NANOSTRING TECHNOLOGIES INC, 10-K filed on 2/28/2023
Annual Report
v3.22.4
Cover Page - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Feb. 21, 2023
Jun. 30, 2020
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 001-35980    
Entity Registrant Name NANOSTRING TECHNOLOGIES, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-0094687    
Entity Address, Address Line One 530 Fairview Avenue North    
Entity Address, City or Town Seattle    
Entity Address, State or Province WA    
Entity Address, Postal Zip Code 98109    
City Area Code 206    
Local Phone Number 378-6266    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Trading Symbol NSTG    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 585,700
Entity Common Stock, Shares Outstanding   46,791,027  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the registrant’s 2023 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2022.    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001401708    
Entity Emerging Growth Company false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location Seattle, Washington
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets:      
Cash and cash equivalents $ 112,250 $ 107,068 $ 411,848
Restricted Cash and Cash Equivalents, Current 898 0 0
Short-term investments 84,282 241,821  
Accounts receivable, net 31,506 40,130  
Inventory, net 43,273 31,486  
Prepaid expenses and other 14,565 7,115  
Total current assets 286,774 427,620  
Property and equipment, net 44,457 27,043  
Operating lease right-of-use assets 17,581 19,226  
Other assets 4,600 5,592  
Total assets 353,412 479,481  
Current liabilities:      
Accounts payable 16,619 14,283  
Accrued liabilities 7,884 6,765  
Accrued compensation and other employee benefits 17,494 17,466  
Customer deposits 1,757 1,278  
Deferred revenue and other liabilities, current portion 9,588 7,474  
Operating lease liabilities, current portion 5,518 4,889  
Total current liabilities 58,860 52,155  
Deferred revenue and other liabilities, net of current portion 3,754 3,527  
Long-term debt, net 226,622 225,144  
Operating lease liabilities, net of current portion 18,362 21,693  
Total liabilities 307,598 302,519  
Commitments and contingencies (Note 16)  
Stockholders’ equity      
Preferred stock, $0.0001 par value, 15,000 shares authorized; none issued 0 0  
Common stock, $0.0001 par value, 150,000 shares authorized; 46,719 and 45,729 shares issued and outstanding at December 31, 2022 and 2021, respectively 5 5  
Additional paid-in-capital 855,694 827,028  
Accumulated other comprehensive loss (589) (318)  
Accumulated deficit (809,296) (649,753)  
Total stockholders’ equity 45,814 176,962 $ 306,948
Total liabilities and stockholders’ equity $ 353,412 $ 479,481  
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001  
Preferred stock, shares authorized (in shares) 15,000,000 15,000,000  
Preferred stock, shares issued (in shares) 0 0  
Common stock, shares outstanding (in shares) 46,719,000 45,729,000  
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001  
Common stock, shares authorized (in shares) 150,000,000 150,000,000  
Common stock, shares issued (in shares) 46,719,000 45,729,000  
v3.22.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue:      
Total revenue $ 127,262 $ 145,085 $ 117,316
Costs and expenses:      
Cost of product revenue 65,475 68,304 52,409
Research and development 70,841 69,504 62,857
Selling, general and administrative 143,129 115,503 90,097
Total costs and expenses 279,445 253,311 205,363
Loss from operations (152,183) (108,226) (88,047)
Other income (expense):      
Interest income 2,409 649 1,744
Interest expense (7,535) (7,490) (15,408)
Other expense, net (1,917) (20) (971)
Loss on extinguishment of debt and termination of revolving loan facility 0 0 (7,143)
Total other income (expense), net (7,043) (6,861) (21,778)
Net loss before provision for income taxes (159,226) (115,087) (109,825)
Provision for income taxes (317) (167) (253)
Net loss $ (159,543) $ (115,254) $ (110,078)
Net loss per share-basic (in dollars per share) $ (3.44) $ (2.54) $ (2.82)
Net loss per share-diluted (in dollars per share) $ (3.44) $ (2.54) $ (2.82)
Weighted average shares used in computing basic net loss per share (in shares) 46,406 45,299 39,083
Weighted average shares used in computing diluted net loss per share (in shares) 46,406 45,299 39,083
Service revenue      
Revenue:      
Total revenue $ 19,306 $ 17,623 $ 19,389
Costs and expenses:      
Cost of product revenue 15,271 14,636 7,408
Total product revenue      
Revenue:      
Total revenue 107,956 127,462 97,927
Costs and expenses:      
Cost of product revenue $ 50,204 $ 53,668 $ 45,001
v3.22.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net loss $ (159,543) $ (115,254) $ (110,078)
Other comprehensive loss:      
Change in unrealized loss on available-for-sale debt securities (271) (401) (62)
Comprehensive loss $ (159,814) $ (115,655) $ (110,140)
v3.22.4
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Balance at (in shares) at Dec. 31, 2019     36,298,000          
Balances at at Dec. 31, 2019 $ 104,151,000   $ 4,000 $ 535,954,000   $ 145,000 $ (431,952,000)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock net of issuance costs (in shares)     5,750,000          
Issuance of common stock net of issuance costs 215,765,000     215,765,000        
Exercise of stock options (in shares)     1,890,000          
Issuance of common stock for employee stock purchase plan (in shares)     89,000          
Exercise of common stock warrant, net (in shares)     414,000          
Net loss (110,078,000)           (110,078,000)  
Balance at (in shares) at Dec. 31, 2020     44,441,000          
Balances at at Dec. 31, 2020 306,948,000 $ (51,012,000) $ 4,000 848,891,000 $ (58,543,000) 83,000 (542,030,000) $ 7,531,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock for employee stock purchase plan (in shares)     65,000          
Net loss (115,254,000)           (115,254,000)  
Balance at (in shares) at Dec. 31, 2021     45,729,000          
Balances at at Dec. 31, 2021 $ 176,962,000   $ 5,000 827,028,000   (318,000) (649,753,000)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares) 128,627              
Issuance of common stock for employee stock purchase plan (in shares)     150,000          
Net loss $ (159,543,000)           (159,543,000)  
Balance at (in shares) at Dec. 31, 2022     46,719,000          
Balances at at Dec. 31, 2022 $ 45,814,000   $ 5,000 $ 855,694,000   $ (589,000) $ (809,296,000)  
v3.22.4
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Stockholders' Equity Attributable to Parent $ 45,814,000 $ 176,962,000 $ 306,948,000
Issuance of common stock net of issuance costs     215,765,000
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt     58,543,000
Exercise of stock options (in shares) 128,627    
Stock Issued During Period, Value, Stock Options Exercised $ 1,440,000 6,453,000 18,751,000
Stock Issued During Period, Value, Restricted Stock Award, Gross (1,504,000) (2,585,000) (2,012,000)
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition   30,385,000  
Stock Issued During Period, Value, Employee Stock Purchase Plan 2,669,000 2,428,000 2,190,000
Adjustments to Additional Paid in Capital, Warrant Issued     737,000
Stock Issued During Period, Value, Other     0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 26,061,000   18,963,000
Other Comprehensive Income (Loss), Net of Tax (271,000) (401,000) (62,000)
Net loss (159,543,000) (115,254,000) (110,078,000)
Cumulative Effect, Period of Adoption, Adjustment      
Stockholders' Equity Attributable to Parent     (51,012,000)
Additional Paid-in Capital      
Issuance cost     14,200,000
Stockholders' Equity Attributable to Parent 855,694,000 827,028,000 848,891,000
Issuance of common stock net of issuance costs     215,765,000
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt     58,543,000
Stock Issued During Period, Value, Stock Options Exercised 1,440,000 6,452,000 18,751,000
Stock Issued During Period, Value, Restricted Stock Award, Gross (1,504,000) (2,585,000) (2,012,000)
Stock Issued During Period, Value, Employee Stock Purchase Plan 2,669,000 2,428,000 2,190,000
Adjustments to Additional Paid in Capital, Warrant Issued     737,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition $ 26,061,000 $ 30,385,000 18,963,000
Additional Paid-in Capital | Cumulative Effect, Period of Adoption, Adjustment      
Stockholders' Equity Attributable to Parent     $ (58,543,000)
Common Stock      
Shares, Outstanding 46,719,000 45,729,000 44,441,000
Stockholders' Equity Attributable to Parent $ 5,000 $ 5,000 $ 4,000
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture 840,000 1,223,000  
Stock Issued During Period, Shares, New Issues     5,750,000
Exercise of stock options (in shares)     1,890,000
Stock Issued During Period, Value, Stock Options Exercised   $ 1,000  
Issuance of common stock for employee stock purchase plan (in shares) 150,000 65,000 89,000
Exercise of common stock warrant, net (in shares)     414,000
Accumulated Other Comprehensive Income (Loss)      
Stockholders' Equity Attributable to Parent $ (589,000) $ (318,000) $ 83,000
Other Comprehensive Income (Loss), Net of Tax (271,000) (401,000) (62,000)
Accumulated Deficit      
Stockholders' Equity Attributable to Parent (809,296,000) (649,753,000) (542,030,000)
Net loss $ (159,543,000) $ (115,254,000) (110,078,000)
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment      
Stockholders' Equity Attributable to Parent     $ 7,531,000
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (159,543,000) $ (115,254,000) $ (110,078,000)
Adjustments to reconcile net loss to net cash used in operating activities      
Stock-based compensation expense 25,908,000 30,173,000 19,374,000
Depreciation and amortization 8,116,000 5,871,000 5,738,000
Operating cash flows from operating leases 4,089,000 3,450,000 3,238,000
Amortization of deferred financing costs 1,477,000 1,429,000 8,881,000
Amortization of premium and accretion of discount on short-term investments, net 1,706,000 (1,765,000) (121,000)
Provision for inventory obsolescence and bad debt expense (recovery) 4,023,000 2,040,000 886,000
Payment of accrued interest on long-term debt 0 0 (2,593,000)
Gain (Loss) on Extinguishment of Debt 0 0 (7,143,000)
Loss on disposal of property and equipment and other assets 847,000 5,000 119,000
Loss on equity securities 0 0 300,000
Changes in operating assets and liabilities      
Accounts receivable 7,414,000 (9,526,000) (3,949,000)
Inventory (15,271,000) (10,520,000) (4,909,000)
Prepaid expenses and other assets (6,942,000) (5,443,000) 4,321,000
Accounts payable 1,396,000 8,687,000 (3,170,000)
Accrued liabilities (407,000) (914,000) (21,000)
Accrued compensation and other employee benefits 256,000 2,497,000 (936,000)
Contract With Customer, Liability, Increase (Decrease) In Customer Deposits 479,000 (353,000) (4,758,000)
Deferred revenue and other liabilities 2,674,000 3,336,000 2,033,000
Operating lease liabilities (4,828,000) (4,262,000) (3,160,000)
Net cash used in operating activities (128,606,000) (90,549,000) (81,662,000)
Investing activities      
Purchases of property and equipment (14,364,000) (6,348,000) (7,457,000)
Purchase of internal-use software assets (7,952,000) (2,299,000) 0
Payments to Acquire Intangible Assets (750,000) 0 0
Proceeds from sale of short-term investments 7,700,000 4,000,000 21,218,000
Proceeds from maturity of short-term investments 197,363,000 44,664,000 116,284,000
Purchases of short-term investments (49,500,000) (260,239,000) (38,804,000)
Net cash provided by (used in) investing activities 132,497,000 (220,222,000) 91,241,000
Financing activities      
Proceeds from issuance of 2025 convertible senior notes 0 0 230,000,000
Fees paid for issuance of 2025 convertible senior notes 0 0 7,403,000
Repayment of long-term debt 0 0 (80,000,000)
Fees paid upon extinguishment of debt 0 0 (4,845,000)
Proceeds from sale of common stock, net 0 0 215,765,000
Proceeds from issuance of common stock warrants 0 0 737,000
Proceeds from issuance of common stock for employee stock purchase plan 2,669,000 2,427,000 2,190,000
Tax withholdings related to net share settlements of restricted stock units (1,504,000) (2,585,000) (2,012,000)
Proceeds from exercise of stock options 1,440,000 6,452,000 18,751,000
Repayment of finance lease obligations (333,000) (236,000) (135,000)
Net cash provided by financing activities 2,272,000 6,058,000 373,048,000
Effect of exchange rate changes on cash, restricted cash and cash equivalents (83,000) (67,000) 188,000
Net increase (decrease) in cash, restricted cash and cash equivalents 6,080,000 (304,780,000) 382,815,000
Cash, restricted cash and cash equivalents      
Beginning of year 107,068,000 411,848,000 29,033,000
End of year 113,148,000 107,068,000 411,848,000
Supplemental disclosures      
Cash paid for interest 6,038,000 6,038,000 4,571,000
Cash paid for taxes 180,000 189,000 357,000
Instruments reclassified from inventory to property and equipment 665,000 525,000 854,000
Right-of-use assets obtained in exchange for finance lease liabilities 0 448,000 524,000
Right-of-use assets obtained in exchange for operating lease liabilities $ 2,126,000 $ 929,000 $ 0
v3.22.4
Description of the Business
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business Description of the BusinessNanoString Technologies, Inc. (the “Company”) was incorporated in the state of Delaware on June 20, 2003. The Company’s headquarters is located in Seattle, Washington. The Company’s proprietary chemistries enable the direct detection, identification and quantification of individual target molecules in biological samples by attaching unique molecular reporters to each target molecule of interest. The Company currently markets and sells three platforms based on its proprietary technologies, its nCounter Analysis System, its GeoMx Digital Spatial Profiler, or “GeoMx DSP” or “GeoMx”, and CosMx Spatial Molecular Imager, or “CosMx SMI” or “CosMx”, all of which include instruments and consumables, to academic, government, biopharmaceutical, and clinical laboratory customers.
v3.22.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Accounting Principles and Principles of Consolidation
The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. Each of the subsidiaries operates as a sales and support office. The functional currency of each subsidiary is the U.S. dollar. All significant intercompany balances and transactions have been eliminated.
