0001558370-22-008128 | 10-Q | XBRL Viewer

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Stock-based compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation
Share-based compensation expense	$ 3,827	$ 3,386
Cost of product revenue
Stock-based compensation
Share-based compensation expense	88	90
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	166	110
Research and development
Stock-based compensation
Share-based compensation expense	398	399
General and administrative
Stock-based compensation
Share-based compensation expense	3,175	$ 2,787
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 42,800
Period of recognition of unrecognized compensation cost	2 years 10 months 24 days

Accumulated other comprehensive loss

3 Months Ended

Mar. 31, 2022

Accumulated other comprehensive loss.

Accumulated other comprehensive loss

14. Accumulated other comprehensive loss

The following shows the changes in the components of accumulated other comprehensive loss (in thousands):


	Cumulative translation adjustment		Accumulated Other Comprehensive Income (Loss)
Balance - December 31, 2021	$	441	$	441
Current period accumulated other comprehensive loss		(1,197)		(1,197)
Balance - March 31, 2022	$	(756)	$	(756)

	Cumulative translation adjustment		Accumulated Other Comprehensive Income (Loss)
Balance - December 31, 2020	$	2,434	$	2,434
Current period accumulated other comprehensive loss		(1,251)		(1,251)
Balance - March 31, 2021	$	1,183	$	1,183

Revenue recognition - Grant revenue (Details) - USD ($)		1 Months Ended	3 Months Ended		12 Months Ended
Revenue recognition - Grant revenue (Details) - USD ($)	Sep. 29, 2020	May 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total revenue			$ 29,552,000	$ 27,209,000
Research and Development Expense			7,034,000	6,683,000
Proceeds from RADx grant on assets purchased			520,000	2,514,000
RADx
Contract value			17,700,000
RADx WP2
Contract value	$ 18,200,000
Research and Development Expense			0	1,800,000
Proceeds from RADx grant on assets purchased		$ 500,000
Grant revenue
Total revenue			0	$ 2,291,000
Grant revenue \| RADx WP2
Total revenue			9,576,000		$ 9,576,000
Contract value			$ 18,200,000		$ 18,200,000

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

Revenue recognition - Future performance obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.4	$ 7.5
Service-type warranties and research services
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	9.9
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]: 2022-04-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 9.2
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1.2
Performance obligation satisfaction period	24 months

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory
Raw Materials	$ 9,199	$ 7,892
Work in process	4,068	4,923
Finished goods	9,402	9,375
Total net inventory	$ 22,669	$ 22,190

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2022

Allowance for Credit Losses

Allowance for Credit Losses

7. 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.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in thousands):


Balance at January 1, 2022	$	419
Credit loss gain		(171)
Write-offs charged against allowances		—
Balance at March 31, 2022	$	248

Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

10. 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.

On January 28, 2022, the Company executed a lease for 85,800 square feet of office and laboratory space in Bedford, Massachusetts. The office space covered by this lease will serve as our principal office and headquarters once construction is completed in the third quarter of 2022. The lease commencement date was February 1, 2022, when the Company gained access to the underlying facilities. The Company has negotiated a tenant improvement allowance with the landlord which will offset a portion of the Company’s construction costs. The Company has assessed whether improvements made to the premises are landlord-owned or company-owned, with payments made by the Company for landlord-owned assets accounted for as lease incentives. The initial term of the lease’s payment schedule is eight years and nine months beginning on May 1, 2022. The Company has the option to extend the lease for two additional five-year periods.

The components of lease expense was as follows (in thousands):


	Three Months Ended March 31,
Operating leases	2022		2021
Lease costs (1)
Operating lease costs	$	663	$	671
Total lease cost	$	663	$	671

(1) Short-term lease costs and variable lease costs incurred by the Company for the three months ended March 31, 2022 were not material.

Supplemental balance sheet and cash flow information was as follows (amounts in thousands):


	Three Months Ended March 31,
	2022			2021
Supplemental balance sheet information:
Weighted average remaining lease term		8.7	years		9.6	years
Weighted average discount rate		7.4%			9.7%

Supplemental cash flow information:
Operating cash flows used for operating leases	$	862		$	846

Future minimum commitments under the Company’s operating leases in effect as of March 31, 2022 were as follows (in thousands):


Twelve months ending March 31,
2023	$	4,569
2024		6,814
2025		6,987
2026		7,208
2027		7,437
Thereafter		29,634
Total lease payments		62,649
Less: imputed interest		17,200
Total operating lease liabilities	$	45,449

Stock-based compensation

3 Months Ended

Mar. 31, 2022

Stock-based compensation

Stock-based compensation

9. Stock-based compensation

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


	Three Months Ended March 31,
	2022		2021
Cost of product revenue	$	88	$	90
Cost of service and other revenue		166		110
Research and development		398		399
Selling, general, and administrative		3,175		2,787
Total	$	3,827	$	3,386

As of March 31, 2022, there was $42.8 million of total unrecognized compensation cost related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years.

