0000950170-23-002648 | 10-K | XBRL Viewer

Print Document View Excel Document

Description of Business - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Description Of Business [Line Items]
Net loss	$ 162,956	$ 131,935	$ 121,492
Accumulated deficit	(788,950)	(625,994)
Cash, cash equivalents and short-term investments	287,500
Restricted cash	3,311	$ 33,311
Cash, cash equivalents, restricted cash and short-term investments	$ 290,800

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 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		$ 3,311,000	33,311,000
Advertising costs		0	0	$ 0
Matching contributions		1,400,000
Operating lease right-of-use assets		$ 6,117,000	$ 7,231,000
Number Of Operating Segments \| Segment		1
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		$ 9,800,000
Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer			2	3
Revenue Benchmark \| Customer Concentration Risk \| Largest Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage		14.00%
Revenue Benchmark \| Customer Concentration Risk \| Customer 1
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage			30.00%	22.00%
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 \| 1 Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration of risk, percentage		13.00%	10.00%

Term Loans

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Term Loan

7. Term Loans

Term loans consist of the following (in thousands):


	December 31,
	2022			2021
Principal of term loan	$	100,000		$	30,000
Unamortized debt discount		(3,664	)		(238	)
Term loan, noncurrent	$	96,336		$	29,762

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 provided for a $30.0 million term loan (the SVB Term Loan).

The SVB Term Loan was scheduled to mature on November 1, 2025. Payments under the SVB Term Loan were for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity. The SVB Term Loan bore interest at the greater of (A) 0.50% above the Prime Rate as reported in the Wall Street Journal and (B) 3.75%. The Company was obligated to maintain a restricted cash balance greater or equal to the outstanding principal balance of $30.0 million of the SVB Term Loan.

In November 2022, the Company entered into new senior secured credit facilities (the SLR Credit Facilities, as described below) and repaid in full all amounts due under the SVB Loan and Security Agreement, including the early repayment fee of $0.3 million and the final payment of $2.0 million, using a portion of the proceeds of the SLR Credit Facilities. The repayment of the SVB Term Loan was accounted for as a debt extinguishment, which resulted in a loss on extinguishment of $1.4 million recorded in the statement of operations for the year ended December 31, 2022.

SLR Credit Facilities

On November 3, 2022 (the Closing Date), the Company entered into two senior secured credit facilities, which collectively provide for borrowings of up to $300.0 million: (i) a term loan facility pursuant to a loan and security agreement (the SLR Loan Agreement) among SLR Investment Corp., as collateral agent (Agent), the lenders from time to time party thereto (the Term Loan Lenders) and the Company (the SLR Term Loan Facility), and (ii) an asset-based revolving credit facility pursuant to a credit agreement (the SLR Revolving Credit Agreement, together with the SLR Loan Agreement, the SLR Credit Facility Agreements) among Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, as lender (ABL Lender), and the Company (the SLR Revolver, together with the SLR Term Loan Facility, the SLR Credit Facilities).

The maximum amount the Company is permitted to borrow under the SLR Credit Facilities is subject to certain overall borrowing limitations. The Company is permitted to borrow up to $200.0 million under the SLR Credit Facilities on the Closing Date. If the Company achieves a certain net revenue milestone, calculated on a trailing six-month basis (First Revenue Milestone), on or before June 30, 2024 and the Additional Tranche (as defined below) under the SLR Revolver has been approved, the Company will be permitted to borrow up to $250.0 million under the SLR Credit Facilities. If the Company achieves a subsequent additional net revenue milestone, calculated on a trailing six-month basis (Second Revenue Milestone), on or before June 30, 2025 and obtains lenders' credit approval, the Company will be permitted to borrow up to $300.0 million under the SLR Credit Facilities.

SLR Term Loan Facility

Pursuant to the terms and conditions of the SLR Loan Agreement, the Term Loan Lenders agreed to extend term loans to the Company in an aggregate principal amount of up to $250.0 million, comprised of (i) a term loan of $100.0 million (the Term A Loan), (ii) one or more term loans (in minimum increments of $20.0 million each) in the aggregate of up to $100.0 million (each, a Term B Loan) and (iii) one or more term loans in the aggregate of up to $50.0 million (each, a Term C Loan). Each Term A Loan, Term B Loan and Term C Loan is referred to single as a Term Loan and are referred to collectively as the Term Loans. The Term A Loan was funded on the Closing Date. The Term B Loan(s) are available for funding until August 22, 2024. The Term C Loan(s) are available subject to the lenders’ credit approval and the achievement of the Second Revenue Milestone on or before June 30, 2025. The Term C Loan will remain available for funding until one business day prior to November 1, 2027.

Any principal amount outstanding under the Term Loans will accrue interest at a rate per annum equal to one-month term Secured Overnight Financing Rate (term SOFR) (subject to a 2.75% floor), plus 5.15% (9.33% as of December 31, 2022), payable monthly in arrears. The Company is permitted to make interest-only payments on the Term Loans through November 30, 2026, which may be extended at the Company's option to May 31, 2027; provided that the Company meets the First Revenue Milestone. Any principal amounts outstanding under the Term Loans, if not repaid sooner, are due and payable on November 1, 2027 (the Maturity Date). The Company is obligated to pay Agent (i) a non-refundable facility fee in the amount of $750,000 in respect of the Term A Loan, (ii) a non-refundable facility fee in the amount of $750,000 in respect of the Term B Loan(s), to be due and payable upon the earliest to occur of (a) the funding of the first Term B Loan, (b) December 20, 2023 and (c) the prepayment of the Term Loans and (iii) a non-refundable facility fee in the amount of $375,000 in respect of the Term C Loan, to be due and payable upon the earliest to occur of (a) the funding of the first Term C Loan, (b) one day prior to the Maturity Date and (c) the prepayment of the Term Loans. In addition, the Company is obligated to pay a final fee equal to 4.75% of the aggregate amount of the Term Loans funded, such final fee to be due and payable upon the earliest to occur of (i) the Maturity Date, (ii) the acceleration of the Term Loans and (iii) the prepayment of the Term Loans. The Company may voluntarily prepay the outstanding Term Loans, subject to a prepayment premium of (i) 3.0% of the principal amount of the Term Loan, if prepaid prior to or on the first anniversary of the Closing Date, (ii) 2.0% of the principal amount of the Term Loan, if prepaid after the first anniversary of the Closing Date through and including the second anniversary of the Closing Date, or (iii) 1.0% of the principal amount of the Term Loan if prepaid after the second anniversary of the Closing Date and prior to the Maturity Date.

SLR Revolver

The SLR Revolving Credit Agreement provides for an asset-based revolving credit facility with aggregate revolving commitments of $25.0 million (the Initial Revolver Commitment). The Company may request to increase the aggregate revolving commitments by $25.0 million (the Additional Tranche) to an aggregate amount of $50.0 million, subject to ABL Lender’s approval. Amounts available to be drawn under the SLR Revolver are equal to the lesser of (i) outstanding revolving commitments under the SLR Revolving Credit Agreement and (ii) a borrowing base (the Borrowing Base) equal to the sum of (a) 85% of eligible accounts receivable, plus (b) 25% of eligible inventory (not to exceed the lesser of 50% of the Borrowing Base and $5.0 million), minus
(c) customary reserves, minus (d) unposted cash.

Any principal amount outstanding under the SLR Revolver will accrue interest at a rate per annum equal to one-month term SOFR (subject to a 2.75% floor), plus 3.20%, payable monthly in arrears. Interest on any borrowing is payable monthly. The Company is obligated to pay Lender (i) a non-refundable facility fee in the amount of $187,500 in respect of the Initial Revolver Commitment, (ii) a non-refundable facility fee in the amount of $187,500 in respect of the Additional Tranche, to be due and payable upon activation of the Additional Tranche, (iii) a commitment fee of 0.50% per annum of the average daily unused portion of the then commitment amount, payable monthly and (iv) a collateral monitoring fee of 0.10% per month of the average daily Borrowing Base during the prior month, payable monthly. The Company may terminate the SLR Revolver at any time, subject to a termination fee of (i) 2.0% of the aggregate revolving commitments then in effect, if terminated prior to or on the first anniversary of the Closing Date, (ii) 1.0% of the aggregate revolving commitments then in effect, if terminated after the first anniversary of the Closing Date through and including the second anniversary of the Closing Date, or (iii) 0.5% of the aggregate revolving commitments then in effect, if terminated after the second anniversary of the Closing Date through and including the third anniversary of the Closing Date. Such termination fee is waived if the SLR Revolver is terminated after the third anniversary of the Closing Date and prior to the Maturity Date.

Subject to customary exceptions and restrictions, the Company may borrow, repay and reborrow varying amounts under the SLR Revolver at any time. If at any time the outstanding amount under the SLR Revolver exceeds the lesser of (i) the aggregate revolving commitments then in effect and (ii) the Borrowing Base then in effect, the Company will be required to prepay outstanding amounts under the SLR Revolver.

