0001558370-23-013792 | 10-Q | XBRL Viewer

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023


		Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Numerator:
Net loss	$	(6,064)	$	(24,902)	$	(12,167)	$	(43,055)
Denominator:
Weighted average common shares outstanding		37,494		36,922		37,411		36,887

Net loss per share, basic and diluted	$	(0.16)	$	(0.67)	$	(0.33)	$	(1.17)

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Common stock and RSUs	1,607	928	1,557	759
Stock options	2,891	2,578	2,810	2,383
Total anti-dilutive shares	4,498	3,506	4,367	3,142

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

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


	June 30, 2023			December 31, 2022
Accrued professional services	$	1,853	$	1,409
Accrued royalties		1,167		815
Accrued tax liabilities		918		172
Accrued in-transit inventory		594		21
Other accrued expenses		2,245		2,716
Total accrued expenses and other current liabilities	$	6,777	$	5,133

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (12,167)	$ (43,055)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,845	2,790
Credit losses on accounts receivable	324	581
Foreign currency losses	205
Operating lease right-of-use asset amortization	1,002	925
Stock-based compensation expense	8,095	9,013
Deferred income taxes	343
Loss on disposal of fixed assets		6
Changes in assets and liabilities:
Accounts receivable	(5,750)	3,479
Inventory	(1,181)	180
Prepaid expenses and other assets	(527)	960
Other non-current assets	(965)	2
Accounts payable	(631)	(3,220)
Accrued compensation and benefits, accrued expenses and other current liabilities	(1,326)	(4,387)
Deferred revenue	1,666	6,228
Operating lease liabilities	(730)	(3,128)
Other non-current liabilities	(72)	(9)
Net cash used in operating activities	(8,869)	(29,635)
Cash flows from investing activities:
Purchases of property and equipment	(784)	(6,454)
Proceeds from RADx grant on assets purchased		520
Net cash used in investing activities	(784)	(5,934)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	777	1,190
Payments for employee taxes on units withheld	(87)
Net cash provided by financing activities	690	1,190
Net decrease in cash, cash equivalents, and restricted cash	(8,963)	(34,379)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(163)	(776)
Cash, cash equivalents, and restricted cash at beginning of period	341,337	399,042
Cash, cash equivalents, and restricted cash at end of period	332,211	363,887
Supplemental disclosure of cash flow information:
Cash paid for taxes	502
Operating lease right-of-use assets obtained in exchange for lease liabilities		$ 22,376
Shares received in exchange for license of intellectual property (Note 3)	$ 1,000

Net Loss Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	4,498	3,506	4,367	3,142
Common stock and RSUs
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	1,607	928	1,557	759
Employee Stock Option [Member]
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	2,891	2,578	2,810	2,383

Revenue and Related Matters - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 11.7
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	10.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.4
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1.3
Performance obligation satisfaction period	24 months

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - License agreements and Lease commitments (Details) - License agreements - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
License agreements
Royalty expense		$ 0.0	$ 0.0	$ 0.0	$ 0.0
Tufts
License agreements
Royalty expense		$ 0.4	$ 0.4	$ 0.8	$ 0.7
Harvard University
License agreements
Upfront Fee	$ 0.6

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies

Schedule of future minimum lease payments


Maturity of lease liabilities	As of June 30, 2023
2023 (remainder)	$	3,487
2024		7,064
2025		7,228
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	56,449
Less: imputed interest		13,085
Total operating lease liabilities	$	43,364

Revenue and Related Matters - Service Revenue (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Service Revenue
Revenue	$ 31,029	$ 23,500		$ 59,485	$ 53,052
Accounts Receivable
Service Revenue
Number Of Customers With High Percent Of Gross Accounts Receivable \| customer	1			1
Customer Concentration Risk
Service Revenue
Threshold limit used for calculating concentration risk percentage				10.00%
Customer Concentration Risk \| Revenue.
Service Revenue
Number Of Customers With High Percent Of Total Revenue \| customer	1			1
Threshold limit used for calculating concentration risk percentage	10.00%			10.00%
Service revenue
Service Revenue
Revenue	$ 10,552	8,548		$ 19,131	17,358
Collaboration agreement \| Service revenue
Service Revenue
Revenue	$ 1,500	$ 2,700		$ 3,000	$ 5,400
Master collaboration agreement \| Eli Lilly
Service Revenue
Non-refundable up-front payment received			$ 5,000
Statement of works agreement \| Eli Lilly
Service Revenue
Collaborative arrangement payment received per quarter						$ 1,500

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Net Loss Per Share

Net Loss Per Share

Note 9. Net Loss Per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):


		Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Numerator:
Net loss	$	(6,064)	$	(24,902)	$	(12,167)	$	(43,055)
Denominator:
Weighted average common shares outstanding		37,494		36,922		37,411		36,887

Net loss per share, basic and diluted	$	(0.16)	$	(0.67)	$	(0.33)	$	(1.17)

In periods when the Company is in a net loss position, dilutive securities are excluded from the computation of diluted earnings per share because their inclusion would have an anti-dilutive effect. Therefore, basic net loss per share is the same as diluted net loss per share.

The following common share equivalents have been excluded from the calculation of diluted net loss per share (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Common stock and RSUs	1,607	928	1,557	759
Stock options	2,891	2,578	2,810	2,383
Total anti-dilutive shares	4,498	3,506	4,367	3,142

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Changes in the carrying value of goodwill
Goodwill impairment	$ 8.2
Goodwill		$ 0.0	$ 0.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Variable Interest Entities

Variable Interest Entities

Note 15. Variable Interest Entities

The Company enters into relationships with or has investments in other entities that may be VIEs. The Company assesses the criteria in ASC 810 – Consolidation to determine if any of these entities meet the definition of a VIE and require consolidation into its financial statements. The Company’s analysis determines whether it has a controlling financial interest and also identifies the primary beneficiary of a VIE as the enterprise that has both (1) the power to direct activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity.

As discussed in Note 3 – Revenue and Related Matters, during the second quarter of 2023 the Company received one million ordinary shares of UltraDx under the UltraDx Agreement. Primarily due to having less than a 5% ownership interest in UltraDx, the Company concluded that it does not have the power to direct activities impacting UltraDx’s economic performance and therefore the Company is not the primary beneficiary of the VIE.

Based on the Company’s assessments, it does not have any controlling financial interests in any VIEs, and therefore did not consolidate any VIEs into its Consolidated Financial Statements during the three and six months ended June 30, 2023 and 2022.

As of June 30, 2023 and December 31, 2022, the carrying value of the Company’s investment interests in VIEs was $1.3 million and $0.3 million, respectively, which are recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 5 – Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losses related to these VIEs is limited to their carrying value and the Company does not have any future funding commitments to these VIEs.

Allowance for Credit Losses

6 Months Ended

Jun. 30, 2023

Allowance for Credit Losses

Allowance for Credit Losses

Note 4. Allowance for Credit Losses

The Company is exposed to credit losses primarily through accounts receivable from sales of its products and services. The Company’s expected credit loss allowance methodology is developed using historical collection experience, current and future economic and market conditions, and a review of the status of customers’ accounts receivable.

Customers are assessed for credit worthiness upfront through a credit review, which includes analysis of customers’ financial statements when a credit rating is not available.

