31,
	2022		2021

Beginning of the period	$	1,496	$	1,782
Issued	—		—
Payment of success fee	—		(150)
Change in fair value	$	283	$	(136)
End of the period	$	1,779	$	1,496

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2020	25,402
Balance at the beginning of the period at Dec. 31, 2020	$ 243,854
Redeemable Convertible Preferred Stock
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)	4,448
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 84,710
Issuance upon exercise of warrants (in shares)	62
Issuance upon exercise of warrants	$ 970
Conversion of redeemable convertible preferred stock to common stock (in shares)	(29,912)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (329,534)
Balance at the end f the period (in shares) at Dec. 31, 2021	0
Balance at the end of the period at Dec. 31, 2021	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2020		4,713
Balance at the beginning of the period at Dec. 31, 2020	(182,894)	$ 0	$ 18,788	$ (14)	$ (201,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		29,912
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	329,534		329,534
Issuance of common stock upon Initial public offering, net of underwriting discounts, commissions and offering expenses (in shares)		7,539
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering expenses	172,364		172,364
Issuance upon exercise of stock options (in shares)		1,512
Issuance of common stock under stock plans	4,184		4,184
Stock-based compensation expense	3,796		3,796
Unrealized gain on cash equivalents	(40)			(40)
Net loss	(59,853)				(59,853)
Balance at the end of the period (in shares) at Dec. 31, 2021		43,676
Balance at the end of the period at Dec. 31, 2021	$ 267,091	$ 0	528,666	(54)	(261,521)
Balance at the end f the period (in shares) at Dec. 31, 2022	0
Balance at the end of the period at Dec. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance upon exercise of stock options (in shares)		1,042
Issuance of common stock under stock plans	$ 4,008		4,008
Shares issued under employee stock purchase plan (in shares)	110
Shares issued under employee stock purchase plan	$ 2,409
Stock-based compensation expense	10,670		10,670
Unrealized gain on cash equivalents	48			48
Net loss	(87,154)				(87,154)
Balance at the end of the period (in shares) at Dec. 31, 2022		44,828
Balance at the end of the period at Dec. 31, 2022	$ 197,072	$ 0	$ 545,753	$ (6)	$ (348,675)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Year Ended December 31,
	2022		2021

Cost of sales	$	1,053	$	253
Research and development	2,230		783
Sales, general and administrative	7,387		2,760
Total stock-based compensation	$	10,670	$	3,796

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Year Ended
	December 31, 2022

		Options	Weighted Average Exercise Price
Outstanding, beginning of period		6,365	$	5.34
Granted		254	35.58
Exercised		(1,031)	3.89
Forfeited		(235)	8.14
Outstanding, end of period		5,353	6.93
Vested and expected to vest		5,353	6.93
Exercisable		3,386	5.38

Schedule of Fair Value Assumptions


	Year Ended December 31,
	2022			2021

Expected life (years)	5.9			6.0
Expected volatility	55		%	50		%
Risk-free interest rate	2.5		%	1.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	19.15		$	4.36


	Year Ended
	December 31, 2022

Expected life (years)	0.7
Expected volatility	56		%
Risk-free interest rate	4.2		%
Expected dividend rate	—		%
Weighted-average fair value	$	15.11

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity and related information are as follows (RSUs in thousands):


	Year Ended
	December 31, 2022

		Restricted Stock Units	Weighted-Average Fair Value
Outstanding, beginning of period		35	$	34.78
Granted		770	36.23
Released		(12)	31.28
Canceled/forfeited		(51)	34.78
Outstanding, end of period		742	36.35

Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 65,197	$ 52,832
Property and equipment	847	555
R&D tax credit	7,346	5,209
Stock-based compensation	2,082	717
Capitalized R&D expenses	12,971	6,268
Inventory	2,279	909
Lease liability	6,404	1,003
Accruals and reserves	2,758	1,418
Total deferred tax assets	99,884	68,911
Valuation allowance	(94,056)	(68,046)
Net deferred tax assets	5,828	865
Deferred tax liabilities:
Right-of-use assets	(5,828)	(865)
Total deferred tax liabilities	$ (5,828)	$ (865)

Composition of Certain Consolidated Financial Statement Items - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 12,417	$ 6,740
Work-in-process	1,738	905
Finished goods	14,388	5,502
Total inventory	$ 28,543	$ 13,147

Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Payments to acquire intangible assets	$ 2.5
Accumulated amortization		$ 1.0	$ 1.0
Expected annual rate per year		0.3
Amortization expense		$ 0.3	$ 0.3

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value	$ 126.3
Options outstanding, aggregate intrinsic value	185.3
Options exercised in the period, intrinsic value	29.8	$ 10.9
Options vested in the period, fair value	4.8	$ 3.4
Unrecognized compensation cost	$ 8.5
Average vesting period for unrecognized compensation cost (in years)	2 years 4 months 24 days
Common stock options
Share-based Compensation Arrangements
Options outstanding (in shares)	5,353,000	6,365,000
Restricted stock units
Share-based Compensation Arrangements
Weighted average grant date fair value (in dollars per share)	$ 19,150,000	$ 4.36
Unrecognized compensation cost	$ 22.8
Weighted average grant date fair value (in dollars per share)	$ 36.23	$ 34.78
Intrinsic value of RSU's outstanding	$ 30.8
Remaining contractual term (in years)	3 years 3 months 18 days
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)			5,487,700
2021 Equity Incentive Award Plan \| Employee Stock [Member]
Share-based Compensation Arrangements
Award vesting period (in years)	4 years
Award cliff vesting period (in years)	1 year
Shares available for grant (in shares)	4,400,000
Options outstanding (in shares)	1,100,000
2021 Equity Incentive Award Plan \| Incentive stock options and nonqualified stock options \| Minimum
Share-based Compensation Arrangements
Purchase price of common stock, percent	110.00%
2021 Equity Incentive Award Plan \| Incentive stock options and nonqualified stock options \| Minimum \| Shareholder of Ten Percent Ownership or Greater
Share-based Compensation Arrangements
Ownership interest, percent	10.00%
2021 Equity Incentive Award Plan \| Follow-On Options
Share-based Compensation Arrangements
Award vesting period (in years)	4 years
2021 Equity Incentive Award Plan \| Common stock options
Share-based Compensation Arrangements
Award contractual life (in years)	10 years
Purchase price of common stock, percent	100.00%
2021 Equity Incentive Award Plan \| Restricted stock units
Share-based Compensation Arrangements
Award vesting period (in years)	4 years
2008 Stock Plan \| Common stock options
Share-based Compensation Arrangements
Options outstanding (in shares)	5,000,000
Employee stock purchase plan
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)			412,988
Shares available for grant (in shares)	700,000
Percentage of outstanding stock maximum	1.00%
Common stock, shares issued (in shares)	110,000
Cost capitalized	$ 0.3	$ 0.0
Unrecognized compensation cost	$ 1.4
Average vesting period for unrecognized compensation cost (in years)	9 months 18 days
Employee stock purchase plan \| Maximum
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)	10,526,315

Geographical Information

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Geographical Information

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2022		2021

U.S.
System sales and rentals	$	36,527	$	19,375
Handpieces and other consumables	28,543		8,893
Service	2,698		680
Total U.S. revenue	67,768		28,948
Outside of U.S.
System sales and rentals	3,201		2,493
Handpieces and other consumables	3,273		2,634
Service	772		398
Total outside of U.S. revenue	7,246		5,525
Total revenue	$	75,014	$	34,473