Revenue recognition - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue recognition
Total revenue	$ 29,552	$ 27,209
Product revenue
Revenue recognition
Total revenue	20,656	18,248
Product revenue \| NA
Revenue recognition
Total revenue	10,998	10,667
Product revenue \| EMEA
Revenue recognition
Total revenue	6,472	6,326
Product revenue \| Asia Pacific
Revenue recognition
Total revenue	3,186	1,255
Instruments
Revenue recognition
Total revenue	6,222	6,961
Instruments \| NA
Revenue recognition
Total revenue	2,165	3,756
Instruments \| EMEA
Revenue recognition
Total revenue	2,046	2,833
Instruments \| Asia Pacific
Revenue recognition
Total revenue	2,011	372
Consumable and other products
Revenue recognition
Total revenue	14,434	11,287
Consumable and other products \| NA
Revenue recognition
Total revenue	8,833	6,911
Consumable and other products \| EMEA
Revenue recognition
Total revenue	4,426	3,493
Consumable and other products \| Asia Pacific
Revenue recognition
Total revenue	1,175	883
Service and other revenue
Revenue recognition
Total revenue	8,810	6,409
Service and other revenue \| NA
Revenue recognition
Total revenue	7,663	4,985
Service and other revenue \| EMEA
Revenue recognition
Total revenue	1,001	1,350
Service and other revenue \| Asia Pacific
Revenue recognition
Total revenue	146	74
Service-type warranties
Revenue recognition
Total revenue	2,034	1,471
Service-type warranties \| NA
Revenue recognition
Total revenue	1,283	971
Service-type warranties \| EMEA
Revenue recognition
Total revenue	659	438
Service-type warranties \| Asia Pacific
Revenue recognition
Total revenue	92	62
Research services
Revenue recognition
Total revenue	6,240	4,298
Research services \| NA
Revenue recognition
Total revenue	6,096	3,558
Research services \| EMEA
Revenue recognition
Total revenue	131	728
Research services \| Asia Pacific
Revenue recognition
Total revenue	13	12
Other services
Revenue recognition
Total revenue	536	640
Other services \| NA
Revenue recognition
Total revenue	284	456
Other services \| EMEA
Revenue recognition
Total revenue	211	184
Other services \| Asia Pacific
Revenue recognition
Total revenue	41
Collaboration and license revenue
Revenue recognition
Total revenue	86	261
Collaboration and license revenue \| NA
Revenue recognition
Total revenue		187
Collaboration and license revenue \| EMEA
Revenue recognition
Total revenue	34	$ 74
Collaboration and license revenue \| Asia Pacific
Revenue recognition
Total revenue	$ 52

Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair value of financial instruments

Schedule of fair value measurements

Fair value measurements are as follows (in thousands):


March 31, 2022	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Cash equivalents - money market funds	$	332,112	$	332,112	$	—	$	—


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

Accumulated other comprehensive loss (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated other comprehensive loss.

Schedule of Accumulated other comprehensive loss

The following shows the changes in the components of accumulated other comprehensive loss (in thousands):


	Cumulative translation adjustment		Accumulated Other Comprehensive Income (Loss)
Balance - December 31, 2021	$	441	$	441
Current period accumulated other comprehensive loss		(1,197)		(1,197)
Balance - March 31, 2022	$	(756)	$	(756)

	Cumulative translation adjustment		Accumulated Other Comprehensive Income (Loss)
Balance - December 31, 2020	$	2,434	$	2,434
Current period accumulated other comprehensive loss		(1,251)		(1,251)
Balance - March 31, 2021	$	1,183	$	1,183

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Accounts receivable, reserve for doubtful accounts	$ 248	$ 419
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	36,899,156	36,768,035
Common stock, shares outstanding	36,899,156	36,768,035

Leases - Lease costs recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Costs
Operating lease costs	$ 663	$ 671
Total lease cost	$ 663	$ 671
Weighted average remaining lease term	8 years 8 months 12 days	9 years 7 months 6 days
Weighted average discount rate	7.40%	9.70%
Operating cash flows used for operating leases	$ 862	$ 846