The allowance for credit losses on accounts receivable is summarized as follows (in thousands):


	2023		2022
Balance at December 31 of prior year	$	118	$	419
Provision for expected credit losses		516		581
Write-offs and recoveries collected		(192)		—
Balance at June 30	$	442	$	1,000

Stock-Based Compensation - Stock options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number outstanding
Outstanding at the beginning of the period (in shares)			2,188
Granted (in shares)			1,006
Exercised (in shares)			(44)
Cancelled (in shares)			(355)
Outstanding at the end of the period (in shares)	2,795		2,795		2,188
Exercisable at the end of the period (in shares)	918		918
Vested and expected to vest at the end of the period (in shares)	2,795		2,795
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)			$ 20.69
Granted (in dollars per share)			14.91
Exercised (in dollars per share)			6.74
Cancelled (in dollars per share)			17.11
Outstanding at the end of the period (in dollars per share)	$ 19.28		19.28		$ 20.69
Exercisable at the end of the period (in dollars per share)	24.67		24.67
Vested and expected to vest at the end of the period (in dollars per share)	$ 19.28		$ 19.28
Weighted-average remaining contractual life
Outstanding (in years)			8 years 2 months 12 days		8 years 1 month 6 days
Exercisable at the end of the period (in years)			6 years
Vested and expected to vest at the end of the period (in years)			8 years 2 months 12 days
Aggregate intrinsic value
Outstanding	$ 18,118		$ 18,118		$ 4,273
Exercisable at the end of the period	3,740		3,740
Vested and expected to vest at the end of the period	$ 18,118		$ 18,118
Weighted-average fair value of options granted	$ 11.95	$ 13.47	$ 9.62	$ 14.11

Restructuring - Roll forward (Details) - Severance and Employee Benefit Costs $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring
Balance at Beginning of period	$ 328
Accrual adjustments	(33)
Cash payments	(16)
Foreign currency translation	5
Balance at End of period	$ 284

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair value of financial instruments - Changes in Level 3 Financial Instruments (Details) - USD ($) $ in Millions	Jun. 23, 2023	Jun. 30, 2023	Dec. 31, 2022
Changes in the Company's Level 3 financial instruments
Receipt of ordinary shares of UltraDx (Note 13)	$ 1.0
Fair value		$ 1.3	$ 0.3

Revenue and Related Matters

6 Months Ended

Jun. 30, 2023

Revenue and Related Matters

Revenue and Related Matters

Note 3. Revenue and Related Matters

Disaggregated Revenue

The following tables disaggregate the Company’s revenue from contracts with customers by revenue type and geography (based on the location products and services are consumed) (in thousands):


	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue
Instruments	$	1,042	$	971	$	1,473	$	3,486	$	2,473	$	2,127	$	1,004	$	5,604
Consumable and other products		9,811		4,547		1,848		16,206		4,719		3,588		874		9,181
Total	$	10,853	$	5,518	$	3,321	$	19,692	$	7,192	$	5,715	$	1,878	$	14,785

Service revenue
Service-type warranties	$	1,559	$	753	$	153	$	2,465	$	1,320	$	688	$	124	$	2,132
Research services		6,321		711		453		7,485		5,511		316		8		5,835
Other services		372		219		11		602		317		237		27		581
Total	$	8,252	$	1,683	$	617	$	10,552	$	7,148	$	1,241	$	159	$	8,548

Collaboration and license revenue	$	629	$	—	$	—	$	629	$	43	$	49	$	—	$	92

Grant revenue	$	156	$	—	$	—	$	156	$	75	$	—	$	—	$	75

Total revenues	$	19,890	$	7,201	$	3,938	$	31,029	$	14,458	$	7,005	$	2,037	$	23,500


	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue
Instruments	$	3,186	$	2,952	$	2,607	$	8,745	$	4,638	$	4,173	$	3,015	$	11,826
Consumable and other products		17,268		9,487		3,479		30,234		13,552		8,014		2,049		23,615
Total	$	20,454	$	12,439	$	6,086	$	38,979	$	18,190	$	12,187	$	5,064	$	35,441

Service revenue
Service-type warranties	$	3,116	$	1,459	$	288	$	4,863	$	2,603	$	1,347	$	216	$	4,166
Research services		11,510		945		568		13,023		11,607		447		21		12,075
Other services		754		476		15		1,245		601		448		68		1,117
Total	$	15,380	$	2,880	$	871	$	19,131	$	14,811	$	2,242	$	305	$	17,358

Collaboration and license revenue	$	997	$	—	$	—	$	997	$	43	$	83	$	52	$	178

Grant revenue	$	378	$	—	$	—	$	378	$	75	$	—	$	—	$	75

Total revenues	$	37,209	$	15,319	$	6,957	$	59,485	$	33,119	$	14,512	$	5,421	$	53,052

For each of the three and six months ended June 30, 2023, one customer accounted for more than 10% of the Company’s total revenues. At June 30, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable.

Product Revenue

UltraDx

On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay

components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize, HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market. Refer to Note 13 – Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities.

The Company determined that the instruments, components, and licenses formed a single, combined performance obligation. The consideration due to the Company included (1) cash proceeds of $1.9 million, which was received and recognized as revenue in the third quarter of 2022 when the instruments, components, and licenses were delivered to and paid by UltraDx, and (2) contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of the preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception.

During the three months ended June 30, 2023, UltraDx completed the qualified preferred share financing and issued to the Company one million ordinary shares with a total fair value of $1.0 million. Refer to Note 5 – Fair Value of Financial Instruments for the Company’s disclosures related to determining the fair value of the shares received. Also refer to Note 15 – Variable Interest Entities for additional information on the Company’s investment interests in UltraDx as a result of the share issuance.

During the three and six months ended June 30, 2023, the Company recognized $1.4 million of revenue, which includes the one-time revenue from the receipt of the UltraDx shares. During the three and six months ended June 30, 2022, no revenue was recognized under the UltraDx Agreement.

Service Revenue

Eli Lilly and Company

On February 25, 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 first quarter of 2022, which was recognized over a one-year period. In addition, under the statement of work, the Company receives $1.5 million per calendar quarter, which began in the first quarter of 2022. The statement of work automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement. As of June 30, 2023, the Lilly Collaboration Agreement and the statement of work were still in effect.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted the Company a non-exclusive license to Lilly’s proprietary pTau217 antibody technology for 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 Lilly 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 royalties on net sales of licensed products.

The Company recognized revenue from the Lilly Collaboration Agreement of $1.5 million and $3.0 million during the three and six months ended June 30, 2023, respectively, and $2.7 million and $5.4 million during the three and six months ended June 30, 2022, respectively.

Collaboration and License Revenue

Abbott Laboratories

On September 29, 2020, the Company and Abbott Laboratories (“Abbott”) entered into a Non-Exclusive License Agreement (the “Abbott License Agreement”). Under 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 patent (the “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 2020. Abbott 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 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 and six months ended June 30, 2023, the Company recognized $0.5 million of one-time revenue related to the expiration of a previously paid for option to expand the scope of the Abbott License Agreement.