For the year ended December 31, 2022 and 2021, substantially all of the Company’s long-lived assets are held in the United States.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Preparation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, the valuations of the redeemable convertible preferred stock warrant liability and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. While many restrictions associated with COVID-19 have more recently been relaxed, the longevity and extent of the various COVID-19 pandemic remains uncertain, including due to the emergence and impact of the COVID-19 variants and continued economic disruptions. Due to significant uncertainty surrounding the pandemic, management's judgments could change. Reverse Stock Split In September 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4.75 reverse stock split of common stock and all redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, redeemable convertible preferred stock, warrants for preferred stock, stock options and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. Initial Public Offering In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its consolidated balance sheet. Par Value and Shares Authorized Change In June 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a change in par value from $0.001 to $0.00001 per share of common stock and all redeemable convertible preferred stock. All issued and outstanding common stock and redeemable convertible preferred stock contained in the financial statements have been retroactively corrected to reflect this immaterial change in par value for all periods presented. In September 2021, 10.0 million shares of preferred stock were authorized and the number of authorized shares of common stock was increased to 300.0 million shares, both having a par value of $0.00001 per share. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks highly liquid securities determined to be cash equivalents, which are readily convertible into cash and mature within 90 days or less from the original date of purchase. Cash and cash equivalents include money market funds. Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, based on quoted market prices. Unrealized gains and losses are recorded in other comprehensive loss and included as a separate component of stockholders’ equity (deficit). Restricted cash is related to the Company’s letters of credit for the leases of its Redwood City and San Jose, CA locations. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash and cash equivalents, and accounts receivable, accounts payable and accrued liabilities, which approximate fair value due to their relatively short maturities as well as the loan facility derivative liability. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1-Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2-Other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Level 3-Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and, to a lesser extent, accounts receivable. The Company believes that credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and diversity of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. No customers accounted for more than 10% of revenue during the year ended December 31, 2022 and 2021. No customers accounted for more than 10% of accounts receivable at December 31, 2022. One customer accounted for 11% of accounts receivable at December 31, 2021. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. The Company has limited its credit risk associated with cash and cash equivalents by placing its investments with banks it believes are highly creditworthy and with highly rated investments. Allowance for Doubtful Accounts The Company’s expected loss allowance methodology is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Specific allowance amounts are established to record the appropriate allowance for customers that have a known risk of default. Balances are written off when they are ultimately determined to be uncollectible. The Company has not experienced any significant collection issues and the allowance for doubtful accounts has not been material. Inventory Inventories are valued at the lower of cost, computed on a first-in, first-out basis, or net realizable value. The allocation of production overhead to inventory costs is based on normal production capacity. Abnormal amounts of idle facility expense, freight, handling costs, and consumption are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration. Property and Equipment and Intangible Assets Property and equipment and intangible assets are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. The Company reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to a limited history of sales of evaluation units. Amortization of intangible assets are determined using the straight-line method over the estimated useful lives, generally through the patent expiration date. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred. Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment and intangible assets, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. During the years ended December 31, 2022 and 2021, the Company has not recorded impairment charges on its long-lived assets. Deferred Revenue The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue will be recognized subsequent to invoicing. Service agreements are generally invoiced annually at the beginning of each coverage period and recorded as deferred revenue and recognized as revenue ratably over the coverage period. Deferred revenue that will be recognized during the 12 months following the balance sheet date is recorded as the current portion of deferred revenue, and the remaining portion, if any, would be recorded as non-current. Loan Facility Derivative Liability In connection with the Company’s previous loan facility (Note 6), the Company is obligated to pay a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of our assets or voting stock, or achieving a $200.0 million trailing 12 months revenue target, in each case, by September 2029. The fee is calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the liquidity event. At the time of extinguishment, the Company has drawn on the first two installments. The Company has determined this fee is a freestanding derivative instrument. The $1.4 million fair value of this loan facility derivative was initially recorded as a debt discount and a non-current liability on the date of issuance in connection with obtaining additional financing as applicable and will be revalued every reporting period until the earlier occurrence of a defined liquidity event or achieving a revenue target by September 2029 or termination of such fee arrangement. Leases For agreements with a term of more than 12 months, the Company determines if the agreement contains a lease at inception. Operating lease liabilities represent an obligation to make lease payments arising from the lease agreement. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the remaining lease term. In determining the present value of lease payments, the Company estimates its incremental borrowing rate as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, of an amount equal to the lease payments in a similar economic environment. Operating lease liabilities are included in the Company’s consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and are classified as non-current assets. Lease expense is recognized on a straight-line basis over the expected lease term in the Company’s consolidated statements of operations and comprehensive loss. The Company has not elected to separate lease and non-lease components for any leases within its existing classes of assets and, as a result, records a right-of-use asset and lease liability based on the present value of the future minimum lease payments over the term at commencement date. Variable lease payments are expensed as incurred. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company has lessor arrangements with customers for a fixed monthly fee with no non-lease components, typically for 3-12 months. These arrangements are accounted for as an operating lease in accordance with ASC 842. These arrangements and related revenue are immaterial to the periods presented. Revenue Recognition Revenue is derived primarily from the sales of the AquaBeam® Robotic Systems, and handpieces that are for one-time use during each surgery using the AquaBeam Robotic System. The AquaBeam Robotic System contains both software and non-software components that are delivered together as a single product and generally contain a one-year warranty. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determined those that are performance obligations and assess whether each promised good or service is distinct based on the contract. The contracts are typically in the form of a master service agreement and a purchase order from the customer. The Company’s AquaBeam Robotic System sales generally contain multiple products and services and can include a combination of the following performance obligations: robotic system, handpieces and consumables, and service. The Company determines the transaction price it expects to be entitled to in exchange for transferring the promised product to the customer, which is based on the invoiced price for the products. All prices are at fixed amounts per the sales agreement with the customer and there are generally no discounts, rebates or other price concessions or a right of return, once the agreement is signed. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and update these estimates as necessary. The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer. The Company generally recognizes revenue for the performance obligations at the following points in time: AquaBeam Robotic Systems - For systems (including system components and system accessories) sold directly to end customers, revenue is recognized when the Company transfers control to the customer, which is generally at the time of delivery. Systems rented for a fixed monthly fee during an evaluation period, typically 3-12 months, are recognized as revenue straight-line during the lease term, in accordance with ASC 842, and are not material. For systems sold following an evaluation period, revenue is recognized generally once sales terms are mutually agreed (as the system is already installed at the customer site). For systems sold through distributors, revenue is recognized generally at the time of delivery to the distributor. The Company’s system arrangements generally do not provide a right of return. The systems are generally covered by a one-year service agreement included in the warranty. The service agreements have a stand alone selling price and are typically recognized as deferred revenue and amortized over the one-year service period. Hand pieces and other consumables - Revenue from sales of handpieces and other consumables is recognized when control is transferred to the customers, which generally occurs at the time of shipment but also occurs at the time of delivery. Service - Service revenue, inclusive of the amounts associated with the AquaBeam Robotic System warranties, is recognized over the term of the service period, as the customer benefits from the services throughout the service period. The Company has determined that certain promises in the multiple-element arrangements, such as installation, training and certain ancillary products, are immaterial, and/or do not represent separate performance obligations for which transaction price is allocated. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is recognized subsequent to invoicing, such as service contracts, which are recognized ratably as revenue over the performance period. The Company’s typical payment terms are between approximately 30 to 90 days. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company expenses any incremental costs of obtaining a contract, including but not limited to, sales commissions, as and when incurred as the expected amortization period of the incremental costs would have been less than one year and are reported in selling, general and administrative expense in the statements of operations and comprehensive loss. The Company utilizes the practical expedient under ASC 606 and does not disclose unsatisfied performance obligations for service contracts as these contracts generally have an original duration of less than one year. For those contracts with an original duration exceeding one year, the aggregate amount of transaction price allocated to the performance obligations unsatisfied at December 31, 2022 was not material. Cost of Sales Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor, including stock-based compensation. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment, warranty, including any recalls, and field service costs, and purchased intangibles and certain direct costs such as shipping costs. Research and Development Research and development costs are expensed as incurred. Research and development costs consist primarily of engineering, product development, and regulatory affairs, consulting services, materials, depreciation and other costs associated with products and technologies being developed, including employee and non-employee compensation, stock-based compensation, supplies, quality assurance expenses, related travel expenses and facilities expenses. Stock-Based Compensation The Company accounts for stock options granted to employees and directors under the fair value recognition provision of ASC 718, Compensation - Stock Compensation. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss. The Company uses the straight-line method for expense attribution. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model determines the fair value of stock-based payment awards based on the fair market value of the Company’s common stock on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the fair market value of the Company’s common stock, volatility over the expected term of the awards and actual and projected employee stock option exercise behaviors. The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Due to the Company’s limited operating history and limited company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company generally selected companies with comparable characteristics to it, including enterprise value, stages of clinical development, risk profiles, position within the industry and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based payments. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future. The Company has elected to account for forfeitures when they occur. The fair value of the Company’s common stock underlying the stock options has historically been determined by the Company’s board of directors (“Board”). Because there was no public market for the Company’s common stock prior to the IPO, the Board determined the fair value of the Company’s common stock at the time of grant of the option by considering a number of objective and subjective factors, including valuations of comparable companies, sales of the Company’s redeemable convertible preferred stock, operating and financial performance and the general and industry-specific economic outlook. The Company accounts for the fair value of restricted stock units (“RSUs”) using the closing market price of the Company’s common stock on the date of the grant. Stock-based compensation cost for RSUs is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the requisite service period (generally the vesting period), net of forfeitures. Common Stock Valuation The Company’s intent has been to grant all options with an exercise price not less than the fair value of its common stock underlying those options on the date of grant. Prior to its IPO, the Company has determined the estimated fair value of its common stock at each valuation date in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the “Practice Aid”). The Company’s board of directors, with the assistance of management, developed these valuations using significant judgment and taking into account numerous factors, including: •valuations of its common stock with the assistance of independent third-party valuation specialists; •the stage of development and business strategy, including the status of research and development efforts, of its products and product candidates, and the material risks related to its business and industry; •the results of operations and financial position, including its levels of available capital resources; •the valuation of publicly traded companies in the life sciences and medical device sectors, as well as recently completed mergers and acquisitions of peer companies; •the prices of its redeemable convertible preferred stock sold to investors in arm’s length transactions and the rights, preferences, and privileges of its redeemable convertible preferred stock relative to those of its common stock; •the likelihood of achieving a liquidity event for the holders of its common stock, such as an initial public offering or a sale of the Company given prevailing market conditions; •the inability of the Company’s stockholders to freely trade its common stock in the public markets, resulting in a discount to reflect the lack of marketability of the Company’s common stock based on the weighted-average expected time to liquidity. •trends and developments in its industry; and •external market conditions affecting the life sciences and medical device industry sectors. The Company’s board of directors determined the fair value of its common stock by first determining the enterprise value of the Company’s business using the market approach, income approach or from the value implied by the latest round of equity financing, and then allocating the value among the various classes of its equity securities to derive a per share value of its common stock. The Practice Aid identifies various available methods for allocating enterprise value across classes and series of capital stock to determine the estimated fair value of common stock at each valuation date. For all options granted prior to the Company’s IPO in September 2021, the Board allocated the enterprise value based on the option pricing method (“OPM”). OPM treats the rights of the holders of preferred and common stock as equivalent to call options on any value of the enterprise above certain break points of value based upon the liquidation preferences of the holders of preferred stock, as well as their rights to participation and conversion. Thus, the estimated value of the common stock can be determined by estimating the value of its portion of each of these call option rights. When valuing options granted around the time of an equity financing that is considered arms-length, OPM derived the Company’s equity value of a company from the price of the securities issued by the Company in the equity financing. Following the completion of the Company’s IPO in September 2021, the fair value of the Company’s common stock is determined based on the closing price of its common stock on The Nasdaq Global Market. Advertising Expenses The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were not significant. Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2022 and 2021. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to-date. The Company’s policy is to record interest and penalties related to uncertain tax positions as a component of income tax expense in the statement of operations. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalent shares from dilutive stock options and common stock warrants outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive securities were antidilutive in those periods. The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s redeemable convertible preferred stock participated in any dividends declared by the Company and were therefore considered to be participating securities. Comprehensive Gain (Loss) Comprehensive gain (loss) consists of net gains (losses) and changes in unrealized gains and losses on cash equivalents. Accumulated other comprehensive loss is presented in the accompanying balance sheets, when applicable. Segment Information The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. Recently Adopted Accounting Pronouncements On December 31, 2022, as the Company no longer qualified as an emerging growth company, the Company retroactively adopted both Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The adoption of these ASUs did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements None.