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (18,153)	$ (10,104)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,358	1,151
Inventory step-up amortization		164
Credit loss expense on accounts receivable	(171)	20
Reduction in the carrying amount of right-of-use assets	348	128
Stock-based compensation expense	3,827	3,386
Non-cash interest expense		22
Changes in operating assets and liabilities:
Accounts receivable	1,319	2,227
Prepaid expenses and other assets	(2,070)	(1,744)
Inventory	(484)	(2,327)
Other non-current assets	1	(16)
Accounts payable	(5,306)	(2,109)
Accrued compensation and benefits, other accrued expenses and other current liabilities	(4,921)	(5,598)
Contract acquisition costs	(41)	(72)
Operating lease liabilities	(87)	(307)
Other non-current liabilities	(271)	(107)
Deferred revenue	2,956	1,197
Net cash used in operating activities	(21,695)	(14,089)
Investing activities
Purchases of property and equipment	(1,394)	(79)
Proceeds from RADx grant on assets purchased	520	2,514
Net cash (used in) provided by investing activities	(874)	2,435
Financing activities
Proceeds from stock options exercised	385	3,076
Sale of common stock in underwritten public offering, net		269,718
Proceeds from ESPP purchase	594	519
Net cash provided by financing activities	979	273,313
Net (decrease) increase in cash and cash equivalents	(21,590)	261,659
Effect of foreign currency exchange rate on cash	(558)	(171)
Cash, restricted cash, and cash equivalents at beginning of period	399,042	182,584
Cash, restricted cash, and cash equivalents at end of period	376,894	$ 444,072
Noncash transactions:
Right-of-use asset obtained in exchange for lease liabilities	$ 18,156

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2022

Net loss per share

Schedule of common share equivalents have been excluded from the calculation of diluted net loss per share


	As of March 31,
	2022	2021
Stock options	2,185,706	2,428,268
Unvested restricted stock and stock units	587,939	563,810

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory

Summary of inventory

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	9,199	$	7,892
Work in process		4,068		4,923
Finished goods		9,402		9,375
Total net inventory	$	22,669	$	22,190

Fair value of financial instruments

3 Months Ended

Mar. 31, 2022

Fair value of financial instruments

Fair value of financial instruments

5. Fair value of financial instruments

Fair value measurements are as follows (in thousands):


March 31, 2022	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Cash equivalents - money market funds	$	332,112	$	332,112	$	—	$	—


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

- Definition

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

+ References + Details

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance for Credit Losses
Beginning Balance	$ 419
Credit loss gain	(171)	$ 20
Ending Balance	$ 248

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 374,317	$ 396,465
Accounts receivable (less allowance for credit losses of $248 and $419 as of March 31, 2022 and December 31, 2021, respectively)	22,616	23,786
Inventory	22,669	22,190
Prepaid expenses and other current assets	14,104	6,514
Total current assets	433,706	448,955
Restricted cash	2,577	2,577
Property and equipment, net	19,683	17,960
Intangible assets, net	9,692	10,534
Goodwill	9,323	9,632
Right-of-use assets	29,298	11,491
Other non-current assets	378	378
Total assets	504,657	501,527
Current liabilities:
Accounts payable	4,262	9,209
Accrued compensation and benefits	8,139	13,252
Other accrued expenses	8,024	6,486
Deferred revenue	9,194	6,361
Short term lease liabilities	1,886	1,428
Other current liabilities	268	241
Total current liabilities	31,773	36,977
Deferred revenue, net of current portion	1,222	1,099
Long term lease liabilities	43,563	20,464
Other non-current liabilities	1,691	2,035
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.001 par value: Authorized - 120,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding - 36,899,156 and 36,768,035 shares as of March 31, 2022 and December 31, 2021, respectively	37	37
Additional paid-in capital	750,742	745,936
Accumulated other comprehensive (loss) income	(756)	441
Accumulated deficit	(323,615)	(305,462)
Total stockholders' equity	426,408	440,952
Total liabilities and stockholders' equity	$ 504,657	$ 501,527

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases

Summary of the lease costs recognized under ASC 842

The components of lease expense was as follows (in thousands):


	Three Months Ended March 31,
Operating leases	2022		2021
Lease costs (1)
Operating lease costs	$	663	$	671
Total lease cost	$	663	$	671

(1) Short-term lease costs and variable lease costs incurred by the Company for the three months ended March 31, 2022 were not material.

Supplemental balance sheet and cash flow information was as follows (amounts in thousands):


	Three Months Ended March 31,
	2022			2021
Supplemental balance sheet information:
Weighted average remaining lease term		8.7	years		9.6	years
Weighted average discount rate		7.4%			9.7%

Supplemental cash flow information:
Operating cash flows used for operating leases	$	862		$	846

Schedule of future minimum commitments under ASC 842

Future minimum commitments under the Company’s operating leases in effect as of March 31, 2022 were as follows (in thousands):


Twelve months ending March 31,
2023	$	4,569
2024		6,814
2025		6,987
2026		7,208
2027		7,437
Thereafter		29,634
Total lease payments		62,649
Less: imputed interest		17,200
Total operating lease liabilities	$	45,449

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated other comprehensive loss
Current period accumulated other comprehensive loss	$ (1,197)	$ (1,251)
Cumulative translation adjustment
Accumulated other comprehensive loss
Beginning balance	441	2,434
Current period accumulated other comprehensive loss	(1,197)	(1,251)
Ending Balance	(756)	1,183
Accumulated other comprehensive income (loss)
Accumulated other comprehensive loss
Beginning balance	441	2,434
Current period accumulated other comprehensive loss	(1,197)	(1,251)
Ending Balance	$ (756)	$ 1,183

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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+ Details

Collaboration and license arrangements

3 Months Ended

Mar. 31, 2022

Collaboration and license arrangements

Collaboration and license arrangements

12. 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 $0.1 million and $0.3 million for three months ended March 31, 2022 and 2021, respectively, associated with these licenses.