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and that affect the reported amounts of revenue and expenditures during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include the estimation of stand-alone selling prices for its products and services, the estimation of the valuation of inventory, the estimates used in the valuation allowance for deferred tax assets and uncertain tax positions, and estimates used in certain of the inputs and calculations associated with stock-based compensation.
Cash and Cash Equivalents, and Restricted Cash
The Company considers all highly-liquid investments with purchased maturities of three months or less to be cash equivalents. The Company’s cash equivalents consist principally of funds maintained in depository accounts. The Company invests its cash and cash equivalents with major financial institutions; at times these investments exceed federally insured limits. Restricted cash consists of customer deposits which are secured through letters of credit until performance obligations have been met.
Investments
The Company classifies its debt securities as available-for-sale, which are reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. Realized gains, realized losses and allowance for estimated credit losses are included in other expense, net. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Amortization of premiums and accretion of discounts are included in other expense, net. Interest and dividends earned on all securities are included in other expense, net. Investments in debt securities with maturities of less than one year, or where management’s intent is to use the investments to fund current operations, or to make them available for current operations, are classified as short-term investments.
Investments are presented net of an allowance for expected credit losses that are remeasured each period and any impairment recognized as an expense. The Company has considered all information and factors and noted no indicators that a credit loss exists as of December 31, 2022. The Company has not experienced any significant investment credit losses to date. Accrued interest receivable is included in prepaid and other current assets and was $0.9 million and $0.8 million as of December 31, 2022 and 2021.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are stated net of an allowance for credit losses. The Company uses available information over the life of the receivables including analysis of past credit losses, recoveries of past credit losses, management’s expectations of future economic positions, as well as market conditions and other extenuating factors to support the allowance estimate.
Concentration of Credit Risks
Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Cash is invested in accordance with the Company’s investment policy, which includes guidelines intended to minimize and diversify credit risk. Most of the Company’s investments are not federally insured. The Company has credit risk related to the collectability of its accounts receivable. The Company performs initial and ongoing evaluations of its customers’ credit history or financial position and generally extends credit on account without collateral. The Company has not experienced any significant credit losses to date.
The Company had no customers that represented more than 10% of total revenue for the year ended December 31, 2022. The Company had no customers that represented more than 10% of total revenue for the years ended December 31, 2021 and 2020, respectively. The Company had no customers that represented more than 10% of total accounts receivable as of December 31, 2022 and 2021.
The Company is also subject to supply chain risks related to the outsourcing of the manufacturing and production of its instruments to sole suppliers. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. Similarly, the Company sources certain raw materials used in the manufacture of consumables from certain sole suppliers. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results.
Fair value of financial instruments
The recorded amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Investments that are classified as available-for-sale are recorded at fair value. The fair value for investment securities held and for convertible senior notes are determined using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency.
Inventory
Inventory consists of finished goods, raw materials, including certain intermediate manufactured items, and certain component parts to be used in manufacturing or servicing the Company’s products. Inventory is stated at the lower of cost or net realizable value. Cost is determined using a standard cost system, whereby the standard costs are updated periodically to reflect current costs and market represents the lower of cost or market (replacement cost or estimated net realizable value). The Company’s policy is to establish inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand, obsolete, slow moving or impaired. In the event that the Company identifies these conditions exist in its inventory, its carrying value is reduced to its net realizable value. Inventory reserves were $7.3 million and $6.5 million as of December 31, 2022 and 2021, respectively.
The Company outsources the manufacturing of its instruments to third-party contract manufacturers who manufacture them to certain specifications and source certain raw materials from sole source providers. Major delays in shipments, inferior quality, insufficient quantity or any combination of these or other factors may harm the Company’s business and results of operations. In addition, the inability of one or more of these suppliers to provide the Company with an adequate supply of its products or raw materials or the loss of one or more of these suppliers may cause a delay in the Company’s ability to fulfill orders while it obtains a replacement supplier and may harm the Company’s business and results of operations.
Property and Equipment
Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Expenditures for additions are capitalized and expenditures for maintenance and repairs are expensed as incurred. Gains and losses from the disposal of property and equipment are reflected in the consolidated statements of operations in the period of disposition.
Useful Life
Manufacturing equipment5 years
Prototype systems2 years
Capitalized software and computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of useful life or lease term
Capitalized Internal-Use Software Costs
The Company capitalizes certain development costs incurred in connection with software development for internal-use software platforms used in operations. Costs incurred in the preliminary stages of development are expensed as incurred. Once software has reached the development stage, internal and external costs, if direct, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life of the software platforms and are included in depreciation and amortization expense within operating expenses in our consolidated statements of operations. Unamortized capitalized internal-use software development costs were $11.8 million and $4.0 million as of December 31, 2022 and 2021, respectively. Amortization of capitalized internal-use software costs was $0.3 million for the year ending December 31, 2022.
Capitalized costs associated with the implementation of hosted third-party cloud computing arrangements are recorded as part of current and long-term other assets. Maintenance and training costs are expensed as incurred and are expensed on a straight-line basis over the term of the related hosting arrangement. Costs are recorded within the consolidated statements of operations based on the functional use of the software. Unamortized capitalized software implementation costs were $1.9 million and $3.2 million as of December 31, 2022 and 2021, respectively. Amortization and write-down of capitalized software implementation costs of hosted third-party cloud computing arrangements was $1.3 million and $0.3 million for the years ending December 2022 and 2021, respectively.
Leases
The Company determines if an arrangement is a lease at inception of a contract. The Company’s leasing portfolio is comprised of operating and finance leases primarily for general office, manufacturing, and research and development purposes. Operating and finance lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease right-of-use assets are reduced by lease incentives included in the agreement. As the existing leases do not contain an implicit interest rate, the Company estimates its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The Company includes options to extend the lease in the lease liability and right-of-use asset when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company elected, as an accounting policy election, to use the short-term lease recognition exemption on all classes of assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease payments as an expense on a straight-line basis over the lease term. The Company has lease office agreements with lease and non-lease components, which are generally accounted for separately. For lease equipment agreements, the Company accounts for the lease and non-lease components as a single lease component. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or, any material restrictive covenants.
Impairment of Long-Lived Assets
The Company recognizes impairment losses on long-lived assets when indicators of impairment are present and the anticipated undiscounted cash flows to be generated by those assets are less than the asset’s carrying values. The Company has not experienced material impairment losses on its long-lived assets during the periods presented.
Convertible Senior Notes
The Company adopted “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) effective January 1, 2021. The Company uses the if-converted method for purposes of calculating dilutive earnings per share, if the Convertible Notes are dilutive during the period. In connection with the issuance of the Convertible Notes, the Company incurred certain financing costs associated directly with the issuance of the Convertible Notes. These issuance costs were deferred and are amortized to
interest expense over five years using the effective interest method. See Note 10. Long-term Debt, Net for additional information regarding the Convertible Senior Notes.
Segments
Operating segments are defined as components of an entity for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer, who manages the operations and evaluates the financial performance on a total Company basis. The Company’s principal operations and decision-making functions are located at its corporate headquarters in the United States and the Company operates as a single operating and reporting segment.
Revenue Recognition
The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration expected to be received in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has transferred control of a product or service to the customer, meaning the customer has the ability to use and obtain the benefit of the product or service. The Company recognizes revenue for satisfied performance obligations only when there are no uncertainties regarding payment terms or transfer of control.
The Company has historically generated the majority of its revenue from sales of its proprietary GeoMx DSP system and nCounter Analysis System, and related consumables. Services consist of instrument service contracts for maintenance, repair and other support related to customer owned instruments, and also certain service fees for assay processing and data analysis and reporting.
Revenue from instruments and consumables is generally recognized upon shipment to the end customer, which is when control of the product has been transferred to the customer. Performance obligations related to instrument sales are reviewed on a contract-by-contract basis, as individual contract terms may vary and revenue is recognized as performance obligations are satisfied. Performance obligations for consumable products are generally completed upon shipment to the customer. While the Company typically completes installation and training of its customers with field-based service personnel, these services can also be provided by distribution partners and other third parties.
Instrument service contracts are sold with contract terms ranging from 12-36 months and cover periods after the end of the initial 12-month warranty. These contracts include services to maintain performance within the Company’s designed specifications and allow the customer to receive certain preventative maintenance service procedures during the contract term. Revenue from services to maintain designed specifications is considered a stand-ready obligation and recognized evenly over the contract term and service revenue related to preventative maintenance of instruments is recognized when the procedure is completed. Revenue from service fees for assay processing is recognized upon the rendering of the related performance obligation which is typically the delivery of data and analysis of the samples that have been processed.
For arrangements with multiple performance obligations, the Company allocates the contract price in proportion to each performance obligation’s relative stand-alone selling price. The Company frequently sells bundles of systems and consumables and, in such instances, uses its best estimate of selling price for its products based on historical sales or similar products. For service, the best estimate of selling price is based on historical stand-alone sales, as stand-alone sales data for services are more readily available. The Company reviews its stand-alone prices at least annually or more frequently if facts and circumstances significantly change.
The Company generally recognizes expense related to the acquisition of contracts, such as sales commissions, at the time of revenue recognition, which is generally in the same period products are sold, and in the case of services, revenue is recognized as services are rendered or over the period of time covered by the service contract. The Company records commission expenses within selling, general and administrative expenses.
Revenues from sales to customers through distributors are recognized consistent with the policies and practices for direct sales to customers, as described above.
Cost of Revenue
Cost of product revenue consists primarily of costs incurred in the production process, including costs of purchasing instruments from third-party contract manufacturers, consumable component materials and assembly labor and overhead, installation, and packaging and delivery costs. In addition, cost of product revenue includes royalty costs for licensed technologies included in the Company’s products, provisions for slow-moving and obsolete inventory and stock-based compensation expense. Cost of product revenue for instruments and consumables is recognized in the period the related revenue is recognized. Shipping and handling costs incurred for product shipments are included in cost of product revenue in the consolidated statements of operations.
Cost of service revenue consists primarily of field service technicians and the cost of providing repair and maintenance services including parts used in performing those services for instruments covered under warranty and service contracts. In addition, cost of service revenue includes lab personnel labor and overhead, stock-based compensation and materials used in performing data analysis services. Cost of service revenue is recognized in the period the services are performed.
Reserve for Product Warranties
The Company generally provides a one-year warranty on both its nCounter Analysis Systems and GeoMx DSP instruments, and establishes a reserve for future warranty costs based on historical product failure rates and actual warranty costs incurred. Warranty expense is recorded as a component of cost of service revenue in the consolidated statements of operations. Warranty reserves were $1.0 million and $1.2 million as of December 31, 2022 and 2021, respectively.
Research and Development
Research and development expenses, consisting primarily of salaries and benefits, stock-based compensation expense, occupancy costs, laboratory supplies, contracted services, and consulting fees are expensed as incurred.
Selling, General and Administrative
Selling expenses consist primarily of personnel related costs for sales and marketing, contracted services, and service fees and are expensed as the related costs are incurred. Advertising costs are expensed as incurred and are included in sales and marketing expenses. Advertising costs totaled approximately $9.3 million, $4.8 million and $3.4 million during the years ended December 31, 2022, 2021 and 2020, respectively.
General and administrative expenses consist primarily of personnel related costs for the Company’s finance, human resources, business development, legal, information technology and general management, as well as professional fees for legal, accounting and other consulting services. General and administrative expenses are expensed as they are incurred.
Foreign Currency
The functional currency of our foreign subsidiaries is the U.S. dollar. Accordingly, monetary balance sheet accounts are remeasured using exchange rates in effect at the balance sheet dates and non-monetary items are remeasured at historical exchange rates. Expenses are generally remeasured at the average exchange rates for the period. Foreign currency remeasurement and transaction gains and losses are included in interest and other income (expense), net and were not material for the years ended December 31, 2022, 2021 and 2020, respectively.
Income Taxes
The Company accounts for income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized.
The Company determines whether a tax position is more likely than not to be sustained upon examination based on the technical merits of the position. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.
Stock-Based Compensation
The Company accounts for stock-based compensation under the fair value method. Stock-based compensation costs related to restricted stock units (“RSUs”) and performance stock units (“PSUs”) which are granted by the Company are calculated using the grant-date fair value using the intrinsic method and for stock options granted in prior years, stock-based compensation was estimated using the Black-Scholes option pricing model. Stock-based compensation expense is recognized based on the number of awards ultimately expected to vest, using actual forfeitures when incurred. The Company uses the
straight-line attribution method over the vesting period for recognizing compensation expense for awards with a service condition. For awards with service and performance conditions, the accelerated recognition method is used over the graded vesting schedules for the awards.
Guarantees and Indemnifications
In the normal course of business, the Company guarantees and/or indemnifies other parties, including vendors, lessors and parties to transactions with the Company, with respect to certain matters. The Company has agreed to hold the other parties harmless against losses arising from breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. It is not possible to determine the maximum potential amount the Company could be required to pay under these indemnification agreements, since the Company has not had any prior indemnification claims, and each claim would be based upon the unique facts and circumstances of the claim and the particular provisions of each agreement. In the opinion of management, any such claims would not be expected to have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows. The Company did not have any related liabilities recorded at December 31, 2022 and 2021.