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Net Loss Per Share

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021

Net loss	$	(87,154)	$	(59,853)
Weighted-average common stock outstanding	44,400		16,480
Net loss per share, basic and diluted	$	(1.96)	$	(3.63)


	December 31,
	2022	2021

Common stock options	5,353	6,365
Restricted stock units	742	35
Employee stock purchase plan	110	193
Total	6,205	6,593

Composition of Certain Consolidated Financial Statement Items - Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 17,660	$ 11,739
Less: accumulated depreciation and amortization	(9,004)	(6,694)
Total property and equipment, net	8,656	5,045
Laboratory, manufacturing and computer equipment, and furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,260	2,874
Rental equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,313	1,082
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	4,941	4,941
Evaluation units
Property, Plant and Equipment [Line Items]
Total property and equipment	2,475	2,842
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,671	$ 0

Composition of Certain Consolidated Financial Statement Items - Interest and Other Income (Expense), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 2,497	$ 76
Decrease in fair value of preferred stock warrants	0	64
Decrease (increase) in fair value of loan facility derivative liability	(283)	135
Other	(203)	(154)
Total interest and other income, net	$ 2,011	$ 121

Fair Value Measurements - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash and cash equivalents	$ 221,859	$ 304,320
Derivative liability, statement of financial position	Loan facility derivative liability	Loan facility derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	$ 8,870	$ 13,621
Cash equivalents	212,989	290,699
Total cash and cash equivalents	221,859	304,320
Loan facility derivative liability	1,779	1,496
Level 1 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	8,870	13,621
Cash equivalents	212,989	290,699
Total cash and cash equivalents	221,859	304,320
Loan facility derivative liability	0	0
Level 2 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Loan facility derivative liability	0	0
Level 3 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Loan facility derivative liability	$ 1,779	$ 1,496

Composition of Certain Consolidated Financial Statement Items

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Consolidated Financial Statement Items

Inventory (in thousands):


	December 31,
	2022		2021

Raw materials	$	12,417	$	6,740
Work-in-process	1,738		905
Finished goods	14,388		5,502
Total inventory	$	28,543	$	13,147

Property and Equipment, Net (in thousands):


	December 31,
	2022		2021

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	3,260	$	2,874
Rental equipment	1,313		1,082
Leasehold improvements	4,941		4,941
Evaluation units	2,475		2,842
Construction in progress	5,671		—
Total property and equipment	17,660		11,739
Less: accumulated depreciation and amortization	(9,004)		(6,694)
Total property and equipment, net	$	8,656	$	5,045

Other Current Liabilities (in thousands):


	December 31,
	2022		2021

Accrued purchases	2,006		1,105
Professional services	1,739		600
Sales tax	829		515
Interest	532		405
Travel expenses	429		281
Asset retirement obligation	200		—
Clinical trial expenses	175		183
Customer deposit	—		741
Other	1,558		778
Total other current liabilities	$	7,468	$	4,608

As of December 31, 2021, other non-current liabilities consisted of an asset retirement obligation for the facility lease.

Interest and Other Income (Expense), net (in thousands):


	Year Ended December 31,
	2022		2021

Interest income	$	2,497	$	76
Decrease in fair value of preferred stock warrants	—		64
Decrease (increase) in fair value of loan facility derivative liability	(283)		135
Other	(203)		(154)
Total interest and other income, net	$	2,011	$	121

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Parenthetical - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Payments of stock issuance costs	$ 2,900	$ 290	$ 16,121

