0001558370-24-002205 | 10-K | XBRL Viewer

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of future estimated amortization expense of acquired intangible assets

Future estimated amortization expense is as follows (amounts in thousands):


	As of December 31, 2023
2024	$	1,631
2025		1,493
2026		1,465
2027		1,443
2028		2
Thereafter		—
Total amortization expense	$	6,034

Summary of intangible assets

Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life amounts):


		As of December 31, 2023
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(6,326)	$	(1,050)	$	5,624	4.0
Developed technology	7		1,650		(1,581)		—		69	1.1
Customer relationships	8.5 - 10		1,360		(1,067)		(9)		284	4.1
Non-compete agreements	5.5		340		(256)		(27)		57	1.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(9,280)	$	(1,086)	$	6,034


		As of December 31, 2022
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(4,763)	$	(1,433)	$	6,804	5.0
Developed technology	7		1,650		(1,458)		—		192	2.1
Customer relationships	8.5 - 10		1,360		(938)		(12)		410	5.1
Non-compete agreements	5.5		340		(193)		(37)		110	2.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(7,402)	$	(1,482)	$	7,516

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8,935	$ 6,539
Operating ROU assets obtained in exchange for lease obligations		$ 22,494
Weighted average remaining lease term (years)	6 years 9 months 18 days	7 years 9 months 18 days
Weighted average discount rate	7.86%	7.83%

Stock-Based Compensation - Stock-based compensation plans (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2017
2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					1,000
Shares outstanding (in shares)	4,000
Shares available for grant under the plan (in shares)	2,000
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)	4.00%
2017 ESPP
Stock-based compensation
Shares authorized under the plan (in shares)				600
Shares available for grant under the plan (in shares)	1,700
Employee stock purchase plan (in shares)	121	57	29
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)				1.00%
Employee Stock Option [Member] \| 2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					2,500

- 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (32,334)	$ (96,700)	$ (57,688)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	325
Foreign currency translation	541	(3,064)	(1,993)
Total other comprehensive loss	866	(3,064)	(1,993)
Comprehensive loss	$ (31,468)	$ (99,764)	$ (59,681)

- Definition

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

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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Inventory

12 Months Ended

Dec. 31, 2023

Inventory

Inventory

Note 7. Inventory

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


	As of December 31,
	2023		2022
Raw materials	$	5,114	$	5,509
Work in process		4,466		3,362
Finished goods		12,785		7,915
Total inventory	$	22,365	$	16,786

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease costs	$ 5,209	$ 5,488	$ 2,726
Short-term lease cost	3,996	3,417	2,699
Total lease cost	$ 9,205	$ 8,905	$ 5,425

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Cost of revenue	$ 51,722	$ 58,716	$ 48,828
Accounts receivable	25,414	19,017
Accounts payable	5,048	3,836
Selling, General and Administrative Expense	90,241	91,995	92,336
Commitment to sponsor agreement
Product revenue
Related party transactions
Cost of revenue	32,636	40,809	34,149
Service revenue.
Related party transactions
Cost of revenue	19,086	17,907	$ 14,679
Harvard University
Related party transactions
Cost of revenue	300
Related party revenue	1,300	700
UltraDx
Related party transactions
Cost of revenue	300	$ 700
Accounts payable	$ 0

Variable Interest Entities (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Other non-current assets		$ 1,802	$ 1,298
UltraDx Limited Company
Number of contingent consideration collaboration	1
Ownership interest		5.00%
Variable Interest Entity, Not Primary Beneficiary
Other non-current assets		$ 800	$ 300
Variable Interest Entity, Not Primary Beneficiary \| UltraDx Limited Company
Number of contingent consideration collaboration	1

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward of goodwill balance
Balance as of beginning of period		$ 0
Balance as of end of period		0	$ 0
Purchased intangible assets
Gross Carrying Value		16,400	16,400
Accumulated Amortization		(9,280)	(7,402)
Cumulative Translation Adjustment		(1,086)	(1,482)
Net Carrying Value		6,034	7,516
Amortization expense		1,600	1,800	$ 2,000
Goodwill impairment	$ 8,200
Goodwill		0	$ 0
Estimated amortization expense
2024		1,631
2025		1,493
2026		1,465
2027		1,443
2028		2
Total amortization expense		$ 6,034
Know How
Purchased intangible assets
Estimated Useful Life (in years)		8 years 6 months	8 years 6 months
Gross Carrying Value		$ 13,000	$ 13,000
Accumulated Amortization		(6,326)	(4,763)
Cumulative Translation Adjustment		(1,050)	(1,433)
Net Carrying Value		$ 5,624	$ 6,804
Weighted Average Life Remaining (in years)		4 years	5 years
Developed technology
Purchased intangible assets
Estimated Useful Life (in years)		7 years	7 years
Gross Carrying Value		$ 1,650	$ 1,650
Accumulated Amortization		(1,581)	(1,458)
Net Carrying Value		$ 69	$ 192
Weighted Average Life Remaining (in years)		1 year 1 month 6 days	2 years 1 month 6 days
Customer relationships
Purchased intangible assets
Gross Carrying Value		$ 1,360	$ 1,360
Accumulated Amortization		(1,067)	(938)
Cumulative Translation Adjustment		(9)	(12)
Net Carrying Value		$ 284	$ 410
Weighted Average Life Remaining (in years)		4 years 1 month 6 days	5 years 1 month 6 days
Non-compete agreements
Purchased intangible assets
Estimated Useful Life (in years)		5 years 6 months	5 years 6 months
Gross Carrying Value		$ 340	$ 340
Accumulated Amortization		(256)	(193)
Cumulative Translation Adjustment		(27)	(37)
Net Carrying Value		$ 57	$ 110
Weighted Average Life Remaining (in years)		1 year	2 years
Trade names
Purchased intangible assets
Estimated Useful Life (in years)		3 years	3 years
Gross Carrying Value		$ 50	$ 50
Accumulated Amortization		$ (50)	$ (50)
Minimum \| Customer relationships
Purchased intangible assets
Estimated Useful Life (in years)		8 years 6 months	8 years 6 months
Maximum \| Customer relationships
Purchased intangible assets
Estimated Useful Life (in years)		10 years	10 years

Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair value of financial instruments

Schedule of 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 December 31, 2023	Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents: (1)
Money market funds	$	155,367	$	155,367	$	—	$	—
Commercial paper		1,996		—		1,996		—
U.S. Treasuries		4,897		—		4,897		—
Total cash equivalents		162,260		155,367		6,893		—
Marketable securities: (2)
Commercial paper		51,498		—		51,498		—
U.S. Treasuries		—		—		—		—
U.S. Government agency bonds		28,398		—		28,398		—
Corporate bonds		67,006		—		67,006		—
Total marketable securities		146,902		—		146,902		—
Total financial assets	$	309,162	$	155,367	$	153,795	$	—


As of December 31, 2022	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (1)	$	306,097	$	306,097	$	—	$	—
Total financial assets	$	306,097	$	306,097	$	—	$	—

(1) Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2) Marketable securities are initially valued at their purchase price and subsequently fair valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events.

Restructuring (Details) $ in Thousands	3 Months Ended	12 Months Ended
Restructuring (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) position	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring
Total headcount \| position		119
Restructuring			$ 3,800
Payment of severance			3,500
Goodwill impairment	$ 8,200
Restructuring Costs and Asset Impairment Charges		$ 1,537	29,347	$ 0
Other Restructuring Charges
Restructuring
Restructuring Costs and Asset Impairment Charges			25,600
Other Restructuring Charges \| ROU assets and related leasehold improvements
Restructuring
Restructuring Costs and Asset Impairment Charges		$ 1,300	16,300
Other Restructuring Charges \| Software and Software Development Costs [Member]
Restructuring
Restructuring Costs and Asset Impairment Charges			1,100
Other Restructuring Charges \| Goodwill [Member]
Restructuring
Restructuring Costs and Asset Impairment Charges			$ 8,200

Revenue and Related Matters - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.7
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	10.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 9.5
Performance obligation satisfaction period	12 months

Significant Accounting Policies - Contract Assets and Liabilities (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Disaggregation of Revenue [Line Items]
Period of payment	30 days
Maximum
Disaggregation of Revenue [Line Items]
Period of payment	45 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.

+ References + Details

Significant accounting policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023
Significant Accounting Policies
Expected dividend yield (as a percent)	0.00%

Commitments and Contingencies - Purchase Commitments (Details) item in Thousands, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2024 item
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Purchase commitments expects to incur in next year	$ 3,100
Cost of revenue	51,722	$ 58,716	$ 48,828
Increase (Decrease) in Accounts Payable, Trade	1,189	(5,362)	$ 2,414
Stratec Supply Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs purchased \| item				515
Purchase commitments expects to incur in next year	1,000
Other Commitment	3,700
Cost of revenue	1,600	$ 500
Increase (Decrease) in Accounts Payable, Trade	$ 2,100
Stratec Supply Agreement \| Stratec Consumables GmBH (Stratec)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of discs shipped \| item	218	75

- Definition

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

+ References

+ Details

Revenue and Related Matters - Grant revenue (Details) - USD ($) $ in Thousands				12 Months Ended			24 Months Ended
	Sep. 21, 2022	Mar. 24, 2022	Sep. 29, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Jun. 30, 2020
Total revenues				$ 122,368	$ 105,522	$ 110,556
Research and Development Expense				24,857	25,890	27,978
Deferred revenue				(635)	(2,599)	(1,462)
Commitments and Contingencies.
RADx WP2
Contract value			$ 18,200
Grants Received								$ 500
Research and Development Expense						3,400	0
Commitments and Contingencies.				0			0
ADDF
Contract value		$ 2,300
Grants Received				2,300			2,300
Research and Development Expense				500	600
National Institutes of Health
Contract value	$ 1,700
Grants Received				600			600
Research and Development Expense				600
Grant revenue
Total revenues				1,229	570	5,217
Grant revenue \| RADx WP2
Total revenues						$ 5,200	$ 0
Grant revenue \| ADDF
Total revenues				500	$ 600
Deferred revenue				1,100
Grant revenue \| National Institutes of Health
Total revenues				$ 700

Restructuring - Roll forward (Details) - Severance and Employee Benefit Costs $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring
Balance at Beginning of period	$ 328
Accrual adjustments	(33)
Cash payments	(16)
Foreign currency translation	8
Balance at End of period	$ 287

- 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

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Share-based compensation expense	$ 16,764	$ 15,442	$ 15,975
Cost of product revenue
Stock-based compensation
Share-based compensation expense	826	608	471
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	1,124	819	403
Research and development
Stock-based compensation
Share-based compensation expense	1,704	1,639	1,807
Selling, general, and administrative
Stock-based compensation
Share-based compensation expense	13,110	$ 12,376	$ 13,294
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 35,400
Period of recognition of unrecognized compensation cost	2 years 8 months 12 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.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (32,334)	$ (96,700)	$ (57,688)

- Definition

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

+ References

+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Loss Per Share

Schedule of basic and diluted shares

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


		Year Ended December 31,
		2023		2022		2021
Numerator:
Net loss	$	(32,334)	$	(96,700)	$	(57,688)
Denominator:
Weighted average common shares outstanding, basic and diluted		37,594		36,991		35,997

Net loss per share, basic and diluted	$	(0.86)	$	(2.61)	$	(1.60)

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

As the Company was in a net loss position, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands):


	Year Ended December 31,
	2023	2022	2021
Stock options	2,783	446	2,305
Common stock and RSUs	1,512	702	531
Estimated ESPP purchases	23	52	8
Total dilutive shares	4,318	1,200	2,844

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Losses
Beginning Balance	$ 118	$ 419	$ 370
Provision for expected credit losses	(729)	(752)	(213)
Write-offs and recoveries collected	(393)	(1,053)	(164)
Ending Balance	$ 454	$ 118	$ 419

Revenue and Related Matters - Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue and Related Matters
Deferred Revenue, Revenue Recognized	$ 7.7	$ 5.5

Revenue and Related Matters - Service Revenue (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($)
Service Revenue
Revenue		$ 122,368	$ 105,522	$ 110,556
One customer \| Customer Concentration Risk \| Revenue.
Service Revenue
Revenue		$ 14,000	$ 13,700
Number Of Customers With High Percent Of Total Revenue \| customer		1	1
Revenue as a percentage of total revenue		10.00%	10.00%
Service revenue
Service Revenue
Revenue			$ 34,495
Collaboration agreement \| Eli Lilly
Service Revenue
Revenue		$ 6,000	$ 10,900
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
Minimum
Service Revenue
Period of payment		30 days
Maximum
Service Revenue
Period of payment		45 days

Property and equipment

12 Months Ended

Dec. 31, 2023

Property and equipment

Property and equipment

Note 8. Property and Equipment

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


	As of December 31,
	2023		2022
Laboratory and manufacturing equipment	$	13,141	$	11,806
Office furniture and equipment		1,905		1,798
Computers and software		3,927		3,831
Leasehold improvements		13,074		13,688
Total cost	$	32,047	$	31,123
Less: accumulated depreciation		(14,121)		(10,961)
Property and equipment, net	$	17,926	$	20,162

The Company incurred depreciation expense of $4.7 million, $3.5 million, and $2.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Substantially all of the Company’s property and equipment is located in North America.

