0001564590-21-024269 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Entity File Number	001-39513
Entity Registrant Name	Outset Medical, Inc.
Entity Central Index Key	0001484612
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0514392
Entity Address, Address Line One	3052 Orchard Dr.
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	669
Local Phone Number	231-8200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	OM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		45,981,392

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 251,767	$ 294,972
Short-term investments	25,717	19,898
Accounts receivable, net	12,110	6,468
Inventories	24,554	18,384
Prepaid expenses and other current assets	7,578	6,189
Total current assets	321,726	345,911
Restricted cash	33,311	33,311
Property and equipment, net	15,548	14,998
Operating lease right-of-use assets	8,004	8,253
Other assets	1,240	1,356
Total assets	379,829	403,829
Current liabilities:
Accounts payable	6,651	4,948
Accrued compensation and related benefits	12,602	16,845
Accrued expenses and other current liabilities	8,183	7,903
Accrued warranty liability	2,860	2,913
Deferred revenue, current	3,540	3,201
Operating lease liabilities, current	984	882
Total current liabilities	34,820	36,692
Accrued interest, noncurrent	359	240
Deferred revenue, noncurrent	536	570
Operating lease liabilities, noncurrent	7,773	8,044
Term loan, noncurrent	29,696	29,674
Total liabilities	73,184	75,220
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of March 31, 2021 and December 31, 2020
Common stock, $0.001 par value; 300,000 shares authorized as of March 31, 2021 and December 31, 2020; 42,888 and 42,722 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	43	43
Additional paid-in capital	830,694	822,624
Accumulated other comprehensive (loss) income	(8)	1
Accumulated deficit	(524,084)	(494,059)
Total stockholders' equity	306,645	328,609
Total liabilities and stockholders' equity	$ 379,829	$ 403,829

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	42,888,000	42,722,000
Common stock, shares outstanding	42,888,000	42,722,000

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue	$ 22,916,000	$ 7,190,000
Cost of revenue:
Cost of revenue	22,627,000	10,754,000
Gross profit	289,000	(3,564,000)
Operating expenses:
Research and development	7,570,000	5,838,000
Sales and marketing	13,149,000	7,282,000
General and administrative	9,246,000	3,526,000
Total operating expenses	29,965,000	16,646,000
Loss from operations	(29,676,000)	(20,210,000)
Interest income and other income, net	112,000	460,000
Interest expense	(422,000)	(1,001,000)
Change in fair value of redeemable convertible preferred stock warrant liability		101,000
Loss before provision for income taxes	(29,986,000)	(20,650,000)
Provision for income taxes	39,000	0
Net loss	(30,025,000)	(20,650,000)
Net income (loss) attributable to common stockholders:
Basic	(30,025,000)	3,387,000
Diluted	$ (30,025,000)	$ 4,161,000
Net income (loss) per share attributable to common stockholders:
Basic	$ (0.70)	$ 0.77
Diluted	$ (0.70)	$ 0.74
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic	42,760	4,388
Diluted	42,760	5,630
Product Revenue
Revenue:
Revenue	$ 18,210,000	$ 5,926,000
Cost of revenue:
Cost of revenue	20,577,000	9,562,000
Service and Other Revenue
Revenue:
Revenue	4,706,000	1,264,000
Cost of revenue:
Cost of revenue	$ 2,050,000	$ 1,192,000

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (30,025)	$ (20,650)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(9)	(35)
Comprehensive loss	$ (30,034)	$ (20,685)

- Definition

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

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+ Details

Condensed Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (372,187)		$ 1	$ 357	$ 22	$ (372,567)
Temporary Equity, Beginning Balance (shares) at Dec. 31, 2019		147,214
Temporary Equity, Beginning Balance at Dec. 31, 2019		$ 409,446
Beginning Balance (shares) at Dec. 31, 2019			922
Temporary Equity, Issuance of Series E redeemable convertible preferred stock, net of issuance costs		$ 126,758
Temporary Equity, Issuance of Series E redeemable convertible preferred stock, net of issuance costs (shares)		57,782
Issuance of common stock on settlement of accrued dividend	41,763		$ 5	41,758
Temporary Equity, Issuance of common stock on settlement of accrued dividend		$ (41,763)
Issuance of common stock on settlement of accrued dividend (shares)			4,850
Deemed dividend on settlement of accrued dividend	42,530			42,530
Temporary Equity, Deemed dividend on settlement of accrued dividend		(42,530)
Stock option exercises	14			14
Stock option exercises (shares)			4
Stock-based compensation expense	580			580
Unrealized loss on available-for-sale securities	(35)				(35)
Adjustment to redemption value on redeemable convertible preferred stock	(362)			(362)
Temporary equity, Adjustment to redemption value on redeemable convertible preferred stock		$ 362
Net loss	(20,650)					(20,650)
Ending Balance at Mar. 31, 2020	(308,347)		$ 6	84,877	(13)	(393,217)
Temporary Equity, Ending Balance (shares) at Mar. 31, 2020		204,996
Temporary Equity, Ending Balance at Mar. 31, 2020		$ 452,273
Ending Balance (shares) at Mar. 31, 2020			5,776
Beginning Balance at Dec. 31, 2020	328,609		$ 43	822,624	1	(494,059)
Beginning Balance (shares) at Dec. 31, 2020			42,722
Issuance of common stock through employee stock purchase plan	1,838			1,838
Issuance of common stock through employee stock purchase plan (shares)			80
Stock option exercises	380			380
Stock option exercises (shares)			86
Stock-based compensation expense	5,852			5,852
Unrealized loss on available-for-sale securities	(9)				(9)
Net loss	(30,025)					(30,025)
Ending Balance at Mar. 31, 2021	$ 306,645		$ 43	$ 830,694	$ (8)	$ (524,084)
Ending Balance (shares) at Mar. 31, 2021			42,888

Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (30,025)	$ (20,650)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,246	305
Non-cash lease expense	249
Non-cash interest expense	140	200
Accretion of discount on investments, net	60	16
Provision for accounts receivable	5	11
Provision for inventories	115	90
Stock-based compensation expense	5,852	580
Change in fair value of redeemable convertible preferred stock warrant liability		(101)
Changes in operating assets and liabilities:
Accounts receivable	(5,646)	(3,055)
Inventories	(7,247)	824
Prepaid expenses and other assets	(981)	71
Accounts payable	1,613	(1,430)
Accrued payroll and related benefits	(4,244)	(2,726)
Accrued expenses and other current liabilities	164	150
Accrued warranty liability	(53)	71
Deferred revenue	305	751
Operating lease liabilities	(169)
Net cash used in operating activities	(38,616)	(24,893)
Cash flows from investing activities:
Purchases of property and equipment	(919)	(2,799)
Purchases of short-term investments	(25,788)
Sales and maturities of short-term investments	19,900	21,958
Net cash (used in) provided by investing activities	(6,807)	19,159
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		126,758
Proceeds from stock option exercises and employee stock purchase plan purchases	2,218	15
Repayment of finance lease		(3)
Net cash provided by financing activities	2,218	126,770
Net (decrease) increase in cash, cash equivalents and restricted cash	(43,205)	121,036
Cash, cash equivalents and restricted cash as of beginning of period	328,283	37,669
Cash, cash equivalents and restricted cash as of end of period	285,078	158,705
Supplemental cash flow disclosures:
Cash paid for interest	282	800
Cash paid for amounts included in the measurement of operating lease liabilities	169
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued expenses	$ 238	366
Deemed dividend on settlement of accrued dividend		42,530
Adjustment to redemption value on redeemable convertible preferred stock		362
Issuance of common stock on settlement of accrued dividend		$ 41,763

Description of Business

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business

1. Description of Business

Outset Medical, Inc. (the “Company”) was originally incorporated on May 5, 2003 in the state of Delaware under the name Home Dialysis Plus, Ltd. The name of the Company was changed to Outset Medical, Inc. on January 5, 2015. Outset Medical, Inc. is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo Hemodialysis System enables dialysis care in acute and chronic settings. The Company’s headquarters are located in San Jose, CA.

The Company’s registration statement on Form S-1 related to its initial public offering (IPO) was declared effective by the Securities and Exchange Commission (SEC) on September 14, 2020, and the Company’s common stock began trading on the Nasdaq Global Select Market on September 15, 2020. Upon the completion of the IPO, the Company sold 10,294,000 shares of common stock (which included 1,343,000 shares that were sold pursuant to the full exercise of the underwriters’ option to purchase additional shares in connection with the IPO) at a price to the public of $27.00 per share. Including the full exercise of the underwriters’ option to purchase additional shares, the Company received aggregate net proceeds of $254.8 million after deducting offering costs, underwriting discounts and commissions of $23.1 million.

On April 13, 2021, the Company completed a follow-on public offering and sold 2,946,000 shares of common stock (see Note 11 for further discussion).

Reverse Stock Split

In September 2020, the Company’s board of directors and shareholders approved a certificate of amendment to the amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 7.9-for-one basis (the “Reverse Stock Split”) effective as of September 8, 2020. The number of authorized shares and the par values of the common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. In connection with the Reverse Stock Split, the conversion ratio for the Company’s outstanding redeemable convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. All references to common stock and options to purchase common stock share data, per share data and related information contained in these condensed financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

Liquidity

Since inception, the Company has incurred net losses and negative cash flows from operations. During the three months ended March 31, 2021 and 2020, the Company incurred a net loss of $30.0 million and $20.7 million, respectively. As of March 31, 2021, the Company had an accumulated deficit of $524.1 million.

As of March 31, 2021, the Company had cash, cash equivalents and short-term investments of $277.5 million, which are available to fund future operations, and restricted cash of $33.3 million, for a total cash, cash equivalents, restricted cash and short-term investments balance of $310.8 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. Management believes that the Company’s existing cash, cash equivalents and short-term investments, which include the proceeds from the IPO, and cash generated from revenues from its products and services, as well as the proceeds from the follow-on public offering (see Note 11 for further discussion), will be sufficient to meet its anticipated needs for at least the next 12 months from the issuance date of the accompanying condensed financial statements.