Long-Term Debt (Details)	1 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
Long-Term Debt (Details)	Oct. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($) installment	Jun. 30, 2021 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Gain (loss) on amendment of debt terms			$ 0
Loss on loan extinguishment									$ (3,258,000)	$ 0
Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 52,000,000
Debt instrument, covenant compliance interest-only period term	36 months
Debt instrument, covenant compliance interest-only period renewal term	12 months
Deposits	$ 150,000,000
Loss on loan extinguishment									$ (3,300,000)
Senior Loans \| Forecast \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Debt instrument, covenant compliance, revenue threshold amount								$ 200,000,000
Debt instrument, covenant compliance, EBITDA threshold amount							$ 0
Secured Overnight Financing Rate One Month Term \| Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.10%
Secured Overnight Financing Rate Three Month Term \| Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.15%
Secured Overnight Financing Rate Six Month Term \| Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.25%
Secured Overnight Financing Rate Floor Rate \| Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	1.50%
Secured Overnight Financing Rate Margin Rate \| Senior Loans \| Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	2.25%
Loan Facility \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Loan facility, maximum borrowing capacity					$ 75,000,000
Number of installments \| installment					4
Facility interest rate at period end (percent)									9.37%
Facility term (in years)					60 months
Interest only period					24 months
Principal and interest period (in months)					36 months
Covenant compliance, IPO capital raised in threshold amount		$ 50,000,000
Covenant compliance, IPO capital raised in threshold amount achieved, extended interest only period (in months)		12 months
Covenant compliance, IPO capital raised in threshold amount achieved, extended principal and interest only period (in months)		12 months
Covenant compliance, revenue forecast for commensurate period, percent									70.00%
Covenant compliance, revenue forecast amount, first two installments only									$ 15,000,000
Covenant compliance, revenue forecast amount, first three installments only									20,000,000
Covenant compliance, revenue forecast amount, all installments									$ 25,000,000
Final payment fee, percentage									6.00%
Commitment fee percentage									0.25%
Early repayment fee first twelve month, percent									3.00%
Early repayment fee second twelve month period, percent									2.00%
Early repayment fee, twenty four months thereafter, percent									1.00%
Trailing twelve month revenue target									$ 200,000,000
Fee on first installment drawn									1,000,000
Fee if first two installments drawn									2,000,000
Fee if first three installments drawn									2,400,000
Fee if all four installments are drawn									$ 3,000,000
Loan Facility \| Line of Credit \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Facility base interest rate (percent)									7.17%
Loan Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line of Credit
Line of Credit Facility [Line Items]
Facility interest, spread on base rate									2.20%
Loan Facility, Tranche One \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit					$ 25,000,000
Loan Facility, Tranche Two \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit				$ 25,000,000
Loan Facility, Tranche Three \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount											$ 10,000,000
Trailing six months revenue target			$ 6,400,000			$ 20,000,000
Interest only period			36 months
Principal and interest period (in months)			24 months
Loan Facility, Tranche Four \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount						15,000,000			$ 15,000,000
Trailing six months revenue target						$ 25,000,000
Extended interest only period (in months)									12 months
Extended principal and interest period (in months)									24 months

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 221,859	$ 304,320
Restricted cash, current	777	0
Accounts receivable, net	15,272	4,464
Inventory	28,543	13,147
Prepaid expenses and other current assets	6,175	4,242
Total current assets	272,626	326,173
Restricted cash, non-current	3,038	777
Property and equipment, net	8,656	5,045
Operating lease right-of-use assets, net	23,481	3,279
Intangible assets, net	1,477	1,750
Other assets	51	0
Total assets	309,329	337,024
Current liabilities:
Accounts payable	9,391	2,029
Accrued compensation	13,447	6,475
Deferred revenue	2,855	1,025
Operating leases, current	2,129	2,105
Other current liabilities	7,468	4,608
Total current liabilities	35,290	16,242
Long-term debt	51,213	50,004
Operating leases, non-current	23,975	1,991
Loan facility derivative liability	1,779	1,496
Other non-current liabilities	0	200
Total liabilities	112,257	69,933
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 and none shares authorized, none issued and outstanding as of December 31, 2022 and 2021, respectively	0	0
Common stock, $0.0001 par value: 300,000 and 40,000 shares authorized, 44,828 and 43,676 shares issued and outstanding as of December 31, 2022 and 2021, respectively	0	0
Additional paid-in capital	545,753	528,666
Accumulated other comprehensive loss	(6)	(54)
Accumulated deficit	(348,675)	(261,521)
Total stockholders’ equity	197,072	267,091
Total liabilities and stockholders’ equity	$ 309,329	$ 337,024

Composition of Certain Consolidated Financial Statement Items (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory (in thousands):


	December 31,
	2022		2021

Raw materials	$	12,417	$	6,740
Work-in-process	1,738		905
Finished goods	14,388		5,502
Total inventory	$	28,543	$	13,147

Schedule of Property and Equipment, Net

Property and Equipment, Net (in thousands):


	December 31,
	2022		2021

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	3,260	$	2,874
Rental equipment	1,313		1,082
Leasehold improvements	4,941		4,941
Evaluation units	2,475		2,842
Construction in progress	5,671		—
Total property and equipment	17,660		11,739
Less: accumulated depreciation and amortization	(9,004)		(6,694)
Total property and equipment, net	$	8,656	$	5,045

Schedule of Other Current Liabilities

Other Current Liabilities (in thousands):


	December 31,
	2022		2021

Accrued purchases	2,006		1,105
Professional services	1,739		600
Sales tax	829		515
Interest	532		405
Travel expenses	429		281
Asset retirement obligation	200		—
Clinical trial expenses	175		183
Customer deposit	—		741
Other	1,558		778
Total other current liabilities	$	7,468	$	4,608

Schedule of Interest and Other Income (Expense), Net

Interest and Other Income (Expense), net (in thousands):


	Year Ended December 31,
	2022		2021

Interest income	$	2,497	$	76
Decrease in fair value of preferred stock warrants	—		64
Decrease (increase) in fair value of loan facility derivative liability	(283)		135
Other	(203)		(154)
Total interest and other income, net	$	2,011	$	121

Stock-Based Compensation - Fair Value Assumptions (Details) - Common stock options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangements
Expected life (years)	5 years 10 months 24 days	6 years
Expected volatility	55.00%	50.00%
Risk-free interest rate	2.50%	1.00%
Expected dividend rate	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 19.15	$ 4.36
Employee stock purchase plan
Share-based Compensation Arrangements
Expected life (years)	8 months 12 days
Expected volatility	56.00%
Risk-free interest rate	4.20%
Expected dividend rate	0.00%
Weighted-average fair value (in dollars per share)	$ 15.11

Organization	12 Months Ended
Organization	Dec. 31, 2022
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation (the “Company”) was incorporated in the state of California in 2007 and its headquarters are located in Redwood City, California. In April 2021, the Company re-incorporated in the state of Delaware. The Company received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam® Robotic System, an automated surgical robot providing tissue removal for the treatment of benign prostatic hyperplasia, a prostate gland enlargement condition. Liquidity As of December 31, 2022, the Company had cash and cash equivalents of $221.9 million and an accumulated deficit of $348.7 million. In September 2021, the Company completed its initial public offering (“IPO”) for net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions, and offering expenses. Since its inception, the Company has financed its operations with a combination of debt and equity financing arrangements. The Company expects its cash and cash equivalents, and revenue will be sufficient to fund its operations through at least the next twelve months from the issuance date of these consolidated financial statements. The Company has not achieved positive cash flow from operations to date and expects to continue incurring losses for the foreseeable future as it focuses on growing its business.

Commitments and Contingencies - Narrative (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2021 USD ($) building ft² renewalOption	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) building ft²	Jan. 31, 2023 building	Jul. 31, 2013
Guarantor Obligations
Number of buildings \| building	2		2
Number of renewal options \| renewalOption	2
Present value of future payments		$ 26,104
Operating lease right-of-use assets, net	$ 3,279	23,481	$ 3,279
Rent expense		$ 5,100	$ 2,700
Subsequent Event \| Terminated on October 29, 2023
Guarantor Obligations
Number of square feet of space \| building				19,807
Subsequent Event \| Terminate No Later Than January 31, 2024
Guarantor Obligations
Number of square feet of space \| building				23,638
Building
Guarantor Obligations
Operating lease term (in months)		122 months
Number of square feet of space \| ft²	158,221		158,221
Number of buildings \| building	2		2
Annual base rent year one	$ 4,300		$ 4,300
Annual base rent year ten	5,500		5,500
Present value of future payments	49,200	$ 22,700	49,200
Receivable allowance for tenant improvements	$ 7,900		$ 7,900
Operating lease right-of-use assets, net		$ 22,700
Redwood City, CA
Guarantor Obligations
Operating lease term (in months)					3 years

