0000950170-24-096192 | 10-Q | XBRL Viewer | Singular Genomics Systems INC

Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance under equity incentive plans consisted of the following as of June 30, 2024:





Stock options and unvested restricted stock units issued and outstanding under all equity incentive plans			583,918
Authorized for future grants under the 2021 Plan			173,077
Authorized for future purchases under the ESPP			34,422
Total as of June 30, 2024			791,417

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2024:


		Number of Options			Weighted-Average Exercise Price (per Share)		Weighted-Average Remaining Contract Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2023			391,725		$	125.40
Exercisable at December 31, 2023			201,505			136.50
	Granted		15,047			11.16
	Canceled or forfeited		(28,675	)		133.64
Outstanding at June 30, 2024			378,097		$	120.37		7.5	$	22
Exercisable at June 30, 2024			243,045		$	130.45		7.0	$	22

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity during the six months ended June 30, 2024:


		Number of Units			Weighted-Average Grant Date Fair Value (per Unit)
Outstanding at December 31, 2023			135,915		$	30.60
	Granted		123,480			15.77
	Vested		(20,715	)		29.70
	Canceled		(32,859	)		28.74
Outstanding at June 30, 2024			205,821		$	21.97

Summary of Equity Based Compensation Expense

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


	Six Months Ended June 30,
	2024		2023
Research and development	$	1,648	$	1,898
Selling, general and administrative		3,434		4,025
Total stock-based compensation expense	$	5,082	$	5,923

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

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


	Six Months Ended June 30,
Assumption	2024	2023
Expected volatility	60.00%	78.48%
Expected term (years)	5.5	5.3–6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.63%	3.95%

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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. As of June 30, 2024, the Company accrued $0.5 million related to these milestones. During the six months ended June 30, 2024 and 2023, the Company paid $0 and $0.1 million, respectively, to Columbia pursuant to the terms of the License Agreement.

Operating Leases

Overview of Operating Leases

In November 2019, the Company entered into a lease agreement for office and laboratory space in San Diego, California (the “3033 Lease”). The Company gained access to the leased space and began recognizing rent expense under the 3033 Lease in May 2020. The Company has since amended the 3033 Lease, most recently in September 2023, which extended the term of the lease and provided a tenant improvement allowance of approximately $1.0 million. The term of the 3033 Lease will end in October 2036. The Company provided a standby letter of credit in the amount of $0.2 million as a security deposit during the term of the lease. As of June 30, 2024, $0.2 million was pledged as collateral for the letter of credit and recorded as restricted cash.

In June 2020, the Company entered into a lease agreement for office and laboratory space in San Diego, California (the “3010 Lease”). The Company gained access to the leased space and began recognizing rent expense under the 3010 Lease in April 2022. The Company has since amended the 3010 Lease, most recently in September 2023, which extended the term of the lease. The term of the 3010 Lease will end in October 2036. The Company provided a standby letter of credit in the amount of $0.4 million as a security deposit during the term of the lease. As of June 30, 2024, $0.4 million was pledged as collateral for the letter of credit and recorded as restricted cash.

In April 2021, the Company entered into a lease agreement for office and manufacturing space in San Diego, California (the “MR Lease”). The Company gained access to the leased space and began recognizing rent expense under the MR Lease in June 2021. The term of the MR Lease will end in July 2026.

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 to be constructed in connection with One Alexandria Square in La Jolla, California. In July 2023, the Company entered into an agreement to terminate the OAS Lease. Pursuant to this agreement, the OAS Lease terminated, effective September 13, 2023. In connection with the lease termination, ARE agreed to pay the Company lease termination payments of (a) approximately $1.8 million, which the Company received in September 2023, and (b) an additional amount of approximately $1.0 million, which the Company received in January 2024. In addition, ARE refunded the Company approximately $1.1 million in prepaid base rent under the terms of the OAS Lease in September 2023 and returned to the Company a letter of credit in the amount of approximately $1.1 million, previously issued to ARE pursuant to the terms of the OAS Lease, in November 2023.

Accounting for Operating Leases

During the six months ended June 30, 2024, the Company incurred $5.7 million of lease expense, of which $1.6 million was related to variable lease payments, which primarily comprised common area maintenance, and $4.1 million related to straight-line operating lease expense. During the three and six months ended June 30, 2023, the Company incurred $5.9 million of lease expense, of which $1.7 million was related to variable lease payments, which primarily comprised common area maintenance, and $4.2 million related to straight-line operating lease expense.

