0001588978-23-000016 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 180,972	$ 221,859
Restricted cash, current	777	777
Accounts receivable, net	20,642	15,272
Inventory	38,926	28,543
Prepaid expenses and other current assets	4,263	6,175
Total current assets	245,580	272,626
Restricted cash, non-current	3,038	3,038
Property and equipment, net	11,934	8,656
Operating lease right-of-use assets, net	22,446	23,481
Intangible assets, net	1,409	1,477
Other assets	51	51
Total assets	284,458	309,329
Current liabilities:
Accounts payable	10,341	9,391
Accrued compensation	7,408	13,447
Deferred revenue	3,943	2,855
Operating lease, current	2,998	2,129
Other current liabilities	7,814	7,468
Total current liabilities	32,504	35,290
Long-term debt	51,241	51,213
Operating lease, non-current	25,782	23,975
Loan facility derivative liability	1,805	1,779
Total liabilities	111,332	112,257
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 and none shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value: 300,000 shares authorized, 44,077 and 43,676 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	550,270	545,753
Accumulated other comprehensive loss	15	(6)
Accumulated deficit	(377,159)	(348,675)
Total stockholders’ equity	173,126	197,072
Total liabilities and stockholders’ equity	$ 284,458	$ 309,329

Organization (Details) customer in Millions	3 Months Ended
Organization (Details) customer in Millions	Mar. 31, 2023 customer
Accounting Policies [Abstract]
Number of men impacted by BPH	40

Stock-Based Compensation - Fair Value Assumptions (Details) - Common stock options - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangements
Expected life (years)	6 years	6 years
Expected volatility	57.00%	64.00%
Risk-free interest rate	4.00%	2.40%
Expected dividend rate	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 21.18	$ 20.87

Commitment - Narrative (Details) $ in Millions		3 Months Ended
Commitment - Narrative (Details) $ in Millions	Dec. 31, 2021 building ft² renewalOption	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2023 building
Guarantor Obligations
Number of renewal options \| renewalOption	2
Rent expense \| $		$ 2.0	$ 0.7
Building
Guarantor Obligations
Number of square feet \| ft²	158,221
Number of buildings	2
Operating lease term (in years)		122 months
Terminated on October 29, 2023
Guarantor Obligations
Number of square feet				19,807
Terminate No Later Than January 31, 2024
Guarantor Obligations
Number of square feet				23,638

Segment, Geographical, and Customer Concentration (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue Benchmark \| Geographic Concentration Risk \| U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	89.00%	88.00%
Revenue Benchmark \| Geographic Concentration Risk \| Outside of U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	11.00%	12.00%
Customer 1 \| Accounts Receivable \| Customer Concentration Risk
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	10.00%		10.00%

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40797
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,049,157
Entity Central Index Key	0001588978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q1

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 24,404	$ 14,197
Cost of sales	11,913	6,505
Gross profit	12,491	7,692
Operating expenses:
Research and development	10,737	5,011
Selling, general and administrative	30,131	18,385
Total operating expenses	40,868	23,396
Loss from operations	(28,377)	(15,704)
Interest expense	(886)	(1,421)
Interest and other income (expense), net	779	(60)
Net loss	$ (28,484)	$ (17,185)
Net loss per share, basic (in dollars per share)	$ (0.63)	$ (0.39)
Net loss per share, diluted (in dollars per share)	$ (0.63)	$ (0.39)
Weighted-average common shares used to compute net loss per share attributable to common shareholders
Basic (in shares)	45,066	43,855
Diluted (in shares)	45,066	43,855
Other comprehensive loss:
Unrealized gain on cash equivalents	$ 21	$ 1
Comprehensive loss	$ (28,463)	$ (17,184)