During the year ended December 31, 2023, the Company had $0.8 million of disposals related to equipment no longer being used by the Company. There were no material disposals during the years ended December 31, 2022, and 2021.

For the years ended December 31, 2023, and 2022, the Company recorded impairments related to leasehold improvements associated with two leased facilities not being used. Refer to Note 14 − Leases for further discussion. There were no material impairments relating to property and equipment during the year ended December 31, 2021.

As of December 31, 2023, the Company capitalized $1.1 million of software development costs, all of which are included in the computers and software category above. Amounts capitalized as of December 31, 2022 and 2021 were not material. Depreciation of capitalized software costs for the years ended December 31, 2023, 2022, and 2021 was not material.

Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Foreign exchange losses	$ (0.8)	$ (0.4)

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and contingencies

Note 15. Commitments and Contingencies

Purchase Commitments

STRATEC

During 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 thousand discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc.

The total purchase commitment under the STRATEC Supply Agreement is $3.7 million, of which $2.1 million has been paid, and $1.0 million is due within one year from December 31, 2023.

In 2023 and 2022, STRATEC shipped 218 thousand and 75 thousand discs, respectively, to the Company. The Company recorded cost of product revenue related to these shipments of $1.6 million and $0.5 million for the years ended December 31, 2023 and 2022, respectively. During 2024, STRATEC is required to ship 222 thousand discs to the Company.

Other Purchase Commitments

The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. The Company’s total purchase commitments under these agreements as of December 31, 2023 was $3.1 million, most of which the Company expects to incur in the year ending December 31, 2024.

License Agreements

Harvard University

In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive 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 years ended December 31, 2023 and 2022.

Refer to Note 16 − 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 incurred royalty expenses related to the Tufts License Agreement of $1.7 million, $1.4 million, and $1.6 million, during the years ended December 31, 2023, 2022, and 2021, respectively, which was recorded in cost of product revenue on the Consolidated Statements of Operations.

Refer to Note 16 − 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.

Organization and Nature of Business

12 Months Ended

Dec. 31, 2023

Organization and Nature of Business

Organization and Nature of Business

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 life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra- low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.

The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its CLIA-certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to Simoa technology and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing. To date, the Company has completed over 2,200 projects for more than 480 customers from all over the world using its Simoa platforms.

Liquidity

The Company has recognized annual losses from operations since inception and has an accumulated deficit of $434.5 million as of December 31, 2023. The Company incurred net losses of $32.3 million, $96.7 million, and $57.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company had cash and cash equivalents of $174.4 million and marketable securities of $146.9 million. The Company expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund its operations for a period of at least one year from the date the Consolidated Financial Statements are issued.

Significant accounting policies - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Advertising Expense	$ 0.3	$ 0.3	$ 0.5

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment

Schedule of Property and equipment

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


	As of December 31,
	2023		2022
Laboratory and manufacturing equipment	$	13,141	$	11,806
Office furniture and equipment		1,905		1,798
Computers and software		3,927		3,831
Leasehold improvements		13,074		13,688
Total cost	$	32,047	$	31,123
Less: accumulated depreciation		(14,121)		(10,961)
Property and equipment, net	$	17,926	$	20,162

Stock-Based Compensation - Black-Scholes valuation model Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value assumptions:
Expected dividend yield	0.00%
Employee Stock Option [Member]
Fair value assumptions:
Risk-free interest rate, Minimum	3.50%	1.40%	0.40%
Risk-free interest rate, Maximum	4.70%	4.10%	1.30%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)			6 years
Expected volatility, Minimum	71.10%	55.00%	49.20%
Expected volatility, Maximum	83.10%	70.80%	55.60%
Weighted-average grant date fair value	$ 10.63	$ 9.88	$ 29.96
Employee Stock Option [Member] \| Minimum
Fair value assumptions:
Expected term (in years)	5 years	5 years
Employee Stock Option [Member] \| Maximum
Fair value assumptions:
Expected term (in years)	5 years 2 months 12 days	5 years 9 months 18 days
Employee Stock Purchase Plan
Fair value assumptions:
Risk-free interest rate, Minimum	5.20%	0.70%	0.10%
Risk-free interest rate, Maximum	5.50%	3.90%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 months	6 months	6 months
Expected volatility, Minimum	72.80%	51.90%	46.30%
Expected volatility, Maximum	82.50%	117.30%	59.80%
Weighted-average grant date fair value	$ 3.19	$ 3.53	$ 8.06

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying Consolidated Financial Statements and notes herein have been prepared in accordance with 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 (“SEC”) regarding annual financial reporting on Form 10-K.

The Company’s fiscal year is the twelve-month period from January 1 through December 31, and all references to “2023,” “2022,” and “2021,” refer to the fiscal year unless otherwise noted. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.

Use of Estimates

The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during each fiscal year. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

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 non-marketable equity investments 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 19 − Variable Interest Entities for further discussion.

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 income (loss), a component of 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 year ended December 31, 2023, and were $0.8 million and $0.4 million during the years ended December 31, 2022 and 2021, respectively.

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is the chief executive officer, who reviews the Company's operations and manages its business as a single operating segment as of December 31, 2023.

Revenue from Contracts with Customers

The Company generates the majority of its revenues from contracts with customers and accounts for them pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers (“ASC 606”). Refer to the section titled “Grant Revenue” below for discussion the Company’s accounting policy for revenue generated from grant awards.

For contracts with customers, the Company recognizes revenue when a customer obtains control of promised products or services, for an amount that reflects the consideration expected to be received in exchange for those products or services. The Company follows the five step revenue model prescribed by ASC 606 to determine revenue recognition: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Revenues are presented net of any sales, value added, or similar taxes collected from customers and remitted to the government.

The Company accounts for a contract when it has approval and commitment from both parties, the fees, payment terms and rights of the parties regarding the products or services to be transferred are identified, the contract has commercial substance, and it is probable that substantially all of the consideration for the products and services expected to be transferred is collectible. The Company applies judgment in determining the customer’s ability and intention to pay for services expected to be transferred, which is based on factors including the customer’s payment history, management’s ability to mitigate exposure to credit risk (for example, requiring payment in advance of the transfer of products or services, or the ability to stop transferring promised products or services in the event a customer fails to pay consideration when due), and experience selling to similarly situated customers.

The Company’s contracts may include either a single promise (referred to as a performance obligation) to transfer a product or service, or a combination of multiple performance obligations to transfer products or services. The Company evaluates the existence of multiple performance obligations within its contracts by using judgment to determine if (1) the customer can benefit from each contractual promise on its own or together with readily available resources and (2) the transfer of each contractual promise is separately identifiable from other promises in a contract. When both criteria are met, each promise is accounted for as a separate performance obligation. Additionally, the Company has elected the practical expedient under ASC 606 to account for shipping and handling as an activity to fulfill a promise to transfer a product, and therefore does not evaluate whether shipping and handling activities are promised services to its customers.

Contracts that include rights to additional products or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, the material right is considered a performance obligation. The identification of material rights requires judgment to determine the value of the option to purchase additional products and services in relation to options that may be provided to, and prices paid by, customers in the normal course of business. Material rights are recognized when exercised by a customer or upon expiration of the right.

The Company determines the transaction price of its contracts based on the amount of consideration it expects to be entitled to, which is generally equal to the contract amount. In some cases, contracts contain variable consideration which primarily relates to (1) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (2) contracts with minimum purchase commitments. For sales and usage-based royalties, ASC 606 provides an exception to estimating variable consideration. Under this exception, the Company recognizes revenues from sales- or usage-based royalty revenue at the later of when the sales or usage occurs or the satisfaction (or partial satisfaction) of the performance obligation to which the royalty has been allocated. All other variable amounts are constrained to the minimum guaranteed contract amount so that a reversal of cumulative revenue does not occur in future periods. Once there is no longer uncertainty over a variable amount, any incremental fees the Company is entitled to are allocated to the related performance obligation(s).

For contracts that contain multiple performance obligations, the Company allocates the transaction price among the performance obligations on a relative basis according to their standalone selling prices (“SSP”). Determining the SSP for performance obligations requires judgment and is based on factors including prices charged to customers in observable transactions, internal pricing objectives and list prices, and pricing of similar products. The Company uses a range of amounts to estimate SSP and has more than one range for certain products and services based on the geographic location of customers and sales channel.

Product Revenue

The Company’s product revenues are composed of instruments, assay kits, replacement parts, and other consumables such as reagents and antibodies. Products are sold directly to customers and are also sold through distributors in EMEA and Asia Pacific regions. Direct instrument sales include installation and an initial year of implied service-type warranties. The Company has determined that the instrument and installation are a combined performance obligation as the customer cannot benefit from the instrument without the installation and no other vendors can provide the installation of the Company’s specialized instruments. The implied service-type warranty is considered a separate performance obligation since a customer could benefit from it independently with readily available resources and is capable of being sold on its own. Sales of instruments to distributors include a license to import and resell the instruments. The Company has determined these distributor licenses are part of a combined performance obligation with the instrument as the distributor only benefits from the combination of the instrument and ability to resell it.

Instrument sales may also be bundled with assays and other consumables, training, and/or an extended service warranty, each of which is considered a separate performance obligation.

Product revenues for direct instrument sales to customers are recognized upon completion of the instrument’s installation. For instrument sales to distributors, revenue is recognized based on the agreed upon shipping terms (either upon shipment or delivery) as that is when title passes to the customer.

Service Revenue

Service revenues are composed of contract research services, initial year of implied service-type warranties, extended services warranty contracts, repair services, and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts.

Revenues from contract research services are recognized at the point in time when the Company completes and delivers its research results on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. For contract research services recognized over time, the Company uses the output method based on the number of completed results. Revenues from other services are recognized at the point in time when the training or other services are delivered as the customer simultaneously receives and benefits from the services. Revenues from service-type warranties are recognized ratably over the contract service period.

Collaboration and License Revenue

Collaboration and license revenues are composed of revenue associated with licensing to third parties the Company’s technology, intellectual property, and know-how associated with our instruments and for related services. License arrangements consist of sales or usage-based fees and/or future royalties. Revenues are recognized at the point in time the license is delivered as the underlying license is considered functional intellectual property. Royalty revenues that are sales- or usage- based are recognized at the later of when the sales or usage occurs and the satisfaction (or partial satisfaction) of the performance obligation to which the royalty has been allocated.

Contract Assets and Liabilities

Accounts Receivable and Allowance for Credit Losses

The Company is exposed to credit losses primarily through accounts receivable from sales of its products and services. Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the Company’s invoices is the passage of time, the Company records a receivable on the date the invoice is issued. Also included in accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time, the unbilled amount would be recorded as a separate contract asset.

The Company’s expected loss allowance methodology is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ accounts receivable. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after collection efforts have been exhausted.

Generally, the Company’s contracts are non-cancellable. For contracts that are cancellable by the customer, the Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up to the amount of revenue recognized but not yet collected.

The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required 30 to 45 days from date of shipment or satisfaction of the performance obligation. The Company does not provide financing arrangements to its customers.

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets. For deferred revenue, the Company applies the practical expedient under ASC 606 that allows for the exclusion of (1) contracts with original expected length of one year or less and (2) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed from the amount of remaining performance obligations disclosed.

Costs to Obtain Contracts

The Company capitalizes commissions paid to its sales representatives and related fringe benefit costs that are incremental to obtaining customer contracts. Capitalized commissions are recorded in prepaid expenses and other current assets and other non-current assets on the Consolidated Balance Sheets. These commissions are amortized over the 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 has elected the practical expedient allowing commissions with an amortization period of one year or less to be expensed as incurred.

Commissions associated with instrument sales are generally earned when installation is complete and title to the instrument has transferred. Commissions associated with consumables sales are earned when title to the product transfers. Commissions associated with warranty and extended service contracts are earned upon booking.

Warranties

The Company provides an initial year of warranty and maintenance service related to its instruments sold directly to customers and sells extended warranty contracts for additional periods. The Company defers revenue associated with these warranty services and recognizes them ratably over the service period.

Grant Revenue

Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development, and no products or services are transferred to the grantor. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for profit business entities from government entities, the Company accounts for grants by analogy to International Accounting Standards Topic 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) and ASC Topic 958, Not for-Profit Entities (“ASC 958”). The decision to account for a grant under IAS 20 or ASC 958 is based on whether the grantor is a government entity.

The Company records grants related to assets as a deduction in calculating the carrying value of the asset, and to record grants related to income separately on the Consolidated Statements of Operations on a gross basis as grant revenue. The related expenses are recorded on a gross basis within operating expenses. These methods are elections an entity can make under both IAS 20 and ASC 958.

The Company recognizes grant revenue as the Company performs services under the arrangement when the funding is committed and as each grant’s 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).

Cost of Goods Sold and Services

Cost of Product Revenue

Cost of product revenue consists of manufacturing and assembly costs for instruments, related reagents, other consumables, contract manufacturer costs, personnel costs, royalties, overhead, and other direct costs related to product sales. Raw material part costs include inbound freight, shipping and handling costs associated with purchased goods, contract manufacturer costs, personnel costs, royalties, overhead and other direct costs related to product sales. Additionally included in cost of product revenue are royalty fees due to third parties from revenue generated by collaboration or license deals.

