0000950170-22-016044 | 10-Q | XBRL Viewer | Singular Genomics Systems INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Entity Registrant Name	Singular Genomics Systems, Inc.
Entity Central Index Key	0001850906
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Trading Symbol	OMIC
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,193,292
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity File Number	001-40443
Entity Tax Identification Number	81-2948451
Entity Address, Address Line One	3010 Science Park Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-7830
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 153,115	$ 201,049
Short-term investments	134,376	138,174
Inventory	12,216	3,011
Prepaid expenses and other current assets	6,243	5,526
Total current assets	305,950	347,760
Right-of-use lease assets	48,245	0
Property and equipment, net	9,303	6,072
Restricted cash	1,734	687
Other noncurrent assets	1,177	1,129
Total assets	366,409	355,648
Current liabilities:
Accounts payable	4,017	2,348
Accrued expenses	4,056	4,278
Lease liabilities, current	5,239	0
Other current liabilities	0	118
Total current liabilities	13,312	6,744
Lease liabilities, non current	44,398	0
Long-term debt, net of issuance costs	9,983	9,904
Other noncurrent liabilities	1,155	2,827
Total liabilities	68,848	19,475
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 400,000,000 shares authorized, 71,065,869 and 72,438,742 shares outstanding at June 30, 2022 and December 31, 2021, respectively	7	7
Additional paid-in capital	496,451	488,200
Accumulated other comprehensive loss	(1,013)	(138)
Accumulated deficit	(197,884)	(151,896)
Total stockholders' equity	297,561	336,173
Total liabilities and stockholders' equity	366,409	355,648
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Stockholders' equity:
Series A Common Stock Equivalent Convertible Preferred Stock, $0.0001 par value; 7,000 shares authorized, 2,500 and 0 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	$ 0	$ 0

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Temporary equity, shares authorized	39,020,122
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares outstanding	71,065,869	72,438,742
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	7,000	7,000
Temporary equity, shares issued	2,500	0
Temporary equity, shares outstanding	2,500	0

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 12,061	$ 7,682	$ 22,707	$ 14,289
Selling, General and Administrative	12,182	6,201	23,556	9,855
Total operating expenses	24,243	13,883	46,263	24,144
Loss from operations	(24,243)	(13,883)	(46,263)	(24,144)
Other income (expense):
Interest and other income	428	413	584	543
Interest expense	(167)	(232)	(309)	(420)
Change in fair value of convertible promissory notes	0	(23,799)	0	(35,199)
Change in fair value of warrant liability	0	(22)	0	(2,180)
Net loss	$ (23,982)	$ (37,479)	$ (45,988)	$ (61,400)
Earnings Per Share, Basic	$ (0.34)	$ (1.18)	$ (0.65)	$ (2.83)
Earnings Per Share, Diluted	$ (0.34)	$ (1.18)	$ (0.65)	$ (2.83)
Weighted Average Number of Shares Outstanding, Basic	70,779,326	31,628,921	70,893,059	21,696,142
Weighted Average Number of Shares Outstanding, Diluted	70,779,326	31,628,921	70,893,059	21,696,142

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net loss	$ (23,982)	$ (37,479)	$ (45,988)	$ (61,400)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(246)	49	(875)	0
Comprehensive loss	$ (24,228)	$ (37,430)	$ (46,863)	$ (61,400)

- Definition

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

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+ Details

Condensed Statements of Preferred Stock and Stockholders' Equity/(Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Series Seed Convertible Preferred Stock [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit [Member]
Temporary equity, Balance at Dec. 31, 2020		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Dec. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2020	$ (51,555)				$ 1		$ 1,552	$ 17	$ (53,125)
Balance (in shares) at Dec. 31, 2020					10,816,937
Vesting of common stock issued for early exercise of stock options	92						92
Vesting of common stock issued for early exercise of stock options (in shares)					151,343
Issuance of common stock in connection with exercise of stock options	995						995
Issuance of common stock in connection with exercise of stock options (in shares)					1,855,904
Stock-based compensation	1,096						1,096
Unrealized gain (loss) on available- for-sale marketable securities	(49)							(49)
Net loss	(23,921)								(23,921)
Temporary equity, Balance at Mar. 31, 2021		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Mar. 31, 2021		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2021	(73,342)				$ 1		3,735	(32)	(77,046)
Balance (in shares) at Mar. 31, 2021					12,824,184
Temporary equity, Balance at Dec. 31, 2020		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Dec. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2020	(51,555)				$ 1		1,552	17	(53,125)
Balance (in shares) at Dec. 31, 2020					10,816,937
Conversion of Preferred Stock To Common Stock	69,184
Net loss	(61,400)
Balance at Jun. 30, 2021	366,578				$ 7		481,079	17	(114,525)
Balance (in shares) at Jun. 30, 2021					71,526,327
Temporary equity, Balance at Mar. 31, 2021		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Mar. 31, 2021		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2021	(73,342)				$ 1		3,735	(32)	(77,046)
Balance (in shares) at Mar. 31, 2021					12,824,184
Conversion of Preferred Stock To Common Stock	69,184	$ (4,486)	$ (19,908)	$ (44,790)	$ 4		69,180
Conversion of preferred stock into common stock, converted (in shares)		(6,520,790)	12,932,429	19,373,169	38,826,388
Conversion of the convertible promissory notes into common stock	165,699				$ 1		165,698
Conversion of the convertible promissory notes into common stock (in shares)					7,531,777
Issuance of common stock upon initial public offering, net of issuance costs	237,199				$ 1		237,198
Issuance of common stock upon initial public offering, net of issuance costs (in shares)					11,730,000
Cashless exercise of common stock warrant	2,631						2,631
Cashless exercise of common stock warrant (in shares)					117,088
Vesting of common stock issued for early exercise of stock options	230						230
Vesting of common stock issued for early exercise of stock options (in shares)					378,146
Issuance of common stock in connection with exercise of stock options	66						66
Issuance of common stock in connection with exercise of stock options (in shares)					118,744
Stock-based compensation	2,341						2,341
Unrealized gain (loss) on available- for-sale marketable securities	49							49
Net loss	(37,479)								(37,479)
Balance at Jun. 30, 2021	366,578				$ 7		481,079	17	(114,525)
Balance (in shares) at Jun. 30, 2021					71,526,327
Temporary equity, Balance (in shares) at Dec. 31, 2021			0
Balance at Dec. 31, 2021	336,173				$ 7		488,200	(138)	(151,896)
Balance (in shares) at Dec. 31, 2021					72,438,742
Exchange of common stock for Series A Common Stock Equivalent (in shares)					(2,500,000)	2,500
Vesting of common stock issued for early exercise of stock options	344						344
Vesting of common stock issued for early exercise of stock options (in shares)					505,322
Issuance of common stock in connection with exercise of stock options	34						34
Issuance of common stock in connection with exercise of stock options (in shares)					65,399
Stock-based compensation	3,566						3,566
Unrealized gain (loss) on available- for-sale marketable securities	(629)							(629)
Net loss	(22,006)								(22,006)
Balance at Mar. 31, 2022	317,482				$ 7		492,144	(767)	(173,902)
Balance (in shares) at Mar. 31, 2022					70,509,463	2,500
Temporary equity, Balance (in shares) at Dec. 31, 2021			0
Balance at Dec. 31, 2021	$ 336,173				$ 7		488,200	(138)	(151,896)
Balance (in shares) at Dec. 31, 2021					72,438,742
Exchange of common stock for Series A Common Stock Equivalent (in shares)	38,826,388	6,520,790
Conversion of Preferred Stock To Common Stock	$ 0
Issuance of common stock in connection with exercise of stock options (in shares)	228,043
Net loss	$ (45,988)
Temporary equity, Balance (in shares) at Jun. 30, 2022			2,500
Balance at Jun. 30, 2022	297,561				$ 7		496,451	(1,013)	(197,884)
Balance (in shares) at Jun. 30, 2022					71,065,869	2,500
Balance at Mar. 31, 2022	317,482				$ 7		492,144	(767)	(173,902)
Balance (in shares) at Mar. 31, 2022					70,509,463	2,500
Vesting of common stock issued for early exercise of stock options	151						151
Vesting of common stock issued for early exercise of stock options (in shares)					219,743
Issuance of common stock in connection with exercise of stock options	62						62
Issuance of common stock in connection with exercise of stock options (in shares)					162,644
Issuance of common stock in connection with Employee Stock Purchase Program	489						489
Issuance of common stock in connection with Employee Stock Purchase Program (in shares)					174,019
Stock-based compensation	3,605						3,605
Unrealized gain (loss) on available- for-sale marketable securities	(246)							(246)
Net loss	(23,982)								(23,982)
Temporary equity, Balance (in shares) at Jun. 30, 2022			2,500
Balance at Jun. 30, 2022	$ 297,561				$ 7		$ 496,451	$ (1,013)	$ (197,884)
Balance (in shares) at Jun. 30, 2022					71,065,869	2,500