Grant Revenue

The Company recognizes grant revenue after funding is committed and as each grant’s related activities are performed. The timing of revenue recognition and receipt of funding varies by grant and can be independent from performance of the related activities, such as an upfront payment of the award value, or subsequent to the Company’s requests for reimbursement for already performed activities (subject to the approval of the granting organization), as further described below.

NIH Grant

On September 21, 2022, the Company and the National Institutes of Health (the “NIH”) entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH is an agency of the U.S. Department of Health and Human Services and granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of June 30, 2023, the Company had not received any of the award value.

During the three and six months ended June 30, 2023, grant revenue recognized and research and development expenses incurred were immaterial.

ADDF Grant

On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an in vitro diagnostic test for early detection of Alzheimer's disease. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through June 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of June 30, 2023, the Company had received the total funding value of $2.3 million.

During the three and six months ended June 30, 2023 and 2022, grant revenue recognized and research and development expenses incurred were immaterial.

RADx Grant

On September 29, 2020, the Company entered into a contract with the NIH under its Rapid Acceleration of Diagnostics (“RADx”) program (the “RADx Grant”), with a total award value of $18.2 million. The RADx Grant was to accelerate the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. Grant funding was used to expand assay kit manufacturing capacity and commercial deployment readiness, and the contract ran through the final milestone on May 31, 2022. Receipt of the award value occurred throughout the term of the contract period and after the Company submitted for reimbursement of activities related to the grant. During the three months ended June 30, 2022, the Company received $0.5 million which represented the final and total funding value of the $18.2 million award.

During both the three and six months ended June 30, 2022, the Company recognized no grant revenue and incurred no research and development expenses. As of June 30, 2022, the Company had no future obligations under the RADx Grant.

Contract Assets and Liabilities

There were no contract assets of as June 30, 2023 or December 31, 2022.

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets. During the six months ended June 30, 2023 and 2022, the Company recognized $4.9 million and $3.6 million of revenue, respectively related to its deferred revenue balance at January 1 of each such period.

Remaining Performance Obligations

As of June 30, 2023, the aggregate amount of transaction price allocated to performance obligations that have not yet been satisfied, or are partially satisfied, was $11.7 million.

Of the performance obligations not yet satisfied or partially satisfied, $10.4 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized within the 24 months thereafter. The $10.4 million principally consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services.

Costs to Obtain a Contract

The Company capitalizes commissions paid to its sales representatives and related fringe benefits costs that are incremental to obtaining customer contracts. These costs are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Changes in costs to obtain a contract were as follows (in thousands):


	2023		2022
Balance at December 31 of prior year	$	377	$	440
Deferral of costs to obtain a contract		335		632
Amortization of costs to obtain a contract		(333)		(662)
Balance at June 30	$	379	$	410

Costs to obtain a contract are amortized to earnings over the estimated life of the contract and are recorded in cost of goods sold and selling, general, and administrative expense on the Consolidated Statements of Operations. The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the six months ended June 30, 2023 or 2022.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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+ Details

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Share-based compensation expense	$ 4,193	$ 5,186	$ 8,095	$ 9,013
Cost of product revenue
Stock-based compensation
Share-based compensation expense	200	137	387	225
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	258	205	608	371
Research and development
Stock-based compensation
Share-based compensation expense	405	482	775	880
Selling, general, and administrative
Stock-based compensation
Share-based compensation expense	3,330	$ 4,362	6,325	$ 7,537
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 39,800		$ 39,800
Period of recognition of unrecognized compensation cost			2 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accrued Expenses and Other Current Liabilities

Summary of Accrued expenses and other current liabilities

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


	June 30, 2023			December 31, 2022
Accrued professional services	$	1,853	$	1,409
Accrued royalties		1,167		815
Accrued tax liabilities		918		172
Accrued in-transit inventory		594		21
Other accrued expenses		2,245		2,716
Total accrued expenses and other current liabilities	$	6,777	$	5,133

Commitments and Contingencies - Future minimum commitments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies
2023 (remainder)	$ 3,487
2024	7,064
2025	7,228
2026	7,408
2027	7,641
2028	7,880
Thereafter	15,741
Total lease payments	56,449
Less: imputed interest	13,085
Total operating lease liabilities	$ 43,364

Organization and Nature of Business

6 Months Ended

Jun. 30, 2023

Organization and Nature of Business

Organization and Nature of Business

QUANTERIX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Organization and Nature of Business

Quanterix Corporation (“Quanterix” or 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. The Company is currently focusing on protein detection, but its Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules.

The Company also provides contract research services for customers through its CLIA-certified Accelerator Laboratory. The Accelerator Laboratory provides customers with access to Simoa technology and supports multiple projects and services, including sample testing, homebrew assay development, and custom assay development. To date, the Company has completed over 2,000 projects for more than 450 customers from all over the world using its Simoa platforms.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Total
Beginning Balance at Dec. 31, 2021	$ 37	$ 745,936	$ 441	$ (305,462)	$ 440,952
Beginning balance (in shares) at Dec. 31, 2021	36,768
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		1,190			1,190
Issuance of common stock under stock plans, including tax effects (in shares)	207
Stock-based compensation expense		9,013			9,013
Foreign currency translation			(2,644)		(2,644)
Net loss				(43,055)	(43,055)
Ending Balance at Jun. 30, 2022	$ 37	756,139	(2,203)	(348,517)	405,456
Ending Balance (in shares) at Jun. 30, 2022	36,975
Beginning Balance at Mar. 31, 2022	$ 37	750,742	(756)	(323,615)	426,408
Beginning balance (in shares) at Mar. 31, 2022	36,899
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		211			211
Issuance of common stock under stock plans, including tax effects (in shares)	76
Stock-based compensation expense		5,186			5,186
Foreign currency translation			(1,447)		(1,447)
Net loss				(24,902)	(24,902)
Ending Balance at Jun. 30, 2022	$ 37	756,139	(2,203)	(348,517)	405,456
Ending Balance (in shares) at Jun. 30, 2022	36,975
Beginning Balance at Dec. 31, 2022	$ 37	763,688	(2,623)	(402,162)	358,940
Beginning balance (in shares) at Dec. 31, 2022	37,280
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		690			690
Issuance of common stock under stock plans, including tax effects (in shares)	286
Stock-based compensation expense		8,095			8,095
Foreign currency translation			(202)		(202)
Net loss				(12,167)	(12,167)
Ending Balance at Jun. 30, 2023	$ 37	772,473	(2,825)	(414,329)	355,356
Ending Balance (in shares) at Jun. 30, 2023	37,566
Beginning Balance at Mar. 31, 2023	$ 37	768,141	(2,581)	(408,265)	357,332
Beginning balance (in shares) at Mar. 31, 2023	37,424
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		139			139
Issuance of common stock under stock plans, including tax effects (in shares)	142
Stock-based compensation expense		4,193			4,193
Foreign currency translation			(244)		(244)
Net loss				(6,064)	(6,064)
Ending Balance at Jun. 30, 2023	$ 37	$ 772,473	$ (2,825)	$ (414,329)	$ 355,356
Ending Balance (in shares) at Jun. 30, 2023	37,566

- 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

Stock-Based Compensation - Stock-based compensation plans (Details) - 2017 ESPP - shares shares in Thousands		6 Months Ended
	Jan. 03, 2023	Jun. 30, 2023	Dec. 31, 2021
Stock-based compensation
Employee stock purchase plan (in shares)		70
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)	372

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill.