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	PROCEPT BIOROBOTICS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0199180
Entity Address, Address Line One	900 Island Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	(650)
Local Phone Number	232-7200
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PRCT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.0
Entity Common Stock, Shares Outstanding		44,865,826
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2023 Annual Stockholders’ Meeting, to be filed within 120 days of the registrant’s fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K,
Entity Central Index Key	0001588978
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 75,014	$ 34,473
Cost of sales	37,929	18,608
Gross profit	37,085	15,865
Operating expenses:
Research and development	28,981	18,993
Selling, general and administrative	88,828	51,036
Total operating expenses	117,809	70,029
Loss from operations	(80,724)	(54,164)
Interest expense	(5,183)	(5,810)
Interest and other income, net	2,011	121
Loss on loan extinguishment	(3,258)	0
Net loss	$ (87,154)	$ (59,853)
Net loss per share, basic (in dollars per share)	$ (1.96)	$ (3.63)
Net loss per share, diluted (in dollars per share)	$ (1.96)	$ (3.63)
Weighted-average common shares used to
Basic (in shares)	44,400	16,480
Diluted (in shares)	44,400	16,480
Other comprehensive gain (loss):
Unrealized gain (loss) on cash equivalents	$ 48	$ (40)
Comprehensive loss	$ (87,106)	$ (59,893)

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%
R&D tax credit	2.00%	2.00%
Stock-based compensation and other permanent differences	2.00%
Change in valuation allowance	(25.00%)	(23.00%)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company's actual effective income tax rate are as follows:


	Year Ended December 31,
	2022		2021
Federal statutory tax rate	21	%	21	%
R&D tax credit	2		2
Stock-based compensation and other permanent differences	2		—
Change in valuation allowance	(25)		(23)
Total	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of net deferred tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating losses	$	65,197	$	52,832
Property and equipment	847		555
R&D tax credit	7,346		5,209
Stock-based compensation	2,082		717
Capitalized R&D expenses	12,971		6,268
Inventory	2,279		909
Lease liability	6,404		1,003
Accruals and reserves	2,758		1,418
Total deferred tax assets	99,884		68,911
Valuation allowance	(94,056)		(68,046)
Net deferred tax assets	5,828		865
Deferred tax liabilities:
Right-of-use assets	(5,828)		(865)
Total deferred tax liabilities	(5,828)		(865)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands):


	December 31,
	2022		2021
Beginning of year	$	1,917	$	1,407
Additions for tax positions related to:
Current year	783		510
Prior years	—		—
End of year	$	2,700	$	1,917

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0
Valuation allowance, DTA increase in the period	26,000,000
Operating Loss Carryforwards [Line Items]
Accrued interest or penalties related to uncertain tax positions	0
Valuation allowance, DTA increase in the period	26,000,000
Unrecognized tax benefits	2,700,000	1,917,000	$ 1,407,000
U.S. Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	264,600,000	215,000,000
U.S. Federal \| Research and development credit carryforwards \| Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	6,000,000	4,200,000
U.S. State and Local
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	155,700,000	123,500,000
U.S. State and Local \| Research and development credit carryforwards \| California Franchise Tax Board
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	$ 4,800,000	$ 3,400,000

Composition of Certain Consolidated Financial Statement Items - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued purchases	$ 2,006	$ 1,105
Professional services	1,739	600
Sales tax	829	515
Interest	532	405
Travel expenses	429	281
Asset retirement obligation	200	0
Clinical trial expenses	175	183
Customer deposit	0	741
Other	1,558	778
Other current liabilities	$ 7,468	$ 4,608

Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Oxford In September 2019, the Company entered into a loan facility with Oxford for up to $75 million available in four installments. The Company borrowed $25 million in September 2019. An additional $25 million was borrowed in March 2020. The third installment of $10 million was originally available for draw through March 31, 2021 contingent upon achieving $20 million in trailing six months revenue. In January 2021, the third installment was amended to be available for draw through June 30, 2021 contingent upon achieving $6.4 million trailing six months revenue. The remaining $15 million was originally available for draw through June 30, 2021 and is contingent upon achieving $25 million in trailing six months revenue. In January 2021, this installment was amended to be available for draw through June 30, 2022. The facility bears an interest rate of 9.37%, which is 7.17% plus the greater of 2.2% or 30-day LIBOR. The initial term of the facility was 60 months with interest-only payments each month for 24 months followed by 36 months amortization of principal and interest. In January 2021, the interest-only period was amended to 36 months followed by 24 months amortization (principal and interest) beginning October 1, 2022 since the amended trailing six months target revenue of $6.4 million was achieved, and accordingly, the current portion of the amount due was reclassified to non-current. Upon drawing the final $15 million tranche, interest-only period is extended 12 months followed by 24 months amortization of principal and interest. Upon the completion of the Company raising over $50 million in its IPO in September 2021, interest-only payments were extended an additional 12 months followed by 12 months amortization of principal and interest. Substantially all assets of the Company are pledged as collateral. Commencing with the earlier of June 30, 2021 and the month following the funding of either the third or final installment, the Company was required to achieve revenues for the previous six months ended equal to the greater of (1) 70% of the forecast for the commensurate period, (2) $15 million if neither third or final installments have been drawn, (3) $20 million if the third but not final installment has been drawn and (4) $25 million if both the third and final installments have been drawn. The loan facility included certain fees payable to the lender recorded as a loan discount that was accrued and amortized to interest expense during the loan term. A 6% final payment fee of each funded tranche was payable at the earlier of prepayment or loan maturity and a 0.25% facility fee paid at each funded tranche. A prepayment fee was originally payable if the loan is paid before maturity in the amount of 3% of loans outstanding if paid in full during first the 12 months, 2% if loan is paid in full during the second 12 months, or 1% if loan is paid in full thereafter before maturity. In January 2021, the prepayment fee was removed as part of the amendments. In addition, the Company was required to pay the lender’s loan initiation fees and a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of the Company’s assets or voting stock, or achieving a $200.0 million trailing 12 months revenue target, in each case, by September 2029. The success fees were to be calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the defined liquidity event. The Company determined that this obligation to pay success fees represents freestanding financial instruments. The amendments in January 2021 were accounted for as a debt modification under ASC 470-50-40 as the changes in the debt terms are not considered substantial, and thus no gain or loss was recorded and a new effective interest rate was established based on the carrying value of the loan and the revised cash flows. Canadian Imperial Bank of Commerce In October 2022, the Company entered into a loan and security agreement (“The Agreement”) with a new lender, Canadian Imperial Bank of Commerce, or CIBC. The Agreement provides for a senior secured term loan facility in the aggregate principal amount of $52.0 million (the "Term Loan Facility") which was borrowed in full. The Term Loan Facility was used to repay and terminate the Company's previous loan facility, transaction fees, and related expenses. The Term Loan Facility is scheduled to mature on the fifth anniversary of the Closing Date (the "Maturity Date"). The Agreement provides for interest-only payments on the Term Loan Facility for the first thirty-six months following the Closing Date (the "Initial Interest-Only Period"). The Initial Interest-Only Period will be extended to an additional twelve months if the Company achieves either (i) $200.0 million or greater in revenue in any twelve-month period or (ii) $0 or greater in EBITDA in any six-month period. Thereafter, amortization payments on the Term Loan Facility will be payable monthly until the Maturity Date in monthly installments equal to 20% of the then outstanding principal amount of the Term Loan Facility divided by 12 plus any accrued and unpaid interest. The Company has the option to prepay the Term Loan Facility without any prepayment charge or fee. The loan borrowed under the Term Loan Facility bears interest at an annual rate equal to the secured overnight financing rate ("SOFR") (calculated based on an adjustment of .10%, .15% and .25%, respectively, for one-month, three-month or six-month term SOFR as of a specified date, subject to a floor of 1.5%) plus an applicable margin of 2.25%. The obligations under the Loan Agreement are secured by substantially all of the Company's assets, including its intellectual property and by a pledge all of the Company's equity interests in its U.S. subsidiaries and 65% of the Company's equity interests in its non-U.S. subsidiaries that are directly owned by the Company. The Company is obligated to maintain in deposit accounts held at the lender the lesser of (i) $150.0 million or (ii) all of its non-operating cash. The Company recorded a loss on loan extinguishment in the amount of $3.3 million in its consolidated statements of operations and comprehensive loss at December 31, 2022. The loss was attributed to the acquisition price of the CIBC debt exceeded the carrying amount of the Oxford debt.