Fair Value Measurement - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash and cash equivalents	$ 180,972	$ 221,859	$ 284,288
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	$ 2,639	$ 8,870
Cash equivalents	178,333	212,989
Total cash and cash equivalents	180,972	221,859
Loan facility derivative liability	1,805	1,779
Level 1 \| Fair Value, Measurements, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	2,639	8,870
Cash equivalents	178,333	212,989
Total cash and cash equivalents	180,972	221,859
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	$ 1,805	$ 1,779

Net Loss Per Share - Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net loss	$ (28,484)	$ (17,185)
Weighted-average common stock outstanding, basic (in shares)	45,066	43,855
Weighted-average common stock outstanding, diluted (in shares)	45,066	43,855
Net loss per share, diluted (in dollars per share)	$ (0.63)	$ (0.39)
Net loss per share, basic (in dollars per share)	$ (0.63)	$ (0.39)

- Definition

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

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- Definition

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

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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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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

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


	Three Months Ended March 31,
	2023		2022

U.S.
System sales and rentals	$	8,770	$	7,754
Handpieces and other consumables	11,770		4,444
Service	1,235		359
Total U.S. revenue	21,775		12,557
Outside of U.S.
System sales and rentals	1,469		742
Handpieces and other consumables	906		745
Service	254		153
Total outside of U.S. revenue	2,629		1,640
Total revenue	$	24,404	$	14,197

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Loss Per Share, Basic

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


	Three Months Ended March 31,
	2023		2022

Net loss	$	(28,484)	$	(17,185)
Weighted-average common stock outstanding	45,066		43,855
Net loss per share, basic and diluted	$	(0.63)	$	(0.39)

Schedule of Loss Per Share, Diluted

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


	Three Months Ended March 31,
	2023		2022

Net loss	$	(28,484)	$	(17,185)
Weighted-average common stock outstanding	45,066		43,855
Net loss per share, basic and diluted	$	(0.63)	$	(0.39)

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):


	March 31,
	2023	2022


Common stock options	5,626	6,023
Restricted stock units	1,371	198
Employee stock purchase plan	100	193
Total	7,097	6,414

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

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):


	Three Months Ended
	March 31, 2023

	Options	Weighted-Average Exercise Price
Outstanding, beginning of period	5,353	$	6.93
Granted	359	37.02
Exercised	(80)	4.73
Forfeited	(6)	5.12
Outstanding, end of period	5,626	8.89
Vested and expected to vest	5,626	8.89
Exercisable	3,585	5.52

Schedule of Fair Value Assumptions

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:


	Three Months Ended March 31,
	2023			2022

Expected life (years)	6.0			6.0
Expected volatility	57		%	64		%
Risk-free interest rate	4.0		%	2.4		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	21.18		$	20.87

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands):


	Three Months Ended
	March 31, 2023

	Options	Weighted-Average Fair Value
Outstanding, beginning of period	742	$	36.35
Awarded	753	37.75
Forfeited	(23)	31.88

Vested	(101)	33.78
Outstanding, end of period	1,371	37.38

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Three Months Ended March 31,
	2023		2022

Cost of sales	$	461	$	124
Research and development	887		299
Sales, general and administrative	2,789		1,129
Total stock-based compensation	$	4,137	$	1,552

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 24,404	$ 14,197
U.S.
Disaggregation of Revenue [Line Items]
Revenue	21,775	12,557
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,629	1,640
System sales and rentals \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	8,770	7,754
System sales and rentals \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,469	742
Handpieces and other consumables \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	11,770	4,444
Handpieces and other consumables \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	906	745
Service \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,235	359
Service \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 254	$ 153

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Commitments

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments

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 March 31, 2023 and 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 Lease

In July 2013, the Company entered into a 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.

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.

Rent expense recognized under both leases, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $2.0 million and $0.7 million for the three months ended March 31, 2023 and 2022.

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


As of March 31, 2023	Minimum Lease Payments		Debt Repayments		Total
2023	$	4,615	$	—	$	4,615
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	49,579		52,000		101,579
Less: amount representing interest/unamortized debt discount	(20,799)		(759)		(21,558)
Present value of future payments	28,780		51,241		80,021
Less: current portion	(2,998)		—		(2,998)
Non-current portion	$	25,782	$	51,241	$	77,023

As of March 31, 2023 and December 31, 2022, the Company’s security deposits is in the form of, and recorded as, restricted cash.