The SLR Revolver shall expire on November 1, 2027.

Other Terms of the SLR Credit Facilities

As security for its obligations under the SLR Credit Facilities, the Company granted Agent, for the benefit of the Term Loan Lenders, and ABL Lender a continuing security interest in substantially all of the assets of the Company, including the Company’s intellectual property, subject to certain exceptions.

The SLR Credit Facility Agreements contain customary representations and warranties and customary affirmative and negative covenants, including, among others, requirements as to financial reporting and insurance and restrictions on the Company’s ability to dispose of its business or property, to change its line of business, to liquidate or dissolve, to enter into any change in control transaction, to merge or consolidate with any other entity or to acquire all or substantially all the capital stock or property of another entity, to incur additional indebtedness, to incur liens on its property or to pay any dividends or other distributions on capital stock, in each case with certain exceptions. The Company has also agreed to a financial covenant whereby, beginning with the fiscal quarter ending December 31, 2023, the Company must either (i) maintain certain levels of cash and cash equivalents in accounts subject to control agreements in favor of Agent and ABL Lender of at least 50% of the sum of (a) the outstanding obligations under the Term Loans (as defined below) and (b) the amount of the Company’s accounts payable that have not been paid within 120 days from the invoice date thereof or (ii) generate net product and product related revenue (or maintain gross profit margins) in excess of specified amounts (or percentages) for applicable measuring periods.

In addition, the SLR Credit Facility Agreements contain customary events of default that entitle Agent, under the SLR Loan Agreement, and ABL Lender, under the SLR Revolving Credit Agreement, to cause the Company’s indebtedness under the SLR Loan Agreement or SLR Revolving Credit Agreement, as applicable, to become immediately due and payable, and to exercise remedies against the Company and the collateral securing the obligations owed under the applicable SLR Credit Facility Agreement. Under the SLR Credit Facility Agreements, an event of default will occur if, among other things, the Company fails to make payments under either SLR Credit Facility Agreement, the Company breaches certain covenants under either SLR Credit Facility Agreement, subject to specified cure periods with respect to certain breaches, the Agent or ABL Lender, as applicable, determine that a material adverse change has occurred under the SLR Loan Agreement or SLR Revolving Credit Agreement, as applicable, or the Company or its assets become subject to certain legal proceedings, such as bankruptcy proceedings. Upon the occurrence and for the duration of an event of default, an additional default interest rate equal to 4.0% per annum will apply to all obligations owed under the SLR Credit Facility Agreements.

In November 2022, the Company borrowed $100.0 million under the Term A Loan on the Closing Date and incurred debt issuance costs of $3.8 million which were recorded as a direct deduction from the Term A Loan on our balance sheets and are being recognized as non-cash interest expense over the term of the loan using the effective interest method, along with the final payment fee. The facility fees of $0.9 million related to the Term B Loan and the Initial Revolver Commitment were recorded as deferred financing costs and are being recognized as non-cash interest expense over their respective commitment period using straight-line method.

Aggregate annual payments due on the Term A Loan as of December 31, 2022 were as follows (in thousands):


Years Ending December 31:
2023	$	8,298
2024		9,093
2025		9,068
2026		17,401
2027		100,568
Total future payments		144,428
Less: amount representing interest		(39,678	)
Less: final payment		(4,750	)
Total term loan		100,000
Less: unamortized debt discount		(3,664	)
Total term loan, net of debt discount	$	96,336

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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

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

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding Options, Balance as of December 31, 2021	3,533
Granted	1
Exercised	(790)
Forfeited and expired	(142)
Outstanding Options, Balance as of December 31, 2022	2,602	3,533
Exercisable as of December 31, 2022	2,114
Weighted-Average Exercise Price, Balance as of December 31, 2021	$ 12.63
Weighted-Average Exercise Price, Granted	35.14
Weighted-Average Exercise Price, Exercised	4.86
Weighted-Average Exercise Price, Forfeited and Expired	31.47
Weighted-Average Exercise Price, Balance as of December 31, 2022	13.97	$ 12.63
Weighed-Average Exercise Price, Exercisable as of December 31, 2022	$ 9.58
Weighted-Average Remaining Term	6 years 3 months 3 days
Weighted-Average Remaining Contractual Term, Exercisable as of December 31, 2021	5 years 11 months 4 days
Aggregate Intrinsic Value, Balance as of December 31, 2022	$ 42,161
Aggregate Intrinsic Value, Exercisable as of December 31, 2022	$ 38,984
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding Options, Balance as of December 31, 2021		1,933,000
Outstanding Options, Balance as of December 31, 2022

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	4,395,000	4,231,000	4,878,000
Performance Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	47,000	17,000
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	2,602,000	3,533,000	4,763,000
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	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	1,593,000	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	90,000	37,000	52,000

Balance Sheet Components

12 Months Ended

Dec. 31, 2022

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, 2022, the restricted cash balance of $3.3 million was related to collateral for the Company's building leases in San Jose, CA and Tijuana, Mexico (see Note 6). As of December, 31, 2021, the restricted cash balance of $33.3 million included the contractual obligations under the SVB Loan and Security Agreement (see Note 7) in addition to the collateral for the 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,
	2022		2021		2020
Cash and cash equivalents	$	73,222	$	182,348	$	294,972
Restricted cash		3,311		33,311		33,311
Total cash, cash equivalents and restricted cash	$	76,533	$	215,659	$	328,283

Inventories

Inventories consist of the following (in thousands):


	December 31,
	2022		2021
Raw materials	$	20,623	$	18,114
Work in process		9,086		6,054
Finished goods		21,767		15,017
Total inventories	$	51,476	$	39,185

Property and Equipment, net

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



	December 31,
	2022			2021
Tablos under operating leases	$	714		$	2,412
Computers and software		4,021			3,777
Furniture and fixtures		1,768			1,494
Machinery and equipment		10,367			7,197
Leasehold improvements		5,040			4,864
Construction in progress		4,773			874
Total property and equipment	$	26,683		$	20,618
Less: accumulated depreciation and amortization		(10,807	)		(7,654	)
Property and equipment, net	$	15,876		$	12,964

Total depreciation and amortization expense for the years ended December 31, 2022, 2021, and 2020 was $5.2 million, $5.2 million, and $3.2 million, respectively.

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2022		2021
Inventory	$	5,585	$	4,808
Research and development expenses		908		574
Professional services		1,261		1,269
Customer rebates		1,364		3,121
Other		7,109		4,017
Total accrued expenses and other current liabilities	$	16,227	$	13,789

Accrued Warranty Liability

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


	December 31,
	2022			2021
Balance as of December 31, 2021	$	3,704		$	2,913
Additions charged to cost of product revenue		5,748			7,310
Consumption		(5,832	)		(6,519	)
Balance as of December 31, 2022	$	3,620		$	3,704

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, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (162,956)	$ (131,935)	$ (121,492)
Adjustment to redemption value on redeemable convertible preferred stock			(362)
Deemed dividend on settlement of accrued dividend	0	0	42,530
Net loss attributable to common stockholders, basic and diluted	$ (162,956)	$ (131,935)	$ (79,324)
Earnings Per Share, Basic, Other Disclosure [Abstract]
Weighted Average Number of Shares Outstanding, Basic	48,161	45,589	16,358
Weighted Average Number of Shares Outstanding, Diluted	48,161	45,589	16,358
Earnings Per Share, Basic	$ (3.38)	$ (2.89)	$ (4.85)
Earnings Per Share, Diluted	$ (3.38)	$ (2.89)	$ (4.85)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

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 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 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. As of December 31, 2022, 4,879,000 shares were reserved for future issuance under 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

Service-based options granted to a grantee 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. 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, 2021		3,533		$	12.63
Granted		1		$	35.14
Exercised		(790	)	$	4.86
Forfeited and expired		(142	)	$	31.47
Balance as of December 31, 2022		2,602		$	13.97		6.26	$	42,161
Exercisable as of December 31, 2022		2,114		$	9.58		5.93	$	38,984

The weighted average grant date fair value of options granted to employees was $18.56, $24.74, and $7.97 per share during the years ended December 31, 2022, 2021 and 2020, respectively. The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $22.2 million, $61.0 million, and $8.2 million, respectively. The intrinsic value is the difference between the 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, 2022, 2021 and 2020 was $6.1 million, $24.5 million and $3.3 million, respectively. As of December 31, 2022, the total unrecognized stock-based compensation expense related to the stock options was $8.0 million, which will be recognized over a weighted-average period of 1.89 years.

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 achieved both (i) a performance condition tied to a liquidity event, which included the effectiveness of an IPO, and (ii) certain market conditions, provided the grantee was providing services on the date of the event. 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, 2022 as all outstanding options with these conditions were fully vested and related stock-based compensation was recognized in full in 2021.