- Definition

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

+ References

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

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

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

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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

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

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

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

+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	May 31, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Payments for underwriting discount and commissions	$ 13,200
Payments of stock issuance costs	$ 2,900	$ 290		$ 16,121
Convertible preferred stock, shares, number of shares issued upon conversion (in shares) \| shares	29,912,264
Conversion of redeemable convertible preferred stock to common stock upon initial public offering				$ 329,534
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001	$ 0.00001	$ 0.001
Preferred Stock, shares authorized (in shares) \| shares			10,000,000
Common stock, shares authorized (in shares) \| shares			300,000,000
Preferred Stock, par value (in dollars per share) \| $ / shares			$ 0.00001
Product warranty period (in years)			1 year
Service agreement, amortization period			1 year
Reverse stock split, conversion ratio	0.2105
Customer 1 \| Accounts Receivable \| Customer Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Revenue by significant geographical locations outside the United States				11.00%
Loan Facility
Subsidiary, Sale of Stock [Line Items]
Derivative liability, loan facility			$ 1,400
Loan Facility \| Line of Credit \| Line of Credit
Subsidiary, Sale of Stock [Line Items]
Trailing twelve month revenue target			200,000
Fee on first installment drawn			1,000
Fee if first two installments drawn			2,000
Fee if first three installments drawn			2,400
Fee if all four installments are drawn			$ 3,000
Minimum
Subsidiary, Sale of Stock [Line Items]
Useful life (in years)			3 years
Maximum
Subsidiary, Sale of Stock [Line Items]
Useful life (in years)			5 years
Additional Paid-in Capital
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ 329,500			$ 329,534
Common Stock
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) \| $ / shares	$ 25.00
Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	6,556,000
Sale of stock, consideration received on transaction	$ 172,400
Common Stock \| Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	983,400

Stock-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 10,670	$ 3,796
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,053	253
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,230	783
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 7,387	$ 2,760

Commitments and Contingencies - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Minimum Lease Payments
2023	$ 5,610
2024	4,183
2025	4,297
2026	4,426
2027	4,808
Thereafter	27,250
Total minimum payments	50,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(24,470)
Present value of future payments	26,104
Debt Repayments
2023	0
2024	0
2025	4,333
2026	26,000
2027	21,667
Thereafter	0
Total minimum payments	52,000
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(787)
Present value of future payments	51,213
Total
2023	5,610
2024	4,183
2025	8,630
2026	30,426
2027	26,475
Thereafter	27,250
Total minimum payments	102,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(25,257)
Present value of future payments	$ 77,317

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (87,154)	$ (59,853)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,841	3,324
Stock-based compensation expense	10,337	3,796
Change in fair value of redeemable convertible preferred stock warrants and derivative liability	283	(199)
Non-cash lease adjustment	1,478	(345)
Inventory write-down	62	650
Loss on loan extinguishment	3,258	0
Changes in operating assets and liabilities:
Accounts receivable, net	(10,809)	(2,914)
Inventory	(15,251)	(6,124)
Prepaid expenses and other current assets	(1,880)	(2,631)
Other assets	(51)	0
Accounts payable	3,959	812
Accrued compensation	6,972	1,834
Accrued interest expense	757	1,045
Deferred revenue	1,830	792
Operating lease liabilities	327	0
Other liabilities	2,659	2,479
Net cash used in operating activities	(80,382)	(57,334)
Cash flows from investing activities:
Purchases of property and equipment	(2,653)	(592)
Net cash used in investing activities	(2,653)	(592)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan	2,409	0
Proceeds from issuance of common stock from the exercise of stock options	4,008	4,184
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses	0	172,364
Proceeds from issuance of long-term debt, net of issuance costs	51,195	0
Proceeds from the exercise of redeemable convertible preferred stock warrants	0	858
Payment of principal on long-term debt	(50,000)	0
Payment of final payment fee	(3,000)	0
Payment of prepayment fee	(1,000)	0
Net cash provided by financing activities	3,612	262,116
Net (decrease) increase in cash, cash equivalents and restricted cash	(79,423)	204,190
Cash, cash equivalents, and restricted cash - Beginning of period	305,097	100,907
Cash, cash equivalents, and restricted cash - End of period	225,674	305,097
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	221,859	304,320
Restricted cash	3,815	777
Cash, cash equivalents and restricted cash in balance sheets	225,674	305,097
Supplemental cash flow information
Interest paid	4,291	4,750
Non-cash investing and financing activities
Transfer of evaluation units from inventory to property and equipment, net	124	(679)
Property and equipment included in accounts payable and accrued expenses	3,544	210
Conversion of redeemable convertible preferred stock to common stock	0	329,534
Right-of-use assets obtained in exchange for operating lease liabilities	$ 22,854	0
Series G
Cash flows from financing activities:
Proceeds from issuance of Series G redeemable convertible preferred stock, net of issuance costs		$ 84,710

Organization (Details) - USD ($) $ in Thousands	1 Months Ended
Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents		$ 221,859	$ 304,320
Accumulated deficit		$ (348,675)	$ (261,521)
IPO \| Common Stock
Initial Public Offering
Sale of stock, consideration received on transaction	$ 172,400

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,205	6,593
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,353	6,365
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	742	35
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	110	193

Fair Value Measurements - Narrative (Details) - Valuation Technique, Discounted Cash Flow - Level 3 - Fair Value, Measurements, Recurring	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cash flow discount	0.06
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash flow discount	0.06

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2022, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Facility Leases

In July 2013, the Company entered into a three-year lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. In January 2023, the Company entered into an amendment to this lease that lease of 19,807 square feet of office space terminated on October 29, 2023, and lease of remaining 23,638 square feet is extended to terminate no later than January 31, 2024. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. Rent is payable monthly.

In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. During the year ended December 31, 2022, the Company recorded both an right-of-use asset and liability of $22.7 million related to the lease. As of December 31, 2022, lease payments have not yet commenced for the lease.

The following table presents supplemental lease information:


	Year Ended December 31,
	2022	2021
Weighted-average lease term	9.4 years	1.8 years
Weighted-average discount rate	8.7%	10.8%

Rent expense recognized under the leases, including additional rent charges for utilities, parking, maintenance and real estate taxes, was $5.1 million and $2.7 million for the years ended December 31, 2022 and 2021, respectively.

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2022	Minimum Lease Payments		Debt Repayments		Total
2023	$	5,610	$	—	$	5,610
2024	4,183		—		4,183
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
Thereafter	27,250		—		27,250
Total minimum payments	50,574		52,000		102,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(24,470)		(787)		(25,257)
Present value of future payments	26,104		51,213		77,317

As of December 31, 2022 and 2021, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Commitments and Contingencies

Guarantees and Indemnifications

Facility Leases

The following table presents supplemental lease information:


	Year Ended December 31,
	2022	2021
Weighted-average lease term	9.4 years	1.8 years
Weighted-average discount rate	8.7%	10.8%

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2022	Minimum Lease Payments		Debt Repayments		Total
2023	$	5,610	$	—	$	5,610
2024	4,183		—		4,183
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
Thereafter	27,250		—		27,250
Total minimum payments	50,574		52,000		102,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(24,470)		(787)		(25,257)
Present value of future payments	26,104		51,213		77,317

As of December 31, 2022 and 2021, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California

Fair Value Measurements - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value, net derivative asset (liability), recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Change in fair value of redeemable convertible preferred stock warrants and derivative liability	Change in fair value of redeemable convertible preferred stock warrants and derivative liability
Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning of the period	$ 1,496	$ 1,782
Issued	0	0
Payment of success fee	0	(150)
Change in fair value	283	(136)
End of the period	$ 1,779	$ 1,496