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (45,988)	$ (61,400)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,071	466
Stock-based compensation	7,171	3,437
Change in fair value of convertible promissory notes	0	35,199
Change in fair value of warrant liability	0	2,180
Amortization of premium on short-term investments	1,565	540
Amortization of right-of-use lease assets	1,573	0
Accretion of debt issuance costs	79	160
Changes in operating assets and liabilities:
Inventory	(9,309)	0
Prepaid expenses and other current assets	(1,049)	(5,903)
Other noncurrent assets	(921)	(909)
Accounts payable	1,307	766
Accrued expenses	(222)	217
Other current liabilities	0	(122)
Lease liabilities	(668)	0
Other noncurrent liabilities	0	343
Net cash used in operating activities	(45,391)	(25,026)
Investing activities
Purchases of short-term investments	(65,139)	(122,655)
Sales of short-term investments	15,311	17,045
Maturities of shot-term investments	51,285	5,256
Purchases of property and equipment	(3,077)	(1,473)
Net cash used in investing activities	(1,620)	(101,827)
Financing activities
Proceeds from initial public offering, net of issuance costs	0	238,644
Proceeds from issuance of common stock under equity incentive plans, net of repurchases	(365)	3,494
Proceeds from issuance of common stock under employee stock purchase plan	489	0
Proceeds from issuance of convertible promisorry notes	0	130,500
Net cash provided by financing activities	124	372,638
Net (decrease) increase in cash and cash equivalents and restricted cash	(46,887)	245,785
Cash and cash equivalents and restricted cash, beginning of year	201,736	12,170
Cash and cash equivalents and restricted cash, end of year	154,849	257,955
Supplemental disclosure for cash activities
Interest paid	222	260
Supplemental disclosure for non-cash activities
Initial lease liability recognized upon adoption of ASC 842	7,074	0
Initial lease liability recognized upon lease commencements during the period	43,231	0
Vesting of restricted stock	495	322
Deferred offering costs in accrued expenses	0	1,445
Conversion of preferred stock to common stock	0	69,184
Conversion of convertible promissory notes to common stock	0	165,699
Inventory transferred to property and equipment	104	0
Noncurrent desposit transferred to property and equipment	759	0
Purchase of property and equipment included in accounts payable	$ 362	$ 60

Business

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business And Basis of Presentation

1. Business

Description of Business

Singular Genomics Systems, Inc. (the “Company”) is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4 Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In development, the PX system leverages the Company’s proprietary sequencing technology, applying it as an in-situ readout to look at RNA and proteins in single cells and tissue. With these products, the Company’s mission is to empower researchers and clinicians to advance science and medicine.

The Company was incorporated in the state of Delaware in June 2016 and has its principal operations in San Diego, California.

Initial Public Offering

On June 1, 2021, the Company closed its initial public offering (“IPO”) in which it sold 11,730,000 shares of common stock (which included 1,530,000 shares that were sold pursuant to the full exercise of the IPO underwriters’ option to purchase additional shares) at a public offering price of $22.00 per share. The Company received net proceeds of approximately $237.2 million after deducting offering costs, underwriting discounts and commissions of $20.9 million.

Concurrent with the closing of the IPO:

•

38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock;

•

outstanding principal and interest amount of convertible promissory notes (the “2021 Convertible Notes”) converted into 7,531,777 shares of common stock; and

•

a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock.

Liquidity and Capital Resources

The Company has incurred net losses since inception and, as of June 30, 2022 and December 31, 2021, had an accumulated deficit of $197.9 million and $151.9 million, respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through June 30, 2022, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of June 30, 2022, the Company had cash, cash equivalents and short-term investments of $287.5 million. The Company believes that its cash, cash equivalents and short-term investments as of June 30, 2022 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited condensed financial statements.

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year.

The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2021, significant estimates and assumptions include the fair value of the 2021 Convertible Notes, the fair value of the liability for the SVB Warrant, the fair value of the Company’s preferred and common stock and stock-based compensation. After December 31, 2021, significant estimates and assumptions include stock-based compensation and the value of lease liabilities and right-of-use lease assets.

Summary of Significant Accounting Policies

During the six months ended June 30, 2022, other than the policies described below, there were no changes to the Company’s significant accounting policies as described in Note 2 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	153,115	$	201,049
Restricted cash		1,734		687
Total	$	154,849	$	201,736

Short-term Investments

Short-term investments primarily consisted of corporate debt securities, asset-backed securities and treasury securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	6,497	$	(1	)	$	6,496
Asset-backed securities		12,552		(35	)		12,517
Corporate debt securities		116,340		(977	)		115,363
Total	$	135,389	$	(1,013	)	$	134,376


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
Total	$	138,312	$	(138	)	$	138,174

The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Due within one year	$	112,416	$	94,085
After one but within five years		21,960		44,089
Total	$	134,376	$	138,174

The Company determined there was no other-than-temporary impairment of any of its investments.

Inventory

Inventory includes raw materials, which are goods to be consumed directly or indirectly in production, work in process, which are goods in the course of production, and finished goods, which are goods awaiting sale. Inventory is recorded at the lower of cost or net realizable value. Costs are based on standard costs that are adjusted regularly to reflect current conditions so that at the balance-sheet date standard costs reasonably approximate costs under a first-in, first-out basis. Standard costs include acquisition and production costs. Raw materials include inventories that may be used in research and development activities, and such items are expensed as consumed or capitalized as property and equipment and depreciated.

Inventory in the prior year’s financial statements have been reclassified to conform to the current presentation on the condensed balance sheets and condensed statements of cash flows. No subtotals in the prior year financial statements were impacted as a result.

Leases

The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), effective January 1, 2022. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding right-of-use (“ROU”) lease assets for its operating leases where the Company is the lessee. The initial impact of the adoption is discussed below in the section titled “Recent Accounting Pronouncements—Adopted.”

The Company determines if an arrangement is or contains a lease at contract inception. Lease liabilities represent the Company’s obligation to make payments under its operating leases. ROU lease assets represent the Company’s right to use assets under its operating leases. The Company determines the value of lease liabilities and ROU lease assets on a lease-by-lease basis. A lease liability is recognized at the commencement date of an operating lease based on the present value of the future lease payments over the expected lease term. A corresponding ROU lease asset is recognized at the commencement date of an operating lease based on the value of the lease liability, adjusted for any lease incentives received, any initial direct costs incurred and any lease payments made at or before the lease commencement date. The Company made a policy election to not recognize lease liabilities and ROU lease assets for operating leases with an expected lease term of twelve months or less.