As of June 30, 2024, future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands):



2024 (6 months remaining)	$	4,105
2025		5,716
2026		8,607
2027		8,580
2028		8,837
Thereafter		79,058
Future non-cancelable minimum lease payments		114,903
Less: present value discount		(49,468	)
Total lease liabilities		65,435
Less: current portion		7,065
Lease liabilities, noncurrent	$	58,370

The table above does not reflect the impact of the partial lease termination described in Note 14 to these financial statements.

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, 2024 or December 31, 2023.

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.

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment	$ 23,325	$ 21,713
Less: Accumulated depreciation	(10,076)	(8,021)
Total property and equipment, net	$ 13,249	13,692
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 13,498	12,837
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 3,445	3,445
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Usefil Life	14 years or less
Property and equipment	$ 2,244	2,244
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Usefil Life	5 years or less
Property and equipment	$ 660	660
Instruments at customer site [Member]
Property Plant And Equipment [Line Items]
Usefil Life	5 years
Property and equipment	$ 3,478	$ 2,527

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,254)	$ (25,024)	$ (25,578)	$ (23,633)	$ (46,278)	$ (49,211)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Non-Cancelable Operating Leases

As of June 30, 2024, future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands):



2024 (6 months remaining)	$	4,105
2025		5,716
2026		8,607
2027		8,580
2028		8,837
Thereafter		79,058
Future non-cancelable minimum lease payments		114,903
Less: present value discount		(49,468	)
Total lease liabilities		65,435
Less: current portion		7,065
Lease liabilities, noncurrent	$	58,370

The table above does not reflect the impact of the partial lease termination described in Note 14 to these financial statements.

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total debt	$ 10,500	$ 10,500
Less: issuance costs	(207)	(287)
Total debt, net of issuance costs	10,293	10,213
Less: current portion of long-term debt	3,938	1,312
Total long-term debt	$ 6,355	$ 8,901

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

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Liquidity and Capital Resources

The Company has incurred net losses since inception and, as of June 30, 2024 and December 31, 2023, had an accumulated deficit of $383.9 million and $337.6 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, 2024, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of June 30, 2024, the Company had cash, cash equivalents and short-term investments of $133.2 million. The Company believes that its cash, cash equivalents and short-term investments as of June 30, 2024 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited financial statements.

Basis of Presentation and Use of Estimates

The accompanying unaudited 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 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 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, 2023, significant estimates and assumptions include the value of lease liabilities and right-of-use lease assets. There were no changes to the Company's significant estimates and assumptions subsequent to December 31, 2023.

On June 25, 2024, the Company filed a certificate of amendment (the “Reverse Stock Split Amendment”) to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-30 reverse stock split of its common stock (the “Reverse Stock Split”), which became effective at 12:01 a.m. Eastern Time on June 26, 2024. The Reverse Stock Split Amendment does not reduce the number of authorized shares of common stock, which remains at 400,000,000, and does not change the par value of the common stock, which remains at $0.0001 per share. The Reverse Stock Split does not reduce the number of shares of the Company’s Series A Preferred Stock outstanding, which remains at 2,500 shares but is subject to a proportional conversion ratio adjustment. Additionally, the Company’s outstanding equity-based awards and other outstanding equity rights were proportionately adjusted. The Reverse Stock Split was effective for purposes of trading on the Nasdaq Capital Market as of the opening of business on June 26, 2024. Accordingly, all share and per share amounts of common stock for all periods presented in these unaudited financial statements and related notes have been retroactively adjusted to give effect to the Reverse Stock Split.

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,		December 31,
	2024		2023
Cash and cash equivalents	$	30,115	$	16,233
Restricted cash		600		600
Total	$	30,715	$	16,833

Short-term Investments

Short-term investments consisted of U.S. treasury securities at June 30, 2024 and U.S. treasury securities, corporate debt securities and asset-backed securities at December 31, 2023. 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 by the Company at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	103,163	$	(74	)	$	103,089
Total	$	103,163	$	(74	)	$	103,089


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
U.S. treasury securities	$	149,129	$	158		$	149,287
Corporate debt securities		8,255		(3	)		8,252
Asset-backed securities		169		-			169
Total	$	157,553	$	155		$	157,708

The following table summarizes the estimated fair value of contractual maturities of available-for-sale debt securities held by the Company at June 30, 2024 and December 31, 2023 (in thousands):


	June 30,		December 31,
	2024		2023
Due within one year	$	103,089	$	157,540
Due after one but within five years		-		168
Total	$	103,089	$	157,708

As of June 30, 2024, the Company considered the nature and number of available-for-sale debt securities in an unrealized loss position. The Company reviews its portfolio of available-for-sale debt securities at least quarterly to determine if any investment is impaired, whether due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at June 30, 2024 were primarily due to changes in market interest rates. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more-likely-than-not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at June 30, 2024.