Net Loss Per Share - Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Net loss	$ (87,154)	$ (59,853)
Weighted-average common stock outstanding, basic (in shares)	44,400	16,480
Weighted-average common stock outstanding, diluted (in shares)	44,400	16,480
Net loss per share, diluted (in dollars per share)	$ (1.96)	$ (3.63)
Net loss per share, basic (in dollars per share)	$ (1.96)	$ (3.63)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PreparationThe consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, the valuations of the redeemable convertible preferred stock warrant liability and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. While many restrictions associated with COVID-19 have more recently been relaxed, the longevity and extent of the various COVID-19 pandemic remains uncertain, including due to the emergence and impact of the COVID-19 variants and continued economic disruptions. Due to significant uncertainty surrounding the pandemic, management's judgments could change.
Reverse Stock Split, Initial Public Offering and Par Value and Shares Authorized Change	Reverse Stock Split In September 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4.75 reverse stock split of common stock and all redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, redeemable convertible preferred stock, warrants for preferred stock, stock options and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. Initial Public Offering In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its consolidated balance sheet. Par Value and Shares Authorized Change In June 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a change in par value from $0.001 to $0.00001 per share of common stock and all redeemable convertible preferred stock. All issued and outstanding common stock and redeemable convertible preferred stock contained in the financial statements have been retroactively corrected to reflect this immaterial change in par value for all periods presented. In September 2021, 10.0 million shares of preferred stock were authorized and the number of authorized shares of common stock was increased to 300.0 million shares, both having a par value of $0.00001 per share.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks highly liquid securities determined to be cash equivalents, which are readily convertible into cash and mature within 90 days or less from the original date of purchase. Cash and cash equivalents include money market funds. Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, based on quoted market prices. Unrealized gains and losses are recorded in other comprehensive loss and included as a separate component of stockholders’ equity (deficit). Restricted cash is related to the Company’s letters of credit for the leases of its Redwood City and San Jose, CA locations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash and cash equivalents, and accounts receivable, accounts payable and accrued liabilities, which approximate fair value due to their relatively short maturities as well as the loan facility derivative liability. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1-Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2-Other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Level 3-Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and, to a lesser extent, accounts receivable. The Company believes that credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and diversity of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. No customers accounted for more than 10% of revenue during the year ended December 31, 2022 and 2021. No customers accounted for more than 10% of accounts receivable at December 31, 2022. One customer accounted for 11% of accounts receivable at December 31, 2021. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. The Company has limited its credit risk associated with cash and cash equivalents by placing its investments with banks it believes are highly creditworthy and with highly rated investments.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company’s expected loss allowance methodology is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Specific allowance amounts are established to record the appropriate allowance for customers that have a known risk of default. Balances are written off when they are ultimately determined to be uncollectible. The Company has not experienced any significant collection issues and the allowance for doubtful accounts has not been material.
Inventory	Inventory Inventories are valued at the lower of cost, computed on a first-in, first-out basis, or net realizable value. The allocation of production overhead to inventory costs is based on normal production capacity. Abnormal amounts of idle facility expense, freight, handling costs, and consumption are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration.
Property and Equipment and Intangible Assets	Property and Equipment and Intangible AssetsProperty and equipment and intangible assets are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. The Company reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to a limited history of sales of evaluation units. Amortization of intangible assets are determined using the straight-line method over the estimated useful lives, generally through the patent expiration date. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment and intangible assets, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. During the years ended December 31, 2022 and 2021, the Company has not recorded impairment charges on its long-lived assets.
Deferred Revenue	Deferred Revenue The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue will be recognized subsequent to invoicing. Service agreements are generally invoiced annually at the beginning of each coverage period and recorded as deferred revenue and recognized as revenue ratably over the coverage period. Deferred revenue that will be recognized during the 12 months following the balance sheet date is recorded as the current portion of deferred revenue, and the remaining portion, if any, would be recorded as non-current.
Loan Facility Derivative Liability	Loan Facility Derivative Liability In connection with the Company’s previous loan facility (Note 6), the Company is obligated to pay a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of our assets or voting stock, or achieving a $200.0 million trailing 12 months revenue target, in each case, by September 2029. The fee is calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the liquidity event. At the time of extinguishment, the Company has drawn on the first two installments. The Company has determined this fee is a freestanding derivative instrument. The $1.4 million fair value of this loan facility derivative was initially recorded as a debt discount and a non-current liability on the date of issuance in connection with obtaining additional financing as applicable and will be revalued every reporting period until the earlier occurrence of a defined liquidity event or achieving a revenue target by September 2029 or termination of such fee arrangement.
Leases	Leases For agreements with a term of more than 12 months, the Company determines if the agreement contains a lease at inception. Operating lease liabilities represent an obligation to make lease payments arising from the lease agreement. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the remaining lease term. In determining the present value of lease payments, the Company estimates its incremental borrowing rate as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, of an amount equal to the lease payments in a similar economic environment. Operating lease liabilities are included in the Company’s consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and are classified as non-current assets. Lease expense is recognized on a straight-line basis over the expected lease term in the Company’s consolidated statements of operations and comprehensive loss. The Company has not elected to separate lease and non-lease components for any leases within its existing classes of assets and, as a result, records a right-of-use asset and lease liability based on the present value of the future minimum lease payments over the term at commencement date. Variable lease payments are expensed as incurred. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.
Leases	The Company has lessor arrangements with customers for a fixed monthly fee with no non-lease components, typically for 3-12 months. These arrangements are accounted for as an operating lease in accordance with ASC 842. These arrangements and related revenue are immaterial to the periods presented.
Revenue Recognition	Revenue Recognition Revenue is derived primarily from the sales of the AquaBeam® Robotic Systems, and handpieces that are for one-time use during each surgery using the AquaBeam Robotic System. The AquaBeam Robotic System contains both software and non-software components that are delivered together as a single product and generally contain a one-year warranty. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determined those that are performance obligations and assess whether each promised good or service is distinct based on the contract. The contracts are typically in the form of a master service agreement and a purchase order from the customer. The Company’s AquaBeam Robotic System sales generally contain multiple products and services and can include a combination of the following performance obligations: robotic system, handpieces and consumables, and service. The Company determines the transaction price it expects to be entitled to in exchange for transferring the promised product to the customer, which is based on the invoiced price for the products. All prices are at fixed amounts per the sales agreement with the customer and there are generally no discounts, rebates or other price concessions or a right of return, once the agreement is signed. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and update these estimates as necessary. The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer. The Company generally recognizes revenue for the performance obligations at the following points in time: AquaBeam Robotic Systems - For systems (including system components and system accessories) sold directly to end customers, revenue is recognized when the Company transfers control to the customer, which is generally at the time of delivery. Systems rented for a fixed monthly fee during an evaluation period, typically 3-12 months, are recognized as revenue straight-line during the lease term, in accordance with ASC 842, and are not material. For systems sold following an evaluation period, revenue is recognized generally once sales terms are mutually agreed (as the system is already installed at the customer site). For systems sold through distributors, revenue is recognized generally at the time of delivery to the distributor. The Company’s system arrangements generally do not provide a right of return. The systems are generally covered by a one-year service agreement included in the warranty. The service agreements have a stand alone selling price and are typically recognized as deferred revenue and amortized over the one-year service period. Hand pieces and other consumables - Revenue from sales of handpieces and other consumables is recognized when control is transferred to the customers, which generally occurs at the time of shipment but also occurs at the time of delivery. Service - Service revenue, inclusive of the amounts associated with the AquaBeam Robotic System warranties, is recognized over the term of the service period, as the customer benefits from the services throughout the service period. The Company has determined that certain promises in the multiple-element arrangements, such as installation, training and certain ancillary products, are immaterial, and/or do not represent separate performance obligations for which transaction price is allocated. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is recognized subsequent to invoicing, such as service contracts, which are recognized ratably as revenue over the performance period. The Company’s typical payment terms are between approximately 30 to 90 days. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company expenses any incremental costs of obtaining a contract, including but not limited to, sales commissions, as and when incurred as the expected amortization period of the incremental costs would have been less than one year and are reported in selling, general and administrative expense in the statements of operations and comprehensive loss. The Company utilizes the practical expedient under ASC 606 and does not disclose unsatisfied performance obligations for service contracts as these contracts generally have an original duration of less than one year. For those contracts with an original duration exceeding one year, the aggregate amount of transaction price allocated to the performance obligations unsatisfied at December 31, 2022 was not material.
Cost of Sales	Cost of Sales Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor, including stock-based compensation. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment, warranty, including any recalls, and field service costs, and purchased intangibles and certain direct costs such as shipping costs.
Research and Development	Research and DevelopmentResearch and development costs are expensed as incurred. Research and development costs consist primarily of engineering, product development, and regulatory affairs, consulting services, materials, depreciation and other costs associated with products and technologies being developed, including employee and non-employee compensation, stock-based compensation, supplies, quality assurance expenses, related travel expenses and facilities expenses.
Share-Based Compensation	Stock-Based Compensation The Company accounts for stock options granted to employees and directors under the fair value recognition provision of ASC 718, Compensation - Stock Compensation. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss. The Company uses the straight-line method for expense attribution. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model determines the fair value of stock-based payment awards based on the fair market value of the Company’s common stock on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the fair market value of the Company’s common stock, volatility over the expected term of the awards and actual and projected employee stock option exercise behaviors. The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Due to the Company’s limited operating history and limited company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company generally selected companies with comparable characteristics to it, including enterprise value, stages of clinical development, risk profiles, position within the industry and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based payments. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future. The Company has elected to account for forfeitures when they occur. The fair value of the Company’s common stock underlying the stock options has historically been determined by the Company’s board of directors (“Board”). Because there was no public market for the Company’s common stock prior to the IPO, the Board determined the fair value of the Company’s common stock at the time of grant of the option by considering a number of objective and subjective factors, including valuations of comparable companies, sales of the Company’s redeemable convertible preferred stock, operating and financial performance and the general and industry-specific economic outlook. The Company accounts for the fair value of restricted stock units (“RSUs”) using the closing market price of the Company’s common stock on the date of the grant. Stock-based compensation cost for RSUs is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the requisite service period (generally the vesting period), net of forfeitures.
Common Stock Valuation	Common Stock Valuation The Company’s intent has been to grant all options with an exercise price not less than the fair value of its common stock underlying those options on the date of grant. Prior to its IPO, the Company has determined the estimated fair value of its common stock at each valuation date in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the “Practice Aid”). The Company’s board of directors, with the assistance of management, developed these valuations using significant judgment and taking into account numerous factors, including: •valuations of its common stock with the assistance of independent third-party valuation specialists; •the stage of development and business strategy, including the status of research and development efforts, of its products and product candidates, and the material risks related to its business and industry; •the results of operations and financial position, including its levels of available capital resources; •the valuation of publicly traded companies in the life sciences and medical device sectors, as well as recently completed mergers and acquisitions of peer companies; •the prices of its redeemable convertible preferred stock sold to investors in arm’s length transactions and the rights, preferences, and privileges of its redeemable convertible preferred stock relative to those of its common stock; •the likelihood of achieving a liquidity event for the holders of its common stock, such as an initial public offering or a sale of the Company given prevailing market conditions; •the inability of the Company’s stockholders to freely trade its common stock in the public markets, resulting in a discount to reflect the lack of marketability of the Company’s common stock based on the weighted-average expected time to liquidity. •trends and developments in its industry; and •external market conditions affecting the life sciences and medical device industry sectors. The Company’s board of directors determined the fair value of its common stock by first determining the enterprise value of the Company’s business using the market approach, income approach or from the value implied by the latest round of equity financing, and then allocating the value among the various classes of its equity securities to derive a per share value of its common stock. The Practice Aid identifies various available methods for allocating enterprise value across classes and series of capital stock to determine the estimated fair value of common stock at each valuation date. For all options granted prior to the Company’s IPO in September 2021, the Board allocated the enterprise value based on the option pricing method (“OPM”). OPM treats the rights of the holders of preferred and common stock as equivalent to call options on any value of the enterprise above certain break points of value based upon the liquidation preferences of the holders of preferred stock, as well as their rights to participation and conversion. Thus, the estimated value of the common stock can be determined by estimating the value of its portion of each of these call option rights. When valuing options granted around the time of an equity financing that is considered arms-length, OPM derived the Company’s equity value of a company from the price of the securities issued by the Company in the equity financing. Following the completion of the Company’s IPO in September 2021, the fair value of the Company’s common stock is determined based on the closing price of its common stock on The Nasdaq Global Market.
Advertising Expenses	Advertising Expenses The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were not significant.
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2022 and 2021.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to-date. The Company’s policy is to record interest and penalties related to uncertain tax positions as a component of income tax expense in the statement of operations. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalent shares from dilutive stock options and common stock warrants outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive securities were antidilutive in those periods. The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s redeemable convertible preferred stock participated in any dividends declared by the Company and were therefore considered to be participating securities.
Comprehensive Gain (Loss)	Comprehensive Gain (Loss)Comprehensive gain (loss) consists of net gains (losses) and changes in unrealized gains and losses on cash equivalents. Accumulated other comprehensive loss is presented in the accompanying balance sheets, when applicable.
Segment Information	Segment InformationThe Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements On December 31, 2022, as the Company no longer qualified as an emerging growth company, the Company retroactively adopted both Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The adoption of these ASUs did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements None.