At both March 31, 2022 and December 31, 2021, 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 Laboratories (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 agreed to pay 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 during the 2020 fiscal year. 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 Abbott 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 three months ended March 31, 2022 and 2021, the Company recognized no revenue under the Abbott License Agreement.

Significant accounting policies

3 Months Ended

Mar. 31, 2022

Significant accounting policies

Significant accounting policies

2. Significant accounting policies

The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2022.

Revenue recognition - Summarizes the activity under WP2 (Details) - USD ($)		3 Months Ended		12 Months Ended
	Sep. 29, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue		$ 29,552,000	$ 27,209,000
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue		0	$ 2,291,000
RADx WP2
Disaggregation of Revenue [Line Items]
Total WP2 grant amount	$ 18,200,000
RADx WP2 \| Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue		9,576,000		$ 9,576,000
Proceeds used for assets		8,624,000		8,104,000
Total recognized		18,200,000		17,680,000
Amount accrued		(520,000)
Total cash received		17,680,000		17,680,000
Proceeds received		17,680,000		17,680,000
Proceeds reasonably assured		520,000		520,000
Total WP2 grant amount		$ 18,200,000		$ 18,200,000

Net loss per share

3 Months Ended

Mar. 31, 2022

Net loss per share

Net loss per share

4. Net loss per share

The following common share equivalents have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive:


	As of March 31,
	2022	2021
Stock options	2,185,706	2,428,268
Unvested restricted stock and stock units	587,939	563,810

Leases (Details) - Office and Laboratory Space in Bedford, Massachusetts	Feb. 01, 2022 item	Jan. 28, 2022 USD ($)
Leases
Square footage of office and laboratory space \| $		85,800
Term of operating lease	8 years 9 months
Lease agreement number of options to extend \| item	2
Lease agreement lease extension term	5 years

Subsequent Event

3 Months Ended

Mar. 31, 2022

Subsequent Event

Subsequent Event

15. Subsequent Event

During the first quarter of 2022, the Company implemented an executive leadership succession plan designed to leverage the Company’s strong foundation for growth. In connection with this plan, E. Kevin Hrusovsky has transitioned from his role as Chief Executive Officer and was appointed Executive Chairman of the Company’s Board of Directors (the “Board”), effective April 25, 2022. Effective April 25, 2022, Masoud Toloue, Ph.D., President of Quanterix and Diagnostics, was appointed Chief Executive Officer of the Company. Effective April 25, 2022, Dr. Toloue was also appointed to serve on the Company’s Board as a Class II director, with a term ending at the 2022 annual meeting of stockholders and will continue to serve as the Company’s President.

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$ 374,317	$ 396,465	$ 442,672
Restricted cash	2,577	2,577	1,400
Total cash, cash equivalents, and restricted cash	$ 376,894	$ 399,042	$ 444,072	$ 182,584

Inventory

3 Months Ended

Mar. 31, 2022

Inventory

Inventory

6. Inventory

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	9,199	$	7,892
Work in process		4,068		4,923
Finished goods		9,402		9,375
Total net inventory	$	22,669	$	22,190

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

Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Tufts \| License agreements
License agreements
Royalty expense	$ 0.3	$ 0.5

Other accrued expenses

3 Months Ended

Mar. 31, 2022

Other accrued expenses

Other accrued expenses

8. Other accrued expenses

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


	March 31, 2022		December 31, 2021
Inventory purchases	$	558	$	568
Property and equipment purchases		202		229
Royalties		1,096		1,250
Professional services		1,861		2,126
Leasehold improvements		1,081		—
Development costs		977		566
Tax liabilities		806		430
Other		1,443		1,317
Total accrued expenses	$	8,024	$	6,486

Revenue recognition

3 Months Ended

Mar. 31, 2022

Revenue recognition

Revenue recognition

3. 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.

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. For contract research services recognized over time, the Company uses the output method to measure the progress toward the complete satisfaction of the performance obligations. Revenues from other services are immaterial.