Cost of Service and Other Revenue

Cost of services and other revenue consists of direct costs associated with operating the Company’s Accelerator Laboratory on behalf of its customers, including raw materials, personnel costs, royalties, allocated overhead costs that include facility and other related costs, and other direct costs. Additional costs include costs related to warranties, and other costs of servicing equipment at customer sites.

Research and Development Expenses

Research and development expense consists primarily of personnel costs, research supplies, third-party development costs for new products, materials for prototypes, quality assurance, and allocated overhead costs that include facility and other related costs. The Company accounts for nonrefundable advance payments for products and services that will be used in future research and development activities as expense when the service has been performed or when the products have been received.

For arrangements in which the Company receives funding from third parties for research and development activities (excluding the government sponsored arrangements), the Company assesses whether the arrangement is within the scope of ASC 730 – Research and Development. When the Company is entitled to receive reimbursements, does not have an obligation to repay, does not transfer products or services, and is the primary beneficiary of the activities, the Company records the reimbursable amounts as a reduction to research and development expense. Amounts reimbursed in excess of the cost incurred by the Company are recorded within other income (expense), net on the Consolidated Statements of Operations.

Reimbursable amounts recorded as a reduction to research and development expenses were not material during the years ended December 31, 2023, 2022, and 2021. Amounts reimbursed in excess of costs incurred by the Company related to activities funded by third parties were $0.4 million during the year ended December 31, 2023. No reimbursable amounts were received during the years ended December 31, 2022, and 2021.

Selling, General and Administrative Expenses

Selling, general and administrative expense consists primarily of personnel costs for our sales and marketing, finance, legal, human resources, and general management teams, shipping and handling for product sales, other general and administrative costs, as well as professional services costs, such as marketing, advertising, legal and accounting services, and allocated overhead costs that include facility and other related costs. The classification of shipping and handling costs for product sales as selling, general and administrative expenses varies from company to company with some companies recording these as selling, general and administrative expenses and others recording such expenses within costs of goods sold for products. To the extent the classification of its shipping and handling costs differs from the reporting approach used by other companies, the Company’s gross margins may not be comparable with those reported by such other companies.

Net Loss Per Share

Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted net loss per common share attributable to common stockholders is calculated under the treasury stock method by dividing the loss attributable to common stockholders by the diluted weighted-average number of common shares outstanding. Diluted weighted-average shares outstanding reflect the dilutive effect, if any, of potential common shares issued, such as unvested common stock, unvested restricted stock units (“RSUs”), common stock options, and shares estimated to be purchased under the Company’s employee stock purchase plan (“ESPP”). During periods when the Company is in a net loss position, these potential common shares are excluded from the diluted net loss per common share attributable to common stockholders because their effect would be anti-dilutive. Accordingly, basic and diluted net loss per common share attributable to common stockholders were the same for all periods presented.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposits and short-term, highly liquid marketable securities that are readily convertible into cash, with original maturities of three months or less. Cash and cash equivalents consist of the following (in thousands):


	As of December 31,
	2023		2022
Cash	$	12,162	$	32,643
Money market funds		155,367		306,097
Marketable securities		6,893		—
Total cash and cash equivalents	$	174,422	$	338,740

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 December 31,
	2023		2022
Cash and cash equivalents	$	174,422	$	338,740
Restricted cash		2,604		2,597
Cash, cash equivalents, and restricted cash	$	177,026	$	341,337

Restricted cash consists of collateral for a letter of credit issued as security for two 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.

Marketable Securities

The Company’s current portfolio of marketable securities is entirely debt securities and may at any time include commercial paper, U.S. Treasuries, corporate notes and bonds, U.S. Government agency bonds, certificates of deposit, and similar types of debt securities. Marketable debt securities with original maturities of three months or less at the time of purchase are recorded in cash equivalents on the Consolidated Balance Sheets as they are considered highly liquid and readily convertible into cash. All other marketable securities, including those with maturities beyond one year, are recorded as current assets on the Consolidated Balance Sheets based on their highly liquid nature and because such securities are available for use in current operations.

The Company classifies its marketable securities as either held to maturity, available-for-sale, or trading at the time of purchase and re-evaluates such classification at each balance sheet date. All of the Company’s marketable securities are currently classified as available-for-sale as it may use them in current operations. Available-for-sale securities are recorded at fair value (refer to Note 6 − Fair Value of Financial Instruments).

Unrealized gains and losses (other than impairment or credit related losses) are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets. Realized gains and losses are determined using the specific identification method and are recorded in other income (expense), net on the Consolidated Statements of Operations.

Quarterly, or more frequently if circumstances warrant, the Company monitors its marketable securities for impairment. In the event a security’s fair value is less than its amortized cost basis, the Company evaluates whether an impairment exists and if the impairment is a result of credit loss or other factors. For a security in an unrealized loss position, if the Company intends to sell the security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, an impairment loss equal to the difference between the security’s fair value and amortized cost basis is recorded in other income (expense), net. Additionally, the Company determines if a credit loss exists by considering information about the collectability of the security, current market conditions, and the issuer’s financial condition. If a decline in fair value is a result of a credit loss, an allowance for credit losses is recorded in other income (expense), net on the Consolidated Statement of Operations, limited to the portion attributed to the credit loss.

The Company has also elected the practical expedient to separately present accrued interest receivable from its marketable securities balance. Such accrued interest is recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets and is not included in the assessment and measurement of impairment of its marketable securities.

Inventory

Inventory consists of instruments, assays, and the materials required to manufacture instruments and assays.

Inventory is stated at the lower of cost or net realizable value on a first-in, first-out (“FIFO”) basis and includes the cost of materials, labor, and manufacturing overhead. The Company analyzes its inventory levels on each reporting date for slow-moving, excess, and obsolete inventory, and inventory expected to expire prior to being used. These analyses require judgment and are based on factors including, but not limited to, recent historical activity, anticipated or forecasted demand for the Company’s products (developed through its planning and sales and marketing inputs, and market conditions). If the Company identifies adverse conditions exist, the carrying value of the inventory is reduced to its estimated net realizable value by providing estimated reserves for excess or obsolete inventory.

The Company adjusts the reserves for excess or obsolete inventory and records additional inventory write downs based on unfavorable changes in estimated customer demand or actual market conditions that may differ from its projections.

Property and Equipment

Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation. These assets are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas significant expenditures that extend the useful lives of existing assets are capitalized as additions to property and equipment.

Depreciation is calculated based upon the following estimated useful lives:


	Estimated Useful Life
Laboratory and manufacturing equipment	5 Years
Office furniture and equipment	7 Years
Computers and software	3 Years
Leasehold improvements	Shorter of asset's life or remaining lease term

Leases

The Company enters into operating leases for office, laboratory, and manufacturing spaces, as well as office equipment, and determines whether an arrangement is a lease at inception of the arrangement. The Company accounts for a lease when it has the right to control the leased asset for a period of time, while obtaining substantially all of the assets’ economic benefits. Leases are recorded on the Consolidated Balance Sheets as operating lease right-of-use (“ROU”) assets and current or non-current operating lease liabilities, as applicable. All of the Company’s leases are classified as operating leases. Additionally, the Company does not separate lease and non-lease components.

Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the future minimum lease payments over the lease term and any initial direct costs incurred. Initial direct costs are incremental costs of a lease that would not have been incurred had the lease not been executed. The discount rate used to determine the present value of the lease payments is the Company’s incremental borrowing rate on a collateralized basis for a similar term and amount, as generally an implicit rate in the lease is not readily determinable. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have an agency-based credit rating.

The Company’s lease agreements can contain lease and non-lease components. The Company accounts for the lease and fixed payments for non-lease components as a single lease component under ASC 842– Leases, which increases the amount of the ROU assets and lease liabilities. Most of the Company’s lease agreements also contain variable payments, primarily maintenance, utility, and other-related costs, which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities.

Some of the Company’s leases contain options to extend or terminate the lease. When determining the lease term, these options are included in the measurement and recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option(s). The Company considers various economic factors when making this determination, including, but not limited to, the significance of leasehold improvements incurred in the leased space, the difficulty in replacing the asset, underlying contractual obligations, and specific characteristics unique to a particular lease. Subsequent to

entering into a lease arrangement, the Company reassesses the certainty of exercising options to extend or terminate a lease. When it becomes reasonably certain that the Company will exercise an option that was not included in the lease term, the Company accounts for the change in circumstances as a lease modification, which results in the remeasurement of the ROU asset and lease liability as of the modification date.

Leases with a term of 12 months or less upon commencement are not recorded on the Consolidated Balance Sheets and are recorded to expense on a straight-line basis over the lease term.

Impairment of Goodwill

The Company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances could include the occurrence of operating losses, a significant decline in earnings, or significant changes in or restructuring of the business. The impairment test is first performed at the reporting unit level using a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying value. If the reporting unit does not pass the qualitative assessment, the reporting unit’s carrying value is compared to its fair value, using estimates including forecasts of discounted future cash flows and peer market multiples. An impairment charge is recorded equal to the excess of the reporting unit’s carrying value over its fair value.

Impairment of Long-Lived Assets

The Company’s long-lived assets consist of operating lease ROU assets, property and equipment, and intangible assets. The Company reviews the carrying amount of its long-lived assets for impairment whenever events or circumstances indicate that the estimated useful lives may warrant revision, or that the carrying amount of the assets may not be fully recoverable. To assess whether a long-lived asset or group of assets has been impaired, the estimated undiscounted and discounted future cash flows for the estimated remaining useful life or estimated lease term of the asset (or the primary asset in the asset group) are compared to their carrying values. Significant judgment is required to estimate future cash flows, including, but not limited to, the expected use of the asset (group), historical customer retention rates, technology roadmaps, customer awareness, trademark and trade name history, contractual provisions that could limit or extend an asset's useful life, market data, discount rates, potential sublease opportunities including rent and rent escalation rates, time to sublease, and free rent periods. To the extent that the future cash flows are less than the carrying value, the asset(s) are impaired and written down to its estimated fair value.

Software Development Costs

The Company develops and modifies software related to the operation of some of its instruments and internal use software supporting the Company’s operations. Certain costs incurred during the application development stage including external direct costs of services used in the development or internal personnel costs for employees directly associated with the development, are capitalized. The Company begins depreciating these costs over the life of the related asset upon completion of a working model or when it is ready for its intended use. Capitalized software development costs related to software owned or developed by the Company are recorded in property and equipment on the Consolidated Balance Sheets. Capitalized software development costs related to software hosted by a vendor (i.e. cloud computing) are recorded in prepaid expenses and other current assets, and other non-current assets on the Consolidated Balance Sheets.

Costs incurred during the preliminary project stage and post-configuration stages are expensed as incurred.

Fair Value of Financial Instruments

The carrying amount reflected in the Consolidated Balance Sheets for cash, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued compensation and benefits, and accrued expenses and other current liabilities approximate their fair values due to their short-term nature.

Additionally, the Company has certain financial assets that are required to be measured at fair value on a recurring basis including cash equivalents and marketable securities. Pursuant to the accounting standards for fair value measurements, the fair values of these financial assets are classified as Level 1, 2, or 3 within the fair value hierarchy as follows:

●

Level 1: Observable inputs based on unadjusted quoted prices in active markets for identical assets.

●

Level 2: Inputs, other than Level 1 inputs, that are observable either directly or indirectly, such as quoted prices for similar assets, quoted prices in markets that are not active, other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.

●

Level 3: Unobservable inputs for which there is little or no market data and such inputs are significant to the fair value of the assets. These inputs reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are determined based on differences between the carrying amount and the tax basis of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions using a more likely than not threshold for recognizing uncertain tax positions, in accordance with ASC 740 – Income Taxes. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity, and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on an ongoing basis and adjusts any liability recorded to reflect subsequent changes in the relevant facts surrounding the uncertain positions. Amounts recorded for uncertain tax positions, including interest and penalties, are recorded in income tax (expense) benefit on the Consolidated Statement of Operations.

Credit, Product, and Supplier Concentrations and Off-Balance-Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities, and accounts receivable. The Company limits its risk exposure by having its cash, cash equivalents, and marketable securities held at large commercial banks.

Customers outside the United States represented 38% and 41% of the Company’s gross trade accounts receivable balance as of December 31, 2023 and 2022, respectively.

For the year ended December 31, 2023, one customer of approximately $14.0 million revenue accounted for greater than 10% of the Company’s total revenue. For the year ended December 31, 2022, one customer of approximately $13.7 million revenue accounted for greater than 10% of the Company’s total revenue. For the year ended December 31, 2021, no customer individually accounted for greater than 10% of the Company’s total revenue.

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

Stock-Based Compensation

The Company measures and recognizes stock-based compensation expense by calculating the estimated fair value of stock options, RSUs, or purchase rights issued under the Company’s ESPP on the grant date. The Company generally issues new common

shares upon exercise of options and vesting of RSUs. Awards granted by the Company are routine in nature including new hire, annual, and promotion grants.

