0001558370-22-002489 | 10-K | XBRL Viewer

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 396,465	$ 181,584
Accounts receivable (less allowance for credit losses of $419 and $370 as of December 31, 2021 and December 31, 2020, respectively; including $200 and $172 due from related parties as of December 31, 2021 and December 31, 2020, respectively)	23,786	17,184
Inventory	22,190	14,856
Prepaid expenses and other current assets	6,514	5,981
Total current assets	448,955	219,605
Restricted cash	2,577	1,000
Property and equipment, net	17,960	13,912
Intangible assets, net	10,534	13,716
Goodwill	9,632	10,460
Right-of-use assets	11,491	11,995
Other non-current assets	378	357
Total assets	501,527	271,045
Current liabilities:
Accounts payable (including $42 and $14 to related parties as of December 31, 2021 and December 31, 2020, respectively)	9,209	6,799
Accrued compensation and benefits	13,252	10,777
Other accrued expenses (including $0 and $1,377 to related parties as of December 31, 2021 and December 31, 2020, respectively)	6,486	4,845
Deferred revenue (including $54 and $90 with related parties as of December 31, 2021 and December 31, 2020, respectively)	6,361	5,421
Current portion of long term debt		7,673
Short term lease liabilities	1,428	1,234
Other current liabilities	241	3,054
Total current liabilities	36,977	39,803
Deferred revenue, net of current portion	1,099	577
Long term lease liabilities	20,464	21,891
Deferred tax liabilities	2,035	2,649
Total liabilities	60,575	64,920
Stockholders' equity:
Common stock, $0.001 par value: Authorized-120,000,000 shares as of December 31, 2021 and December 31, 2020; issued and outstanding - 36,768,035 and 31,796,544 shares as of December 31, 2021 and December 31, 2020, respectively	37	32
Additional paid-in capital	745,936	451,433
Accumulated other comprehensive income	441	2,434
Accumulated deficit	(305,462)	(247,774)
Total stockholders' equity	440,952	206,125
Total liabilities and stockholders' equity	$ 501,527	$ 271,045

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Accounts receivable, reserve for doubtful accounts	$ 419	$ 370
Accounts receivable, related parties	200	172
Accounts payable, related parties	42	14
Other accrued expenses, related parties	0	1,377
Deferred revenue, current, related parties	$ 54	$ 90
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	36,768,035	31,796,544
Common stock, shares outstanding	36,768,035	31,796,544

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total revenue	$ 110,556	$ 86,377	$ 56,734
Costs of goods sold:
Total costs of goods sold, services, and licenses	48,828	38,195	29,898
Gross profit	61,728	48,182	26,836
Operating expenses:
Research and development (including related party activity of $565, $235, and $152 for the years ended December 31, 2021, 2020, and 2019, respectively)	27,978	20,174	16,190
Selling, general and administrative (including related party activity of $89, $37, and $180 for the years ended December 31, 2021, 2020, and 2019, respectively)	92,336	59,592	52,246
Total operating expenses	120,314	79,766	68,436
Loss from operations	(58,586)	(31,584)	(41,600)
Interest (expense) income, net	(403)	(273)	627
Other income (expense), net	1,265	(49)	(10)
Loss before income taxes	(57,724)	(31,906)	(40,983)
Income tax benefit	36	376	187
Net loss	$ (57,688)	$ (31,530)	$ (40,796)
Net loss per share, basic	$ (1.60)	$ (1.07)	$ (1.63)
Net loss per share, diluted	$ (1.60)	$ (1.07)	$ (1.63)
Weighted-average common shares outstanding, basic	35,997,473	29,589,132	25,090,708
Weighted-average common shares outstanding, diluted	35,997,473	29,589,132	25,090,708
Product revenue
Total revenue	$ 81,062	$ 44,017	$ 40,491
Costs of goods sold:
Total costs of goods sold, services, and licenses	34,149	25,950	20,900
Service and other revenue
Total revenue	23,629	24,129	16,059
Costs of goods sold:
Total costs of goods sold, services, and licenses	14,679	11,245	8,998
Collaboration and license revenue
Total revenue	648	11,809	$ 184
Costs of goods sold:
Total costs of goods sold, services, and licenses		1,000
Grant revenue
Total revenue	$ 5,217	$ 6,422

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related party activity research and development expenses	$ 565	$ 235	$ 152
Related party activity in selling, general and administrative expenses	89	37	180
Product revenue
Related party revenue	505	580	720
Cost of revenue, related party activity	1,936	205	234
Service and other revenue
Related party revenue	114	202	118
Cost of revenue, related party activity	74	52	0
Collaboration and license revenue
Cost of revenue, related party activity	$ 0	$ 1,000	$ 0

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

+ Details

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Loss
Net loss	$ (57,688)	$ (31,530)	$ (40,796)
Other comprehensive (loss) income:
Cumulative translation adjustment	(1,993)	2,587	(153)
Total other comprehensive (loss) income	(1,993)	2,587	(153)
Comprehensive loss	$ (59,681)	$ (28,943)	$ (40,949)

- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (57,688)	$ (31,530)	$ (40,796)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,851	4,312	3,009
Inventory step-up amortization	275	722	611
Credit loss expense on accounts receivable	213	493	160
Reduction in the carrying amounts of right-of-use assets	499	245
Stock-based compensation expense	15,975	10,099	6,388
Non-cash interest expense	65	86	89
Loss on disposal of fixed assets	89	171	140
Changes in operating assets and liabilities:
Accounts receivable	(6,853)	(6,733)	(3,525)
Prepaid expenses and other assets	(393)	(3,927)	289
Inventory	(8,090)	(5,119)	(3,447)
Other non-current assets	(2)	198	(21)
Accounts payable	2,414	649	621
Accrued compensation and benefits, other accrued expenses and other current liabilities	1,061	6,219	822
Contract acquisition costs	(192)	87	336
Operating lease liabilities	(1,230)	316
Other non-current liabilities	(363)	(488)	9,845
Deferred revenue	1,462	835	(708)
Net cash used in operating activities	(47,907)	(23,365)	(26,187)
Investing activities
Purchases of property and equipment	(13,616)	(3,930)	(10,847)
Acquisitions, net of cash acquired			(14,529)
Proceeds from RADx grant on assets purchased	7,278	3,304
Net cash used in investing activities	(6,338)	(626)	(25,376)
Financing activities
Proceeds from stock options exercised	7,750	4,019	2,820
Proceeds from ESPP purchase	1,065	888	879
Payments on notes payable	(7,738)	(75)	(50)
Net cash provided by financing activities	270,795	96,236	116,197
Net increase in cash and cash equivalents	216,550	72,245	64,634
Effect of foreign currency exchange rate on cash	(92)	158	118
Cash, restricted cash, and cash equivalents at beginning of period	182,584	110,181	45,429
Cash, restricted cash, and cash equivalents at end of period	399,042	182,584	110,181
Supplemental cash flow information
Cash paid for interest	389	625	656
Purchases of property and equipment included in accounts payable and other accrued expenses	229	1,029	164
Purchase of property and equipment included in other non-current liabilities			7,572
Common stock issued in connection with the acquisition of UmanDiagnostics AB			5,468
At-the-market offering.
Financing activities
Sale of common stock			48,019
Underwritten public offering
Financing activities
Sale of common stock	$ 269,718	$ 91,404	$ 64,529

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$ 396,465	$ 181,584	$ 109,155
Restricted cash	2,577	1,000	1,026
Total cash, cash equivalents, and restricted cash	$ 399,042	$ 182,584	$ 110,181	$ 45,429

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock Underwritten public offering	Common stock At-the-market offering.	Common stock	Additional paid-in capital Underwritten public offering	Additional paid-in capital At-the-market offering.	Additional paid-in capital	Accumulated other comprehensive income (loss) [Member]	Accumulated deficit	Underwritten public offering	At-the-market offering.	Total
Beginning Balance at Dec. 31, 2018			$ 22			$ 216,931		$ (175,888)			$ 41,065
Beginning balance (in shares) at Dec. 31, 2018			22,369,036
Increase (Decrease) in Stockholders' Equity
Exercise of common stock warrants (in shares)			45,690
Exercise of common stock options and vesting of restricted stock						2,820					2,820
Exercise of common stock options and vesting of restricted stock (in shares)			550,734
Sale of common stock	$ 3	$ 2		$ 64,526	$ 48,017				$ 64,529	$ 48,019
Sale of common stock (in shares)	2,732,673	2,186,163
Cumulative effect of adoption of Accounting Standards Codification Topic 606								440			440
Issuance of shares for the acquisition of UmanDiagnostics AB			$ 1			5,467					5,468
Issuance of shares for the acquisition of UmanDiagnostics AB (in shares)			191,152
ESPP stock purchase						878					878
ESPP stock purchase (in shares)			36,753
Stock-based compensation expense						6,388					6,388
Cumulative translation adjustment											(153)
Net loss								(40,796)			(40,796)
Ending Balance at Dec. 31, 2019			$ 28			345,027	$ (153)	(216,244)			128,658
Ending Balance (in shares) at Dec. 31, 2019			28,112,201
Increase (Decrease) in Stockholders' Equity
Accumulated other comprehensive income							(153)				(153)
Exercise of common stock options and vesting of restricted stock			$ 1			4,018					4,019
Exercise of common stock options and vesting of restricted stock (in shares)			589,723
Sale of common stock	$ 3			91,401					91,404
Sale of common stock (in shares)	3,048,774
ESPP stock purchase						888					888
ESPP stock purchase (in shares)			45,846
Stock-based compensation expense						10,099					10,099
Cumulative translation adjustment							2,587				2,587
Net loss								(31,530)			(31,530)
Ending Balance at Dec. 31, 2020			$ 32			451,433	2,434	(247,774)			206,125
Ending Balance (in shares) at Dec. 31, 2020			31,796,544
Increase (Decrease) in Stockholders' Equity
Accumulated other comprehensive income											2,434
Exercise of common stock warrants (in shares)			7,347
Exercise of common stock options and vesting of restricted stock			$ 1			7,749					7,750
Exercise of common stock options and vesting of restricted stock (in shares)			823,796
Sale of common stock	$ 4			$ 269,714					$ 269,718
Sale of common stock (in shares)	4,107,142		4,169
ESPP stock purchase						1,065					1,065
ESPP stock purchase (in shares)			29,037
Stock-based compensation expense						15,975					15,975
Cumulative translation adjustment							(1,993)				(1,993)
Net loss								(57,688)			(57,688)
Ending Balance at Dec. 31, 2021			$ 37			$ 745,936	$ 441	$ (305,462)			440,952
Ending Balance (in shares) at Dec. 31, 2021			36,768,035
Increase (Decrease) in Stockholders' Equity
Accumulated other comprehensive income											$ 441

Organization and operations

12 Months Ended

Dec. 31, 2021

Organization and operations

Organization and operations

1. Organization and operations

Quanterix Corporation (Nasdaq: QTRX) (the Company) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance precision health for life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology. The Company’s Simoa bead-based and planar array platforms enable customers to reliably detect protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies, and also allow researchers to define and validate the function of novel protein biomarkers that are only present in very low concentrations and have been discovered using technologies such as mass spectrometry. These capabilities provide the Company’s customers with insight into the role of protein biomarkers in human health that has not been possible with other existing technologies and enable researchers to unlock unique insights into the continuum between health and disease. The Company is currently focusing on protein detection, but the Company’s Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules.

The Company launched its first immunoassay platform, the Simoa HD-1, in 2014. The HD-1 is a fully automated immunoassay bead-based platform with multiplexing and custom assay capability, and related assay test kits and consumable materials. The Company launched a second bead-based immunoassay platform (SR-X) in the fourth quarter of 2017 with a more compact footprint than the Simoa HD-1 and less automation designed for lower volume requirements while still allowing multiplexing and custom assay capability. The Company initiated an early-access program for its third instrument (SP-X) on the new Simoa planar array platform in January 2019, with the full commercial launch commencing in April 2019. In July 2019, the Company launched the Simoa HD-X, an upgraded version of the Simoa HD-1 which replaces the HD-1. The HD-X has been designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The Company began shipping and installing HD-X instruments at customer locations in the third quarter of 2019. The Company also performs research services on behalf of customers to apply the Simoa technology to specific customer needs. The Company's customers are primarily in the research use only market, which includes academic and governmental research institutions, the research and development laboratories of pharmaceutical manufacturers, contract research organizations, and specialty research laboratories.

The Company acquired UmanDiagnostics AB (Uman), a Swedish company located in Umeå, Sweden, in August 2019. The acquisition closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology.

“At-the-market offering”

On March 19, 2019, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent.

On June 5, 2019, the Company issued approximately 2.2 million shares of common stock at an average stock price of $22.73 per share pursuant to the terms of the Sales Agreement. The “at-the-market” offering resulted in gross proceeds of $49.7 million. The Company incurred $1.7 million in issuance costs associated with the “at-the-market” offering, resulting in net proceeds to the Company of $48.0 million. On August 6, 2020, the Company delivered written notice to Cowen to terminate the Sales Agreement, which termination the parties agreed to make immediately effective.

Underwritten public offering

On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC (J.P. Morgan) and SVB Securities LLC (f/k/a SVB Leerink) (Leerink), as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million.

On August 6, 2020, the Company entered into an underwriting agreement with Leerink and Cowen and Company, LLC (Cowen), as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million.

On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC (Goldman Sachs), Leerink, and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4.1 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $287.5 million. The Company incurred $17.8 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.7 million.

Liquidity

The Company has recognized annual losses from operations since inception and has an accumulated deficit of $305.5 million at December 31, 2021 and the Company incurred a net loss of $57.7 million, $31.5 million, and $40.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, the Company had $396.5 million of unrestricted cash and cash equivalents. The Company expects the current cash balance will be sufficient to fund operations for a period of at least one year from the date the consolidated financial statements are issued. There can be no assurances, however, that no additional funding will be required or that additional funding will be available on terms acceptable to the Company, or at all.