The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate based on information available at the date of lease commencement. The incremental borrowing rate is the estimated rate of interest that the Company would pay to borrow, on a collateralized basis, an amount equal to the lease payments over the expected lease term.

After lease commencement, the Company measures its operating leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the incremental borrowing rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between lease expense and amounts paid under the lease. Lease expense is recognized on a straight-line basis over the expected lease term. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Variable lease payments such as those related to property taxes, insurance and common area maintenance are recognized as expense when incurred.

Revenue Recognition

The Company expects to recognize revenue from sales of the G4, related consumable flow cell kits and services. Although the Company commenced shipping the G4 in the second quarter of 2022, the Company will not recognize revenue from shipped instruments until the applicable acceptance criteria have been met.

The process of revenue recognition involves five steps: (1) identifying the contract with a customer; (2) determining the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations based on standalone selling prices; and (5) recognizing revenue when or as the performance obligations are satisfied.

Identifying the Contract—Contracts are agreements with the Company’s customers that create enforceable rights and obligations. In some cases, the Company may account for multiple contracts as one contract.

Determining Performance Obligations—Performance obligations are promises to transfer goods or services to a customer that are distinct. A performance obligation is considered distinct from other obligations in a contract when it is separately identified in the contract and provides a benefit to the customer either on its own or together with other resources that are readily available to the customer. The Company’s distinct performance obligations primarily consist of the delivery and installation of the G4, delivery of consumables and providing related support services.

Determining the Transaction Price—The transaction price is the amount of consideration the Company expects to be entitled from the customer in exchange for the promised goods or services and is generally fixed and stated in the contract with the customer.

Allocating the Transaction Price to Each Performance Obligation—The Company allocates the transaction price to each performance obligation based on the Company’s estimate of each performance obligation’s standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and the adjusted market approach, which is primarily based on prices set by management, adjusted for applicable discounts.

Recognizing Revenue—The allocated transaction price for each performance obligation is recognized as revenue as the Company satisfies each performance obligation. In instances where right of payment or transfer of title is contingent on the customer’s acceptance of the product, revenue is not recognized until the acceptance criteria have been met.

Recent Accounting Pronouncements—Adopted

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), codified as ASC 842. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding ROU lease assets for its operating leases where the Company is the lessee. The Company adopted this standard effective January 1, 2021 using the modified retrospective method by applying the new standard to all leases existing as of January 1, 2022 and not restating any prior comparative periods. The Company elected the practical expedients to carry forward its historical lease classification, not reassess whether any expired or existing contracts are or contain leases and not reassess initial direct costs for existing leases. On January 1, 2022, the Company recorded operating lease liabilities of $7.1 million, ROU lease assets of $6.4 million, and derecognized deferred rent of $0.7 million. The additional disclosures required by the standard have been included in the section above titled “Leases” and in Note 9. Prior comparative periods have not been adjusted and continue to be reported under ASC 840.

Recent Accounting Pronouncements—Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

For accounting purposes, fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy.

None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash, cash equivalents and short-term investments. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs.

The following tables summarize the Company’s assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	32,354	$	-	$	-	$	32,354
Money market funds		120,761		-		-		120,761
U.S. treasury securities		6,496						6,496
Asset-backed securities		-		12,517		-		12,517
Corporate debt securities		-		115,363		-		115,363
Total	$	159,611	$	127,880	$	-	$	287,491


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	26,037	$	-	$	-	$	26,037
Money market funds		175,012		-		-		175,012
Asset-backed securities		-		21,147		-		21,147
Corporate debt securities		-		117,027		-		117,027
Total	$	201,049	$	138,174	$	-	$	339,223

- 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

Inventory

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventory

4. Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31
	2022		2021
Raw materials	$	8,700	$	2,565
Work in process		3,275		446
Finished goods		241		-
Total inventory	$	12,216	$	3,011

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31
	2022		2021
Prepaid expenses	$	4,804	$	3,715
Interest receivable		953		1,050
Current deposits		486		761
Total prepaid expenses and other current assets	$	6,243	$	5,526

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, Net

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


		June 30,			December 31,
	Useful Life	2022			2021
Equipment	5 years	$	6,090		$	4,433
Computers and software	3 years		2,619			2,136
Leasehold improvements	14 years or less		2,033			1,041
Furniture and fixtures	5 years or less		1,819			75
Construction in progress	N/A		-			574
Total property and equipment, gross			12,561			8,259
Less: accumulated depreciation			(3,258	)		(2,187	)
Total property and equipment, net		$	9,303		$	6,072

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued compensation and other employee benefits	$	2,894	$	3,516
Accrued professional services		284		200
Accrued research and development expenses		93		41
Accrued other expenses		785		521
Total accrued expenses	$	4,056	$	4,278

Long-term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt

8. Long-term Debt

Silicon Valley Bank Loan

In November 2019, the Company entered into a loan and security agreement with Silicon Valley Bank (“SVB”) pursuant to which SVB agreed to lend to the Company up to $15.0 million in a series of term loans (the “2019 SVB Loan”). Contemporaneously, the Company borrowed $2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65% above the prime rate or (ii) 5.90%. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50% was to be due on the maturity date. In connection with the 2019 SVB Loan, SVB entered into the SVB Warrant agreement with the Company to purchase shares of Series B convertible preferred stock at an exercise price of $2.3228 per share (see section titled “SVB Warrant” below).

On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement” or “2021 SVB Loan”, together with the 2019 SVB Loan, the “SVB Loans”) with SVB. The Amended Agreement provides for term loans in an aggregate principal amount of up to $35.5 million to be delivered in three tranches. The tranches consist of: (i) a term loan advance to the Company in an aggregate principal amount of $10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $15.0 million; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $10.0 million. The proceeds from the First Tranche were used to repay in full the existing indebtedness under the 2019 SVB Loan. The 2021 SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75% plus the prime rate as reported in The Wall Street Journal and (ii) 4.00%. As of June 30, 2022, the SVB Loan bears interest at an annual rate of 5.50%. The 2021 SVB Loan has an initial interest-only period of 36 months. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00% will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet. As of June 30, 2022, the SVB Loan is recorded as noncurrent.

The Amended Agreement was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the Amended Agreement will be amortized to interest expense using the effective interest method over the repayment term.

As of June 30, 2022 and December 31, 2021, the debt issuance costs related to the SVB Loans were $0.5 million and $0.6 million, respectively. Debt issuance costs include the initial fair value of the SVB Warrant. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method.

The SVB Loans and unamortized discount balances as of June 30, 2022 and December 31, 2021 are shown below (in thousands):


	June 30,			December 31,
	2022			2021
Long-term debt	$	10,500		$	10,500
Less: issuance costs		(517	)		(596	)
Total long-term debt, net of issuance costs	$	9,983		$	9,904

Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows:


As of June 30, 2022
2022 (six months remaining)	$	245
2023		586
2024		2,325
2025		5,604
2026 and thereafter		4,038
Total future minimum payments		12,798
Less: interest, Final Payment fee		(2,297	)
Long-term debt		10,500
Less: issuance costs		(517	)
Long-term debt, net of issuance costs	$	9,983

The Company is subject to customary affirmative and restrictive covenants under the Amended Agreement. The Company’s obligations under the Amended Agreement are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the Amended Agreement.

The Amended Agreement provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the Amended Agreement. After the occurrence of an event of default, SVB may, among other remedies, accelerate payment of all obligations.