Comprehensive Loss
Comprehensive loss includes certain changes in equity that are excluded from net loss. Specifically, unrealized gains and losses on available-for-sale debt securities are included in comprehensive (income) loss.
v3.22.4
Short-term Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Short-term Investments Short-term Investments
Short-term investments consisted of available-for-sale and equity securities as follows (in thousands):
Type of securities as of December 31, 2022Amortized costGross
unrealized
gains		Gross
unrealized
losses		Fair value
Corporate debt securities$62,862 $— $(359)$62,503 
U.S. government-related debt securities22,009 — (230)21,779 
Total available-for-sale debt securities$84,871 $— $(589)$84,282 
Type of securities as of December 31, 2021Amortized costGross
unrealized
gains		Gross
unrealized
losses		Fair value
Corporate debt securities$177,375 $3 $(195)$177,183 
U.S. government-related debt securities33,134 2 (97)33,039 
Asset-backed securities31,631 — (32)31,599 
Total available-for-sale debt securities$242,140 $5 $(324)$241,821 
The fair values of available-for-sale debt securities by contractual maturity at December 31 were as follows (in thousands):
20222021
Maturing in one year or less$81,004 $174,534 
Maturing in one to three years3,278 67,287 
Total available-for-sale debt securities$84,282 $241,821 
The Company has both the intent and ability to sell its available-for-sale debt securities maturing greater than one year within 12 months from the balance sheet date and, accordingly, has classified these securities as current in the consolidated balance sheets.
The following table summarizes investments that have been in a continuous unrealized loss position as of December 31, 2022 (in thousands).
Less than 12 months12 months or greaterTotal
Fair ValueGross unrealized lossesFair ValueGross unrealized lossesFair ValueGross unrealized losses
Corporate debt securities$10,232 $(52)$48,271 $(307)$58,503 $(359)
U.S. government-related debt securities3,988 (16)17,790 (214)21,778 (230)
Total$14,220 $(68)$66,061 $(521)$80,281 $(589)
The Company invests in securities that are rated investment grade or better. The unrealized losses on available-for-sale debt securities as of December 31, 2022 were caused primarily by interest rate increases.
The Company reviews the individual securities in its portfolio for impairment when events indicate the fair value of the investments may be below the carrying value. The Company reviews the individual securities in its portfolio for indications that unrealized losses are credit related and require an allowance to be recorded at the present value of the future expected cash flows. The Company determined unrealized losses were not for credit losses and so did not record an allowance related to its available-for-sale debt investments for the year ended December 31, 2022. The Company did not record any impairment charges related to its available-for-sale debt investments for the year ended December 31, 2022.
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to measure fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 — Quoted prices in active markets for identical assets and liabilities.
•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The recorded amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other, accounts payable and accrued liabilities, approximate fair value due to their relatively short-term maturities. The recorded amount of the Company’s long-term debt can be determined based on the estimated or actual bid prices of the Convertible Senior Notes in an over-the-counter market, which are classified as a Level 2 financial instrument.
The Company’s investments by level within the fair value hierarchy were as follows (in thousands):
Type of securities as of December 31, 2022Fair value measurement using:
Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$104,294 $— $— $104,294 
Short-term investments:
Corporate debt securities— 62,503 — 62,503 
U.S. government-related debt securities— 21,779 — 21,779 
Asset-backed securities— — — — 
Total$104,294 $84,282 $— $188,576 
Type of securities as of December 31, 2021Fair value measurement using:
Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$98,247 $— $— $98,247 
Short-term investments:
Corporate debt securities— 177,183 — 177,183 
U.S. government-related debt securities— 33,039 — 33,039 
Asset-backed securities— 31,599 — 31,599 
Total$98,247 $241,821 $— $340,068 
In March 2020, the Company issued $230.0 million of Convertible Senior Notes of which $88.6 million was used to repay amounts owed and fees associated with the termination of its term loan agreement and revolving line of credit as described in more detail in Note 10. Long-term Debt, Net. As of December 31, 2022, the fair value of the Convertible Senior Notes was $182.9 million.
v3.22.4
Leases (Notes)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LeasesThe Company is obligated to make future minimum payments under five primary operating leases which approximate 162,322 square feet of space used for manufacturing, research and development and general operations primarily in the greater Seattle area. The operating leases have terms that expire from 2026 to 2032 and include renewal options to extend the lease term at the then current fair market rental for each of the lease agreements. None of the options to extend the rental term of existing leases were considered reasonably certain as of December 31, 2022. The Company’s operating leases contain rent abatement periods, scheduled rent increases and provide for tenant improvement allowances. In addition, the Company enters into finance lease right-of-use assets included in other assets and lease liabilities included in deferred revenues and other liabilities primarily for equipment used in its operations. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees, or any material restrictive covenants.
The following table provides the components of the Company’s lease cost (in thousands):
20222021
Operating lease cost$5,572 $5,210 
Finance lease cost:
Amortization of right-of-use assets319 255 
Interest on lease liabilities20 23 
Total lease cost$5,911 $5,488 
Other information related to leases for the year ended December 31 were as follows (in thousands):
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,983 $6,276 
Operating cash flows from finance leases20 23 
Financing cash flows from finance leases333 236 
Right-of-use assets obtained in exchange for operating lease liabilities$2,126 $929 
Right-of-use assets obtained in exchange for finance lease liabilities— 448 
Operating Leases
Weighted average remaining lease term (years)4.84.9
Weighted average discount rate7.3 %7.0 %
Financing Leases
Weighted average remaining lease term (years)1.51.8
Weighted average discount rate3.8 %4.3 %
Future minimum lease payments under the lease agreements as of December 31, 2022 were as follows (in thousands):
FinanceOperating
2023$223 $6,844 
2024113 6,899 
2025— 7,079 
2026— 2,211 
2027— 1,317 
Thereafter— 4,660 
Total future minimum lease payments336 29,010 
Less: imputed interest(10)(5,130)
Total$326 $23,880 
v3.22.4
Inventory
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory, Net
Inventory consisted of the following at December 31 (in thousands):
20222021
Raw materials$11,013 $5,985 
Intermediate manufactured components14,715 10,887 
Finished goods17,545 14,614 
Total inventory, net$43,273 $31,486 
v3.22.4
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment    
Property and equipment consisted of the following at December 31 (in thousands):
Useful Life
(Years)		20222021
Manufacturing equipment5$22,094 $19,067 
Prototype instruments210,421 2,128 
Capitalized software and computer equipment318,670 5,597 
Furniture and fixtures52,153 1,927 
Leasehold improvementsVarious20,297 19,641 
Construction in progress7,055 7,143 
Total property and equipment, gross80,690 55,503 
Less: Accumulated depreciation and amortization(36,233)(28,460)
Total property and equipment, net$44,457 $27,043 
Prototype instruments consist of various CosMx SMI , GeoMx DSP, and nCounter instruments used in internal testing and other development activities. Depreciation and amortization expense related to property and equipment for the years ended December 31, 2022, 2021 and 2020 totaled approximately $8.1 million, $5.9 million and $5.7 million, respectively.
v3.22.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-term Debt
Convertible Senior Notes
In March 2020, the Company issued $230.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2025 (“Convertible Notes”) in a private offering. The Convertible Notes are governed by an indenture dated March 9, 2020 between the Company and U.S. Bank, National Association, as trustee.
The Company received net proceeds from the offering of $222.6 million. The Company used $88.6 million to repay in full all outstanding amounts borrowed, accrued interest and fees owed in connection with the termination of the Company’s amended and restated term loan agreement (“2018 Term Loan”) with Capital Royalty Group, and the fees owed in connection with the termination of the Company’s revolving credit facility with Silicon Valley Bank.
The Convertible Notes bear interest at a rate of 2.625% per year, payable semi-annually in arrears on March 1 and September 1, beginning on September 1, 2020. The Convertible Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under, or if the Convertible Notes are not freely tradeable as required by, the indenture governing the Convertible Notes. Upon conversion, the Convertible Notes will be convertible into cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election.
The Convertible Notes are general unsecured senior obligations and will mature on March 1, 2025, unless earlier repurchased, redeemed or converted, subject to satisfaction of certain conditions and during the periods described below. The initial conversion rate for the Convertible Notes is 20.9161 shares of common stock, par value $0.0001 per share, per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $47.81 per share). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that may occur prior to the maturity date or if the Company issues a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or in connection with such redemption, as the case may be, in certain circumstances.
Prior to the close of business on the business day immediately preceding December 1, 2024, the Convertible Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of such period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the Convertible Notes for redemption, the Convertible Notes called for redemption (or, in the case of a partial redemption, if the Company makes an election to redeem all Convertible Notes, irrespective of whether they are called for redemption, to be convertible, all Convertible Notes) may be submitted for conversion at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date as set forth in the related redemption
notice; or (4) upon the occurrence of specified corporate events. On or after December 1, 2024, until the close of business on the business day immediately preceding the maturity date, holders of the Convertible Notes may convert all or any portion of their Convertible Notes at any time, regardless of the foregoing circumstances.
The Company may not redeem the Convertible Notes prior to March 5, 2023, and no sinking fund is provided for the Convertible Notes. On or after March 5, 2023, the Company may redeem for cash all or any portion of the Convertible Notes, at its option, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.
Upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) prior to the maturity date, subject to certain conditions, holders may require the Company to repurchase all or a portion of the Convertible Notes in increments of $1,000 for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
The Convertible Notes do not contain any financial or operating covenants or any restrictions on the issuance of other indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes indenture contains customary events of default, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the Convertible Notes will automatically become due and payable. Debt issuance costs are amortized to interest expense using the effective interest method over five years, the contractual term of the Convertible Notes, with an effective interest rate of 3.3%.
The Company monitors the provision of the Convertible Notes that allow for certain conversion rights at each quarterly reporting date in order to determine whether the Convertible Notes are convertible or subject to an event triggering potential redemption during the prescribed measurement periods. As of the date of this report, none of the outstanding convertible notes had been redeemed by the Company. Based on the closing price of our common stock of $7.97 on the last trading day of the year, the if-converted values of the Convertible Notes did not exceed the outstanding principal balance as of December 31, 2022.
All future principal payments related to the Convertible Notes are due in March 2025. The outstanding balance of the Company’s Convertible Notes consisted of the following at December 31 (in thousands):
20222021
Outstanding principal of Convertible Note$230,000 $230,000 
Less: unamortized issuance costs(3,378)(4,856)
Long-term debt, net$226,622 $225,144 
The following table sets forth total interest expense recognized related to the Convertible Notes (in thousands):
202220212020
Contractual interest expense$6,038 $6,038 $4,897 
Amortization of issuance costs1,477 1,429 8,650 
Total interest expense$7,515 $7,467 $13,547 
Term Loan Agreement
In October 2018, the Company entered into an amended and restated term loan agreement with Capital Royalty Group (the “2018 Term Loan”), under which it could borrow up to $100.0 million, which was due and payable in September 2024. The Company borrowed a total of $80.0 million under the 2018 Term Loan. In March 2020, the Company terminated the 2018 Term Loan agreement. The Company used $88.6 million of the proceeds from the Convertible Notes to repay in full all outstanding principle, interest and fees associated with termination of the loan. The termination was accounted for as debt extinguishment and the Company recorded a charge of $6.6 million associated with the elimination of previously deferred financing costs, and for fees and penalties incurred upon termination of the 2018 Term Loan and other costs. These costs have been included as a Loss on extinguishment of debt and termination of revolving loan facility in the Company’s consolidated statements of operations.
2018 Revolving Loan Facility
In January 2018, the Company entered into a $15.0 million secured revolving loan facility, with availability subject to a borrowing base consisting of eligible accounts receivable. In November 2018, the Company entered into an amended and restated loan and security agreement to increase the borrowing capacity under the facility to $20.0 million, amend the borrowing base to include finished goods inventory, and extend the final maturity under the facility to November 2021.
In March 2020, the Company terminated the revolving loan facility and paid termination fees of $0.5 million. There were no amounts outstanding under the revolving loan facility at the time of termination. These costs have been included as a Loss on extinguishment of debt and termination of revolving loan facility in the Company’s consolidated statements of operations.
Total interest expense for the Company’s long-term debt was $7.5 million, $7.5 million and $15.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.
v3.22.4
Common Stock and Preferred Stock
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common Stock and Preferred Stock Common Stock and Preferred Stock
Public Offerings
In October 2020, the Company completed an underwritten public offering of 5,750,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase 750,000 additional shares of common stock. The Company’s total gross proceeds were $230.0 million. After underwriter’s commissions and other expenses of the offering, the Company’s aggregate net proceeds were $215.8 million.
Common Stock
Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of other classes of stock outstanding.
Preferred Stock
Pursuant to the amended and restated certificate of incorporation filed by the Company immediately prior to the completion of its initial public offering, the Company’s board of directors is authorized to issue up to 15,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing change in the Company’s control or other corporate action. As of December 31, 2022, no shares of preferred stock were issued or outstanding, and the board of directors has not authorized or designated any rights, preferences, privileges and restrictions for any class of preferred stock.
Warrants
Prior to the Company’s initial public offering, warrants to purchase preferred stock were issued related to certain financing transactions. All preferred stock warrants were converted into warrants to purchase common stock upon the effectiveness of the initial public offering. In addition, the Company has issued common stock warrants to third parties in accordance with the provisions of certain debt and collaboration agreements. As of December 31, 2022, there were 470,510 common stock warrants outstanding with a weighted average exercise price of $24.70 per share and expiration dates in 2025.
v3.22.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Equity Plans
The Company’s 2013 Equity Incentive Plan, 2018 Inducement Equity Incentive Plan, and the 2022 Equity Incentive Plan (the “Plans”) authorize the grant of stock options, restricted stock units (“RSUs”) and other equity awards to employees, directors and consultants. As of December 31, 2022, there were 15,057,772 shares authorized under the Plans. The Company has also granted RSUs that include service or service and certain performance conditions, or performance stock units (“PSUs”). RSUs generally vest over service periods of 1-3 years at which time award recipients receive shares of common stock equivalent to the originally awarded number of RSUs. In the case of PSUs, the number of PSUs that vest will be contingent on satisfying the service period and also based on achievement of all or part of the required performance obligations. All stock
options granted have a ten-year term and generally vest and become exercisable over four years of continued employment or service as defined in each option agreement.