Significant accounting policies

12 Months Ended

Dec. 31, 2021

Significant accounting policies

Significant accounting policies

2. Significant accounting policies

Principles of consolidation

The consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation, and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of assets acquired and liabilities assumed in acquisitions, and valuation of inventory. Actual results could differ from those estimates.

Reclassifications

Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation.

Segment information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company and the Company's chief operating decision-maker reviews the Company's operations and manages its business as a single operating segment.

Revenue recognition

The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services, incentives, and taxes collected from customers that are subsequently remitted to governmental authorities.

The Company adopted Accounting Standards Codification (ASC) Topic 606 Revenue from Contracts with Customers (ASC 606), on January 1, 2019, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for 2021, 2020, and 2019 reflect the application of ASC 606 guidance. The Company recorded an adjustment to the accumulated deficit of $0.4 million as of January 1, 2019 for the cumulative effect primarily related to the deferral of sales commissions. In accordance with the reporting requirements of ASC 606, the disclosure of the impact on the Company’s consolidated statement of operations, as a result of adopting the provisions of ASC 606, was as follows (in thousands):


	For the Year Ended December 31, 2019
					Under ASC
	Under ASC 606		Adjustment		605
Product revenue	$	40,491	$	55	$	40,546
Service revenue		16,059		273		16,332
Costs of goods sold and services		29,898		1		29,899
Gross profit		26,836		327		27,163
Selling general and administrative expenses		52,246		27		52,273
Net loss	$	(40,796)	$	300	$	(40,496)

Customers

The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets.

Product revenue

The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is upon installation for instruments sold to direct customers, and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery).

Service and other revenue

Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. Revenues from other services are immaterial.

Collaboration and license revenue

The Company may enter into agreements to license the intellectual property and know-how associated with its instruments in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property. The Company has recognized revenues from sales- or usage based royalties related to the Company’s licensing technology and intellectual property. ASC 606 provides for an exception to estimating the variable consideration for sales- and usage-based royalties related to the license of intellectual property, such that the sales- or usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- or usage-based royalty revenue for the years ended December 31, 2021, 2020, and 2019 related to the intellectual property licensed by Uman. The Company recognizes revenues from sales- or usage based royalty revenue at the later of when the sales or usage occurs; and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated.

Payment terms

The Company’s payment terms vary by the type and location of customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation with no discounts for early payment. Occasionally the Company provides extended payment terms or financing arrangements to customers.

Disaggregated revenue

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company's revenue from contracts with customers based on their location by revenue type:


	Year Ended
	December 31, 2021
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	12,138	$	8,178	$	5,657	$	25,973
Consumable and other products		34,997		16,122		3,970		55,089
Total	$	47,135	$	24,300	$	9,627	$	81,062

Service and other revenues:
Service-type warranties	$	4,334	$	2,039	$	255	$	6,628
Research services		12,101		2,600		124		14,825
Other services		1,372		695		109		2,176
Total	$	17,807	$	5,334	$	488	$	23,629

Collaboration and license revenue:
Collaboration and license revenue	$	360	$	288	$	—	$	648
Total	$	360	$	288	$	—	$	648


	Year Ended
	December 31, 2020
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	8,680	$	4,332	$	3,594	$	16,606
Consumable and other products		14,305		10,854		2,252		27,411
Total	$	22,985	$	15,186	$	5,846	$	44,017

Service and other revenues:
Service-type warranties	$	3,171	$	1,543	$	207	$	4,921
Research services		15,011		2,225		737		17,973
Other services		700		435		100		1,235
Total	$	18,882	$	4,203	$	1,044	$	24,129

Collaboration and license revenue:
Collaboration and license revenue	$	11,685	$	124	$	—	$	11,809
Total	$	11,685	$	124	$	—	$	11,809


	Year Ended
	December 31, 2019
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	6,250	$	5,243	$	3,393	$	14,886
Consumable and other products		14,148		9,674		1,783		25,605
Total	$	20,398	$	14,917	$	5,176	$	40,491

Service and other revenues:
Service-type warranties	$	3,139	$	1,323	$	171	$	4,633
Research services		8,845		704		456		10,005
Other services		825		565		31		1,421
Total	$	12,809	$	2,592	$	658	$	16,059

Collaboration and license revenue:
Collaboration and license revenue	$	167	$	17	$	—	$	184
Total	$	167	$	17	$	—	$	184

The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions, and uses a range of amounts to estimate standalone selling prices for each performance obligation. The Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes.

Variable consideration in the Company’s contracts primarily relates to (i) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (ii) certain non-fixed fee research services contracts.

The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or that are partially satisfied as of December 31, 2021 is $7.5 million. Of the performance obligations not yet satisfied or that are partially satisfied, $6.4 million is expected to be recognized as revenue in the next 12 months, with the remainder to be recognized within the 24 months thereafter. The $7.5 million principally consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services, as well as $0.5 million related to undelivered licenses of intellectual property for a diagnostics company.

Changes in deferred revenue from contracts with customers were as follows (in thousands):


	Year Ended December 31, 2021
Balance at December 31, 2020	$	5,998
Deferral of revenue		8,090
Recognition of deferred revenue		(6,628)
Balance at December 31, 2021	$	7,460

Costs to obtain a contract

The Company’s sales commissions are generally based on revenues of the Company. The Company has determined that certain commissions paid under its sales incentive programs meet the requirements to be capitalized as they are incremental and would not have occurred absent a customer contract. The changes in the balance of costs to obtain a contract are as follows (in thousands):


	Year Ended December 31, 2021
Balance at December 31, 2020	$	248
Deferral of costs to obtain a contract		905
Recognition of costs to obtain a contract		(713)
Balance at December 31, 2021	$	440

The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets as of December 31, 2021 and classifies the expense as a component of cost of goods sold and selling, general and administrative expense over the estimated life of the contract. The Company considers potential impairment in these amounts each period.

ASC 606 provides entities with certain practical expedients and accounting policy elections to minimize the cost and burden of adoption. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. The Company has elected to account for shipping and handling as an activity to fulfill the promise to transfer the product, and therefore will not evaluate whether shipping and handling activities are promised services to its customers.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component for the years ended December 31, 2021, 2020 and 2019.

Grant revenue

The Company recognizes grant revenue as it performs services under the arrangement when the funding is committed. Revenues and related research and development expenses are presented gross in the consolidated statements of operations as the Company has determined it is the primary obligor under the arrangement relative to the research and development services.

Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company has accounted for grants by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance (IAS 20).

Grants to the Company contain both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs.

Under IAS 20, grants related to assets shall be presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset.

Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record

grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses.

On June 22, 2020, the Company entered into a workplan 1 award (WP1) with the National Institute of Health (NIH), under the Rapid Acceleration of Diagnostics (RADx) program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. WP1 was complete as of December 31, 2020.

On September 29, 2020, the Company entered into WP2 with the NIH under its RADx program. The contract, which has a total award value of $18.2 million, accelerates the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The contract provides funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under WP2 is based on the achievement of certain milestones. Contract funding was subject to achievement of these pre-defined milestones and the contract period ran through September 2021, with one milestone extended to March 31, 2022. As of December 31, 2021, the Company had received $17.7 million out of the full $18.2 million under WP2. During the year ended December 31, 2021, the Company recognized $5.2 million in grant revenue and incurred $3.4 million in research and development expense related to WP2. During the year ended December 31, 2020, the Company recognized $4.4 million in grant revenue and incurred $2.6 million in research and development expense related to WP2.

The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Total grant revenue from research and development activities	$	9,576	$	4,362
Total proceeds used for assets		8,104		826
Total deferred proceeds for assets		—		2,478
Total deferred grant revenue		—		304
Total recognized	$	17,680	$	7,970

Total recognized	$	17,680	$	7,970
Total amount accrued		—		(2,968)
Total cash received	$	17,680	$	5,002

Total proceeds received	$	17,680	$	5,002
Total proceeds reasonably assured		520		13,198
Total WP2 grant amount	$	18,200	$	18,200

Business combinations

Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values recognized, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of acquired tangible and intangible assets, net of liabilities recognized, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets.

The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the

economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed.

Cost of revenue

Cost of product revenue consists of raw materials, parts costs and associated freight, shipping and handling costs, contract manufacturer costs, personnel costs, yield loss, in-license payments and royalties, stock-based compensation, other direct costs and overhead.

Cost of service and other revenue consists of personnel, facility costs associated with operating the Accelerator Laboratory on behalf of the customers, costs related to instrument maintenance and servicing equipment at customer sites, other direct and overhead.

Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements.

Research and development expenses

Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Expenses incurred related to grant funded activities are recorded in research and development expense.

Selling, general, and administrative expenses

Selling, general, and administrative expenses are primarily composed of compensation and benefits associated with sales and marketing, finance, human resources, and other administrative personnel, outside marketing, advertising, allocated facilities costs, legal expenses, and other general and administrative costs.

Net loss per share

Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares. For purposes of the diluted net loss per share calculations, unvested restricted common stock, restricted stock units, common stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented.

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Year Ended December 31,
	2021	2020	2019
Unvested restricted common stock and restricted stock units	531,473	518,387	409,929
Outstanding stock options	2,304,543	2,494,045	2,507,062
Outstanding common stock warrants	—	10,000	10,000

Cash and cash equivalents

Cash and cash equivalents consist of cash deposits and short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are carried at fair value based on quoted prices for identical assets. Cash and cash equivalents consist of the following (in thousands):


	As of
	December 31,
	2021		2020
Cash	$	64,372	$	19,535
Money market funds invested in U.S. Treasury obligations		332,093		162,049
Total cash and cash equivalents	$	396,465	$	181,584

Restricted cash and deposits

Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts, and additional space in Bedford, Massachusetts, and to secure the Company’s corporate credit card program. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from December 31, 2021.

Allowance for credit losses

The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances.

Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on the Company’s analysis of customers’ financial statements when a credit rating is not available. The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted.

Inventory

Inventory is stated at the lower of cost or market on a first-in, first-out (FIFO) basis. The Company analyzes its inventory levels on each reporting date and writes down inventory that is expected to expire prior to being sold and inventory in excess of expected sales requirements. In the event that the Company identifies these conditions exist in its inventory, the carrying value is reduced to its estimated net realizable value.

Property and equipment

Property and equipment, including leasehold improvements, are stated at cost and are depreciated, or amortized in the case of leasehold improvements, over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment

loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Depreciation is calculated based upon the following estimated useful lives of the assets:


Laboratory and manufacturing equipment		Five years
Computers and software		Three years
Office furniture and equipment		Seven years
Leasehold improvements		Shorter of the useful life of the asset or the remaining term of the lease

Leases

The Company accounts for leases in accordance with ASC Topic 842, Leases (ASC 842), which was adopted on January 1, 2020, using the optional transition method allowing entities to recognize a cumulative effect adjustment to the opening balance sheet without restating comparative prior periods presented. At adoption the Company elected the package of practical expedients which was applied consistently to all of its leases at the transition date: i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840, Leases (ASC 840), are classified as operating leases); and iii) the Company did not reassess initial direct costs for any existing leases.

ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. Lessees are differentiated between finance leases and operating leases, and classification impacts expense recognition. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use (ROU) assets and short-term and long-term lease liabilities, as applicable. The Company does not recognize leases on the balance sheet with a term of twelve months or less. The Company’s leases consist of office and lab space and office equipment. All of the Company’s leases are classified as operating, and options to renew a lease are only included in the lease term to the extent those options are reasonably certain to be exercised. Additionally, the Company does not separate lease and non-lease components for all leases.

Operating lease liabilities and their corresponding ROU assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The rate implicit in lease contracts is typically not readily determinable and, as a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating.

Software development costs

The Company develops and modifies software related to the operation of the instrument. Software development costs are expensed as incurred until the point the Company establishes technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. The Company does not incur material costs between the completion of the working model and the point at which the product is ready for release. Therefore, software development costs are charged to the statement of operations as incurred as research and development expense.

Fair value of financial instruments

ASC Topic 820, Fair Value Measurement (ASC 820), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable

inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.

ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying amount reflected on the balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their fair values, due to the short-term nature of these instruments. The carrying value of the long-term debt approximates its fair value as the debt arrangement is based on interest rates the Company believes it could obtain for borrowings with similar terms.

Fair value measurements are as follows (in thousands):


			Quoted prices				Significant
			in active		Significant other		unobservable
			markets		observable		inputs
December 31, 2021	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	332,093	$	332,093	$	—	$	—
	$	332,093	$	332,093	$	—	$	—


			Quoted prices		Significant		Significant
			in active		other		unobservable
			markets		observable		inputs
December 31, 2020	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	162,049	$	162,049	$	—	$	—
	$	162,049	$	162,049	$	—	$	—

Warranties

The Company provides a one-year warranty and maintenance service related to its instruments and sells extended warranty contracts for additional periods. The Company defers revenue associated with these services and recognizes them on a pro-rata basis over the period of service.

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Under this method,

deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740 Income Taxes (ASC 740). When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of December 31, 2021 and 2020, the Company did not have any significant uncertain tax positions.

Credit, product, and supplier concentrations and off-balance-sheet risk

The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and a cost method investment. The Company places its cash and cash equivalents principally in depository accounts with a bank.

The Company is also subject to supply chain risks related to the outsourcing of the manufacturing of its instruments. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourcing the manufacturing of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers.

Customers outside the United States represented 39% and 29% of the Company’s gross trade accounts receivable balance as of December 31, 2021 and 2020, respectively.