Basis of Presentation

The accompanying condensed financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, that are necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss and cash flows for the interim periods presented. The financial data and the other financial information disclosed in these notes to the condensed financial statements related to the three-month period are also unaudited. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations to be anticipated for any other future annual or interim period. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date.

These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2020, which are included in the Annual Report on Form 10-K filed with SEC on March 22, 2021.

All share amounts disclosed in the notes to the condensed financial statements are rounded to the nearest thousand except for per share data.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the three months ended March 31, 2021, there have been no changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 that have had a material impact on the Company’s condensed financial statements and related notes, except as described below, including under “Recently Adopted Accounting Pronouncements.”

Cash, Cash Equivalents and Restricted Cash

As of March 31, 2021 and December 31, 2020, the restricted cash balance of $33.3 million primarily relates to contractual obligations under the SVB Loan and Security Agreement (see Note 7) and collateral for building leases in San Jose, CA and Tijuana Mexico.

The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands):

	March 31,
	2021		2020
Cash and cash equivalents	$	251,767	$	157,962
Restricted cash		33,311		743
Total cash, cash equivalents and restricted cash	$	285,078	$	158,705

Fair Value of Financial Instruments

The Company determines the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability.

A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows:

Level 1: Quoted prices in active markets for identical instruments;

Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); and

Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments).

The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term loan bears interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value.

The Company’s investment securities are recorded at fair value based on the fair value hierarchy. Money market funds and U.S. Treasury securities are classified within Level 1 of the fair value hierarchy. Commercial paper, corporate debt and Yankee debt securities are within Level 2 of the fair value hierarchy. Unrealized gains and losses, deemed temporary in nature, are reported as a separate component of accumulated other comprehensive income (loss).

Accrued Warranty Liability

The Company generally provides a one-year warranty for defective parts and workmanship on its Tablo consoles, commencing upon the transfer of title and risk of loss to the customer. The Company accrues the estimated cost of product warranties when it invoices the customer, based on historical experience and expected results. Should actual product failure rates and material usage costs differ from these estimates, revisions to the estimated warranty liability would be required. The Company periodically assesses the adequacy of its recorded product warranty liabilities and adjusts the balance as required. Warranty expense is recorded as a component of cost of product revenue in the accompanying condensed statements of operations.

Contract Liabilities - Deferred Revenue

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is recognized subsequent to invoicing. For multi-year service agreements, the Company generally invoices customers annually at the beginning of each annual coverage period. Deferred revenue that will be recognized during the 12 months following the balance sheet date is recorded as the current portion of deferred revenue and the remaining portion is recorded as noncurrent.

Revenue

The Company’s revenue is generated primarily from the sale of its products and services. Product revenue consists primarily of sales of the Tablo console and related consumables, including Tablo cartridges, used in treatment delivery. Service and other revenue consists primarily of revenue generated from consoles service contracts and other revenue from shipping and handling charged to customers.

The Company considers each product and each service contract to be a distinct performance obligation. Revenue is recognized when a performance obligation is satisfied, which occurs when control of the promised products or services is transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue from product sales is recognized at a point in time when management has determined that control has transferred to the customer, which is generally when legal title has transferred to the customer. Revenue from service contracts is recognized as the output of the service is transferred to the customer over time, typically evenly over the contract term. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Judgment is also required to determine the stand-alone selling price (SSP) for each distinct performance obligation. The Company uses an observable price to estimate SSP for items that are sold separately, including customer support agreements. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company may offer additional goods or services to customers at the inception of customer contracts at prices not at SSP. This may be considered a material right and an additional performance obligation of the contract. SSP is assigned based on the estimated value of the material right.

Costs associated with product sales include commissions. The Company applies the practical expedient to expense the commissions as incurred as the expected amortization period is one year or less. Commissions are recorded as sales and marketing expenses in the accompanying condensed statements of operations.

Operating Lease Arrangements

The Company enters into operating lease arrangements that contain both lease and non-lease elements. The lease element includes Tablo consoles, while non-lease elements include consumables, services and training. Revenue related to such arrangements is allocated to lease and non-lease elements based on their relative SSP. Revenue for the lease element, net of any taxes collected from customers, is recognized on a straight-line basis as product revenue over the lease term, generally three months to one year, in the statements of operations. The costs of the leased Tablo consoles are included in property and equipment, net in the balance sheets and amortized to cost of product revenue.

Shipping and Handling Costs

Shipping and handling charged to customers are recorded as revenue. Shipping and handling costs are expensed as incurred and are included in sales and marketing expenses.

Stock-Based Compensation Expense

Stock-based compensation expense relates to stock options with a service-based vesting condition, stock options with performance and market-based vesting conditions, stock purchase rights under the Company’s Employee Stock Purchase Plan (ESPP), restricted stock units (RSUs) and performance stock units (PSUs). Stock-based compensation expense for the Company’s stock-based awards is based on their grant date fair value.

Service-based options granted to an optionee generally vest at a rate of 25% on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining three years. The fair value of stock options with a service condition and stock purchase rights under the ESPP on the grant date is estimated using the Black-Scholes option-pricing model. The fair value of these awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur.