During the three months ended March 31, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (Lilly) establishing a framework for future projects focused on the development of Simoa immunoassays (the Lilly Collaboration Agreement). The Company also entered into a Statement of Work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. In connection with the Lilly Collaboration Agreement, the Company received a non-refundable up-front payment of $5.0 million during the three months ended March 31, 2022, and under the Statement of Work receives $1.5 million per

calendar quarter during 2022, beginning with the three months ended March 31, 2022. The revenue will be recognized over a one-year period.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the Lilly License) under which Lilly granted to the Company a non-exclusive license to Lilly’s proprietary P-tau217 antibody technology for potential near-term use in research use only products and services and future in vitro diagnostics applications within the field of Alzheimer’s disease. In consideration of the license, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay a royalty on net sales of licensed products.

The Company concluded that the Lilly Collaboration Agreement (including the Statement of Work) and the Lilly License represented a single contract with a customer and is accounting for the agreements as service revenue recognized over time as the services are delivered. The transaction price for the Lilly Collaboration Agreement is $10.9 million. Contingent amounts due to Lilly represent variable consideration payable to a customer and will be recognized as reductions to service revenue up to the amount of the transaction price recognized, when probable. The Company is utilizing an input method to measure the delivery of services by calculating costs incurred at each period end relative to total costs expected to be incurred.

During the three months ended March 31, 2022, the Company recognized approximately $2.7 million of revenue from the Lilly Collaboration Agreement as service revenue.

Collaboration and license revenue

The Company may enter into agreements to license the intellectual property and know-how associated with its instruments and certain antibodies 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.

Payment terms

The Company’s payment terms vary by the type and location of the 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. The Company does not provide financing arrangements to its 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 by revenue type (in thousands):



	Three Months Ended March 31, 2022
	NA		EMEA		Asia Pacific		Total
Product revenues
Instruments	$	2,165	$	2,046	$	2,011	$	6,222
Consumable and other products		8,833		4,426		1,175		14,434
Total	$	10,998	$	6,472	$	3,186	$	20,656

Service and other revenues
Service-type warranties	$	1,283	$	659	$	92	$	2,034
Research services		6,096		131		13		6,240
Other services		284		211		41		536
Total	$	7,663	$	1,001	$	146	$	8,810

Collaboration and license revenue
Collaboration and license revenue	$	—	$	34	$	52	$	86


	Three Months Ended March 31, 2021
	NA		EMEA		Asia Pacific		Total
Product revenues
Instruments	$	3,756	$	2,833	$	372	$	6,961
Consumable and other products		6,911		3,493		883		11,287
Total	$	10,667	$	6,326	$	1,255	$	18,248

Service and other revenues
Service-type warranties	$	971	$	438	$	62	$	1,471
Research services		3,558		728		12		4,298
Other services		456		184		—		640
Total	$	4,985	$	1,350	$	74	$	6,409

Collaboration and license revenue
Collaboration and license revenue	$	187	$	74	$	—	$	261

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. 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- and usage-based royalty will be recognized in the period the underlying transaction occurs. The Company recognizes revenue from sales- and usage-based royalty

revenue at the later of when the sale or usage occurs and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated.

The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or are partially satisfied as of March 31, 2022 and 2021 and December 31, 2021 is $10.4 million and $7.5 million, respectively. As of March 31, 2022, of the performance obligations not yet satisfied or partially satisfied, $9.2 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 $9.2 million at March 31, 2022 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 (see Note 13).

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


	Three Months Ended March 31, 2022
Balance at December 31, 2021	$	7,460
Deferral of revenue		5,000
Recognition of deferred revenue		(2,044)
Balance at March 31, 2022	$	10,416

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


	Three Months Ended March 31, 2022
Balance at December 31, 2021	$	440
Deferral of costs to obtain a contract		363
Recognition of costs to obtain a contract		(321)
Balance at March 31, 2022	$	482

The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets 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 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.

The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes.

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 as of March 31, 2022 and 2021, respectively.

The Company has elected to account for the 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.

Grant revenue

The Company recognizes grant revenue as the Company perform 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 we have determined we are 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 grants to for-profit business entities, the Company has accounted for grants by analogy to 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 September 29, 2020, the Company entered into workplan 2 (WP2) with the NIH under its RADx program. The contract, which has a total award value of $18.2 million, accelerated the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using our Simoa technology. The contract provided funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under WP2 was 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 May 31, 2022. As of March 31, 2022, the Company had received $17.7 million out of the full $18.2 million under WP2. During the three months ended March 31, 2022, the Company recognized no grant revenue and incurred no research and development expense related to WP2. During the three months ended March 31, 2021, the Company recognized $2.3 million in grant revenue and incurred $1.8 million in research and development expense related to WP2. In May 2022, the Company received the final $0.5 million under WP2.