Revenue Recognition

The Company generates revenue from sales of its products, which currently consist of the G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period.

Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.

The Company periodically enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its 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 with consideration of current market conditions, which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied, as discussed above.

The Company has entered into instrument arrangements with certain customers, under which the Company provides the G4 instrument at no cost to the customer, other than shipping, and the customer pays for consumables at list price, or at list price plus a mark-up, as consumables are ordered, shipped and invoiced. Revenue is recognized as consumables are shipped to the customer and disclosed within consumables revenue below. The G4 instrument provided to the customer is recorded on the balance sheet as property and equipment and disclosed as instruments at customer sites under Note 6 to these financial statements. Depreciation expense for these instruments is included in cost of revenue. Revenue associated with any lease elements of these arrangements was not material during the three and six months ended June 30, 2024 and 2023.

During the six months ended June 30, 2024, the Company recognized $0.5 million of revenue for G4 instruments and $0.7 million of revenue for G4 consumables and services. Contract liabilities, which consists of deferred revenue, as of June 30, 2024 and December 31, 2023 were $0.2 million and $0.3 million, respectively. As of June 30, 2024, $0.1 million of this balance was classified as current, and the remainder of this balance was classified as noncurrent. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned.

For the six months ended June 30, 2024, all of the Company’s revenue was generated within the United States, and the Company generated approximately 57% of revenue from its top three customers.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, restricted cash, cash equivalents and short-term investments. The Company invests its cash equivalents in highly rated money market funds. The Company’s short-term investments consisted of U.S. treasury securities as of June 30, 2024. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or short-term investments.

Long-lived Asset Impairment

Long-lived assets consist primarily of right-of-use lease assets and property and equipment. During the year ended December 31, 2023, the Company identified an indicator of impairment of its long-lived assets due to a sustained decline in the trading price of the Company’s common stock over the preceding year, resulting in the Company’s market capitalization being below its net asset value. Although the Company is confident in the utility of its long-lived assets, and there have been no changes in their intended use, the implied cash flows based on the market capitalization of the Company indicated its long-lived assets may not be recoverable. In determining the fair value of its long-lived assets, the Company used a combination of discounted cash flows and observable market data. As a result of its fair value analysis, the Company recorded a $1.9 million impairment charge on its property and equipment as selling, general and administrative expense in the statement of operations during the year ended December 31, 2023. The above indicator of impairment continued to exist as of June 30, 2024. The Company updated its fair value analysis as of June 30, 2024 and recorded no additional impairment. The Company did not record any impairment loss during the six months ended June 30, 2024 and recorded $1.9 million of impairment losses during the six months ended June 30, 2023.

Recent Accounting Pronouncements

There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Other amendments to GAAP that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.

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

6 Months Ended

Jun. 30, 2024

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,		December 31,
	2024		2023
Cash and cash equivalents	$	30,115	$	16,233
Restricted cash		600		600
Total	$	30,715	$	16,833

Schedule of Short-Term Investments Held

The following tables summarize the short-term investments held by the Company at June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	103,163	$	(74	)	$	103,089
Total	$	103,163	$	(74	)	$	103,089


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
U.S. treasury securities	$	149,129	$	158		$	149,287
Corporate debt securities		8,255		(3	)		8,252
Asset-backed securities		169		-			169
Total	$	157,553	$	155		$	157,708

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 debt securities held by the Company at June 30, 2024 and December 31, 2023 (in thousands):


	June 30,		December 31,
	2024		2023
Due within one year	$	103,089	$	157,540
Due after one but within five years		-		168
Total	$	103,089	$	157,708

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

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, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 30,115	$ 16,233
Restricted cash	600	600
Total	$ 30,715	$ 16,833	$ 76,528	$ 75,977