Commitments

Guarantees and Indemnifications

Facility Lease

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


As of March 31, 2023	Minimum Lease Payments		Debt Repayments		Total
2023	$	4,615	$	—	$	4,615
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	49,579		52,000		101,579
Less: amount representing interest/unamortized debt discount	(20,799)		(759)		(21,558)
Present value of future payments	28,780		51,241		80,021
Less: current portion	(2,998)		—		(2,998)
Non-current portion	$	25,782	$	51,241	$	77,023

As of March 31, 2023 and December 31, 2022, the Company’s security deposits is in the form of, and recorded as, restricted cash.

Segment, Geographical, and Customer Concentration

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment, Geographical, and Customer Concentration

Segment, Geographical and Customer Concentration

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. The Company’s assets are primarily based in the United States.

No customers accounted for more than 10% of revenue during the three months ended March 31, 2023 and 2022.

No customer accounted for more than 10% of accounts receivable at March 31, 2023 and December 31, 2022.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2023		2022

United States	89	%	88	%
Outside the United States	11	%	12	%

Segment, Geographical, and Customer Concentration

Segment, Geographical and Customer Concentration

No customers accounted for more than 10% of revenue during the three months ended March 31, 2023 and 2022.

No customer accounted for more than 10% of accounts receivable at March 31, 2023 and December 31, 2022.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2023		2022

United States	89	%	88	%
Outside the United States	11	%	12	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Organization	3 Months Ended
Organization	Mar. 31, 2023
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation (the “Company”) is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. It develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The AquaBeam Robotic System employs a single-use disposable handpiece to deliver the Company’s proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. The Company designed its AquaBeam Robotic System to enable consistent and reproducible BPH surgery outcomes. The Company received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam Robotic System.

Fair Value Measurement - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning of the period	$ 1,779	$ 1,496
Change in fair value	26	37
End of the period	$ 1,805	$ 1,533

Long-Term Debt (Details) - Canadian Imperial Bank of Commerce - Senior Loans - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2022	Jun. 30, 2023	Sep. 30, 2023
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
Debt instrument, convertible, threshold percentage of stock price trigger	20.00%
Deposits	$ 150,000,000
Non-US
Line of Credit Facility [Line Items]
Pledged subsidiary equity interests in Non -US subsidiaries, percent	65.00%
Secured Overnight Financing Rate One Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.10%
Secured Overnight Financing Rate Three Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.15%
Secured Overnight Financing Rate Six Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.25%
Secured Overnight Financing Rate Floor Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	1.50%
Secured Overnight Financing Rate Margin Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	2.25%
Forecast
Line of Credit Facility [Line Items]
Debt instrument, covenant compliance, revenue threshold amount			$ 200,000,000
Debt instrument, covenant compliance, EBITDA threshold amount		$ 0

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Common stock options	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Options
Balance at the beginning of the period (in shares) \| shares	5,353,000
Granted (in shares) \| shares	359,000
Exercised (in shares) \| shares	(80,000)
Forfeited (in shares) \| shares	(6,000)
Balance at the end of the period (in shares) \| shares	5,626,000
Vested and expected to vest (in shares) \| shares	5,626,000
Exercisable (in shares) \| shares	3,585,000
Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 6.93
Granted (in dollars per share) \| $ / shares	37.02
Exercised (in dollars per share) \| $ / shares	4.73
Forfeited (in dollars per share) \| $ / shares	5.12
Balance at the end of the period (in dollars per share) \| $ / shares	8.89
Vested and expected to vest (in dollars per share) \| $ / shares	8.89
Exercisable (in dollars per share) \| $ / shares	$ 5.52

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	March 31,		December 31,
	2023		2022