As of December 31, 2021, one customer represented 18% of the Company’s aggregate accounts receivable. As of December 31, 2020, one customer represented 19% of the Company’s aggregate accounts receivable. During the years ended December 31, 2021 and 2019, no individual customer represented 10% of the Company’s total revenue. During the year ended December 31, 2020, one company represented 13% of the Company’s total revenue.

Stock-based compensation

The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all stock-based payments to employees including grants of employee stock options, to be recognized in the statement of operations based on their fair values. Stock-based compensation awards have historically consisted of stock options and restricted stock. Prior to the adoption of Accounting Standards Update (ASU) No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07), the measurement date for non-employee awards was generally the date the services were completed, resulting in financial reporting period adjustments to stock-based compensation during the vesting period for changes in the fair value of the awards. The Company adopted ASU 2018-07 on January 1, 2020. After the adoption of ASU 2018-07, the measurement date for non-employee awards is the date of grant without changes in the fair value of the award. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. There were no material non-employee awards outstanding during the years ended December 31, 2021, 2020, and 2019.

The Company recognizes forfeitures as they occur. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards.

The fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model, based on the assumptions noted in the following table:


	Year Ended December 31,
	2021	2020	2019
Risk-free interest rate	0.4% - 1.3%	0.4% - 1.7%	1.4% - 2.6%
Expected dividend yield	None	None	None
Expected term (in years)	6.0	6.0	6.0
Expected volatility	49.2% - 55.6%	43.9% - 49.2%	33.5% - 39.7%
Weighted-average grant date fair value	$ 29.96	$ 12.66	$ 9.09

Expected volatility was calculated based a proportional weighting of reported volatility data for a representative group of guideline publicly traded companies for which historical information was available, as well as the Company’s stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected term assumption. The Company estimates the expected term of options granted to employees utilizing the simplified method which calculates the expected term of an option as the average of the time to vesting and contractual life of the options. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. The Company uses the simplified method due to the lack of historical exercise data and the plain nature of the stock options. The Company uses the remaining contractual term for the expected term of non-employee awards. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock.

Recent accounting pronouncements

Adopted

In June 2016, the Financial Accounting Standards Board (FASB) established Topic 326, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326) by issuing ASU No. 2016-13 (ASU 2016-13), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company early adopted ASU 2016-13 on January 1, 2021 using the modified retrospective approach. The Company’s consolidated financial statements for prior-year periods have not been revised and are reflective of the credit loss requirements which were in effect for that period. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software. The Company adopted ASU 2018-15 on January 1, 2021 using the prospective method. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify various areas related to ASC 740, Income Taxes (ASC 740). ASU 2019-12 removes certain exceptions for performing intra period tax allocations and calculating income taxes in interim periods. The guidance also simplifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the effect of enacted changes in tax laws or rates in interim periods. The Company early adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

Inventory

12 Months Ended

Dec. 31, 2021

Inventory

Inventory

3. Inventory

Inventory consists of the following (in thousands):



	As of December 31,
	2021		2020
Raw materials	$	7,892	$	5,265
Work in process		4,923		3,306
Finished goods		9,375		6,285
Total	$	22,190	$	14,856

Inventory comprises commercial instruments, assays, and the materials required to manufacture assays.

Property and equipment

12 Months Ended

Dec. 31, 2021

Property and equipment

Property and equipment

4. Property and equipment

Property and equipment consists of the following (in thousands):



	As of December 31,
	2021		2020
Laboratory and manufacturing equipment	$	9,742	$	8,523
Office furniture and equipment		1,617		1,556
Computers and software		3,893		1,504
Leasehold improvements		10,413		8,765
Total cost	$	25,665	$	20,348
Less: accumulated depreciation		(7,705)		(6,436)
Property and equipment, net	$	17,960	$	13,912

The Company incurred depreciation expense of $2.8 million, $2.2 million and $1.6 million for the years ended December 31, 2021 2020, and 2019, respectively. The Company has instruments included in laboratory and manufacturing equipment, which are used internally by the Company. As of December 31, 2021, the laboratory and manufacturing equipment balance includes $3.9 million of cost and $1.5 million of accumulated depreciation related to these instruments. As of December 31, 2020, the laboratory and manufacturing equipment balance includes $3.4 million of cost and $1.8 million of accumulated depreciation related to these instruments.

Other accrued expenses

12 Months Ended

Dec. 31, 2021

Other accrued expenses

Other accrued expenses

5. Other accrued expenses

Other accrued expenses consist of the following (in thousands):


	As of December 31,
	2021		2020
Accrued inventory purchases	$	568	$	527
Accrued property and equipment purchases		229		670
Accrued royalties		1,250		1,845
Accrued professional services		2,126		797
Accrued development costs		566		323
Accrued tax liabilities		430		156
Accrued other		1,317		527
Total accrued expenses	$	6,486	$	4,845

Income taxes

12 Months Ended

Dec. 31, 2021

Income taxes

Income taxes

6. Income taxes

The following table presents the components of loss before income taxes (in thousands):


	Year Ended December 31,
	2021		2020		2019
United States	$	(56,554)	$	(29,896)	$	(40,010)
Foreign		(1,170)		(2,010)		(973)
Total loss before income taxes	$	(57,724)	$	(31,906)	$	(40,983)

The following table summarizes income tax benefit (in thousands):



	Year Ended December 31,
	2021		2020		2019
Current:
United States
Federal	$	—	$	—	$	—
State		(30)		(13)		(20)
Foreign		(342)		(102)		(93)
Total current income tax provision		(372)		(115)		(113)
Deferred
United States
Federal		5		(8)		(3)
State		(6)		(3)		(1)
Foreign		409		502		304
Total deferred income tax benefit		408		491		300
Total income tax benefit	$	36	$	376	$	187

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	—	%	0.30	%	—	%
State taxes, net of federal benefit	6.5	%	2.5	%	3.2	%
Tax credits	2.0	%	1.6	%	2.3	%
Share-based compensation	7.4	%	5.2	%	2.3	%
Permanent items	(1.8)	%	(0.4)	%	(0.9)	%
Deferred tax rate change	0.2	%	0.3	%	(1.4)	%
Change in valuation allowance	(34.8)	%	(29.7)	%	(24.6)	%
Other	(0.4)	%	0.4	%	(1.4)	%
Effective income tax rate	0.1	%	1.2	%	0.5	%

The effective income tax rate of differs from the U.S. Federal statutory rate of 21.0% primarily as a result of the valuation allowance maintained against the Company’s net deferred tax assets.

During 2019, the Company acquired Uman, a Swedish entity. The Company analyzed the transaction from an income tax perspective and found that there was no tax deductible goodwill or other identifiable intangible assets related to the transaction.

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	67,543	$	50,233
Tax credits		6,113		5,101
Deferred revenue		1,862		2,167
Amortization		962		1,054
Stock-based compensation		3,138		1,956
Inventory		686		—
Lease liability		5,464		5,703
Other deferred tax assets		2,340		2,533
Total deferred tax assets		88,108		68,747
Less: valuation allowances		(83,121)		(63,609)
Net deferred tax assets		4,987		5,138
Deferred tax liabilities:
Right-of-Use Assets		(2,867)		(2,957)
Depreciation		(1,752)		(1,775)
Amortization acquired intangibles		(2,208)		(2,880)
Inventory		—		(64)
Goodwill		(66)		(49)
Other deferred tax liabilities		(129)		(61)
Net deferred tax liabilities	$	(2,035)	$	(2,648)

The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands):


	2021		2020
Balance, beginning of year	$	63,609	$	54,137
Change in valuation allowance		19,512		9,472
Balance, end of year	$	83,121	$	63,609

The valuation allowance increased during the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily as a result of the U.S. operating losses incurred, stock-based compensation windfall benefits and research and development tax credit carryforwards generated during the year.

In determining the need for a valuation allowance, the Company has given consideration to the cumulative book income and loss positions of each of its entities as well as its worldwide cumulative book loss position. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carryback net operating losses (NOLs), the existence of reversing taxable temporary differences, the availability of tax planning strategies, and forecasted future taxable income. At December 31, 2021, the Company maintains a full valuation allowance against its worldwide net deferred tax assets.

As of December 31, 2021, the Company had U.S. federal NOLs of approximately $267.2 million. U.S. federal NOLs generated through December 31, 2017, of approximately $108.5 million expire at various dates through 2037, and U.S. federal NOLs generated in the tax years beginning after December 31, 2017 of approximately $158.7 million do not expire. As of December 31, 2021, the Company had $178.8 million of state NOLs, approximately $168.8 million expire at various dates through 2041, and certain state NOLs of approximately $10.0 million do not expire. As of December 31, 2021, the Company had U.S. federal tax credit carryforwards of approximately $5.1 million that expire at various dates

through 2041. As of December 31, 2021, the Company had U.S. state tax credit carryforwards of approximately $1.3 million that expire at various dates through 2036.

Under Sections 382 and 383 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-change NOLs and other pre-change tax attributes, such as research tax credits, to offset its post-change income and taxes may be limited. In general, an ownership change generally occurs if there is a cumulative change in its ownership by 5% stockholders that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under U.S. state tax laws. Under the Tax Cuts and Jobs Act of 2017 (TCJA), the use of federal NOLs arising in taxable years beginning after December 31, 2017 is limited to 80% of current year taxable income and NOLs arising in taxable years ending after December 31, 2017 may not be carried back (though any such NOLs may be carried forward indefinitely).

The Company may have experienced an ownership change in the past and may experience ownership changes in the future as a result of future transactions in its share capital, some of which may be outside of the control of the Company. As a result, if the Company earns net taxable income, its ability to use its pre-change NOLs, or other pre-change tax attributes, to offset U.S. federal and state taxable income and taxes may be subject to significant limitations.

The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was enacted in the United States on March 27, 2020. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. While the CARES Act provides extensive tax changes in response to the COVID-19 pandemic, the provisions do not have a significant impact on the Company’s financial results. In July 2021, the Company filed for a $2.1 million refund under the CARES Act relating to an employee retention credit (ERC). The ERC is a refundable payroll tax credit. The Company expects receipt of the ERC refund during the first half of 2022, and this amount is included in prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2021.

The Company accounts for uncertain tax positions using a more likely than not threshold for recognizing uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on an ongoing basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The Company accounts for interest and penalties related to uncertain tax positions as a component of its benefit (provision) for income taxes. For the years ended December 31, 2021, 2020, and 2019, the Company had no tax reserves accrued for uncertain tax positions and there were no accrued interest or penalties in the consolidated statements of operations.

The Company is subject to taxation in the United States as well as the Netherlands, Sweden, and China. At December 31, 2021, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2018. However, NOLs and credits in the United States may be subject to adjustments by taxing authorities in future years in which they are utilized. The Company’s foreign subsidiaries remain open to examination by taxing authorities from 2016 onward.

As of December 31, 2021, the Company’s foreign subsidiaries had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Stockholders' equity

12 Months Ended

Dec. 31, 2021

Stockholders' equity

Stockholders' equity

7. Stockholders’ equity

Stock-based compensation

Stock-based compensation expense for all stock awards consists of the following (in thousands):


	December 31,
	2021		2020		2019
Cost of product revenue	$	471	$	189	$	86
Cost of service and other revenue		403		311		238
Research and development		1,807		1,129		718
Selling, general, and administrative		13,294		8,470		5,346
Total stock-based compensation	$	15,975	$	10,099	$	6,388

At December 31, 2021, there was $35.8 million of total unrecognized compensation cost related to unvested stock options and restricted stock units which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years.

Stock-based compensation plans

In June 2007, the Company adopted the 2007 Stock Option and Grant Plan (the 2007 Plan), under which it could grant incentive stock options, non-qualified options, restricted stock, and stock grants. In connection with the completion of the IPO, the Company terminated the 2007 Plan. As of December 31, 2021, 709,772 shares were outstanding. No shares were available for future grant under the 2007 Plan.

In December 2017, the Company adopted the 2017 Employee, Director and Consultant Equity Incentive Plan (the 2017 Plan), under which it may grant incentive stock options, non-qualified stock options, restricted stock, and other stock-based awards. As of December 31, 2017, the 2017 Plan allowed for the issuance of up to 1,042,314 shares of common stock plus up to 2,490,290 shares of common stock represented by awards granted under the 2007 Plan that are forfeited, expired, or are cancelled without delivery of shares or which result in the forfeiture of shares of common stock back to the Company on or after the date the 2017 Plan became effective. As of December 31, 2021, 2,026,021 shares were outstanding and there were 1,434,072 shares available for grant under the 2017 Plan.

In addition, the 2017 Plan contains an "evergreen" provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2017 Plan on the first day of each fiscal year during the period beginning in fiscal year 2019 and ending in fiscal year 2027. The annual increase in the number of shares shall be equal to the lowest of: 4% of the number of shares of common stock outstanding as of such date; and an amount determined by the Company’s Board of Directors or Compensation Committee. On January 3, 2022, the number of shares of common stock available for issuance under the 2017 plan was automatically increased by 1,469,428 shares.

In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the 2017 ESPP). As December 31, 2019, the 2017 ESPP allowed for the issuance of up to 612,572 shares of common stock. As of December 31, 2021, 1,137,595 shares were available for grant under the 2017 ESPP.

In addition, the 2017 ESPP contains an "evergreen" provision, which allows for an increase on the first day of each fiscal year beginning with fiscal year 2018. The increase in the number of shares shall be equal to the lowest of: 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year or an amount determined by the Company’s Board of Directors or Compensation Committee. The number of shares available for grant under the 2017 ESPP increased by 367,357 shares on January 3, 2022 due to this provision.

The 2017 ESPP provides for six-month option periods commencing on March 1 and ending August 31 and commencing September 1 and ending February 28 of each calendar year.