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,
	2022	2021	2020
Expected term (in years)	6.08	5.95 – 6.08	5.06 – 10.00
Expected volatility	55.0%	53.9% – 55.3%	52.1% – 62.7%
Risk-free interest rate	1.74%	0.66% – 1.36%	0.35% – 1.54%
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.

RSUs with a service-based vesting condition granted to a grantee, beginning in February 2022, generally vest over a three-year period as follows either: (i) 25% on the first anniversary of the original vesting date, 25% quarterly over the course of the second year, and 50% quarterly over the course of the third year, or (ii) 33% on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining two years. RSUs with a service-based vesting condition granted to a grantee prior to February 2022 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.

In 2022, the Company issued a mix of 50% PSUs and 50% RSUs to its CEO, and a mix of 20% PSUs and 80% RSUs to its other executive officers and certain other senior leaders. These PSUs are earned and vest over performance and vesting periods extending through 2024 based on achievement against two metrics: (1) an operational metric tied to the number of patients treating at home on Tablo as of the end of 2023, with 50% of earned units vesting after certification of the achievement level following the end of 2023 and the remaining 50% of earned units vesting at the end of 2024 (performance-based vesting conditions, referred to as the Home PSUs) and (2) the Company's relative total stockholder return (relative TSR) over a two-year performance period as compared to companies in a pre-determined index of medical device companies, with 100% of earned units vesting at the end of 2024 (market-based vesting conditions, referred to as the Relative TSR PSUs). The number of units earned at the end of the 2023 will vary, based on actual performance, from 0% to 200% (to 250% for the CEO) of the target number of the Home PSUs granted. The number of units earned at the end of the two-year period will vary, based on actual performance, from 75% to 150% (to 250% for the CEO) of the target number of the Relative TSR PSUs granted.

The grant date for these Home PSUs is not considered established until the Compensation Committee of the Board approves the target and it is communicated to the award recipients, which then triggers the service inception date, the fair value of the awards, and the associated expense recognition period. The 2023 target for the Home PSUs was not determined and approved by the Compensation Committee of the Board until January 2023. Therefore, no expense was recognized for these Home PSUs in 2022.

During 2021 and 2020, the Company issued PSUs that 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, 2021		563			110		$	47.98	$	47.65
Granted		1,431			168		$	32.34	$	15.32
Vested		(224	)		(17	)	$	47.80	$	48.57
Forfeited		(177	)		(22	)	$	40.82	$	29.80
Outstanding as of December 31, 2022		1,593			239		$	34.75	$	26.50

The total grant date fair value of restricted stock vested for the years ended December 31, 2022, 2021 and 2020 were $9.9 million, $1.0 million, and $0.2 million, respectively. As of December 31, 2022, the total unrecognized stock-based compensation expense related to the restricted stock was $45.5 million, which will be recognized over a weighted-average period of 2.18 years.

Employees Stock Purchase Plan (ESPP)

In 2020, the Company adopted the ESPP. The Company 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. As of December 31, 2022, 1,278,000 shares of common stock were reserved for issuance in connection with the current and future offering periods under 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 is 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 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,
	2022	2021	2020
Expected term (in years)	0.49 – 2.00	0.50	0.47
Expected volatility	41.1% – 58.0%	41.0% – 43.8%	57.0%
Risk-free interest rate	0.6% – 3.48%	0.06% – 0.07%	0.12%
Dividend yield	0%	0%	0%
Grant Date Fair Value	$4.89–$16.23	$13.25 – $13.95	$8.00

As of December 31, 2022, the total unrecognized stock-based compensation expense related to the ESPP was $6.0 million, which will be recognized over a weighted-average period of 0.95 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,
	2022		2021		2020
Cost of revenue	$	701	$	269	$	255
Research and development		6,845		3,809		4,615
Sales and marketing		10,269		5,897		4,423
General and administrative		9,388		7,470		12,146
Total stock-based compensation expense	$	27,203	$	17,445	$	21,439

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	48,465,000	47,241,000
Common stock, shares outstanding	48,465,000	47,241,000
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, shares outstanding	0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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, 2022.

For the year ended December 31, 2022, the Company's largest customer accounted for 14% of revenues. 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. Accounts receivable are unsecured; 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 13% of accounts receivable as of December 31, 2022. One customer accounted for 10% of accounts receivable as of December 31, 2021. 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. 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 recent 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 its products. 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.

During the year ended December 31, 2022, financial results of the Company were not significantly affected by the COVID-19 pandemic, which continues to have global impact. The Company has considered all information available as of the date of issuance of these financial statements and the Company is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. The extent to which the pandemic affects the Company’s future financial results and operations will depend on future developments which continue to evolve and are difficult to predict, including but not limited to any resurgences of the virus including emerging variant strains, actions taken to contain or mitigate its impact, as well as the direct and indirect economic effects of the pandemic and related containment measures.

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 are stated at fair value and consist primarily of amounts invested in money market funds and U.S. government-sponsored enterprises debt securities.

The Company primarily holds U.S. government-sponsored enterprises debt securities, 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, 2022 and 2021.

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, 2022 and 2021.

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 console 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. Determining whether the products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment by management. For such contracts, the Company allocates the contracted transaction price to each distinct 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 one month to one year, in the statements of operations. The costs of the leased Tablo consoles are included in property and equipment, net in the balance sheets and amortized to cost of product revenue.

Shipping and Handling Costs

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

Stock-Based Compensation Expense

Stock-based compensation expense relates to stock options with a service-based vesting condition, stock options with performance and market-based vesting conditions, stock purchase rights under the 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.

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.

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 a cumulative 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, regulatory fees, consulting services, laboratory supplies and materials expenses, and infrastructure costs including facilities, depreciation, and information technology.

Advertising Costs

Advertising costs are expensed as incurred. The advertising costs for years ended December 31, 2022, 2021 and 2020 were not significant.

Income Taxes

The Company accounts for income taxes under the 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 did not make such contributions for the years ended December 31, 2021 and 2020. 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. The Company's matching contributions were $1.4 million for the year ended December 31, 2022.

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 operates a manufacturing facility in Mexico. 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 $9.8 million as of December 31, 2022.

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 became effective for the Company beginning January 1, 2023. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's financial position and results of operations.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	42,834	$	—	$	—		$	42,834
U.S. government-sponsored enterprises debt securities	Level 2		7,965		—		—			7,965
Short-term investments:
U.S. Treasury securities	Level 1		133,473		9		(447	)		133,035
U.S. government-sponsored enterprises debt securities	Level 2		26,404		42		(14	)		26,432
Corporate debt	Level 2		29,831		—		(154	)		29,677
Commercial paper	Level 2		25,136		—		—			25,136
Total cash equivalents and short-term investments		$	265,643	$	51	$	(615	)	$	265,079


		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

As of December 31, 2022, the remaining contractual maturities for short-term investments were as follows (in thousands):


	Aggregate Fair Value
Due within one year	$	188,368
After one but within five years		25,912
Total	$	214,280

Revenue from Contracts with Customers - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 115,375	$ 102,602	$ 49,935
Consoles Product
Disaggregation Of Revenue [Line Items]
Revenue	64,590	65,133	32,871
Consumables Product
Disaggregation Of Revenue [Line Items]
Revenue	28,798	19,179	6,741
Product Revenue
Disaggregation Of Revenue [Line Items]
Revenue	93,388	84,312	39,612
Service and Other Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 21,987	$ 18,290	$ 10,323

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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

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

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

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

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

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

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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, 2022
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	42,834	$	—	$	—		$	42,834
U.S. government-sponsored enterprises debt securities	Level 2		7,965		—		—			7,965
Short-term investments:
U.S. Treasury securities	Level 1		133,473		9		(447	)		133,035
U.S. government-sponsored enterprises debt securities	Level 2		26,404		42		(14	)		26,432
Corporate debt	Level 2		29,831		—		(154	)		29,677
Commercial paper	Level 2		25,136		—		—			25,136
Total cash equivalents and short-term investments		$	265,643	$	51	$	(615	)	$	265,079


		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

As of December 31, 2022, the remaining contractual maturities for short-term investments were as follows (in thousands):


	Aggregate Fair Value
Due within one year	$	188,368
After one but within five years		25,912
Total	$	214,280

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. As of December 31, 2022, there were four securities with a total fair value of $21.1 million in an unrealized loss position for more than 12 months. The unrealized losses totaling $0.1 million as of December 31, 2022 were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not related to the underlying credit of the issuers or the underlying collateral. These securities were issued by public reporting companies with an investment-grade rating by at least one bond credit rating agency. As a result, the Company did not consider these investments to be other-than-temporarily impaired as of December 31, 2022. During the years ended December 31, 2022, 2021 and 2020, 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