Raw materials	$	15,663	$	12,417
Work-in-process	2,846		1,738
Finished goods	20,417		14,388
Total inventory	$	38,926	$	28,543

Condensed Consolidated Statements Of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2021		43,676
Balance at the beginning of the period at Dec. 31, 2021	$ 267,091	$ 0	$ 528,666	$ (54)	$ (261,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		401
Issuance of common stock under stock plans	1,291		1,291
Stock-based compensation expense	1,552		1,552
Unrealized gain on cash equivalents	1			1
Net loss	(17,185)				(17,185)
Balance at the end of the period (in shares) at Mar. 31, 2022		44,077
Balance at the end of the period at Mar. 31, 2022	$ 252,750	$ 0	531,509	(53)	(278,706)
Balance at the beginning of the period (in shares) at Dec. 31, 2022	44,828	44,828
Balance at the beginning of the period at Dec. 31, 2022	$ 197,072	$ 0	545,753	(6)	(348,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		181
Issuance of common stock under stock plans	380		380
Stock-based compensation expense	4,137		4,137
Unrealized gain on cash equivalents	21			21
Net loss	$ (28,484)				(28,484)
Balance at the end of the period (in shares) at Mar. 31, 2023	45,009	45,009
Balance at the end of the period at Mar. 31, 2023	$ 173,126	$ 0	$ 550,270	$ 15	$ (377,159)

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(29))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	March 31,		December 31,
	2023		2022

Raw materials	$	15,663	$	12,417
Work-in-process	2,846		1,738
Finished goods	20,417		14,388
Total inventory	$	38,926	$	28,543

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

The Company had 5.5 million shares available for grant as of March 31, 2023 under the 2021 Equity Incentive Award Plan.

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


	Three Months Ended
	March 31, 2023

	Options	Weighted-Average Exercise Price
Outstanding, beginning of period	5,353	$	6.93
Granted	359	37.02
Exercised	(80)	4.73
Forfeited	(6)	5.12
Outstanding, end of period	5,626	8.89
Vested and expected to vest	5,626	8.89
Exercisable	3,585	5.52

As of March 31, 2023 and December 31, 2022, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $84.6 million and $126.3 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $115.0 million and $185.3 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $2.3 million and $8.7 million during the three months ended March 31, 2023 and 2022, respectively.

As of March 31, 2023, there was a total of $14.9 million of unrecognized stock-based compensation expense related to stock options.


	Three Months Ended March 31,
	2023			2022

Expected life (years)	6.0			6.0
Expected volatility	57		%	64		%
Risk-free interest rate	4.0		%	2.4		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	21.18		$	20.87

Restricted Stock Units

A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands):


	Three Months Ended
	March 31, 2023

	Options	Weighted-Average Fair Value
Outstanding, beginning of period	742	$	36.35
Awarded	753	37.75
Forfeited	(23)	31.88

Vested	(101)	33.78
Outstanding, end of period	1,371	37.38

As of March 31, 2023, there was a total of $48.0 million of unrecognized stock-based compensation expense related to RSUs.

Employee Stock Purchase Plan

During the period ended March 31, 2023, there were no stock purchases made under the Employee Stock Purchase Plan (“ESPP”). As of March 31, 2023, there was approximately $0.9 million of unrecognized cost related to the ESPP. This cost is expected to be recognized over a weighted average period of 0.6 years. As of March 31, 2023, a total of 1.2 million shares were available for issuance under the ESPP.

