0000950170-22-001769 | 10-K | XBRL Viewer

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Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 182,348	$ 294,972
Short-term investments	157,140	19,898
Accounts receivable, net	25,600	6,468
Inventories	39,185	18,384
Prepaid expenses and other current assets	5,529	6,189
Total current assets	409,802	345,911
Restricted cash	33,311	33,311
Property and equipment, net	12,964	14,998
Operating lease right-of-use assets	7,231	8,253
Other assets	156	1,356
Total assets	463,464	403,829
Current liabilities:
Accounts payable	1,763	4,948
Accrued compensation and related benefits	24,948	16,845
Accrued expenses and other current liabilities	13,789	7,903
Accrued warranty liability	3,704	2,913
Deferred revenue, current	6,340	3,201
Operating lease liabilities, current	1,151	882
Total current liabilities	51,695	36,692
Accrued interest, noncurrent	721	240
Deferred revenue, noncurrent	312	570
Operating lease liabilities, noncurrent	6,893	8,044
Term loan, noncurrent	29,762	29,674
Total liabilities	89,383	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 December 31, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value; 300,000 shares authorized as of December 31, 2021 and December 31, 2020; 47,018 and 42,722 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	47	43
Additional paid-in capital	1,000,212	822,624
Accumulated other comprehensive (loss) income	(184)	1
Accumulated deficit	(625,994)	(494,059)
Total stockholders' equity (deficit)	374,081	328,609
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 463,464	$ 403,829

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	47,241,000	42,722,000
Common stock, shares outstanding	47,241,000	42,722,000

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenue	$ 102,602	$ 49,935	$ 15,078
Cost of revenue:
Cost of revenue	94,994	62,972	32,880
Gross profit	7,608	(13,037)	(17,802)
Operating expenses:
Research and development	36,741	28,850	23,327
Sales and marketing	65,070	45,068	20,259
General and administrative	36,316	30,512	8,919
Total operating expenses	138,127	104,430	52,505
Loss from operations	(130,519)	(117,467)	(70,307)
Interest income and other income, net	498	526	2,485
Interest expense	(1,715)	(2,891)	(4,257)
Change in fair value of redeemable convertible preferred stock warrant liability		(93)	3,800
Loss on extinguishment of term loan		1,567
Loss before provision for income taxes	(131,736)	(121,492)	(68,279)
Provision for income taxes	199	0	20
Net loss	(131,935)	(121,492)	(68,299)
Net loss attributable to common stockholders, basic and diluted	$ (131,935)	$ (79,324)	$ (85,461)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.89)	$ (4.85)	$ (99.58)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	45,589	16,358	858
Product Revenue
Revenue:
Revenue	$ 84,312	$ 39,612	$ 13,750
Cost of revenue:
Cost of revenue	84,639	57,035	27,164
Service and Other Revenue
Revenue:
Revenue	18,290	10,323	1,328
Cost of revenue:
Cost of revenue	$ 10,355	$ 5,937	$ 5,716

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (131,935)	$ (121,492)	$ (68,299)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	(185)	(21)	82
Comprehensive loss	$ (132,120)	$ (121,513)	$ (68,217)

- 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

Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - 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, 2018	$ (287,950)		$ 1		$ (60)	$ (287,891)
Beginning Balance (shares) at Dec. 31, 2018			789
Temporary Equity, Beginning Balance at Dec. 31, 2018		$ 392,284
Temporary Equity, Beginning Balance (shares) at Dec. 31, 2018		147,214
Adjustment to redemption value on redeemable convertible preferred stock	(134,760)	$ 134,760		$ (966)		(133,794)
Common stock warrant exercises	76			76
Common stock warrant exercises (shares)			9
Gain on extinguishment of redeemable convertible preferred stock	117,417	(117,417)				117,417
Temporary Equity, Costs to adjust the redemption value on redeemable convertible preferred stock		(181)
Issuance of common stock on settlement of accrued dividend		$ 41,763
Stock option exercises	364			364
Stock option exercises (shares)			124
Stock-based compensation expense	883			883
Unrealized gain (loss) on available-for-sale securities	82				82
Net loss	(68,299)					(68,299)
Ending Balance at Dec. 31, 2019	(372,187)		$ 1	357	22	(372,567)
Temporary Equity, Ending Balance (shares) at Dec. 31, 2019		147,214
Temporary Equity, Ending Balance at Dec. 31, 2019		$ 409,446
Ending Balance (shares) at Dec. 31, 2019			922
Issuance of common stock upon net exercises of Serie B redeemable convertible preferred stock warrants (shares)			65
Temporary Equity, Issuance of Series D and Series E redeemable convertible preferred stock, net of issuance costs		$ 126,758
Temporary Equity, Issuance of Series D and Series E redeemable convertible preferred stock, net of issuance costs (shares)		57,782
Adjustment to redemption value on redeemable convertible preferred stock	(362)	$ 362		(362)
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		$ 42,530
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, Cash exercises of Series C redeemable convertible preferred stock warrants	$ 4,288
Temporary Equity, Cash exercises of Series C redeemable convertible preferred stock warrants (shares)	1,655
Conversion of Series A redeemable convertible preferred stock warrants to common stock warrants	$ 1,252			1,252
Conversion of redeemable convertible preferred stock to common stock upon initial public offering			$ 26
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon initial public offering (Shares)		(206,651)
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon initial public offering	456,561	$ (456,561)		456,535
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (shares)			26,167
Issuance of common stock upon initial public offering, net of issuance costs	254,805		$ 10	254,795
Issuance of common stock upon initial public offering, net of issuance costs (shares)			10,294
Reclassification of redeemable convertible preferred stock warrant liability to equity	3,126			3,126
Issuance of common stock for settlement of RSUs (shares)			5
Stock option exercises	1,195		$ 1	1,194
Stock option exercises (shares)			419
Stock-based compensation expense	21,439			21,439
Unrealized gain (loss) on available-for-sale securities	(21)				(21)
Net loss	(121,492)					(121,492)
Ending Balance at Dec. 31, 2020	328,609		$ 43	822,624	1	(494,059)
Ending Balance (shares) at Dec. 31, 2020			42,722
Issuance of common stock through employee stock purchase plan			$ 3,434	3,434
Issuance of common stock through employee stock purchase plan (shares)			116
Issuance of common stock upon initial public offering, net of issuance costs	149,085		$ 3	149,082
Issuance of common stock upon initial public offering, net of issuance costs (shares)			2,946
Issuance of common stock for settlement of RSUs (shares)			19
Stock option exercises	$ 7,628		$ 1	7,627
Stock option exercises (shares)	1,437		1,438
Stock-based compensation expense	$ 17,445			17,445
Unrealized gain (loss) on available-for-sale securities	(185)				(185)
Net loss	(131,935)					(131,935)
Ending Balance at Dec. 31, 2021	$ 374,081		$ 47	$ 1,000,212	$ (184)	$ (625,994)
Ending Balance (shares) at Dec. 31, 2021			47,241

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (131,935)	$ (121,492)	$ (68,299)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,162	3,159	1,484
Non-cash lease expense	1,022	596	451
Non-cash interest expense	569	641	893
Accretion of discount on investments, net	1,972	50	(983)
Provision for accounts receivable	5	12	59
Provision for inventories	1,023	534	326
Loss on disposal of property and equipment	76	235	293
Stock-based compensation expense	17,445	21,439	883
Change in fair value of redeemable convertible preferred stock warrant liability		93	(3,800)
Loss on extinguishment of term loan		(1,567)
Changes in operating assets and liabilities:
Accounts receivable	(19,137)	(2,566)	(2,886)
Inventories	(22,042)	(16,287)	(5,020)
Prepaid expenses and other assets	1,860	(6,245)	(228)
Accounts payable	(3,066)	737	802
Accrued payroll and related benefits	8,103	9,889	3,119
Accrued expenses and other current liabilities	5,889	4,798	974
Accrued warranty liability	791	1,211	1,410
Deferred revenue	2,881	2,754	735
Accrued interest		(217)
Operating lease liabilities	(882)	77	(505)
Net cash used in operating activities	(130,264)	(99,015)	(70,292)
Cash flows from investing activities:
Purchases of property and equipment	(3,108)	(9,108)	(3,293)
Purchases of investment securities	(178,432)	(32,884)	(91,878)
Sales and maturities of investment securities	39,033	45,908	169,468
Net cash used in investing activities	(142,507)	3,947	74,297
Cash flows from financing activities:
Proceeds from issuance of common stock upon initial and follow-on public offering, net of issuance costs	149,085	254,805
Proceeds from cash exercise of redeemable convertible preferred stock warrants		4,288
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	11,062	1,195	363
Proceeds from issuance of term loan, net of issuance costs		29,630
Repayment of term loan and extinguishment costs		(30,985)
Repayment of finance lease		(9)	(9)
Proceeds from exercise of common stock warrant			76
Payment of redeemable convertible preferred stock issuance costs			(181)
Net cash provided by financing activities	160,147	385,682	249
Net (decrease) increase in cash, cash equivalents and restricted cash	(112,624)	290,614	4,254
Cash, cash equivalents and restricted cash as of beginning of period	328,283	37,669	33,415
Cash, cash equivalents and restricted cash as of end of period	215,659	328,283	37,669
Supplemental cash flow disclosures:
Cash paid for income taxes	83	19	35
Cash paid for interest	1,146	3,270	3,352
Cash paid for amounts included in the measurement of operating lease liabilities	882		505
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued expenses	121	323	867
Transfer of inventories to property and equipment	1,410	2,131	3,119
Right-of-use assets obtained in exchange for lease liabilities		8,849
Deemed dividend on settlement of accrued dividend		42,530
Adjustment to redemption value on redeemable convertible preferred stock		362	134,760
Conversion of redeemable convertible preferred stock into common stock upon initial public offering		456,561
Reclassification of redeemable convertible preferred stock warrant liability for conversion of Series A redeemable preferred stock warrants into common stock warrants		1,252
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital		3,126
Issuance of common stock on settlement of accrued dividend		$ 41,763
Gain on extinguishment of redeemable convertible preferred stock			$ 117,598
Transfer of property and equipment to inventories	$ 1,192

Description of Business

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

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, FDA cleared for use from the hospital to the home, represents a significant technological advancement designed to transform the dialysis experience for patients and operationally simplify it for providers. Tablo serves as a single enterprise solution designed to be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere, and by virtually anyone. The integration of water purification and on-demand dialysate production in a single 35-inch compact console enables Tablo to serve as a dialysis clinic on wheels. With a simple-to-use touchscreen interface, two-way wireless data transmission and a proprietary data analytics platform, Tablo is a new holistic approach to dialysis care. The Company’s headquarters are located in San Jose, CA.