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Incentive Plan [Line Items]
Total stock-based compensation expense	$ 27,203	$ 17,445	$ 21,439
Cost of Revenue
Equity Incentive Plan [Line Items]
Total stock-based compensation expense	701	269	255
Research and Development
Equity Incentive Plan [Line Items]
Total stock-based compensation expense	6,845	3,809	4,615
Sales and Marketing
Equity Incentive Plan [Line Items]
Total stock-based compensation expense	10,269	5,897	4,423
General and Administrative
Equity Incentive Plan [Line Items]
Total stock-based compensation expense	$ 9,388	$ 7,470	$ 12,146

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Subsidiary, Sale of Stock [Line Items]

Summary of 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, 2021		3,533		$	12.63
Granted		1		$	35.14
Exercised		(790	)	$	4.86
Forfeited and expired		(142	)	$	31.47
Balance as of December 31, 2022		2,602		$	13.97		6.26	$	42,161
Exercisable as of December 31, 2022		2,114		$	9.58		5.93	$	38,984

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,
	2022	2021	2020
Expected term (in years)	6.08	5.95 – 6.08	5.06 – 10.00
Expected volatility	55.0%	53.9% – 55.3%	52.1% – 62.7%
Risk-free interest rate	1.74%	0.66% – 1.36%	0.35% – 1.54%
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, 2021		563			110		$	47.98	$	47.65
Granted		1,431			168		$	32.34	$	15.32
Vested		(224	)		(17	)	$	47.80	$	48.57
Forfeited		(177	)		(22	)	$	40.82	$	29.80
Outstanding as of December 31, 2022		1,593			239		$	34.75	$	26.50

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,
	2022		2021		2020
Cost of revenue	$	701	$	269	$	255
Research and development		6,845		3,809		4,615
Sales and marketing		10,269		5,897		4,423
General and administrative		9,388		7,470		12,146
Total stock-based compensation expense	$	27,203	$	17,445	$	21,439

Employee Stock Purchase Plan (ESPP)

Subsidiary, Sale of Stock [Line Items]

Summary of Estimated Fair Value of Stock Option Grants

The 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,
	2022	2021	2020
Expected term (in years)	0.49 – 2.00	0.50	0.47
Expected volatility	41.1% – 58.0%	41.0% – 43.8%	57.0%
Risk-free interest rate	0.6% – 3.48%	0.06% – 0.07%	0.12%
Dividend yield	0%	0%	0%
Grant Date Fair Value	$4.89–$16.23	$13.25 – $13.95	$8.00

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Cash and cash equivalents	$	73,222	$	182,348	$	294,972
Restricted cash		3,311		33,311		33,311
Total cash, cash equivalents and restricted cash	$	76,533	$	215,659	$	328,283

Schedule of Inventories

Inventories consist of the following (in thousands):


	December 31,
	2022		2021
Raw materials	$	20,623	$	18,114
Work in process		9,086		6,054
Finished goods		21,767		15,017
Total inventories	$	51,476	$	39,185

Summary of Property Plant and Equipment

Property and Equipment, net

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



	December 31,
	2022			2021
Tablos under operating leases	$	714		$	2,412
Computers and software		4,021			3,777
Furniture and fixtures		1,768			1,494
Machinery and equipment		10,367			7,197
Leasehold improvements		5,040			4,864
Construction in progress		4,773			874
Total property and equipment	$	26,683		$	20,618
Less: accumulated depreciation and amortization		(10,807	)		(7,654	)
Property and equipment, net	$	15,876		$	12,964

Accrued Expenses and Other Current Liabilities

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


	December 31,
	2022		2021
Inventory	$	5,585	$	4,808
Research and development expenses		908		574
Professional services		1,261		1,269
Customer rebates		1,364		3,121
Other		7,109		4,017
Total accrued expenses and other current liabilities	$	16,227	$	13,789

Accrued Warranty Liability

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


	December 31,
	2022			2021
Balance as of December 31, 2021	$	3,704		$	2,913
Additions charged to cost of product revenue		5,748			7,310
Consumption		(5,832	)		(6,519	)
Balance as of December 31, 2022	$	3,620		$	3,704

Income Taxes - Loss before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Domestic	$ (153,226)	$ (128,400)	$ (121,492)
Foreign	(9,435)	(3,336)
Loss before provision for income taxes	$ (162,661)	$ (131,736)	$ (121,492)

Fair Value Measurements - Summary of Remaining Contractual Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Separate Account Investment [Line Items]
Securities in unrealized loss position for more than 12 months	$ 21,100
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	100
Short-term investments
Fair Value, Separate Account Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	188,368
Securities in unrealized loss position for more than 12 months	25,912
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 214,280

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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 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,
	2022		2021		2020
Operating lease costs	$	1,759	$	1,759	$	1,070
Variable lease costs		329		375		233
Short-term lease costs		170		180		371
Total lease costs	$	2,258	$	2,314	$	1,674

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


	December 31,
	2022		2021
Weighted-average remaining lease term (in years)		4.3		5.3
Weighted-average discount rate	8.7%		8.7%

The maturity of the Company’s operating lease liabilities as of December 31, 2022 were as follows (in thousands):


Years Ending December 31:
2023	$	1,856
2024		1,911
2025		1,969
Thereafter		2,523
Total lease payments		8,259
Less: imputed interest		(1,365	)
Present value of operating lease liabilities	$	6,894
Operating lease liabilities, current	$	1,318
Operating lease liabilities, noncurrent	$	5,576

Purchase Commitments

The Company's commitments as of December 31, 2022 were $66.5 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

On July 8, 2022, a purported stockholder class action lawsuit was filed in the U.S. District Court for the Northern District of California, naming the Company, its Chief Executive Officer, Chief Financial Officer, and former Chief Financial Officer as defendants. The complaint alleged that between September 15, 2020 and June 13, 2022, the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (Exchange Act), by making false or misleading statements regarding the Company’s regulatory studies of the Tablo Hemodialysis System for at home use and the Company’s prospects related to the sale of the system for at home use. The complaint sought relief including damages, attorney fees, and costs in unspecified amounts. On September 7, 2022, the plaintiff filed a notice of voluntary dismissal of this action without prejudice. This action is now concluded.

In addition, from time to time, the Company may become involved in other 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.

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.

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

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

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,
	2022			2021			2020
Numerator:
Net loss	$	(162,956	)	$	(131,935	)	$	(121,492	)
Adjustment to redemption value on redeemable convertible preferred stock		—			—			(362	)
Deemed dividend on settlement of accrued dividend		—			—			42,530
Net loss attributable to common stockholders, basic and diluted	$	(162,956	)	$	(131,935	)	$	(79,324	)
Denominator:
Weighted-average shares of common stock, basic and diluted		48,161			45,589			16,358
Net loss per share attributable to common stockholders, basic and diluted	$	(3.38	)	$	(2.89	)	$	(4.85	)

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,
	2022		2021		2020
Stock options to purchase common stock		2,602		3,533		4,763
Restricted stock units		1,593		581		—
Performance stock units		47		17		—
Shares committed under ESPP		90		37		52
Warrant to purchase common stock		63		63		63
Total		4,395		4,231		4,878