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 10,136	$ 11,627
Work in process	2,082	1,276
Finished Goods	224	669
Total inventory	$ 12,442	$ 13,572

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (46,278)	$ (49,211)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,082	5,923
Amortization of right-of-use lease assets	1,416	2,032
Depreciation	2,086	1,667
Long-lived asset impairment	0	1,900
Accretion of debt issuance costs	79	71
Amortization of premium (accretion of discount) on short-term investments	(993)	1,060
Changes in operating assets and liabilities:
Accounts receivable	125	881
Inventory, net	(1,590)	468
Prepaid expenses and other current assets	1,355	(337)
Other noncurrent assets	72	(71)
Accounts payable	(155)	(1,494)
Accrued expenses	(1,861)	(470)
Other current liabilities	(147)	109
Lease liabilities	(952)	(521)
Other noncurrent liabilities	20	61
Net cash used in operating activities	(41,741)	(37,932)
Investing activities
Purchases of short-term investments	(37,853)	(95,249)
Maturities of shot-term investments	93,253	114,096
Sales of short-term investments	169	19,480
Purchases of property and equipment	(26)	(468)
Net cash provided (used) by investing activities	55,543	37,859
Financing activities
Proceeds from issuance of common stock under employee stock purchase plan	80	624
Proceeds from issuance of common stock under equity incentive plans	0	13
Repurchases of common stock under equity incentive plans	0	(13)
Net cash provided by financing activities	80	624
Net increase in cash and cash equivalents and restricted cash	13,882	551
Cash and cash equivalents and restricted cash, beginning of year	16,833	75,977
Cash and cash equivalents and restricted cash, end of year	30,715	76,528
Supplemental disclosure for cash activities
Interest paid	494	530
Supplemental disclosure for non-cash activities
Inventory transferred to property and equipment	1,643	3,752
Purchases of inventory included in accounts payable	209	319
Purchases of inventory included in accrued expenses	0	34
Vesting of common stock issued for early exercise of stock options	46	209
Purchase of property and equipment included in accounts payable	$ 0	$ 50

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses Consisted

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued compensation and other employee benefits	$	3,149	$	5,229
Accrued professional services		404		178
Accrued research and development expenses		277		264
Other accrued expenses		219		408
Total accrued expenses	$	4,049	$	6,079

Accrued Expenses - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and other employee benefits	$ 3,149	$ 5,229
Accrued professional services	404	178
Accrued research and development expenses	277	264
Other accrued expenses	219	408
Total accrued expenses	$ 4,049	$ 6,079

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, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 103,089	$ 157,540
Estimated Fair Value, Due after one but within five years	0	168
Total	$ 103,089	$ 157,708

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Singular Genomics Systems, Inc.
Entity Central Index Key	0001850906
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40443
Entity Tax Identification Number	81-2948451
Entity Incorporation, State or Country Code	DE
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
Trading Symbol	OMIC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,495,694

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 737	$ 505	$ 1,180	$ 1,368
Cost of revenue	915	597	1,776	1,404
Gross margin	(178)	(92)	(596)	(36)
Operating expenses:
Research and development	10,728	12,624	22,222	24,854
Selling, general and administrative	11,898	14,887	26,834	28,091
Total operating expenses	22,626	27,511	49,056	52,945
Loss from operations	(22,804)	(27,603)	(49,652)	(52,981)
Other income (expense):
Interest income	1,836	2,295	3,944	4,299
Interest expense	(286)	(270)	(570)	(529)
Total other income	1,550	2,025	3,374	3,770
Net loss	$ (21,254)	$ (25,578)	$ (46,278)	$ (49,211)
Basic and diluted net loss per share, Basic	$ (8.57)	$ (10.58)	$ (18.72)	$ (20.44)
Basic and diluted net loss per share, Diluted	$ (8.57)	$ (10.58)	$ (18.72)	$ (20.44)
Weighted Average Number of Shares Outstanding, Basic	2,480,665	2,417,001	2,472,353	2,407,276
Weighted Average Number of Shares Outstanding, Diluted	2,480,665	2,417,001	2,472,353	2,407,276

Business

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

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 addition, the Company is currently developing the G4X Spatial Sequencer, which will leverage the Company’s proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. 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.