As of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Amended Agreement and there had been no events of default.

SVB Warrant

In November 2019, simultaneously with the first draw-down under its 2019 SVB Loan, SVB entered into a warrant agreement with the Company to purchase 32,289 shares of Series B convertible preferred stock of the Company at an exercise price of $2.3228 per share (as amended, the “SVB Warrant”). In March 2020, in connection with the Company’s second draw-down under the 2019 SVB Loan, the SVB Warrant was amended to increase the number of shares of Series B convertible preferred stock of the Company by 96,867, to a total of 129,156 shares. In connection with the completion of the Company’s IPO, in accordance with the original terms the warrant instrument, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock. In June 2021, after the IPO, SVB net exercised the SVB Warrant into 117,088 shares of common stock of the Company, and the SVB Warrant is no longer outstanding as of June 30, 2022.

The fair value of the SVB Warrant liability was remeasured at each financial reporting period with any changes in fair value recognized as other income (expense) in the statements of operations. The fair value for the warrant liability for the SVB Warrant was based on the Black-Scholes option pricing valuation model using significant inputs not observable in the market and was thus classified within Level 3 of the fair value hierarchy. The change in fair value of the warrant for the six months ended June 30, 2022 and 2021 was $0 and $2.2 million, respectively, and recorded as “Change in fair value of warrant liability” in the statements of operations. When, in connection with the IPO, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock, the warrant liability was reclassified from current liabilities to equity as the warrant met the definition of an equity instrument. Additionally, at that time, the Company recorded the final valuation of the warrant liability for the SVB Warrant. The assumptions used in determining the fair value of the SVB Warrant liability are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

2021 Convertible Notes

In February 2021, the Company sold and issued approximately $130.5 million aggregate principal of 2021 Convertible Notes in a private placement transaction. Of this amount, $48.5 million was to certain investors affiliated with members of the Company’s board of directors. The 2021 Convertible Notes accrued 6% interest per annum. The Company elected as of the issuance date to account for the 2021 Convertible Notes at fair value. Management believes that the fair value option better reflected the underlying economics of the 2021 Convertible Notes, which contained multiple embedded derivatives. Under the fair value election, changes in fair value are reported as “Change in fair value of convertible promissory notes” in the statements of operations in each reporting period after the issuance through the conversion of the 2021 Convertible Notes. The Company measured the fair value of the 2021 Convertible Notes using the probability weighted “as-converted” plus Black-Scholes option pricing model based on inputs such as the probability of IPO vs. non-IPO scenarios, fair value of the common stock price, discount yield, risk-free rate, equity volatility, expected term, number of converted shares and price negotiation adjustment for the calibration. In connection with the IPO, the 2021 Convertible Notes converted into 7,531,777 shares of the Company’s common stock. Based on the terms of the agreement, the 2021 Convertible Notes converted at a 20% discount to the public offering price in the IPO. At the time of the conversion, the Company recorded a final fair value adjustment of the 2021 Convertible Notes using the Company’s common stock price at the IPO. The assumptions used in determining the fair value of the 2021 Convertible Notes are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Columbia License Agreement

In 2016, the Company entered into an Exclusive License Agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company's achievement of certain development and commercialization milestones, which could total up to $3.9 million over the life of the License Agreement. During the six months ended June 30, 2022, the Company paid $0.1 million to Columbia pursuant to the terms of the License Agreement.

Operating Leases

Overview of Operating Leases

In November 2017, the Company entered into a non-cancelable operating lease in La Jolla, California for its prior headquarters, which expired in May 2022 upon commencement of the New HQ Lease (defined below). The lease included certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in February 2018.

In November 2019, the Company entered into a lease agreement for office space in San Diego, California (the “3033 Lease”). The Company gained access to the leased space and began recognizing rent expense under this lease in May 2020. The Company has since amended the 3033 Lease to extend the lease and expand the existing premises for certain rent escalations. The term of the 3033 Lease will end 30 days following the Commencement Date of the OAS Lease (defined below).

In December 2019, the Company entered into a 5-year lease agreement for additional office space in San Diego, California (the “SV Lease”). The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in January 2020.

In June 2020, the Company entered into a lease agreement with ARE-SD Region No. 27, LLC (the “Landlord”) for new office and laboratory space in San Diego, California (“New HQ Lease”). The New HQ Lease term ends at the same time the OAS Lease term ends (defined below). The Landlord shall make available to the Company for use within 12 months after the commencement date a tenant improvement allowance (“TI Allowance”), which the Company will repay to the Landlord as additional rent over the base term and shall accrue interest at a rate of 8% per annum. Upon commencement, the contractual base rent will be charged, subject to partial rent abatement, annual base rent adjustments, the Company’s share of operating expenses and additional rent for the TI Allowance actually disbursed by the Landlord. The Company gained access to the New HQ Lease space and began recognizing rent expense under this lease in April 2022.

In April 2021, the Company entered into a 62-month lease agreement for additional office and manufacturing space in San Diego, California (the “MR Lease”). The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space in June 2021 and began recognizing rent expense under this lease at that time.

In January 2022, the Company entered into a Lease Agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings (“Building 3” and “Building 4”) to be constructed in connection with One Alexandria Square in La Jolla, California. The two buildings are comprised of office and manufacturing space and are intended to serve as the Company’s future headquarters. The term of the OAS Lease will commence when ARE’s work for Building 3 is substantially complete, which is expected to be November 1, 2024 (the “Commencement Date”). The Company’s obligation to pay rent for Building 3 will begin approximately seven months following the Commencement Date. The Company’s obligation to pay rent for Building 4 will begin 12 months following the Commencement Date, subject to the substantial completion of ARE’s work on Building 4. The Company has an option to accelerate the construction and delivery of Building 4 to be the same date as the Commencement Date for Building 3 and will receive 12 months of base rent abatement on Building 4 if it exercises this option. The initial term of the OAS Lease is 144 months following the Commencement Date. The Company has the one-time option to extend the term of the OAS Lease by 60 months upon prior notice to ARE. The annual base rent under the OAS Lease is initially based on $64.80 per square foot per year, or approximately $7.3 million per year for Building 3 and $6.0 million per year for Building 4, subject to annual increases of 3% and certain other adjustments, and includes tenant improvement and warm shell allowances. Maximum tenant improvement and warm shell allowances total approximately $33 million. The Company will also pay for an estimated $24 million of certain tenant improvements plus 7% interest per year amortized in equal monthly payments over the term of the OAS Lease. At the time of entering into the OAS Lease, the Company paid ARE $1.1 million as prepayment for rent and, as a security deposit, provided ARE with a $1.1 million standby letter of credit.

Accounting for Operating Leases

On January 1, 2022, the Company adopted ASC 842 (see Note 2). As of January 1, 2022, the remaining weighted-average lease term was 2.9 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 3.6%. Cash payments included in the measurement of lease liabilities totaled $7.5 million. As of June 30, 2022, the remaining weighted-average lease term was 12.9 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 9.0%. Cash payments included in the measurement of lease liabilities totaled $89.7 million.

During the six months ended June 30, 2022, the Company incurred $3.4 million of lease costs, of which $0.1 million is related to the Company’s short-term leases and $0.9 million is related to variable lease payments, which are primarily comprised of common area maintenance and $2.4 million related to straight-line operating lease cost. The Company recorded straight-line operating lease costs of $0.8 million for the six months ended June 30, 2021.