The following table summarizes the cumulative activity under WP2 (in thousands):


	March 31, 2022		December 31, 2021

Grant revenue from research and development activities	$	9,576	$	9,576
Proceeds used for assets		8,624		8,104
Deferred proceeds for assets		—		—
Deferred grant revenue		—		—
Total recognized	$	18,200	$	17,680

Recognized	$	18,200	$	17,680
Amount accrued		(520)		—
Total cash received	$	17,680	$	17,680

Proceeds received	$	17,680	$	17,680
Proceeds reasonably assured		520		520
Total WP2 grant amount	$	18,200	$	18,200

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Subparagraph (b)
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+ Details

Leases - Future minimum commitments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases
2023	$ 4,569
2024	6,814
2025	6,987
2026	7,208
2027	7,437
Thereafter	29,634
Total lease payments	62,649
Less: imputed interest	17,200
Total operating lease liabilities	$ 45,449

Other accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other accrued expenses
Inventory purchases	$ 558	$ 568
Property and equipment purchases	202	229
Royalties	1,096	1,250
Professional services	1,861	2,126
Leasehold improvements	1,081
Development costs	977	566
Tax liabilities	806	430
Other	1,443	1,317
Total accrued expenses	$ 8,024	$ 6,486

Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue recognition

Schedule of disaggregated revenue



	Three Months Ended March 31, 2022
	NA		EMEA		Asia Pacific		Total
Product revenues
Instruments	$	2,165	$	2,046	$	2,011	$	6,222
Consumable and other products		8,833		4,426		1,175		14,434
Total	$	10,998	$	6,472	$	3,186	$	20,656

Service and other revenues
Service-type warranties	$	1,283	$	659	$	92	$	2,034
Research services		6,096		131		13		6,240
Other services		284		211		41		536
Total	$	7,663	$	1,001	$	146	$	8,810

Collaboration and license revenue
Collaboration and license revenue	$	—	$	34	$	52	$	86


	Three Months Ended March 31, 2021
	NA		EMEA		Asia Pacific		Total
Product revenues
Instruments	$	3,756	$	2,833	$	372	$	6,961
Consumable and other products		6,911		3,493		883		11,287
Total	$	10,667	$	6,326	$	1,255	$	18,248

Service and other revenues
Service-type warranties	$	971	$	438	$	62	$	1,471
Research services		3,558		728		12		4,298
Other services		456		184		—		640
Total	$	4,985	$	1,350	$	74	$	6,409

Collaboration and license revenue
Collaboration and license revenue	$	187	$	74	$	—	$	261

Schedule of changes in deferred revenue from contracts with customers

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


	Three Months Ended March 31, 2022
Balance at December 31, 2021	$	7,460
Deferral of revenue		5,000
Recognition of deferred revenue		(2,044)
Balance at March 31, 2022	$	10,416

Schedule of costs to obtain a contract


	Three Months Ended March 31, 2022
Balance at December 31, 2021	$	440
Deferral of costs to obtain a contract		363
Recognition of costs to obtain a contract		(321)
Balance at March 31, 2022	$	482

Schedule of summary of the activity under WP2

The following table summarizes the cumulative activity under WP2 (in thousands):


	March 31, 2022		December 31, 2021

Grant revenue from research and development activities	$	9,576	$	9,576
Proceeds used for assets		8,624		8,104
Deferred proceeds for assets		—		—
Deferred grant revenue		—		—
Total recognized	$	18,200	$	17,680

Recognized	$	18,200	$	17,680
Amount accrued		(520)		—
Total cash received	$	17,680	$	17,680

Proceeds received	$	17,680	$	17,680
Proceeds reasonably assured		520		520
Total WP2 grant amount	$	18,200	$	18,200

Commitments and contingencies

3 Months Ended

Mar. 31, 2022

Commitments and contingencies

Commitments and contingencies

11. Commitments and contingencies

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 member of the Company’s Board of Directors was affiliated with Tufts. The License Agreement, which was subsequently amended, is exclusive and sublicensable, 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 low single digit royalties on direct sales and services and a royalty on sublicense income, as well as an annual maintenance fee that is credited against royalties payable. During the three months ended March 31, 2022 and 2021, the Company recorded royalty expense of $0.3 million and $0.5 million, respectively, 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.

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-based compensation

Summary of share-based compensation expense for all stock awards

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


	Three Months Ended March 31,
	2022		2021
Cost of product revenue	$	88	$	90
Cost of service and other revenue		166		110
Research and development		398		399
Selling, general, and administrative		3,175		2,787
Total	$	3,827	$	3,386

Net loss per share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock options
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	2,185,706	2,428,268
Unvested restricted stock and stock units
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	587,939	563,810

Collaboration and license arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Collaboration and license arrangements
Revenue	$ 29,552	$ 27,209
Deferred revenue	500		$ 500
Joint development and license agreement
Collaboration and license arrangements
Revenue	100	300
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	$ 86	261
Collaboration and license revenue \| Abbot license agreement
Collaboration and license arrangements
Revenue	$ 0	$ 0

- Definition

+ References

+ Details

Organization and operations

3 Months Ended

Mar. 31, 2022

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. 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, which it believes is an area of significant unmet need and where it has significant competitive advantages. However, in addition to enabling new applications and insights in protein analysis, 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 (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. In the fourth quarter of 2017, the Company launched a second bead-based immunoassay platform (SR-X) with a more compact footprint than the 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 HD-1 and phased out 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.