The Black-Scholes model considers several variables and assumptions in estimating the fair value of service-based stock options and stock purchase rights under the ESPP. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and expected stock price volatility over the expected term. For all service-based stock options granted, the Company calculates the expected term using the simplified method for “plain vanilla” stock option awards.

For stock options with performance and market-based vesting conditions, stock-based compensation expense is recognized when it is considered probable that the performance vesting condition will be satisfied. Stock-based compensation expense related to these options is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur. The fair value of these stock options is estimated using the Monte Carlo approach.

RSUs granted to an optionee generally vest at a rate of 25% on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining three years. The fair value of RSUs and PSUs with a service- or performance-based vesting condition is based on the market price of the Company’s common stock on the date of grant. The determination of the stock-based compensation expense related to PSUs with a performance-based vesting condition to be recognized requires the use of certain estimates and assumptions. At each reporting period, the Company reassesses the probability of the achievement of corporate performance goals to estimate the number of shares to be released. Any increase or decrease in stock-based compensation expense resulting from an adjustment in the estimated shares to be released is treated as accumulative catch-up in the period of adjustment. If any of the assumptions or estimates used change significantly, stock-based compensation expense may differ materially from what the Company has recorded in the current period. The fair value of PSUs with a market-based vesting condition is estimated using the Monte Carlo approach. Stock-based compensation expense related to these PSUs is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur.

Net Income (Loss) Per Share Attributable to Common Stockholders

The Company follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive securities.

Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common shares and common share equivalents of potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, redeemable convertible preferred stock, awards under the Company’s equity compensation plan and warrants are considered to be potentially dilutive securities. For periods in which the Company reports net losses, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740) (ASU 2019-12), which simplifies the accounting for income taxes, primarily by eliminating certain exceptions to ASC 740. The Company early adopted ASU 2019-12 on a modified retrospective basis as of January 1, 2021, which did not have a material impact on the condensed financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (CECL) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements.

Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue and Deferred Revenue

3. Revenue and Deferred Revenue

Disaggregation of Revenue

Revenue by source consists of the following (in thousands):

	Three Months Ended March 31,
	2021		2020
Consoles	$	14,766	$	5,027
Consumables		3,444		899
Total product revenue		18,210		5,926
Service and other revenue		4,706		1,264
Total revenue	$	22,916	$	7,190

For the three months ended March 31, 2021 and 2020, $1.3 million and $0.6 million of consoles revenue were from console operating lease arrangements.

Performance Obligations

As of March 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer service contracts that are unsatisfied or partially unsatisfied was $4.1 million, which is recorded as deferred revenue on the Company’s condensed balance sheets. Of that amount, $3.6 million will be recognized as revenue during the next 12 months and approximately $0.5 million thereafter.

Contract Liabilities

The contract liabilities consist of deferred revenue which represents payments received in advance of revenue recognition related to console service agreements and for prepayments for products or services yet to be delivered. Revenue under these agreements is recognized over the related service period. The following table summarizes the Company’s contract liabilities (in thousands):

	March 31,		December 31,
	2021		2020
Deferred revenue, current	$	3,540	$	3,201
Deferred revenue, noncurrent		536		570
Total deferred revenue	$	4,076	$	3,771

Revenue recorded during the three months ended March 31, 2021 included $2.4 million of previously deferred revenue that was included in contract liabilities as of December 31, 2020.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

		March 31, 2021
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	50,147	$	—	$	—		$	50,147
Short-term investments:
Commercial paper	Level 2		13,286		—		—			13,286
Corporate debt	Level 2		10,416		—		(6	)		10,410
Yankee debt securities	Level 2		2,023		—		(2	)		2,021
Total cash equivalents and short-term investments		$	75,872	$	—	$	(8	)	$	75,864

		December 31, 2020
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	56,056	$	—	$	—	$	56,056
Short-term investments:
U.S. Treasury securities	Level 1		14,999		1		—		15,000
Corporate debt	Level 2		4,898		—		—		4,898
Total cash equivalents and short-term investments		$	75,953	$	1	$	—	$	75,954

As of March 31, 2021, the remaining contractual maturities for available-for-sale securities were less than one year.

Impairment assessments are made at the individual security level at each reporting period. When the fair value of an available-for-sale security is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. There were no unrealized losses for securities in an unrealized loss position for more than 12 months as of March 31, 2021. During the three months ended March 31, 2021 and 2020, the Company did not recognize other-than-temporary impairment losses related to its short-term investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Inventories

Inventories consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Raw materials	$	10,852	$	7,989
Work in process		7,638		6,200
Finished goods		6,064		4,195
Total inventories	$	24,554	$	18,384

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Accrued inventory	$	3,058	$	3,576
Accrued research and development expenses		98		175
Accrued professional services		2,693		2,187
Others		2,334		1,965
Total accrued expenses and other current liabilities	$	8,183	$	7,903

Accrued Warranty Liability

The change in accrued warranty liability is presented in the following table (in thousands):

	March 31,			December 31,
	2021			2020
Balance at the beginning of the period	$	2,913		$	1,702
Additions charge to cost of product revenue		1,625			4,858
Consumption		(1,678	)		(3,647	)
Balance at the end of the period	$	2,860		$	2,913

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Litigation

From time to time, the Company may become involved in legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial condition and divert the attention of the Company’s management from the operation of the Company’s business. The Company is not presently a party to any legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial condition or cash flows.