As of June 30, 2022, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands):



2022 (six months remaining)	$	2,699
2023		6,693
2024		7,909
2025		5,572
2026 and thereafter		66,815
Future non-cancelable minimum lease payments		89,688
Less: discount		(40,051	)
Total lease liabilities		49,637
Less: current portion		5,239
Lease liabilities, noncurrent	$	44,398

The total undiscounted future minimum lease payments associated with the OAS Lease are approximately $179.0 million and are not included in the table above. The Company did not recognize lease liabilities or corresponding ROU lease assets for the OAS Lease as its lease term had not yet commenced as of June 30, 2022.

Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows:



2022 (six months remaining)	$	2,699
2023		6,693
2024		7,909
2025		10,914
2026 and thereafter		240,324
Total	$	268,539

Indemnification

As permitted under Delaware law and in accordance with the Company’s bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officers or directors are or were serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The Company considers the fair value of the indemnification rights and agreements as minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of June 30, 2022 or December 31, 2021.

Other Contingencies

We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

Preferred Stock

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Preferred Stock

10. Preferred Stock

Series A Common Stock Equivalent Convertible Preferred Stock

In January 2022, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Deerfield Private Design Fund IV, L.P. (the “Deerfield Holder”), pursuant to which the Deerfield Holder exchanged an aggregate of 2,500,000 shares of the Company’s common stock held by the Deerfield Holder for 2,500 shares of a newly created class of non-voting preferred stock designated as Series A Common Stock Equivalent Convertible Preferred Stock. Additionally, in connection with the issuance of the Series A Common Stock Equivalent Convertible Preferred Stock, the Company filed a Certificate of Designation, Preferences and Rights of Series A Common Stock Equivalent Convertible Preferred Stock, par value $0.0001 per share, of the Company with the Secretary of State of the State of Delaware. Each outstanding share of Series A Common Stock Equivalent Convertible Preferred Stock is entitled to a de minimis liquidation preference of $0.0001 per share. The Series A Common Stock Equivalent Convertible Preferred Stock is convertible into 1,000 shares of common stock for each share of Series A Common Stock Equivalent Convertible Preferred Stock at the option of the holder. Additionally, the ability of a holder to convert non-voting Series A Common Stock Equivalent Convertible Preferred Stock into common stock is prohibited to the extent that, upon such conversion, such holder, its affiliates and other persons whose ownership of common stock would be aggregated with that of such holder for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 4.9% of the total number of shares of common stock then outstanding.

The Company classifies Series A Common Stock Equivalent Convertible Preferred Stock as permanent equity on the balance sheet because it is not redeemable for cash or other assets of the Company and is not considered debt under ASC 480. There are no features of the Series A Common Stock Equivalent Convertible Preferred Stock that require bifurcation and separate accounting under ASC 815. Series A Common Stock Equivalent Convertible Preferred Stock is considered a participating security for purposes of calculating earnings per share under ASC 260 because it participates in dividends ratably on an as-converted basis with common stock.

Pre-IPO Convertible Preferred Stock

Prior to its conversion to common stock in connection with the Company’s IPO, the convertible preferred stock was classified as temporary, or mezzanine, equity on the accompanying condensed balance sheets since the shares contained certain redemption features that were not solely within the control of the Company. The Company had not previously accreted the convertible preferred stock to its redemption value since the shares were not redeemable and redemption was not deemed to be probable. In connection with the completion of the Company’s IPO, all of the outstanding shares of convertible preferred stock were automatically converted into 38,826,388 shares of the Company’s common stock.

The convertible preferred stock outstanding prior to its conversion in the IPO was as follows:


	Shares Authorized		Shares Issued and Converted		Issue Period	Price per Share		Aggregate Liquidation Preference
Series Seed		6,520,790		6,520,790	2016	$	0.6901	$	4,500,000
Series A		12,932,429		12,932,429	2017		1.5465		20,000,000
Series B		19,566,903		19,373,169	2019		2.3228		45,000,000
Total		39,020,122		38,826,388				$	69,500,000

Stock Incentive Plan

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock Incentive Plan

11. Stock Incentive Plans

2021 and 2016 Equity Incentive Plans

The Company’s Board of Directors and stockholders adopted and approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) in May 2021. The 2021 Plan replaced the Company’s 2016 Equity Incentive Plan adopted in September 2016 (the “2016 Plan”); however, awards outstanding under the 2016 Plan will continue to be governed by their existing terms. The number of shares of the Company’s common stock that were initially available for issuance under the 2021 Plan equaled the sum of 7,500,000 shares plus 832,980 shares that were then available for issuance under the 2016 Plan. The 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units.

The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. In general, to the extent that any awards under the 2021 Plan are forfeited, terminated, expired or lapsed without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to an award.

Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2021 Plan (and previously the 2016 Plan) at an exercise price of not less than 100% of the fair market value of the Company’s common stock on the date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee.

The following table summarizes stock option activity under the stock incentive plans since December 31, 2021:


		Number of Options			Weighted-Average Exercise Price (per Share)		Weighted-Average Remaining Contract Term (in Years)

Outstanding at December 31, 2021			5,322,314		$	6.75
Exercisable at December 31, 2021			3,296,183			3.03
	Granted		4,754,555			6.94
	Exercised		(228,043	)		0.45
	Canceled or forfeited		(514,455	)		20.42
Outstanding at June 30, 2022			9,334,371			6.80		8.84
Exercisable at June 30, 2022			3,599,146			4.12		7.76

The 2016 Plan allows for the early exercise of awards to plan participants subject to the right of repurchase by the Company at the lower of the original exercise price or fair market value for unvested awards. At June 30, 2022 and December 31, 2021, the Company has a liability for the cash received from the early exercise of stock options in the amount of $0.7 million and $1.7 million, respectively. The Company reduces the liability as the underlying shares vest in accordance with the vesting terms of the awards or when the Company repurchases unvested awards.

As of June 30, 2022 and December 31, 2021, there were 845,429 and 2,198,933, respectively, of early exercised stock options that remain subject to the Company’s repurchase right.

Employee Stock Purchase Plan

In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 730,000 shares of common stock was initially reserved for issuance under the ESPP. The price at which common stock is purchased by employees under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower.

During the six months ended June 30, 2022, 174,019 shares of common stock were issued under the ESPP.

Stock-based Compensation Summary

The classification of stock-based compensation expense is summarized as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,012	$	581	$	1,921	$	806
Selling, general and administrative		2,593		1,760		5,250		2,631
Total stock-based compensation expense	$	3,605	$	2,341	$	7,171	$	3,437

As of June 30, 2022, total unrecognized stock-based compensation expense was $33.0 million and is expected to be recognized over the weighted-average period of approximately 2.8 years.

The following table shows the weighted-average assumptions used to compute the fair value of the awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below:


	Six Months Ended June 30,
Assumption	2022	2021
Expected volatility	57.27%	78.68%
Expected term (years)	5.3−6.1	5.5−6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.86%	0.90%
Forfeiture rate	0.00%	0.00%

Common stock reserved for future issuance consisted of the following as of June 30, 2022:


Stock options issued and outstanding under all Plans			9,334,371
Authorized for future grants under the 2021 Plan			7,261,233
Authorized for future grants under the ESPP			1,220,972
Total as of June 30, 2022			17,816,576

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Income Statement [Abstract]

Net Loss Per Share

12. Net Loss per Share

The Company’s preferred stock were considered participating securities for purposes of calculating earnings per share because they had a right to participate in dividends with common stock. However, because the Company’s preferred stock do not have a contractual obligation to share in the losses of the Company on a basis that is objectively determinable, they were excluded from the calculation of basic net loss per share.