Liquidity and Capital Resources

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On August 2, 2024, the Company and ARE SD-Region No. 27, LLC (“ARE”) entered into an amendment to the 3010 Lease (the “Lease Amendment”). Pursuant to the Lease Amendment, the Company and ARE agreed to (a) reduce the leased premises, and (b) correspondingly adjust the Company’s payment obligations under the 3010 Lease in respect of base rent and operating expenses, in each case effective as of February 28, 2025 and subject to the terms and conditions of the Lease Amendment. In connection with entering into the Lease Amendment, the Company paid ARE a one-time lease modification payment of $4.5 million, which will not be credited against any of the Company’s obligations under the 3010 Lease. The Lease Amendment will be accounted for as a partial lease termination under ASC 842.

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

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	2024			2023
Equipment	5 years	$	13,498		$	12,837
Computers and software	3 years		3,445			3,445
Leasehold improvements	14 years or less		2,244			2,244
Furniture and fixtures	5 years or less		660			660
Instruments at customer sites	5 years		3,478			2,527
Total property and equipment, gross			23,325			21,713
Less: accumulated depreciation			(10,076	)		(8,021	)
Total property and equipment, net		$	13,249		$	13,692

Property and Equipment, Net (Additional Information) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Impairment, Long-Lived Asset, Held-for-Use, Total	$ 0	$ 1,900	$ 1,900

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details)	Jun. 30, 2024 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	791,417

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 calculation of diluted net loss per share for the periods presented because their inclusion would have been anti-dilutive:


	June 30,
	2024		2023
Employee stock options and unvested RSUs issued and outstanding		583,918		447,747
Series A Common Stock Equivalent Convertible Preferred Stock		83,335		83,335
Common stock subject to the Company’s repurchase right		339		8,910
Total		667,592		539,992

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost	$ 103,163	$ 157,553
Gross Unrealized Gains (Losses)	(74)	155
Estimated Fair Value	103,089	157,708
U.S. treasury securities
Amortized Cost	103,163	149,129
Gross Unrealized Gains (Losses)	(74)	158
Estimated Fair Value	$ 103,089	149,287
Asset-Backed Securities
Amortized Cost		169
Gross Unrealized Gains (Losses)		(0)
Estimated Fair Value		169
Corporate Debt Securities
Amortized Cost		8,255
Gross Unrealized Gains (Losses)		(3)
Estimated Fair Value		$ 8,252

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (6 months remaining)	$ 1,880
2025	5,886
2026	4,510
Total future minimum payments	12,276
Less: interest, Final Payment Fee	(1,776)
Total debt	10,500	$ 10,500
Less: issuance costs	(207)	(400)
Total debt, net of issuance costs	$ 10,293	$ 10,213

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

4. Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Raw materials	$	10,136	$	11,627
Work in process		2,082		1,276
Finished goods		224		669
Total inventory	$	12,442	$	13,572