Term Loans - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
Term Loans - Additional Information (Detail) - USD ($)	Nov. 03, 2022	Jul. 02, 2020	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal of term loan				$ 100,000,000	$ 30,000,000
Loss on extinguishment of debt				(1,367,000)	(0)	$ (1,567,000)
Debt discount on Perceptive Term Loan				$ 3,664,000	$ 238,000
Two Senior Secured Credit Facilities
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 300,000,000.0
SLR Credit Facilities
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	200,000,000.0
Cash and cash equivalent maintain percentage				50.00%
Line of credit, default interest rate				4.00%
SLR Credit Facilities \| First Revenue Milestone
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	250,000,000.0
SLR Credit Facilities \| Second Revenue Milestone
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	300,000,000.0
SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 250,000,000.0
Line of credit, interest rate				9.33%
Line of credit, expiration date				Nov. 30, 2026
Line of credit, commitment fee percentage				4.75%
Line of credit, payment terms, description				The Company may voluntarily prepay the outstanding Term Loans, subject to a prepayment premium of (i) 3.0% of the principal amount of the Term Loan, if prepaid prior to or on the first anniversary of the Closing Date, (ii) 2.0% of the principal amount of the Term Loan, if prepaid after the first anniversary of the Closing Date through and including the second anniversary of the Closing Date, or (iii) 1.0% of the principal amount of the Term Loan if prepaid after the second anniversary of the Closing Date and prior to the Maturity Date.
SLR Term Loan Facility \| First Anniversary
Debt Instrument [Line Items]
Line of credit, percentage of prepayment premium				3.00%
SLR Term Loan Facility \| Second Anniversary
Debt Instrument [Line Items]
Line of credit, percentage of prepayment premium				2.00%
SLR Term Loan Facility \| After Second Anniversary
Debt Instrument [Line Items]
Line of credit, percentage of prepayment premium				1.00%
SLR Term Loan Facility \| Extended Maturity
Debt Instrument [Line Items]
Line of credit, expiration date				May 31, 2027
SLR Revolver
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 50,000,000.0
Line of credit, expiration date				Nov. 01, 2027
Line of credit, commitment fee percentage				0.50%
Line of credit, collateral monitoring fee				0.10%
Line of credit, borrowing base, percentage				50.00%
Line of credit, borrowing base, amount				$ 5,000,000.0
SLR Revolver \| Accounts Receivable
Debt Instrument [Line Items]
Line of credit, borrowing base, percentage				85.00%
SLR Revolver \| Inventory
Debt Instrument [Line Items]
Line of credit, borrowing base, percentage				25.00%
SLR Revolver \| First Anniversary
Debt Instrument [Line Items]
Line of credit, termination fee				2.00%
SLR Revolver \| Second Anniversary
Debt Instrument [Line Items]
Line of credit, termination fee				1.00%
SLR Revolver \| After Second Anniversary
Debt Instrument [Line Items]
Line of credit, termination fee				0.50%
SLR Revolver \| Initial Revolver Commitment
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 25,000,000.0
Line of credit, non-refundable facility fee				187,500
SLR Revolver \| Additional Tranche
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				25,000,000.0
Line of credit, non-refundable facility fee				$ 187,500
Secured Overnight Financing Rate (SOFR) \| SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, interest rate				5.15%
Secured Overnight Financing Rate (SOFR) \| SLR Revolver
Debt Instrument [Line Items]
Line of credit, interest rate				3.20%
Interest Rate Floor \| SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, interest rate				2.75%
Interest Rate Floor \| SLR Revolver
Debt Instrument [Line Items]
Line of credit, interest rate				2.75%
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 were for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity.
Debt instrument interest only payments end date		2023-05
Debt instrument principal repayment period		30 months
Debt interest rate				3.75%
Early repayment fee	300,000
Debt instrument, final payment amount	$ 2,000,000.0
Loss on extinguishment of debt				$ 1,400,000
SVB Term Loan \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Term A Loan \| SLR Credit Facilities
Debt Instrument [Line Items]
Proceeds from line of credit			$ 100,000,000.0
Debt issuance costs			3,800,000
Term A Loan \| SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				100,000,000.0
Line of credit, non-refundable facility fee				750,000
Term B Loan \| SLR Credit Facilities
Debt Instrument [Line Items]
Line of credit, non-refundable facility fee			$ 900,000
Term B Loan \| SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				100,000,000.0
Line of credit, current borrowing capacity				20,000,000.0
Line of credit, non-refundable facility fee				750,000
Term C Loan \| SLR Term Loan Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity				50,000,000.0
Line of credit, non-refundable facility fee				$ 375,000

Term Loans - Summary of Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 8,298
2024	9,093
2025	9,068
2026	17,401
2027	100,568
Total future payments	144,428
Less: amount representing interest	(39,678)
Less: final payment	(4,750)
Total term loan	100,000	$ 30,000
Less: unamortized debt discount	(3,664)	$ (238)
Total term loan, net of debt discount	$ 96,336

Revenue from Contracts with Customers - Additional Information (Detail) 1 - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 8.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
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]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue Performance Obligation 1	8.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue Performance Obligation 1	$ 0.1

Income Taxes (Additional Information) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Provision for income taxes	$ 295	$ 199
Valuation allowance	42,600	30,700	$ 28,400
Operating loss carryforward	526,800
Net operating loss carryforwards	$ 131,705	102,094
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]
Operating loss carryforward	$ 399,000
Expiration year	2017
Operating loss carryforward expiration beginning	$ 127,800
Open year examination	three
Federal \| Mexico
Income Taxes [Line Items]
Provision for income taxes	$ 300	$ 200
Federal \| Research and Development
Income Taxes [Line Items]
Tax credit carryforward, amount	$ 7,800
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	$ 298,100
Net operating loss carryforwards	85,300
Operating loss carryforward expiration beginning	$ 212,700
Open year examination	four
State \| Research and Development
Income Taxes [Line Items]
Tax credit carryforward, amount	$ 6,400
State \| Maximum
Income Taxes [Line Items]
Expiration year	2042
State \| Minimum
Income Taxes [Line Items]
Expiration year	2023
Foreign
Income Taxes [Line Items]
Open year examination	five

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total depreciation and amortization expense	$ 5,200	$ 5,200	$ 3,200
Restricted cash balance	$ 3,311	$ 33,311	$ 33,311

Term Loans (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Term Loan

Term loans consist of the following (in thousands):


	December 31,
	2022			2021
Principal of term loan	$	100,000		$	30,000
Unamortized debt discount		(3,664	)		(238	)
Term loan, noncurrent	$	96,336		$	29,762

Summary of Debt Maturities

Aggregate annual payments due on the Term A Loan as of December 31, 2022 were as follows (in thousands):


Years Ending December 31:
2023	$	8,298
2024		9,093
2025		9,068
2026		17,401
2027		100,568
Total future payments		144,428
Less: amount representing interest		(39,678	)
Less: final payment		(4,750	)
Total term loan		100,000
Less: unamortized debt discount		(3,664	)
Total term loan, net of debt discount	$	96,336

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding as of December 31, 2021 \| shares	110
Granted \| shares	168
Vested \| shares	(17)
Forfeited \| shares	(22)
Outstanding as of December 31, 2022 \| shares	239
Weighted-Average Grant Date Fair Value Per Share, Outstanding as of December 31, 2021 \| $ / shares	$ 47.65
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	15.32
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	48.57
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	29.80
Weighted-Average Grant Date Fair Value Per Share,Outstanding as of December 31, 2022 \| $ / shares	$ 26.50
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding as of December 31, 2021 \| shares	563
Granted \| shares	1,431
Vested \| shares	(224)
Forfeited \| shares	(177)
Outstanding as of December 31, 2022 \| shares	1,593
Weighted-Average Grant Date Fair Value Per Share, Outstanding as of December 31, 2021 \| $ / shares	$ 47.98
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	32.34
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	47.80
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	40.82
Weighted-Average Grant Date Fair Value Per Share,Outstanding as of December 31, 2022 \| $ / shares	$ 34.75

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (162,956)	$ (131,935)	$ (121,492)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(380)	(185)	(21)
Comprehensive loss	$ (163,336)	$ (132,120)	$ (121,513)

- Definition

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

+ References

+ Details

Term Loans - Schedule of Term Loan (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Principal of term loan	$ 100,000	$ 30,000
Less: unamortized debt discount	(3,664)	(238)
Total term loan, noncurrent	$ 96,336	$ 29,762

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Inventory	$ 5,585	$ 4,808
Research and development expenses	908	574
Professional services	1,261	1,269
Customer rebates	1,364	3,121
Other	7,109	4,017
Total accrued expenses and other current liabilities	$ 16,227	$ 13,789

Balance Sheet Components - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 26,683	$ 20,618
Less: accumulated depreciation and amortization	(10,807)	(7,654)
Property and equipment, net	15,876	12,964
Tablos Under Operating Leases
Property, Plant and Equipment [Line Items]
Total property and equipment	714	2,412
Computers and Software
Property, Plant and Equipment [Line Items]
Total property and equipment	4,021	3,777
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	1,768	1,494
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	10,367	7,197
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	5,040	4,864
Construction In Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,773	$ 874

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
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, 2022. For the year ended December 31, 2022, the Company's largest customer accounted for 14% of revenues. 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. Accounts receivable are unsecured; 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 13% of accounts receivable as of December 31, 2022. One customer accounted for 10% of accounts receivable as of December 31, 2021. 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. 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 recent 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 its products. 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. During the year ended December 31, 2022, financial results of the Company were not significantly affected by the COVID-19 pandemic, which continues to have global impact. The Company has considered all information available as of the date of issuance of these financial statements and the Company is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. The extent to which the pandemic affects the Company’s future financial results and operations will depend on future developments which continue to evolve and are difficult to predict, including but not limited to any resurgences of the virus including emerging variant strains, actions taken to contain or mitigate its impact, as well as the direct and indirect economic effects of the pandemic and related containment measures.
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 are stated at fair value and consist primarily of amounts invested in money market funds and U.S. government-sponsored enterprises debt securities. The Company primarily holds U.S. government-sponsored enterprises debt securities, 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, 2022 and 2021.
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, 2022 and 2021.
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 console 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. Determining whether the products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment by management. For such contracts, the Company allocates the contracted transaction price to each distinct 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 one month 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 the 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. 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. 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 a cumulative 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, regulatory fees, consulting services, laboratory supplies and materials expenses, and infrastructure costs including facilities, depreciation, and information technology
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. The advertising costs for years ended December 31, 2022, 2021 and 2020 were not significant.
Income Taxes	Income Taxes The Company accounts for income taxes under the 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 did not make such contributions for the years ended December 31, 2021 and 2020. 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. The Company's matching contributions were $1.4 million for the year ended December 31, 2022.
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 operates a manufacturing facility in Mexico. 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 $9.8 million as of December 31, 2022.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	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 became effective for the Company beginning January 1, 2023. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's financial position and results of operations.