The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:


	June 30,
	2022		2021
Employee stock options issued and outstanding		9,334,371		4,679,038
Series A Common Stock Equivalent Convertible Preferred Stock		2,500,000		-
Common stock subject to the Company’s right of repurchase		845,429		2,958,410
Total		12,679,800		7,637,448

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Initial Public Offering

Concurrent with the closing of the IPO:

•

38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock;

•

outstanding principal and interest amount of convertible promissory notes (the “2021 Convertible Notes”) converted into 7,531,777 shares of common stock; and

•

a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock.

Liquidity and Capital Resources

Basis of Presentation and Use of Estimates

Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	153,115	$	201,049
Restricted cash		1,734		687
Total	$	154,849	$	201,736

Short-term Investments


	June 30, 2022
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	6,497	$	(1	)	$	6,496
Asset-backed securities		12,552		(35	)		12,517
Corporate debt securities		116,340		(977	)		115,363
Total	$	135,389	$	(1,013	)	$	134,376


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
Total	$	138,312	$	(138	)	$	138,174

The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Due within one year	$	112,416	$	94,085
After one but within five years		21,960		44,089
Total	$	134,376	$	138,174

The Company determined there was no other-than-temporary impairment of any of its investments.

Recent Accounting Pronouncements—Adopted

Recent Accounting Pronouncements - Not Yet Adopted

Recent Accounting Pronouncements—Not Yet Adopted

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported the Balance Sheet

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	153,115	$	201,049
Restricted cash		1,734		687
Total	$	154,849	$	201,736

Schedule of Short-Term Investments Held

The following tables summarize the short-term investments held at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	6,497	$	(1	)	$	6,496
Asset-backed securities		12,552		(35	)		12,517
Corporate debt securities		116,340		(977	)		115,363
Total	$	135,389	$	(1,013	)	$	134,376


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
Total	$	138,312	$	(138	)	$	138,174

Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held

The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Due within one year	$	112,416	$	94,085
After one but within five years		21,960		44,089
Total	$	134,376	$	138,174

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	32,354	$	-	$	-	$	32,354
Money market funds		120,761		-		-		120,761
U.S. treasury securities		6,496						6,496
Asset-backed securities		-		12,517		-		12,517
Corporate debt securities		-		115,363		-		115,363
Total	$	159,611	$	127,880	$	-	$	287,491


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	26,037	$	-	$	-	$	26,037
Money market funds		175,012		-		-		175,012
Asset-backed securities		-		21,147		-		21,147
Corporate debt securities		-		117,027		-		117,027
Total	$	201,049	$	138,174	$	-	$	339,223

Inventory (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31
	2022		2021
Raw materials	$	8,700	$	2,565
Work in process		3,275		446
Finished goods		241		-
Total inventory	$	12,216	$	3,011

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31
	2022		2021
Prepaid expenses	$	4,804	$	3,715
Interest receivable		953		1,050
Current deposits		486		761
Total prepaid expenses and other current assets	$	6,243	$	5,526

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		June 30,			December 31,
	Useful Life	2022			2021
Equipment	5 years	$	6,090		$	4,433
Computers and software	3 years		2,619			2,136
Leasehold improvements	14 years or less		2,033			1,041
Furniture and fixtures	5 years or less		1,819			75
Construction in progress	N/A		-			574
Total property and equipment, gross			12,561			8,259
Less: accumulated depreciation			(3,258	)		(2,187	)
Total property and equipment, net		$	9,303		$	6,072

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued compensation and other employee benefits	$	2,894	$	3,516
Accrued professional services		284		200
Accrued research and development expenses		93		41
Accrued other expenses		785		521
Total accrued expenses	$	4,056	$	4,278

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term debt and unamortized debt discount balances

The SVB Loans and unamortized discount balances as of June 30, 2022 and December 31, 2021 are shown below (in thousands):


	June 30,			December 31,
	2022			2021
Long-term debt	$	10,500		$	10,500
Less: issuance costs		(517	)		(596	)
Total long-term debt, net of issuance costs	$	9,983		$	9,904

Summary of Future Minimum Principal Payments on Long-term Debt

Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows:


As of June 30, 2022
2022 (six months remaining)	$	245
2023		586
2024		2,325
2025		5,604
2026 and thereafter		4,038
Total future minimum payments		12,798
Less: interest, Final Payment fee		(2,297	)
Long-term debt		10,500
Less: issuance costs		(517	)
Long-term debt, net of issuance costs	$	9,983

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases

As of June 30, 2022, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands):



2022 (six months remaining)	$	2,699
2023		6,693
2024		7,909
2025		5,572
2026 and thereafter		66,815
Future non-cancelable minimum lease payments		89,688
Less: discount		(40,051	)
Total lease liabilities		49,637
Less: current portion		5,239
Lease liabilities, noncurrent	$	44,398

Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows:



2022 (six months remaining)	$	2,699
2023		6,693
2024		7,909
2025		10,914
2026 and thereafter		240,324
Total	$	268,539

Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock Outstanding Prior to Conversion in IPO

The convertible preferred stock outstanding prior to its conversion in the IPO was as follows:


	Shares Authorized		Shares Issued and Converted		Issue Period	Price per Share		Aggregate Liquidation Preference
Series Seed		6,520,790		6,520,790	2016	$	0.6901	$	4,500,000
Series A		12,932,429		12,932,429	2017		1.5465		20,000,000
Series B		19,566,903		19,373,169	2019		2.3228		45,000,000
Total		39,020,122		38,826,388				$	69,500,000

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

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+ Details

Stock Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under the stock incentive plans since December 31, 2021:


		Number of Options			Weighted-Average Exercise Price (per Share)		Weighted-Average Remaining Contract Term (in Years)

Outstanding at December 31, 2021			5,322,314		$	6.75
Exercisable at December 31, 2021			3,296,183			3.03
	Granted		4,754,555			6.94
	Exercised		(228,043	)		0.45
	Canceled or forfeited		(514,455	)		20.42
Outstanding at June 30, 2022			9,334,371			6.80		8.84
Exercisable at June 30, 2022			3,599,146			4.12		7.76

Summary of Equity Based Compensation Expense

The classification of stock-based compensation expense is summarized as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,012	$	581	$	1,921	$	806
Selling, general and administrative		2,593		1,760		5,250		2,631
Total stock-based compensation expense	$	3,605	$	2,341	$	7,171	$	3,437

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Six Months Ended June 30,
Assumption	2022	2021
Expected volatility	57.27%	78.68%
Expected term (years)	5.3−6.1	5.5−6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.86%	0.90%
Forfeiture rate	0.00%	0.00%

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following as of June 30, 2022:


Stock options issued and outstanding under all Plans			9,334,371
Authorized for future grants under the 2021 Plan			7,261,233
Authorized for future grants under the ESPP			1,220,972
Total as of June 30, 2022			17,816,576

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Income Statement [Abstract]

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:


	June 30,
	2022		2021
Employee stock options issued and outstanding		9,334,371		4,679,038
Series A Common Stock Equivalent Convertible Preferred Stock		2,500,000		-
Common stock subject to the Company’s right of repurchase		845,429		2,958,410
Total		12,679,800		7,637,448

Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 01, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Proceeds from initial public offering, net of issuance costs						$ 0	$ 238,644
Convertible Preferred Stock, Shares Issued upon Conversion		38,826,388				38,826,388
Accumulated deficit		$ (197,884)				$ (197,884)			$ (151,896)
Net loss		(23,982)	$ (22,006)	$ (37,479)	$ (23,921)	(45,988)	$ (61,400)
Cash Cash Equivalents And Short Term Investments		$ 287,500				$ 287,500
Period of operations sufficient to fund						12 months
Common Stock
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues				11,730,000
Conversion of convertible securities				7,531,777
Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion								1,000
IPO
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues	11,730,000
Shares Issued, Price Per Share	$ 22.00
IPO \| Convertible Debt \| 2021 Notes
Class Of Stock [Line Items]
Conversion of convertible securities	7,531,777
IPO \| Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	38,826,388
IPO \| Convertible Preferred Stock \| Common Stock
Class Of Stock [Line Items]
Outstanding warrant to purchase convertible preferred stock	129,156
Singular Genomics Systems
Class Of Stock [Line Items]
Proceeds from initial public offering, net of issuance costs						$ 237,200
Payments for Underwriting Expense						$ 20,900
Singular Genomics Systems \| Over-Allotment Option
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues						1,530,000