The Company’s registration statement on Form S-1 related to its IPO was declared effective by the 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 approximately $254.8 million after deducting offering costs, underwriting discounts and commissions of approximately $23.1 million.

On April 13, 2021, the Company completed a follow-on public offering and sold 2,946,000 shares of 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 $149.1 million after deducting offering costs, underwriting discounts and commissions of $8.5 million.

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 financial statements and related notes 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. The Company incurred net losses of $131.9 million, $121.5 million and $68.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the Company had an accumulated deficit of $626.0 million.

As of December 31, 2021, the Company had cash, cash equivalents and short-term investments of $339.5 million, which are available to fund future operations, and restricted cash of $33.3 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 the follow-on public offering, and cash generated from revenues from its products and services, will be sufficient to meet its anticipated needs for at least the next 12 months from the issuance date of the financial statements.

Basis of Presentation

The financial statements have been prepared in accordance with U.S. GAAP. All share amounts disclosed in the notes to the financial statements are rounded to the nearest thousand except for per share amounts.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, allowance for doubtful accounts, inventory valuation and write-downs, warranty obligations, the fair value of equity awards, the valuation of investments, recoverability of the Company’s net deferred tax assets, and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results may differ from those estimates under different assumptions or conditions and the differences may be material.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. Substantially all the Company’s cash and cash equivalents, restricted cash, and investments are held at one financial institution in the United States that management believes is of high credit quality. Such investments may, at times, exceed federally insured limits or may not be covered by deposit insurance at all. The Company has not experienced any credit losses on its cash and cash equivalents, restricted cash or short-term investments through December 31, 2021.

For the year ended December 31, 2021, two customers accounted for 30% and 15% of revenues, respectively. For the year ended December 31, 2020, three customers accounted for 22%, 19% and 16% of revenues, respectively. One customer accounted for 11% of revenues for the year ended December 31, 2019. Accounts receivable are unsecured and the Company does not require collateral; however, the Company does assess the collectability of accounts receivable based on a number of factors, including past transaction history with, and the creditworthiness of, the customer. Accordingly, the Company is exposed to credit risk associated with accounts receivable. One customer accounted for 10% of accounts receivable as of December 31, 2021. Two customers accounted for 22% and 16% of accounts receivable, respectively, as of December 31, 2020. To reduce risk, the Company closely monitors the amounts due from its customers and assesses the financial strength of its customers through a variety of methods that include, but are not limited to, engaging directly with customer operations and leadership personnel, visiting customer locations to observe operating activities, and assessing customer longevity and reputation in the marketplace. As a result, the Company believes that its accounts receivable credit risk exposure is limited. A material default in payment or a material reduction in purchases from these or any other large customers could have a material adverse impact on the Company’s financial condition, results of operations, and liquidity.

The Company has a manufacturing facility in Tijuana, Mexico which it operates in collaboration with its outsourced business administration service provider, TACNA, for the production of the Tablo console. The Company is subject to a number of risks associated with operating its Mexico-based manufacturing facility. The manufacturing operations at the facility may suffer disruptions from global or regional public health crises such as the ongoing COVID-19 pandemic, natural disasters, cyber security attacks, vandalism, terrorism or other political hostilities. Any such occurrences could negatively impact the Company’s ability to produce the Tablo console. The Company is also subject to a variety of foreign laws and regulations, including trade and labor restrictions and laws relating to importation, exportation and taxation of goods, and U.S. laws and regulations relating to foreign operations. In addition, because certain of its Mexico-based manufacturing operations incur costs that are denominated in MXN, the Company is exposed to additional risk of currency fluctuations between USD and MXN, which could increase its product and labor costs, thus reducing its gross profit. To date, foreign currency transaction gains and losses have not been material to the Company’s financial statements.

The Company is subject to additional risks and uncertainties due to the COVID-19 pandemic. How long the pandemic, and measures intended to contain the spread of COVID-19, will continue remains uncertain and depends on ongoing developments, including but not limited to any resurgences of the virus including emerging variant strains, federal, state and local government actions taken in response, and continued availability, effectiveness and public acceptance of COVID-19 vaccines, as well as the extent and duration of the effect on the economy and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the duration and severity of disruptions in the global supply chain, largely driven by high demand as the economy reopens and the ongoing impact of the pandemic, also remain uncertain and depend on various factors, including the effectiveness of recent government actions intended to mitigate these disruptions. As a result, the Company cannot predict what effect COVID-19, the associated containment measures and the related supply chain disruptions will ultimately have on its business and result of operations.

While the potential economic impact and duration of the COVID-19 pandemic may be difficult to assess or predict, the widespread COVID-19 pandemic has resulted in, and may continue to result in, significant disruption of global financial markets,

which could result in a reduction in the Company’s ability to access capital and delays in payments of outstanding receivables that could adversely affect our liquidity. In addition, a recession or market correction resulting from the spread COVID-19 could materially affect the Company's business and financial results. As of the date of issuance of the financial statements, the extent to which the COVID-19 pandemic may materially adversely affect the Company's financial condition, liquidity, or results of operations is uncertain.

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.

The Company classifies financial instruments using a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s cash and cash equivalents, restricted cash, 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.

Cash Equivalents and Short-Term Investments

The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and are stated at fair value.

The Company primarily holds corporate debt securities, commercial paper, and U.S. Treasury securities, and has the ability, if necessary, to liquidate any of its investments to meet its liquidity needs in the next 12 months, without significant penalty. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term investments on the accompanying balance sheets. Short-term investments have been classified as available-for-sale at the time of purchase. The Company evaluates the appropriate classification of its investments as of each balance sheet date.

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. Other securities are classified 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).

A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums (discounts) are amortized (accreted) over the life of the related security as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

Accounts Receivable, Net

Accounts receivable are recorded at invoice value, net of any allowance for doubtful accounts. Estimates of the allowance for doubtful accounts are determined based on existing contractual payment terms, historical payment patterns of customers and individual customer circumstances. The allowance for doubtful accounts was not significant as of December 31, 2021 and 2020.

Inventories

Inventory is stated at the lower of cost or net realizable value, with approximate costs determined on a first-in, first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The carrying value of inventories is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Any write-down of its inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest that the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on the Company’s statements of operations.

Property and Equipment, Net

Property and equipment, net is stated at cost, net of accumulated depreciation. Depreciation is generally computed using the straight-line method based on the estimated useful lives of the assets, which is generally two to five years. Certain Tablo consoles under operating leases are depreciated using the accelerated method. Leasehold improvements are amortized using the straight-line method over the shorter of the assets estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to expense as incurred. Significant improvements that substantially enhance the useful life of an asset are capitalized and depreciated. When assets are retired or disposed of, the cost together with related accumulated depreciation is removed from the balance sheet and any resulting gain or loss is reflected in the Company’s statements of operations in the period realized.

Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no such impairment losses as of December 31, 2021 and 2020.

Leases

The Company determines if an arrangement is a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. Lease costs for the Company’s operating leases are recognized on a straight-line basis over the reasonably assured lease term. Variable lease payments include lease operating expenses.

The Company has elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

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 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 generates revenue primarily from contracts with customers for 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.

Each customer contract defines our distinct performance obligations and the associated transaction price for each obligation. Tablo consoles and consumables are generally sold without the right of return. Revenue is recognized when a performance obligation is satisfied. 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 over time as the service is performed, typically evenly over the contract term. Certain contracts include variable consideration such as rebates, revenue for such contracts is recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company’s contracts with customers often include multiple performance obligations. For such contracts, the Company allocates the contracted transaction price to each performance obligation based upon the relative SSP. The Company determines the SSP based upon the facts and circumstances of each performance obligation (product or services), which often requires management's judgement. The Company uses an observable price to estimate SSP for items that are sold separately, including customer service 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. If such contracts result in a material right, the Company allocates part of the transaction price to that right and recognizes the associated revenue when those future goods and services are transferred to the customer. 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 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 our ESPP, RSUs and PSUs with performance or market-based vesting conditions. 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. The Company had no publicly available stock price information prior to the IPO and limited

available stock price information subsequent to the IPO; therefore, the Company has used the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term on the equity settled award.

For stock options with performance- and market-based vesting conditions, stock-based compensation expense begins to be recognized over the remaining service period when it is considered probable that the performance vesting condition will be satisfied. Prior to the IPO in September 2020, the Company had not recognized any stock-based compensation expense as the satisfaction of the performance condition was not considered probable. Upon the closing of the IPO, the Company recorded a cumulative stock-based compensation expense using the accelerated attribution method as the performance condition was satisfied. Stock-based compensation expense related to these options is recognized using the accelerated attribution method as the performance-based vesting condition 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 simulation model.

RSUs with a service-based vesting condition 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 to be recognized in the Company’s statements of operations requires the use of certain estimates and assumptions. At each reported 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 simulation model. Stock-based compensation expense related to these PSUs is recognized using the accelerated attribution method and not reversed if the achievement of the market conditions does not occur.

Research and Development

The Company expenses all research and development costs as incurred. These expenses include the costs of proprietary research and development efforts, quality engineering, clinical studies and trials and regulatory affairs. Costs primarily consist of compensation and personnel costs, consulting services, supplies and materials expenses, and allocated costs including facilities and information technology.

Advertising Costs

Advertising costs are expensed as incurred. The advertising costs for years ended December 31, 2021, 2020 and 2019 were not significant.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and remeasured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain.

The Company utilizes a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

The Company includes any penalties and interest expense related to income taxes as a component of other expense, net, as necessary.

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net 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 loss per share is computed by dividing the net 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 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.