Indemnifications

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, customer and suppliers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, the Company has not incurred any material costs as a result of such indemnification obligations and has not accrued any liabilities related to such obligations in these financial statements.

Term Loan

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Term Loan

7. Term Loan

Term loan consists of the following (in thousands):

	March 31,			December 31,
	2021			2020
Principal of term loan	$	30,000		$	30,000
Unamortized debt discount		(304	)		(326	)
Total term loan, noncurrent	$	29,696		$	29,674

SVB Loan and Security Agreement

On July 2, 2020, the Company entered into a senior secured term loan facility with Silicon Valley Bank (SVB) (the SVB Loan and Security Agreement), which provides for a $30.0 million term loan (the SVB Term Loan).

The SVB Term Loan matures on November 1, 2025. Payments under the SVB Term Loan are for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity. The SVB Term Loan bears interest at the greater of (A) 0.5% above the Prime Rate as reported in the Wall Street Journal and (B) 3.75% (3.75% as of March 31, 2021). The Company is obligated to maintain a restricted cash balance greater or equal to the outstanding principal balance of $30.0 million of the SVB Term Loan.

There is also a final payment fee equal to 6.75% of the original principal amount of the SVB Term Loan, or approximately $2.0 million, due at maturity (or any earlier date of optional pre-payment or acceleration of principal due to an event of default). Such fee is being accreted to interest expense using the effective interest method with the offset recorded in noncurrent accrued interest. The Company may, at its option, prepay the SVB Term Loan in full, subject to an additional prepayment fee ranging between 1% and 3% of the outstanding principal amount of the SVB Term Loan.

In the event of default or change in control, all unpaid principal and all accrued and unpaid interest amounts (if any) become immediately due and payable including the prepayment fee. Events of default include, but are not limited to, a payment default, a material adverse change, and insolvency. The SVB Term Loan is secured by substantially all of the Company’s assets, including all of the capital stock held by the Company, if any (subject to a 65% limitation on pledges of capital stock of foreign subsidiaries), subject to certain exceptions. The SVB Loan and Security Agreement contains customary representations, warranties, affirmative covenants and also contains certain restrictive covenants.

Debt issuance costs paid directly to SVB and other debt issuance costs amounting to $0.4 million were accounted for as discounts on the SVB Term Loan. These debt discounts, along with the final payment fee, are being amortized over the term of the SVB Term Loan using the effective interest rate method. As of March 31, 2021, the unamortized debt discount was $0.3 million, which is recorded as a direct deduction from the SVB Term Loan on the accompanying condensed balance sheets.

Equity Incentive Plan

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plan

8. Equity Incentive Plan

Equity Incentive Plans

On January 1, 2021, the number of shares of common stock reserved for the issuance of awards under the 2020 Equity Incentive Plan (the “2020 Plan”) was increased by 1,709,000 shares as a result of the automatic increase pursuant to the 2020 Plan. As of March 31, 2021, 4,460,000 shares were reserved for future issuance under the 2020 Plan.

Employees Share Purchase Plan (ESPP)

On January 1, 2021, the number of shares of common stock reserved for purchase under the Employee Share Purchase Plan (ESPP) was increased by 427,000 shares as a result of the automatic increase pursuant to the ESPP. As of March 31, 2021, 1,034,000 shares of common stock were reserved for issuance in connection with the current and future offering periods under the ESPP.

The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower. During the three months ended March 31, 2021, 80,000 shares of common stock were issued under the ESPP. No shares of common stock were issued during the three months ended March 31, 2020 as the ESPP was adopted in September 2020.

Stock-Based Compensation Expense

The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands):

	Three Months Ended
	March 31,
	2021		2020
Cost of revenue	$	75	$	19
Research and development		1,165		118
Sales and marketing		1,742		82
General and administrative		2,870		361
Total stock-based compensation expense	$	5,852	$	580

Stock Options with Performance and Market Conditions

As of December 31, 2020, the Company had 1,933,000 shares of outstanding stock options with performance and market-based vesting conditions. The options vest over the requisite service period if the Company achieves both (i) a performance condition tied to a liquidity event, which includes the effectiveness of an IPO, and (ii) certain market conditions, provided the optionee is providing services on the date of the event. As of March 31, 2021, all outstanding stock options with performance and market-based vesting conditions were fully vested other than 151,000 shares of these stock options that are scheduled to vest in September 2021.

For the three months ended March 31, 2021, the Company recorded stock-based compensation expense of $4.2 million related to these stock options. No such expense was recognized for the three months ended March 31, 2020 as the performance vesting condition was not satisfied until the closing of the IPO in September 2020. Unamortized stock-based compensation expense related to these awards amounted to $0.5 million as of March 31, 2021, which the Company expects to recognize over an estimated weighted-average period of 0.3 years.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

For the three months ended March 31, 2021 and 2020, the Company incurred an income tax provision of an insignificant amount and zero, respectively. The U.S. federal and state net deferred tax assets have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized.