Warrants

The following table summarizes the Company’s outstanding warrants:


		Weighted
	Issued and	Average
	exercisable	Exercise Price
As of December 31, 2020	10,000	$	21.00
Issued	—		—
Exercised	(10,000)		21.00
Cancelled	—		—
As of December 31, 2021	—	$	—

Stock options

Under the 2007 and 2017 Plans, stock options may not be granted with exercise prices of less than fair market value on the date of the grant. Options generally vest ratably over a four-year period with 25% vesting on the first anniversary and the remaining 75% vesting ratably on a monthly basis over the remaining three years. These options expire ten years after the grant date. Option activity is as follows:


		Weighted-average		Remaining contractual	intrinsic value
	Options	exercise price		life (in years)	(in thousands)
Outstanding at December 31, 2020	2,494,045	$	17.73	7.27	$	71,760
Granted	439,209	$	62.06
Exercised	(516,804)	$	15.24
Cancelled	(211,637)	$	36.32
Outstanding at December 31, 2021	2,204,813	$	25.36	6.76	$	44,813
Exercisable at December 31, 2021	1,493,289	$	16.34	5.90	$	39,191
Vested and expected to vest at December 31, 2021	2,204,813	$	25.36	6.76	$	44,813

Restricted stock awards

In January 2015, the Company issued 781,060 shares of restricted common stock to an executive of the Company under the 2007 Plan. The majority of these shares were issued subject to a four-year vesting schedule with 25% vesting on the first anniversary and the remaining vesting 75% ratably on a monthly basis over the remaining three years, while another portion was issued subject to performance-based vesting. The vesting of performance-based awards is dependent upon achievement of specified financial targets of the Company. The majority of the performance criteria were achieved during the years ended December 31, 2016 and 2015 and the remaining unvested awards with performance conditions are not material. No restricted stock awards were granted during the years ended December 31, 2021, 2020, or 2019. As of December 31, 2021, the Company had 39,803 shares of unvested restricted common stock with a weighted average grant date fair value of $3.12 per share.

Restricted stock units

Restricted stock units (RSUs) represent the right to receive shares of common stock upon meeting specified vesting requirements. A summary of RSU activity is as follows:



		Weighted-average		Weighted-average		Aggregate
		grant date fair		remaining contractual		intrinsic value
	Shares	value per share		life (in years)		(in thousands)
Unvested RSUs as of December 31, 2020	478,581	$	28.08	8.83	$	22,254
Granted	428,235	$	58.20
Vested	(267,189)	$	27.31
Cancelled	(109,756)	$	44.64
Unvested RSUs as of December 31, 2021	529,871		49.32	9.68	$	22,467
Expected to convert at December 31, 2021	529,871	$	49.32		$	22,467

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

8. Leases

The Company is a lessee under leases of offices, lab spaces, and certain office equipment. Some of the Company’s leases include options to extend the lease, and these options are included in the lease term to the extent they are reasonably certain to be exercised.

900 Middlesex Turnpike Lease

The Company’s primary lease is the 900 Middlesex Turnpike Lease. On October 2, 2018, the Company entered into a 137-month operating lease for the Company’s new headquarters in Billerica, Massachusetts. The lease is for approximately 92,000 square feet of office and laboratory space and commenced on April 1, 2019. The lease contains a period of free rent and escalating monthly rent payments. As part of the lease, the Company was required to enter into a $1.0 million Letter of Credit drawable by the lessor under specifically outlined conditions, which will be subsequently reduced throughout the lease term. Pursuant to a work letter entered into in connection with the 900 Middlesex Turnpike Lease, the landlord contributed an aggregate of $8.2 million toward the cost of construction and tenant improvements for the building. Under the lease, the Company has the option to extend the lease for two successive five-year terms, and the renewal options are not reasonably certain to be exercised.

In applying the ASC 842 transition guidance, the 900 Middlesex Turnpike Lease remained classified as an operating lease and the Company recorded ROU assets of $12.2 million and lease liability of $22.7 million on the effective date. The difference between the ROU and the lease liability was driven by the Company derecognizing deferred rent of $3.0 million and the lease obligation incentive of $7.6 million. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases.

48 Tvistevägen

The Company has multiple leases at 48 Tvistevägen Umeå, Sweden for laboratory spaces, manufacturing spaces, and office space (the Uman leases). All of these Uman leases have been assessed as operating leases.

In applying the ASC 842 transition guidance, the Uman leases remained classified as operating leases and the Company recorded ROU assets of less than $0.1 million and lease liability of less than $0.1 million on the effective date. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases.

Summary of all lease costs recognized under ASC 842

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases:


	Year Ended December 31,
Operating leases (in thousands)	2021		2020
Lease costs (1)
Operating lease costs	$	2,660	$	2,663
Total lease cost	$	2,660	$	2,663

Other information
Operating cash flows used for operating leases	$	3,388	$	2,108
Weighted average remaining lease term (years)		8.6		9.8
Weighted average discount rate		9.73%		9.73%

(1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2021 were considered immaterial.

Rent expense is calculated on a straight-line basis over the term of the lease. Rent expense recognized under all leases was $5.4 million, $4.8 million, and $3.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. Note that the Company adopted ASC 842 effective January 1, 2020 using the required modified retrospective approach and utilizing the effective date as its date of initial application. Therefore, the amount disclosed pertaining to the year ended December 31, 2019 is presented under previous accounting guidance and is not comparable to the amounts recorded in the 2021 and 2020 periods under ASC 842.

Future minimum commitments under ASC 842 under the Company’s operating leases in effect at December 31, 2021 were as follows:


Maturity of lease liabilities (in thousands)	As of December 31, 2021
2022	$	3,466
2023		3,515
2024		3,557
2025		3,655
2026		3,765
thereafter		14,782
Total lease payments	$	32,740
Less: imputed interest		10,850
Total operating lease liabilities	$	21,890

Commitments and contingencies

12 Months Ended

Dec. 31, 2021

Commitments and contingencies

Commitments and contingencies

9. Commitments and contingencies

License agreements

Tufts University

In June 2007, the Company entered into a license agreement (the License Agreement) for certain intellectual property with Tufts University (Tufts). Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. The License Agreement, which was subsequently amended, is exclusive and sub licensable, and will continue in effect on a country by country basis as long as there is a valid claim of a licensed patent in a country. The Company is committed to pay license and maintenance fees, prior to commercialization, in addition to low single digit royalties on direct sales and services and a royalty on sublicense income. During the years ended December 31, 2021, 2020, and 2019, the Company recorded royalty expense of $1.6 million, $1.1 million and $1.0 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 2020, the Company incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott Laboratories (Abbott) (see Note 13).

Other licenses

During the year ended December 31, 2012, the Company entered into a license agreement for certain intellectual property with a third party. The non-exclusive, non-sublicensable third party’s license provides the Company access to certain patents specifically for protein detection and shall be in effect until the expiration of the last licensed patent. In consideration for these rights, the Company committed to certain license fees, milestone payments, minimum annual royalties and a mid-single digit royalty. The Company is required to make mid-single digit royalty payments on net sales of products and services which utilize the licensed technology. The Company must pay the greater of calculated royalties on net sales or an annual minimum royalty of $50 thousand. In September 2019, all remaining patents related to the intellectual property expired and the license agreement terminated. As this agreement was terminated in 2019, the Company recorded no royalty expense during the years ended December 31, 2021 and 2020. During the year ended December 31, 2019, the Company recorded royalty expense of $0.8 million in cost of product revenue on the consolidated statements of operations.

Legal contingencies

The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or the results of its operations. The Company accrues for contingent liabilities to the extent that the liability is probable and estimable.

Notes payable

12 Months Ended

Dec. 31, 2021

Notes payable

Notes payable

10. Notes payable

Loan agreement

On April 14, 2014, the Company executed a loan agreement with a lender, as subsequently amended. As of December 31, 2021, there were no additional amounts available to borrow under the debt facility. The interest rate on this term loan is variable based on the greater of 8% or 8% plus the prime rate less 5.25%. Interest is paid monthly beginning the month following the borrowing date. At loan inception and in connection with the amendments, the Company issued the lender warrants to purchase shares of stock. The loan agreement also contains prepayment penalties and an end of term charge. Fees incurred upon execution of the agreements, and the fair value of warrants on the date of grant were accounted for as a reduction in the book value of debt and accreted through interest expense, using the effective interest rate method, over the term of the debt. Under the amended agreement, the Company was required to pay the loan principal in four equal installments starting July 1, 2021, with the final payment and end of term charge to be made on October 1, 2021. On October 1, 2021, the Company made the final principal payment, including end of term fees, of $2.0 million related to the loan agreement.

- 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.

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+ Details

At-the-market offering

12 Months Ended

Dec. 31, 2021

At-the-market offering

At-the-market offering

11. “At-the-market offering”

On March 19, 2019, the Company entered into the Sales Agreement with Cowen with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent.

Underwritten public offerings

12 Months Ended

Dec. 31, 2021

Underwritten public offerings

Underwritten public offerings

12. Underwritten public offerings

On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan and Leerink, as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million.

On August 6, 2020, the Company entered into an underwriting agreement with Leerink and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million.

On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs, Leerink, and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4.1 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public

offering resulted in gross proceeds of $287.5 million. The Company incurred $17.8 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.7 million.

Collaboration and license arrangements

12 Months Ended

Dec. 31, 2021

Collaboration and license arrangements

Collaboration and license arrangements

13. Collaboration and license arrangements

The Company has entered into certain licenses with other companies for use of the Company’s technology. These licenses have royalty components which the Company earns and recognizes as collaboration and license revenue throughout the year. The Company recognized revenue of less than $0.1 million for the years ended December 31, 2021, 2020, and 2019 associated with these licenses.

During the year ended December 31, 2020, the Company recognized $1.2 million of previously deferred revenue as a result of entering into a license agreement with a diagnostics company. As of December 31, 2021 and 2020, the Company had $0.5 million of deferred revenue related to ongoing negotiations with a diagnostics company.

Abbott Laboratories

On September 29, 2020, the Company entered into a Non-Exclusive License Agreement (the Abbott License Agreement) with Abbott. Pursuant to the terms of the Abbott License Agreement, the Company granted Abbott a non-exclusive, worldwide, royalty-bearing license, without the right to sublicense, under the Company’s bead-based single molecule detection patents (Licensed Patents) in the field of in vitro diagnostics. Abbott has paid the Company an initial license fee of $10.0 million in connection with the execution of the Abbott License Agreement, which was recognized as license revenue for the year ended December 31, 2020. Abbott has also agreed to pay the Company milestone fees subject to the achievement by Abbott of certain development, regulatory and commercialization milestones and low single-digit royalties on net sales of licensed products.

The Abbott License Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Abbot License Agreement became effective upon signing and will continue until expiration of the last-to-expire Licensed Patent, or the agreement is earlier terminated. Under the terms of the Abbott License Agreement, the Company and Abbott each have the right to terminate the agreement for uncured material breach by, or insolvency of, the other party. Abbott may also terminate the Abbott License Agreement at any time without cause upon 60 days’ notice.

During the year ended December 31, 2021 and 2020, the Company recognized no revenue and $10.0 million, respectively, within collaboration and license revenue related to the initial license fee under the Abbott License Agreement.

Employee benefit plans

12 Months Ended

Dec. 31, 2021

Employee benefit plans

Employee benefit plans

14. Employee benefit plans

The Company sponsors a 401(k) savings plan for employees. The Company may make discretionary contributions for each 401(k) plan year. During the years ended December 31, 2021, 2020, and 2019, the Company made contributions of $1.1 million, $0.7 million, and $0.5 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Business combinations

12 Months Ended

Dec. 31, 2021

Business combinations

Business combinations

15. Business combinations

UmanDiagnostics AB

On August 1, 2019, the Company completed its acquisition of Uman for an aggregate purchase price of $21.2 million, comprised of (i) $15.7 million in cash plus (ii) 191,152 shares of common stock (representing $5.5 million based on the closing prices of the Company’s common stock on the Nasdaq Global Market on July 1, 2019 and August 1, 2019, the dates of issuance). The acquisition of Uman closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019.

Uman supplies Nf-L antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology. This acquisition was considered a business acquisition for accounting purposes.

The Company has accounted for the acquisition of Uman as a purchase of a business under U.S. GAAP. Under the acquisition method of accounting, the assets and liabilities of Uman are recorded as of the acquisition date of July 1, 2019, at their respective fair values, and consolidated with those of the Company. Purchase consideration in excess of the amounts recognized for the net assets acquired was recognized as goodwill and is not expected to be tax deductible in any taxing jurisdiction.

The following table summarizes the acquisition accounting, net of $1.2 million in cash and cash equivalents acquired (in thousands):


Purchase price:
Cash and stock paid	$	21,217
Cash and cash equivalents acquired		1,221
Purchase price, net		19,996

Assets (liabilities) acquired:
Accounts receivable	$	638
Inventory		1,680
Prepaids and other current assets		114
Property and equipment		33
Intangibles		13,450
Goodwill		8,111
Accounts payable		(20)
Accrued expense and other current liabilities		(871)
Deferred tax liabilities		(3,139)
Total	$	19,996

Revenue and net income related to Uman’s operations were $1.8 million and $0.1 million, respectively for the year ended December 31, 2021, and is included in the Company’s consolidated statement of operations. Revenue and net loss related to Uman’s operations were $1.5 million and $0.1 million, respectively, for the year ended December 31, 2020, and is included in the Company’s consolidated statement of operations. Revenue and net income related to Uman’s operations were $1.1 million and less than $0.1 million, respectively, for the six months following the July 1, 2019 acquisition date, and is included in the Company’s consolidated statements of operations for the year ended December 31, 2019.