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Operating Lease Future Minimum Payments, Total lease liabilities	$ 49,637	$ 7,100
ROU lease asset	$ 48,245	6,400	$ 0
Derecognized deferred rent		$ 700

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 153,115	$ 201,049
Restricted Cash and Cash Equivalents	1,734	687
Total	$ 154,849	$ 201,736	$ 257,955	$ 12,170

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost	$ 135,389	$ 138,312
Gross Unrealized Gains (Losses)	(1,013)	(138)
Estimated Fair Value	134,376	138,174
U.S. treasury securities
Amortized Cost	6,497
Gross Unrealized Gains (Losses)	(1)
Estimated Fair Value	6,496
Asset-Backed Securities
Amortized Cost	12,552	21,172
Gross Unrealized Gains (Losses)	(35)	(25)
Estimated Fair Value	12,517	21,147
Corporate Debt Securities
Amortized Cost	116,340	117,140
Gross Unrealized Gains (Losses)	(977)	(113)
Estimated Fair Value	$ 115,363	$ 117,027

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 112,416	$ 94,085
Estimated Fair Value, After one but within five years	21,960	44,089
Total	$ 134,376	$ 138,174

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 287,491	$ 339,223
Cash and cash equivalents
Assets:
Total assets	32,354	26,037
Money market funds
Assets:
Total assets	120,761	175,012
U.S. treasury securities
Assets:
Total assets	6,496
Asset-Backed Securities
Assets:
Total assets	12,517	21,147
Corporate Debt Securities
Assets:
Total assets	115,363	117,027
Level 1
Assets:
Total assets	159,611	201,049
Level 1 \| Cash and cash equivalents
Assets:
Total assets	32,354	26,037
Level 1 \| Money market funds
Assets:
Total assets	120,761	175,012
Level 1 \| U.S. treasury securities
Assets:
Total assets	6,496
Level 2
Assets:
Total assets	127,880	138,174
Level 2 \| Asset-Backed Securities
Assets:
Total assets	12,517	21,147
Level 2 \| Corporate Debt Securities
Assets:
Total assets	$ 115,363	$ 117,027

Fair Value Measurements - Schedule of SVB Warrant Liability Measured at Fair Value and 2021 Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liability through conversion	$ 0	$ 22	$ 0	$ 2,180

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Feb. 28, 2021	Mar. 31, 2020
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Change in fair value of warrant liability	$ 0	$ 22	$ 0	$ 2,180
Shares sold and issued, aggregate principal amount	10,500		10,500
2021 Convertible Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Shares sold and issued, aggregate principal amount					$ 130,500
Debt instrument, interest per annum					6.00%
SVB Warrant
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Change in fair value of warrant liability			0	$ 2,200
SVB Warrant \| Series B Preferred Stock \| Minimum [Member]
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares						96,867
SVB Warrant \| Series B Preferred Stock \| Maximum [Member]
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares						129,156
SVB Warrant \| Common Stock
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrants and Rights Outstanding	$ 0		$ 0
SVB Warrant \| Common Stock \| IPO
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares	117,088		117,088

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 8,700	$ 2,565
Work in process	3,275	446
Finished Goods	241
Inventory, Net, Total	$ 12,216	$ 3,011

Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 4,804	$ 3,715
Interest receivable	953	1,050
Current deposits	486	761
Total prepaid expenses and other current assets	$ 6,243	$ 5,526

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 12,561	$ 8,259
Less: Accumulated depreciation	(3,258)	(2,187)
Total property and equipment, net	$ 9,303	6,072
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 6,090	4,433
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 2,619	2,136
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Useful life	14 years or less
Property and equipment	$ 2,033	1,041
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years or less
Property and equipment	$ 1,819	75
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Useful life	N/A
Property and equipment	$ 0	$ 574

Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and other employee benefits	$ 2,894	$ 3,516
Accrued professional services	284	200
Accrued research and development expenses	93	41
Accrued other expenses	785	521
Total accrued expenses	$ 4,056	$ 4,278

Long-Term Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2019	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Feb. 28, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		$ 15,000					$ 15,000
Additional borrowing amount			$ 10,500		$ 10,500				$ 10,500
Loan, maturity date	Sep. 01, 2023				Sep. 01, 2026
Change in fair value of warrant liability			0	$ 22	$ 0	$ 2,180
Percentage of variable annual interest rate					0.75%			0.65%
Interest rate due on maturity date					4.00%			5.50%
Debt Issuance Costs, Net			517		$ 517				$ 600
Debt instrument face amount			10,500		10,500
Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		35,500					35,500
The SVB Warrant [Member]
Debt Instrument [Line Items]
Change in fair value of warrant liability					0	$ 2,200
Series B Preferred Stock \| The SVB Warrant [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Warrant, number of shares											96,867
Series B Preferred Stock \| The SVB Warrant [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Warrant, number of shares											129,156
Common Stock \| The SVB Warrant [Member]
Debt Instrument [Line Items]
Warrants and Rights Outstanding			$ 0		$ 0
Common Stock \| The SVB Warrant [Member] \| IPO
Debt Instrument [Line Items]
Warrant, number of shares			117,088		117,088
Loan and Security agreement
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	$ 15,000	$ 10,000					$ 10,000
Line of Credit Facility, Current Borrowing Capacity	$ 2,500
Interest rate during the period		5.90%					4.00%
Loan and Security agreement \| Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.3228
Additional borrowing amount											$ 7,500
2021 Convertible Notes
Debt Instrument [Line Items]
Debt instrument face amount										$ 130,500
Debt instrument, interest per annum										6.00%
2021 Convertible Notes \| IPO
Debt Instrument [Line Items]
Percentage of per share price paid by new investors									20.00%
Number Of Convertible Promissory Notes Converted To CommonStock									7,531,777
2021 Convertible Notes \| Investor [Member]
Debt Instrument [Line Items]
Debt instrument face amount										$ 48,500
2019 SVB Loan \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrant, number of shares	32,289
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.3228
2021 SVB Loan
Debt Instrument [Line Items]
Debt instrument, interest per annum			5.50%		5.50%
First Tranche
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 10,500					$ 10,500

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total long-term debt	$ 10,500	$ 10,500
Less: issuance costs	(517)	(596)
Total long-term debt, net	$ 9,983	$ 9,904

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (six months remaining)	$ 245
2023	586
2024	2,325
2025	5,604
2026 and thereafter	4,038
Total future minimum payments	12,798
Less: interest, Final Payment Fee	(2,297)
Debt Instrument, Face Amount	10,500
Less: issuance costs	(517)	$ (600)
Total long-term debt, net	$ 9,983	$ 9,904