Basis of presentation

The interim condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, comprehensive loss and cash flows for each period presented and have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022 (the 2021 Annual Report on Form 10-K).

Reclassifications

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

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenue	$ 29,552,000	$ 27,209,000
Costs of goods sold:
Total costs of goods sold and services	14,993,000	10,860,000
Gross profit	14,559,000	16,349,000
Operating expenses:
Research and development	7,034,000	6,683,000
Selling, general and administrative	25,712,000	19,455,000
Total operating expenses	32,746,000	26,138,000
Loss from operations	(18,187,000)	(9,789,000)
Interest income (expense), net	52,000	(163,000)
Other expense, net	(217,000)	(194,000)
Loss before income taxes	(18,352,000)	(10,146,000)
Income tax benefit	199,000	42,000
Net loss	$ (18,153,000)	$ (10,104,000)
Net loss per share, basic (in dollars per share)	$ (0.49)	$ (0.29)
Net loss per share, diluted (in dollars per share)	$ (0.49)	$ (0.29)
Weighted-average common shares outstanding, basic (in shares)	36,850,894	34,434,931
Weighted-average common shares outstanding, diluted (in shares)	36,850,894	34,434,931
Product revenue
Total revenue	$ 20,656,000	$ 18,248,000
Costs of goods sold:
Total costs of goods sold and services	10,746,000	7,480,000
Service and other revenue
Total revenue	8,810,000	6,409,000
Costs of goods sold:
Total costs of goods sold and services	4,247,000	3,380,000
Collaboration and license revenue
Total revenue	86,000	261,000
Grant revenue
Total revenue	$ 0	$ 2,291,000

Related party transactions

3 Months Ended

Mar. 31, 2022

Related party transactions

Related party transactions

13. Related party transactions

The Company entered into the License Agreement for certain intellectual property with Tufts (see Note 11). Tufts’ equity ownership in the Company makes Tufts a related party. A member of our Board of Directors was previously affiliated with Tufts and continues to receive compensation from Tufts on a formulaic basis on royalties and license payments the Company makes to Tufts. During the three months ended March 31, 2022 and 2021, the Company recorded royalty expense of $0.3 million and $0.5 million in cost of product revenue on the consolidated statements of operations, respectively.

One of the Company’s Directors is affiliated with Harvard University, the Wyss Institute at Harvard and Mass General Brigham. Revenue recorded from sales to Harvard University and its affiliates and to Mass General Brigham and its affiliates totaled $0.2 million and less than $0.1 million for the three months ended March 31, 2022 and 2021, respectively. The Company had $0.1 million and $0.2 million in accounts receivable from Harvard University and its affiliates and Mass General Brigham and its affiliates at March 31, 2022 and December 31, 2021, respectively. Deferred revenue from Harvard University and its affiliates and Mass General Brigham and its affiliates was $0 and $0.1 million at March 31, 2022 and December 31, 2021, respectively.

Amounts from other related party relationships are immaterial. Collectively, the Company had $18 thousand in accounts receivable at December 31, 2021 from these other related parties. In addition, the Company had a total of $57 thousand and $6 thousand in accounts payable at March 31, 2022 and December 31, 2021, respectively, from these other related parties. The Company had a total of $4 thousand in other accrued expenses at March 31, 2022 from these related parties. In the three months ended March 31, 2022, the Company recorded cost of product revenue of $9 thousand, cost of service and other revenue of $52 thousand, research and development of $41 thousand and selling, general, and administrative of $33 thousand, collectively from these other related parties. In the three months ended March 31, 2021, the Company recorded service revenue of $20 thousand, cost of product revenue of $7 thousand, cost of service and other revenue of $17 thousand, research and development of $6 thousand and selling, general, and administrative of $14 thousand, in total from these other related parties.