The following unaudited pro forma information presents the condensed consolidated results of operations of the Company and Uman for the year ended December 31, 2019, as if the acquisition of Uman had been completed on January 1, 2018. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments that reflect pro forma results of operations, such as increased amortization for the fair value of acquired intangible assets, increased cost of sales related to the inventory valuation adjustment, and adjustments relating to the tax effect of combining the Company and Uman businesses.

The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings which may result from the consolidation of the operations of the Company and Uman. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of the results of operations that actually would have been achieved had the acquisition occurred as of January 1, 2018, nor are they intended to represent or be indicative of future results of operations (in thousands):


	Year Ended
	December 31, 2019
Revenue (unaudited)	$	57,597
Pre-tax loss (unaudited)	$	(38,636)

During the year ended December 31, 2021 and 2020, the Company incurred no costs associated with the acquisition of Uman. During the year ended December 31, 2019, the Company incurred $1.9 million in costs associated with the acquisition of Uman. Costs associated with the acquisition of Uman are recorded as selling, general, and administrative expenses within the consolidated statements of operations.

Goodwill and acquired intangible assets

12 Months Ended

Dec. 31, 2021

Goodwill and acquired intangible assets

Goodwill and acquired intangible assets

16. Goodwill and intangible assets

The changes in the carrying amount of goodwill are as follows (in thousands):


	Goodwill
Balance as of December 31, 2020	$	10,460
Cumulative translation adjustment		(828)
Balance as of December 31, 2021	$	9,632

Acquired intangible assets consist of the following (dollars in thousands):


		December 31, 2021
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(3,825)	$	241	$	9,416	6.0
Developed technology	7		1,650		(1,277)		—		373	3.1
Customer relationships	8.5 - 10		1,360		(792)		2		570	6.1
Non-compete agreements	5.5		340		(170)		5		175	3.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(6,114)	$	248	$	10,534


		December 31, 2020
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(2,296)	$	1,374	$	12,078	7.0
Developed technology	7		1,650		(1,036)		—		614	4.1
Customer relationships	8.5 - 10		1,360		(618)		12		754	7.1
Non-compete agreements	5.5		340		(102)		31		269	4.0
Trade names	3		50		(49)		—		1	0.1
Total		$	16,400	$	(4,101)	$	1,417	$	13,716

The Company recorded amortization expense of $2.0 million, $2.1 million, and $1.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Amortization of developed technology is recorded within research and development expenses, amortization of customer relationships is recorded within selling, general, and administrative expenses, amortization of trade names is recorded within selling, general, and administrative expenses, amortization of non-compete agreements is recorded within selling, general, and administrative expenses, and amortization of know-how is recorded within cost of goods sold.

Future estimated amortization expense of acquired intangible assets as of December 31, 2021 is as follows (amounts in thousands):


	As of December 31, 2021
2022	$	1,930
2023		1,848
2024		1,733
2025		1,618
2026		1,589
Thereafter		1,816
Total amortization expense	$	10,534

Related party transactions

12 Months Ended

Dec. 31, 2021

Related party transactions

Related party transactions

17. Related party transactions

As described in Note 9, in June 2007, the Company entered into a license agreement for certain intellectual property with Tufts. Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. During the years ended December 31, 2021, 2020, and 2019, the Company recorded royalty expense of $1.6 million, $1.1 million, and $1.0 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 2020, the Company also incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott.

During the year ended December 31, 2017, Harvard University became a related party because a member of the Company’s Board of Directors is affiliated with Harvard University. Revenue recorded from sales to Harvard University was $0.2 million, $0.1 million, and $0.1 million for the years ended December 31, 2021, 2020, and 2019, respectively.

On November 28, 2018, the Company entered into a sponsor agreement with Powering Precision Health (PPH), a 501(c)(6) not-for-profit entity of which an executive of the Company is a board member, through December 31, 2018. The agreement committed a maximum of $120,000 in funds and services to be provided to PPH for the term of the agreement. On November 14, 2019, the Company entered into the first amendment to the PPH sponsorship agreement. The agreement amended the $120,000 annual committed maximum amount to $200,000 for the annual committed amount. The agreement is terminable by either party and does not bind the Company to beyond the term of the agreement. For the years ended December 31, 2021 and 2020, the Company did not make any contributions. For the year ended December 31, 2019, the Company had total contributions of $0.1 million.

Subsequent events

12 Months Ended

Dec. 31, 2021

Subsequent events

Subsequent events

18. Subsequent events

On January 28, 2022, the Company entered into a multi-year lease agreement for approximately 53,000 square feet of new principal office space and approximately 32,770 square feet of new laboratory space in Bedford, Massachusetts. The initial lease term is eight years and nine months beginning on the earlier of the Company occupancy, or May 1, 2022. The Company was required to provide an initial security deposit of $0.9 million, which was provided in a form of a letter of credit to the landlord during 2021, and is included in the Company’s restricted cash balance as of December 31, 2021. The security deposit is scheduled to be reduced to $0.5 million after 60 months.

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Significant accounting policies

Principles of consolidation

Use of estimates

Reclassifications

Reclassifications

Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation.

Revenue recognition

Segment information

Revenue recognition


	For the Year Ended December 31, 2019
					Under ASC
	Under ASC 606		Adjustment		605
Product revenue	$	40,491	$	55	$	40,546
Service revenue		16,059		273		16,332
Costs of goods sold and services		29,898		1		29,899
Gross profit		26,836		327		27,163
Selling general and administrative expenses		52,246		27		52,273
Net loss	$	(40,796)	$	300	$	(40,496)

Customers

Product revenue

Service and other revenue

Collaboration and license revenue

Payment terms

Disaggregated revenue


	Year Ended
	December 31, 2021
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	12,138	$	8,178	$	5,657	$	25,973
Consumable and other products		34,997		16,122		3,970		55,089
Total	$	47,135	$	24,300	$	9,627	$	81,062

Service and other revenues:
Service-type warranties	$	4,334	$	2,039	$	255	$	6,628
Research services		12,101		2,600		124		14,825
Other services		1,372		695		109		2,176
Total	$	17,807	$	5,334	$	488	$	23,629

Collaboration and license revenue:
Collaboration and license revenue	$	360	$	288	$	—	$	648
Total	$	360	$	288	$	—	$	648


	Year Ended
	December 31, 2020
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	8,680	$	4,332	$	3,594	$	16,606
Consumable and other products		14,305		10,854		2,252		27,411
Total	$	22,985	$	15,186	$	5,846	$	44,017

Service and other revenues:
Service-type warranties	$	3,171	$	1,543	$	207	$	4,921
Research services		15,011		2,225		737		17,973
Other services		700		435		100		1,235
Total	$	18,882	$	4,203	$	1,044	$	24,129

Collaboration and license revenue:
Collaboration and license revenue	$	11,685	$	124	$	—	$	11,809
Total	$	11,685	$	124	$	—	$	11,809


	Year Ended
	December 31, 2019
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	6,250	$	5,243	$	3,393	$	14,886
Consumable and other products		14,148		9,674		1,783		25,605
Total	$	20,398	$	14,917	$	5,176	$	40,491

Service and other revenues:
Service-type warranties	$	3,139	$	1,323	$	171	$	4,633
Research services		8,845		704		456		10,005
Other services		825		565		31		1,421
Total	$	12,809	$	2,592	$	658	$	16,059

Collaboration and license revenue:
Collaboration and license revenue	$	167	$	17	$	—	$	184
Total	$	167	$	17	$	—	$	184

Changes in deferred revenue from contracts with customers were as follows (in thousands):


	Year Ended December 31, 2021
Balance at December 31, 2020	$	5,998
Deferral of revenue		8,090
Recognition of deferred revenue		(6,628)
Balance at December 31, 2021	$	7,460

Costs to obtain a contract


	Year Ended December 31, 2021
Balance at December 31, 2020	$	248
Deferral of costs to obtain a contract		905
Recognition of costs to obtain a contract		(713)
Balance at December 31, 2021	$	440

Grant revenue

grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses.

The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Total grant revenue from research and development activities	$	9,576	$	4,362
Total proceeds used for assets		8,104		826
Total deferred proceeds for assets		—		2,478
Total deferred grant revenue		—		304
Total recognized	$	17,680	$	7,970

Total recognized	$	17,680	$	7,970
Total amount accrued		—		(2,968)
Total cash received	$	17,680	$	5,002

Total proceeds received	$	17,680	$	5,002
Total proceeds reasonably assured		520		13,198
Total WP2 grant amount	$	18,200	$	18,200

Business combinations

Cost of revenue

Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements.

Research and development expenses

Selling, general, and administrative expenses

Net loss per share


	Year Ended December 31,
	2021	2020	2019
Unvested restricted common stock and restricted stock units	531,473	518,387	409,929
Outstanding stock options	2,304,543	2,494,045	2,507,062
Outstanding common stock warrants	—	10,000	10,000

Cash and cash equivalents


	As of
	December 31,
	2021		2020
Cash	$	64,372	$	19,535
Money market funds invested in U.S. Treasury obligations		332,093		162,049
Total cash and cash equivalents	$	396,465	$	181,584

Restricted cash and deposits

Allowance for credit losses

Inventory

Property and equipment


Laboratory and manufacturing equipment		Five years
Computers and software		Three years
Office furniture and equipment		Seven years
Leasehold improvements		Shorter of the useful life of the asset or the remaining term of the lease

Leases

Software development costs

Fair value of financial instruments

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Fair value measurements are as follows (in thousands):


			Quoted prices				Significant
			in active		Significant other		unobservable
			markets		observable		inputs
December 31, 2021	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	332,093	$	332,093	$	—	$	—
	$	332,093	$	332,093	$	—	$	—


			Quoted prices		Significant		Significant
			in active		other		unobservable
			markets		observable		inputs
December 31, 2020	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	162,049	$	162,049	$	—	$	—
	$	162,049	$	162,049	$	—	$	—

Warranties

Income taxes

Credit, product, and supplier concentrations and off-balance-sheet risk

Customers outside the United States represented 39% and 29% of the Company’s gross trade accounts receivable balance as of December 31, 2021 and 2020, respectively.

Stock-based compensation


	Year Ended December 31,
	2021	2020	2019
Risk-free interest rate	0.4% - 1.3%	0.4% - 1.7%	1.4% - 2.6%
Expected dividend yield	None	None	None
Expected term (in years)	6.0	6.0	6.0
Expected volatility	49.2% - 55.6%	43.9% - 49.2%	33.5% - 39.7%
Weighted-average grant date fair value	$ 29.96	$ 12.66	$ 9.09

Recent accounting pronouncements

Adopted

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Revenue recognition

Schedule of disaggregated revenue


	Year Ended
	December 31, 2021
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	12,138	$	8,178	$	5,657	$	25,973
Consumable and other products		34,997		16,122		3,970		55,089
Total	$	47,135	$	24,300	$	9,627	$	81,062

Service and other revenues:
Service-type warranties	$	4,334	$	2,039	$	255	$	6,628
Research services		12,101		2,600		124		14,825
Other services		1,372		695		109		2,176
Total	$	17,807	$	5,334	$	488	$	23,629

Collaboration and license revenue:
Collaboration and license revenue	$	360	$	288	$	—	$	648
Total	$	360	$	288	$	—	$	648


	Year Ended
	December 31, 2020
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	8,680	$	4,332	$	3,594	$	16,606
Consumable and other products		14,305		10,854		2,252		27,411
Total	$	22,985	$	15,186	$	5,846	$	44,017

Service and other revenues:
Service-type warranties	$	3,171	$	1,543	$	207	$	4,921
Research services		15,011		2,225		737		17,973
Other services		700		435		100		1,235
Total	$	18,882	$	4,203	$	1,044	$	24,129

Collaboration and license revenue:
Collaboration and license revenue	$	11,685	$	124	$	—	$	11,809
Total	$	11,685	$	124	$	—	$	11,809


	Year Ended
	December 31, 2019
(in thousands)	NA		EMEA		Asia Pacific		Total
Product revenues:
Instruments	$	6,250	$	5,243	$	3,393	$	14,886
Consumable and other products		14,148		9,674		1,783		25,605
Total	$	20,398	$	14,917	$	5,176	$	40,491

Service and other revenues:
Service-type warranties	$	3,139	$	1,323	$	171	$	4,633
Research services		8,845		704		456		10,005
Other services		825		565		31		1,421
Total	$	12,809	$	2,592	$	658	$	16,059

Collaboration and license revenue:
Collaboration and license revenue	$	167	$	17	$	—	$	184
Total	$	167	$	17	$	—	$	184

Schedule of changes in deferred revenue from contracts with customers

Changes in deferred revenue from contracts with customers were as follows (in thousands):


	Year Ended December 31, 2021
Balance at December 31, 2020	$	5,998
Deferral of revenue		8,090
Recognition of deferred revenue		(6,628)
Balance at December 31, 2021	$	7,460

Schedule of costs to obtain a contract

The changes in the balance of costs to obtain a contract are as follows (in thousands):


	Year Ended December 31, 2021
Balance at December 31, 2020	$	248
Deferral of costs to obtain a contract		905
Recognition of costs to obtain a contract		(713)
Balance at December 31, 2021	$	440

Schedule of summary of the activity under WP2

The following table summarizes the cumulative activity under WP2 as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Total grant revenue from research and development activities	$	9,576	$	4,362
Total proceeds used for assets		8,104		826
Total deferred proceeds for assets		—		2,478
Total deferred grant revenue		—		304
Total recognized	$	17,680	$	7,970

Total recognized	$	17,680	$	7,970
Total amount accrued		—		(2,968)
Total cash received	$	17,680	$	5,002

Total proceeds received	$	17,680	$	5,002
Total proceeds reasonably assured		520		13,198
Total WP2 grant amount	$	18,200	$	18,200