Restricted Stock Unit (RSU) and Performance Stock Unit (PSU) Activity
A summary of RSU and PSU activity under the Plans is as follows:
Non-vested RSUs and PSUsShare EquivalentWeighted-Average Grant Date Fair ValueWeighted-
average remaining
contractual
term (in years)		Aggregate
intrinsic value
(in thousands)
Non-vested at January 1, 20221,333,215 $41.32 2.0$56,302 
Changes during the year:
Granted2,067,562 24.78 
Vested(759,305)34.25 
Forfeited(260,850)36.05 
Non-vested at December 31, 20222,380,622 $29.93 2.0$19,031 
The grant-date fair value of the RSUs and PSUs is determined based on the closing price of the Company’s common stock on the date of grant. The fair value of vested RSUs and PSUs was $18.6 million, $11.7 million and $7.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. The intrinsic value of vested RSUs and PSUs was $20.1 million, $44.5 million and $12.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
During 2021 and 2020, the Company modified certain performance conditions of its PSUs for approximately 10 employees in each year which were originally granted in 2020 and 2019. These stock award modifications resulted in incremental stock-based compensation expense of $3.0 million, and $4.7 million for 2021 and 2020, respectively, recognized from the date of the modification over the remaining vesting period of the awards, adjusted for performance conditions and forfeitures.
Stock Option Activity
A summary of the Company’s stock option activity under the Plans is as follows:
SharesWeighted-
average exercise
price per share		Weighted-
average remaining
contractual
term (in years)		Aggregate
intrinsic value
(in thousands)
Outstanding at January 1, 20222,017,791 $16.93 5.3$51,105 
Canceled and forfeited(122,304)21.60 
Exercised(128,627)11.23 
Outstanding at December 31, 20221,766,860 $17.01 4.1$265 
December 31, 2022:
Options vested and expected to vest1,766,860 $17.01 4.1$265 
Options exercisable1,682,399 $16.65 3.9$265 
The weighted-average grant-date fair value per share of options granted with exercise prices equal to the market price on the date of the grant was $18.89 for the year ended December 31, 2020. The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying options and the quoted price of the Company’s common stock for all options that were in-the-money at December 31, 2022. The aggregate intrinsic value of options exercised was $2.3 million, $26.9 million, and $39.9 million during 2022, 2021, and 2020, respectively, determined as of the option exercise date. The fair value of options vested was $2.2 million, $3.7 million and $4.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The following table summarizes information about the Company’s stock options outstanding at December 31, 2022: 
 OutstandingExercisable
Exercise PriceNumber of
Shares		Weighted-
Average
Remaining
Contractual
Life in Years		Number of
Shares		Weighted-
Average
Remaining
Contractual
Life in Years
$1.92 – $12.56
299,786 4.5296,765 4.4
$12.77 – $14.99
465,815 2.6465,681 2.6
$15.21 – $18.55
232,108 2.5224,001 2.2
$18.68 – $22.71
297,348 4.6278,562 4.4
$23.00 – $66.91
471,803 5.8417,390 5.7
1,766,860 1,682,399 
Stock-based compensation
The following table sets forth stock-based compensation expense related to stock-based arrangements under the Plans as presented within the consolidated statement of operations for the years ended December 31 (in thousands):
202220212020
Cost of revenue$2,397 $1,870 $983 
Research and development5,972 5,723 3,864 
Selling, general and administrative15,330 21,270 13,643 
Total stock-based compensation expense$23,699 $28,863 $18,490 
As of December 31, 2022, total unrecognized stock-based compensation cost related to non-vested options and RSUs was $36.7 million for awards with a service component and $0.1 million for awards with a service and performance component. This cost will be recognized on a straight-line basis over the weighted-average remaining service period of approximately 2.0 years, for stock awards with a service component, and less than one year for stock awards with a service and performance component. The Company utilizes newly issued shares to satisfy option exercises. No tax benefit was recognized related to stock-based compensation cost since the Company has not reported taxable income to date and has established a full valuation allowance to offset all of the potential tax benefits associated with its deferred tax assets.
Valuation assumptions
The Company grants RSUs to employees, directors and consultants and PSUs to employees and values these awards based on the grant date fair value, using the closing stock price of the Company’s shares on the date of the grant. Stock-based compensation expense is recognized based on awards ultimately expected to vest using actual forfeitures when incurred. The percentage achievement and vesting of PSU awards are contingent upon the achievement of predetermined tiered revenue performance goals. The Company assesses the probability of the awards expected to vest, based on the performance goals, and if probable, records compensation expense over the estimated service period. Updates to the expected probability are recorded cumulatively and remaining compensation expense, if any, is recognized over the remaining estimated service period.
Prior to January 1, 2021, the company granted stock options to employees, directors and consultants. The fair value of each employee stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
2020
Risk-free interest rates
0.54% — 1.69%
Expected term (years)
6.08 — 6.08
Expected dividend yield—%
Expected volatility
53.0% — 59.6%
The risk-free interest rates are based on the implied yield currently available in U.S. Treasury securities at maturity with an equivalent term. For purposes of determining the expected term of the awards in the absence of sufficient historical data relating to stock-option exercises, the Company applies a simplified approach in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award. The Company has not declared or paid any dividends and does not currently expect to do so in the foreseeable future. Expected volatility is based on the historical cumulative volatility of the Company’s stock price.
Employee Stock Purchase Plan
The Company’s 2013 Employee Stock Purchase Plan (“ESPP”) provides eligible employees with an opportunity to purchase common stock from the Company and to pay for their purchases through payroll deductions. The ESPP has overlapping offering periods of approximately 12 months in length. The offering periods generally start with the first trading day on or after March 1 and September 1 of each year and end on the first trading day on or after March 1 and September 1 of the following year, approximately 12 months later. Within each offering period, shares are purchased each six months on an exercise date.
An employee electing to participate in the ESPP (a “participant”) will be granted an option at the start of the offering period to purchase shares with contributions in any whole percentage ranging from 0% to 10% (or greater or lesser percentages or dollar amounts that the administrator determines) of the participant’s eligible compensation. The participant’s contributions will be accumulated and then used to purchase the Company’s shares on each exercise date. The purchase price on the exercise date will be 85% of the fair market value of the lesser of the Company’s share price on either the first trading day of the offering period or on the exercise date.
During 2022, 2021 and 2020, shares issued under the ESPP were 150,341, 64,809 and 89,477, respectively. The Company recorded share-based compensation expense for shares issued from the ESPP of $2.2 million, $1.3 million and $0.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. A total of 2,204,647 shares of common stock have been reserved for issuance under the ESPP, of which 883,793 shares were available for issuance as of December 31, 2022.
v3.22.4
Defined Contribution Retirement Plan
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Contribution Retirement Plan Defined Contribution Retirement PlanThe Company maintains a 401(k) defined contribution retirement plan covering substantially all of its employees. The plan provides for matching and discretionary contributions by the Company. Contributions were $2.4 million, $2.0 million and $1.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Loss before income taxes for the years ended December 31 consisted of the following (in thousands):
202220212020
Domestic$(160,542)$(116,178)$(111,101)
Foreign1,316 1,091 1,276 
Loss before income taxes$(159,226)$(115,087)$(109,825)
Significant components of our provision for income taxes for the years ended December 31 are as follows (in thousands):
202220212020
Current:
Domestic$— $— $— 
Foreign317 167 253 
Total provision for income taxes$317 $167 $253 
A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31 are as follows (in thousands):
202220212020
Income tax provision at federal statutory rate$(33,706)$(24,168)$(23,063)
Tax on repatriated foreign earnings and other nondeductible items284 580 348 
Section 162(m) limitations1,265 5,824 5,044 
Change in tax credits(3,501)(2,514)3,123 
Change in valuation allowance36,163 36,550 21,766 
Changes in federal and state tax rates2 (110)586 
Stock option exercise windfall1,758 (9,761)(7,683)
RTP and other true-ups1,665 (2,823)2,461 
State and foreign tax, and other(3,613)(3,411)(2,329)
Total provision for income taxes$317 $167 $253 
At December 31, 2022, for income tax return purposes the Company has gross federal and state NOL carryforwards totaling $860.1 million and tax credit carryforwards of $16.2 million. The gross federal NOL carryforwards generated during and after fiscal 2018 totaling $389.3 million are carried forward indefinitely, while all others, if not utilized, will expire beginning in 2025 through 2037. The research and development credit carryforwards generated prior to 2018 will expire beginning in 2028. The carryforwards may be subject to limitations under the Internal Revenue Code and applicable state tax law.
The Company does not expect to utilize any of its net operating loss and tax credit carryforwards in the near term. The Company may have already experienced one or more ownership changes. Depending on the timing of any future utilization of its carryforwards, the Company may be limited as to the amount that can be utilized each year as a result of such previous ownership changes. However, the Company does not believe such limitations will cause its carryforwards to expire unutilized.
Future changes in the Company’s stock ownership as well as other changes that may be outside the Company’s control could potentially result in further limitations on the Company’s ability to utilize its net operating loss and tax credit carryforwards.
The effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities for the years ended December 31 were as follows (in thousands):
20222021
Deferred tax assets:
Net operating loss carryforwards$146,108 $131,971 
Research and development tax credit carryforwards15,529 12,028 
Section 174 capitalized costs17,076 — 
Operating lease liability5,736 6,423 
Stock-based compensation6,561 6,287 
Foreign tax credit carryforwards659 659 
Accruals and other12,603 10,139 
Total deferred tax assets before allowance204,272 167,507 
Less: Valuation allowance(198,980)(162,817)
Deferred tax assets, net5,292 4,690 
Deferred tax liabilities:
Right of use asset and other(4,329)(4,690)
State net operating loss adjustments(963)— 
Deferred tax liability(5,292)(4,690)
Net deferred tax assets and liabilities$— $— 
Certain of the amounts in the income tax rate table and deferred tax assets tables above reflect reclassifications of prior year items to conform to the current year presentation.
The Company has recorded a full valuation allowance related to its deferred tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. The table below summarizes changes in the deferred tax asset valuation allowance for the years ended December 31 (in thousands):
202220212020
Balance at beginning of year$162,817 $114,335 $106,438 
Impact of adoption of ASU 2020-06 on debt discount (equity component) deferred tax liability— 11,932 — 
Charged to costs and expenses36,165 36,440 8,483 
Impact of change in tax rate(2)110 (586)
Balance at end of year$198,980 $162,817 $114,335 
The total balance of unrecognized gross tax benefits for the years ended December 31, resulting from research and development tax credits claimed on the Company’s annual tax return was as follows (in thousands):
202220212020
Unrecognized tax benefits at beginning of year$10,009 $9,171 $4,212 
Additions based on current year tax positions1,167 838 4,959 
Unrecognized tax benefits at end of year$11,176 $10,009 $9,171 
The Company classifies applicable interest and penalties on amounts due to tax authorities as a component of the provision for income taxes. The amount of accrued interest and penalties recorded in 2022, 2021 or 2020 was not significant. The Company does not anticipate that the amount of its existing unrecognized tax benefits will significantly increase or decrease within the next 12 months. Due to the presence of net operating loss carryforwards in most jurisdictions, the Company’s tax years remain open for examination by U.S. taxing authorities back to 2004.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
10x Genomics
On May 6, 2021, 10x Genomics, Inc. and Prognosys Biosciences, Inc., or “Prognosys”, filed a complaint, and on May 19, 2021, an amended complaint, and on May 4, 2022, a second amended complaint, against the Company in the U.S. District Court for the District of Delaware. The amended complaint alleges that certain of the Company’s products, services and components sold by the Company for use in connection with its GeoMx DSP system (the “Identified GeoMx Products”) infringe seven patents owned by Prognosys: (a) U.S. Patent No. 10,472,669, “Spatially encoded biological assays,” (b) U.S. Patent No. 10,961,566, “Spatially encoded biological assays,” (c) U.S. Patent No. 10,983,113, “Spatially encoded biological assays,” (d) U.S. Patent No. 10,996,219, “Spatially encoded biological assays,” (e) U.S. Patent No. 11,001,878, “Spatially encoded biological assays,” (f) U.S. Patent No. 11,008,607, “Spatially encoded biological assays,” and (g) U.S. Patent No. 11,293,917, “Systems for analyzing target biological molecules via sample imaging and delivery of probes to substrate well” (the “Asserted Prognosys Patents”). The amended complaint seeks, among other relief, injunctive relief and unspecified damages (including treble damages and attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States the Identified GeoMx Products, as well as the alleged infringement by others of the Asserted Prognosys Patents through their use of the Identified GeoMx Products. The Company has evaluated the plaintiffs’ claims and does not believe that its activities infringe any patent rights held by the plaintiffs. On November 17, 2021, the Court granted the Company’s motion to dismiss the plaintiffs’ claims of pre-suit indirect infringement and willful infringement with leave to amend the complaint. Discovery is in progress. A claim construction hearing was held on February 17, 2023. A trial is scheduled for November 2023. The Company intends to vigorously defend itself in this litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case.
On February 28, 2022, 10x Genomics, Inc. and President and Fellows of Harvard College, or “Harvard”, filed a complaint, and on May 12, 2022, an amended complaint, against the Company in the U.S. District Court for the District of Delaware. The complaint alleges that certain of the Company’s products, services and components sold by it for use in connection with its CosMx SMI system (the “Identified CosMx Products”) infringe five patents owned by Harvard: (a) U.S. Patent No. 10,227,639, “Compositions and Methods for Analyte Detection,” and (b) U.S. Patent No. 11,021,737, “Compositions and Methods for Analyte Detection,” (c) U.S. Patent No. 11,293,051, “Compositions and Methods for Analyte Detection”, (d) U.S. Patent No. 11,293,052, “Compositions and Methods for Analyte Detection,” and (e) U.S. Patent No. 11,293,054, “Compositions and Methods for Analyte Detection” (the “U.S. 10x CosMx Case”). The complaint seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to the Company’s making, using, selling, offering to sell, exporting and/or importing in the United States the Identified CosMx Products. The Company has evaluated the plaintiffs’ claims and does not believe that its activities infringe any patent rights held by the plaintiffs. Discovery is in progress. A claim construction hearing is scheduled for July 2023 and a trial is scheduled for June 2024. The Company intends to vigorously defend itself in this litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case. On August 16, 2022, the Company filed counterclaims in this action alleging that 10x Genomics’ Visium Spatial Gene Expression system and related products and services infringe the Company’s U.S. Patent No. 11,377,689, “Chemical Compositions and Uses Thereof.” On January 24, 2023, these counterclaims were consolidated with the claims of a separate patent infringement case that the Company filed against 10x Genomics on October 20, 2022, as discussed below.