- Definition

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

+ References + Details

Net Income (Loss) Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

10. Net Income (Loss) Per Share Attributable to Common Stockholders

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share attributable to common stockholders is as follows (in thousands except per share amounts):

	Three Months Ended March 31,
	2021			2020
Numerator:
Net loss	$	(30,025	)	$	(20,650	)
Adjustment to redemption value on redeemable convertible preferred stock		—			(362	)
Deemed dividend on settlement of accrued dividend		—			42,530
Undistributed earnings allocated to participating securities		—			(18,131	)
Net income (loss) attributable to common stockholders, basic	$	(30,025	)	$	3,387
Undistributed earnings reallocated to dilutive potential common shares		—			774
Net income (loss) attributable to common stockholders, diluted	$	(30,025	)	$	4,161
Denominator:
Weighted-average shares of common stock, basic		42,760			4,388
Effect of dilutive stock options		—			1,242
Weighted-average shares of common stock, diluted		42,760			5,630
Net income (loss) per share attributable to common stockholders
Basic	$	(0.70	)	$	0.77
Diluted	$	(0.70	)	$	0.74

The following outstanding potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect (in thousands):

	March 31,
	2021		2020
Stock options to purchase common stock		5,019		2,124
Warrant to purchase common stock		63		—
Restricted stock units		403		—
Shares committed under ESPP		7		—
Redeemable convertible preferred stock, on an as-if converted basis		—		25,958
Warrants to purchase redeemable convertible preferred stock		—		505
Total		5,492		28,587

Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

11. Subsequent Event

On April 13, 2021, the Company completed its follow-on public offering and sold 2,946,000 shares of its common stock (which included 446,000 shares that were offered and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares) at a price to the public of $53.50 per share. The Company received aggregate net proceeds of approximately $149.7 million after deducting underwriting discounts and commissions and before expenses.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

	March 31,
	2021		2020
Cash and cash equivalents	$	251,767	$	157,962
Restricted cash		33,311		743
Total cash, cash equivalents and restricted cash	$	285,078	$	158,705

Fair Value of Financial Instruments

Level 1: Quoted prices in active markets for identical instruments;

Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); and

Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments).

Accrued Warranty Liability

Contract Liabilities - Deferred Revenue

Revenue

Operating Lease Arrangements

Shipping and Handling Costs

Shipping and handling charged to customers are recorded as revenue. Shipping and handling costs are expensed as incurred and are included in sales and marketing expenses.

Stock-Based Compensation Expense

Net Income (Loss) Per Share Attributable to Common Stockholders

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

	March 31,
	2021		2020
Cash and cash equivalents	$	251,767	$	157,962
Restricted cash		33,311		743
Total cash, cash equivalents and restricted cash	$	285,078	$	158,705

Revenue and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Revenue by Source

Revenue by source consists of the following (in thousands):

	Three Months Ended March 31,
	2021		2020
Consoles	$	14,766	$	5,027
Consumables		3,444		899
Total product revenue		18,210		5,926
Service and other revenue		4,706		1,264
Total revenue	$	22,916	$	7,190

Schedule of Contract Liabilities

The following table summarizes the Company’s contract liabilities (in thousands):

	March 31,		December 31,
	2021		2020
Deferred revenue, current	$	3,540	$	3,201
Deferred revenue, noncurrent		536		570
Total deferred revenue	$	4,076	$	3,771

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value On Recurring Basis by Level Within Fair Value Hierarchy

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

		March 31, 2021
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	50,147	$	—	$	—		$	50,147
Short-term investments:
Commercial paper	Level 2		13,286		—		—			13,286
Corporate debt	Level 2		10,416		—		(6	)		10,410
Yankee debt securities	Level 2		2,023		—		(2	)		2,021
Total cash equivalents and short-term investments		$	75,872	$	—	$	(8	)	$	75,864

		December 31, 2020
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	56,056	$	—	$	—	$	56,056
Short-term investments:
U.S. Treasury securities	Level 1		14,999		1		—		15,000
Corporate debt	Level 2		4,898		—		—		4,898
Total cash equivalents and short-term investments		$	75,953	$	1	$	—	$	75,954

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Raw materials	$	10,852	$	7,989
Work in process		7,638		6,200
Finished goods		6,064		4,195
Total inventories	$	24,554	$	18,384

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Accrued inventory	$	3,058	$	3,576
Accrued research and development expenses		98		175
Accrued professional services		2,693		2,187
Others		2,334		1,965
Total accrued expenses and other current liabilities	$	8,183	$	7,903

Accrued Warranty Liability

The change in accrued warranty liability is presented in the following table (in thousands):

	March 31,			December 31,
	2021			2020
Balance at the beginning of the period	$	2,913		$	1,702
Additions charge to cost of product revenue		1,625			4,858
Consumption		(1,678	)		(3,647	)
Balance at the end of the period	$	2,860		$	2,913