The fair value of stock options and purchase rights under the ESPP is estimated using the Black-Scholes option-pricing model. The Black-Scholes model requires the Company to make assumptions about the expected or contractual term of the option or purchase right, the expected volatility, risk-free interest rates, and expected dividend yield. The Company estimates the expected term of options granted to employees utilizing historical exercise data. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. During 2023, the expected volatility was based on the Company’s historical volatility. Prior to 2023, the expected volatility was estimated based on both the Company’s volatility and the average volatility for comparable publicly traded companies over a period equal to the expected term of the related stock-based awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected term. The expected dividend yield is zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock.

The fair value of RSUs is determined using the closing market price of the Company’s common stock on the grant date.

The Company recognizes stock-based compensation expense on a straight-line basis over the award’s requisite service period, which is the vesting period for stock options and RSUs, and the offering period for purchase rights under the ESPP. The Company recognizes forfeitures as they occur.

Advertising

The Company expenses the cost of advertising as incurred and records them in selling, general and administrative expense in the Consolidated Statements of Operations. Advertising expense was $0.3 million, $0.3 million, and $0.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Recent Accounting Pronouncements

Recent Accounting Standards To Be Adopted

In June 2022, the FASB issued ASC Update No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introduces new disclosure requirements for these types of equity securities. The new standard will be effective for the Company on January 1, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial position or results of operations.

In November 2023, the FASB issued ASC Update No. 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures. This update enhances reportable segment disclosure requirements by requiring public entities to provide disclosures of significant segment expenses and other segment items, as well as disclosures about a reportable segment’s profit or loss and assets that are currently required annually in interim periods. The new standard will be effective for the Company’s annual financial statements for the period beginning on January 1, 2024. The adoption of this standard is not expected to have a material impact on the Company’s disclosures.

In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosure requirements by requiring public entities to provide additional information in its tax rate reconciliation and additional disclosures about income taxes paid. The update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance and the amendments in this update should be applied prospectively, but entities have the option to apply it retrospectively. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Allowance for Credit Losses

Allowance for Credit Losses

Note 4. Allowance for Credit Losses

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


	2023		2022		2021
Balance at December 31 of prior year	$	118	$	419	$	370
Provision for expected credit losses		729		752		213
Write-offs and recoveries collected		(393)		(1,053)		(164)
Balance at December 31	$	454	$	118	$	419

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Variable Interest Entities

Note 19. 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 years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, the carrying value of the Company’s investments in VIEs was $0.8 million and $0.3 million, respectively, which were recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 6 − 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.

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory

Summary of inventory

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


	As of December 31,
	2023		2022
Raw materials	$	5,114	$	5,509
Work in process		4,466		3,362
Finished goods		12,785		7,915
Total inventory	$	22,365	$	16,786

Income taxes - Provision for income tax benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
State	$ (161)	$ (77)	$ (30)
Foreign	(850)	(368)	(342)
Total deferred income tax benefit	(1,011)	(445)	(372)
Deferred
Federal		10	5
State		13	(6)
Foreign	292	357	409
Total deferred income tax benefit (provision)	292	380	408
Income tax (expense) benefit	(719)	(65)	36
Income tax benefit	$ (719)	$ (65)	$ 36

Employee benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefit plans
Contribution made to the 401 (k) Plan	$ 0.8	$ 1.2	$ 1.1

Organization and Nature of Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer project	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization and Nature of Business
Number of projects completed \| project	2,200
Net loss	$ (32,334)	$ (96,700)	$ (57,688)
Accumulated deficit	(434,496)	(402,162)
Cash and cash equivalents	174,422	338,740
Marketable securities	$ 146,902	$ 0
Minimum
Organization and Nature of Business
Number of customers served \| customer	480

- 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

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Stock-Based Compensation

Note 10. Stock-Based Compensation

Stock-Based Compensation Plans

In December 2017, the Company adopted the 2017 Employee, Director and Consultant Equity Incentive Plan (the “2017 Plan”), under which it may grant incentive stock options, non-qualified stock options, RSUs, and other stock-based awards. As of December 31, 2017, the 2017 Plan allowed for the issuance of (1) up to 1.0 million shares of common stock and (2) up to 2.5 million shares of common stock represented by awards granted under the 2007 Stock Option and Grant Plan (which was terminated upon completion of the Company’s initial public offering) that were forfeited, expired, or cancelled without delivery of shares or which result in the forfeiture of shares of common stock back to the Company on or after the date the 2017 Plan became effective. The 2017 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2017 Plan on the first day of each fiscal year during the period beginning in 2019 and ending in 2027. The annual increase is equal to the lowest of (1) 4% of the number of shares of common stock outstanding as of such date and (2) an amount determined by the Company’s Board of Directors or Compensation Committee. As of December 31, 2023, 4.0 million shares were outstanding and there were 2.0 million shares available for grant under the 2017 Plan.

In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). As of December 31, 2019, the 2017 ESPP allowed for the issuance of up to 0.6 million shares of common stock. 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 2018 and ending in 2027. The increase is equal to the lowest of: (1) 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (2) an amount determined by the Company’s Board of Directors or Compensation Committee. As of December 31, 2023, 1.7 million shares were available for grant under the 2017 ESPP.

The 2017 ESPP provides for six-month offering periods commencing and ending on March 1 through August 31, and September 1 through February 28. During the years ended December 31, 2023, 2022, and 2021, employees purchased 121 thousand, 57 thousand, and 29 thousand shares, respectively, of the Company’s common stock pursuant to the 2017 ESPP.

Stock Options

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

Stock option activity for the year ended December 31, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average remaining contractual		Aggregate
	Number of options	exercise price per share		life (in years)		intrinsic value
Outstanding at December 31, 2022	2,188	$	20.69		8.1	$	4,273
Granted	1,187		16.23
Exercised	(161)		11.77
Forfeited/expired	(440)		18.65
Outstanding at December 31, 2023	2,774	$	19.62		7.9	$	26,941
Exercisable at December 31, 2023	1,117	$	22.81		6.4	$	9,176
Vested and expected to vest at December 31, 2023	2,774	$	19.62		7.9	$	26,941

The total intrinsic value of stock options exercised was $1.9 million in 2023, $3.4 million in 2022, and $24.3 million in 2021.

Restricted Stock Units

RSUs represent the right to receive shares of common stock upon meeting specified vesting requirements. Shares are delivered to the grantee upon vesting, less shares for the payment of withholding taxes. RSU activity for the year ended December 31, 2023 is presented below (in thousands, except per share amounts):


		Weighted-average grant
	Number of shares	date fair value per share
Unvested as of December 31, 2022	1,188	$	21.18
Granted	868		15.90
Vested	(453)		23.00
Forfeited	(275)		17.50
Unvested as of December 31, 2023	1,328	$	17.87
Expected to convert at December 31, 2023	1,328	$	17.87

The weighted average grant-date fair value per share of awards granted was $15.90 in 2023, $18.32 in 2022, and $58.20 in 2021.The total fair value of shares that vested was $10.4 million in 2023, $9.8 million in 2022 and $7.3 million in 2021.

Stock-Based Compensation Expense

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


	Year Ended December 31,
	2023		2022		2021
Cost of product revenue	$	826	$	608	$	471
Cost of service and other revenue		1,124		819		403
Research and development		1,704		1,639		1,807
Selling, general and administrative		13,110		12,376		13,294
Total stock-based compensation	$	16,764	$	15,442	$	15,975

As of December 31, 2023, there was $35.4 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 2.7 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:


	Year Ended December 31,
		2023		2022		2021
Stock Options:
Risk-free interest rate		3.5% - 4.7%		1.4% - 4.1%		0.4% - 1.3%
Expected dividend yield		None		None		None
Expected term (in years)		5.0 - 5.2		5.0 - 5.8		6.0
Expected volatility		71.1% - 83.1%		55.0% - 70.8%		49.2% - 55.6%

Weighted-average grant date fair value per share	$	10.63	$	9.88	$	29.96

Employee Stock Purchase Plan:
Risk-free interest rate		5.2% - 5.5%		0.7% - 3.9%		0.1%
Expected dividend yield		None		None		None
Expected term (in years)		0.5		0.5		0.5
Expected volatility		72.8% - 82.5%		51.9% - 117.3%		46.3% - 59.8%

Weighted-average grant date fair value per share	$	3.19	$	3.53	$	8.06

Leases - Undiscounted future lease payments for non-cancelable operating leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturity of lease liabilities
2024	$ 7,094
2025	7,254
2026	7,408
2027	7,641
2028	7,880
Thereafter	15,741
Total lease payments	53,018
Less: imputed interest	11,554
Total operating lease liabilities	$ 41,464

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring

Schedule of rollforward of the restructuring reserve and provision activity

The following table presents the restructuring reserve and provision activity for the year ended December 31, 2023 (in thousands):


	Severance and Employee Benefit Costs
Balance at December 31, 2022	$	328
Accrual adjustments		(33)
Cash payments		(16)
Foreign currency translation		8
Balance at December 31, 2023	$	287

Revenue and Related Matters - Costs to obtain a contract (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 377	$ 440	$ 248	$ 248
Deferral of costs to obtain a contract	528	1,387	905
Amortization of costs to obtain a contract	(617)	(1,450)	(713)
Balance at end of period	$ 288	$ 377	$ 440	288
Impairment loss				$ 0

Net Loss Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Loss Per Share
Net loss	$ (32,334)	$ (96,700)	$ (57,688)
Basic weighted average common shares outstanding	37,594	36,991	35,997
Diluted weighted average common shares outstanding	37,594	36,991	35,997
Basic net (loss) income per share	$ (0.86)	$ (2.61)	$ (1.60)
Diluted net (loss) income per share	$ (0.86)	$ (2.61)	$ (1.60)

- 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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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 174,422	$ 338,740
Marketable securities	146,902	0
Accounts receivable, net of allowance for expected credit losses	25,414	19,017
Inventory	22,365	16,786
Prepaid expenses and other current assets	9,291	6,860
Total current assets	378,394	381,403
Restricted cash	2,604	2,597
Property and equipment, net	17,926	20,162
Intangible assets, net	6,034	7,516
Operating lease right-of-use assets	18,251	21,223
Other non-current assets	1,802	1,298
Total assets	425,011	434,199
Current liabilities:
Accounts payable	5,048	3,836
Accrued compensation and benefits	13,659	10,658
Accrued expenses and other current liabilities	6,041	5,133
Deferred revenue	9,468	8,644
Short-term operating lease liabilities	4,241	2,687
Total current liabilities	38,457	30,958
Deferred revenue, net of current portion	1,227	1,415
Non-current operating lease liabilities	37,223	41,417
Other non-current liabilities	1,177	1,469
Total liabilities	78,084	75,259
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	38	37
Additional paid-in capital	783,142	763,688
Accumulated other comprehensive loss	(1,757)	(2,623)
Accumulated deficit	(434,496)	(402,162)
Total stockholders' equity	346,927	358,940
Total liabilities and stockholders' equity	$ 425,011	$ 434,199

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Net Loss Per Share

Net Loss Per Share

Note 11. Net Loss Per Share

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


		Year Ended December 31,
		2023		2022		2021
Numerator:
Net loss	$	(32,334)	$	(96,700)	$	(57,688)
Denominator:
Weighted average common shares outstanding, basic and diluted		37,594		36,991		35,997

Net loss per share, basic and diluted	$	(0.86)	$	(2.61)	$	(1.60)


	Year Ended December 31,
	2023	2022	2021
Stock options	2,783	446	2,305
Common stock and RSUs	1,512	702	531
Estimated ESPP purchases	23	52	8
Total dilutive shares	4,318	1,200	2,844

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 78,812	$ 78,191
Tax credits	8,758	7,407
Deferred revenue	2,523	2,385
Amortization	734	847
Stock-based compensation	3,217	2,773
Inventory	1,404	1,507
Capitalized R&D Costs	9,210	5,680
Lease liability	10,043	10,856
Other deferred tax assets	2,256	1,370
Total deferred tax assets	116,957	111,016
Less: valuation allowances	(111,147)	(103,243)	$ (83,121)
Net deferred tax assets	5,810	7,773
Right-of-Use Assets	(4,414)	(5,219)
Depreciation	(1,319)	(2,244)
Amortization acquired intangibles	(1,254)	(1,570)
Other deferred tax liabilities		(209)
Net deferred tax liabilities	$ (1,177)	$ (1,469)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory
Raw Materials	$ 5,114	$ 5,509
Work in process	4,466	3,362
Finished goods	12,785	7,915
Total inventory	$ 22,365	$ 16,786

Leases - Balance Sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease ROU assets	$ 18,251	$ 21,223
Short-term operating lease liabilities	4,241	2,687
Non-current operating lease liabilities	37,223	$ 41,417
Total operating lease liabilities	$ 41,464

Employee benefit plans

12 Months Ended

Dec. 31, 2023

Employee benefit plans

Employee benefit plans

Note 18. Employee Benefit Plans

The Company sponsors a 401(k) savings plan for employees and may make discretionary contributions. During the years ended December 31, 2023, 2022, and 2021, the Company made contributions of $0.8 million, $1.2 million, and $1.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