On May 9, 2022, the Company was notified of a complaint, dated March 4, 2022, naming the Company and its wholly-owned subsidiary, NanoString Technologies Germany GmbH, which 10x Genomics, Inc. filed in the Munich Regional Court I in Germany, alleging that the Company’s CosMx SMI system and associated products and services infringe European Patent No. 2794928B1, or “EP 2794928B1”, which is owned by Harvard. The complaint seeks, among other relief, injunctive relief and damages in relation to the Company's selling and offering to sell its CosMx SMI system and associated products and services in Germany. The Company has evaluated the claims and does not believe that its activities infringe any patent rights held by 10x or Harvard. A hearing is scheduled for March 2023 in this proceeding. The Company intends to vigorously defend itself in this litigation. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case. On July 29, 2022, the Company, through its German subsidiary, filed a nullity action with the German Federal Patent Court in Munich requesting a judgment that EP 2794928B1, as in effect for Germany, be declared invalid and be revoked in its entirety. On February 10, 2023, the German Federal Patent Court issued a preliminary and non-binding opinion in this nullity action finding that the subject matter of the asserted independent claim 1 of EP 2794928B1 potentially lacked novelty and lacked an inventive step over prior art. The preliminary opinion further addressed Harvard’s seven patent claim limitation requests, referred to as auxiliary requests, which 10x and Harvard seek to have applied in the event that claim 1 of EP 2794928B1, as granted, proves not to be protectable. The preliminary opinion stated that the claim limitations in Auxiliary Request 1 could potentially be used to defend EP 2794928B1 over the cited prior art. The preliminary opinion further stated that Harvard would potentially not be able to use Auxiliary Requests 2 through 7 to establish novelty over the prior art. A hearing before the German Federal Patent Court is scheduled for May 2024 and a decision in the nullity action is expected following the hearing.
On October 20, 2022, the Company filed suit against 10x Genomics, Inc. in the U.S. District Court for the District of Delaware alleging that 10x Genomics’ Visium Spatial Gene Expression system and related products and services infringe the Company's U.S. Patent No. 11,473,142, “Chemical Compositions and Uses Thereof.” On January 24, 2023, the Company’s claims from the U.S.10x CosMx Case with respect to U.S. Patent No. 11,377,689 were consolidated with the claims in this action. The Company seeks, among other relief, injunctive relief and unspecified damages (including attorneys’ fees) in relation to 10x Genomics’ making, using, selling, offering to sell, exporting and/or importing in the United States the Visium system and related products and services. Discovery is in progress. A case schedule has not yet been set.
Contingencies
Other than the pending litigations with 10x Genomics and its co-plaintiffs, the Company is not engaged in any material legal proceedings. The Company is involved in other legal proceedings from time to time arising in the normal course of business. Additionally, the Company operates in various states and local jurisdictions for which sales, occupation, or franchise taxes may be payable to certain taxing authorities. Management believes that the outcome of these proceedings and any amounts that may become payable to certain taxing authorities will not have a material impact on the Company’s financial condition, results of operations, or liquidity.
Purchase Commitments
At December 31, 2022 the Company has non-cancellable purchase obligations of $70.0 million related to binding commitments to purchase inventory and other research and development items, $62.1 million of which is due within the next 12 months. In addition, the Company has construction contracts, associated with one of its Seattle area facilities, of $5.0 million, which is due within the next 12 months.
v3.22.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Outstanding stock options, restricted stock units and common stock warrants have not been included in the calculation of diluted net loss per share because to do so would be anti-dilutive. Accordingly, the numerator and the denominator used in computing both basic and diluted net loss per share for each period are the same.
The following common stock participating securities as of December 31 were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive (in thousands):
202220212020
Options to purchase common stock1,837 2,271 3,379 
Restricted stock units1,920 1,344 1,574 
Common stock warrants471 471 508 
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsIn February 2023, the Company’s board of directors approved an amendment to the 2018 Inducement Equity Incentive Plan to increase the number of shares of the Company’s common stock available for issuance under the plan for equity awards granted from 250,000 shares to 425,000 shares.
v3.22.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Accounting Principles and Principles of Consolidation The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. Each of the subsidiaries operates as a sales and support office. The functional currency of each subsidiary is the U.S. dollar. All significant intercompany balances and transactions have been eliminated.
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and that affect the reported amounts of revenue and expenditures during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include the estimation of stand-alone selling prices for its products and services, the estimation of the valuation of inventory, the estimates used in the valuation allowance for deferred tax assets and uncertain tax positions, and estimates used in certain of the inputs and calculations associated with stock-based compensation.
Cash and Cash Equivalents The Company considers all highly-liquid investments with purchased maturities of three months or less to be cash equivalents. The Company’s cash equivalents consist principally of funds maintained in depository accounts. The Company invests its cash and cash equivalents with major financial institutions; at times these investments exceed federally insured limits. Restricted cash consists of customer deposits which are secured through letters of credit until performance obligations have been met.
Investments
The Company classifies its debt securities as available-for-sale, which are reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. Realized gains, realized losses and allowance for estimated credit losses are included in other expense, net. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Amortization of premiums and accretion of discounts are included in other expense, net. Interest and dividends earned on all securities are included in other expense, net. Investments in debt securities with maturities of less than one year, or where management’s intent is to use the investments to fund current operations, or to make them available for current operations, are classified as short-term investments.
Investments are presented net of an allowance for expected credit losses that are remeasured each period and any impairment recognized as an expense. The Company has considered all information and factors and noted no indicators that a credit loss exists as of December 31, 2022. The Company has not experienced any significant investment credit losses to date. Accrued interest receivable is included in prepaid and other current assets and was $0.9 million and $0.8 million as of December 31, 2022 and 2021.
Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated net of an allowance for credit losses. The Company uses available information over the life of the receivables including analysis of past credit losses, recoveries of past credit losses, management’s expectations of future economic positions, as well as market conditions and other extenuating factors to support the allowance estimate.
Concentration of Credit Risks Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Cash is invested in accordance with the Company’s investment policy, which includes guidelines intended to minimize and diversify credit risk. Most of the Company’s investments are not federally insured. The Company has credit risk related to the collectability of its accounts receivable. The Company performs initial and ongoing evaluations of its customers’ credit history or financial position and generally extends credit on account without collateral.The Company is also subject to supply chain risks related to the outsourcing of the manufacturing and production of its instruments to sole suppliers. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. Similarly, the Company sources certain raw materials used in the manufacture of consumables from certain sole suppliers. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results.
Fair value of financial instruments The recorded amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Investments that are classified as available-for-sale are recorded at fair value. The fair value for investment securities held and for convertible senior notes are determined using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency.
Inventory Inventory consists of finished goods, raw materials, including certain intermediate manufactured items, and certain component parts to be used in manufacturing or servicing the Company’s products. Inventory is stated at the lower of cost or net realizable value. Cost is determined using a standard cost system, whereby the standard costs are updated periodically to reflect current costs and market represents the lower of cost or market (replacement cost or estimated net realizable value). The Company’s policy is to establish inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand, obsolete, slow moving or impaired. In the event that the Company identifies these conditions exist in its inventory, its carrying value is reduced to its net realizable value.The Company outsources the manufacturing of its instruments to third-party contract manufacturers who manufacture them to certain specifications and source certain raw materials from sole source providers. Major delays in shipments, inferior quality, insufficient quantity or any combination of these or other factors may harm the Company’s business and results of operations. In addition, the inability of one or more of these suppliers to provide the Company with an adequate supply of its products or raw materials or the loss of one or more of these suppliers may cause a delay in the Company’s ability to fulfill orders while it obtains a replacement supplier and may harm the Company’s business and results of operations.
Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Expenditures for additions are capitalized and expenditures for maintenance and repairs are expensed as incurred. Gains and losses from the disposal of property and equipment are reflected in the consolidated statements of operations in the period of disposition.
Useful Life
Manufacturing equipment5 years
Prototype systems2 years
Capitalized software and computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsLesser of useful life or lease term
Leases and Leasehold Improvements The Company determines if an arrangement is a lease at inception of a contract. The Company’s leasing portfolio is comprised of operating and finance leases primarily for general office, manufacturing, and research and development purposes. Operating and finance lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease right-of-use assets are reduced by lease incentives included in the agreement. As the existing leases do not contain an implicit interest rate, the Company estimates its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The Company includes options to extend the lease in the lease liability and right-of-use asset when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company elected, as an accounting policy election, to use the short-term lease recognition exemption on all classes of assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease payments as an expense on a straight-line basis over the lease term. The Company has lease office agreements with lease and non-lease components, which are generally accounted for separately. For lease equipment agreements, the Company accounts for the lease and non-lease components as a single lease component. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or, any material restrictive covenants.
Impairment of Long-Lived Assets The Company recognizes impairment losses on long-lived assets when indicators of impairment are present and the anticipated undiscounted cash flows to be generated by those assets are less than the asset’s carrying values. The Company has not experienced material impairment losses on its long-lived assets during the periods presented.
Debt, Policy The Company adopted “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) effective January 1, 2021. The Company uses the if-converted method for purposes of calculating dilutive earnings per share, if the Convertible Notes are dilutive during the period. In connection with the issuance of the Convertible Notes, the Company incurred certain financing costs associated directly with the issuance of the Convertible Notes. These issuance costs were deferred and are amortized to interest expense over five years using the effective interest method.
Segments Operating segments are defined as components of an entity for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer, who manages the operations and evaluates the financial performance on a total Company basis. The Company’s principal operations and decision-making functions are located at its corporate headquarters in the United States and the Company operates as a single operating and reporting segment.
Revenue Recognition
The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration expected to be received in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has transferred control of a product or service to the customer, meaning the customer has the ability to use and obtain the benefit of the product or service. The Company recognizes revenue for satisfied performance obligations only when there are no uncertainties regarding payment terms or transfer of control.
The Company has historically generated the majority of its revenue from sales of its proprietary GeoMx DSP system and nCounter Analysis System, and related consumables. Services consist of instrument service contracts for maintenance, repair and other support related to customer owned instruments, and also certain service fees for assay processing and data analysis and reporting.
Revenue from instruments and consumables is generally recognized upon shipment to the end customer, which is when control of the product has been transferred to the customer. Performance obligations related to instrument sales are reviewed on a contract-by-contract basis, as individual contract terms may vary and revenue is recognized as performance obligations are satisfied. Performance obligations for consumable products are generally completed upon shipment to the customer. While the Company typically completes installation and training of its customers with field-based service personnel, these services can also be provided by distribution partners and other third parties.
Instrument service contracts are sold with contract terms ranging from 12-36 months and cover periods after the end of the initial 12-month warranty. These contracts include services to maintain performance within the Company’s designed specifications and allow the customer to receive certain preventative maintenance service procedures during the contract term. Revenue from services to maintain designed specifications is considered a stand-ready obligation and recognized evenly over the contract term and service revenue related to preventative maintenance of instruments is recognized when the procedure is completed. Revenue from service fees for assay processing is recognized upon the rendering of the related performance obligation which is typically the delivery of data and analysis of the samples that have been processed.
For arrangements with multiple performance obligations, the Company allocates the contract price in proportion to each performance obligation’s relative stand-alone selling price. The Company frequently sells bundles of systems and consumables and, in such instances, uses its best estimate of selling price for its products based on historical sales or similar products. For service, the best estimate of selling price is based on historical stand-alone sales, as stand-alone sales data for services are more readily available. The Company reviews its stand-alone prices at least annually or more frequently if facts and circumstances significantly change.
The Company generally recognizes expense related to the acquisition of contracts, such as sales commissions, at the time of revenue recognition, which is generally in the same period products are sold, and in the case of services, revenue is recognized as services are rendered or over the period of time covered by the service contract. The Company records commission expenses within selling, general and administrative expenses.
Revenues from sales to customers through distributors are recognized consistent with the policies and practices for direct sales to customers, as described above.
Cost of Revenue Cost of product revenue consists primarily of costs incurred in the production process, including costs of purchasing instruments from third-party contract manufacturers, consumable component materials and assembly labor and overhead, installation, and packaging and delivery costs. In addition, cost of product revenue includes royalty costs for licensed technologies included in the Company’s products, provisions for slow-moving and obsolete inventory and stock-based compensation expense. Cost of product revenue for instruments and consumables is recognized in the period the related revenue is recognized. Shipping and handling costs incurred for product shipments are included in cost of product revenue in the consolidated statements of operations.Cost of service revenue consists primarily of field service technicians and the cost of providing repair and maintenance services including parts used in performing those services for instruments covered under warranty and service contracts. In addition, cost of service revenue includes lab personnel labor and overhead, stock-based compensation and materials used in performing data analysis services. Cost of service revenue is recognized in the period the services are performed.
Reserve for Product Warranties The Company generally provides a one-year warranty on both its nCounter Analysis Systems and GeoMx DSP instruments, and establishes a reserve for future warranty costs based on historical product failure rates and actual warranty costs incurred. Warranty expense is recorded as a component of cost of service revenue in the consolidated statements of operations. Warranty reserves were $1.0 million and $1.2 million as of December 31, 2022 and 2021, respectively.
Research and Development Research and development expenses, consisting primarily of salaries and benefits, stock-based compensation expense, occupancy costs, laboratory supplies, contracted services, and consulting fees are expensed as incurred.