Schedule of outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share


	Year Ended December 31,
	2021	2020	2019
Unvested restricted common stock and restricted stock units	531,473	518,387	409,929
Outstanding stock options	2,304,543	2,494,045	2,507,062
Outstanding common stock warrants	—	10,000	10,000

Schedule of cash and cash equivalents

Cash and cash equivalents consist of the following (in thousands):


	As of
	December 31,
	2021		2020
Cash	$	64,372	$	19,535
Money market funds invested in U.S. Treasury obligations		332,093		162,049
Total cash and cash equivalents	$	396,465	$	181,584

Schedule of estimated useful lives


Laboratory and manufacturing equipment		Five years
Computers and software		Three years
Office furniture and equipment		Seven years
Leasehold improvements		Shorter of the useful life of the asset or the remaining term of the lease

Schedule of fair value measurements

Fair value measurements are as follows (in thousands):


			Quoted prices				Significant
			in active		Significant other		unobservable
			markets		observable		inputs
December 31, 2021	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	332,093	$	332,093	$	—	$	—
	$	332,093	$	332,093	$	—	$	—


			Quoted prices		Significant		Significant
			in active		other		unobservable
			markets		observable		inputs
December 31, 2020	Total		(Level 1)		inputs (Level 2)		(Level 3)
Financial assets
Cash equivalents	$	162,049	$	162,049	$	—	$	—
	$	162,049	$	162,049	$	—	$	—

Summary of fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model


	Year Ended December 31,
	2021	2020	2019
Risk-free interest rate	0.4% - 1.3%	0.4% - 1.7%	1.4% - 2.6%
Expected dividend yield	None	None	None
Expected term (in years)	6.0	6.0	6.0
Expected volatility	49.2% - 55.6%	43.9% - 49.2%	33.5% - 39.7%
Weighted-average grant date fair value	$ 29.96	$ 12.66	$ 9.09

ASU 2014-09

Revenue recognition

Schedule of impact on consolidated statement of operations due to adoption of ASU 606

In accordance with the reporting requirements of ASC 606, the disclosure of the impact on the Company’s consolidated statement of operations, as a result of adopting the provisions of ASC 606, was as follows (in thousands):

Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Inventory

Summary of inventory

Inventory consists of the following (in thousands):



	As of December 31,
	2021		2020
Raw materials	$	7,892	$	5,265
Work in process		4,923		3,306
Finished goods		9,375		6,285
Total	$	22,190	$	14,856

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property and equipment

Schedule of Property and equipment

Property and equipment consists of the following (in thousands):



	As of December 31,
	2021		2020
Laboratory and manufacturing equipment	$	9,742	$	8,523
Office furniture and equipment		1,617		1,556
Computers and software		3,893		1,504
Leasehold improvements		10,413		8,765
Total cost	$	25,665	$	20,348
Less: accumulated depreciation		(7,705)		(6,436)
Property and equipment, net	$	17,960	$	13,912

Other accrued expenses (Tables)

12 Months Ended

Dec. 31, 2021

Other accrued expenses

Summary of other accrued expenses

Other accrued expenses consist of the following (in thousands):


	As of December 31,
	2021		2020
Accrued inventory purchases	$	568	$	527
Accrued property and equipment purchases		229		670
Accrued royalties		1,250		1,845
Accrued professional services		2,126		797
Accrued development costs		566		323
Accrued tax liabilities		430		156
Accrued other		1,317		527
Total accrued expenses	$	6,486	$	4,845

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income taxes

Schedule of components of loss before income taxes

The following table presents the components of loss before income taxes (in thousands):


	Year Ended December 31,
	2021		2020		2019
United States	$	(56,554)	$	(29,896)	$	(40,010)
Foreign		(1,170)		(2,010)		(973)
Total loss before income taxes	$	(57,724)	$	(31,906)	$	(40,983)

Schedule of provision for (benefit from) income taxes


	Year Ended December 31,
	2021		2020		2019
United States	$	(56,554)	$	(29,896)	$	(40,010)
Foreign		(1,170)		(2,010)		(973)
Total loss before income taxes	$	(57,724)	$	(31,906)	$	(40,983)

Schedule of reconciliation of the federal statutory income tax rate to the effective tax rate


	Year Ended December 31,
	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	—	%	0.30	%	—	%
State taxes, net of federal benefit	6.5	%	2.5	%	3.2	%
Tax credits	2.0	%	1.6	%	2.3	%
Share-based compensation	7.4	%	5.2	%	2.3	%
Permanent items	(1.8)	%	(0.4)	%	(0.9)	%
Deferred tax rate change	0.2	%	0.3	%	(1.4)	%
Change in valuation allowance	(34.8)	%	(29.7)	%	(24.6)	%
Other	(0.4)	%	0.4	%	(1.4)	%
Effective income tax rate	0.1	%	1.2	%	0.5	%

Schedule of deferred tax assets and liabilities


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	67,543	$	50,233
Tax credits		6,113		5,101
Deferred revenue		1,862		2,167
Amortization		962		1,054
Stock-based compensation		3,138		1,956
Inventory		686		—
Lease liability		5,464		5,703
Other deferred tax assets		2,340		2,533
Total deferred tax assets		88,108		68,747
Less: valuation allowances		(83,121)		(63,609)
Net deferred tax assets		4,987		5,138
Deferred tax liabilities:
Right-of-Use Assets		(2,867)		(2,957)
Depreciation		(1,752)		(1,775)
Amortization acquired intangibles		(2,208)		(2,880)
Inventory		—		(64)
Goodwill		(66)		(49)
Other deferred tax liabilities		(129)		(61)
Net deferred tax liabilities	$	(2,035)	$	(2,648)

Summary of Valuation Allowance


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	67,543	$	50,233
Tax credits		6,113		5,101
Deferred revenue		1,862		2,167
Amortization		962		1,054
Stock-based compensation		3,138		1,956
Inventory		686		—
Lease liability		5,464		5,703
Other deferred tax assets		2,340		2,533
Total deferred tax assets		88,108		68,747
Less: valuation allowances		(83,121)		(63,609)
Net deferred tax assets		4,987		5,138
Deferred tax liabilities:
Right-of-Use Assets		(2,867)		(2,957)
Depreciation		(1,752)		(1,775)
Amortization acquired intangibles		(2,208)		(2,880)
Inventory		—		(64)
Goodwill		(66)		(49)
Other deferred tax liabilities		(129)		(61)
Net deferred tax liabilities	$	(2,035)	$	(2,648)

The Company’s change in its valuation allowance account with respect to the deferred tax asset is as follows (in thousands):


	2021		2020
Balance, beginning of year	$	63,609	$	54,137
Change in valuation allowance		19,512		9,472
Balance, end of year	$	83,121	$	63,609

Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' equity

Summary of share-based compensation expense for all stock awards

Stock-based compensation expense for all stock awards consists of the following (in thousands):


	December 31,
	2021		2020		2019
Cost of product revenue	$	471	$	189	$	86
Cost of service and other revenue		403		311		238
Research and development		1,807		1,129		718
Selling, general, and administrative		13,294		8,470		5,346
Total stock-based compensation	$	15,975	$	10,099	$	6,388

Summary of warrant activity

The following table summarizes the Company’s outstanding warrants:


		Weighted
	Issued and	Average
	exercisable	Exercise Price
As of December 31, 2020	10,000	$	21.00
Issued	—		—
Exercised	(10,000)		21.00
Cancelled	—		—
As of December 31, 2021	—	$	—

Summary of stock option activity


		Weighted-average		Remaining contractual	intrinsic value
	Options	exercise price		life (in years)	(in thousands)
Outstanding at December 31, 2020	2,494,045	$	17.73	7.27	$	71,760
Granted	439,209	$	62.06
Exercised	(516,804)	$	15.24
Cancelled	(211,637)	$	36.32
Outstanding at December 31, 2021	2,204,813	$	25.36	6.76	$	44,813
Exercisable at December 31, 2021	1,493,289	$	16.34	5.90	$	39,191
Vested and expected to vest at December 31, 2021	2,204,813	$	25.36	6.76	$	44,813

Summary of restricted stock units activity



		Weighted-average		Weighted-average		Aggregate
		grant date fair		remaining contractual		intrinsic value
	Shares	value per share		life (in years)		(in thousands)
Unvested RSUs as of December 31, 2020	478,581	$	28.08	8.83	$	22,254
Granted	428,235	$	58.20
Vested	(267,189)	$	27.31
Cancelled	(109,756)	$	44.64
Unvested RSUs as of December 31, 2021	529,871		49.32	9.68	$	22,467
Expected to convert at December 31, 2021	529,871	$	49.32		$	22,467

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Summary of the lease costs recognized under ASC 842

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases:


	Year Ended December 31,
Operating leases (in thousands)	2021		2020
Lease costs (1)
Operating lease costs	$	2,660	$	2,663
Total lease cost	$	2,660	$	2,663

Other information
Operating cash flows used for operating leases	$	3,388	$	2,108
Weighted average remaining lease term (years)		8.6		9.8
Weighted average discount rate		9.73%		9.73%

(1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2021 were considered immaterial.

Schedule of future minimum commitments under ASC 842

Future minimum commitments under ASC 842 under the Company’s operating leases in effect at December 31, 2021 were as follows:


Maturity of lease liabilities (in thousands)	As of December 31, 2021
2022	$	3,466
2023		3,515
2024		3,557
2025		3,655
2026		3,765
thereafter		14,782
Total lease payments	$	32,740
Less: imputed interest		10,850
Total operating lease liabilities	$	21,890

Business combinations (Tables) - UmanDiagnostics AB Acquisition

12 Months Ended

Dec. 31, 2021

Schedule of fair value of consideration transferred

The following table summarizes the acquisition accounting, net of $1.2 million in cash and cash equivalents acquired (in thousands):


Purchase price:
Cash and stock paid	$	21,217
Cash and cash equivalents acquired		1,221
Purchase price, net		19,996

Assets (liabilities) acquired:
Accounts receivable	$	638
Inventory		1,680
Prepaids and other current assets		114
Property and equipment		33
Intangibles		13,450
Goodwill		8,111
Accounts payable		(20)
Accrued expense and other current liabilities		(871)
Deferred tax liabilities		(3,139)
Total	$	19,996

Schedule of fair value of assets acquired and liabilities assumed


	Year Ended
	December 31, 2019
Revenue (unaudited)	$	57,597
Pre-tax loss (unaudited)	$	(38,636)

Goodwill and acquired intangible assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and acquired intangible assets

Rollforward of goodwill balance


	Goodwill
Balance as of December 31, 2020	$	10,460
Cumulative translation adjustment		(828)
Balance as of December 31, 2021	$	9,632

Summary of intangible assets

Acquired intangible assets consist of the following (dollars in thousands):


		December 31, 2021
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(3,825)	$	241	$	9,416	6.0
Developed technology	7		1,650		(1,277)		—		373	3.1
Customer relationships	8.5 - 10		1,360		(792)		2		570	6.1
Non-compete agreements	5.5		340		(170)		5		175	3.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(6,114)	$	248	$	10,534


		December 31, 2020
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(2,296)	$	1,374	$	12,078	7.0
Developed technology	7		1,650		(1,036)		—		614	4.1
Customer relationships	8.5 - 10		1,360		(618)		12		754	7.1
Non-compete agreements	5.5		340		(102)		31		269	4.0
Trade names	3		50		(49)		—		1	0.1
Total		$	16,400	$	(4,101)	$	1,417	$	13,716

Schedule of future estimated amortization expense of acquired intangible assets

Future estimated amortization expense of acquired intangible assets as of December 31, 2021 is as follows (amounts in thousands):


	As of December 31, 2021
2022	$	1,930
2023		1,848
2024		1,733
2025		1,618
2026		1,589
Thereafter		1,816
Total amortization expense	$	10,534

Organization and operations (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions					6 Months Ended	12 Months Ended
	Feb. 03, 2021	Aug. 06, 2020	Aug. 08, 2019	Jun. 05, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 01, 2019	Jul. 01, 2019	Mar. 19, 2019
Initial Public Offering
Common stock, par value						$ 0.001	$ 0.001
Common stock, aggregate offering price						$ 37	$ 32
Sale of common stock (in shares)			2.7
Accumulated deficit						(305,462)	(247,774)
Net loss						(57,688)	(31,530)	$ (40,796)
Unrestricted cash and cash equivalents					$ 109,155	396,465	181,584	109,155
Underwritten public offering
Initial Public Offering
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Sale of common stock (in shares)	4.1	3.0	2.7
Gross proceeds	$ 287,500	$ 97,600	$ 69,000
Stock issuance cost	17,800	6,200	4,500
Sale of common stock	$ 269,700	$ 91,400	$ 64,500			269,718	91,404	64,529
At-the-market offering.
Initial Public Offering
Common stock, par value											$ 0.001
Sale of common stock (in shares)				2.2
Shares issued price (in dollars per share)				$ 22.73
Gross proceeds				$ 49,700
Stock issuance cost				1,700
Sale of common stock				$ 48,000				$ 48,019
At-the-market offering. \| Maximum
Initial Public Offering
Common stock, aggregate offering price											$ 50,000
UmanDiagnostics AB Acquisition
Initial Public Offering
Capital stock shares outstanding, percent									95.00%	5.00%
Net loss						$ 100	$ 100
UmanDiagnostics AB Acquisition \| Maximum
Initial Public Offering
Net loss					$ 100