Term Loan (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Term Loan

Term loan consists of the following (in thousands):

	March 31,			December 31,
	2021			2020
Principal of term loan	$	30,000		$	30,000
Unamortized debt discount		(304	)		(326	)
Total term loan, noncurrent	$	29,696		$	29,674

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-based Compensation Expense

The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands):

	Three Months Ended
	March 31,
	2021		2020
Cost of revenue	$	75	$	19
Research and development		1,165		118
Sales and marketing		1,742		82
General and administrative		2,870		361
Total stock-based compensation expense	$	5,852	$	580

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders

	Three Months Ended March 31,
	2021			2020
Numerator:
Net loss	$	(30,025	)	$	(20,650	)
Adjustment to redemption value on redeemable convertible preferred stock		—			(362	)
Deemed dividend on settlement of accrued dividend		—			42,530
Undistributed earnings allocated to participating securities		—			(18,131	)
Net income (loss) attributable to common stockholders, basic	$	(30,025	)	$	3,387
Undistributed earnings reallocated to dilutive potential common shares		—			774
Net income (loss) attributable to common stockholders, diluted	$	(30,025	)	$	4,161
Denominator:
Weighted-average shares of common stock, basic		42,760			4,388
Effect of dilutive stock options		—			1,242
Weighted-average shares of common stock, diluted		42,760			5,630
Net income (loss) per share attributable to common stockholders
Basic	$	(0.70	)	$	0.77
Diluted	$	(0.70	)	$	0.74

Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Income (Loss) Per Share

The following outstanding potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect (in thousands):

	March 31,
	2021		2020
Stock options to purchase common stock		5,019		2,124
Warrant to purchase common stock		63		—
Restricted stock units		403		—
Shares committed under ESPP		7		—
Redeemable convertible preferred stock, on an as-if converted basis		—		25,958
Warrants to purchase redeemable convertible preferred stock		—		505
Total		5,492		28,587

Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 13, 2021 $ / shares shares	Sep. 15, 2020 USD ($) $ / shares shares	Sep. 08, 2020	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Description of Business [Line Items]
Entity incorporation date				May 05, 2003
Entity incorporation state				DE
Aggregate net proceeds from IPO		$ 254,800
Offering costs, underwriting discounts and commissions expenses		$ 23,100
Reverse stock split, description				In September 2020, the Company’s board of directors and shareholders approved a certificate of amendment to the amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 7.9-for-one basis (the “Reverse Stock Split”) effective as of September 8, 2020.
Stock split conversion ratio			0.126582
Net loss				$ (30,025)	$ (20,650)
Accumulated deficit				(524,084)		$ (494,059)
Cash, cash equivalents and short-term investments				277,500
Restricted cash				33,311	$ 743	$ 33,311
Cash, cash equivalents, restricted cash and short-term investments				$ 310,800
IPO
Description of Business [Line Items]
Stock issued during the period \| shares		10,294,000
Share price \| $ / shares		$ 27.00
Underwriters
Description of Business [Line Items]
Stock issued during the period \| shares		1,343,000
Underwriters \| Subsequent Event
Description of Business [Line Items]
Stock issued during the period \| shares	446,000
Follow-on Public Offering \| Subsequent Event
Description of Business [Line Items]
Stock issued during the period \| shares	2,946,000
Share price \| $ / shares	$ 53.50

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 33,311	$ 33,311	$ 743
Warranty period	1 year
Capitalized contract cost amortization period description	The Company applies the practical expedient to expense the commissions as incurred as the expected amortization period is one year or less.
Service-based options vesting period	3 years
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201912Member
RSU
Summary Of Significant Accounting Policies [Line Items]
Service-based options vesting period	3 years
First Anniversary
Summary Of Significant Accounting Policies [Line Items]
Vesting rate	25.00%
First Anniversary \| RSU
Summary Of Significant Accounting Policies [Line Items]
Vesting rate	25.00%

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 251,767	$ 294,972	$ 157,962
Restricted cash	33,311	$ 33,311	743
Total cash, cash equivalents and restricted cash	$ 285,078		$ 158,705

Revenue and Deferred Revenue - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 22,916	$ 7,190
Consoles Product
Disaggregation Of Revenue [Line Items]
Revenue	14,766	5,027
Consumables Product
Disaggregation Of Revenue [Line Items]
Revenue	3,444	899
Product Revenue
Disaggregation Of Revenue [Line Items]
Revenue	18,210	5,926
Service and Other Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 4,706	$ 1,264

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue and Deferred Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Remaining performance obligations	$ 4.1
Revenue recognized	2.4
Consoles Product \| Operating Lease Arrangements
Revenue from operating lease arrangements	$ 1.3	$ 0.6

Revenue and Deferred Revenue - Additional Information (Detail) 1 $ in Millions	Mar. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Revenue and Deferred Revenue - Schedule of Contract Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Deferred revenue, current	$ 3,540	$ 3,201
Deferred revenue, noncurrent	536	570
Total deferred revenue	$ 4,076	$ 3,771