Selling, General and Administrative Selling expenses consist primarily of personnel related costs for sales and marketing, contracted services, and service fees and are expensed as the related costs are incurred. Advertising costs are expensed as incurred and are included in sales and marketing expenses.General and administrative expenses consist primarily of personnel related costs for the Company’s finance, human resources, business development, legal, information technology and general management, as well as professional fees for legal, accounting and other consulting services. General and administrative expenses are expensed as they are incurred.
Income Taxes
The Company accounts for income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized.
The Company determines whether a tax position is more likely than not to be sustained upon examination based on the technical merits of the position. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.
Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method. Stock-based compensation costs related to restricted stock units (“RSUs”) and performance stock units (“PSUs”) which are granted by the Company are calculated using the grant-date fair value using the intrinsic method and for stock options granted in prior years, stock-based compensation was estimated using the Black-Scholes option pricing model. Stock-based compensation expense is recognized based on the number of awards ultimately expected to vest, using actual forfeitures when incurred. The Company uses the straight-line attribution method over the vesting period for recognizing compensation expense for awards with a service condition. For awards with service and performance conditions, the accelerated recognition method is used over the graded vesting schedules for the awards.
Guarantees and Indemnifications In the normal course of business, the Company guarantees and/or indemnifies other parties, including vendors, lessors and parties to transactions with the Company, with respect to certain matters. The Company has agreed to hold the other parties harmless against losses arising from breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. It is not possible to determine the maximum potential amount the Company could be required to pay under these indemnification agreements, since the Company has not had any prior indemnification claims, and each claim would be based upon the unique facts and circumstances of the claim and the particular provisions of each agreement. In the opinion of management, any such claims would not be expected to have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows. The Company did not have any related liabilities recorded at December 31, 2022 and 2021.
Comprehensive Loss Comprehensive loss includes certain changes in equity that are excluded from net loss. Specifically, unrealized gains and losses on available-for-sale debt securities are included in comprehensive (income) loss.
Fair Value Measurement
The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to measure fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 — Quoted prices in active markets for identical assets and liabilities.
•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The recorded amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other, accounts payable and accrued liabilities, approximate fair value due to their relatively short-term maturities. The recorded amount of the Company’s long-term debt can be determined based on the estimated or actual bid prices of the Convertible Senior Notes in an over-the-counter market, which are classified as a Level 2 financial instrument.
Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Outstanding stock options, restricted stock units and common stock warrants have not been included in the calculation of diluted net loss per share because to do so would be anti-dilutive. Accordingly, the numerator and the denominator used in computing both basic and diluted net loss per share for each period are the same.
Foreign Currency Transactions and Translations Policy The functional currency of our foreign subsidiaries is the U.S. dollar. Accordingly, monetary balance sheet accounts are remeasured using exchange rates in effect at the balance sheet dates and non-monetary items are remeasured at historical exchange rates. Expenses are generally remeasured at the average exchange rates for the period.
Internal Use Software, Policy
The Company capitalizes certain development costs incurred in connection with software development for internal-use software platforms used in operations. Costs incurred in the preliminary stages of development are expensed as incurred. Once software has reached the development stage, internal and external costs, if direct, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over the estimated useful life of the software platforms and are included in depreciation and amortization expense within operating expenses in our consolidated statements of operations. Unamortized capitalized internal-use software development costs were $11.8 million and $4.0 million as of December 31, 2022 and 2021, respectively. Amortization of capitalized internal-use software costs was $0.3 million for the year ending December 31, 2022.
Capitalized costs associated with the implementation of hosted third-party cloud computing arrangements are recorded as part of current and long-term other assets. Maintenance and training costs are expensed as incurred and are expensed on a straight-line basis over the term of the related hosting arrangement. Costs are recorded within the consolidated statements of operations based on the functional use of the software. Unamortized capitalized software implementation costs were $1.9 million and $3.2 million as of December 31, 2022 and 2021, respectively. Amortization and write-down of capitalized software implementation costs of hosted third-party cloud computing arrangements was $1.3 million and $0.3 million for the years ending December 2022 and 2021, respectively.
Reclassification, Comparability Adjustment ReclassificationsCertain prior year amounts related to inventory categories have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations, financial position or cash flows from operations.
v3.22.4
Fair Value Measures and Disclosures (Policies)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement
The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to measure fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 — Quoted prices in active markets for identical assets and liabilities.
•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The recorded amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other, accounts payable and accrued liabilities, approximate fair value due to their relatively short-term maturities. The recorded amount of the Company’s long-term debt can be determined based on the estimated or actual bid prices of the Convertible Senior Notes in an over-the-counter market, which are classified as a Level 2 financial instrument.
v3.22.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table provides information about disaggregated revenue by major product line and primary geographic market (in thousands):
2022
AmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$21,989 $9,546 $6,054 $37,589 
Consumables47,566 18,863 3,938 70,367 
Total product revenue69,555 28,409 9,992 107,956 
Service and other revenue13,404 4,812 1,090 19,306 
Total revenue$82,959 $33,221 $11,082 $127,262 
2021
AmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$31,467 $14,837 $9,312 $55,616 
Consumables50,421 16,216 5,209 71,846 
Total product revenue81,888 31,053 14,521 127,462 
Service and other revenue12,472 4,117 1,034 17,623 
Total revenue$94,360 $35,170 $15,555 $145,085 
2020
AmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$30,016 $11,134 $6,680 $47,830 
Consumables34,922 12,203 2,972 50,097 
Total product revenue64,938 23,337 9,652 97,927 
Service and other revenue14,849 3,560 980 19,389 
Total revenue$79,787 $26,897 $10,632 $117,316 
Total revenue in the United States was $79.5 million, $91.0 million and $77.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s long-lived assets are primarily located in the United States and not allocated to any specific geographic region.
v3.22.4
Short-term Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments Available-for-Sale Securities
Short-term investments consisted of available-for-sale and equity securities as follows (in thousands):
Type of securities as of December 31, 2022Amortized costGross
unrealized
gains		Gross
unrealized
losses		Fair value
Corporate debt securities$62,862 $— $(359)$62,503 
U.S. government-related debt securities22,009 — (230)21,779 
Total available-for-sale debt securities$84,871 $— $(589)$84,282 
Type of securities as of December 31, 2021Amortized costGross
unrealized
gains		Gross
unrealized
losses		Fair value
Corporate debt securities$177,375 $3 $(195)$177,183 
U.S. government-related debt securities33,134 2 (97)33,039 
Asset-backed securities31,631 — (32)31,599 
Total available-for-sale debt securities$242,140 $5 $(324)$241,821 
Fair Values of Available-for-Sale Securities by Contractual Maturity
The fair values of available-for-sale debt securities by contractual maturity at December 31 were as follows (in thousands):
20222021
Maturing in one year or less$81,004 $174,534 
Maturing in one to three years3,278 67,287 
Total available-for-sale debt securities$84,282 $241,821 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table summarizes investments that have been in a continuous unrealized loss position as of December 31, 2022 (in thousands).
Less than 12 months12 months or greaterTotal
Fair ValueGross unrealized lossesFair ValueGross unrealized lossesFair ValueGross unrealized losses
Corporate debt securities$10,232 $(52)$48,271 $(307)$58,503 $(359)
U.S. government-related debt securities3,988 (16)17,790 (214)21,778 (230)
Total$14,220 $(68)$66,061 $(521)$80,281 $(589)
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Company's Available-for-Sale Securities by Level within Fair Value Hierarchy
The Company’s investments by level within the fair value hierarchy were as follows (in thousands):
Type of securities as of December 31, 2022Fair value measurement using:
Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$104,294 $— $— $104,294 
Short-term investments:
Corporate debt securities— 62,503 — 62,503 
U.S. government-related debt securities— 21,779 — 21,779 
Asset-backed securities— — — — 
Total$104,294 $84,282 $— $188,576 
Type of securities as of December 31, 2021Fair value measurement using:
Level 1Level 2Level 3Total
Cash equivalents:
Money market fund$98,247 $— $— $98,247 
Short-term investments:
Corporate debt securities— 177,183 — 177,183 
U.S. government-related debt securities— 33,039 — 33,039 
Asset-backed securities— 31,599 — 31,599 
Total$98,247 $241,821 $— $340,068 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease, Cost [Table Text Block]
The following table provides the components of the Company’s lease cost (in thousands):
20222021
Operating lease cost$5,572 $5,210 
Finance lease cost:
Amortization of right-of-use assets319 255 
Interest on lease liabilities20 23 
Total lease cost$5,911 $5,488 
Other information related to leases for the year ended December 31 were as follows (in thousands):
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,983 $6,276 
Operating cash flows from finance leases20 23 
Financing cash flows from finance leases333 236 
Right-of-use assets obtained in exchange for operating lease liabilities$2,126 $929 
Right-of-use assets obtained in exchange for finance lease liabilities— 448 
Operating Leases
Weighted average remaining lease term (years)4.84.9
Weighted average discount rate7.3 %7.0 %
Financing Leases
Weighted average remaining lease term (years)1.51.8
Weighted average discount rate3.8 %4.3 %
Summary of Operating Lease Payments
Future minimum lease payments under the lease agreements as of December 31, 2022 were as follows (in thousands):
FinanceOperating
2023$223 $6,844 
2024113 6,899 
2025— 7,079 
2026— 2,211 
2027— 1,317 
Thereafter— 4,660 
Total future minimum lease payments336 29,010 
Less: imputed interest(10)(5,130)
Total$326 $23,880 
Summary of Finance Lease Payments
Future minimum lease payments under the lease agreements as of December 31, 2022 were as follows (in thousands):
FinanceOperating
2023$223 $6,844 
2024113 6,899 
2025— 7,079 
2026— 2,211 
2027— 1,317 
Thereafter— 4,660 
Total future minimum lease payments336 29,010 
Less: imputed interest(10)(5,130)
Total$326 $23,880 
v3.22.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consisted of the following at December 31 (in thousands):
20222021
Raw materials$11,013 $5,985 
Intermediate manufactured components14,715 10,887 
Finished goods17,545 14,614 
Total inventory, net$43,273 $31,486 
v3.22.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and equipment consisted of the following at December 31 (in thousands):
Useful Life
(Years)		20222021
Manufacturing equipment5$22,094 $19,067 
Prototype instruments210,421 2,128 
Capitalized software and computer equipment318,670 5,597 
Furniture and fixtures52,153 1,927 
Leasehold improvementsVarious20,297 19,641 
Construction in progress7,055 7,143 
Total property and equipment, gross80,690 55,503 
Less: Accumulated depreciation and amortization(36,233)(28,460)
Total property and equipment, net$44,457 $27,043 
v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-term debt and lease financing obligations The outstanding balance of the Company’s Convertible Notes consisted of the following at December 31 (in thousands):
20222021
Outstanding principal of Convertible Note$230,000 $230,000 
Less: unamortized issuance costs(3,378)(4,856)
Long-term debt, net$226,622 $225,144 
Schedule of Interest Expense
The following table sets forth total interest expense recognized related to the Convertible Notes (in thousands):
202220212020
Contractual interest expense$6,038 $6,038 $4,897 
Amortization of issuance costs1,477 1,429 8,650 
Total interest expense$7,515 $7,467 $13,547 
v3.22.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity and Related Information
A summary of the Company’s stock option activity under the Plans is as follows:
SharesWeighted-
average exercise
price per share		Weighted-
average remaining
contractual
term (in years)		Aggregate
intrinsic value
(in thousands)
Outstanding at January 1, 20222,017,791 $16.93 5.3$51,105 
Canceled and forfeited(122,304)21.60 
Exercised(128,627)11.23 
Outstanding at December 31, 20221,766,860 $17.01 4.1$265 
December 31, 2022:
Options vested and expected to vest1,766,860 $17.01 4.1$265 
Options exercisable1,682,399 $16.65 3.9$265 
Company's Options Outstanding
The following table summarizes information about the Company’s stock options outstanding at December 31, 2022: 
 OutstandingExercisable
Exercise PriceNumber of
Shares		Weighted-
Average
Remaining
Contractual
Life in Years		Number of
Shares		Weighted-
Average
Remaining
Contractual
Life in Years
$1.92 – $12.56
299,786 4.5296,765 4.4
$12.77 – $14.99
465,815 2.6465,681 2.6
$15.21 – $18.55
232,108 2.5224,001 2.2
$18.68 – $22.71
297,348 4.6278,562 4.4
$23.00 – $66.91
471,803 5.8417,390 5.7
1,766,860 1,682,399 
Stock Compensation Expense
The following table sets forth stock-based compensation expense related to stock-based arrangements under the Plans as presented within the consolidated statement of operations for the years ended December 31 (in thousands):
202220212020
Cost of revenue$2,397 $1,870 $983 
Research and development5,972 5,723 3,864 
Selling, general and administrative15,330 21,270 13,643 
Total stock-based compensation expense$23,699 $28,863 $18,490 
Fair Value of Employee Option Grant The fair value of each employee stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
2020
Risk-free interest rates
0.54% — 1.69%
Expected term (years)
6.08 — 6.08
Expected dividend yield—%
Expected volatility
53.0% — 59.6%
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Loss Before Income Taxes
Loss before income taxes for the years ended December 31 consisted of the following (in thousands):
202220212020
Domestic$(160,542)$(116,178)$(111,101)
Foreign1,316 1,091 1,276 
Loss before income taxes$(159,226)$(115,087)$(109,825)
Significant Components of our Provision for Income Taxes
Significant components of our provision for income taxes for the years ended December 31 are as follows (in thousands):
202220212020
Current:
Domestic$— $— $— 
Foreign317 167 253 
Total provision for income taxes$317 $167 $253 