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 0	$ 0	$ 4,288

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earned units vesting percentage			50.00%
Outstanding Stock Options			2,602	3,533
Stock-based compensation expense			$ 27,203,000	$ 17,445,000	$ 21,439,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Earned units vesting percentage			25.00%
Total intrinsic value of options exercised			$ 22,200,000	61,000,000.0	$ 8,200,000
Outstanding Stock Options					1,933,000
Stock options, description					The options were scheduled to vest over the requisite service period if the Company achieved both (i) a performance condition tied to a liquidity event, which included the effectiveness of an IPO, and (ii) certain market conditions, provided the grantee was providing services on the date of the event
Stock-based compensation expense			$ 0	$ 4,300,000	$ 18,500,000
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize			1 year 10 months 20 days
Total unrecognized stock-based compensation expense			$ 8,000,000.0
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			$ 18.56	$ 24.74	$ 7.97
Total Fair Value of Options Vested			$ 6,100,000	$ 24,500,000	$ 3,300,000
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]
Earned units vesting percentage	25.00%
Share Based Compensation Arrangement By Share Based Payment Award Shares Percentage of Issued In Period To CEO			50.00%
Share Based Compensation Arrangement By Share Based Payment Award Shares Percentage of Issued In Period To Executive officers			80.00%
Total Fair Value of Options Vested			$ 9,900,000	$ 1,000,000.0	$ 200,000
Stock options, description	25% quarterly over the course of the second year, and 50% quarterly over the course of the third year, or (ii) 33% on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining two years. RSUs with a service-based vesting condition granted to a grantee prior to February 2022 generally vest at a rate of 25% on the first anniversary of the original vesting date
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize			2 years 2 months 4 days
Total unrecognized stock-based compensation expense			$ 45,500,000
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Shares Percentage of Issued In Period To CEO			50.00%
Share Based Compensation Arrangement By Share Based Payment Award Shares Percentage of Issued In Period To Executive officers			20.00%
Home PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			250.00%
Home PSU \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			200.00%
Home PSU \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			0.00%
Relative TSR PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			250.00%
Relative TSR PSU \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			150.00%
Relative TSR PSU \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Actual performance, percentage			75.00%
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for issuance			4,879,000		3,665,000
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]
Common stock shares reserved for issuance			1,278,000		687,000
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
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize			11 months 12 days
Total unrecognized stock-based compensation expense			$ 6,000.0
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			$ 16.23	$ 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			$ 4.89	$ 13.25

Stock-Based Compensation - Schedule of Employees Stock Purchase Plan (ESPP) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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%	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 term (in years)	2 years
Expected volatility	58.00%	43.80%
Risk-free interest rate	3.48%	0.07%
Grant Date Fair Value	$ 16.23	$ 13.95
Employees Share Purchase Plan (ESPP) \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 months 26 days
Expected volatility	41.10%	41.00%
Risk-free interest rate	0.60%	0.06%
Grant Date Fair Value	$ 4.89	$ 13.25
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days
Expected volatility	55.00%
Risk-free interest rate	1.74%
Dividend yield	0.00%	0.00%	0.00%
Stock Option \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days	10 years
Expected volatility		55.30%	62.70%
Risk-free interest rate		1.36%	1.54%
Stock Option \| 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
Expected volatility		53.90%	52.10%
Risk-free interest rate		0.66%	0.35%

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities in unrealized loss position for more than 12 months	$ 21,100
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	100
Other-than-temporary impairment losses related to investments	$ 0	$ 0	$ 0

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 73,222	$ 182,348
Short-term investments	214,280	157,140
Accounts receivable, net	28,070	25,600
Inventories	51,476	39,185
Prepaid expenses and other current assets	6,597	5,529
Total current assets	373,645	409,802
Restricted cash	3,311	33,311
Property and equipment, net	15,876	12,964
Operating lease right-of-use assets	6,117	7,231
Other assets	1,166	156
Total assets	400,115	463,464
Current liabilities:
Accounts payable	603	1,763
Accrued compensation and related benefits	21,519	24,948
Accrued expenses and other current liabilities	16,227	13,789
Accrued warranty liability	3,620	3,704
Deferred revenue, current	8,662	6,340
Operating lease liabilities, current	1,318	1,151
Total current liabilities	51,949	51,695
Accrued interest	113	721
Deferred revenue	151	312
Operating lease liabilities	5,576	6,893
Term loan	96,336	29,762
Total liabilities	154,125	89,383
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, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 300,000 shares authorized as of December31, 2022 and December 31, 2021; 48,465 and 47,241 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	48	47
Additional paid-in capital	1,035,456	1,000,212
Accumulated other comprehensive (loss) income	(564)	(184)
Accumulated deficit	(788,950)	(625,994)
Total stockholders' equity (deficit)	245,990	374,081
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 400,115	$ 463,464

Commitment and Contingencies (Additional Information) (Detail) $ in Millions	1 Months Ended
	May 31, 2020 ft²	Sep. 30, 2019 USD ($)	Dec. 31, 2022 USD ($)	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			$ 66.5
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

Balance Sheet Components - Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Product Warranties Disclosures [Abstract]
Balance at the beginning of the period	$ 3,704	$ 2,913
Additions charged to cost of product revenue	5,748	7,310
Consumption	(5,832)	(6,519)
Balance at the end of the period	$ 3,620	$ 3,704

Balance Sheet Components - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 20,623	$ 18,114
Work in process	9,086	6,054
Finished goods	21,767	15,017
Total inventories	$ 51,476	$ 39,185

Balance Sheet Components - Summary of cash, cash equivalents and restricted cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 73,222	$ 182,348	$ 294,972
Restricted cash	3,311	33,311	33,311
Total cash, cash equivalents and restricted cash	$ 76,533	$ 215,659	$ 328,283

Description of Business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Outset Medical, Inc. (the Company) is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo® Hemodialysis System, cleared by the FDA 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.

Liquidity

Since inception, the Company has incurred net losses and negative cash flows from operations. The Company incurred net losses of $163.0 million, $131.9 million and $121.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, the Company had an accumulated deficit of $789.0 million.

As of December 31, 2022, the Company had cash, cash equivalents, and short-term investments of $287.5 million, which are available to fund future operations, and restricted cash of $3.3 million, for a total cash, cash equivalents, restricted cash, and short-term investments balance of $290.8 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. Management believes that the Company’s existing cash, cash equivalents, short-term investments, cash generated from sales, and proceeds received and currently available from the recent debt financing described in Note 7, will be sufficient to meet its anticipated needs for at least the next 12 months from the issuance date of the accompanying 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.

Income Taxes - Summary of Components of the Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 131,705	$ 102,094
Tax credits	14,172	11,767
Accrual and reserves	4,509	3,573
Tangible and intangible assets	2,143	845
Stock-based compensation	4,686	3,566
Capitalized research costs	25,730	19,405
Deferred Tax Assets, Other	2,876	2,236
Gross deferred tax assets	185,821	143,486
Valuation allowance	(184,298)	(141,729)
Net deferred tax assets	1,523	1,757
Deferred Tax Liabilities, Gross [Abstract]
Right-of-use assets	(1,523)	(1,757)
Gross deferred tax liabilities	$ (1,523)	$ (1,757)

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
Statements of Operations - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Revenue	$ 115,375	$ 102,602	$ 49,935
Cost of revenue:
Cost of revenue	97,542	94,994	62,972
Gross profit	17,833	7,608	(13,037)
Operating expenses:
Research and development	48,855	36,741	28,850
Sales and marketing	89,482	65,070	45,068
General and administrative	40,515	36,316	30,512
Total operating expenses	178,852	138,127	104,430
Loss from operations	(161,019)	(130,519)	(117,467)
Interest income and other income, net	3,291	498	526
Interest expense	(3,566)	(1,715)	(2,891)
Loss on extinguishment of debt	(1,367)	(0)	(1,567)
Change in fair value of redeemable convertible preferred stock warrant liability	0	0	(93)
Loss before provision for income taxes	(162,661)	(131,736)	(121,492)
Provision for income taxes	295	199
Net loss	(162,956)	(131,935)	(121,492)
Net loss attributable to common stockholders, basic and diluted	$ (162,956)	$ (131,935)	$ (79,324)
Net loss per share, basic	$ (3.38)	$ (2.89)	$ (4.85)
Net loss per share, diluted	$ (3.38)	$ (2.89)	$ (4.85)
Shares used in computing net loss per share, basic	48,161	45,589	16,358
Shares used in computing net loss per share, diluted	48,161	45,589	16,358
Product Revenue
Revenue:
Revenue	$ 93,388	$ 84,312	$ 39,612
Cost of revenue:
Cost of revenue	82,510	84,639	57,035
Service and Other Revenue
Revenue:
Revenue	21,987	18,290	10,323
Cost of revenue:
Cost of revenue	$ 15,032	$ 10,355	$ 5,937

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Consoles	$	64,590	$	65,133	$	32,871
Consumables		28,798		19,179		6,741
Total product revenue		93,388		84,312		39,612
Service and other revenue		21,987		18,290		10,323
Total revenue	$	115,375	$	102,602	$	49,935

For the years ended December 31, 2022, 2021 and 2020, $2.0 million, $4.7 million and $3.1 million, respectively, of consoles revenue were from console operating lease arrangements.