Statements of Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit [Member]
Balance at Dec. 31, 2022	$ 260,321			$ 503,926	$ (837)	$ (242,775)
Balance (in shares) at Dec. 31, 2022		2,395,157	2,500
Vesting of common stock issued for early exercise of stock options	97			97
Vesting of common stock issued for early exercise of stock options (in shares)		4,060
Issuance of common stock in connection with exercise of stock options	13			13
Issuance of common stock in connection with exercise of stock options (in shares)		649
Stock-based compensation	3,081			3,081
Unrealized gain (loss) on available- for-sale securities	446				446
Net Income (Loss)	(23,633)					(23,633)
Balance at Mar. 31, 2023	240,325			507,117	(391)	(266,408)
Balance (in shares) at Mar. 31, 2023		2,399,866	2,500
Balance at Dec. 31, 2022	260,321			503,926	(837)	(242,775)
Balance (in shares) at Dec. 31, 2022		2,395,157	2,500
Net Income (Loss)	(49,211)
Balance at Jun. 30, 2023	218,388			510,695	(328)	(291,986)
Balance (in shares) at Jun. 30, 2023		2,436,150	2,500
Balance at Mar. 31, 2023	240,325			507,117	(391)	(266,408)
Balance (in shares) at Mar. 31, 2023		2,399,866	2,500
Vesting of common stock issued for early exercise of stock options	112			112
Vesting of common stock issued for early exercise of stock options (in shares)		3,963
Issuance of common stock in connection with exercise of stock options (in shares)		110
Issuance of common stock in connection with vesting of restricted stock units		4,697
Issuance of common stock in connection with employee stock purchase plan	624			624
Issuance of common stock in connection with employee stock purchase plan, shares		27,514
Stock-based compensation	2,842			2,842
Unrealized gain (loss) on available- for-sale securities	63				63
Net Income (Loss)	(25,578)					(25,578)
Balance at Jun. 30, 2023	218,388			510,695	(328)	(291,986)
Balance (in shares) at Jun. 30, 2023		2,436,150	2,500
Balance at Dec. 31, 2023	179,006			516,439	155	(337,595)
Balance (in shares) at Dec. 31, 2023		2,460,772	2,500
Vesting of common stock issued for early exercise of stock options	26			26
Vesting of common stock issued for early exercise of stock options (in shares)		542
Issuance of common stock in connection with vesting of restricted stock units		7,598
Stock-based compensation	2,896			2,896
Unrealized gain (loss) on available- for-sale securities	(206)				(206)
Net Income (Loss)	(25,024)					(25,024)
Balance at Mar. 31, 2024	156,698			519,361	(51)	(362,619)
Balance (in shares) at Mar. 31, 2024		2,468,912	2,500
Balance at Dec. 31, 2023	179,006			516,439	155	(337,595)
Balance (in shares) at Dec. 31, 2023		2,460,772	2,500
Net Income (Loss)	(46,278)
Balance at Jun. 30, 2024	137,707			521,654	(74)	(383,873)
Balance (in shares) at Jun. 30, 2024		2,491,619	2,500
Balance at Mar. 31, 2024	156,698			519,361	(51)	(362,619)
Balance (in shares) at Mar. 31, 2024		2,468,912	2,500
Vesting of common stock issued for early exercise of stock options	20			20
Vesting of common stock issued for early exercise of stock options (in shares)		261
Issuance of common stock in connection with vesting of restricted stock units		14,200
Issuance of common stock in connection with employee stock purchase plan	80			80
Issuance of common stock in connection with employee stock purchase plan, shares		8,208
Adjustments to Reverse Stock Split		38
Adjustments to Reverse Stock Split, Value		$ (7)		7
Stock-based compensation	2,186			2,186
Unrealized gain (loss) on available- for-sale securities	(23)				(23)
Net Income (Loss)	(21,254)					(21,254)
Balance at Jun. 30, 2024	$ 137,707			$ 521,654	$ (74)	$ (383,873)
Balance (in shares) at Jun. 30, 2024		2,491,619	2,500

Business - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Accumulated deficit	$ (383,873)	$ (337,595)
Cash Cash Equivalents And Short Term Investments	$ 133,200
Period of operations sufficient to fund	12 months

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	16,552	$	-	$	-	$	16,552
Money market funds		13,563		-		-		13,563
Total cash and cash equivalents		30,115		-		-		30,115
Short-term investments:
U.S. Treasury securities		103,089		-		-		103,089
Total short-term investments		103,089		-		-		103,089
Total cash and cash equivalents and short-term investments	$	133,204	$	-	$	-	$	133,204


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	16,184	$	-	$	-	$	16,184
Money market funds		49		-		-		49
Total cash and cash equivalents		16,233		-		-		16,233
Short-term investments:
U.S. Treasury securities		149,286		-		-		149,286
Corporate debt securities		-		8,253		-		8,253
Asset-backed securities		-		169		-		169
Total short-term investments		149,286		8,422		-		157,708
Total cash and cash equivalents and short-term investments	$	165,519	$	8,422	$	-	$	173,941

Workforce Reduction

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Workforce Reduction

13. Workforce Reduction

On March 14, 2024, the officers of the Company approved a plan for a workforce reduction of approximately 20% of headcount in order to focus the Company’s resources more heavily on its spatial sequencing roadmap. During the six months ended June 30, 2024, expenses for these activities were $1.6 million, with $0.4 million included in research and development expense and $1.2 million included in selling, general and administrative expense. Total expense comprised $1.2 million for one-time termination benefits to the affected employees, including cash severance and healthcare benefits, and $0.4 million for the acceleration of stock-based compensation to affected employees. As of June 30, 2024, the Company had fully paid all expenses related to the foregoing workforce reduction.