Goodwill

Note 11. Goodwill

During the third quarter of 2022, the Company identified certain indicators of impairment, including a significant decline in the Company’s stock price, actions taken under the Restructuring Plan (refer to Note 14 - Restructuring), and a reduction of forecasted sales and profitability. As a result, the Company performed a goodwill impairment test and determined its goodwill was impaired as the carrying amount of the Company’s sole reporting unit exceeded its estimated fair value. The Company concluded that its entire goodwill balance was impaired and recognized an $8.2 million non-cash impairment charge during the third quarter of 2022.

As of June 30, 2023 and December 31, 2022, the Company had no remaining goodwill balance.

Net Loss Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Loss Per Share
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Basic weighted average common shares outstanding	37,494	36,922	37,411	36,887
Diluted weighted average common shares outstanding	37,494	36,922	37,411	36,887
Basic net (loss) income per share	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Diluted net (loss) income per share	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	3 Months Ended	12 Months Ended		36 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 item	Dec. 31, 2022 item	Dec. 31, 2024 item	Jun. 30, 2023 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Tenant improvements allowances \| $	$ 0.9
Stratec Supply Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped \| item			75,000
Revenue from open purchase orders \| $					$ 3.7
Purchase commitments expects to incur in next year \| $					$ 2.6
Stratec Supply Agreement \| Forecast
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs purchased \| item				515,000
Number of discs shipped \| item		220,000

Revenue and Related Matters - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue and Related Matters
Contract with Customer, Asset, after Allowance for Credit Loss	$ 0	$ 0

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet included herein was derived from the audited Consolidated Financial Statements as of December 31, 2022, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Certain prior period amounts have been reclassified to conform to the current period presentation.

These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 6, 2023. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below.

In the opinion of management, the Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 may not be indicative of the results for the full fiscal year ended December 31, 2023 or any other period.

The Company’s fiscal year is the twelve-month period from January 1 through December 31.

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenues, and expenses reported and disclosures in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation of intangible and other long-lived assets, recoverability of deferred tax assets, ongoing impairment reviews, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, market specific information, or other relevant factors it believes to be reasonable.

On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results may differ from these estimates.

Presentation of Restricted Cash

The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands):


	As of June 30,
	2023		2022
Cash and cash equivalents	$	329,525	$	361,293
Restricted cash (1)		2,686		2,594
Cash, cash equivalents, and restricted cash	$	332,211	$	363,887

(1) Restricted cash consists of collateral for a letter of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.

Recent Accounting Pronouncements

There are no new accounting pronouncements issued or effective in the current or future periods that are expected to have a material impact on the Company’s Consolidated Financial Statements or accompanying notes.

Fair value of financial instruments

6 Months Ended

Jun. 30, 2023

Fair value of financial instruments

Fair value of financial instruments

Note 5. Fair Value of Financial Instruments

Recurring Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):


As of June 30, 2023	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	$	312,986	$	312,986	$	—	$	—
Total Financial Assets	$	312,986	$	312,986	$	—	$	—


As of December 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	$	306,097	$	306,097	$	—	$	—
Total Financial Assets	$	306,097	$	306,097	$	—	$	—

Nonrecurring Fair Value Measurements

On June 26, 2023, the Company received ordinary shares in UltraDx (refer to Note 3 – Revenue and Related Matters) which were valued at $1.0 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing event that closed in the second quarter of 2023. As UltraDx is a recently formed, privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement.

Pursuant to ASC 321 – Investments – Equity Securities, the Company has elected the measurement alternative for equity investments without readily determinable fair values and will continue to recognize the UltraDx shares at cost, less any impairment, and adjusted for any observable price changes in orderly transactions.

As of June 30, 2023 and December 31, 2022, the carrying value of the Company’s Level 3 financial assets was $1.3 million and $0.3 million, respectively. There were no changes in the carrying value of these assets during the three and six months ended June 30, 2023 and 2022. These assets are included in other non-current assets on the Consolidated Balance Sheets. Refer to Note 15 – Variable Interest Entities for further discussion.

Other Fair Value Disclosures

During the six months ended June 30, 2023 and 2022, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 3 financial assets.

- 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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 31,029	$ 23,500	$ 59,485	$ 53,052
Costs of goods sold and services:
Total costs of goods sold and services	11,891	14,789	23,421	29,782
Gross profit	19,138	8,711	36,064	23,270
Operating expenses:
Research and development	5,946	6,625	10,666	13,659
Selling, general, and administrative	21,591	27,045	42,474	52,757
Other lease costs	1,162		1,938
Restructuring			(33)
Total operating expenses	28,699	33,670	55,045	66,416
Loss from operations	(9,561)	(24,959)	(18,981)	(43,146)
Interest income, net	3,886	552	7,335	604
Other expense, net	(154)	(358)	(146)	(575)
Loss before income taxes	(5,829)	(24,765)	(11,792)	(43,117)
Income tax (expense) benefit	(235)	(137)	(375)	62
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Net loss per common share, basic (in dollars per share)	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Net loss per common share, diluted (in dollars per share)	$ (0.16)	$ (0.67)	$ (0.33)	$ (1.17)
Weighted-average common shares outstanding, basic (in shares)	37,494	36,922	37,411	36,887
Weighted-average common shares outstanding, diluted (in shares)	37,494	36,922	37,411	36,887
Product revenue
Revenues:
Total revenues	$ 19,692	$ 14,785	$ 38,979	$ 35,441
Costs of goods sold and services:
Total costs of goods sold and services	7,236	9,921	14,269	20,667
Service revenue
Revenues:
Total revenues	10,552	8,548	19,131	17,358
Service revenue.
Costs of goods sold and services:
Total costs of goods sold and services	4,655	4,868	9,152	9,115
Collaboration and license revenue
Revenues:
Total revenues	629	92	997	178
Grant revenue
Revenues:
Total revenues	$ 156	$ 75	$ 378	$ 75

Revenue and Related Matters - Deferred Revenue (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue and Related Matters
Deferred Revenue, Revenue Recognized	$ 4.9	$ 3.6

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

Schedule of cash and cash equivalents


	As of June 30,
	2023		2022
Cash and cash equivalents	$	329,525	$	361,293
Restricted cash (1)		2,686		2,594
Cash, cash equivalents, and restricted cash	$	332,211	$	363,887

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory
Raw Materials	$ 4,966	$ 5,509
Work in process	5,520	3,362
Finished goods	7,670	7,915
Total inventory	$ 18,156	$ 16,786

Revenue and Related Matters - Collaboration and license arrangements (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Collaboration and license arrangements
Revenue	$ 31,029		$ 23,500	$ 59,485	$ 53,052
UltraDx
Collaboration and license arrangements
Revenue	$ 1,400		0	$ 1,400	0
Consideration on collaboration activities		$ 1,900
Shares amount received		$ 1,000
Number of contingent consideration collaboration	1
Total fair value	$ 1,000
Abbot license agreement
Collaboration and license arrangements
Number of days notice to terminate agreement				60 days
Initial license fee receivable						$ 10,000
Revenue	500			$ 500
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 629		$ 92	$ 997	$ 178