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, 2020	$ 32	$ 451,433	$ 2,434	$ (247,774)	$ 206,125
Beginning balance (in shares) at Dec. 31, 2020	31,797
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects	$ 1	8,814			8,815
Issuance of common stock under stock plans, including tax effects (in shares)	864
Sale of common stock in underwritten public offering, net	$ 4	269,714			269,718
Sale of common stock in underwritten public offering, net (in shares)	4,107
Stock-based compensation expense		15,975			15,975
Foreign currency translation			(1,993)		(1,993)
Net loss				(57,688)	(57,688)
Ending Balance at Dec. 31, 2021	$ 37	745,936	441	(305,462)	440,952
Ending Balance (in shares) at Dec. 31, 2021	36,768
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects		2,310			2,310
Issuance of common stock under stock plans, including tax effects (in shares)	512
Stock-based compensation expense		15,442			15,442
Foreign currency translation			(3,064)		(3,064)
Net loss				(96,700)	(96,700)
Ending Balance at Dec. 31, 2022	$ 37	763,688	(2,623)	(402,162)	358,940
Ending Balance (in shares) at Dec. 31, 2022	37,280
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects	$ 1	2,690			2,691
Issuance of common stock under stock plans, including tax effects (in shares)	734
Stock-based compensation expense		16,764			16,764
Unrealized loss on marketable securities, net of tax			325		325
Foreign currency translation			541		541
Net loss				(32,334)	(32,334)
Ending Balance at Dec. 31, 2023	$ 38	$ 783,142	$ (1,757)	$ (434,496)	$ 346,927
Ending Balance (in shares) at Dec. 31, 2023	38,014

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended	36 Months Ended
Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2023
Property and equipment
Property and equipment, gross	$ 32,047	$ 31,123		$ 31,123	$ 32,047
Less: accumulated depreciation	(14,121)	(10,961)		(10,961)	(14,121)
Total	17,926	20,162		$ 20,162	17,926
Depreciation expense	$ 4,700	3,500	$ 2,800
Disposals related to equipment no longer in use	$0.8			no
Restructuring Costs and Asset Impairment Charges	$ 1,537	29,347	$ 0
Capitalized software development costs	1,100			$ 0
Laboratory and manufacturing equipment
Property and equipment
Property and equipment, gross	13,141	11,806		11,806	13,141
Office furniture and equipment.
Property and equipment
Property and equipment, gross	1,905	1,798		1,798	1,905
Computers and software
Property and equipment
Property and equipment, gross	3,927	3,831		3,831	3,927
Depreciation expense					0
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 13,074	$ 13,688		$ 13,688	$ 13,074

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 122,368	$ 105,522	$ 110,556
Costs of goods sold and services:
Total costs of goods sold and services	51,722	58,716	48,828
Gross profit	70,646	46,806	61,728
Operating expenses:
Research and development	24,857	25,890	27,978
Selling, general and administrative	90,241	91,995	92,336
Other lease costs	3,712	1,278
Impairment and restructuring	1,537	29,347	0
Total operating expenses	120,347	148,510	120,314
Loss from operations	(49,701)	(101,704)	(58,586)
Interest income (expense), net	15,839	5,131	(403)
Other income (expense), net	2,247	(62)	1,265
Loss before income taxes	(31,615)	(96,635)	(57,724)
Income tax (expense) benefit	(719)	(65)	36
Net loss	$ (32,334)	$ (96,700)	$ (57,688)
Net loss per common share, basic (in dollars per share)	$ (0.86)	$ (2.61)	$ (1.60)
Net loss per common share, diluted (in dollars per share)	$ (0.86)	$ (2.61)	$ (1.60)
Weighted-average common shares outstanding, basic (in shares)	37,594	36,991	35,997
Weighted-average common shares outstanding, diluted (in shares)	37,594	36,991	35,997
Product revenue
Revenues:
Total revenues	$ 79,460	$ 69,808	$ 81,062
Costs of goods sold and services:
Total costs of goods sold and services	32,636	40,809	34,149
Service revenue
Revenues:
Total revenues		34,495
Service and other revenue.
Revenues:
Total revenues	40,299	34,495	23,629
Costs of goods sold and services:
Total costs of goods sold and services	19,086	17,907	14,679
Collaboration and license revenue
Revenues:
Total revenues	1,380	649	648
Grant revenue
Revenues:
Total revenues	$ 1,229	$ 570	$ 5,217

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 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):


	As of December 31,
	2023		2022
Accrued professional services	$	1,596	$	1,409
Accrued royalties		1,689		815
Accrued tax liabilities		808		172
Other accrued expenses		1,948		2,737
Total accrued expenses and other current liabilities	$	6,041	$	5,133

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

Note 14. Leases

As part of the Restructuring Plan in the third quarter of 2022 (refer to Note 17 − Restructuring), the Company decided not to use two leased facilities in its operations and intends to sublease the vacant space to recover a portion of the total lease costs. The Company’s decision to not use the leased facilities triggered an impairment assessment and the related ROU assets and leasehold improvements became their own asset group. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under estimated subleases to identify any impairment amount. The impairment assessment considered all industry and economic factors such as rental rates, interest rates, and recent real estate activities to estimate the net cash flows analysis and impairment amount. During 2023, the Company continued to reassess the remaining ROU assets and leasehold improvements associated with the leased facilities that remained vacant.

The above assessments resulted in the Company recording an impairment charge of $1.3 million and $16.3 million during the years ended December 31, 2023 and 2022, respectively, which was recorded in impairment and restructuring on the Consolidated Statements of Operations. For the years ended December 31, 2023 and 2022, impairment charges included $1.1 million and $12.0 million impairment of ROU assets, respectively. For the related leasehold improvements, during the year ended December 31, 2023, impairment charges were not material and for the year ended December 31, 2022 impairment charges were $4.3 million. After recording impairments for the year ended December 31, 2023 and 2022, the carrying value of ROU assets and related leasehold improvements for facilities not being used were $10.1 million and $12.8 million, respectively.

There were no ROU asset or leasehold improvement impairments recorded in 2021.

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	5,209	$	5,488	$	2,726
Short-term and variable lease cost		3,996		3,417		2,699
Total lease cost	$	9,205	$	8,905	$	5,425


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,935	$	6,539
Operating ROU assets obtained in exchange for lease obligations	$	—	$	22,494
Weighted average remaining lease term - operating leases (years)		6.8		7.8
Weighted average discount rate - operating leases		7.86%		7.83%

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of December 31, 2023
2024	$	7,094
2025		7,254
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	53,018
Less: imputed interest		(11,554)
Total operating lease liabilities	$	41,464

Operating lease balances presented on the Consolidated Balance Sheets were as follows (in thousands):


	As of December 31, 2023
Operating lease ROU assets	$	18,251

Operating lease liabilities	$	4,241
Operating lease liabilities, net of current portion		37,223
Total operating lease liabilities	$	41,464

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 1,596	$ 1,409
Accrued royalties	1,689	815
Accrued tax liabilities	808	172
Other accrued expenses	1,948	2,737
Total accrued expenses and other current liabilities	$ 6,041	$ 5,133

Revenue and Related Matters

12 Months Ended

Dec. 31, 2023

Revenue and Related Matters

Revenue and Related Matters

Note 3. Revenue and Related Matters

Revenue from Contracts with Customers

The Company’s customers primarily consist of entities engaged in the life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, infectious disease, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.

Disaggregated Revenue

When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following tables disaggregate the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):


	Year Ended December 31, 2023
(in thousands)	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	6,374	$	4,384	$	4,947	$	15,705
Consumable and other products		35,018		21,128		7,609		63,755
Total	$	41,392	$	25,512	$	12,556	$	79,460

Service revenue:
Service-type warranties	$	6,369	$	3,089	$	631	$	10,089
Research services		24,706		2,000		1,122		27,828
Other services		1,436		951		(5)		2,382
Total	$	32,511	$	6,040	$	1,748	$	40,299

Collaboration and license revenue:		1,380		—		—		1,380
Total	$	1,380	$	—	$	—	$	1,380


	Year Ended December 31, 2022
(in thousands)	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	9,254	$	8,362	$	7,388	$	25,004
Consumable and other products		25,894		14,514		4,396		44,804
Total	$	35,148	$	22,876	$	11,784	$	69,808

Service and other revenues:
Service-type warranties	$	5,581	$	2,779	$	480	$	8,840
Research services		22,493		1,013		147		23,653
Other services		1,144		722		136		2,002
Total	$	29,218	$	4,514	$	763	$	34,495

Collaboration and license revenue:
Total	$	274	$	323	$	52	$	649


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

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

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

UltraDx Product Sales Agreement

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 in vitro diagnostic (“IVD”) market. Refer to Note 16 − 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 for 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.

In the second quarter of 2023, UltraDx completed the qualified preferred share financing and issued to the Company one million ordinary shares. Refer to Note 6 − Fair Value of Financial Instruments for the Company’s disclosures related to determining the fair value of the shares received. Also refer to Note 19 − Variable Interest Entities for additional information on the Company’s investment in UltraDx as a result of the share issuance.

During the year ended December 31, 2023, the Company recognized $1.8 million of revenue from UltraDx, which includes the one-time revenue from the receipt of the UltraDx shares in the second quarter of 2023. During the year ended December 31, 2022, the Company recognized $1.9 million of revenue from UltraDx.

Eli Lilly and Company Service Revenue Agreements

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 December 31, 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 p-Tau 217 antibody technology for use in research use only products and services and future IVD 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 $6.0 million during the year ended December 31, 2023, and $10.9 million during the year ended December 31, 2022.

Contract Assets

There were no contract assets as of December 31, 2023.

Deferred Revenue

During the years ended December 31, 2023 and 2022, the Company recognized $7.7 million and $5.5 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Remaining Performance Obligations

As of December 31, 2023, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $10.7 million. Of the performance obligations not yet satisfied or partially satisfied, $9.5 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $10.7 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services.

Costs to Obtain a Contract

Changes in costs to obtain a contract were as follows (in thousands):


	2023		2022		2021
Balance at December 31 of prior year	$	377	$	440	$	248
Capitalization of costs to obtain a contract		528		1,387		905
Recognition of costs to obtain a contract		(617)		(1,450)		(713)
Balance at December 31	$	288	$	377	$	440

The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the years ended December 31, 2023, 2022, and 2021, respectively.

Grant Revenue

All of the Company's grant revenue is generated within North America. Grant revenue for the years ended December 31, 2023, 2022, and 2021 was $1.2 million, $0.6 million, and $5.2 million, respectively.

NIH Grant

On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH 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 December 31, 2023, the Company had received $0.6 million of the award value.

During the year ended December 31, 2023, grant revenue recognized and research and development expenses incurred were $0.7 million and $0.6 million, respectively. During the year ended December 31, 2022, grant revenue recognized and research and development expenses incurred were not material.

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 IVD 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 December 31, 2023, the Company had received the total funding value of $2.3 million.

During the year ended December 31, 2023, grant revenue recognized and research and development expenses incurred was $0.5 million and $0.5 million, respectively. During the year ended December 31, 2022, grant revenue recognized and research and development expenses incurred was $0.6 million and $0.6 million, respectively. As of December 31, 2023, the Company had $1.1 million of deferred revenue related to the ADDF Grant.

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 first half of 2022, the Company received $0.5 million which represented the final and total funding value of the $18.2 million award.

During the years ended December 31, 2023 and 2022, the Company recognized no grant revenue and incurred no research and development expenses. During the year ended December 31, 2021, the Company recognized $5.2 million in grant revenue and incurred $3.4 million in research and development expenses. As of December 31, 2023, the Company had no future obligations under the RADx Grant.

- 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
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income taxes - Valuation allowance deferred tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Balance, beginning of year	$ 103,243	$ 83,121
Change in valuation allowance	7,904	20,122
Balance, end of year	$ 111,147	$ 103,243

Fair value of financial instruments - Changes in Level 3 Financial Instruments (Details) $ in Millions	Jun. 26, 2023 USD ($)
Changes in the Company's Level 3 financial instruments
Receipt of ordinary shares of UltraDx (Note 13)	$ 1.0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

Note 12. Income Taxes

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


	Year Ended December 31,
	2023		2022		2021
United States	$	(34,337)	$	(89,590)	$	(56,554)
Foreign		2,722		(7,045)		(1,170)
Total loss before income taxes	$	(31,615)	$	(96,635)	$	(57,724)

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


	Year Ended December 31,
	2023		2022		2021
Current:
United States
Federal	$	—	$	—	$	—
State		(161)		(77)		(30)
Foreign		(850)		(368)		(342)
Total current income tax provision		(1,011)		(445)		(372)
Deferred
United States
Federal		—		10		5
State		—		13		(6)
Foreign		292		357		409
Total deferred income tax benefit		292		380		408
Total income tax (expense) benefit	$	(719)	$	(65)	$	36

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


	Year Ended December 31,
	2023		2022		2021
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Non-deductible executive compensation	(2.3)	%	(0.1)	%	(1.6)	%
State taxes, net of federal benefit	0.8	%	2.7	%	6.5	%
Tax credits	4.3	%	1.4	%	2.0	%
Stock-based compensation	(1.3)	%	(2.5)	%	7.4	%
Permanent items	(0.5)	%	(0.2)	%	(0.2)	%
Deferred tax rate change	—	%	—	%	0.2	%
Change in valuation allowance	(25.0)	%	(20.8)	%	(34.8)	%
Impairment of goodwill	—	%	(1.7)	%	—	%
Other	0.7	%	—	%	(0.4)	%
Effective income tax rate	(2.3)	%	(0.2)	%	0.1	%

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

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


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	78,812	$	78,191
Tax credits		8,758		7,407
Deferred revenue		2,523		2,385
Amortization		734		847
Stock-based compensation		3,217		2,773
Inventory		1,404		1,507
Capitalized R&D Costs		9,210		5,680
Lease liability		10,043		10,856
Other deferred tax assets		2,256		1,370
Total deferred tax assets		116,957		111,016
Less: valuation allowances		(111,147)		(103,243)
Net deferred tax assets		5,810		7,773
Deferred tax liabilities:
Right-of-Use Assets		(4,414)		(5,219)
Depreciation		(1,319)		(2,244)
Amortization acquired intangibles		(1,254)		(1,570)
Goodwill		—		—
Other deferred tax liabilities		—		(209)
Net deferred tax (liability) asset	$	(1,177)	$	(1,469)

The Company records deferred tax liabilities in other non-current liabilities on the Consolidated Balance Sheets.