Stock-Based Compensation - Schedule of Restricted Stoc Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Released (in shares)	(12)
Cancelled/forfeited (in shares)	(51)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Released (in dollars per share)	$ 31.28
Cancelled/forfeited (in dollars per share)	$ 34.78
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	35
Granted (in shares)	770
Outstanding, end of period (in shares)	742	35
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share)	$ 34.78
Granted (in dollars per share)	36.23	$ 34.78
Outstanding, endof period (in dollars per share)	$ 36.35	$ 34.78

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

The following table presents supplemental lease information:


	Year Ended December 31,
	2022	2021
Weighted-average lease term	9.4 years	1.8 years
Weighted-average discount rate	8.7%	10.8%

Future minimum lease payments

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2022	Minimum Lease Payments		Debt Repayments		Total
2023	$	5,610	$	—	$	5,610
2024	4,183		—		4,183
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
Thereafter	27,250		—		27,250
Total minimum payments	50,574		52,000		102,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(24,470)		(787)		(25,257)
Present value of future payments	26,104		51,213		77,317

Schedule of Maturities of Long-term Debt

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2022	Minimum Lease Payments		Debt Repayments		Total
2023	$	5,610	$	—	$	5,610
2024	4,183		—		4,183
2025	4,297		4,333		8,630
2026	4,426		26,000		30,426
2027	4,808		21,667		26,475
Thereafter	27,250		—		27,250
Total minimum payments	50,574		52,000		102,574
Less: amount representing interest/unamortized debt discount/tenant improvement allowance	(24,470)		(787)		(25,257)
Present value of future payments	26,104		51,213		77,317

Consolidated Balance Sheets - Parentheticals - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.00001
Preferred Stock, shares authorized (in shares)	10,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000

Geographical Information (Details) - USD ($) $ in Thousands	12 Months Ended
Geographical Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 75,014	$ 34,473
U.S.
Disaggregation of Revenue [Line Items]
Revenue	67,768	28,948
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	7,246	5,525
System sales and rentals \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	36,527	19,375
System sales and rentals \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,201	2,493
Handpieces and other consumables \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	28,543	8,893
Handpieces and other consumables \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,273	2,634
Service \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,698	680
Service \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 772	$ 398

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Common stock options	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Options
Balance at the beginning of the period (in shares) \| shares	6,365,000
Granted (in shares) \| shares	254,000
Exercised (in shares) \| shares	(1,031,000)
Forfeited (in shares) \| shares	(235,000)
Balance at the end of the period (in shares) \| shares	5,353,000
Vested and expected to vest (in shares) \| shares	5,353,000
Exercisable (in shares) \| shares	3,386,000
Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 5.34
Granted (in dollars per share) \| $ / shares	35.58
Exercised (in dollars per share) \| $ / shares	3.89
Forfeited (in dollars per share) \| $ / shares	8.14
Balance at the end of the period (in dollars per share) \| $ / shares	6.93
Vested and expected to vest (in dollars per share) \| $ / shares	6.93
Exercisable (in dollars per share) \| $ / shares	$ 5.38

Commitment and Contingencies - Supplemental Lease (Details)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted-average lease term	9 years 4 months 24 days	1 year 9 months 18 days
Weighted-average discount rate	8.70%	10.80%