Remaining Performance Obligations and Contract Liabilities

As of December 31, 2022, 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 $8.8 million, which is recorded as deferred revenue on the Company’s balance sheet. Of that amount, $8.7 million will be recognized as revenue during the year ended December 31, 2023 and $0.1 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, 2022, 2021 and 2020, the Company recognized $6.3 million, $3.2 million, and $0.9 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
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Operating lease costs	$	1,759	$	1,759	$	1,070
Variable lease costs		329		375		233
Short-term lease costs		170		180		371
Total lease costs	$	2,258	$	2,314	$	1,674

Schedule of Weighted-average Remaining Lease Term and Discount Rate

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


	December 31,
	2022		2021
Weighted-average remaining lease term (in years)		4.3		5.3
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, 2022 were as follows (in thousands):


Years Ending December 31:
2023	$	1,856
2024		1,911
2025		1,969
Thereafter		2,523
Total lease payments		8,259
Less: imputed interest		(1,365	)
Present value of operating lease liabilities	$	6,894
Operating lease liabilities, current	$	1,318
Operating lease liabilities, noncurrent	$	5,576

Stock-Based Compensation - Schedule of Stock Option Valuation Assumptions (Details) - Stock Option	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days
Expected volatility	55.00%
Risk-free interest rate	1.74%
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
Expected volatility		53.90%	52.10%
Risk-free interest rate		0.66%	0.35%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days	10 years
Expected volatility		55.30%	62.70%
Risk-free interest rate		1.36%	1.54%

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Entity File Number	001-39513
Entity Registrant Name	Outset Medical, Inc.
Entity Central Index Key	0001484612
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0514392
Entity Address, Address Line One	3052 Orchard Dr.
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	669
Local Phone Number	231-8200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	OM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 709
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		48,637,059
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for its 2023 Annual Meeting of Stockholders, which is to be filed with the Securities and Exchange Commission within 120 days of the registrant’ fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	San Francisco, California

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

. Income Taxes

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


	Years Ended December 31,
	2022			2021			2020
Domestic	$	(153,226	)	$	(128,400	)	$	(121,492	)
Foreign		(9,435	)		(3,336	)		—
Loss before provision for income taxes	$	(162,661	)	$	(131,736	)	$	(121,492	)

The provision for income taxes were $0.3 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, which primarily related to foreign income taxes in Mexico. For the year ended December 31, 2020, the provision for income taxes was 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 differs from the federal statutory income tax rate applied to the loss before provision for income taxes and tax due to the following:


	Years Ended December 31,
	2022				2021				2020
Federal statutory income tax rate		21.0		%		21.0		%		21.0		%
State taxes		4.2				1.3				3.8
Change in valuation allowance		(26.1	)			(22.8	)			(23.3	)
Federal and state tax credits		1.4				1.2				1.0
Stock-based compensation expense		1.2				8.1				1.2
Non-deductible permanent expenses		(0.2	)			(0.1	)			(0.2	)
Effect of deferred tax adjustment		0.2				(0.7	)			(1.4	)
Non-deductible compensation		(1.9	)			(8.2	)			(2.1	)
Effective income tax rate		(0.2	)	%		(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,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	131,705		$	102,094
Tax credits		14,172			11,767
Accrual and reserves		4,509			3,573
Tangible and intangible assets		2,143			845
Stock-based compensation expense		4,686			3,566
Capitalized research costs		25,730			19,405
Other deferred tax asset		2,876			2,236
Gross deferred tax assets		185,821			143,486
Valuation allowance		(184,298	)		(141,729	)
Net deferred tax assets	$	1,523		$	1,757

	December 31,
	2022			2021
Deferred tax liabilities:
Right-of-use assets	$	(1,523	)	$	(1,757	)
Gross deferred tax liabilities	$	(1,523	)	$	(1,757	)

Realization of the deferred tax assets is dependent upon future taxable income, if any, the amount and timing of which are uncertain. A valuation allowance is provided when it is not more likely than not that some portion of the deferred tax assets will be realized. Management believes that, based on a number of factors, it is more likely than not that the U.S. federal and state net deferred tax assets will not be fully realized, thus a full valuation allowance has been recorded as of December 31, 2022 and 2021. The change in the valuation allowance during the years ended December 31, 2022, 2021 and 2020 was an increase of $42.6 million, $30.7 million and $28.4 million, respectively.

Starting in 2022, changes to Internal Revenue Code Section 174 made by the Tax Cuts and Jobs Act of 2017 (the TCJA) no longer permit an immediate deduction for research and development expenditures in the tax year that such costs are incurred. As a result the Company capitalized such costs in its 2022 income tax provision, resulting in an increase in deferred tax assets.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2022, the Company had a net operating loss carryforward for U.S. federal income tax purposes of $526.8 million. Federal net operating losses of $399.0 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 U.S. state net operating loss carryforward of $298.1 million. State net operating losses of $85.3 million do not expire. The remaining state net operating loss carryforward of $212.7 million will begin to expire in 2023 and continue to expire through 2042.

As of December 31, 2022, the Company had federal research and development credits of $7.8 million, which will begin to expire in 2030 and state research and development credits of $6.4 million which are not currently subject to expiration. Utilization of the operating loss and tax credits may be subject to annual limitation due to the ownership change limitations provided by the Code and similar state provisions. Such an annual limitation could result in the expiration of net operating loss and tax credit carryforwards before utilization.

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, 2022 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,
	2022		2021
Balance, beginning of year	$	2,190	$	1,582
Increase related to prior years positions		37		—
Decrease related to current year positions		—		—
Increase related to current year positions		800		608
Balance, end of year	$	3,027	$	2,190

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, various U.S. 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

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

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

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

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

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

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

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

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021			2020
Domestic	$	(153,226	)	$	(128,400	)	$	(121,492	)
Foreign		(9,435	)		(3,336	)		—
Loss before provision for income taxes	$	(162,661	)	$	(131,736	)	$	(121,492	)

Summary of Effective Tax Rate of the Provision for Income Taxes

The effective tax rate differs from the federal statutory income tax rate applied to the loss before provision for income taxes and tax due to the following:


	Years Ended December 31,
	2022				2021				2020
Federal statutory income tax rate		21.0		%		21.0		%		21.0		%
State taxes		4.2				1.3				3.8
Change in valuation allowance		(26.1	)			(22.8	)			(23.3	)
Federal and state tax credits		1.4				1.2				1.0
Stock-based compensation expense		1.2				8.1				1.2
Non-deductible permanent expenses		(0.2	)			(0.1	)			(0.2	)
Effect of deferred tax adjustment		0.2				(0.7	)			(1.4	)
Non-deductible compensation		(1.9	)			(8.2	)			(2.1	)
Effective income tax rate		(0.2	)	%		(0.2	)	%		—		%

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,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	131,705		$	102,094
Tax credits		14,172			11,767
Accrual and reserves		4,509			3,573
Tangible and intangible assets		2,143			845
Stock-based compensation expense		4,686			3,566
Capitalized research costs		25,730			19,405
Other deferred tax asset		2,876			2,236
Gross deferred tax assets		185,821			143,486
Valuation allowance		(184,298	)		(141,729	)
Net deferred tax assets	$	1,523		$	1,757

	December 31,
	2022			2021
Deferred tax liabilities:
Right-of-use assets	$	(1,523	)	$	(1,757	)
Gross deferred tax liabilities	$	(1,523	)	$	(1,757	)

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,
	2022		2021
Balance, beginning of year	$	2,190	$	1,582
Increase related to prior years positions		37		—
Decrease related to current year positions		—		—
Increase related to current year positions		800		608
Balance, end of year	$	3,027	$	2,190

Income Taxes - Summary of Effective Tax Rate of the Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes	4.20%	1.30%	3.80%
Change in valuation allowance	(26.10%)	(22.80%)	(23.30%)
Federal and state tax credits	1.40%	1.20%	1.00%
Stock based compensation	1.20%	8.10%	1.20%
Non-deductible permanent expenses	(0.20%)	(0.10%)	(0.20%)
Effect of deferred tax adjustment	(0.20%)	(0.70%)	(1.40%)
Non-deductible compensation	(1.90%)	(8.20%)	(2.10%)
Effective income tax rate	(0.20%)	(0.20%)	0.00%