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value On Recurring Basis by Level Within Fair Value Hierarchy (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	$ 75,872	$ 75,953
Gross Unrealized Holding Gains		1
Gross Unrealized Holding Losses	(8)
Aggregate Fair Value	75,864	75,954
Level 1 \| Cash equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	50,147	56,056
Aggregate Fair Value	50,147	56,056
Level 1 \| Short-term investments \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs		14,999
Gross Unrealized Holding Gains		1
Aggregate Fair Value		15,000
Level 2 \| Short-term investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	13,286
Aggregate Fair Value	13,286
Level 2 \| Short-term investments \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	10,416	4,898
Gross Unrealized Holding Losses	(6)
Aggregate Fair Value	10,410	$ 4,898
Level 2 \| Short-term investments \| Yankee debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	2,023
Gross Unrealized Holding Losses	(2)
Aggregate Fair Value	$ 2,021

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Securities in unrealized loss position for more than 12 months	$ 0
Other-than-temporary impairment losses related to short-term investments	$ 0	$ 0

Balance Sheet Components - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 10,852	$ 7,989
Work in process	7,638	6,200
Finished goods	6,064	4,195
Total inventories	$ 24,554	$ 18,384

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued inventory	$ 3,058	$ 3,576
Accrued research and development expenses	98	175
Accrued professional services	2,693	2,187
Others	2,334	1,965
Total accrued expenses and other current liabilities	$ 8,183	$ 7,903

Balance Sheet Components - Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Balance at the beginning of the period	$ 2,913	$ 1,702
Additions charge to cost of product revenue	1,625	4,858
Consumption	(1,678)	(3,647)
Balance at the end of the period	$ 2,860	$ 2,913

Term Loan - Schedule of Term Loan (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Principal of term loan	$ 30,000	$ 30,000
Unamortized debt discount	(304)	(326)
Total term loan, noncurrent	$ 29,696	$ 29,674

Term Loan - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jul. 02, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal of term loan		$ 30,000	$ 30,000
Debt discount on Perceptive Term Loan		$ 304	$ 326
SVB Term Loan
Debt Instrument [Line Items]
Principal of term loan	$ 30,000
Loan maturity date	Nov. 01, 2025
Description of payment terms		Payments under the SVB Term Loan are for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity.
Debt instrument interest only payments end date	2023-05
Debt instrument principal repayment period	30 months
Debt interest rate	6.75%	3.75%
Debt instrument, final payment amount	$ 2,000
Percentage of limitation on pledges of capital stock of foreign subsidiaries	65.00%
Other debt issuance costs		$ 400
Debt discount on Perceptive Term Loan		$ 300
SVB Term Loan \| Minimum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage	1.00%
SVB Term Loan \| Maximum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage	3.00%
SVB Term Loan \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Equity Incentive Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,852,000	$ 580,000
Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock options outstanding				1,933,000
Stock options, description	The options vest over the requisite service period if the Company achieves both (i) a performance condition tied to a liquidity event, which includes the effectiveness of an IPO, and (ii) certain market conditions, provided the optionee is providing services on the date of the event.
Stock options, nonvested, number of shares	151,000
Award vesting period, month and year	2021-09
Stock-based compensation expense	$ 4,200,000	$ 0
Unamortized stock-based compensation expense amount	$ 500,000
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize	3 months 18 days
2020 Equity Incentive Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock shares reserved for issuance	4,460,000		1,709,000
Employees Share Purchase Plan (ESPP)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock shares reserved for issuance	1,034,000		427,000
Percentage of fair market value of common stock	85.00%
Number of common stock issued	80,000	0

Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 5,852	$ 580
Cost of Revenue
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	75	19
Research and Development
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	1,165	118
Sales and Marketing
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	1,742	82
General and Administrative
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 2,870	$ 361

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 39,000	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (30,025)	$ (20,650)
Adjustment to redemption value on redeemable convertible preferred stock		(362)
Deemed dividend on settlement of accrued dividend		42,530
Undistributed earnings allocated to participating securities		(18,131)
Net income (loss) attributable to common stockholders, basic	(30,025)	3,387
Undistributed earnings reallocated to dilutive potential common shares		774
Net income (loss) attributable to common stockholders, diluted	$ (30,025)	$ 4,161
Denominator:
Weighted-average shares of common stock, basic	42,760	4,388
Effect of dilutive stock options		1,242
Weighted-average shares of common stock, diluted	42,760	5,630
Net income (loss) per share attributable to common stockholders
Basic	$ (0.70)	$ 0.77
Diluted	$ (0.70)	$ 0.74

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	5,492	28,587
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	5,019	2,124
Warrant to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	63
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	403
Warrants to Purchase Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share		505
Shares Committed under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	7
Redeemable Convertible Preferred Stock, on an as-if Converted Basis
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share		25,958

Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 13, 2021	Sep. 15, 2020
Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds	$ 149.7
Follow-on Public Offering \| Subsequent Event
Subsequent Event [Line Items]
Stock issued during the period	2,946,000
Share price	$ 53.50
Underwriters
Subsequent Event [Line Items]
Stock issued during the period		1,343,000
Underwriters \| Subsequent Event
Subsequent Event [Line Items]
Stock issued during the period	446,000