The Company’s change in its valuation allowance account related to deferred tax assets was as follows (in thousands):


	2023		2022
Balance at December 31 of prior year	$	103,243	$	83,121
Change in valuation allowance		7,904		20,122
Balance at December 31	$	111,147	$	103,243

The valuation allowance increased during the year ended December 31, 2023 primarily as a result of the U.S. operating losses incurred.

In determining the need for a valuation allowance, the Company considers the cumulative book income and loss positions of each of its entities as well as its worldwide cumulative loss position. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carryback net operating losses (“NOLs”), the existence of reversing taxable temporary differences, the availability of tax planning strategies, and forecasted future taxable income. At December 31, 2023, the Company maintained a full valuation allowance against its worldwide net deferred tax assets, as it concluded that it was more likely than not that the deferred assets will not be utilized.

As of December 31, 2023, the Company had U.S. federal net operating losses (“NOLs”) of approximately $313.4 million. U.S. federal NOLs generated through December 31, 2017 of approximately $108.5 million expire at various dates through 2037, and U.S. federal NOLs generated after December 31, 2017 of approximately $204.9 million do not expire. As of December 31, 2023, the Company had U.S. federal tax credit carryforwards of approximately $6.7 million that expire at various dates through 2043.

As of December 31, 2023, the Company had $214.9 million of state NOLs, approximately $204.3 million of which expire at various dates through 2042, and approximately $10.6 million of which do not expire. As of December 31, 2023, the Company had U.S. state tax credit carryforwards of approximately $2.6 million that expire at various dates through 2038.

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

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

For the years ended December 31, 2023, 2022, and 2021, the Company had no tax reserves accrued for uncertain tax positions.

The Company is subject to taxation in the United States as well as the Netherlands, Sweden, and China. At December 31, 2023, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2020. However, NOLs and tax credits in the United States may be subject to adjustments by taxing authorities in future years in which they are utilized. The Company’s foreign subsidiaries remain open to examination by taxing authorities from 2018 onward.

As of December 31, 2023, the Company’s foreign subsidiaries had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring

Restructuring

Note 17. Restructuring

Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a plan of 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 aligned the Company’s investments to best serve the needs of its customers, focused the Company’s innovation efforts on key platforms, and provided a foundation for the Company’s entry into translational pharma and clinical markets. 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.

During the year ended December 31, 2022, the Company incurred approximately $3.8 million of expenses related to the Restructuring Plan, which represents the total amount expected to be incurred and the amount incurred to date. These costs were recorded in impairment and restructuring on the Consolidated Statements of Operations and were substantially for cash payments of severance and employee benefits, $3.5 million of which was paid by December 31, 2022.

As a result of the Restructuring Plan, the Company performed an impairment assessment of its goodwill, long-lived assets, including ROU assets and related leasehold improvements, and intangibles. The assessments resulted in the Company recording an impairment charge of $25.6 million during the year ended December 31, 2022, which was recorded in impairment and restructuring on the Consolidated Statements of Operations. The impairment charge included (1) $8.2 million of goodwill (refer to Note 13 − Goodwill and Intangible Assets), (2) $16.3 million associated with the ROU assets and related leasehold improvements at two leased facilities not being used (refer to Note 14 − Leases), and (3) $1.1 million for software costs related to projects that were rationalized as part of the Restructuring Plan or the related exit and disposal costs. During the year ended December 31, 2023, the Company recorded an additional impairment of $1.3 million associated with the ROU asset and related leasehold improvements at the leased facilities not being used (refer to Note 14 − Leases)

The following table presents the restructuring reserve and provision activity for the year ended December 31, 2023 (in thousands):


	Severance and Employee Benefit Costs
Balance at December 31, 2022	$	328
Accrual adjustments		(33)
Cash payments		(16)
Foreign currency translation		8
Balance at December 31, 2023	$	287

The Company did not have any restructuring activities related to the Restructuring Plan during the year ended December 31, 2023.

Significant Accounting Policies - Research and Development Expenses (Details) - USD ($) $ in Millions	12 Months Ended	24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies
Reimbursed amount	$ 0.4	$ 0.0

Marketable Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost	$ 153,470
Unrealized Gains	352
Unrealized Losses	(27)
Fair Value	153,795
Marketable securities	146,902	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	56,365
Unrealized Loses	(27)
Amortized cost due within one year	95,188
Fair value due within one year	95,232
Amortized cost due in one to two years	58,282
Fair value due in one to two years	58,563
Accrued interest receivable	1,000
Commercial paper
Marketable Securities [Line Items]
Amortized cost	53,482
Unrealized Gains	23
Unrealized Losses	(12)
Fair Value	53,493
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	32,137
Unrealized Loses	(12)
U.S. Treasuries
Marketable Securities [Line Items]
Amortized cost	4,896
Unrealized Gains	1
Fair Value	4,897
Marketable securities	146,902
U.S. Government agencies
Marketable Securities [Line Items]
Amortized cost	28,366
Unrealized Gains	39
Unrealized Losses	(7)
Fair Value	28,398
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	15,861
Unrealized Loses	(7)
Corporate bonds
Marketable Securities [Line Items]
Amortized cost	66,726
Unrealized Gains	289
Unrealized Losses	(8)
Fair Value	67,007
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	8,367
Unrealized Loses	(8)
Cash and cash equivalents
Marketable Securities [Line Items]
Marketable securities	$ 6,893

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 9. Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2023		2022
Accrued professional services	$	1,596	$	1,409
Accrued royalties		1,689		815
Accrued tax liabilities		808		172
Other accrued expenses		1,948		2,737
Total accrued expenses and other current liabilities	$	6,041	$	5,133

Income taxes - Components of loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of loss before income taxes
United States	$ (34,337)	$ (89,590)	$ (56,554)
Foreign	2,722	(7,045)	(1,170)
Loss before income taxes	$ (31,615)	$ (96,635)	$ (57,724)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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+ Details

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

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aggregate intrinsic value
Exercised	$ 1,900	$ 3,400	$ 24,300
Intrinsic value of stock options exercised	$ 1,900	$ 3,400	$ 24,300
Employee Stock Option [Member]
Stock-based compensation
Options expiration period (in years)	10 years
Number outstanding
Outstanding at the beginning of the period (in shares)	2,188
Granted (in shares)	1,187
Exercised (in shares)	(161)
Cancelled (in shares)	(440)
Outstanding at the end of the period (in shares)	2,774	2,188
Exercisable at the end of the period (in shares)	1,117
Vested and expected to vest at the end of the period (in shares)	2,774
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 20.69
Granted (in dollars per share)	16.23
Exercised (in dollars per share)	11.77
Cancelled (in dollars per share)	18.65
Outstanding at the end of the period (in dollars per share)	19.62	$ 20.69
Exercisable at the end of the period (in dollars per share)	22.81
Vested and expected to vest at the end of the period (in dollars per share)	$ 19.62
Weighted-average remaining contractual life
Outstanding (in years)	7 years 10 months 24 days	8 years 1 month 6 days
Exercisable at the end of the period (in years)	6 years 4 months 24 days
Vested and expected to vest at the end of the period (in years)	7 years 10 months 24 days
Aggregate intrinsic value
Outstanding	$ 26,941	$ 4,273
Exercisable at the end of the period	9,176
Vested and expected to vest at the end of the period	$ 26,941
Employee Stock Option [Member] \| Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Stock-based compensation
Vesting period (in years)	4 years
Vesting percentage 1 (as a percent)	25.00%
Employee Stock Option [Member] \| Remaining 75% vesting ratably on a monthly basis over the remaining three years
Stock-based compensation
Vesting period (in years)	3 years
Vesting percentage 1 (as a percent)	75.00%

Income taxes - Reconciliation of the federal statutory income tax rate to the effective tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the federal statutory income tax rate to the effective tax rate
Federal statutory income tax rate (in percent)	21.00%	21.00%	21.00%
State taxes, net of federal benefit (in percent)	0.80%	2.70%	6.50%
Tax credits (in percent)	4.30%	1.40%	2.00%
Share-based compensation (in percent)	(1.30%)	(2.50%)	7.40%
Permanent items (in percent)	(0.50%)	(0.20%)	(0.20%)
Disallowed officer compensation (in percent)	(2.30%)	(0.10%)	(1.60%)
Deferred tax rate change (in percent)			0.20%
Change in valuation allowance (in percent)	(25.00%)	(20.80%)	(34.80%)
Impairment of goodwill		(1.70%)
Other (in percent)	0.70%		(0.40%)
Effective income tax rate (in percent)	(2.30%)	(0.20%)	0.10%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Summary of stock option activity

Stock option activity for the year ended December 31, 2023 is presented below (in thousands, except per share and contractual life amounts):


		Weighted-average		Weighted-average remaining contractual		Aggregate
	Number of options	exercise price per share		life (in years)		intrinsic value
Outstanding at December 31, 2022	2,188	$	20.69		8.1	$	4,273
Granted	1,187		16.23
Exercised	(161)		11.77
Forfeited/expired	(440)		18.65
Outstanding at December 31, 2023	2,774	$	19.62		7.9	$	26,941
Exercisable at December 31, 2023	1,117	$	22.81		6.4	$	9,176
Vested and expected to vest at December 31, 2023	2,774	$	19.62		7.9	$	26,941

Summary of restricted stock units activity


		Weighted-average grant
	Number of shares	date fair value per share
Unvested as of December 31, 2022	1,188	$	21.18
Granted	868		15.90
Vested	(453)		23.00
Forfeited	(275)		17.50
Unvested as of December 31, 2023	1,328	$	17.87
Expected to convert at December 31, 2023	1,328	$	17.87

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):


	Year Ended December 31,
	2023		2022		2021
Cost of product revenue	$	826	$	608	$	471
Cost of service and other revenue		1,124		819		403
Research and development		1,704		1,639		1,807
Selling, general and administrative		13,110		12,376		13,294
Total stock-based compensation	$	16,764	$	15,442	$	15,975

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


	Year Ended December 31,
		2023		2022		2021
Stock Options:
Risk-free interest rate		3.5% - 4.7%		1.4% - 4.1%		0.4% - 1.3%
Expected dividend yield		None		None		None
Expected term (in years)		5.0 - 5.2		5.0 - 5.8		6.0
Expected volatility		71.1% - 83.1%		55.0% - 70.8%		49.2% - 55.6%

Weighted-average grant date fair value per share	$	10.63	$	9.88	$	29.96

Employee Stock Purchase Plan:
Risk-free interest rate		5.2% - 5.5%		0.7% - 3.9%		0.1%
Expected dividend yield		None		None		None
Expected term (in years)		0.5		0.5		0.5
Expected volatility		72.8% - 82.5%		51.9% - 117.3%		46.3% - 59.8%

Weighted-average grant date fair value per share	$	3.19	$	3.53	$	8.06

Revenue and Related Matters - Collaboration and license arrangements (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Collaboration and license arrangements
Revenue			$ 122,368	$ 105,522	$ 110,556
UltraDx
Collaboration and license arrangements
Revenue			1,800	1,900
Consideration on collaboration activities		$ 1,900
Shares amount received		$ 1,000
Number of contingent consideration collaboration	1
Collaboration and license revenue
Collaboration and license arrangements
Revenue			$ 1,380	$ 649	$ 648

- 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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

Note 16. Related Party Transactions

In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 15 − 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 December 31, 2023 and 2022, open payable balances to Tufts were not material.

In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 15 − 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. A member of the Company’s Board of Directors is also 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 $1.3 million and $0.7 million for the years ended December 31, 2023 and 2022, respectively, and was not material for the year ended December 31, 2021. Cost of

product revenue and operating expenses with Harvard and its affiliates and Mass General Brigham and its affiliates was $0.3 million for the year ended December 31, 2023, and was not material for the years ended December 31, 2022 and 2021. At December 31, 2023 and 2022, open payables to and receivable balances from Harvard and Mass General Brigham were not material.