Employee Benefit Plan

The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their eligible compensation on a pre- or post-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2021, 2020 and 2019. Effective January 1, 2022, the Company began to match 100% of each employee’s contributions up to a maximum matching contribution equal to 2% of such employee’s eligible compensation, subject to the terms and limitations of the 401(k) plan and applicable law.

Segment

The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company has operated a manufacturing facility in Mexico since 2020. The Company's long-lived tangible assets, net, as well as the Company's operating lease right-of-use assets recognized on the balance sheets, located in Mexico were $6.2 million as of December 31, 2021.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740), 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 its 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 from Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Years Ended December 31,
	2021		2020		2019
Consoles	$	65,133	$	32,871	$	12,187
Consumables		19,179		6,742		1,563
Total product revenue		84,312		39,612		13,750
Service and other revenue		18,290		10,323		1,328
Total revenue	$	102,602	$	49,935	$	15,078

For the years ended December 31, 2021, 2020 and 2019, $4.7 million, $3.1 million and $0.5 million, respectively, of consoles revenue were from console operating lease arrangements. The remaining operating lease payments of $1.7 million as of December 31, 2021 will be recognized during the year ending December 31, 2022.

Remaining Performance Obligations and Contract Liabilities

As of December 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 $6.7 million, which is recorded as deferred revenue on the Company’s balance sheet. Of that amount, $6.3 million will be recognized as revenue during the year ended December 31, 2022, and $0.3 million thereafter.

The contract liabilities consist of deferred revenue which represents payments received in advance of revenue recognition. Revenue under these agreements is recognized over the related service period. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $3.2 million, $0.9 million, and $0.3 million, respectively, of previously deferred revenue.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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
-Paragraph 12
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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=123351226&loc=SL49130558-203045

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

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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


		December 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	$	60,844	$	—		$	—		$	60,844
Short-term investments:
U.S. Treasury securities	Level 1		18,064			‒		(60	)		18,004
Corporate debt	Level 2		124,178		2			(125	)		124,055
Commercial paper	Level 2		15,081		—			—			15,081
Total cash equivalents and short-term investments		$	218,167	$	2		$	(185	)	$	217,984


		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 December 31, 2021, the remaining contractual maturities for short-term investments were as follows (in thousands):


	Aggregate Fair Value
Due within one year	$	135,766
After one but within five years		21,374
Total	$	157,140

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly

or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. The Company validates the prices provided by its third-party pricing services by understanding the models used, obtaining market values from other pricing sources and confirming those securities traded in active markets.

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 December 31, 2021. During the years ended December 31, 2021, 2020 and 2019, the Company did not recognize other-than-temporary impairment losses related to its investment securities.

- 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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Cash, Cash Equivalents and Restricted Cash

As of December 31, 2021 and 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 the building leases in San Jose, CA and Tijuana, Mexico (see Note 6). The restricted cash balance of $0.7 million as of December 31, 2019 relates to collateral for building leases.

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


	December 31,
	2021		2020		2019
Cash and cash equivalents	$	182,348	$	294,972	$	36,926
Restricted cash		33,311		33,311		743
Total cash, cash equivalents and restricted cash	$	215,659	$	328,283	$	37,669

Inventories

Inventories consist of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	18,114	$	7,989
Work in process		6,054		6,200
Finished goods		15,017		4,195
Total inventories	$	39,185	$	18,384

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2021			2020
Tablos under operating leases		2,412			5,158
Computers and software		3,777			3,131
Furniture and fixtures		1,494			1,399
Machinery and equipment		7,197			4,496
Leasehold improvements		4,864			4,459
Construction in progress		874			1,343
Total property and equipment		20,618			19,986
Less: accumulated depreciation and amortization		(7,654	)		(4,988	)
Property and equipment, net		12,964			14,998

Total depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 was $5.2 million, $3.2 million, and $1.5 million, respectively.

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2021		2020
Accrued inventory	$	4,808	$	3,576
Accrued research and development expenses		574		175
Accrued professional services		1,269		2,187
Accrued rebate		3,121		566
Other		4,017		1,399
Total accrued expenses and other current liabilities	$	13,789	$	7,903

Accrued Warranty Liability

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


	December 31,
	2021			2020
Balance at the beginning of the period	$	2,913		$	1,702
Additions charged to cost of product revenue		7,310			4,858
Consumption		(6,519	)		(3,647	)
Balance at the end of the period	$	3,704		$	2,913

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Leases

In September 2019, the Company entered into an operating lease agreement for its new facility and office space in San Jose, CA that commenced in April 2020 and expires in March 2027. This operating lease contains a free rent period and an escalation clause. The landlord provided the Company with a tenant improvement allowance of up to $2.0 million. The Company issued an irrevocable standby letter of credit in the amount of $0.3 million in lieu of a cash security deposit. The letter of credit is fully secured by cash held at the bank in a restricted account.

In May 2020, the Company entered into an operating lease agreement for its manufacturing facility in Tijuana, Mexico that commenced in May 2020 and will expire in August 2026. The Company took initial possession of the building with 48,437 square feet in May 2020 and subsequently took possession of the second space with 38,750 square feet in June 2021. This operating lease contains a free rent period and an escalation clause. The Company issued an irrevocable standby letter of credit in the amount of $3.0 million, in lieu of a cash security deposit. The letter of credit is fully secured by cash held at the bank in a restricted account.

Both leases include renewal options at the election of the Company to renew or extend the lease. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities.

The components of lease costs were as follows (in thousands):


	Years ended December 31,
	2021		2020		2019
Operating lease costs		1,759		1,070		—
Variable lease costs		375		233		100
Short-term lease costs		180		371		520
Total lease costs	$	2,314	$	1,674	$	620

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


	December 31,
	2021		2020
Weighted-average remaining lease term (in years)		5.3		6.3
Weighted-average discount rate	8.7%		8.7%

The maturity of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):


Years Ending December 31:
2022	$	1,796
2023		1,856
2024		1,911
2025		1,969
Thereafter		2,523
Total lease payments	$	10,055
Less: imputed interest		(2,011	)
Present value of operating lease liabilities	$	8,044
Operating lease liabilities, current	$	1,151
Operating lease liabilities, noncurrent	$	6,893

Purchase Commitments

The Company's commitments as of December 31, 2021 include an estimated amount of $68.6 million relating to the Company’s open purchase orders and contractual obligations that occur in the ordinary course of business, including commitments with contract manufacturers and suppliers for which the Company has not received the goods or services, commitments for capital expenditures, consulting activities for which the Company has not received the services, and subscription of software services. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the Company the option to cancel within a reasonable period, reschedule, and adjust its requirements based on its business needs prior to the delivery of goods or performance of services.

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, customers 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 Loans

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Term Loan

7. Term Loans

Term loans consist of the following (in thousands):


	December 31,
	2021			2020
Principal of term loan	$	30,000		$	30,000
Unamortized debt discount		(238	)		(326	)
Total term loan, noncurrent	$	29,762		$	29,674

Perceptive Term Loans

In 2017, the Company entered into a senior, secured, delayed-draw term loan facility (the Perceptive Term Loan Agreement) with Perceptive Credit Holdings, LP, as the administrative agent and the collateral agent, for various related Perceptive group companies to borrow up to $40.0 million (the Perceptive Term Loans). The Perceptive Term Loans bore interest at a rate of 8.55%, plus the greater of the three-month London Inter-bank Offered Rate (LIBOR) and 2.00%.

In July 2020, the Company used the SVB Term Loan (see below) to repay in full all amounts due under the Perceptive Term Loan and cash on hand to pay $1.2 million in early prepayment, accrued interest and exit fees. The repayment of the Perceptive Term Loan was accounted for as a debt extinguishment, which resulted in a loss on extinguishment of $1.6 million recorded in the statements of operations for the year ended December 31, 2020.

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 a rate per annum equal to the greater of (A) 0.50% above the Prime Rate as reported in the Wall Street Journal then in effect (which shall not be less than zero) and (B) 3.75% (3.75% as of December 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 December 31, 2021, the unamortized debt discount was $0.2 million, which is recorded as a direct deduction from the SVB Term Loan on the balance sheets.

Aggregate annual payments due on the SVB Term Loan as of December 31, 2021 were as follows (in thousands):


Years Ending December 31:
2022	$	1,141
2023		8,073
2024		12,667
2025		13,233
Total future payments		35,114
Less: amount representing interest		(3,089	)
Less: final payment		(2,025	)
Total term loan		30,000
Less: unamortized debt discount		(238	)
Total term loan, net of debt discount	$	29,762

- Definition

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

+ References

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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

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

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

The Company has reserved shares of common stock for issuance as of December 31, 2021 as follows (in thousands):


	Shares
Warrants to purchase common stock		63
Stock options outstanding		3,533
Restricted stock units outstanding		563
Performance stock units outstanding		110
Shares available for future purchase under ESPP		999
Shares available for future grant under 2020 Plan		4,415
Total reserved shares		9,683

Equity Incentive Plan

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plan

9. Equity Incentive Plan

In 2019, the Company terminated the 2010 Stock Incentive Plan (the 2010 Plan) and adopted the 2019 Equity Incentive Plan (the 2019 Plan, and together with 2010 Plan, the Prior Plans) for the purpose of providing incentive and non-statutory stock options to employees, directors and certain non-employees.

In the third quarter of 2020, the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan, and together with the Prior Plans, the Plans), which became effective in connection with the IPO. As a result, the Company may not grant any additional awards under the Prior Plans. The Prior Plans will continue to govern outstanding equity awards previously granted thereunder. The Company has initially reserved 3,665,000 shares of common stock for the issuance of awards under the 2020 Plan. In addition, the number of shares of common stock available under the 2020 Plan automatically increases on the first day of each fiscal year until (and including) the fiscal year ending December 31, 2030, with such annual increase equal to an amount equal to the lesser of (i) 4% of the number of shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year, and (ii) an amount determined by the Company’s board of directors. On January 1, 2021, the number of shares of common stock reserved for the issuance of awards under the 2020 Plan was increased by 1,709,000 shares as a result of the automatic increase pursuant to the 2020 Plan.

Options under the 2020 Plan have a contractual term of 10 years. The exercise price of an option shall not be less than 100% of the fair market value of the shares on the date of grant.