Revenue recognition - Customers and service and other revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue recognition
Service type warranties term	1 year
Revenue	$ 29,552	$ 27,209
Service and other revenue
Revenue recognition
Revenue	8,810	$ 6,409
Collaboration agreement \| Service and other revenue
Revenue recognition
Revenue	2,700
Collaboration agreement \| Eli Lilly
Revenue recognition
Transaction price due	10,900
Master collaboration agreement \| Eli Lilly
Revenue recognition
Non-refundable up-front payment received	5,000
Statement of works agreement \| Eli Lilly
Revenue recognition
Collaborative arrangement payment received per quarter	$ 1,500
Minimum
Revenue recognition
Period of payment	30 days
Maximum
Revenue recognition
Period of payment	45 days

Revenue recognition - Costs to obtain a contract (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 440
Deferral of costs to obtain a contract	363
Recognition of costs to obtain a contract	(321)
Balance at end of period	$ 482

Fair value of financial instruments (Details) - Money market funds - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents	$ 332,112	$ 332,093
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents	$ 332,112	$ 332,093

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related party transactions
Accounts receivable, related parties			$ 18
Accounts payable, related parties	$ 57		6
Other accrued expenses, related parties	4
Related party activity research and development expenses	41	$ 6
Related party activity in selling, general and administrative expenses	33	14
Product revenue
Related party transactions
Cost of revenue, related party activity	9	7
Service and other revenue
Related party transactions
Cost of revenue, related party activity	52	17
Service revenue
Related party transactions
Related party revenue		20
Tufts \| License Agreement
Related party transactions
Royalty Expense	300	500
Harvard University
Related party transactions
Related party revenue	200	$ 100
Accounts receivable, related parties	100		200
Deferred revenue from related parties	$ 0		$ 100

Revenue recognition - Practical expedients (Details)	3 Months Ended
Revenue recognition - Practical expedients (Details)	Mar. 31, 2022
Revenue recognition
Revenue, Practical Expedient, Financing Component [true false]	true
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock Underwritten public offering	Common stock	Additional paid-in capital Underwritten public offering	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Underwritten public offering	Total
Beginning Balance at Dec. 31, 2020		$ 32		$ 451,433	$ 2,434	$ (247,774)		$ 206,125
Beginning balance (in shares) at Dec. 31, 2020		31,796,544
Increase (Decrease) in Stockholders' Equity
Exercised warrants (in shares)		7,347
Exercised stock options				3,076				3,076
Exercised stock options (in shares)		281,324
Restricted units converted (in shares)		84,159
ESPP stock purchase				519				519
ESPP stock purchase (in shares)		17,225
Issuance of common stock	$ 4		$ 269,714				$ 269,718
Issuance of common stock (in shares)	4,107,142	1,187
Stock-based compensation expense				3,386				3,386
Cumulative translation adjustment					(1,251)			(1,251)
Net loss						(10,104)		(10,104)
Ending Balance at Mar. 31, 2021		$ 36		728,128	1,183	(257,878)		471,469
Ending Balance (in shares) at Mar. 31, 2021		36,294,928
Increase (Decrease) in Stockholders' Equity
Accumulated other comprehensive income								441
Beginning Balance at Dec. 31, 2021		$ 37		745,936	441	(305,462)		440,952
Beginning balance (in shares) at Dec. 31, 2021		36,768,035
Increase (Decrease) in Stockholders' Equity
Exercised stock options				385				385
Exercised stock options (in shares)		60,126
Restricted units converted (in shares)		49,208
ESPP stock purchase				594				594
ESPP stock purchase (in shares)		20,449
Issuance of common stock (in shares)		1,338
Stock-based compensation expense				3,827				3,827
Cumulative translation adjustment					(1,197)			(1,197)
Net loss						(18,153)		(18,153)
Ending Balance at Mar. 31, 2022		$ 37		$ 750,742	$ (756)	$ (323,615)		426,408
Ending Balance (in shares) at Mar. 31, 2022		36,899,156
Increase (Decrease) in Stockholders' Equity
Accumulated other comprehensive income								$ (756)

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (18,153)	$ (10,104)
Other comprehensive loss:
Cumulative translation adjustment	(1,197)	(1,251)
Total other comprehensive loss	(1,197)	(1,251)
Comprehensive loss	$ (19,350)	$ (11,355)

- Definition

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

+ References

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+ Details

Revenue recognition - Changes in deferred revenue from contracts with customers (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Changes in deferred revenue from contracts with customers
Balance at beginning of period	$ 7,460
Deferral of revenue	5,000
Recognition of deferred revenue	(2,044)
Balance at end of period	$ 10,416

Other accrued expenses (Tables)

3 Months Ended

Mar. 31, 2022

Other accrued expenses

Summary of other accrued expenses


	March 31, 2022		December 31, 2021
Inventory purchases	$	558	$	568
Property and equipment purchases		202		229
Royalties		1,096		1,250
Professional services		1,861		2,126
Leasehold improvements		1,081		—
Development costs		977		566
Tax liabilities		806		430
Other		1,443		1,317
Total accrued expenses	$	8,024	$	6,486

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Allowance for Credit Losses

Schedule of the allowance for credit losses


Balance at January 1, 2022	$	419
Credit loss gain		(171)
Write-offs charged against allowances		—
Balance at March 31, 2022	$	248