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 product revenue with UltraDx was $0.3 million for the year ended December 31, 2023 and $0.7 million for the year ended December 31, 2022. At December 31, 2023 and 2022, there were no open payable balances to UltraDx and open receivable balances from UltraDx were not material.

- 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

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

Commitments and Contingencies - License agreements and Lease commitments (Details) - License agreements - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tufts
License agreements
Royalty expense		$ 1,700	$ 1,400	$ 1,600
Harvard University
License agreements
Royalty expense		$ 0	$ 0
Upfront Fee	$ 600

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000
Common stock, shares issued	38,014	37,280
Common stock, shares outstanding	38,014	37,280

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38319
Entity Registrant Name	Quanterix Corp
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 796
Entity Common Stock, Shares Outstanding		38,063,618
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Boston, Massachusetts

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of loss before income taxes

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


	Year Ended December 31,
	2023		2022		2021
United States	$	(34,337)	$	(89,590)	$	(56,554)
Foreign		2,722		(7,045)		(1,170)
Total loss before income taxes	$	(31,615)	$	(96,635)	$	(57,724)

Schedule of provision for (benefit from) income taxes

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


	Year Ended December 31,
	2023		2022		2021
Current:
United States
Federal	$	—	$	—	$	—
State		(161)		(77)		(30)
Foreign		(850)		(368)		(342)
Total current income tax provision		(1,011)		(445)		(372)
Deferred
United States
Federal		—		10		5
State		—		13		(6)
Foreign		292		357		409
Total deferred income tax benefit		292		380		408
Total income tax (expense) benefit	$	(719)	$	(65)	$	36

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


	Year Ended December 31,
	2023		2022		2021
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Non-deductible executive compensation	(2.3)	%	(0.1)	%	(1.6)	%
State taxes, net of federal benefit	0.8	%	2.7	%	6.5	%
Tax credits	4.3	%	1.4	%	2.0	%
Stock-based compensation	(1.3)	%	(2.5)	%	7.4	%
Permanent items	(0.5)	%	(0.2)	%	(0.2)	%
Deferred tax rate change	—	%	—	%	0.2	%
Change in valuation allowance	(25.0)	%	(20.8)	%	(34.8)	%
Impairment of goodwill	—	%	(1.7)	%	—	%
Other	0.7	%	—	%	(0.4)	%
Effective income tax rate	(2.3)	%	(0.2)	%	0.1	%

Schedule of deferred tax assets and liabilities


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	78,812	$	78,191
Tax credits		8,758		7,407
Deferred revenue		2,523		2,385
Amortization		734		847
Stock-based compensation		3,217		2,773
Inventory		1,404		1,507
Capitalized R&D Costs		9,210		5,680
Lease liability		10,043		10,856
Other deferred tax assets		2,256		1,370
Total deferred tax assets		116,957		111,016
Less: valuation allowances		(111,147)		(103,243)
Net deferred tax assets		5,810		7,773
Deferred tax liabilities:
Right-of-Use Assets		(4,414)		(5,219)
Depreciation		(1,319)		(2,244)
Amortization acquired intangibles		(1,254)		(1,570)
Goodwill		—		—
Other deferred tax liabilities		—		(209)
Net deferred tax (liability) asset	$	(1,177)	$	(1,469)

Summary of Valuation Allowance

The Company’s change in its valuation allowance account related to deferred tax assets was as follows (in thousands):


	2023		2022
Balance at December 31 of prior year	$	103,243	$	83,121
Change in valuation allowance		7,904		20,122
Balance at December 31	$	111,147	$	103,243

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease right-of-use assets	$ 18,251	$ 21,223
Non-current operating lease liabilities	37,223	41,417
Operating lease costs	5,209	5,488	$ 2,726
Restructuring Plan Q3 2022
Leases
Impairment related to restructuring	1,300	16,300
ROU Assets Impairment expense	1,100	12,000	$ 0
Leasehold Improvement Impairment expense	0	4,300
Carrying Value of ROU Assets and Related Leasehold Improvements	$ 10,100	$ 12,800

Fair value of financial instruments

12 Months Ended

Dec. 31, 2023

Fair value of financial instruments

Fair value of financial instruments

Note 6. 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 December 31, 2023	Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents: (1)
Money market funds	$	155,367	$	155,367	$	—	$	—
Commercial paper		1,996		—		1,996		—
U.S. Treasuries		4,897		—		4,897		—
Total cash equivalents		162,260		155,367		6,893		—
Marketable securities: (2)
Commercial paper		51,498		—		51,498		—
U.S. Treasuries		—		—		—		—
U.S. Government agency bonds		28,398		—		28,398		—
Corporate bonds		67,006		—		67,006		—
Total marketable securities		146,902		—		146,902		—
Total financial assets	$	309,162	$	155,367	$	153,795	$	—


As of December 31, 2022	Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds (1)	$	306,097	$	306,097	$	—	$	—
Total financial assets	$	306,097	$	306,097	$	—	$	—

(1) Included in cash and cash equivalents on the Consolidated Balance Sheets.

Nonrecurring Fair Value Measurements

The Company has several non-marketable equity investments in entities that are evaluated under the VIE guidance (refer to Note 19 - Variable Interest Entities for further discussion). Pursuant to ASC 321 – Investments – Equity Securities, the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its non-marketable equity investments at cost, less any impairment, and adjusted for any observable price changes in orderly transactions.

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 was 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 to determine the fair value would have resulted in a higher or lower fair value measurement.

During the year ended December 31, 2023, the Company recorded $0.5 million in adjustments to the fair value of its non-marketable equity investments. As of December 31, 2023 and December 31, 2022, the carrying value of the Company’s Level 3 financial assets was $0.8 million and $0.3 million, respectively, and is included in other non-current assets on the Consolidated Balance Sheets.

Other Fair Value Disclosures

During the years ended December 31, 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 2 or 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

Revenue and Related Matters - Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Service Revenue
Total revenues	$ 122,368	$ 105,522	$ 110,556
Product revenue
Service Revenue
Total revenues	79,460	69,808	81,062
Product revenue \| NA
Service Revenue
Total revenues	41,392	35,148	47,135
Product revenue \| EMEA
Service Revenue
Total revenues	25,512	22,876	24,300
Product revenue \| Asia Pacific
Service Revenue
Total revenues	12,556	11,784	9,627
Instruments
Service Revenue
Total revenues	15,705	25,004	25,973
Instruments \| NA
Service Revenue
Total revenues	6,374	9,254	12,138
Instruments \| EMEA
Service Revenue
Total revenues	4,384	8,362	8,178
Instruments \| Asia Pacific
Service Revenue
Total revenues	4,947	7,388	5,657
Consumable and other products
Service Revenue
Total revenues	63,755	44,804	55,089
Consumable and other products \| NA
Service Revenue
Total revenues	35,018	25,894	34,997
Consumable and other products \| EMEA
Service Revenue
Total revenues	21,128	14,514	16,122
Consumable and other products \| Asia Pacific
Service Revenue
Total revenues	7,609	4,396	3,970
Service revenue
Service Revenue
Total revenues		34,495
Service revenue \| NA
Service Revenue
Total revenues		29,218
Service revenue \| EMEA
Service Revenue
Total revenues		4,514
Service revenue \| Asia Pacific
Service Revenue
Total revenues		763
Research services
Service Revenue
Total revenues	27,828	23,653	14,825
Research services \| NA
Service Revenue
Total revenues	24,706	22,493	12,101
Research services \| EMEA
Service Revenue
Total revenues	2,000	1,013	2,600
Research services \| Asia Pacific
Service Revenue
Total revenues	1,122	147	124
Other services
Service Revenue
Total revenues	2,382	2,002	2,176
Other services \| NA
Service Revenue
Total revenues	1,436	1,144	1,372
Other services \| EMEA
Service Revenue
Total revenues	951	722	695
Other services \| Asia Pacific
Service Revenue
Total revenues	(5)	136	109
Service revenue.
Service Revenue
Total revenues	40,299	34,495	23,629
Service revenue. \| NA
Service Revenue
Total revenues	32,511		17,807
Service revenue. \| EMEA
Service Revenue
Total revenues	6,040		5,334
Service revenue. \| Asia Pacific
Service Revenue
Total revenues	1,748		488
Service-type warranties
Service Revenue
Total revenues	10,089	8,840	6,628
Service-type warranties \| NA
Service Revenue
Total revenues	6,369	5,581	4,334
Service-type warranties \| EMEA
Service Revenue
Total revenues	3,089	2,779	2,039
Service-type warranties \| Asia Pacific
Service Revenue
Total revenues	631	480	255
Collaboration and license revenue
Service Revenue
Total revenues	1,380	649	648
Collaboration and license revenue \| NA
Service Revenue
Total revenues	1,380	274	360
Collaboration and license revenue \| EMEA
Service Revenue
Total revenues		323	288
Collaboration and license revenue \| Asia Pacific
Service Revenue
Total revenues		52
Grant revenue
Service Revenue
Total revenues	$ 1,229	$ 570	$ 5,217

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Schedule of cash and cash equivalents


	As of December 31,
	2023		2022
Cash	$	12,162	$	32,643
Money market funds		155,367		306,097
Marketable securities		6,893		—
Total cash and cash equivalents	$	174,422	$	338,740

Schedule of restricted cash and cash equivalents


	As of December 31,
	2023		2022
Cash and cash equivalents	$	174,422	$	338,740
Restricted cash		2,604		2,597
Cash, cash equivalents, and restricted cash	$	177,026	$	341,337

Schedule of Property, Plant and Equipment, Useful Life


	Estimated Useful Life
Laboratory and manufacturing equipment	5 Years
Office furniture and equipment	7 Years
Computers and software	3 Years
Leasehold improvements	Shorter of asset's life or remaining lease term

Income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Capitalized R&D Costs	$ 9,210	$ 5,680
Tax reserve accrued	0	$ 0	$ 0
Federal
Income Taxes
Net operating loss (NOL) carryforwards	313,400
Operating loss carryforwards, not subject to expiry				$ 204,900
Federal \| Through Tax Year 2037
Income Taxes
Operating loss carryforwards, subject to expiry					$ 108,500
Federal \| Through Tax Year 2042
Income Taxes
Tax credit carryforwards	6,700
Federal \| Through Tax Year 2043
Income Taxes
Operating loss carryforwards, subject to expiry	6,700
State
Income Taxes
Net operating loss (NOL) carryforwards	214,900
Operating loss carryforwards, not subject to expiry	10,600
State \| Through Tax Year 2038
Income Taxes
Operating loss carryforwards, subject to expiry	2,600
State \| Through Tax Year 2042
Income Taxes
Operating loss carryforwards, subject to expiry	$ 204,300

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (32,334)	$ (96,700)	$ (57,688)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	6,364	5,349	4,851
Credit losses (gains) on accounts receivable	336	(301)	213
Amortization of (discount) premium on marketable securities	(1,964)
Operating lease right-of-use asset amortization	2,015	715	499
Stock-based compensation expense	16,764	15,442	15,975
Impairment	1,570	25,592
Other operating activity	150	(439)	692
Changes in assets and liabilities:
Accounts receivable	(6,695)	5,156	(6,853)
Inventory	(5,364)	5,386	(8,090)
Prepaid expenses and other current assets	(2,371)	(568)	(393)
Other non-current assets	(775)	(909)	(2)
Accounts payable	1,189	(5,362)	2,414
Accrued compensation and benefits, accrued expenses, and other current liabilities	4,276	(3,976)	606
Deferred revenue	635	2,599	1,462
Operating lease liabilities	(2,645)	(266)	(1,230)
Other non-current liabilities	(53)	10	(363)
Net cash used in operating activities	(18,902)	(48,272)	(47,907)
Cash flows from investing activities:
Purchases of marketable securities	(175,613)
Proceeds from marketable debt securities	31,000
Purchases of property and equipment	(3,788)	(11,726)	(13,616)
Proceeds from RADx grant on assets purchased		520	7,278
Net cash used in investing activities	(148,401)	(11,206)	(6,338)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,889	2,311	8,815
Payments for employee taxes withheld on stock-based compensation awards	(198)
Payments on notes payable			(7,738)
Net cash provided by financing activities	2,691	2,311	270,795
Net increase (decrease) in cash, cash equivalents, and restricted cash	(164,612)	(57,167)	216,550
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	301	(538)	(92)
Cash, cash equivalents, and restricted cash at beginning of period	341,337	399,042	182,584
Cash, cash equivalents, and restricted cash at end of period	177,026	341,337	399,042
Supplemental disclosure of cash flow information:
Cash paid for taxes	808	684
Cash paid for interest			389
Purchases of property and equipment in accounts payable and accruals	419	152	229
Operating lease right-of-use assets obtained in exchange for lease liabilities		$ 22,494
Shares received as consideration under product sales agreement (Note 3, 6)	$ 775
Underwritten public offering
Cash flows from financing activities:
Sale of common stock in underwritten public offering, net			$ 269,718

Marketable Debt Securities

12 Months Ended

Dec. 31, 2023

INVESTMENT SECURITIES

Marketable Debt Securities

Note 5. Marketable Securities

The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):


As of December 31, 2023	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	53,482	$	23	$	(12)	$	53,493
U.S. Treasuries		4,896		1		—		4,897
U.S. Government agency bonds		28,366		39		(7)		28,398
Corporate bonds		66,726		289		(8)		67,007
Total marketable securities	$	153,470	$	352	$	(27)	$	153,795

Marketable securities are reported in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	6,893
Marketable securities								146,902
Total marketable securities							$	153,795

The Company did not have any marketable securities as of December 31, 2022.