Significant accounting policies - Impact on the Company's consolidated statement of operations, as a result of adopting the provisions of ASC 606 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated deficit	$ (305,462)	$ (247,774)
Total revenue	110,556	86,377	$ 56,734
Total costs of goods sold, services, and licenses	48,828	38,195	29,898
Gross Profit	61,728	48,182	26,836
Selling, General and Administrative Expense	92,336	59,592	52,246
Net loss	(57,688)	(31,530)	(40,796)
Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated deficit				$ 400
Total costs of goods sold, services, and licenses			1
Gross Profit			327
Selling, General and Administrative Expense			27
Net loss			300
Balances without adoption of ASU 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total costs of goods sold, services, and licenses			29,899
Gross Profit			27,163
Selling, General and Administrative Expense			52,273
Net loss			(40,496)
Product revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	81,062	44,017	40,491
Total costs of goods sold, services, and licenses	34,149	25,950	20,900
Product revenue \| Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue			55
Product revenue \| Balances without adoption of ASU 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue			40,546
Service and other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	23,629	24,129	16,059
Total costs of goods sold, services, and licenses	$ 14,679	$ 11,245	8,998
Service and other revenue \| Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue			273
Service and other revenue \| Balances without adoption of ASU 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue			$ 16,332

Significant accounting policies - Payment terms (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Revenue recognition
Period of payment	30 days
Maximum
Revenue recognition
Period of payment	45 days

Significant accounting policies - Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue recognition
Total revenue	$ 110,556	$ 86,377	$ 56,734
Product revenue
Revenue recognition
Total revenue	81,062	44,017	40,491
Product revenue \| NA
Revenue recognition
Total revenue	47,135	22,985	20,398
Product revenue \| EMEA
Revenue recognition
Total revenue	24,300	15,186	14,917
Product revenue \| Asia Pacific
Revenue recognition
Total revenue	9,627	5,846	5,176
Instruments
Revenue recognition
Total revenue	25,973	16,606	14,886
Instruments \| NA
Revenue recognition
Total revenue	12,138	8,680	6,250
Instruments \| EMEA
Revenue recognition
Total revenue	8,178	4,332	5,243
Instruments \| Asia Pacific
Revenue recognition
Total revenue	5,657	3,594	3,393
Consumable and other products
Revenue recognition
Total revenue	55,089	27,411	25,605
Consumable and other products \| NA
Revenue recognition
Total revenue	34,997	14,305	14,148
Consumable and other products \| EMEA
Revenue recognition
Total revenue	16,122	10,854	9,674
Consumable and other products \| Asia Pacific
Revenue recognition
Total revenue	3,970	2,252	1,783
Service and other revenue
Revenue recognition
Total revenue	23,629	24,129	16,059
Service and other revenue \| NA
Revenue recognition
Total revenue	17,807	18,882	12,809
Service and other revenue \| EMEA
Revenue recognition
Total revenue	5,334	4,203	2,592
Service and other revenue \| Asia Pacific
Revenue recognition
Total revenue	488	1,044	658
Service-type warranties
Revenue recognition
Total revenue	6,628	4,921	4,633
Service-type warranties \| NA
Revenue recognition
Total revenue	4,334	3,171	3,139
Service-type warranties \| EMEA
Revenue recognition
Total revenue	2,039	1,543	1,323
Service-type warranties \| Asia Pacific
Revenue recognition
Total revenue	255	207	171
Research services
Revenue recognition
Total revenue	14,825	17,973	10,005
Research services \| NA
Revenue recognition
Total revenue	12,101	15,011	8,845
Research services \| EMEA
Revenue recognition
Total revenue	2,600	2,225	704
Research services \| Asia Pacific
Revenue recognition
Total revenue	124	737	456
Other services
Revenue recognition
Total revenue	2,176	1,235	1,421
Other services \| NA
Revenue recognition
Total revenue	1,372	700	825
Other services \| EMEA
Revenue recognition
Total revenue	695	435	565
Other services \| Asia Pacific
Revenue recognition
Total revenue	109	100	31
Collaboration and license revenue
Revenue recognition
Total revenue	648	11,809	184
Collaboration and license revenue \| NA
Revenue recognition
Total revenue	360	11,685	167
Collaboration and license revenue \| EMEA
Revenue recognition
Total revenue	288	124	$ 17
Grant revenue
Revenue recognition
Total revenue	$ 5,217	$ 6,422

Significant accounting policies - Performance obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 7.5
Service-type warranties and research services
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	7.0
Undelivered licenses of intellectual property
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 6.4
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1.1
Performance obligation satisfaction period	24 months

Significant accounting policies - Changes in deferred revenue from contracts with customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Changes in deferred revenue from contracts with customers
Balance at beginning of period	$ 5,998
Deferral of revenue	8,090
Recognition of deferred revenue	(6,628)
Balance at end of period	$ 7,460

Significant accounting policies - Costs to obtain a contract (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 248
Deferral of costs to obtain a contract	905
Recognition of costs to obtain a contract	(713)
Balance at end of period	$ 440

Significant accounting policies - Practical expedients (Details)	12 Months Ended
	Dec. 31, 2021
Revenue recognition
Revenue, Practical Expedient, Financing Component [true false]	true
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true

Significant accounting policies - Grant revenue (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total revenue		$ 110,556	$ 86,377	$ 56,734
Research and Development Expense		27,978	20,174	$ 16,190
RADx WP2
Total revenue		17,700
Contract value	$ 18,200
Research and Development Expense		3,400	2,600
Grant revenue
Total revenue		5,217	6,422
Grant revenue \| RADx WP2
Total revenue		9,576	4,362
Contract value		$ 18,200	$ 18,200

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

Significant accounting policies - Summarizes the activity under WP2 (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue		$ 110,556	$ 86,377	$ 56,734
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue		5,217	6,422
RADx WP2
Disaggregation of Revenue [Line Items]
Total revenue		17,700
Total WP2 grant amount	$ 18,200
RADx WP2 \| Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue		9,576	4,362
Total proceeds used for assets		8,104	826
Total deferred proceeds for assets			2,478
Total deferred grant revenue			304
Total recognized		17,680	7,970
Total amount accrued			(2,968)
Total cash received		17,680	5,002
Total proceeds received		17,680	5,002
Total proceeds reasonably assured		520	13,198
Total WP2 grant amount		$ 18,200	$ 18,200

Significant accounting policies - Net loss per share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unvested restricted common stock and restricted stock units
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share	531,473	518,387	409,929
Outstanding stock options
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share	2,304,543	2,494,045	2,507,062
Common stock
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share
Number of common share equivalents excluded in the calculation of diluted net (loss) income per share		10,000	10,000

Significant accounting policies - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash equivalents
Cash	$ 64,372	$ 19,535
Money Market funds invested in U.S. Treasury obligations	332,093	162,049
Cash and cash equivalents	$ 396,465	$ 181,584	$ 109,155

Significant accounting policies - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Laboratory and manufacturing equipment
Property and equipment
Estimated useful life (in years)	5 years
Computers and software
Property and equipment
Estimated useful life (in years)	3 years
Office furniture and equipment
Property and equipment
Estimated useful life (in years)	7 years

Significant accounting policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value of financial instruments
Cash equivalents	$ 332,093	$ 162,049
Total	332,093	162,049
Level 1
Fair value of financial instruments
Cash equivalents	332,093	162,049
Total	$ 332,093	$ 162,049

Significant accounting policies - Warranties (Details)	12 Months Ended
Significant accounting policies - Warranties (Details)	Dec. 31, 2021
Significant accounting policies
Warranty period (in years)	1 year

Significant accounting policies - Credit, product and supplier concentrations and off-balance-sheet risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable \| Customers outside the United States
Concentration Risk
Concentration risk (in percent)	39.00%	29.00%
Accounts Receivable \| One customer
Concentration Risk
Concentration risk (in percent)	18.00%	19.00%
Revenue \| One customer
Concentration Risk
Concentration risk (in percent)		13.00%
Revenue \| Customer
Concentration Risk
Concentration risk (in percent)	10.00%		10.00%

Significant accounting policies - Stock-based compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncement, Early Adoption
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years	6 years	6 years
Weighted-average grant date fair value	$ 29.96	$ 12.66	$ 9.09
Minimum
New Accounting Pronouncement, Early Adoption
Risk-free interest rate	0.40%	0.40%	1.40%
Expected volatility	49.20%	43.90%	33.50%
Maximum
New Accounting Pronouncement, Early Adoption
Risk-free interest rate	1.30%	1.70%	2.60%
Expected volatility	55.60%	49.20%	39.70%

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory
Raw Materials	$ 7,892	$ 5,265
Work in process	4,923	3,306
Finished goods	9,375	6,285
Total	$ 22,190	$ 14,856

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and equipment
Property and equipment, gross	$ 25,665	$ 20,348
Less: accumulated depreciation	(7,705)	(6,436)
Total	17,960	13,912
Depreciation expense	2,800	2,200	$ 1,600
Laboratory and manufacturing equipment
Property and equipment
Property and equipment, gross	9,742	8,523
Laboratory and manufacturing instruments used internally
Property and equipment
Property and equipment, gross	3,900	3,400
Less: accumulated depreciation	(1,500)	(1,800)
Office furniture and equipment.
Property and equipment
Property and equipment, gross	1,617	1,556
Computers and software
Property and equipment
Property and equipment, gross	3,893	1,504
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 10,413	$ 8,765

Other accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other accrued expenses
Accrued inventory purchases	$ 568	$ 527
Accrued property and equipment purchases	229	670
Accrued royalties	1,250	1,845
Accrued professional services	2,126	797
Accrued development costs	566	323
Accrued tax liabilities	430	156
Accrued other	1,317	527
Total accrued expenses	$ 6,486	$ 4,845

Income taxes - Components of loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of loss before income taxes
United States	$ (56,554)	$ (29,896)	$ (40,010)
Foreign	(1,170)	(2,010)	(973)
Loss before income taxes	$ (57,724)	$ (31,906)	$ (40,983)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: 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(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: 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(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: 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(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income taxes - Provision for income tax benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
State	$ (30)	$ (13)	$ (20)
Foreign	(342)	(102)	(93)
Total deferred income tax benefit	(372)	(115)	(113)
Deferred
Federal	5	(8)	(3)
State	(6)	(3)	(1)
Foreign	409	502	304
Total deferred income tax benefit (provision)	408	491	300
Total income tax benefit	$ 36	$ 376	$ 187

Income taxes - Reconciliation of the federal statutory income tax rate to the effective tax rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Taxable goodwill or intangible assets	$ 66,000	$ 49,000
Reconciliation of the federal statutory income tax rate to the effective tax rate
Federal statutory income tax rate (in percent)	21.00%	21.00%	21.00%
Foreign tax rate differential (in percent)		0.30%
State taxes, net of federal benefit (in percent)	6.50%	2.50%	3.20%
Tax credits (in percent)	2.00%	1.60%	2.30%
Share-based compensation (in percent)	7.40%	5.20%	2.30%
Permanent items (in percent)	(1.80%)	(0.40%)	(0.90%)
Deferred tax rate change (in percent)	0.20%	0.30%	(1.40%)
Change in valuation allowance (in percent)	(34.80%)	(29.70%)	(24.60%)
Other (in percent)	(0.40%)	0.40%	(1.40%)
Effective income tax rate (in percent)	0.10%	1.20%	0.50%
Impact of Acquisition (in percent)	21.00%
UmanDiagnostics AB Acquisition
Income Taxes
Taxable goodwill or intangible assets			$ 0

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 67,543	$ 50,233
Tax credits	6,113	5,101
Deferred revenue	1,862	2,167
Amortization	962	1,054
Stock-based compensation	3,138	1,956
Inventory	686
Lease liability	5,464	5,703
Other deferred tax assets	2,340	2,533
Total deferred tax assets	88,108	68,747
Less: valuation allowances	(83,121)	(63,609)	$ (54,137)
Net deferred tax assets	4,987	5,138
Right-of-Use Assets	(2,867)	(2,957)
Depreciation	(1,752)	(1,775)
Amortization acquired intangibles	(2,208)	(2,880)
Inventory		(64)
Goodwill	(66)	(49)
Other deferred tax liabilities	(129)	(61)
Net deferred tax liabilities	$ (2,035)	$ (2,648)

Income taxes - Valuation allowance deferred tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Balance, beginning of year	$ 63,609	$ 54,137
Change in valuation allowance	19,512	9,472
Balance, end of year	$ 83,121	$ 63,609

Income taxes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Cumulative change in ownership related to percentage points		5.00%
Percentage Points Related To Ownership Change		50.00%
Rolling Period Duration Of Ownership Change		3 years
Filed for refund under the CARES Act relating to ERC	$ 2,100
Accrued interest or penalties		$ 0	$ 0	$ 0
Federal
Income Taxes
Net operating loss (NOL) carryforwards		267,200
Federal \| Through Tax Year 2037
Income Taxes
Operating Loss Carryforwards, Subject To Expiry					$ 108,500
Operating Loss Carryforwards, Not Subject To Expiry					$ 158,700
Federal \| Through Tax Year 2041
Income Taxes
Tax credit carryforwards		5,100
State \| Through Tax Year 2041
Income Taxes
Net operating loss (NOL) carryforwards		17,000
Tax credit carryforwards		$ 1,300

Stockholders' equity - Share-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation
Share-based compensation expense	$ 15,975	$ 10,099	$ 6,388
Cost of product revenue
Stock-based compensation
Share-based compensation expense	471	189	86
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	403	311	238
Research and development
Stock-based compensation
Share-based compensation expense	1,807	1,129	718
General and administrative
Stock-based compensation
Share-based compensation expense	13,294	$ 8,470	$ 5,346
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 35,800
Period of recognition of unrecognized compensation cost	2 years 10 months 24 days