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2022 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jan. 01, 2022 USD ($)	Apr. 30, 2021	Dec. 31, 2019
Commitment And Contingencies [Line Items]
Net Rentable Area \| ft²	64.80
Initial lease term	144 months
Extended lease term	60 months
Annual increases percentage	3.00%
Maximum tenant improvement amount	$ 33,000
Estimated tenant improvements amount	$ 24
Improvements interest rate	7.00%
Prepayment for rent	$ 1,100
Security Deposit	1,100
Remaining weighted-average lease term		12 years 10 months 24 days		2 years 10 months 24 days
Weighted-average incremental borrowing rate		9.00%		3.60%
Cash payments		$ 89,700		$ 7,500
Lease costs		3,400
Variable Lease, Cost		900
Short-term lease cost		100
Operating lease cost			$ 800
Total undiscounted future minimum lease payments		$ 179,000
La Jolla California
Commitment And Contingencies [Line Items]
Tenant Improvement Allowance Interest Accrual Rate		8
San Diego California
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Term of Contract					62 months	5 years
Lessee, Operating Lease, Term of Contract					62 months	5 years
Building 3
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	7,300
Building 4
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	$ 6,000
License Agreement [Member]
Commitment And Contingencies [Line Items]
Development And Commercialization Milestones Payments		$ 3,900
Aggregate Amount Paid To The Terms Of The Agreement		$ 100

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease Future Minimum Payments, Remaining Period	$ 2,699
Operating Lease Future Minimum Payments, 2023	6,693
Operating Lease Future Minimum Payments, 2024	7,909
Operating Lease Future Minimum Payments, 2025	5,572
Operating Lease Future Minimum Payments, 2026 and Thereafter	66,815
Operating Lease Future Minimum Payments, Total	89,688
Less: discount	(40,051)
Operating Lease, Liability, Total	49,637	$ 7,100
Less: current portion, Operating Lease Future Minimum Payments	5,239
Operating Lease Future Minimum Payments, Lease liabilities, noncurrent	$ 44,398		$ 0

Commitments and Contingencies - Schedule of future minimum payments under non-cancelable operating leases yet not commenced (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases Future Minimum Payments Next Rolling Twelve Months, 2022 (six months remaining)	$ 2,699
Operating Leases, Future Minimum Payments, Due in Rolling Year Two, 2023	6,693
Operating Leases, Future Minimum Payments, Due in Rolling Year Three, 2024	7,909
Operating Leases, Future Minimum Payments, Due in Rolling Year four, 2025	10,914
Operating Leases, Future Minimum Payments, Due in Rolling Year, 2026 and thereafter	240,324
Future Minimum Payments Total	$ 268,539

Preferred Stock - Schedule of components of Preferred Stock (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Temporary Equity [Line Items]
Temporary equity, shares authorized	39,020,122
Temporary equity, shares issued	38,826,388
Temporary equity, shares converted	38,826,388
Aggregate liquidation preference \| $	$ 69,500,000
Series Seed
Temporary Equity [Line Items]
Temporary equity, shares authorized	6,520,790
Temporary equity, shares issued	6,520,790
Temporary equity, shares converted	6,520,790
Issue Period	2016
Price Per Share \| $ / shares	$ 0.6901
Aggregate liquidation preference \| $	$ 4,500,000
Series A
Temporary Equity [Line Items]
Temporary equity, shares authorized	12,932,429
Temporary equity, shares issued	12,932,429
Temporary equity, shares converted	12,932,429
Issue Period	2017
Price Per Share \| $ / shares	$ 1.5465
Aggregate liquidation preference \| $	$ 20,000,000
Series B
Temporary Equity [Line Items]
Temporary equity, shares authorized	19,566,903
Temporary equity, shares issued	19,373,169
Temporary equity, shares converted	19,373,169
Issue Period	2019
Price Per Share \| $ / shares	$ 2.3228
Aggregate liquidation preference \| $	$ 45,000,000

Preferred Stock - Additional informations (Details) - $ / shares	1 Months Ended
	Jan. 31, 2022	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion		38,826,388
Preferred Stock, Liquidation Preference Per Share	$ 0.0001
Percentage of amended shares of common stock	4.90%
Series A Common Stock Equivalent Convertible Preferred Stock
Defined Benefit Plan Disclosure [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	1,000
Deerfield Holder [Member]
Defined Benefit Plan Disclosure [Line Items]
Conversion of convertible securities	2,500,000
Deerfield Holder [Member] \| Series A Common Stock Equivalent Convertible Preferred Stock
Defined Benefit Plan Disclosure [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	2,500
Deerfield Holder [Member] \| Series A Convertible Preferred Stock
Defined Benefit Plan Disclosure [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details)	Jun. 30, 2022 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	17,816,576
Stock Options Issued and Outstanding [Member]
Class of Stock [Line Items]
Common stock reserved for future issuance	9,334,371
Authorized For Future Options Grants [Member]
Class of Stock [Line Items]
Common stock reserved for future issuance	7,261,233
Authorized for issuance under the ESPP Plan [Member]
Class of Stock [Line Items]
Common stock reserved for future issuance	1,220,972

Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	17,816,576
Stock incentive plan description	The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors.
Liability for cash received from early exercise of stock	$ 0.7	$ 1.7
Number of early exercise stock option remain subject to repurchase	845,429	2,198,933
Unrecognized stock-based compensation expense	$ 33.0
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	9,334,371
Cost not yet recognized, period for recognition	2 years 9 months 18 days
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
2021 Plan \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase Price of Common Stock Expressed As A Percentage	100.00%
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	832,980
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			730,000
Common stock, shares issued	174,019
Purchase Price of Common Stock Expressed As A Percentage	85.00%

Stock Incentive Plan - Summary of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Payment Arrangement [Abstract]
Number of Options, Outstanding at December 31, 2021 \| shares	5,322,314
Number of Options, Exercisable at December 31, 2021 \| shares	3,296,183
Number of Options, Granted \| shares	4,754,555
Number of Options, Exercised \| shares	(228,043)
Number of Options, Cancelled / Forfeited \| shares	(514,455)
Number of Options, Outstanding at June 30, 2022 \| shares	9,334,371
Number of Options, Exercisable at June 30, 2022 \| shares	3,599,146
Weighted average exercise price (per share), Outstanding at December 31, 2021 \| $ / shares	$ 6.75
Weighted average exercise price (per share), Exercisable at December 31, 2021 \| $ / shares	3.03
Weighted average exercise price (per share), Granted \| $ / shares	6.94
Weighted average exercise price (per share), Exercised \| $ / shares	0.45
Weighted average exercise price (per share), Cancelled / Forfeited \| $ / shares	20.42
Weighted average exercise price (per share), Outstanding at June 30, 2022 \| $ / shares	6.80
Weighted average exercise price (per share), Exercisable at June 30, 2022 \| $ / shares	$ 4.12
Weighted average remaining contract term (in years), Outstanding	8 years 10 months 2 days
Weighted average remaining contract term (in years), Exercisable	7 years 9 months 3 days

Stock Incentive Plan - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 3,605	$ 2,341	$ 7,171	$ 3,437
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	1,012	581	1,921	806
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,593	$ 1,760	$ 5,250	$ 2,631

Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	57.27%	78.68%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.86%	0.90%
Forfeiture rate	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 3 months 18 days	5 years 6 months
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock Incentive Plans - Common stock reserved for future issuance (Details) - shares	Jun. 30, 2022	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	17,816,576
Balance at September 30, 2021	17,816,576
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Balance at September 30, 2021	7,500,000
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		730,000
Stock Options Issued and Outstanding [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	9,334,371
Balance at September 30, 2021	9,334,371
Authorized For Future Options Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,261,233
Balance at September 30, 2021	7,261,233
Authorized for issuance under the ESPP Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,220,972
Balance at September 30, 2021	1,220,972

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	12,679,800	7,637,448
Employee stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	9,334,371	4,679,038
Series A Common Stock Equivalent Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	2,500,000	0
Common stock subject to the Company's right of repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	845,429	2,958,410