Revenue and Related Matters - Grant revenue (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Sep. 21, 2022	Mar. 24, 2022	Sep. 29, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenues				$ 31,029	$ 23,500	$ 59,485	$ 53,052
Research and Development Expense				5,946	6,625	10,666	13,659
Deferred revenue						(1,666)	(6,228)
RADx WP2
Contract value			$ 18,200		18,200
Contract Payment Received					500
Research and Development Expense					0		0
ADDF
Contract value		$ 2,300				2,300
National Institutes of Health
Contract value	$ 1,700
Grant revenue
Total revenues				$ 156	75	378	75
Grant revenue \| RADx WP2
Total revenues					$ 0	$ 0	$ 0

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Stock-Based Compensation

Summary of share-based compensation expense for all stock awards

Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of product revenue	$	200	$	137	$	387	$	225
Cost of service and other revenue		258		205		608		371
Research and development		405		482		775		880
Selling, general, and administrative		3,330		4,362		6,325		7,537
Total stock-based compensation	$	4,193	$	5,186	$	8,095	$	9,013

Summary of stock option activity

Stock Options

Stock option activity for the six months ended June 30, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average remaining	Aggregate
	Number of shares	exercise price per share		contractual life (in years)	intrinsic value
Outstanding at December 31, 2022	2,188	$	20.69	8.1	$	4,273
Granted	1,006		14.91
Exercised	(44)		6.74
Cancelled	(355)		17.11
Outstanding at June 30, 2023	2,795	$	19.28	8.2	$	18,118
Exercisable at June 30, 2023	918	$	24.67	6.0	$	3,740
Vested and expected to vest at June 30, 2023	2,795	$	19.28	8.2	$	18,118

Summary of restricted stock units activity

Restricted Stock Units

Restricted stock unit (“RSU”) activity for the six months ended June 30, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average
		grant date fair		remaining contractual	Aggregate
	Number of shares	value per share		life (in years)	intrinsic value
Unvested RSUs at December 31, 2022	1,188	$	21.18	9.6	$	16,455
Granted	737		14.58
Vested	(171)		30.87
Cancelled	(223)		17.37
Unvested RSUs at June 30, 2023	1,531	$	17.47	9.3	$	34,515
Expected to convert at June 30, 2023	1,531	$	17.47	9.3	$	34,515

Summary of fair value of the Company's stock options granted and purchase rights to the ESPP

The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Stock Options:
Risk-free interest rate		3.5% - 4.2%		2.7% - 3.2%		3.5% - 4.2%		1.4% - 3.2%
Expected dividend yield		—		—		—		—
Expected term (in years)		5.0 - 5.1		5.7 - 5.8		5.0 - 5.1		5.7 - 5.8
Expected volatility		80.9% - 82.1%		55.1% - 56.2%		71.1% - 82.1%		55.0% - 56.2%

Weighted-average grant date fair value	$	11.95	$	13.47	$	9.62	$	14.11

Employee Stock Purchase Plan:
Risk-free interest rate		5.2%		1.1%		5.2%		0.7% - 1.1%
Expected dividend yield		—		—		—		—
Expected term (in years)		0.5		0.5		0.5		0.5
Expected volatility		72.8%		55.7%		72.8% - 82.5%		51.9% - 55.7%

Weighted-average grant date fair value	$	2.25	$	4.62	$	2.24	$	4.76

Restructuring (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
Restructuring (Details) $ in Millions	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) position	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring
Total headcount \| position		119
Goodwill impairment		$ 8.2
Impairment of long-lived assets	$ 0.0		$ 0.0	$ 25.6
Property And Equipment [Member]
Restructuring
Impairment of long-lived assets			16.3
Software and Software Development Costs [Member]
Restructuring
Impairment of long-lived assets			1.1
Goodwill [Member]
Restructuring
Goodwill impairment			$ 8.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair value of financial instruments

Schedule of fair value measurements

Recurring Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):


As of June 30, 2023	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	$	312,986	$	312,986	$	—	$	—
Total Financial Assets	$	312,986	$	312,986	$	—	$	—


As of December 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	$	306,097	$	306,097	$	—	$	—
Total Financial Assets	$	306,097	$	306,097	$	—	$	—

Organization and Nature of Business (Details)	Jun. 30, 2023 customer project
Organization and Nature of Business
Entity Number of Projected completed \| project	2,000
Minimum
Organization and Nature of Business
Entity Number of Customers Served \| customer	450

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 329,525	$ 338,740
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	24,423	19,017
Inventory	18,156	16,786
Prepaid expenses and other current assets	6,954	6,860
Total current assets	379,058	381,403
Restricted cash	2,686	2,597
Property and equipment, net	18,328	20,162
Intangible assets, net	6,476	7,516
Operating lease right-of-use assets	20,380	21,223
Other non-current assets	2,282	1,298
Total assets	429,210	434,199
Current liabilities:
Accounts payable	3,238	3,836
Accrued compensation and benefits	7,525	10,658
Accrued expenses and other current liabilities	6,777	5,133
Deferred revenue	10,421	8,644
Operating lease liabilities	3,986	2,687
Total current liabilities	31,947	30,958
Deferred revenue, net of current portion	1,304	1,415
Lease liabilities, net of current portion	39,378	41,417
Other non-current liabilities	1,225	1,469
Total liabilities	73,854	75,259
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized shares: 120,000; Issued and outstanding: 37,566 and 37,280 shares at June 30, 2023 and December 31, 2022, respectively	37	37
Additional paid-in capital	772,473	763,688
Accumulated other comprehensive loss	(2,825)	(2,623)
Accumulated deficit	(414,329)	(402,162)
Total stockholders' equity	355,356	358,940
Total liabilities and stockholders' equity	$ 429,210	$ 434,199

Inventory

6 Months Ended

Jun. 30, 2023

Inventory

Inventory

Note 6. Inventory

Inventory, net of inventory reserves, consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
Raw materials	$	4,966	$	5,509
Work in process		5,520		3,362
Finished goods		7,670		7,915
Total inventory	$	18,156	$	16,786

Stock-Based Compensation - Restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)	1,188
Granted (in shares)	737
Vested (in shares)	(171)
Cancelled (in shares)	(223)
Unvested restricted common stock at the end of the period (in shares)	1,531	1,188
Expected to convert	1,531
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share)	$ 21.18
Granted (in dollars per share)	14.58
Vested (in dollars per share)	30.87
Cancelled (in dollars per share)	17.37
Unvested restricted common stock at the end of the period (in dollars per share)	17.47	$ 21.18
Expected to convert (in dollars per share)	$ 17.47
Unvested, Weighted-average remaining contractual life (in years)	9 years 3 months 18 days	9 years 7 months 6 days
Expected to Convert, Weighted-average Remaining Contractual Life (in years)	9 years 3 months 18 days
Unvested, Aggregate intrinsic value	$ 34,515	$ 16,455
Expected to convert, Aggregate intrinsic value	$ 34,515

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Effective Income Tax Rate Reconciliation, Percent	4.00%	0.00%	3.20%	0.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)

- Definition

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

+ References

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Related Party Transactions

Note 13. Related Party Transactions

In June 2007, the Company and Tufts entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 12 - Commitments and Contingencies). A member of the Company’s Board of Directors was previously affiliated with Tufts. This Board member continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts. At June 30, 2023 and December 31, 2022, open payable balances to Tufts were immaterial.