Stockholders' equity - Stock-based compensation plans (Details) - shares		12 Months Ended
	Jan. 03, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
2007 Plan
Stock-based compensation
Shares available for grant under the plan (in shares)		0
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)		4.00%
2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					1,042,314
Shares outstanding (in shares)		2,026,021
Shares available for grant under the plan (in shares)		1,434,072
2017 ESPP
Stock-based compensation
Shares authorized under the plan (in shares)				612,572
Shares available for grant under the plan (in shares)		1,137,595
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)			1.00%
Increase in the shares available for grant under the plan (in shares)	367,357
Outstanding stock options
Stock-based compensation
Options outstanding (in shares)		2,204,813	2,494,045
Outstanding stock options \| 2007 Plan
Stock-based compensation
Options outstanding (in shares)		709,772
Shares authorized under the plan (in shares)					2,490,290

Stockholders' equity - Warrants (Details) - Warrants	12 Months Ended
Stockholders' equity - Warrants (Details) - Warrants	Dec. 31, 2021 $ / shares shares
Number outstanding
Outstanding at the beginning of the period (in shares) \| shares	10,000
Exercised (in shares) \| shares	(10,000)
Outstanding at the end of the period (in shares) \| shares
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 21.00
Exercised (in dollars per share) \| $ / shares	21.00
Outstanding at the end of the period (in dollars per share) \| $ / shares

Stockholders' equity - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Aggregate intrinsic value
Weighted-average fair value of options granted	$ 29.96	$ 12.66	$ 9.09
Share-based compensation expense	$ 15,975	$ 10,099	$ 6,388
Outstanding stock options
Stock-based compensation
Options expiration period (in years)	10 years
Number outstanding
Outstanding at the beginning of the period (in shares)	2,494,045
Granted (in shares)	439,209
Exercised (in shares)	(516,804)
Cancelled or forfeited (in shares)	(211,637)
Outstanding at the end of the period (in shares)	2,204,813	2,494,045
Vested and expected to vest at the end of the period (in shares)	1,493,289
Exercisable at the end of the period (in shares)	2,204,813
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 17.73
Granted (in dollars per share)	62.06
Exercised (in dollars per share)	15.24
Cancelled or forfeited (in dollars per share)	36.32
Outstanding at the end of the period (in dollars per share)	25.36	$ 17.73
Vested and expected to vest at the end of the period (in dollars per share)	16.34
Exercisable at the end of the period (in dollars per share)	$ 25.36
Remaining contractual life
Outstanding (in years)	6 years 9 months 3 days	7 years 3 months 7 days
Vested and expected to vest at the end of the period (in years)	5 years 10 months 24 days
Exercisable at the end of the period (in years)	6 years 9 months 3 days
Aggregate intrinsic value
Outstanding at the beginning of the period	$ 71,760
Outstanding at the end of the period	44,813	$ 71,760
Vested and expected to vest at the end of the period	39,191
Exercisable at the end of the period	$ 44,813
Outstanding stock options \| Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Stock-based compensation
Vesting period (in years)	4 years
Vesting percentage 1 (as a percent)	25.00%
Outstanding stock options \| Remaining 75% vesting ratably on a monthly basis over the remaining three years
Stock-based compensation
Vesting period (in years)	3 years
Vesting percentage 1 (as a percent)	75.00%

Stockholders' equity - Restricted stock (Details) - Restricted stock - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0	0	0
2007 Plan \| Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	781,060
Vesting period (in years)					4 years
2007 Plan \| Executive \| Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage 1 (as a percent)	25.00%
2007 Plan \| Executive \| Remaining 75% vesting ratably on a monthly basis over the remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					3 years
Vesting percentage 1 (as a percent)	75.00%

Stockholders' equity - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average grant date fair value per share
Share-based compensation expense	$ 15,975	$ 10,099	$ 6,388
Restricted stock units
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)	478,581
Granted (in shares)	428,235
Vested (in shares)	(267,189)
Cancelled (in shares)	(109,756)
Unvested restricted common stock at the end of the period (in shares)	529,871	478,581
Expected to convert	529,871
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share)	$ 28.08
Granted (in dollars per share)	58.20
Vested (in dollars per share)	27.31
Cancelled (in dollars per share)	44.64
Unvested restricted common stock at the end of the period (in dollars per share)	49.32	$ 28.08
Expected to convert (in dollars per share)	$ 49.32
Unvested, Weighted-average remaining contractual life (in years)	9 years 8 months 4 days	8 years 9 months 29 days
Unvested, Aggregate intrinsic value	$ 22,467	$ 22,254
Restricted stock
Number of restricted stock units
Granted (in shares)	0	0	0
Unvested restricted common stock at the end of the period (in shares)	39,803
Weighted-average grant date fair value per share
Unvested restricted common stock at the end of the period (in dollars per share)	$ 3.12

Leases (Details) $ in Thousands		12 Months Ended
Leases (Details) $ in Thousands	Apr. 01, 2019 USD ($) ft² item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)
Right-of-use assets		$ 11,491	$ 11,995
Long term lease liabilities		20,464	21,891
Rent expense		5,400	$ 4,800	$ 3,300
Lease for facilities in Billerica, Massachusetts
Term of operating lease	137 months
Square footage of office and laboratory space \| ft²	92,000
Drawing capacity	$ 1,000
Landlord Contribution Towards Tenant Improvements	$ 8,200
Lease agreement number of options to extend \| item	2
Lease agreement lease extension term	5 years
Right-of-use assets					$ 12,200
Long term lease liabilities					22,700
Deferred rent expense		3,000
Lease obligation incentive		$ 7,600
Tristeyagen Umea Lease \| Maximum
Right-of-use assets					100
Long term lease liabilities					$ 100

Leases - Lease costs recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease costs
Operating lease costs	$ 2,660	$ 2,663
Total lease cost	2,660	2,663
Operating cash flows used for operating leases	$ 3,388	$ 2,108
Weighted average remaining lease term	8 years 7 months 6 days	9 years 9 months 18 days
Weighted average discount rate	9.73%	9.73%

Leases - Future minimum commitments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases
2022	$ 3,466
2023	3,515
2024	3,557
2025	3,655
2026	3,765
thereafter	14,782
Total lease payments	32,740
Less: imputed interest	10,850
Operating Lease, Liability	$ 21,890

Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
License agreements
Cost of Revenue	$ 48,828	$ 38,195	$ 29,898
Other licenses
License agreements
Royalty expense	0	0	800
Annual minimum royalty to be paid under the license agreement	50
Tufts \| License agreements
License agreements
Royalty expense	$ 1,600	1,100	$ 1,000
Collaboration and license revenue
License agreements
Cost of Revenue		1,000
Collaboration and license revenue \| Tufts
License agreements
Cost of Revenue		$ 1,000

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: 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 http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Notes payable (Details) - Loan agreement $ in Millions	Oct. 01, 2021 USD ($)	Jul. 01, 2021 installment	Apr. 14, 2014	Dec. 31, 2021 USD ($)
Long Term Debt
Additional amounts available to borrow				$ 0.0
Interest rate (as a percent)			8.00%
Final principal payment, including end of term fees	$ 2.0
Loan principal payment installment \| installment		4
Prime rate
Long Term Debt
Margin on variable interest rate (as a percent)			5.25%

At-the-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			12 Months Ended
	Aug. 08, 2019	Jun. 05, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Mar. 19, 2019
Common stock, aggregate offering price				$ 37	$ 32
Sale of common stock (in shares)	2.7
At-the-market offering.
Sale of common stock (in shares)		2.2
Shares issued price (in dollars per share)		$ 22.73
Gross proceeds		$ 49,700
Stock issuance cost		1,700
Sale of common stock		$ 48,000	$ 48,019
At-the-market offering. \| Maximum
Common stock, aggregate offering price						$ 50,000

Underwritten public offerings (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions				12 Months Ended
	Feb. 03, 2021	Aug. 06, 2020	Aug. 08, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Sale of common stock in underwritten public offering, net (in shares)			2.7
Common stock, par value				$ 0.001	$ 0.001
Underwritten public offering
Subsidiary or Equity Method Investee [Line Items]
Sale of common stock in underwritten public offering, net (in shares)	4.1	3.0	2.7
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Gross proceeds	$ 287,500	$ 97,600	$ 69,000
Stock issuance cost	17,800	6,200	4,500
Proceeds from sale of common stock, net of issuance costs	$ 269,700	$ 91,400	$ 64,500	$ 269,718	$ 91,404	$ 64,529

Collaboration and license arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaboration and license arrangements
Revenue	$ 110,556	$ 86,377	$ 56,734
Previously deferred revenue		1,200
Deferred revenue	500	500
Joint development and license agreement \| Maximum
Collaboration and license arrangements
Revenue	100	100	100
Abbot license agreement
Collaboration and license arrangements
Initial license fee receivable	$ 10,000
Number of days notice to terminate agreement	60 days
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 648	11,809	$ 184
Collaboration and license revenue \| Abbot license agreement
Collaboration and license arrangements
Revenue	$ 0	$ 10,000

Employee benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee benefit plans
Contribution made to the 401 (k) Plan	$ 1.1	$ 0.7	$ 0.5

Business combinations (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
Business combinations (Details) - USD ($) $ in Thousands	Aug. 01, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 01, 2019
Assets (liabilities) acquired:
Goodwill			$ 9,632	$ 10,460
Total revenue			110,556	86,377	$ 56,734
Net loss			(57,688)	(31,530)	(40,796)
Revenue (unaudited)					57,597
Pre-tax loss (unaudited)					(38,636)
UmanDiagnostics AB Acquisition
Fair value of consideration transferred:
Common stock shares consideration	191,152
Common stock	$ 5,500
Capital stock shares outstanding, percent	95.00%					5.00%
Cash and stock paid	$ 21,217
Cash and cash equivalents acquired	1,221
Cash	15,700
Purchase price, net	19,996
Assets (liabilities) acquired:
Accounts receivable	638
Inventory	1,680
Prepaids and other current assets	114
Property and equipment	33
Intangibles	13,450
Goodwill	8,111
Accounts payable	(20)
Accrued expense and other current liabilities	(871)
Deferred tax liabilities	(3,139)
Total	$ 19,996
Total revenue		$ 1,100	1,800	1,500
Net loss			100	100
Transaction costs			$ 0	$ 0	$ 1,900
UmanDiagnostics AB Acquisition \| Maximum
Assets (liabilities) acquired:
Net loss		$ 100

Goodwill and acquired intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Rollforward of goodwill balance
Balance as of beginning of period	$ 10,460
Cumulative translation adjustment	(828)
Balance as of end of period	9,632	$ 10,460
Purchased intangible assets
Gross Carrying Value	16,400	16,400
Accumulated Amortization	(6,114)	(4,101)
Cumulative Translation Adjustment	248	1,417
Net Carrying Value	10,534	13,716
Amortization expense	2,000	$ 2,100	$ 1,400
Estimated amortization expense
2022	1,930
2023	1,848
2024	1,733
2025	1,618
2026	1,589
Thereafter	1,816
Estimated Amortization Expenses	$ 10,534
Know How
Purchased intangible assets
Estimated Useful Life	8 years 6 months	8 years 6 months
Gross Carrying Value	$ 13,000	$ 13,000
Accumulated Amortization	(3,825)	(2,296)
Cumulative Translation Adjustment	241	1,374
Net Carrying Value	$ 9,416	$ 12,078
Weighted average life remaining	6 years	7 years
Developed technology
Purchased intangible assets
Estimated Useful Life	7 years	7 years
Gross Carrying Value	$ 1,650	$ 1,650
Accumulated Amortization	(1,277)	(1,036)
Net Carrying Value	$ 373	$ 614
Weighted average life remaining	3 years 1 month 6 days	4 years 1 month 6 days
Customer relationships
Purchased intangible assets
Gross Carrying Value	$ 1,360	$ 1,360
Accumulated Amortization	(792)	(618)
Cumulative Translation Adjustment	2	12
Net Carrying Value	$ 570	$ 754
Weighted average life remaining	6 years 1 month 6 days	7 years 1 month 6 days
Noncompete Agreements
Purchased intangible assets
Estimated Useful Life	5 years 6 months	5 years 6 months
Gross Carrying Value	$ 340	$ 340
Accumulated Amortization	(170)	(102)
Cumulative Translation Adjustment	5	31
Net Carrying Value	$ 175	$ 269
Weighted average life remaining	3 years	4 years
Trade names
Purchased intangible assets
Estimated Useful Life	3 years	3 years
Gross Carrying Value	$ 50	$ 50
Accumulated Amortization	$ (50)	(49)
Net Carrying Value		$ 1
Weighted average life remaining		1 month 6 days
Minimum \| Customer relationships
Purchased intangible assets
Estimated Useful Life	8 years 6 months	8 years 6 months
Maximum \| Customer relationships
Purchased intangible assets
Estimated Useful Life	10 years	10 years

Related party transactions (Details) - USD ($)	12 Months Ended
Related party transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 14, 2019	Nov. 13, 2019	Nov. 28, 2018
Related party transactions
Cost of revenue	$ 48,828,000	$ 38,195,000	$ 29,898,000
Collaboration and license revenue
Related party transactions
Cost of revenue		1,000,000
Tufts \| Collaboration and license revenue
Related party transactions
Cost of revenue		1,000,000.0
Tufts \| License Agreement
Related party transactions
Royalty Expense	1,600,000	1,100,000	1,000,000.0
Harvard University
Related party transactions
Related party revenue	200,000	$ 100,000	$ 100,000
PPH \| Maximum
Related party transactions
Commitment to sponsor agreement				$ 200,000	$ 120,000	$ 120,000
Total contributions to sponsor agreement	$ 100,000

Subsequent events (Details)	Jan. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent events
Security deposit		$ 900,000
Subsequent event
Subsequent events
Term of operating lease	8 years 9 months
Security deposit	$ 500,000
Security deposit reduction term	60 months
Subsequent event \| Office Space in Bedford, Massachusetts
Subsequent events
Square footage of office and laboratory space	53,000
Subsequent event \| Laboratory Space in Bedford, Massachusetts
Subsequent events
Square footage of office and laboratory space	32,770