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


	Three Months Ended March 31,
	2023		2022

Cost of sales	$	461	$	124
Research and development	887		299
Sales, general and administrative	2,789		1,129
Total stock-based compensation	$	4,137	$	1,552

Total stock-based compensation cost capitalized in inventory was $0.4 million and $0.1 million as of March 31, 2023 and 2022, respectively.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

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


	Three Months Ended March 31,
	2023		2022

U.S.
System sales and rentals	$	8,770	$	7,754
Handpieces and other consumables	11,770		4,444
Service	1,235		359
Total U.S. revenue	21,775		12,557
Outside of U.S.
System sales and rentals	1,469		742
Handpieces and other consumables	906		745
Service	254		153
Total outside of U.S. revenue	2,629		1,640
Total revenue	$	24,404	$	14,197

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2023		2022

United States	89	%	88	%
Outside the United States	11	%	12	%

Schedule of Revenue from External Customers by Products and Services

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


	Three Months Ended March 31,
	2023		2022

U.S.
System sales and rentals	$	8,770	$	7,754
Handpieces and other consumables	11,770		4,444
Service	1,235		359
Total U.S. revenue	21,775		12,557
Outside of U.S.
System sales and rentals	1,469		742
Handpieces and other consumables	906		745
Service	254		153
Total outside of U.S. revenue	2,629		1,640
Total revenue	$	24,404	$	14,197

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (28,484)	$ (17,185)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	793	758
Stock-based compensation expense	3,724	1,552
Change in fair value of derivative liability	26	37
Non-cash lease adjustment	495	(97)
Inventory write-down	228	0
Changes in operating assets and liabilities:
Accounts receivable, net	(5,370)	(2,529)
Inventory	(10,136)	517
Prepaid expenses and other current assets	1,931	177
Accounts payable	2,225	448
Accrued compensation	(6,039)	(1,889)
Accrued interest expense	28	250
Deferred revenue	1,088	343
Reimbursements for leasehold improvements from operating leases	3,217	0
Other liabilities	346	(613)
Net cash used in operating activities	(35,928)	(18,231)
Cash flows from investing activities:
Purchases of property and equipment	(5,339)	(55)
Net cash used in investing activities	(5,339)	(55)
Cash flows from financing activities:
Proceeds from issuance of common stock from the exercise of stock options	380	1,291
Net cash provided by financing activities	380	1,291
Net decrease in cash, cash equivalents and restricted cash	(40,887)	(16,995)
Cash, cash equivalents, and restricted cash - Beginning of period	225,674	305,097
Cash, cash equivalents, and restricted cash - End of period	184,787	288,102
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	180,972	284,288
Restricted cash	3,815	3,814
Cash, cash equivalents and restricted cash in balance sheets	184,787	288,102
Supplemental cash flow information
Interest paid	1,121	1,171
Non-cash investing and financing activities
Transfer of evaluation units from inventory to property and equipment, net	(62)	0
Property and equipment included in accounts payable and accrued expenses	$ 2,269	$ 351

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Preparation The condensed 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 condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Unaudited Interim Financial Statements The accompanying balance sheet as of March 31, 2023, the statements of operations and comprehensive loss and cash flows for the three months ended March 31, 2023 and 2022, and the statements of stockholders’ equity as of March 31, 2023 and 2022, are unaudited. The financial data and other information disclosed in these notes to the financial statements related to March 31, 2023, and the three months ended March 31, 2023 and 2022, are also unaudited. The accompanying balance sheet as of December 31, 2022 have been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to a fair statement of the Company’s financial position as of March 31, 2023, and the results of its operations and cash flows for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023, are not necessarily indicative of results to be expected for the year ending December 31, 2023, or for any other interim period or for any future year and should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report. Use of Estimates The preparation of condensed 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 condensed consolidated financial statements. Management uses significant judgment when making estimates related to its stock-based compensation expense, right-of-use lease asset, lease liability, 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. Recent Accounting Pronouncements No new accounting pronouncements recently issued are expected to have a material impact on the condensed consolidated financial statements.

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Net Loss Per Share

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


	Three Months Ended March 31,
	2023		2022

Net loss	$	(28,484)	$	(17,185)
Weighted-average common stock outstanding	45,066		43,855
Net loss per share, basic and diluted	$	(0.63)	$	(0.39)


	March 31,
	2023	2022


Common stock options	5,626	6,023
Restricted stock units	1,371	198
Employee stock purchase plan	100	193
Total	7,097	6,414

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe 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. Employer contributions were $0.5 million and $0 for the three months ended March 31, 2023 and 2022.