A member of the Company’s Board of Directors is affiliated with Harvard and Mass General Brigham. Revenue recorded from sales of products and services to Harvard and its affiliates and to Mass General Brigham and its affiliates totaled $0.5 million and $0.7 million for the three and six months ended June 30, 2023, respectively, and was immaterial for the three and six months ended June 30, 2022.

Additionally, in August 2022, the Company and Harvard entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 12 – Commitments and Contingencies). Harvard is obligated to pay a portion of the payments received from the Company under the Harvard License Agreement to a member of the Company’s Board of Directors.

Cost of product revenue and operating expenses with Harvard and its affiliates and Mass General Brigham and its affiliates for the three and six months ended June 30, 2023 and 2022 was immaterial. At June 30, 2023 and December 31, 2022, open payables to and receivable balances from Harvard and Mass General Brigham were immaterial.

As discussed in Note 3 – Revenue and Related Matters, on May 26, 2022, the Company and UltraDx, a company formed by ARCH, entered into the UltraDx Agreement to supply certain instruments and to grant certain licenses. At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx. As of June 7, 2023, this individual was no longer a member of the Company’s Board of Directors. Cost of goods sold for both the three and six months ended June 30, 2023 were immaterial. At June 30, 2023 and December 31, 2022, there were no open payable balances to UltraDx and open receivable balances from UltraDx were $0.4 million and zero, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related party transactions
Cost of revenue	$ 11,891	$ 14,789	$ 23,421	$ 29,782
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	24,423		24,423		$ 19,017
Accounts payable	3,238		3,238		3,836
Selling, General and Administrative Expense	21,591	27,045	42,474	52,757
Commitment to sponsor agreement
Product revenue
Related party transactions
Cost of revenue	7,236	9,921	14,269	20,667
Service revenue.
Related party transactions
Cost of revenue	4,655	$ 4,868	9,152	$ 9,115
Harvard University
Related party transactions
Related party revenue	500		700
UltraDx
Related party transactions
Accounts receivable (net of allowance for expected credit losses of $442 and $118 as of June 30, 2023 and December 31, 2022, respectively)	400		400		0
Accounts payable	$ 0		$ 0		$ 0

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Financial Assets	$ 312,986	$ 306,097
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	312,986	306,097
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total Financial Assets	312,986	306,097
Level 1 \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	$ 312,986	$ 306,097

Inventory (Tables)

6 Months Ended

Jun. 30, 2023

Inventory

Summary of inventory

Inventory, net of inventory reserves, consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
Raw materials	$	4,966	$	5,509
Work in process		5,520		3,362
Finished goods		7,670		7,915
Total inventory	$	18,156	$	16,786

Revenue and Related Matters - Costs to obtain a contract (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 377	$ 440
Deferral of costs to obtain a contract	335	632
Amortization of costs to obtain a contract	(333)	(662)
Balance at end of period	379	410
Impairment loss	$ 0	$ 0

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Stock-Based Compensation

Stock-Based Compensation

Note 8. Stock-Based Compensation

Stock Options

Stock option activity for the six months ended June 30, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average remaining	Aggregate
	Number of shares	exercise price per share		contractual life (in years)	intrinsic value
Outstanding at December 31, 2022	2,188	$	20.69	8.1	$	4,273
Granted	1,006		14.91
Exercised	(44)		6.74
Cancelled	(355)		17.11
Outstanding at June 30, 2023	2,795	$	19.28	8.2	$	18,118
Exercisable at June 30, 2023	918	$	24.67	6.0	$	3,740
Vested and expected to vest at June 30, 2023	2,795	$	19.28	8.2	$	18,118

Restricted Stock Units

Restricted stock unit (“RSU”) activity for the six months ended June 30, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average
		grant date fair		remaining contractual	Aggregate
	Number of shares	value per share		life (in years)	intrinsic value
Unvested RSUs at December 31, 2022	1,188	$	21.18	9.6	$	16,455
Granted	737		14.58
Vested	(171)		30.87
Cancelled	(223)		17.37
Unvested RSUs at June 30, 2023	1,531	$	17.47	9.3	$	34,515
Expected to convert at June 30, 2023	1,531	$	17.47	9.3	$	34,515

Employee Stock Purchase Plan (“ESPP”)

In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP contains an “evergreen” provision, which allows for an increase in the number of shares under the plan on the first day of each fiscal year beginning with fiscal year 2018. The increase is equal to the lowest of: (i) 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (ii) an amount determined by the Company’s Board of Directors or Compensation Committee. On January 3, 2023, the number of shares of common stock available for issuance under the 2017 ESPP was increased by 372 thousand shares.

The 2017 ESPP provides for six-month offering periods commencing and ending as follows: March 1 through August 31, and September 1 through February 28. During the six months ended June 30, 2023, employees purchased 70 thousand shares of the Company’s common stock pursuant to the 2017 ESPP.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of product revenue	$	200	$	137	$	387	$	225
Cost of service and other revenue		258		205		608		371
Research and development		405		482		775		880
Selling, general, and administrative		3,330		4,362		6,325		7,537
Total stock-based compensation	$	4,193	$	5,186	$	8,095	$	9,013

As of June 30, 2023, there was $39.8 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years.

The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Stock Options:
Risk-free interest rate		3.5% - 4.2%		2.7% - 3.2%		3.5% - 4.2%		1.4% - 3.2%
Expected dividend yield		—		—		—		—
Expected term (in years)		5.0 - 5.1		5.7 - 5.8		5.0 - 5.1		5.7 - 5.8
Expected volatility		80.9% - 82.1%		55.1% - 56.2%		71.1% - 82.1%		55.0% - 56.2%

Weighted-average grant date fair value	$	11.95	$	13.47	$	9.62	$	14.11

Employee Stock Purchase Plan:
Risk-free interest rate		5.2%		1.1%		5.2%		0.7% - 1.1%
Expected dividend yield		—		—		—		—
Expected term (in years)		0.5		0.5		0.5		0.5
Expected volatility		72.8%		55.7%		72.8% - 82.5%		51.9% - 55.7%

Weighted-average grant date fair value	$	2.25	$	4.62	$	2.24	$	4.76

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Allowance for Credit Losses
Beginning Balance	$ 118	$ 419
Provision for expected credit losses	516	581
Write-offs and recoveries collected	(192)
Ending Balance	$ 442	$ 1,000