Stock Options

A summary of the Company’s stock option activity under the Plans is set forth below (in thousands, except exercise price and remaining contractual life data):


	Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Terms (Years)		Aggregate Intrinsic Value
Balance as of December 31, 2020		4,763		$	6.35
Granted		634		$	47.91
Exercised		(1,437	)	$	5.31
Forfeited and expired		(427	)	$	19.58
Balance as of December 31, 2021		3,533		$	12.63		6.82	$	119,959
Exercisable as of December 31, 2021		2,453		$	5.42		6.07	$	99,853

The weighted average grant date fair value of options granted to employees was $24.74, $7.97, and $2.77 per share during the years ended December 31, 2021, 2020 and 2019, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $61.0 million, $8.2 million, and $0.2 million, respectively. The intrinsic value is the difference between the estimated fair value of the Company’s common stock at the time of exercise and the exercise price of the stock option.

The total fair value of options that vested during the years ended December 31, 2021, 2020 and 2019 was $24.5 million, $3.3 million, and $0.7 million, respectively. As of December 31, 2021, the total unrecognized stock-based compensation expense related to the stock options was $14.0 million, which will be recognized over a weighted-average period of 2.63 years.

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 were scheduled to 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 December 31, 2021, all outstanding options with these conditions were fully vested and related stock-based compensation was recognized in full. For the years ended December 31, 2021 and 2020, the Company recorded stock-based compensation expense of $4.3 million and $18.5 million, respectively, related to these stock options. No such expense was recorded for the year ended December 31, 2019 as the performance-based vesting condition was not satisfied until the closing of the IPO in September 2020.

The fair value of each stock option grant is estimated on the date of grant using the following assumptions for the periods indicated:


	Years Ended December 31,
	2021	2020	2019
Expected term (in years)	5.95 – 6.08	5.06 – 10.00	4.97 – 5.05
Expected volatility	53.9% – 55.3%	52.1% – 62.7%	49.3% – 50.9%
Risk-free interest rate	0.66% – 1.36%	0.35% – 1.54%	1.57% – 2.48%
Dividend yield	0%	0%	0%

Restricted Stock

The Company issues RSUs and PSUs, both of which are considered restricted stock. The Company grants restricted stock pursuant to the 2020 Plan and satisfies such grants through the issuance of new shares. RSUs are share awards that, upon vesting, will deliver to the holder shares of our common stock. The PSUs may vest upon the achievement of specified revenue targets (performance-based vesting conditions) or specified market stock prices (market-based vesting conditions) and continued performance of services. Certain PSUs with performance-based vesting conditions vest in a range between 0% and 200% of the units approved based on the performance relative to specified revenue targets.

Restricted stock activity was as follows (in thousands, except per share amounts):


	Restricted Stock Units			Performance Stock Units		Weighted-Average Grant Date Fair Value Per Share
	(RSU)			(PSU)		RSU		PSU
Outstanding as of December 31, 2020		44			25	$	52.32	$	52.55
Granted		639			85	$	47.78	$	46.22
Vested		(19	)		—	$	51.03	$	—
Forfeited		(101	)		—	$	48.04	$	—
Outstanding as of December 31, 2021		563			110	$	47.98	$	47.65

The total grant date fair value of RSUs vested for the years ended December 31, 2021 and 2020 were $1.0 million and $0.2 million, respectively. There were no RSUs granted prior to 2020. As of December 31, 2021, the total unrecognized stock-based compensation expense related to the RSUs was $22.6 million, which will be recognized over a weighted-average period of 3.12 years.

As of December 31, 2021, the total unrecognized stock-based compensation expense related to the PSUs with market-based vesting conditions was $1.3 million, which will be recognized over a weighted-average period of 1.25 years.

Employees Stock Purchase Plan (ESPP)

In the third quarter of 2020, the Company adopted the ESPP. The Company has initially reserved 687,000 shares of common stock for purchase under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP increases automatically on the first day of each fiscal year until (and including) the fiscal year ending December 31, 2030, with such annual increase equal to the lesser of (i) 687,000 shares, (ii) 1% of the number of common stock issued and outstanding on December 31 of the immediately preceding fiscal year, and (iii) an amount determined by the Company’s board of directors. On January 1, 2021, the number of shares of common stock reserved for purchase under the ESPP was increased by 427,000 shares as a result of the automatic increase pursuant to the ESPP.

Subject to any limitations contained therein, the ESPP allows eligible participants to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s common stock at a purchase price 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. The ESPP generally provides for consecutive 6-month offering periods. Effective beginning with the offering period commencing on March 1, 2022, the ESPP allows eligible participants to purchase shares pursuant to a cashless exercise program, and the duration for each offering period will be a 24-month period consisting of four separate consecutive purchase periods of approximately six months in length. This includes a two-year look-back feature in the ESPP, with a reset feature, which causes the offering period to reset if the fair value of the Company’s common stock on the first day of a new offering period is less than that on the original offering date.

The fair value of the stock purchase rights under the ESPP is estimated using the Black-Scholes option pricing model. The weighted average grant date fair value and assumptions used in estimating the fair value of the stock purchase rights under the ESPP were as follows:


	Years Ended December 31,
	2021	2020
Expected term (in years)	0.50	0.47
Expected volatility	41.0% – 43.8%	57.0%
Risk-free interest rate	0.06% – 0.07%	0.12%
Dividend yield	0%	0%
Grant Date Fair Value	$13.25 – $13.95	$8.00

During the years ended December 31, 2021 and 2020, 116,000 and zero shares of common stock were purchased pursuant to the ESPP, respectively. As of December 31, 2021, the total unrecognized stock-based compensation expense related to the ESPP was $0.2 million, which will be recognized over a weighted-average period of 0.17 years.

Stock-based Compensation Expense

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


	Years Ended December 31,
	2021		2020		2019
Cost of revenue	$	269	$	255	$	5
Research and development		3,809		4,615		328
Sales and marketing		5,897		4,423		172
General and administrative		7,470		12,146		378
Total stock-based compensation expense	$	17,445	$	21,439	$	883

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

Loss before provision for income taxes were as follows for the periods indicated (in thousands):


	Years Ended December 31,
	2021			2020			2019
Domestic	$	(128,400	)	$	(121,492	)	$	(68,299	)
Foreign		(3,336	)		—			—
Loss before provision for income taxes	$	(131,736	)	$	(121,492	)	$	(68,299	)

The provision for income taxes was $0.2 million for the years ended December 31, 2021, which related to foreign income taxes. For years ended December 31, 2020 and 2019, the provision for income taxes were insignificant. The Company has incurred net operating losses for all periods presented. The Company has not reflected any benefit of such net operating loss carryforwards in the financial statements. The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows:


	Years Ended December 31,
	2021				2020				2019
Federal statutory income tax rate		21.0		%		21.0		%		21.0		%
State taxes		1.3				3.8				7.8
Change in valuation allowance		(22.8	)			(23.3	)			(28.5	)
Federal and state tax credits		1.2				1.0				0.9
Stock-based compensation expense		8.1				1.2				—
Non-deductible permanent expenses		(0.1	)			(0.2	)			(1.2	)
Effect of deferred tax adjustment		(0.7	)			(1.4	)			—
Non-deductible compensation		(8.2	)			(2.1	)			—
Effective income tax rate		(0.2	)	%		—		%		—		%

Deferred tax assets and liabilities

Deferred income taxes reflect the net tax effect of temporary differences between amounts recorded for financial reporting purposes and amounts used for tax purposes. The major components of deferred tax assets and liabilities were as follows as of the dates indicated (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	102,094		$	76,838
Tax credits		11,767			10,039
Accrual and reserves		3,573			2,392
Tangible and intangible assets		20,249			19,090
Stock-based compensation expense		3,566			2,843
Lease liabilities		1,955			1,733
Other deferred tax asset		282			—
Gross deferred tax assets		143,486			112,935
Valuation allowance		(141,729	)		(111,061	)
Net deferred tax assets	$	1,757		$	1,874

	December 31,
	2021			2020
Deferred tax liabilities:
Right-of-use assets	$	(1,757	)	$	(1,874	)
Gross deferred tax liabilities	$	(1,757	)	$	(1,874	)

Realization of the deferred tax assets is dependent upon future taxable income, if any, the amount and timing of which are uncertain. The Company has established a valuation allowance to offset deferred tax assets as of December 31, 2021 and 2020 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The valuation allowance increased by $30.7 million, $28.4 million and $23.7 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2021, the Company had a net operating loss carryforward for federal income tax purposes of $409.0 million. Federal net operating losses of $281.2 million incurred after 2017 do not expire but usage is limited to 80% of taxable income. The remaining $127.8 million of federal net operating loss carryforward will begin to expire in 2024 and continue to expire through 2037. The Company had a total state net operating loss carryforward of $213.7 million. State net operating losses of $53.2 million do not expire. The remaining state net operating loss carryforward of $160.5 million will begin to expire in 2022 and continue to expire through 2041.

The Company had federal research and development credits of $6.6 million, which will begin to expire in 2030 and state research and development credits of $5.1 million which have no expiration date. These tax credits are subject to the same limitations discussed above.

Federal and state laws impose substantial restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an ownership change for tax purposes, as defined in Section 382 of the Internal Revenue Code. As a result of such ownership changes, the Company’s ability to realize the potential future benefit of tax losses and tax credits that existed at the time of the ownership change may be significantly reduced. The Company’s deferred tax asset and related valuation allowance would be reduced, as a result. The Company has not performed a Section 382 study to determine the amount of reduction, if any. Unrecognized tax benefits at December 31, 2021 have been recorded as an offset to federal and state research and development credit carryforwards.

Unrecognized Tax Benefits

A reconciliation of the total unrecognized tax benefits for the periods presented was as follows (in thousands):


	December 31,
	2021		2020
Balance, beginning of year	$	1,582	$	1,020
Decrease related to current year positions		—
Increase related to current year positions		608		562
Balance, end of year	$	2,190	$	1,582

The Company does not have any material accrued interest or penalties associated with unrecognized tax benefits. The Company does not believe it is reasonably possible that its unrecognized tax benefits will significantly change within the next twelve months.