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	667,592	539,992
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	583,918	447,747
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	83,335	83,335
Common stock subject to the Company's repurchase right
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	339	8,910

Preferred Stock

6 Months Ended

Jun. 30, 2024

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 33.334 shares of common stock for each share of Series A Common Stock Equivalent Convertible Preferred Stock at the option of the holder, which reflects the adjustment for the Reverse Stock Split. 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 Distinguishing Liabilities from Equity. There are no features of the Series A Common Stock Equivalent Convertible Preferred Stock that require bifurcation and separate accounting under ASC 815 Derivatives and Hedging. Series A Common Stock Equivalent Convertible Preferred Stock is considered a participating security for purposes of calculating earnings per share under ASC 260 Earnings Per Share because it participates in dividends ratably on an as-converted basis with common stock.

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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

Summary of Significant Accounting Policies

During the six months ended June 30, 2024, 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, 2023.

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,		December 31,
	2024		2023
Cash and cash equivalents	$	30,115	$	16,233
Restricted cash		600		600
Total	$	30,715	$	16,833

Short-term Investments


	June 30, 2024
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	103,163	$	(74	)	$	103,089
Total	$	103,163	$	(74	)	$	103,089


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
U.S. treasury securities	$	149,129	$	158		$	149,287
Corporate debt securities		8,255		(3	)		8,252
Asset-backed securities		169		-			169
Total	$	157,553	$	155		$	157,708

The following table summarizes the estimated fair value of contractual maturities of available-for-sale debt securities held by the Company at June 30, 2024 and December 31, 2023 (in thousands):


	June 30,		December 31,
	2024		2023
Due within one year	$	103,089	$	157,540
Due after one but within five years		-		168
Total	$	103,089	$	157,708

Revenue Recognition

For the six months ended June 30, 2024, all of the Company’s revenue was generated within the United States, and the Company generated approximately 57% of revenue from its top three customers.

Concentration of Credit Risk

Long-lived Asset Impairment

Recent Accounting Pronouncements

There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Raw materials	$	10,136	$	11,627
Work in process		2,082		1,276
Finished goods		224		669
Total inventory	$	12,442	$	13,572

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
Prepaid expenses	$	1,539	$	1,672
Interest receivable		885		1,019
Current deposits and other current assets		185		1,459
Total prepaid expenses and other current assets	$	2,609	$	4,150

Stock Incentive Plans - Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at December 31, 2023 \| shares	391,725
Granted \| shares	15,047
Canceled \| shares	(28,675)
Number of Options, Outstanding at June 30, 2024 \| shares	378,097
Weighted average exercise price (per share), Outstanding at December 31, 2023 \| $ / shares	$ 125.4
Weighted average exercise price (per share), Granted \| $ / shares	11.16
Canceled Weighted-Average Grant Date Fair Value (per Unit) \| $ / shares	133.64
Weighted average exercise price (per share), Outstanding at June 30, 2024 \| $ / shares	$ 120.37
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at December 31, 2023 \| shares	135,915
Granted \| shares	123,480
Vested \| shares	(20,715)
Canceled \| shares	(32,859)
Number of Options, Outstanding at June 30, 2024 \| shares	205,821
Weighted average exercise price (per share), Outstanding at December 31, 2023 \| $ / shares	$ 30.6
Weighted average exercise price (per share), Granted \| $ / shares	15.77
Vested Weighted-Average Grant Date Fair Value per Share \| $ / shares	29.7
Canceled Weighted-Average Grant Date Fair Value (per Unit) \| $ / shares	28.74
Weighted average exercise price (per share), Outstanding at June 30, 2024 \| $ / shares	$ 21.97

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	2,491,619	2,460,772
Common stock, shares outstanding	2,491,619	2,460,772
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	2,500
Temporary equity, shares outstanding	2,500	2,500

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Shares sold and issued, aggregate principal amount	$ 10,500	$ 10,500

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Sep. 30, 2022	Nov. 30, 2019	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Total debt, net of issuance costs			$ 10,293		$ 10,213
Loan, maturity date			Sep. 01, 2026
Percentage of variable annual interest rate			0.75%
Interest rate during the period			4.00%
Interest rate due on maturity date			4.00%
Debt issuance costs, net			$ 207		400
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
Loan and Security Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000				10,000
Line of credit facility, current borrowing capacity		$ 2,500
Loan and Security Agreement \| Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Total debt, net of issuance costs							$ 7,500
2019 SVB Loan
Debt Instrument [Line Items]
Loan, maturity date		Sep. 01, 2023
Percentage of variable annual interest rate		0.65%
Interest rate during the period		5.90%
Interest rate due on maturity date			5.50%
2021 SVB Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000			$ 25,000
Line of credit facility, current borrowing capacity			$ 3,900
Loan, maturity date	Mar. 31, 2024
Debt instrument, interest per annum			9.25%
First Tranche
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity						10,500
Second Tranche
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 15,000