Income Tax Expense (Benefit) Differed from Amounts Computed by Applying Statutory Federal Income Tax Rate
A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31 are as follows (in thousands):
202220212020
Income tax provision at federal statutory rate$(33,706)$(24,168)$(23,063)
Tax on repatriated foreign earnings and other nondeductible items284 580 348 
Section 162(m) limitations1,265 5,824 5,044 
Change in tax credits(3,501)(2,514)3,123 
Change in valuation allowance36,163 36,550 21,766 
Changes in federal and state tax rates2 (110)586 
Stock option exercise windfall1,758 (9,761)(7,683)
RTP and other true-ups1,665 (2,823)2,461 
State and foreign tax, and other(3,613)(3,411)(2,329)
Total provision for income taxes$317 $167 $253 
Effect of Temporary Differences and Carryforwards
The effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities for the years ended December 31 were as follows (in thousands):
20222021
Deferred tax assets:
Net operating loss carryforwards$146,108 $131,971 
Research and development tax credit carryforwards15,529 12,028 
Section 174 capitalized costs17,076 — 
Operating lease liability5,736 6,423 
Stock-based compensation6,561 6,287 
Foreign tax credit carryforwards659 659 
Accruals and other12,603 10,139 
Total deferred tax assets before allowance204,272 167,507 
Less: Valuation allowance(198,980)(162,817)
Deferred tax assets, net5,292 4,690 
Deferred tax liabilities:
Right of use asset and other(4,329)(4,690)
State net operating loss adjustments(963)— 
Deferred tax liability(5,292)(4,690)
Net deferred tax assets and liabilities$— $— 
Summary of Changes in Deferred Tax Asset Valuation Allowance The table below summarizes changes in the deferred tax asset valuation allowance for the years ended December 31 (in thousands):
202220212020
Balance at beginning of year$162,817 $114,335 $106,438 
Impact of adoption of ASU 2020-06 on debt discount (equity component) deferred tax liability— 11,932 — 
Charged to costs and expenses36,165 36,440 8,483 
Impact of change in tax rate(2)110 (586)
Balance at end of year$198,980 $162,817 $114,335 
Total Balance of Unrecognized Gross Tax Benefits Resulting from R&D Credits Claimed
The total balance of unrecognized gross tax benefits for the years ended December 31, resulting from research and development tax credits claimed on the Company’s annual tax return was as follows (in thousands):
202220212020
Unrecognized tax benefits at beginning of year$10,009 $9,171 $4,212 
Additions based on current year tax positions1,167 838 4,959 
Unrecognized tax benefits at end of year$11,176 $10,009 $9,171 
v3.22.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Summary of Shares Excluded from Computation of Diluted Net Loss Per Share
The following common stock participating securities as of December 31 were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive (in thousands):
202220212020
Options to purchase common stock1,837 2,271 3,379 
Restricted stock units1,920 1,344 1,574 
Common stock warrants471 471 508 
v3.22.4
Description of the Business Narrative (Details)
 12 Months Ended
Dec. 31, 2022
platform
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of platforms 3
v3.22.4
Significant Accounting Policies - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Significant Accounting Policies [Line Items]        
Inventory reserves $ 7,300,000 $ 6,500,000    
Impairment of intangible assets, finite lived 0   $ 0  
Warranty reserve 1,000,000 1,200,000    
Advertising costs $ 9,300,000 4,800,000 3,400,000  
Product warranty accrual period 1 year      
Standard warranty period 12 months      
Stockholders' Equity Attributable to Parent $ (45,814,000) (176,962,000) (306,948,000) $ (104,151,000)
Accumulated deficit (809,296,000) (649,753,000)    
Interest Receivable 900,000 800,000    
Software and Software Development Costs        
Significant Accounting Policies [Line Items]        
Capitalized Computer Software, Amortization 1,300,000 300,000    
Additional Paid-in Capital        
Significant Accounting Policies [Line Items]        
Stockholders' Equity Attributable to Parent (855,694,000) (827,028,000) (848,891,000) $ (535,954,000)
Cumulative Effect, Period of Adoption, Adjustment        
Significant Accounting Policies [Line Items]        
Stockholders' Equity Attributable to Parent     51,012,000  
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital        
Significant Accounting Policies [Line Items]        
Stockholders' Equity Attributable to Parent     $ 58,543,000  
Software Development        
Significant Accounting Policies [Line Items]        
Capitalized Computer Software, Amortization 300,000      
Capitalized Computer Software, Net 11,800,000 4,000,000    
Software and Software Development Costs        
Significant Accounting Policies [Line Items]        
Capitalized Computer Software, Net $ 1,900,000 $ 3,200,000    
Manufacturing equipment        
Significant Accounting Policies [Line Items]        
Estimated useful lives of the assets 5 years      
Prototype Systems        
Significant Accounting Policies [Line Items]        
Estimated useful lives of the assets 2 years      
Capitalized software and computer equipment        
Significant Accounting Policies [Line Items]        
Estimated useful lives of the assets 3 years      
Furniture and fixtures        
Significant Accounting Policies [Line Items]        
Estimated useful lives of the assets 5 years      
Minimum        
Significant Accounting Policies [Line Items]        
Extended warranty period 12 months      
Maximum        
Significant Accounting Policies [Line Items]        
Extended warranty period 36 months      
v3.22.4
Revenue from Contracts with Customers Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Total revenue $ 127,262 $ 145,085 $ 117,316
Customer deposits 1,757 1,278  
Contract Liabilities 13,000 10,300  
Performance obligation satisfied in previous period 12,000    
Contract assets 1,100 700  
Remaining performance obligation $ 14,800    
Revenue, Performance Obligation, Description of Payment Terms 45 days    
Proceeds from Customers $ 15,200    
United States      
Disaggregation of Revenue [Line Items]      
Total revenue 79,500 $ 91,000 $ 77,500
Accounting Standards Update 2014-09      
Disaggregation of Revenue [Line Items]      
Contract Liabilities $ (3,200)    
v3.22.4
Revenue from Contracts with Customers Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Total revenue $ 127,262 $ 145,085 $ 117,316
Instruments      
Disaggregation of Revenue [Line Items]      
Total revenue 37,589 55,616 47,830
Consumables      
Disaggregation of Revenue [Line Items]      
Total revenue 70,367 71,846 50,097
Total product revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 107,956 127,462 97,927
Service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 19,306 17,623 19,389
Total product and service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 127,262 145,085 117,316
Americas | Instruments      
Disaggregation of Revenue [Line Items]      
Total revenue 21,989 31,467 30,016
Americas | Consumables      
Disaggregation of Revenue [Line Items]      
Total revenue 47,566 50,421 34,922
Americas | Total product revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 69,555 81,888 64,938
Americas | Service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 13,404 12,472 14,849
Americas | Total product and service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 82,959 94,360 79,787
Asia Pacific | Instruments      
Disaggregation of Revenue [Line Items]      
Total revenue 6,054 9,312 6,680
Asia Pacific | Consumables      
Disaggregation of Revenue [Line Items]      
Total revenue 3,938 5,209 2,972
Asia Pacific | Total product revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 9,992 14,521 9,652
Asia Pacific | Service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 1,090 1,034 980
Asia Pacific | Total product and service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 11,082 15,555 10,632
Europe and Middle East | Instruments      
Disaggregation of Revenue [Line Items]      
Total revenue 9,546 14,837 11,134
Europe and Middle East | Consumables      
Disaggregation of Revenue [Line Items]      
Total revenue 18,863 16,216 12,203
Europe and Middle East | Total product revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 28,409 31,053 23,337
Europe and Middle East | Service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 4,812 4,117 3,560
Europe and Middle East | Total product and service revenue      
Disaggregation of Revenue [Line Items]      
Total revenue $ 33,221 $ 35,170 $ 26,897
v3.22.4
Short-term Investments - Available-for-Sale Securities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Amortized cost $ 84,871 $ 242,140
Gross unrealized gains 0 5
Gross unrealized losses (589) (324)
Fair value 84,282 241,821
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 14,220  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (68)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 66,061  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (521)  
Debt Securities, Available-for-sale, Unrealized Loss Position 80,281  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (589)  
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost 62,862 177,375
Gross unrealized gains 0 3
Gross unrealized losses (359) (195)
Fair value 62,503 177,183
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 10,232  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (52)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 48,271  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (307)  
Debt Securities, Available-for-sale, Unrealized Loss Position 58,503  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (359)  
U.S. government-related debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost 22,009 33,134
Gross unrealized gains 0 2
Gross unrealized losses (230) (97)
Fair value 21,779 33,039
Asset-backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost   31,631
Gross unrealized gains   0
Gross unrealized losses   (32)
Fair value   $ 31,599
US Government Debt Securities    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 3,988  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (16)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 17,790  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (214)  
Debt Securities, Available-for-sale, Unrealized Loss Position 21,778  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (230)  
v3.22.4
Short-term Investments - Fair Values of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Maturing in one year or less $ 81,004 $ 174,534
Maturing in one to three years 3,278 67,287
Total available-for-sale debt securities $ 84,282 $ 241,821
v3.22.4
Fair Value Measurements - Company's Available-for-Sale Securities by Level within Fair Value Hierarchy (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments $ 84,282 $ 241,821
Total 188,576 340,068
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 62,503 177,183
U.S. government-related debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 21,779 33,039
Asset-backed Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments   31,599
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value 0 31,599
Money market fund    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 104,294 98,247
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 104,294 98,247
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 0 0
Level 1 | U.S. government-related debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 0 0
Level 1 | Asset-backed Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value 0 0
Level 1 | Money market fund    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 104,294 98,247
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 84,282 241,821
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 62,503 177,183
Level 2 | U.S. government-related debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 21,779 33,039
Level 2 | Asset-backed Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value 0 31,599
Level 2 | Money market fund    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Level 3 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 0 0
Level 3 | U.S. government-related debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short term investments 0 0
Level 3 | Asset-backed Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value 0 0
Level 3 | Money market fund    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.22.4
Fair Value Measurements (Details) - USD ($)
$ in Millions
 1 Months Ended
Mar. 31, 2020
Dec. 31, 2022
Convertible Senior Notes Due 2025    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Debt instrument, fair value   $ 182.9
Term Loan Agreement    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Repayments of debt $ 88.6  
v3.22.4
Leases - (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
ft²
Lease
Dec. 31, 2021
USD ($)
Leases [Abstract]    
Number of operating leases | Lease 5  
Area under lease | ft² 162,322  
Operating lease cost $ 5,572 $ 5,210
Amortization of right-of-use assets 319 255
Interest on lease liabilities 20 23
Total lease cost $ 5,911 $ 5,488
v3.22.4
Leases - Summary of Lease Cost and Other Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Operating cash flows from operating leases $ 6,983,000 $ 6,276,000  
Operating cash flows from finance leases 20,000 23,000  
Financing cash flows from finance leases 333,000 236,000 $ 135,000
Right-of-use assets obtained in exchange for operating lease liabilities 2,126,000 929,000 0
Right-of-use assets obtained in exchange for finance lease liabilities $ 0 $ 448,000 $ 524,000
Weighted average remaining lease term (years) 4 years 9 months 18 days 4 years 10 months 24 days  
Weighted average discount rate 7.30% 7.00%  
Weighted average remaining lease term (years) 1 year 6 months 1 year 9 months 18 days  
Weighted average discount rate 3.80% 4.30%  
v3.22.4
Leases - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Finance Lease, Liability, Payment, Due [Abstract]  
2021 $ 223
2022 113
2023 0
2024 0
2025 0
Thereafter 0
Total future minimum lease payments 336
Less: imputed interest $ (10)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Deferred revenue and other liabilities, net of current portion
Total $ 326
Operating Lease, Liability [Abstract]  
2021 6,844
2022 6,899
2023 7,079
2024 2,211
2025 1,317
Thereafter 4,660
Total future minimum lease payments 29,010
Less: imputed interest (5,130)
Total $ 23,880
v3.22.4
Inventory - Schedule of Inventory (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]    
Raw materials $ 11,013 $ 5,985
Intermediate manufactured components 14,715 10,887
Finished goods 17,545 14,614
Inventory, net $ 43,273 $ 31,486
v3.22.4
Property and Equipment - (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 80,690 $ 55,503
Less: Accumulated depreciation and amortization (36,233) (28,460)
Total property and equipment, net $ 44,457 27,043
Manufacturing equipment    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Property and equipment, gross $ 22,094 19,067
Prototype instruments    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 2 years  
Property and equipment, gross $ 10,421 2,128
Capitalized software and computer equipment    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 3 years  
Property and equipment, gross $ 18,670 5,597
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Property and equipment, gross $ 2,153 1,927
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 20,297 19,641
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 7,055 $ 7,143
v3.22.4
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]      
Depreciation and amortization $ 8.1 $ 5.9 $ 5.7
v3.22.4
Long-Term Debt - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
day
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
Nov. 30, 2018
USD ($)
Oct. 31, 2018
USD ($)
Jan. 31, 2018
USD ($)
Line of Credit Facility [Line Items]              
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001        
Share price | $ / shares   $ 7.97          
Interest expense   $ 7,500          
Interest expense   7,535 $ 7,490 $ 15,408      
Long-term Debt and Lease Obligation   226,622 225,144        
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net   3,378 4,856        
Term Loan Agreement              
Line of Credit Facility [Line Items]              
Repayments of debt $ 88,600            
Line of credit facility, maximum borrowing capacity           $ 100,000  
Proceeds from lines of credit   $ 80,000          