The Company files income tax returns in the United States and various states and Mexico. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. All tax returns remain open for examination by federal, state, and foreign authorities for three, four, and five years, respectively, from the date of utilization of any net operating loss or credits.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

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

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

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

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

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

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

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

+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11. Net Loss per Share Attributable to Common Stockholders

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


	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(131,935	)	$	(121,492	)	$	(68,299	)
Adjustment to redemption value on redeemable convertible preferred stock		—			(362	)		(134,760	)
Deemed dividend on settlement of accrued dividend		—			42,530			—
Gain on extinguishment of redeemable convertible preferred stock		—			—			117,598
Net loss attributable to common stockholders, basic and diluted	$	(131,935	)	$	(79,324	)	$	(85,461	)
Denominator:
Weighted-average shares of common stock, basic and diluted		45,589			16,358			858
Net loss per share attributable to common stockholders, basic and diluted	$	(2.89	)	$	(4.85	)	$	(99.58	)

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


	Years Ended December 31,
	2021		2020		2019
Stock options to purchase common stock		3,533		4,763		3,757
Warrant to purchase common stock		63		63		—
Restricted stock units		581		—		—
Shares committed under ESPP		37		52		—
Performance stock units		17		—		—
Redeemable convertible preferred stock, on an as-if converted basis		—		—		18,634
Warrants to purchase redeemable convertible preferred stock		—		—		599
Total		4,231		4,878		22,990

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Use Of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, allowance for doubtful accounts, inventory valuation and write-downs, warranty obligations, the fair value of equity awards, the valuation of investments, recoverability of the Company’s net deferred tax assets, and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results may differ from those estimates under different assumptions or conditions and the differences may be material.
Concentration of Credit Risk	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. Substantially all the Company’s cash and cash equivalents, restricted cash, and investments are held at one financial institution in the United States that management believes is of high credit quality. Such investments may, at times, exceed federally insured limits or may not be covered by deposit insurance at all. The Company has not experienced any credit losses on its cash and cash equivalents, restricted cash or short-term investments through December 31, 2021. For the year ended December 31, 2021, two customers accounted for 30% and 15% of revenues, respectively. For the year ended December 31, 2020, three customers accounted for 22%, 19% and 16% of revenues, respectively. One customer accounted for 11% of revenues for the year ended December 31, 2019. Accounts receivable are unsecured and the Company does not require collateral; however, the Company does assess the collectability of accounts receivable based on a number of factors, including past transaction history with, and the creditworthiness of, the customer. Accordingly, the Company is exposed to credit risk associated with accounts receivable. One customer accounted for 10% of accounts receivable as of December 31, 2021. Two customers accounted for 22% and 16% of accounts receivable, respectively, as of December 31, 2020. To reduce risk, the Company closely monitors the amounts due from its customers and assesses the financial strength of its customers through a variety of methods that include, but are not limited to, engaging directly with customer operations and leadership personnel, visiting customer locations to observe operating activities, and assessing customer longevity and reputation in the marketplace. As a result, the Company believes that its accounts receivable credit risk exposure is limited. A material default in payment or a material reduction in purchases from these or any other large customers could have a material adverse impact on the Company’s financial condition, results of operations, and liquidity. The Company has a manufacturing facility in Tijuana, Mexico which it operates in collaboration with its outsourced business administration service provider, TACNA, for the production of the Tablo console. The Company is subject to a number of risks associated with operating its Mexico-based manufacturing facility. The manufacturing operations at the facility may suffer disruptions from global or regional public health crises such as the ongoing COVID-19 pandemic, natural disasters, cyber security attacks, vandalism, terrorism or other political hostilities. Any such occurrences could negatively impact the Company’s ability to produce the Tablo console. The Company is also subject to a variety of foreign laws and regulations, including trade and labor restrictions and laws relating to importation, exportation and taxation of goods, and U.S. laws and regulations relating to foreign operations. In addition, because certain of its Mexico-based manufacturing operations incur costs that are denominated in MXN, the Company is exposed to additional risk of currency fluctuations between USD and MXN, which could increase its product and labor costs, thus reducing its gross profit. To date, foreign currency transaction gains and losses have not been material to the Company’s financial statements. The Company is subject to additional risks and uncertainties due to the COVID-19 pandemic. How long the pandemic, and measures intended to contain the spread of COVID-19, will continue remains uncertain and depends on ongoing developments, including but not limited to any resurgences of the virus including emerging variant strains, federal, state and local government actions taken in response, and continued availability, effectiveness and public acceptance of COVID-19 vaccines, as well as the extent and duration of the effect on the economy and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the duration and severity of disruptions in the global supply chain, largely driven by high demand as the economy reopens and the ongoing impact of the pandemic, also remain uncertain and depend on various factors, including the effectiveness of recent government actions intended to mitigate these disruptions. As a result, the Company cannot predict what effect COVID-19, the associated containment measures and the related supply chain disruptions will ultimately have on its business and result of operations. While the potential economic impact and duration of the COVID-19 pandemic may be difficult to assess or predict, the widespread COVID-19 pandemic has resulted in, and may continue to result in, significant disruption of global financial markets, which could result in a reduction in the Company’s ability to access capital and delays in payments of outstanding receivables that could adversely affect our liquidity. In addition, a recession or market correction resulting from the spread COVID-19 could materially affect the Company's business and financial results. As of the date of issuance of the financial statements, the extent to which the COVID-19 pandemic may materially adversely affect the Company's financial condition, liquidity, or results of operations is uncertain.
Fair Value of Financial Instruments	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. The Company classifies financial instruments using a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s cash and cash equivalents, restricted cash, 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.
Cash Equivalents and Short-Term Investments	Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and are stated at fair value. The Company primarily holds corporate debt securities, commercial paper, and U.S. Treasury securities, and has the ability, if necessary, to liquidate any of its investments to meet its liquidity needs in the next 12 months, without significant penalty. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term investments on the accompanying balance sheets. Short-term investments have been classified as available-for-sale at the time of purchase. The Company evaluates the appropriate classification of its investments as of each balance sheet date. 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. Other securities are classified 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). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums (discounts) are amortized (accreted) over the life of the related security as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are recorded at invoice value, net of any allowance for doubtful accounts. Estimates of the allowance for doubtful accounts are determined based on existing contractual payment terms, historical payment patterns of customers and individual customer circumstances. The allowance for doubtful accounts was not significant as of December 31, 2021 and 2020.
Inventories	Inventories Inventory is stated at the lower of cost or net realizable value, with approximate costs determined on a first-in, first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The carrying value of inventories is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Any write-down of its inventory to net realizable value establishes a new cost basis and will be maintained even if certain circumstances suggest that the inventory is recoverable in subsequent periods. Costs associated with the write-down of inventory are recorded to cost of revenue on the Company’s statements of operations.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost, net of accumulated depreciation. Depreciation is generally computed using the straight-line method based on the estimated useful lives of the assets, which is generally two to five years. Certain Tablo consoles under operating leases are depreciated using the accelerated method. Leasehold improvements are amortized using the straight-line method over the shorter of the assets estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to expense as incurred. Significant improvements that substantially enhance the useful life of an asset are capitalized and depreciated. When assets are retired or disposed of, the cost together with related accumulated depreciation is removed from the balance sheet and any resulting gain or loss is reflected in the Company’s statements of operations in the period realized. Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no such impairment losses as of December 31, 2021 and 2020.
Leases	Leases The Company determines if an arrangement is a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. Lease costs for the Company’s operating leases are recognized on a straight-line basis over the reasonably assured lease term. Variable lease payments include lease operating expenses. The Company has elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.
Accrued Warranty Liability	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 statements of operations.
Contract Liabilities - Deferred Revenue	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	Revenue The Company generates revenue primarily from contracts with customers for 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. Each customer contract defines our distinct performance obligations and the associated transaction price for each obligation. Tablo consoles and consumables are generally sold without the right of return. Revenue is recognized when a performance obligation is satisfied. 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 over time as the service is performed, typically evenly over the contract term. Certain contracts include variable consideration such as rebates, revenue for such contracts is recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company’s contracts with customers often include multiple performance obligations. For such contracts, the Company allocates the contracted transaction price to each performance obligation based upon the relative SSP. The Company determines the SSP based upon the facts and circumstances of each performance obligation (product or services), which often requires management's judgement. The Company uses an observable price to estimate SSP for items that are sold separately, including customer service 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. If such contracts result in a material right, the Company allocates part of the transaction price to that right and recognizes the associated revenue when those future goods and services are transferred to the customer. 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 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 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 our ESPP, RSUs and PSUs with performance or market-based vesting conditions. 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. The Company had no publicly available stock price information prior to the IPO and limited available stock price information subsequent to the IPO; therefore, the Company has used the historical volatility of the stock price of similar publicly traded peer companies. The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term on the equity settled award. For stock options with performance- and market-based vesting conditions, stock-based compensation expense begins to be recognized over the remaining service period when it is considered probable that the performance vesting condition will be satisfied. Prior to the IPO in September 2020, the Company had not recognized any stock-based compensation expense as the satisfaction of the performance condition was not considered probable. Upon the closing of the IPO, the Company recorded a cumulative stock-based compensation expense using the accelerated attribution method as the performance condition was satisfied. Stock-based compensation expense related to these options is recognized using the accelerated attribution method as the performance-based vesting condition 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 simulation model. RSUs with a service-based vesting condition 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 to be recognized in the Company’s statements of operations requires the use of certain estimates and assumptions. At each reported 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 simulation model. Stock-based compensation expense related to these PSUs is recognized using the accelerated attribution method and not reversed if the achievement of the market conditions does not occur.
Research and Development	Research and Development The Company expenses all research and development costs as incurred. These expenses include the costs of proprietary research and development efforts, quality engineering, clinical studies and trials and regulatory affairs. Costs primarily consist of compensation and personnel costs, consulting services, supplies and materials expenses, and allocated costs including facilities and information technology
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. The advertising costs for years ended December 31, 2021, 2020 and 2019 were not significant.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and remeasured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. The Company utilizes a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company includes any penalties and interest expense related to income taxes as a component of other expense, net, as necessary.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net 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 loss per share is computed by dividing the net 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 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.
Employee Benefit Plan	Employee Benefit Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their eligible compensation on a pre- or post-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2021, 2020 and 2019. Effective January 1, 2022, the Company began to match 100% of each employee’s contributions up to a maximum matching contribution equal to 2% of such employee’s eligible compensation, subject to the terms and limitations of the 401(k) plan and applicable law.
Segment	Segment The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company has operated a manufacturing facility in Mexico since 2020. The Company's long-lived tangible assets, net, as well as the Company's operating lease right-of-use assets recognized on the balance sheets, located in Mexico were $6.2 million as of December 31, 2021.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740), 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 its 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 from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Source