Revenue and Related Matters - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Service Revenue
Total revenues	$ 31,029	$ 23,500	$ 59,485	$ 53,052
NA
Service Revenue
Total revenues	19,890	14,458	37,209	33,119
EMEA
Service Revenue
Total revenues	7,201	7,005	15,319	14,512
Asia Pacific
Service Revenue
Total revenues	3,938	2,037	6,957	5,421
Product revenue
Service Revenue
Total revenues	19,692	14,785	38,979	35,441
Product revenue \| NA
Service Revenue
Total revenues	10,853	7,192	20,454	18,190
Product revenue \| EMEA
Service Revenue
Total revenues	5,518	5,715	12,439	12,187
Product revenue \| Asia Pacific
Service Revenue
Total revenues	3,321	1,878	6,086	5,064
Instruments
Service Revenue
Total revenues	3,486	5,604	8,745	11,826
Instruments \| NA
Service Revenue
Total revenues	1,042	2,473	3,186	4,638
Instruments \| EMEA
Service Revenue
Total revenues	971	2,127	2,952	4,173
Instruments \| Asia Pacific
Service Revenue
Total revenues	1,473	1,004	2,607	3,015
Consumable and other products
Service Revenue
Total revenues	16,206	9,181	30,234	23,615
Consumable and other products \| NA
Service Revenue
Total revenues	9,811	4,719	17,268	13,552
Consumable and other products \| EMEA
Service Revenue
Total revenues	4,547	3,588	9,487	8,014
Consumable and other products \| Asia Pacific
Service Revenue
Total revenues	1,848	874	3,479	2,049
Service revenue
Service Revenue
Total revenues	10,552	8,548	19,131	17,358
Service revenue \| NA
Service Revenue
Total revenues	8,252	7,148	15,380	14,811
Service revenue \| EMEA
Service Revenue
Total revenues	1,683	1,241	2,880	2,242
Service revenue \| Asia Pacific
Service Revenue
Total revenues	617	159	871	305
Research services
Service Revenue
Total revenues	7,485	5,835	13,023	12,075
Research services \| NA
Service Revenue
Total revenues	6,321	5,511	11,510	11,607
Research services \| EMEA
Service Revenue
Total revenues	711	316	945	447
Research services \| Asia Pacific
Service Revenue
Total revenues	453	8	568	21
Other services
Service Revenue
Total revenues	602	581	1,245	1,117
Other services \| NA
Service Revenue
Total revenues	372	317	754	601
Other services \| EMEA
Service Revenue
Total revenues	219	237	476	448
Other services \| Asia Pacific
Service Revenue
Total revenues	11	27	15	68
Service-type warranties
Service Revenue
Total revenues	2,465	2,132	4,863	4,166
Service-type warranties \| NA
Service Revenue
Total revenues	1,559	1,320	3,116	2,603
Service-type warranties \| EMEA
Service Revenue
Total revenues	753	688	1,459	1,347
Service-type warranties \| Asia Pacific
Service Revenue
Total revenues	153	124	288	216
Collaboration and license revenue
Service Revenue
Total revenues	629	92	997	178
Collaboration and license revenue \| NA
Service Revenue
Total revenues	629	43	997	43
Collaboration and license revenue \| EMEA
Service Revenue
Total revenues		49		83
Collaboration and license revenue \| Asia Pacific
Service Revenue
Total revenues				52
Grant revenue
Service Revenue
Total revenues	156	75	378	75
Grant revenue \| NA
Service Revenue
Total revenues	$ 156	$ 75	$ 378	$ 75

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s fiscal year is the twelve-month period from January 1 through December 31.

Use of Estimates

On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results may differ from these estimates.

Foreign Currency

The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive loss within stockholders’ equity on the Consolidated Balance Sheets.

Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations. Foreign exchange losses were not material during the six months ended June 30, 2023, and were $0.4 million during the six months ended 2022.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company assesses the terms of its investment interests in entities to determine if any meet the definition of a variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 15 –Variable Interest Entities for further discussion.

Presentation of Restricted Cash


	As of June 30,
	2023		2022
Cash and cash equivalents	$	329,525	$	361,293
Restricted cash (1)		2,686		2,594
Cash, cash equivalents, and restricted cash	$	332,211	$	363,887

Recent Accounting Pronouncements

Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring

Restructuring

Note 14. Restructuring

Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a restructuring and strategic re-alignment plan (the “Restructuring Plan”). As part of the Restructuring Plan, the Company began an assay redevelopment program with the ultimate objective of improving its ability to manufacture and deliver high-quality assays at scale. The Restructuring Plan aligns the Company’s investments to best serve the needs of its customers, focuses the Company’s innovation efforts on key platforms, and provides a foundation for the Company’s entry into translational pharma and clinical markets, which it believes will be required to access new growth categories. In accordance with the Restructuring Plan, the Company implemented a workforce reduction, which was substantially completed by the end of the third quarter of 2022. The Restructuring Plan included the elimination of 119 positions and other cost-saving measures.

As a result of the Restructuring Plan, the Company performed an impairment assessment of its goodwill, long-lived assets, including operating lease right-of-use assets, and intangibles. The assessments resulted in the Company recording an impairment charge of $25.6 million during the year ended December 31, 2022. The impairment charge included (1) $16.3 million associated with the operating lease right-of-use asset and related property and equipment at leased facilities, (2) $8.2 million of goodwill (refer to Note 11 – Goodwill), and (3) $1.1 million for software costs related to projects that were rationalized as part of the Restructuring Plan. There were no impairment charges recorded associated with the Restructuring Plan during the three and six months ended June 30, 2023. There were no material changes to the Restructuring Plan or the exit and disposal costs in 2023.

The following table presents the restructuring reserve and provision activity for the six months ended June 30, 2023 (in thousands):


	Severance and Employee Benefit Costs
Balance at December 31, 2022	$	328
Accrual adjustments		(33)
Cash payments		(16)
Foreign currency translation		5
Balance at June 30, 2023	$	284

The Company did not have any restructuring activities during the six months ended June 30, 2022.

Significant Accounting Policies - Presentation of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash equivalents
Cash and cash equivalents	$ 329,525	$ 338,740
Restricted cash (1)	2,686
Cash, cash equivalents, and restricted cash	$ 332,211	$ 341,337	$ 363,887	$ 399,042

Variable Interest Entities (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Other non-current assets	$ 2,282	$ 1,298
UltraDx Limited Company
Number of contingent consideration collaboration	1
Variable Interest Entity, Not Primary Beneficiary
Other non-current assets	$ 1,300	$ 300
Variable Interest Entity, Not Primary Beneficiary \| UltraDx Limited Company
Number of contingent consideration collaboration	1
Ownership interest	5.00%

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 12. Commitments and Contingencies

Purchase Commitments

Stratec

During the year ended December 31, 2022, the Company and Stratec Consumables GmbH (“Stratec”) entered into an amendment to the supply agreement with Stratec (as amended, the “Stratec Supply Agreement”), related to the supply of discs used in Simoa bead-based instruments. As part of the Stratec Supply Agreement, the Company agreed to purchase a total of 515,000 discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc. In 2022, Stratec shipped 75,000 discs to the Company and Stratec is required to ship no less than 220,000 discs in 2023. The total purchase commitment under the Stratec Supply Agreement is $3.7 million.

Other Purchase Commitments

The Company purchases raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. Additionally, the Company enters into annual agreements for other parts of its operations. The Company’s total purchase commitments under these agreements as of June 30, 2023 was $2.6 million.

License Agreements

Harvard University

In August 2022, the Company and Harvard University (“Harvard”) entered into a license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under this license, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the three and six months ended June 30, 2023, and 2022.

Refer to Note 13 – Related Party Transactions for a discussion of a related party relationship with Harvard.

Tufts University

In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts 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 contractually obligated to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income. The Company recorded royalty expense related to the Tufts License Agreement of $0.4 million and $0.8 million during the three and six months ended June 30, 2023, respectively and $0.4 million and $0.7 million during the three and six months ended June 30, 2022, respectively. This royalty expense is recorded in cost of product revenue on the Consolidated Statements of Operations.