The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


		Less Than 12 Months
As of December 31, 2023	Fair Value		Unrealized Losses
Commercial paper	$	32,137	$	(12)
U.S. Government agency bonds		15,861		(7)
Corporate bonds		8,367		(8)
Total	$	56,365	$	(27)

The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of December 31, 2023. For marketable securities in an unrealized loss position, the Company does not intend to sell them before recovery of their amortized cost bases, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance.

The Company did not sell any marketable securities or record any realized gains or losses for the year ended December 31, 2023. At December 31, 2023, the Company had $1.0 million of accrued interest receivable on its marketable securities.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


As of December 31, 2023	Amortized cost		Fair Value
Due within one year	$	95,188	$	95,232
Due in one to two years		58,282		58,563
Total	$	153,470	$	153,795

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Basis of Presentation

Use of Estimates

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.

Foreign Currency

Segment Information

Revenue from Contracts with Customers

Product Revenue

Instrument sales may also be bundled with assays and other consumables, training, and/or an extended service warranty, each of which is considered a separate performance obligation.

Service Revenue

Collaboration and License Revenue

Contract Assets and Liabilities

Accounts Receivable and Allowance for Credit Losses

Costs to Obtain Contracts

Warranties

Grant Revenue

Cost of Goods Sold and Services

Cost of Product Revenue

Cost of Service and Other Revenue

Research and Development Expenses

Selling, General and Administrative Expenses

Net Loss Per Share

Cash and Cash Equivalents


	As of December 31,
	2023		2022
Cash	$	12,162	$	32,643
Money market funds		155,367		306,097
Marketable securities		6,893		—
Total cash and cash equivalents	$	174,422	$	338,740

Restricted Cash


	As of December 31,
	2023		2022
Cash and cash equivalents	$	174,422	$	338,740
Restricted cash		2,604		2,597
Cash, cash equivalents, and restricted cash	$	177,026	$	341,337

Marketable Securities

Inventory

Inventory consists of instruments, assays, and the materials required to manufacture instruments and assays.

Property and Equipment

Depreciation is calculated based upon the following estimated useful lives:


	Estimated Useful Life
Laboratory and manufacturing equipment	5 Years
Office furniture and equipment	7 Years
Computers and software	3 Years
Leasehold improvements	Shorter of asset's life or remaining lease term

Leases

Leases with a term of 12 months or less upon commencement are not recorded on the Consolidated Balance Sheets and are recorded to expense on a straight-line basis over the lease term.

Impairment of Goodwill

Impairment of Long-Lived Assets

Software Development Costs

Fair Value of Financial Instruments

●

Level 1: Observable inputs based on unadjusted quoted prices in active markets for identical assets.

●

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Income Taxes

Credit, Product, and Supplier Concentrations and Off-Balance-Sheet Risk

Customers outside the United States represented 38% and 41% of the Company’s gross trade accounts receivable balance as of December 31, 2023 and 2022, respectively.

Stock-Based Compensation

shares upon exercise of options and vesting of RSUs. Awards granted by the Company are routine in nature including new hire, annual, and promotion grants.

The fair value of RSUs is determined using the closing market price of the Company’s common stock on the grant date.

Advertising

Recent Accounting Pronouncements

Recent Accounting Standards To Be Adopted

Stock-Based Compensation - Restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)	1,188
Granted (in shares)	868
Vested (in shares)	(453)
Cancelled (in shares)	(275)
Unvested restricted common stock at the end of the period (in shares)	1,328	1,188
Expected to convert	1,328
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)	15.90	$ 18.32	$ 58.20
Vested (in dollars per share)	23.00
Cancelled (in dollars per share)	17.50
Unvested restricted common stock at the end of the period (in dollars per share)	17.87	$ 21.18
Expected to convert (in dollars per share)	$ 17.87
Aggregate fair value of restricted stock awards	$ 10.4	$ 9.8	$ 7.3

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	$ 162,260
Marketable securities	146,902	$ 0
Total Financial Assets	309,162	306,097
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	155,367
Marketable securities		306,097
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	1,996
Marketable securities	51,498
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	4,897
U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	67,006
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	155,367
Total Financial Assets	155,367	306,097
Level 1 \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	155,367
Marketable securities		$ 306,097
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	6,893
Marketable securities	146,902
Total Financial Assets	153,795
Level 2 \| Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	1,996
Marketable securities	51,498
Level 2 \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	4,897
Level 2 \| U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	28,398
Level 2 \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	$ 67,006

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies
Cash	$ 12,162	$ 32,643
Money market funds	155,367	306,097
Marketable securities	6,893
Total cash and cash equivalents	$ 174,422	$ 338,740

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Revenue and Related Matters (Tables)

12 Months Ended

Dec. 31, 2023

Revenue and Related Matters

Schedule of disaggregated revenue


	Year Ended December 31, 2023
(in thousands)	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	6,374	$	4,384	$	4,947	$	15,705
Consumable and other products		35,018		21,128		7,609		63,755
Total	$	41,392	$	25,512	$	12,556	$	79,460

Service revenue:
Service-type warranties	$	6,369	$	3,089	$	631	$	10,089
Research services		24,706		2,000		1,122		27,828
Other services		1,436		951		(5)		2,382
Total	$	32,511	$	6,040	$	1,748	$	40,299

Collaboration and license revenue:		1,380		—		—		1,380
Total	$	1,380	$	—	$	—	$	1,380


	Year Ended December 31, 2022
(in thousands)	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	9,254	$	8,362	$	7,388	$	25,004
Consumable and other products		25,894		14,514		4,396		44,804
Total	$	35,148	$	22,876	$	11,784	$	69,808

Service and other revenues:
Service-type warranties	$	5,581	$	2,779	$	480	$	8,840
Research services		22,493		1,013		147		23,653
Other services		1,144		722		136		2,002
Total	$	29,218	$	4,514	$	763	$	34,495

Collaboration and license revenue:
Total	$	274	$	323	$	52	$	649


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

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

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

Schedule of costs to obtain a contract


	2023		2022		2021
Balance at December 31 of prior year	$	377	$	440	$	248
Capitalization of costs to obtain a contract		528		1,387		905
Recognition of costs to obtain a contract		(617)		(1,450)		(713)
Balance at December 31	$	288	$	377	$	440

Goodwill and intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and intangible assets

Goodwill and intangible assets

Note 13. Goodwill and Intangible Assets

During the third quarter of 2022, the Company identified certain indicators of impairment, including the significant decline in the Company’s stock price, actions taken under the Restructuring Plan (Refer to Note 17 – Restructuring), and a reduction of forecasted sales and profitability. As a result, the Company performed a goodwill impairment test and determined 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 impairment charge during the third quarter of 2022. As of December 31, 2023 and December 31, 2022, the Company had no remaining goodwill balance.

Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life amounts):


		As of December 31, 2023
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(6,326)	$	(1,050)	$	5,624	4.0
Developed technology	7		1,650		(1,581)		—		69	1.1
Customer relationships	8.5 - 10		1,360		(1,067)		(9)		284	4.1
Non-compete agreements	5.5		340		(256)		(27)		57	1.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(9,280)	$	(1,086)	$	6,034


		As of December 31, 2022
	Estimated					Cumulative
	Useful	Gross Carrying		Accumulated		Translation		Net Carrying		Weighted Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining (in years)
Know-how	8.5	$	13,000	$	(4,763)	$	(1,433)	$	6,804	5.0
Developed technology	7		1,650		(1,458)		—		192	2.1
Customer relationships	8.5 - 10		1,360		(938)		(12)		410	5.1
Non-compete agreements	5.5		340		(193)		(37)		110	2.0
Trade names	3		50		(50)		—		—	—
Total		$	16,400	$	(7,402)	$	(1,482)	$	7,516

The Company recorded amortization expense of $1.6 million, $1.8 million, and $2.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Amortization of know-how is recorded in cost of goods sold; amortization of developed technology is recorded in research and development expenses; and amortization of customer relationships, non-compete agreements and trade names are recorded in selling, general and administrative expenses on the Consolidated Statements of Operations.

Future estimated amortization expense is as follows (amounts in thousands):


	As of December 31, 2023
2024	$	1,631
2025		1,493
2026		1,465
2027		1,443
2028		2
Thereafter		—
Total amortization expense	$	6,034

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash equivalents
Cash and cash equivalents	$ 174,422	$ 338,740
Restricted cash	2,604	2,597
Cash, cash equivalents, and restricted cash	$ 177,026	$ 341,337	$ 399,042	$ 182,584

Significant accounting policies - Credit, product and supplier concentrations and off-balance-sheet risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer
Concentration Risk
Revenue \| $	$ 122,368	$ 105,522	$ 110,556
Accounts Receivable \| Customer Concentration Risk \| Customers outside the United States
Concentration Risk
Concentration risk (in percent)	38.00%	41.00%
Revenue. \| Customer Concentration Risk \| One customer
Concentration Risk
Concentration risk (in percent)	10.00%	10.00%
Revenue \| $	$ 14,000	$ 13,700
Number Of Customers With High Percent Of Total Revenue \| customer	1	1
Revenue. \| Customer Concentration Risk \| Customer
Concentration Risk
Concentration risk (in percent)			10.00%
Number Of Customers With High Percent Of Total Revenue \| customer			0

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Allowance for Credit Losses

Schedule of the allowance for credit losses


	2023		2022		2021
Balance at December 31 of prior year	$	118	$	419	$	370
Provision for expected credit losses		729		752		213
Write-offs and recoveries collected		(393)		(1,053)		(164)
Balance at December 31	$	454	$	118	$	419

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Schedule of future minimum lease payments


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,935	$	6,539
Operating ROU assets obtained in exchange for lease obligations	$	—	$	22,494
Weighted average remaining lease term - operating leases (years)		6.8		7.8
Weighted average discount rate - operating leases		7.86%		7.83%

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of December 31, 2023
2024	$	7,094
2025		7,254
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	53,018
Less: imputed interest		(11,554)
Total operating lease liabilities	$	41,464

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENT SECURITIES

Debt Securities, Available-for-Sale

The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):


As of December 31, 2023	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	53,482	$	23	$	(12)	$	53,493
U.S. Treasuries		4,896		1		—		4,897
U.S. Government agency bonds		28,366		39		(7)		28,398
Corporate bonds		66,726		289		(8)		67,007
Total marketable securities	$	153,470	$	352	$	(27)	$	153,795

Marketable securities are reported in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	6,893
Marketable securities								146,902
Total marketable securities							$	153,795

Unrealized Gain (Loss) on Investments


		Less Than 12 Months
As of December 31, 2023	Fair Value		Unrealized Losses
Commercial paper	$	32,137	$	(12)
U.S. Government agency bonds		15,861		(7)
Corporate bonds		8,367		(8)
Total	$	56,365	$	(27)

Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


As of December 31, 2023	Amortized cost		Fair Value
Due within one year	$	95,188	$	95,232
Due in one to two years		58,282		58,563
Total	$	153,470	$	153,795

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Significant accounting policies - Property and Equipment (Details)	Dec. 31, 2023
Laboratory and manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Computers and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of components of the lease costs

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	5,209	$	5,488	$	2,726
Short-term and variable lease cost		3,996		3,417		2,699
Total lease cost	$	9,205	$	8,905	$	5,425

Schedule of supplemental cash flow information


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,935	$	6,539
Operating ROU assets obtained in exchange for lease obligations	$	—	$	22,494
Weighted average remaining lease term - operating leases (years)		6.8		7.8
Weighted average discount rate - operating leases		7.86%		7.83%

Schedule of undiscounted future lease payments for non-cancelable operating leases


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,935	$	6,539
Operating ROU assets obtained in exchange for lease obligations	$	—	$	22,494
Weighted average remaining lease term - operating leases (years)		6.8		7.8
Weighted average discount rate - operating leases		7.86%		7.83%

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of December 31, 2023
2024	$	7,094
2025		7,254
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	53,018
Less: imputed interest		(11,554)
Total operating lease liabilities	$	41,464

Schedule of balance sheet information


Maturity of lease liabilities	As of December 31, 2023
2024	$	7,094
2025		7,254
2026		7,408
2027		7,641
2028		7,880
Thereafter		15,741
Total lease payments	$	53,018
Less: imputed interest		(11,554)
Total operating lease liabilities	$	41,464

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Fair value of financial instruments - Changes in Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the Company's Level 3 financial assets	$ 309,162	$ 306,097
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other changes in the carrying value of assets	500
Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the Company's Level 3 financial assets	$ 800	$ 300

Net Loss Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock and RSUs
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	1,512	702	531
Estimated ESPP purchases
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	23	52	8
Employee Stock Option [Member]
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	2,783	446	2,305
Outstanding common stock warrants
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	4,318	1,200	2,844