Condensed Consolidated Balance Sheets - Parentheticals - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred Stock, shares authorized (in shares)	10,000	10,000
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	300,000
Common stock, shares issued (in shares)	45,009	44,828
Common stock, shares, outstanding (in shares)	45,009	44,828

Fixed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Construction in progress
Total property and equipment	$ 21,649	$ 17,660
Less: accumulated depreciation and amortization	(9,715)	(9,004)
Total property and equipment, net	11,934	8,656
Laboratory, manufacturing and computer equipment, and furniture and fixtures
Construction in progress
Total property and equipment	6,247	3,260
Rental equipment
Construction in progress
Total property and equipment	1,238	1,313
Leasehold improvements
Construction in progress
Total property and equipment	5,243	4,941
Evaluation units
Construction in progress
Total property and equipment	2,475	2,475
Construction in progress
Construction in progress
Total property and equipment	$ 6,446	$ 5,671

Net Loss Per Share - Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	7,097	6,414
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)	5,626	6,023
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)	1,371	198
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)	100	193

Commitments - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Minimum Lease Payments
2023	$ 4,615
2024	4,183
2025	4,297
2026	4,426
2027	4,808
Thereafter	27,250
Total minimum payments	49,579
Less: amount representing interest/unamortized debt discount	(20,799)
Present value of future payments	28,780
Operating lease, current	(2,998)	$ (2,129)
Non-current portion	25,782	23,975
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	(759)
Present value of future payments	51,241
Less: current portion	0
Long-term debt	51,241	$ 51,213
Total
2023	4,615
2024	4,183
2025	8,630
2026	30,426
2027	26,475
Thereafter	27,250
Total minimum payments	101,579
Less: amount representing interest/unamortized debt discount	(21,558)
Present value of future payments	80,021
Less: current portion	(2,998)
Non-current portion	$ 77,023

Segment, Geographical, and Customer Concentration (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

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


	Three Months Ended March 31,
	2023		2022

U.S.
System sales and rentals	$	8,770	$	7,754
Handpieces and other consumables	11,770		4,444
Service	1,235		359
Total U.S. revenue	21,775		12,557
Outside of U.S.
System sales and rentals	1,469		742
Handpieces and other consumables	906		745
Service	254		153
Total outside of U.S. revenue	2,629		1,640
Total revenue	$	24,404	$	14,197

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2023		2022

United States	89	%	88	%
Outside the United States	11	%	12	%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation The condensed 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 condensed 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 condensed 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 condensed consolidated financial statements. Management uses significant judgment when making estimates related to its stock-based compensation expense, right-of-use lease asset, lease liability, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements No new accounting pronouncements recently issued are expected to have a material impact on the condensed consolidated financial statements.

Fixed Assets

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed AssetsFixed assets consists of the following (in thousands):


	March 31,		December 31,
	2023		2022

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	6,247	$	3,260
Rental equipment	$	1,238	1,313
Leasehold improvements	5,243		4,941
Evaluation units	2,475		2,475
Construction in progress	6,446		5,671
Total property and equipment	21,649		17,660
Less: accumulated depreciation and amortization	(9,715)		(9,004)
Total property and equipment, net	$	11,934	$	8,656

Fixed Assets (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Fixed assets consists of the following (in thousands):


	March 31,		December 31,
	2023		2022

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	6,247	$	3,260
Rental equipment	$	1,238	1,313
Leasehold improvements	5,243		4,941
Evaluation units	2,475		2,475
Construction in progress	6,446		5,671
Total property and equipment	21,649		17,660
Less: accumulated depreciation and amortization	(9,715)		(9,004)
Total property and equipment, net	$	11,934	$	8,656