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, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	$ 265,643	$ 218,167
Gross Unrealized Holding Gains	51	2
Gross Unrealized Holding Losses	(615)	(185)
Aggregate Fair Value	265,079	217,984
Level 1 \| Cash equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	42,834	60,844
Aggregate Fair Value	42,834	60,844
Level 1 \| Short-term investments \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	133,473	18,064
Gross Unrealized Holding Gains	9
Gross Unrealized Holding Losses	(447)	(60)
Aggregate Fair Value	133,035	18,004
Level 2 \| Cash equivalents \| US Government-sponsored Enterprises Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	7,965
Aggregate Fair Value	7,965
Level 2 \| Short-term investments \| US Government-sponsored Enterprises Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	26,404
Gross Unrealized Holding Gains	42
Gross Unrealized Holding Losses	(14)
Aggregate Fair Value	26,432
Level 2 \| Short-term investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	25,136	15,081
Aggregate Fair Value	25,136	15,081
Level 2 \| Short-term investments \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	29,831	124,178
Gross Unrealized Holding Gains		2
Gross Unrealized Holding Losses	(154)	(125)
Aggregate Fair Value	$ 29,677	$ 124,055

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (162,956)	$ (131,935)	$ (121,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	27,203	17,445	21,439
Depreciation and amortization	5,169	5,162	3,159
Non-cash lease expense	1,114	1,022	596
Non-cash interest expense	381	569	641
Accretion of discount on investments, net	449	1,972	50
Provision for inventories	2,610	1,023	534
Other non-cash items	76	81	340
Loss on extinguishment of term loan	1,367	0	1,567
Changes in operating assets and liabilities:
Accounts receivable	(2,506)	(19,137)	(2,566)
Inventories	(14,730)	(22,042)	(16,287)
Prepaid expenses and other assets	(1,215)	1,860	(6,245)
Accounts payable	(1,281)	(3,066)	737
Accrued payroll and related benefits	(3,428)	8,103	9,889
Accrued expenses and other current liabilities	1,811	5,889	4,798
Accrued warranty liability	(83)	791	1,211
Deferred revenue	2,161	2,881	2,754
Operating lease liabilities	(1,150)	(882)	77
Accrued interest	(721)	0	(217)
Net cash used in operating activities	(145,729)	(130,264)	(99,015)
Cash flows from investing activities:
Purchases of property and equipment	(8,325)	(3,108)	(9,077)
Purchases of investment securities	(261,154)	(178,432)	(32,884)
Sales and maturities of investment securities	203,184	39,033	45,908
Net cash (used in) provided by investing activities	(66,295)	(142,507)	3,947
Cash flows from financing activities:
Proceeds from stock option exercises and employee stock purchase plan purchases	8,042	11,062	1,186
Proceeds from issuance of term loan, net of issuance costs	96,059	0	29,630
Repayment of term loan and extinguishment costs	(31,203)	0	(30,985)
Proceeds from issuance of common stock upon initial and follow-on public offering, net of issuance costs	0	149,085	254,805
Proceeds from cash exercise of redeemable convertible preferred stock warrants	0	0	4,288
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	0	126,758
Net cash provided by financing activities	72,898	160,147	385,682
Net (decrease) increase in cash, cash equivalents and restricted cash	(139,126)	(112,624)	290,614
Cash, cash equivalents and restricted cash as of beginning of period	215,659	328,283	37,669
Cash, cash equivalents and restricted cash as of end of period	76,533	215,659	328,283
Supplemental cash flow disclosures:
Cash paid for income taxes	385	83	19
Cash paid for interest	3,185	1,146	3,270
Cash paid for amounts included in the measurement of operating lease liabilities	1,150	882	0
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued expenses	167	121	323
Deferred financing costs included in accrued expenses	750	0	0
Transfer of inventories to property and equipment	28	1,410	2,131
Transfer of property and equipment to inventories	199	1,192	0
Right-of-use assets obtained in exchange for lease liabilities	0	0	8,849
Deemed dividend on settlement of accrued dividend	0	0	42,530
Adjustment to redemption value on redeemable convertible preferred stock	0	0	362
Conversion of redeemable convertible preferred stock into common stock upon initial public offering	0	0	456,561
Reclassification of redeemable convertible preferred stock warrant liability for conversion of Series A redeemable preferred stock warrants into common stock warrants	0	0	1,252
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital	0	0	3,126
Issuance of common stock on settlement of accrued dividend	$ 0	$ 0	$ 41,763

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Source

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


	Years Ended December 31,
	2022		2021		2020
Consoles	$	64,590	$	65,133	$	32,871
Consumables		28,798		19,179		6,741
Total product revenue		93,388		84,312		39,612
Service and other revenue		21,987		18,290		10,323
Total revenue	$	115,375	$	102,602	$	49,935

Commitments and Contingencies - Schedule of Weighted-average Remaining Lease Term and Discount Rate (Detail)	Dec. 31, 2022	Dec. 31, 2021
Operating leases:
Weighted-average remaining lease term (in years)	4 years 3 months 18 days	5 years 3 months 18 days
Weighted-average discount rate	8.70%	8.70%

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

10. Net Loss per Share Attributable to Common Stockholders


	Years Ended December 31,
	2022			2021			2020
Numerator:
Net loss	$	(162,956	)	$	(131,935	)	$	(121,492	)
Adjustment to redemption value on redeemable convertible preferred stock		—			—			(362	)
Deemed dividend on settlement of accrued dividend		—			—			42,530
Net loss attributable to common stockholders, basic and diluted	$	(162,956	)	$	(131,935	)	$	(79,324	)
Denominator:
Weighted-average shares of common stock, basic and diluted		48,161			45,589			16,358
Net loss per share attributable to common stockholders, basic and diluted	$	(3.38	)	$	(2.89	)	$	(4.85	)

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,
	2022		2021		2020
Stock options to purchase common stock		2,602		3,533		4,763
Restricted stock units		1,593		581		—
Performance stock units		47		17		—
Shares committed under ESPP		90		37		52
Warrant to purchase common stock		63		63		63
Total		4,395		4,231		4,878

Commitments and Contingencies - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 1,759	$ 1,759	$ 1,070
Variable lease costs	329	375	233
Short-term lease costs	170	180	371
Total lease costs	$ 2,258	$ 2,314	$ 1,674

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Remaining performance obligations	$ 8.8
Revenue recognized	6.3	$ 3.2	$ 0.9
Consoles Product \| Operating Lease Arrangements
Revenue from operating lease arrangements	$ 2.0	$ 4.7	$ 3.1

Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (372,187)		$ 1	$ 357	$ 22	$ (372,567)
Beginning Balance (shares) at Dec. 31, 2019			922
Temporary Equity, Beginning Balance at Dec. 31, 2019		$ 409,446
Temporary Equity, Beginning Balance (shares) at Dec. 31, 2019		147,214
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)
Issuance of common stock on settlement of accrued dividend (shares)			4,850
Temporary Equity, Issuance of common stock on settlement of accrued dividend		$ (42,530)
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 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
Deemed Dividend On Settlement Of Accrued Dividend	0
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)			1,438
Stock-based compensation expense	17,445			17,445
Unrealized 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
Issuance of common stock through employee stock purchase plan			$ 4,202	4,202
Issuance of common stock through employee stock purchase plan (shares)			193
Deemed Dividend On Settlement Of Accrued Dividend	0
Issuance of common stock for settlement of RSUs (shares)			241
Stock option exercises	$ 3,840		$ 1	3,839
Stock option exercises (shares)	790		790
Stock-based compensation expense	$ 27,203			27,203
Unrealized loss on available-for-sale securities	(380)				(380)
Net loss	(162,956)					(162,956)
Ending Balance at Dec. 31, 2022	$ 245,990		$ 48	$ 1,035,456	$ (564)	$ (788,950)
Temporary Equity, Ending Balance (shares) at Dec. 31, 2022		0
Temporary Equity, Ending Balance at Dec. 31, 2022		$ 0
Ending Balance (shares) at Dec. 31, 2022			48,465

Income Taxes - Summary of Reconciliation of the Total Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance, beginning of year	$ 2,190	$ 1,582
Increase related to prior years positions	37
Increase related to current year positions	800	608
Balance, end of year	$ 3,027	$ 2,190

Commitments and Contingencies - Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,856
2024	1,911
2025	1,969
Thereafter	2,523
Total lease payments	8,259
Less: imputed interest	(1,365)
Present value of operating lease liabilities	6,894
Operating lease liabilities, current	1,318	$ 1,151
Operating lease liabilities	$ 5,576	$ 6,893