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


	Years Ended December 31,
	2021		2020		2019
Consoles	$	65,133	$	32,871	$	12,187
Consumables		19,179		6,742		1,563
Total product revenue		84,312		39,612		13,750
Service and other revenue		18,290		10,323		1,328
Total revenue	$	102,602	$	49,935	$	15,078

Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		December 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	$	60,844	$	—		$	—		$	60,844
Short-term investments:
U.S. Treasury securities	Level 1		18,064			‒		(60	)		18,004
Corporate debt	Level 2		124,178		2			(125	)		124,055
Commercial paper	Level 2		15,081		—			—			15,081
Total cash equivalents and short-term investments		$	218,167	$	2		$	(185	)	$	217,984


		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 December 31, 2021, the remaining contractual maturities for short-term investments were as follows (in thousands):


	Aggregate Fair Value
Due within one year	$	135,766
After one but within five years		21,374
Total	$	157,140

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 182,348 $ 294,972 $ 36,926 Restricted cash 33,311 33,311 743 Total cash, cash equivalents and restricted cash $ 215,659 $ 328,283 $ 37,669

Schedule of Inventories

Inventories consist of the following (in thousands):


	December 31,
	2021		2020
Raw materials	$	18,114	$	7,989
Work in process		6,054		6,200
Finished goods		15,017		4,195
Total inventories	$	39,185	$	18,384

Summary of Property Plant and Equipment

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2021			2020
Tablos under operating leases		2,412			5,158
Computers and software		3,777			3,131
Furniture and fixtures		1,494			1,399
Machinery and equipment		7,197			4,496
Leasehold improvements		4,864			4,459
Construction in progress		874			1,343
Total property and equipment		20,618			19,986
Less: accumulated depreciation and amortization		(7,654	)		(4,988	)
Property and equipment, net		12,964			14,998

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2021		2020
Accrued inventory	$	4,808	$	3,576
Accrued research and development expenses		574		175
Accrued professional services		1,269		2,187
Accrued rebate		3,121		566
Other		4,017		1,399
Total accrued expenses and other current liabilities	$	13,789	$	7,903

Accrued Warranty Liability

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


	December 31,
	2021			2020
Balance at the beginning of the period	$	2,913		$	1,702
Additions charged to cost of product revenue		7,310			4,858
Consumption		(6,519	)		(3,647	)
Balance at the end of the period	$	3,704		$	2,913

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Costs

The components of lease costs were as follows (in thousands):


	Years ended December 31,
	2021		2020		2019
Operating lease costs		1,759		1,070		—
Variable lease costs		375		233		100
Short-term lease costs		180		371		520
Total lease costs	$	2,314	$	1,674	$	620

Schedule of Weighted-average Remaining Lease Term and Discount Rate

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


	December 31,
	2021		2020
Weighted-average remaining lease term (in years)		5.3		6.3
Weighted-average discount rate	8.7%		8.7%

Maturity of Operating Lease Liabilities

The maturity of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):


Years Ending December 31:
2022	$	1,796
2023		1,856
2024		1,911
2025		1,969
Thereafter		2,523
Total lease payments	$	10,055
Less: imputed interest		(2,011	)
Present value of operating lease liabilities	$	8,044
Operating lease liabilities, current	$	1,151
Operating lease liabilities, noncurrent	$	6,893

Term Loans (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Term Loan

Term loans consist of the following (in thousands):


	December 31,
	2021			2020
Principal of term loan	$	30,000		$	30,000
Unamortized debt discount		(238	)		(326	)
Total term loan, noncurrent	$	29,762		$	29,674

Summary of Debt Maturities

Aggregate annual payments due on the SVB Term Loan as of December 31, 2021 were as follows (in thousands):


Years Ending December 31:
2022	$	1,141
2023		8,073
2024		12,667
2025		13,233
Total future payments		35,114
Less: amount representing interest		(3,089	)
Less: final payment		(2,025	)
Total term loan		30,000
Less: unamortized debt discount		(238	)
Total term loan, net of debt discount	$	29,762

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Reserved Shares of Common Stock on Converted Basis for Issuance

The Company has reserved shares of common stock for issuance as of December 31, 2021 as follows (in thousands):


	Shares
Warrants to purchase common stock		63
Stock options outstanding		3,533
Restricted stock units outstanding		563
Performance stock units outstanding		110
Shares available for future purchase under ESPP		999
Shares available for future grant under 2020 Plan		4,415
Total reserved shares		9,683

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2021

Subsidiary, Sale of Stock [Line Items]

Summary of the Stock option activity

A summary of the Company’s stock option activity under the Plans is set forth below (in thousands, except exercise price and remaining contractual life data):


	Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Terms (Years)		Aggregate Intrinsic Value
Balance as of December 31, 2020		4,763		$	6.35
Granted		634		$	47.91
Exercised		(1,437	)	$	5.31
Forfeited and expired		(427	)	$	19.58
Balance as of December 31, 2021		3,533		$	12.63		6.82	$	119,959
Exercisable as of December 31, 2021		2,453		$	5.42		6.07	$	99,853

Summary of Estimated Fair Value of Stock Option Grants

The fair value of each stock option grant is estimated on the date of grant using the following assumptions for the periods indicated:


	Years Ended December 31,
	2021	2020	2019
Expected term (in years)	5.95 – 6.08	5.06 – 10.00	4.97 – 5.05
Expected volatility	53.9% – 55.3%	52.1% – 62.7%	49.3% – 50.9%
Risk-free interest rate	0.66% – 1.36%	0.35% – 1.54%	1.57% – 2.48%
Dividend yield	0%	0%	0%

Summary of Restricted stock activity

Restricted stock activity was as follows (in thousands, except per share amounts):


	Restricted Stock Units			Performance Stock Units		Weighted-Average Grant Date Fair Value Per Share
	(RSU)			(PSU)		RSU		PSU
Outstanding as of December 31, 2020		44			25	$	52.32	$	52.55
Granted		639			85	$	47.78	$	46.22
Vested		(19	)		—	$	51.03	$	—
Forfeited		(101	)		—	$	48.04	$	—
Outstanding as of December 31, 2021		563			110	$	47.98	$	47.65

Summary of Stock-based Compensation Expense

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


	Years Ended December 31,
	2021		2020		2019
Cost of revenue	$	269	$	255	$	5
Research and development		3,809		4,615		328
Sales and marketing		5,897		4,423		172
General and administrative		7,470		12,146		378
Total stock-based compensation expense	$	17,445	$	21,439	$	883

Employee Stock Purchase Plan (ESPP)

Subsidiary, Sale of Stock [Line Items]

Summary of Estimated Fair Value of Stock Option Grants

The weighted average grant date fair value and assumptions used in estimating the fair value of the stock purchase rights under the ESPP were as follows:


	Years Ended December 31,
	2021	2020
Expected term (in years)	0.50	0.47
Expected volatility	41.0% – 43.8%	57.0%
Risk-free interest rate	0.06% – 0.07%	0.12%
Dividend yield	0%	0%
Grant Date Fair Value	$13.25 – $13.95	$8.00

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Loss before provision for income taxes

Loss before provision for income taxes were as follows for the periods indicated (in thousands):


	Years Ended December 31,
	2021			2020			2019
Domestic	$	(128,400	)	$	(121,492	)	$	(68,299	)
Foreign		(3,336	)		—			—
Loss before provision for income taxes	$	(131,736	)	$	(121,492	)	$	(68,299	)

Summary of Effective Tax Rate of the Provision for Income Taxes

The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows:


	Years Ended December 31,
	2021				2020				2019
Federal statutory income tax rate		21.0		%		21.0		%		21.0		%
State taxes		1.3				3.8				7.8
Change in valuation allowance		(22.8	)			(23.3	)			(28.5	)
Federal and state tax credits		1.2				1.0				0.9
Stock-based compensation expense		8.1				1.2				—
Non-deductible permanent expenses		(0.1	)			(0.2	)			(1.2	)
Effect of deferred tax adjustment		(0.7	)			(1.4	)			—
Non-deductible compensation		(8.2	)			(2.1	)			—
Effective income tax rate		(0.2	)	%		—		%		—		%

Deferred tax assets and liabilities

Summary of Components of the Deferred Tax Assets and liabilities

The major components of deferred tax assets and liabilities were as follows as of the dates indicated (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	102,094		$	76,838
Tax credits		11,767			10,039
Accrual and reserves		3,573			2,392
Tangible and intangible assets		20,249			19,090
Stock-based compensation expense		3,566			2,843
Lease liabilities		1,955			1,733
Other deferred tax asset		282			—
Gross deferred tax assets		143,486			112,935
Valuation allowance		(141,729	)		(111,061	)
Net deferred tax assets	$	1,757		$	1,874

	December 31,
	2021			2020
Deferred tax liabilities:
Right-of-use assets	$	(1,757	)	$	(1,874	)
Gross deferred tax liabilities	$	(1,757	)	$	(1,874	)

Summary of Reconciliation of the Total Unrecognized Tax Benefits

A reconciliation of the total unrecognized tax benefits for the periods presented was as follows (in thousands):


	December 31,
	2021		2020
Balance, beginning of year	$	1,582	$	1,020
Decrease related to current year positions		—
Increase related to current year positions		608		562
Balance, end of year	$	2,190	$	1,582

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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