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 15,663	$ 12,417
Work-in-process	2,846	1,738
Finished goods	20,417	14,388
Total inventory	$ 38,926	$ 28,543

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value	$ 84.6		$ 126.3
Options outstanding, aggregate intrinsic value	115.0		$ 185.3
Options exercised in the period, intrinsic value	2.3	$ 8.7
Unrecognized compensation cost	$ 14.9
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	5.5
Employee stock purchase plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	1.2
Unrecognized compensation cost	$ 0.9
Average vesting period for unrecognized compensation cost (in years)	7 months 6 days
Cost capitalized	$ 0.4	$ 0.1
Restricted stock units
Share-based Compensation Arrangements
Unrecognized compensation cost	$ 48.0

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Outstanding, beginning of period (in shares) \| shares	742
Award (in shares) \| shares	753
Forfeited (in shares) \| shares	(23)
Vested (in shares) \| shares	(101)
Outstanding, end of period (in shares) \| shares	1,371
Weighted-Average Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 36.35
Awarded (in dollars per share) \| $ / shares	37.75
Forfeited (in dollars per shares) \| $ / shares	31.88
Vested (in dollars per shares) \| $ / shares	33.78
Outstanding, endof period (in dollars per share) \| $ / shares	$ 37.38

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In October 2022, the Company entered into a loan and security agreement (“the Loan Agreement”) with 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. Proceeds from the Term Loan Facility were 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 Maturity 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 (as defined in the Loan Agreement) 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.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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

Stock-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,137	$ 1,552
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	461	124
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	887	299
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,789	$ 1,129

Fair Value Measurement

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

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


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	2,639	$	—	$	—	$	2,639	$	8,870	$	—	$	—	$	8,870
Cash equivalents	178,333		—		—		178,333		212,989		—		—		212,989
Total cash and cash equivalents	$	180,972	$	—	$	—	$	180,972	$	221,859	$	—	$	—	$	221,859

Loan facility derivative liability	$	—	$	—	$	1,805	$	1,805	$	—	$	—	$	1,779	$	1,779

Cash equivalents consist primarily of money market deposit funds.

There were no transfers in and out of Level 3 during the three months ended March 31, 2023 and year ended December 31, 2022.

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):


	Three Months Ended March 31,
	2023		2022

Beginning of the period	$	1,779	$	1,496
Change in fair value	26		37
End of the period	$	1,805	$	1,533

- 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

Commitments (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

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


As of March 31, 2023	Minimum Lease Payments		Debt Repayments		Total
2023	$	4,615	$	—	$	4,615
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	49,579		52,000		101,579
Less: amount representing interest/unamortized debt discount	(20,799)		(759)		(21,558)
Present value of future payments	28,780		51,241		80,021
Less: current portion	(2,998)		—		(2,998)
Non-current portion	$	25,782	$	51,241	$	77,023

Schedule of Maturities of Long-term Debt

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


As of March 31, 2023	Minimum Lease Payments		Debt Repayments		Total
2023	$	4,615	$	—	$	4,615
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	49,579		52,000		101,579
Less: amount representing interest/unamortized debt discount	(20,799)		(759)		(21,558)
Present value of future payments	28,780		51,241		80,021
Less: current portion	(2,998)		—		(2,998)
Non-current portion	$	25,782	$	51,241	$	77,023

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer contribution amount	$ 0.5	$ 0.0

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

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):


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	2,639	$	—	$	—	$	2,639	$	8,870	$	—	$	—	$	8,870
Cash equivalents	178,333		—		—		178,333		212,989		—		—		212,989
Total cash and cash equivalents	$	180,972	$	—	$	—	$	180,972	$	221,859	$	—	$	—	$	221,859

Loan facility derivative liability	$	—	$	—	$	1,805	$	1,805	$	—	$	—	$	1,779	$	1,779

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):


	Three Months Ended March 31,
	2023		2022

Beginning of the period	$	1,779	$	1,496
Change in fair value	26		37
End of the period	$	1,805	$	1,533