Refer to Note 13 – Related Party Transactions for a discussion of a related party relationship with Tufts.

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 results of operations. The Company accrues for contingent liabilities when losses are probable and estimable. If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company accrues the minimum amount of the range.

Leases

Operating lease obligations are recorded in operating lease liabilities and operating lease liabilities, net of current portion on the Consolidated Balance Sheets.

Future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of June 30, 2023
2023 (remainder)	$	3,487
2024		7,064
2025		7,228
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	56,449
Less: imputed interest		13,085
Total operating lease liabilities	$	43,364

The Company’s lease agreement for office and lab facilities in Bedford, Massachusetts included a tenant improvement allowance with the landlord that offset a portion of the Company's construction costs. During the first quarter of 2023, the Company received the final tenant improvement allowance reimbursement of $0.9 million.

Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Allowance for Credit Losses

Schedule of the allowance for credit losses

The allowance for credit losses on accounts receivable is summarized as follows (in thousands):


	2023		2022
Balance at December 31 of prior year	$	118	$	419
Provision for expected credit losses		516		581
Write-offs and recoveries collected		(192)		—
Balance at June 30	$	442	$	1,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (6,064)	$ (24,902)	$ (12,167)	$ (43,055)
Other comprehensive loss:
Foreign currency translation	(244)	(1,447)	(202)	(2,644)
Total other comprehensive loss	(244)	(1,447)	(202)	(2,644)
Comprehensive loss	$ (6,308)	$ (26,349)	$ (12,369)	$ (45,699)

- Definition

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

+ References

+ Details

Revenue and Related Matters (Tables)

6 Months Ended

Jun. 30, 2023

Revenue and Related Matters

Schedule of disaggregated revenue

The following tables disaggregate the Company’s revenue from contracts with customers by revenue type and geography (based on the location products and services are consumed) (in thousands):


	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue
Instruments	$	1,042	$	971	$	1,473	$	3,486	$	2,473	$	2,127	$	1,004	$	5,604
Consumable and other products		9,811		4,547		1,848		16,206		4,719		3,588		874		9,181
Total	$	10,853	$	5,518	$	3,321	$	19,692	$	7,192	$	5,715	$	1,878	$	14,785

Service revenue
Service-type warranties	$	1,559	$	753	$	153	$	2,465	$	1,320	$	688	$	124	$	2,132
Research services		6,321		711		453		7,485		5,511		316		8		5,835
Other services		372		219		11		602		317		237		27		581
Total	$	8,252	$	1,683	$	617	$	10,552	$	7,148	$	1,241	$	159	$	8,548

Collaboration and license revenue	$	629	$	—	$	—	$	629	$	43	$	49	$	—	$	92

Grant revenue	$	156	$	—	$	—	$	156	$	75	$	—	$	—	$	75

Total revenues	$	19,890	$	7,201	$	3,938	$	31,029	$	14,458	$	7,005	$	2,037	$	23,500


	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue
Instruments	$	3,186	$	2,952	$	2,607	$	8,745	$	4,638	$	4,173	$	3,015	$	11,826
Consumable and other products		17,268		9,487		3,479		30,234		13,552		8,014		2,049		23,615
Total	$	20,454	$	12,439	$	6,086	$	38,979	$	18,190	$	12,187	$	5,064	$	35,441

Service revenue
Service-type warranties	$	3,116	$	1,459	$	288	$	4,863	$	2,603	$	1,347	$	216	$	4,166
Research services		11,510		945		568		13,023		11,607		447		21		12,075
Other services		754		476		15		1,245		601		448		68		1,117
Total	$	15,380	$	2,880	$	871	$	19,131	$	14,811	$	2,242	$	305	$	17,358

Collaboration and license revenue	$	997	$	—	$	—	$	997	$	43	$	83	$	52	$	178

Grant revenue	$	378	$	—	$	—	$	378	$	75	$	—	$	—	$	75

Total revenues	$	37,209	$	15,319	$	6,957	$	59,485	$	33,119	$	14,512	$	5,421	$	53,052

Schedule of changes in deferred revenue from contracts with customers

Schedule of costs to obtain a contract


	2023		2022
Balance at December 31 of prior year	$	377	$	440
Deferral of costs to obtain a contract		335		632
Amortization of costs to obtain a contract		(333)		(662)
Balance at June 30	$	379	$	410

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity Registrant Name	Quanterix Corp
Entity File Number	001-38319
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8957988
Entity Address, Address Line One	900 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	301-9400
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	QTRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,552,586
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, reserve for doubtful accounts	$ 442	$ 118
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000	120,000
Common stock, shares issued	37,566	37,280
Common stock, shares outstanding	37,566	37,280

Restructuring (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring

Schedule of rollforward of the restructuring reserve and provision activity

The following table presents the restructuring reserve and provision activity for the six months ended June 30, 2023 (in thousands):


	Severance and Employee Benefit Costs
Balance at December 31, 2022	$	328
Accrual adjustments		(33)
Cash payments		(16)
Foreign currency translation		5
Balance at June 30, 2023	$	284

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 1,853	$ 1,409
Accrued royalties	1,167	815
Accrued tax liabilities	918	172
Accrued in-transit inventory	594	21
Other accrued expenses	2,245	2,716
Total accrued expenses and other current liabilities	$ 6,777	$ 5,133

Stock-Based Compensation - Black-Scholes valuation model Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Stock Option [Member]
Fair value assumptions:
Risk-free interest rate, Minimum	3.50%	2.70%	3.50%	1.40%
Risk-free interest rate, Maximum	4.20%	3.20%	4.20%	3.20%
Expected volatility, Minimum	80.90%	55.10%	71.10%	55.00%
Expected volatility, Maximum	82.10%	56.20%	82.10%	56.20%
Weighted-average grant date fair value	$ 11.95	$ 13.47	$ 9.62	$ 14.11
Employee Stock Option [Member] \| Minimum
Fair value assumptions:
Expected term (in years)	5 years	5 years 8 months 12 days	5 years	5 years 8 months 12 days
Employee Stock Option [Member] \| Maximum
Fair value assumptions:
Expected term (in years)	5 years 1 month 6 days	5 years 9 months 18 days	5 years 1 month 6 days	5 years 9 months 18 days
Employee Stock Purchase Plan
Fair value assumptions:
Risk-free interest rate	5.20%	1.10%	5.20%
Expected term (in years)	6 months	6 months	6 months	6 months
Expected volatility	72.80%	55.70%
Weighted-average grant date fair value	$ 2.25	$ 4.62	$ 2.24	$ 4.76
Employee Stock Purchase Plan \| Minimum
Fair value assumptions:
Risk-free interest rate				0.70%
Expected volatility			72.80%	51.90%
Employee Stock Purchase Plan \| Maximum
Fair value assumptions:
Risk-free interest rate				1.10%
Expected volatility			82.50%	55.70%

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Taxes

Income Taxes

Note 10. Income Taxes

The Company’s effective tax rates were 4.0% and 3.2% for the three and six months ended June 30, 2023, respectively, and 0.0% for each of the three and six months ended June 30, 2022. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions.

The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.

- 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

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+ Details