	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(131,935	)	$	(121,492	)	$	(68,299	)
Adjustment to redemption value on redeemable convertible preferred stock		—			(362	)		(134,760	)
Deemed dividend on settlement of accrued dividend		—			42,530			—
Gain on extinguishment of redeemable convertible preferred stock		—			—			117,598
Net loss attributable to common stockholders, basic and diluted	$	(131,935	)	$	(79,324	)	$	(85,461	)
Denominator:
Weighted-average shares of common stock, basic and diluted		45,589			16,358			858
Net loss per share attributable to common stockholders, basic and diluted	$	(2.89	)	$	(4.85	)	$	(99.58	)

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

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


	Years Ended December 31,
	2021		2020		2019
Stock options to purchase common stock		3,533		4,763		3,757
Warrant to purchase common stock		63		63		—
Restricted stock units		581		—		—
Shares committed under ESPP		37		52		—
Performance stock units		17		—		—
Redeemable convertible preferred stock, on an as-if converted basis		—		—		18,634
Warrants to purchase redeemable convertible preferred stock		—		—		599
Total		4,231		4,878		22,990

Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands				12 Months Ended
	Apr. 13, 2021 USD ($) $ / shares shares	Sep. 15, 2020 USD ($) $ / shares shares	Sep. 08, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Description Of Business [Line Items]
Aggregate net proceeds from IPO		$ 254,800
Offering costs, underwriting discounts and commissions expenses	$ 8,500	$ 23,100
Cumulative stock-based compensation				$ 17,445	$ 21,439	$ 883
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs	$ 149,100			$ 149,085	254,805
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				$ 131,935	121,492	$ 68,299
Accumulated deficit				(625,994)	(494,059)
Cash, cash equivalents and short-term investments				339,500
Restricted cash				$ 33,311	$ 33,311
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	446,000	1,343,000
Follow-on Public Offering
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)		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2021 USD ($) Segment Customer	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Impairment losses		$ 0	$ 0
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.
Restricted cash		$ 33,311,000	33,311,000
Service-based options vesting period		3 years
Advertising costs		$ 0	0	$ 0
Operating lease right-of-use assets		$ 7,231,000	$ 8,253,000
Number Of Operating Segments \| Segment		1
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2021
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%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets		2 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets		5 years
Capitalized contract cost, amortization period		1 year
Four Zero One K Plan Member
Summary Of Significant Accounting Policies [Line Items]
Percentage Of Employees Deferrals Required To Match Higher	100.00%
Four Zero One K Plan Member \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage Of Employees Deferrals Required To Match Higher	2.00%
MEXICO
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use assets		$ 6,200,000
Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer		2	3	1
Revenue Benchmark \| Customer Concentration Risk \| Customer 1
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage		30.00%	22.00%	11.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer 2
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage		15.00%	19.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer 3
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage			16.00%
Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer			2
Accounts Receivable \| Customer Concentration Risk \| Customer 1
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage			22.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 2
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage			16.00%
Accounts Receivable \| Customer Concentration Risk \| Customer 4
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage		10.00%

Revenue from Contracts with Customers - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenue	$ 102,602	$ 49,935	$ 15,078
Consoles Product
Disaggregation Of Revenue [Line Items]
Revenue	65,133	32,871	12,187
Consumables Product
Disaggregation Of Revenue [Line Items]
Revenue	19,179	6,742	1,563
Product Revenue
Disaggregation Of Revenue [Line Items]
Revenue	84,312	39,612	13,750
Service and Other Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 18,290	$ 10,323	$ 1,328

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

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

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

+ Details

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Remaining performance obligations	$ 6.7
Revenue recognized	3.2	$ 0.9	$ 0.3
Remaining operating lease payments recognized in 2022	1.7
Consoles Product \| Operating Lease Arrangements
Revenue from operating lease arrangements	$ 4.7	$ 3.1	$ 0.5

Revenue from Contracts with Customers - Additional Information (Detail) 1 $ in Millions	Dec. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 6.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 6.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 0.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

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	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	$ 218,167	$ 75,953
Gross Unrealized Holding Gains	2	1
Gross Unrealized Holding Losses	(185)
Aggregate Fair Value	217,984	75,954
Level 1 \| Cash equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	60,844	56,056
Aggregate Fair Value	60,844	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	18,064	14,999
Gross Unrealized Holding Gains		1
Gross Unrealized Holding Losses	(60)
Aggregate Fair Value	18,004	15,000
Level 2 \| Short-term investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	15,081
Aggregate Fair Value	15,081
Level 2 \| Short-term investments \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	124,178	4,898
Gross Unrealized Holding Gains	2
Gross Unrealized Holding Losses	(125)
Aggregate Fair Value	$ 124,055	$ 4,898

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities in unrealized loss position for more than 12 months	$ 0
Other-than-temporary impairment losses related to investments	$ 0	$ 0	$ 0

Fair Value Measurements - Summary of Remaining Contractual Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value, Separate Account Investment [Line Items]
Securities in unrealized loss position for more than 12 months	$ 0
Short-term investments
Fair Value, Separate Account Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	135,766
Securities in unrealized loss position for more than 12 months	21,374
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 157,140

Balance Sheet Components - Summary of cash, cash equivalents and restricted cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 182,348	$ 294,972	$ 36,926
Restricted cash	33,311	33,311	743
Total cash, cash equivalents and restricted cash	$ 215,659	$ 328,283	$ 37,669

Balance Sheet Components - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 18,114	$ 7,989
Work in process	6,054	6,200
Finished goods	15,017	4,195
Total inventories	$ 39,185	$ 18,384

Balance Sheet Components - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 20,618	$ 19,986
Less: accumulated depreciation and amortization	(7,654)	(4,988)
Property and equipment, net	12,964	14,998
Tablos Under Operating Leases
Property, Plant and Equipment [Line Items]
Total property and equipment	2,412	5,158
Computers and Software
Property, Plant and Equipment [Line Items]
Total property and equipment	3,777	3,131
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	1,494	1,399
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	7,197	4,496
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	4,864	4,459
Construction In Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 874	$ 1,343

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued inventory	$ 4,808	$ 3,576
Accrued research and development expenses	574	175
Accrued professional services	1,269	2,187
Accrued rebate	3,121	566
Other	4,017	1,399
Total accrued expenses and other current liabilities	$ 13,789	$ 7,903

Balance Sheet Components - Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Balance at the beginning of the period	$ 2,913	$ 1,702
Additions charged to cost of product revenue	7,310	4,858
Consumption	(6,519)	(3,647)
Balance at the end of the period	$ 3,704	$ 2,913

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total depreciation and amortization expense	$ 5,200	$ 3,200	$ 1,500
Restricted cash balance	$ 33,311	$ 33,311	$ 743

Commitment and Contingencies (Additional Information) (Detail) $ in Millions	1 Months Ended
	May 31, 2020 ft²	Sep. 30, 2019 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 ft²
Commitments And Contingencies [Line Items]
Operating lease option to extend		renewal options at the election of the Company to renew or extend the lease
Operating lease existence of option to extend [true false]		true
Purchase Commitments
Commitments And Contingencies [Line Items]
Open purchase commitments			$ 68.6
San Jose, CA
Commitments And Contingencies [Line Items]
Tenant improvement allowance		$ 2.0
Operating lease commencement month and year		2020-04
Operating lease expiration month and year		2027-03
San Jose, CA \| Standby Letters of Credit
Commitments And Contingencies [Line Items]
Letter of credit issued in lieu of a cash security deposit			0.3
Mexico
Commitments And Contingencies [Line Items]
Operating lease option to extend	renewal options at the election of the Company to renew or extend the lease
Operating lease existence of option to extend [true false]	true
Operating lease commencement month and year	2020-05
Operating lease expiration month and year	2026-08
Area of lease \| ft \| ft²	48,437			38,750
Mexico \| Standby Letters of Credit
Commitments And Contingencies [Line Items]
Letter of credit issued in lieu of a cash security deposit			$ 3.0

Commitments and Contingencies - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 1,759
Variable lease costs	375	$ 233	$ 100
Short-term lease costs	180	371
Total lease costs	$ 2,314	$ 1,674	$ 620

Commitments and Contingencies - Schedule of Weighted-average Remaining Lease Term and Discount Rate (Detail)	Dec. 31, 2021	Dec. 31, 2020
Operating leases:
Weighted-average remaining lease term (in years)	5 years 3 months 18 days	6 years 3 months 18 days
Weighted-average discount rate	8.70%	8.70%

Commitments and Contingencies - Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,796
2023	1,856
2024	1,911
2025	1,969
Thereafter	2,523
Total lease payments	10,055
Less: imputed interest	(2,011)
Present value of operating lease liabilities	8,044
Operating lease liabilities, current	1,151	$ 882
Operating lease liabilities, noncurrent	$ 6,893	$ 8,044

Term Loans - Schedule of Term Loan (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Principal of term loan	$ 30,000	$ 30,000
Unamortized debt discount	(238)	(326)
Total term loan, noncurrent	$ 29,762	$ 29,674

Term Loans - Additional Information (Detail) - USD ($)				12 Months Ended
Term Loans - Additional Information (Detail) - USD ($)	Jul. 31, 2020	Jul. 02, 2020	Jun. 30, 2017	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal of term loan				$ 30,000,000	$ 30,000,000
Debt discount on Perceptive Term Loan				$ 238,000	326,000
Loss on extinguishment of term loan					(1,567,000)
Perceptive Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Debt interest rate			8.55%
Credit facility, maximum borrowing capacity			$ 40,000,000.0
Description of variable rate basis				three-month London Inter-bank Offered Rate (LIBOR)
Early prepayment, accrued interest and exit fees	$ 1,200,000
SVB Term Loan
Debt Instrument [Line Items]
Principal of term loan		$ 30,000,000.0
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 interest rate		6.75%		3.75%
Debt instrument, final payment amount		$ 2,000,000.0
Percentage of limitation on pledges of capital stock of foreign subsidiaries		65.00%
Other debt issuance costs				$ 400,000
Debt discount on Perceptive Term Loan				$ 200,000
Loss on extinguishment of term loan					$ (1,600,000)
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%

Term Loans - Summary of Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 1,141
2023	8,073
2024	12,667
2025	13,233
Total future payments	35,114
Less: amount representing interest	(3,089)
Less: final payment	(2,025)
Total term loan	30,000	$ 30,000
Unamortized debt discount	(238)	$ (326)
Total term loan, net of debt discount	$ 29,762