Interest expense     $ 7,500 15,400      
Write off of deferred debt issuance cost       6,600      
Secured Revolving Loan Facility              
Line of Credit Facility [Line Items]              
Extinguishment of debt, termination fee       $ 500      
Convertible Senior Notes Due 2025              
Line of Credit Facility [Line Items]              
Debt term   5 years          
Debt Instrument, Interest Rate During Period     3.30%        
Outstanding Principal Of Convertible Debt   $ 230,000 $ 230,000        
Convertible Senior Notes Due 2025 | Senior Notes              
Line of Credit Facility [Line Items]              
Proceeds from issuance of debt $ 222,600            
Debt instrument conversion ratio   20.9161          
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001          
Conversion price (in dollars per share) | $ / shares   $ 47.81          
Threshold consecutive trading days | day   30          
Percentage of redemption fee   100.00%          
Convertible Senior Notes Due 2025 | Senior Notes | Convertible Debt Triggering Event 1              
Line of Credit Facility [Line Items]              
Threshold trading days | day   20          
Threshold consecutive trading days | day   30          
Percentage of stock price trigger   130.00%          
Convertible Senior Notes Due 2025 | Senior Notes | Convertible Debt Triggering Event 2              
Line of Credit Facility [Line Items]              
Threshold trading days | day   5          
Threshold consecutive trading days | day   5          
Percentage of stock price trigger   98.00%          
Revolving Credit Facility | Secured Revolving Loan Facility              
Line of Credit Facility [Line Items]              
Line of credit facility, maximum borrowing capacity         $ 20,000   $ 15,000
v3.22.4
Long-Term Debt - Long-term debt and lease financing obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net $ 3,378 $ 4,856
Long-term debt, net 226,622 225,144
Convertible Senior Notes Due 2025    
Debt Instrument [Line Items]    
Outstanding Principal Of Convertible Debt $ 230,000 $ 230,000
v3.22.4
Long-Term Debt - Schedule of Interest Expense (Details) - Convertible Senior Notes Due 2025 - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Contractual interest expense $ 6,038,000 $ 6,038,000 $ 4,897,000
Amortization of issuance costs 1,477,000 1,429,000 8,650,000
Total interest expense $ 7,515,000 $ 7,467,000 $ 13,547,000
v3.22.4
Common Stock and Preferred Stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]        
Proceeds from sale of common stock, net   $ 0 $ 0 $ 215,765
Common Stock, Voting Rights   one    
Preferred stock, shares issued (in shares)   0 0  
Preferred stock, shares authorized (in shares)   15,000,000 15,000,000  
Common Stock        
Subsidiary, Sale of Stock [Line Items]        
Class of Warrant or Right, Outstanding   470,510    
Exercise price of warrants (in dollars per share)   $ 24.70    
Overallotment option        
Subsidiary, Sale of Stock [Line Items]        
Sale of Stock, Number of Shares Issued in Transaction 750,000      
Public Stock Offering        
Subsidiary, Sale of Stock [Line Items]        
Proceeds from underwritten public offering after fees and commissions $ 215,800      
IPO        
Subsidiary, Sale of Stock [Line Items]        
Sale of Stock, Number of Shares Issued in Transaction 5,750,000      
Sale Of Stock, Gross Consideration Received On Transaction $ 230,000      
v3.22.4
Stock-based Compensation - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2013
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized under the Plans (in shares)   250,000    
Weighted-average grant date fair value per share (in dollars per share)       $ 18.89
Aggregate intrinsic value for options exercised   $ 2,300,000 $ 26,900,000 $ 39,900,000
Fair value of options vested   2,200,000 3,700,000 4,200,000
Tax benefit recognized related to share-based compensation cost   0    
Stock-based compensation expense   $ 25,908,000 30,173,000 19,374,000
Share-based Payment Arrangement, Plan Modification, Incremental Cost     3,000,000 4,700,000
2004 Stock Option Plan and 2013 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized under the Plans (in shares)   15,057,772    
Stock options grant period, years   10 years    
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total value of shares vested   $ 18,600,000 $ 11,700,000 $ 7,000,000
Shares vested (in shares)   759,305    
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Length of offering period, in months 12 months      
Length of purchase periods, in months 6 months      
Purchase price percentage of fair market value of shares 85.00%      
Shares issued (in shares)   150,341 64,809 89,477
Stock-based compensation expense   $ 2,200,000 $ 1,300,000 $ 900,000
Common stock reserved for issuance (in shares)   2,204,647    
Share available for grant (in shares)   883,793    
ESPP | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Contribution percentage of purchase shares on participants eligible compensation 0.00%      
ESPP | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Contribution percentage of purchase shares on participants eligible compensation 10.00%      
Service component        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost   $ 36,700,000    
Unrecognized compensation cost, weighted-average recognized period   2 years    
Service and Performance components        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost   $ 100,000    
Unrecognized compensation cost, weighted-average recognized period   1 year    
Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period and exercisable period, years   4 years    
v3.22.4
Stock-based Compensation - Stock Option Activity and Related Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding at December 31, 2015 (in shares) 2,017,791  
Canceled and forfeited (in shares) (122,304)  
Exercised (in shares) (128,627)  
Outstanding at December 31, 2016 (in shares) 1,766,860 2,017,791
Options vested and expected to vest at December 31, 2016 (in shares) 1,766,860  
Options exercisable at December 31, 2016 (in shares) 1,682,399  
Weighted- average exercise price per share    
Outstanding at December 31, 2015 (in dollars per share) $ 16.93  
Canceled and forfeited (in dollars per share) 21.60  
Exercised (in dollars per share) 11.23  
Outstanding at December 31, 2016 (in dollars per share) 17.01 $ 16.93
Options vested and expected to vest at December 31, 2016 (in dollars per share) 17.01  
Options exercisable at December 31, 2016 (in dollars per share) $ 16.65  
Weighted- average remaining contractual term (in years)    
Outstanding 4 years 1 month 6 days 5 years 3 months 18 days
Options vested and expected to vest as December 31, 2016 4 years 1 month 6 days  
Options exercisable at December 31, 2016 3 years 10 months 24 days  
Aggregate intrinsic value (in thousands)    
Outstanding $ 265 $ 51,105
Options vested and expected to vest at December 31, 2016 265  
Options exercisable at December 31, 2016 $ 265  
v3.22.4
Stock-based Compensation - Company's Options Outstanding (Detail)
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 1,766,860
Options Exercisable - Number of Shares (in shares) 1,682,399
$1.92 – $12.56  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 299,786
Options Outstanding -Weighted- Average Remaining Contractual Life in Years 4 years 6 months
Options Exercisable - Number of Shares (in shares) 296,765
Options Exercisable - Weighted- Average Remaining Contractual Life in Years 4 years 4 months 24 days
$1.92 – $12.56 | Minimum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 1.92
$1.92 – $12.56 | Maximum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 12.56
$12.77 – $14.99  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 465,815
Options Outstanding -Weighted- Average Remaining Contractual Life in Years 2 years 7 months 6 days
Options Exercisable - Number of Shares (in shares) 465,681
Options Exercisable - Weighted- Average Remaining Contractual Life in Years 2 years 7 months 6 days
$12.77 – $14.99 | Minimum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 12.77
$12.77 – $14.99 | Maximum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 14.99
$15.21 – $18.55  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 232,108
Options Outstanding -Weighted- Average Remaining Contractual Life in Years 2 years 6 months
Options Exercisable - Number of Shares (in shares) 224,001
Options Exercisable - Weighted- Average Remaining Contractual Life in Years 2 years 2 months 12 days
$15.21 – $18.55 | Minimum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 15.21
$15.21 – $18.55 | Maximum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 18.55
$18.68 – $22.71  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 297,348
Options Outstanding -Weighted- Average Remaining Contractual Life in Years 4 years 7 months 6 days
Options Exercisable - Number of Shares (in shares) 278,562
Options Exercisable - Weighted- Average Remaining Contractual Life in Years 4 years 4 months 24 days
$18.68 – $22.71 | Minimum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 18.68
$18.68 – $22.71 | Maximum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 22.71
$23.00 – $66.91  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Options Outstanding - Number of Shares (in shares) 471,803
Options Outstanding -Weighted- Average Remaining Contractual Life in Years 5 years 9 months 18 days
Options Exercisable - Number of Shares (in shares) 417,390
Options Exercisable - Weighted- Average Remaining Contractual Life in Years 5 years 8 months 12 days
$23.00 – $66.91 | Minimum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 23.00
$23.00 – $66.91 | Maximum  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price, Maximum (in dollars per share) | $ / shares $ 66.91
v3.22.4
Stock-based Compensation - Restricted Stock Units (RSUs) Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms 2 years 2 years  
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested at December 31, 2015 (in shares) 1,333,215    
Granted (in shares) 2,067,562    
Vested (in shares) (759,305)    
Forfeited (in shares) (260,850)    
Non-vested at December 31, 2016 (in shares) 2,380,622 1,333,215  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Non-vested at December 31, 2015 (in dollars per share) $ 41.32    
Granted (in dollars per share) 24.78    
Vested (in dollars per share) 34.25    
Forfeited (in dollars per share) 36.05    
Non-vested at December 31, 2016 (in dollars per share) $ 29.93 $ 41.32  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested $ 20,100 $ 44,500 $ 12,500
Total value of shares vested 18,600 11,700 $ 7,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested $ 19,031 $ 56,302  
v3.22.4
Stock-based Compensation - Stock Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 23,699 $ 28,863 $ 18,490
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 2,397 1,870 983
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 5,972 5,723 3,864
Selling, general and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 15,330 $ 21,270 $ 13,643
v3.22.4
Stock-based Compensation - Fair Value of Employee Option Grant (Detail)
 12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.00%
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate 53.00%
Risk-free interest rates 0.54%
Expected term (years) 6 years 29 days
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate 59.60%
Risk-free interest rates 1.69%
Expected term (years) 6 years 29 days
v3.22.4
Defined Contribution Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Retirement Benefits [Abstract]      
Contribution for retirement plan $ 2.4 $ 2.0 $ 1.7
v3.22.4
Income Taxes - Loss Before Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Domestic $ (160,542) $ (116,178) $ (111,101)
Foreign 1,316 1,091 1,276
Net loss before provision for income taxes $ (159,226) $ (115,087) $ (109,825)
v3.22.4
Income Taxes - Significant Components of our Provision for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]      
Total provision for income taxes $ 317 $ 167 $ 253
Changes in federal and state tax rates 2 (110) 586
Geographic Distribution, Domestic [Member]      
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]      
Total provision for income taxes 0 0 0
Geographic Distribution, Foreign [Member]      
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]      
Total provision for income taxes $ 317 $ 167 $ 253
v3.22.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Taxes And Tax Related [Line Items]      
Changes in federal and state tax rates $ 2 $ (110) $ 586
Accrued interest and penalties recorded 0 $ 0 $ 0
Federal and State      
Income Taxes And Tax Related [Line Items]      
Net operating loss carryforwards 860,100    
Tax credit carryforwards 16,200    
Federal      
Income Taxes And Tax Related [Line Items]      
Net operating loss carryforwards $ 389,300    
v3.22.4
Income Taxes - Income Tax Expense (Benefit) Differed from Amounts Computed by Applying Statutory Federal Income Tax Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Income tax provision at federal statutory rate $ (33,706) $ (24,168) $ (23,063)
Tax on repatriated foreign earnings and other nondeductible items 284 580 348
Section 162(m) limitations 1,265 5,824 5,044
Change in tax credits (3,501) (2,514) 3,123
Change in valuation allowance 36,163 36,550 21,766
Changes in federal and state tax rates 2 (110) 586
Stock option exercise windfall 1,758 (9,761) (7,683)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount 1,665 (2,823) 2,461
State and foreign tax, and other (3,613) (3,411) (2,329)
Total provision for income taxes $ 317 $ 167 $ 253
v3.22.4
Income Taxes - Effect of Temporary Differences and Carryforwards (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]        
Net operating loss carryforwards $ 146,108 $ 131,971    
Research and development tax credit carryforwards 15,529 12,028    
Deferred tax assets, Section 174 Capitalization 17,076 0    
Deferred tax assets, deferred lease liability 5,736 6,423    
Stock-based compensation 6,561 6,287    
Deferred Tax Assets, Tax Credit Carryforwards, Foreign 659 659    
Accruals and other 12,603 10,139    
Total deferred tax assets before allowance 204,272 167,507    
Less: Valuation allowance (198,980) (162,817) $ (114,335) $ (106,438)
Deferred tax assets, net 5,292 4,690    
Deferred Tax Liabilities, Leasing Arrangements (4,329) (4,690)    
Deferred Tax Liabilities, State net operating loss adjustments (963) 0    
Deferred Tax Liabilities, Gross (5,292) (4,690)    
Deferred Tax Assets, Net $ 0 $ 0    
v3.22.4
Income Taxes - Summary of Changes in Deferred Tax Asset Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 162,817 $ 114,335 $ 106,438
Balance at End of Year 198,980 162,817 114,335
Cumulative Effect, Period of Adoption, Adjustment      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year   11,932  
Balance at End of Year     11,932
Valuation Allowance of Deferred Tax Assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Charged to Costs and Expenses 36,165 36,440 8,483
Impact of change in tax rate $ (2) $ 110 $ (586)
v3.22.4
Income Taxes - Total Balance of Unrecognized Gross Tax Benefits Resulting from R&D Credits Claimed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits at beginning of year $ 10,009 $ 9,171 $ 4,212
Additions based on current year tax positions 1,167 838 4,959
Unrecognized tax benefits at end of year $ 11,176 $ 10,009 $ 9,171
v3.22.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Non cancellable purchase obligations $ 70.0
Purchase Obligation, to be Paid, Year One 62.1
Construction  
Other Commitments [Line Items]  
Contractual Obligation $ 5.0
v3.22.4
Net Loss Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from computation of earnings per share (in shares) 1,837 2,271 3,379
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from computation of earnings per share (in shares) 1,920 1,344 1,574
Common stock warrants | Common Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from computation of earnings per share (in shares) 471 471 508
v3.22.4
Subsequent Events (Details) - shares
shares in Thousands
Feb. 27, 2023
Dec. 31, 2022
Subsequent Events [Abstract]    
Shares authorized under the Plans (in shares)   250
Subsequent Event [Line Items]    
Shares authorized under the Plans (in shares)   250
Subsequent Event    
Subsequent Events [Abstract]    
Shares authorized under the Plans (in shares) 425  
Subsequent Event [Line Items]    
Shares authorized under the Plans (in shares) 425