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Aggregate cash proceed of redeemable convertible preferred stock warrant	$ 4,288

Stockholders' Equity - Summary of Reserved Shares of Common Stock on Converted Basis for Issuance (Details) shares in Thousands	Dec. 31, 2021 shares
Class of Stock [Line Items]
Total reserved shares	9,683
Stock Options Outstanding
Class of Stock [Line Items]
Total reserved shares	3,533
Restricted Stock Units Outstanding
Class of Stock [Line Items]
Total reserved shares	563
Performance Stock Units Outstanding
Class of Stock [Line Items]
Total reserved shares	110
Shares Available for Future Purchase Under ESPP
Class of Stock [Line Items]
Total reserved shares	999
Shares Available for Future Grant Under 2020 Plan
Class of Stock [Line Items]
Total reserved shares	4,415
Warrant to Purchase Common Stock
Class of Stock [Line Items]
Total reserved shares	63

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total reserved shares		9,683,000
Outstanding Stock Options		3,533,000	4,763,000
Stock-based compensation expense		$ 17,445	$ 21,439	$ 883
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised		$ 61,000	$ 8,200	200
Outstanding Stock Options			1,933,000
Stock options, description		The options were scheduled to 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-based compensation expense		$ 4,300	$ 18,500	$ 0
Stock Option \| Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value of Options granted to Employees		$ 24.74	$ 7.97	$ 2.77
Total Fair Value of Options Vested		$ 24,500	$ 3,300	$ 700
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize		1 year 3 months
Total unrecognized stock-based compensation expense		$ 1,300
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based units approved based on performance relative to specified revenue targets		200.00%
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based units approved based on performance relative to specified revenue targets		0.00%
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Fair Value of Options Vested		$ 1,000	$ 200
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize		3 years 1 month 13 days
Total unrecognized stock-based compensation expense		$ 22,600
Employee Stock Option Excluding Market And Performance Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize		2 years 7 months 17 days
Total unrecognized stock-based compensation expense		$ 14,000
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total reserved shares	3,665,000				1,709,000
Percentage Of Maximum Number of Common Stock Outstanding	4.00%
Contractual Term		10 years
Percentage of fair market value of common stock		100.00%
Employees Share Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total reserved shares	687,000		687,000		427,000
Percentage Of Maximum Number of Common Stock Outstanding			1.00%
Percentage of fair market value of common stock	85.00%
Weighted Average Grant Date Fair Value of Options granted to Employees			$ 8.00
ESPP Offering Period	6 months
Number of Shares Purchased		116,000	0
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize		2 months 1 day
Total unrecognized stock-based compensation expense		$ 200
Employees Share Purchase Plan (ESPP) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value of Options granted to Employees		$ 13.95
Eligible Compensation Percentage to Purchase Common Stock	15.00%
Employees Share Purchase Plan (ESPP) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value of Options granted to Employees		$ 13.25

Equity Incentive Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options, Balance as of December 31, 2020	4,763,000
Granted	634,000
Exercised	(1,437,000)
Forfeited and expired	(427,000)
Outstanding Options, Balance as of December 31, 2021	3,533,000
Exercisable as of December 31, 2021	2,453,000
Weighted-Average Exercise Price, Balance as of December 31, 2020 \| $ / shares	$ 6.35
Weighted-Average Exercise Price, Granted \| $ / shares	47.91
Weighted-Average Exercise Price, Exercised \| $ / shares	5.31
Weighted-Average Exercise Price, Forfeited and Expired \| $ / shares	19.58
Weighted-Average Exercise Price, Balance as of December 31, 2021 \| $ / shares	12.63
Weighed-Average Exercise Price, Exercisable as of December 31, 2021 \| $ / shares	$ 5.42
Weighted-Average Remaining Term	6 years 9 months 25 days
Weighted-Average Remaining Contractual Term, Exercisable as of December 31, 2021	6 years 25 days
Aggregate Intrinsic Value, Balance as of December 31, 2021 \| $	$ 119,959
Aggregate Intrinsic Value, Exercisable as of December 31, 2021 \| $	$ 99,853
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options, Balance as of December 31, 2020	1,933,000
Outstanding Options, Balance as of December 31, 2021

Equity Incentive Plan - Schedule of Stock Option Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 11 months 12 days	5 years 21 days	4 years 11 months 19 days
Expected volatility	53.90%	52.10%	49.30%
Risk-free interest rate	0.66%	0.35%	1.57%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	10 years	5 years 18 days
Expected volatility	55.30%	62.70%	50.90%
Risk-free interest rate	1.36%	1.54%	2.48%

Equity Incentive Plan - Summary of Restricted stock activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Outstanding as of December 31, 2019 \| shares	25
Stock Units, Granted \| shares	85
Stock Units, Outstanding as of December 31, 2020 \| shares	110
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 52.55
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	46.22
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 47.65
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Outstanding as of December 31, 2019 \| shares	44
Stock Units, Granted \| shares	639
Vested \| shares	(19)
Forfeited \| shares	(101)
Stock Units, Outstanding as of December 31, 2020 \| shares	563
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 52.32
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	47.78
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	51.03
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	48.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 47.98

Equity Incentive Plan - Schedule of Employees Stock Purchase Plan (ESPP) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	10 years	5 years 18 days
Expected volatility	55.30%	62.70%	50.90%
Risk-free interest rate	1.36%	1.54%	2.48%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 11 months 12 days	5 years 21 days	4 years 11 months 19 days
Expected volatility	53.90%	52.10%	49.30%
Risk-free interest rate	0.66%	0.35%	1.57%
Employees Share Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	5 months 19 days
Expected volatility		57.00%
Risk-free interest rate		0.12%
Dividend yield	0.00%	0.00%
Grant Date Fair Value		$ 8.00
Employees Share Purchase Plan (ESPP) \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	43.80%
Risk-free interest rate	0.07%
Grant Date Fair Value	$ 13.95
Employees Share Purchase Plan (ESPP) \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	41.00%
Risk-free interest rate	0.06%
Grant Date Fair Value	$ 13.25

Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 17,445	$ 21,439	$ 883
Cost of Revenue
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	269	255	5
Research and Development
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	3,809	4,615	328
Sales and Marketing
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	5,897	4,423	172
General and Administrative
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 7,470	$ 12,146	$ 378

Income Taxes - Loss before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Domestic	$ (128,400)	$ (121,492)	$ (68,299)
Foreign	(3,336)
Loss before provision for income taxes	$ (131,736)	$ (121,492)	$ (68,299)

Income Taxes (Additional Information) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Provision for income taxes	$ 199	$ 0	$ 20
Valuation allowance	30,700	28,400	$ 23,700
Operating loss carryforward	409,000
Net operating loss carryforwards	$ 102,094	$ 76,838
Change in Unrecognized Tax Benefits	The Company does not believe it is reasonably possible that its unrecognized tax benefits will significantly change within the next twelve months.
Federal
Income Taxes [Line Items]
Provision for income taxes	$ 200
Operating loss carryforward	$ 281,200
Expiration year	2017
Operating loss carryforward expiration beginning	$ 127,800
Open year examination	three
Federal \| Research and Development
Income Taxes [Line Items]
Tax credit carryforward, amount	$ 6,600
Tax credit carry forward expiration year	2030
Federal \| Maximum
Income Taxes [Line Items]
Expiration year	2037
Federal \| Minimum
Income Taxes [Line Items]
Expiration year	2024
State
Income Taxes [Line Items]
Operating loss carryforward	$ 213,700
Net operating loss carryforwards	53,200
Operating loss carryforward expiration beginning	$ 160,500
Open year examination	four
State \| Research and Development
Income Taxes [Line Items]
Tax credit carryforward, amount	$ 5,100
State \| Maximum
Income Taxes [Line Items]
Expiration year	2041
State \| Minimum
Income Taxes [Line Items]
Expiration year	2022
Foreign
Income Taxes [Line Items]
Open year examination	five

Income Taxes - Summary of Effective Tax Rate of the Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes	1.30%	3.80%	7.80%
Change in valuation allowance	(22.80%)	(23.30%)	(28.50%)
Federal and state tax credits	1.20%	1.00%	0.90%
Stock based compensation	8.10%	1.20%	0.00%
Non-deductible permanent expenses	(0.10%)	(0.20%)	(1.20%)
Effect of deferred tax adjustment	(0.70%)	(1.40%)	0.00%
Non-deductible compensation	(8.20%)	(2.10%)	0.00%
Effective income tax rate	(0.20%)	0.00%	0.00%

Income Taxes - Summary of Components of the Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 102,094	$ 76,838
Tax credits	11,767	10,039
Accrual and reserves	3,573	2,392
Tangible and intangible assets	20,249	19,090
Stock-based compensation	3,566	2,843
Lease liabilities	1,955	1,733
Deferred Tax Assets, Other	282
Gross deferred tax assets	143,486	112,935
Valuation allowance	(141,729)	(111,061)
Net deferred tax assets	1,757	1,874
Deferred Tax Liabilities, Gross [Abstract]
Right-of-use assets	(1,757)	(1,874)
Gross deferred tax liabilities	$ (1,757)	$ (1,874)

Income Taxes - Summary of Reconciliation of the Total Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance, beginning of year	$ 1,582	$ 1,020
Increase related to current year positions	608	562
Balance, end of year	$ 2,190	$ 1,582

Net Loss Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (131,935)	$ (121,492)	$ (68,299)
Adjustment to redemption value on redeemable convertible preferred stock		(362)	(134,760)
Deemed dividend on settlement of accrued dividend		42,530
Gain on extinguishment of redeemable convertible preferred stock			117,598
Net loss attributable to common stockholders, basic and diluted	$ (131,935)	$ (79,324)	$ (85,461)
Denominator:
Weighted-average shares of common stock, basic and diluted	45,589	16,358	858
Net loss per share attributable to common stockholders, basic and diluted	$ (2.89)	$ (4.85)	$ (99.58)

- Definition

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

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	4,231,000	4,878,000	22,990,000
Performance 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	17,000
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			18,634,000
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			599,000
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	3,533,000	4,763,000	3,757,000
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	63,000	63,000
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	581,000
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	37,000	52,000