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt and Unamortized Debt Discount Balances

The SVB Loan and unamortized discount balances as of June 30, 2024 and December 31, 2023 are as follows (in thousands):


	June 30,			December 31,
	2024			2023
Total debt	$	10,500		$	10,500
Less: issuance costs		(207	)		(287	)
Total debt, net of issuance costs	$	10,293		$	10,213
Less: current portion of long-term debt		3,938			1,312
Total long-term debt	$	6,355		$	8,901

Summary of Future Minimum Principal Payments on Long-term Debt

Future minimum payments of outstanding principal and interest at the rate in effect as of June 30, 2024 under the SVB Loan are as follows (in thousands):


As of June 30, 2024
2024 (6 months remaining)	$	1,880
2025		5,886
2026		4,510
Total future minimum payments		12,276
Less: interest, Final Payment fee		(1,776	)
Total debt		10,500
Less: issuance costs		(207	)
Total debt, net of issuance costs	$	10,293

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 25, 2024 $ / shares shares
Deferred revenue current	$ 100		$ 100
Common stock, shares authorized \| shares	400,000,000		400,000,000		400,000,000	400,000,000
Common stock, par value per share \| $ / shares	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Revenues, Total	$ 737	$ 505	$ 1,180	$ 1,368
Deferred revenue	$ 200		200		$ 300
Long-lived asset impairment			0	$ 1,900	$ 1,900
Consumables And Service [Member]
Revenue Recognized			700
Series A Preferred Stock [Member]
Preferred Stock outstanding \| shares						2,500
Consumables Products [Member]
Revenue Recognized			$ 500
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Number Of Customers \| Segment			3
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Revenue from major customers percentage			57.00%

Stock Incentive Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	60.00%	78.48%
Expected term (years)	5 years 6 months
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.63%	3.95%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)		5 years 3 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)		6 years 1 month 6 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jun. 30, 2020	Nov. 30, 2019	Jun. 30, 2023	Mar. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Commitment And Contingencies [Line Items]
Prepayment for rent	$ 1.1
Accrued Payment related to Milestone						$ 0.5
Lease expense				$ 5.9		5.7	$ 5.9
Variable Lease, Cost				1.7		1.6	1.7
Operating lease cost				$ 4.2		4.1	4.2
Building 2
Commitment And Contingencies [Line Items]
Reduction of lease liability for lease termination					$ 1.8
Lease Incentive, Payable, Current	1.0
Security Deposit	$ 1.1
License Agreement [Member]
Commitment And Contingencies [Line Items]
Restricted Cash						0.4
Development And Commercialization Milestones Payments						3.9
Aggregate Amount Paid To The Terms Of The Agreement						0.0	$ 0.1
3033 Lease Agreement
Commitment And Contingencies [Line Items]
Payments for (Proceeds from) Tenant Allowance			$ 1.0
Line of Credit Facility, Increase (Decrease), Net, Total			$ 0.2
Restricted Cash						$ 0.2
3010 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Line of Credit Facility, Increase (Decrease), Net, Total		$ 0.4

Stock Incentive Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

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, which was amended in July 2022. 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 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units. As of June 30, 2024, 173,077 shares of common stock remained available for future grants under the 2021 Plan, which reflects the adjustment for the Reverse Stock Split.

The number of shares of common stock reserved for issuance under the 2021 Plan is increased automatically on the first 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 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 grant date. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee.

Common stock reserved for future issuance under equity incentive plans consisted of the following as of June 30, 2024:





Stock options and unvested restricted stock units issued and outstanding under all equity incentive plans			583,918
Authorized for future grants under the 2021 Plan			173,077
Authorized for future purchases under the ESPP			34,422
Total as of June 30, 2024			791,417

The table above does not include 339 shares of common stock for early exercised stock options that remain subject to the Company’s repurchase right.

Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2024:


		Number of Options			Weighted-Average Exercise Price (per Share)		Weighted-Average Remaining Contract Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2023			391,725		$	125.40
Exercisable at December 31, 2023			201,505			136.50
	Granted		15,047			11.16
	Canceled or forfeited		(28,675	)		133.64
Outstanding at June 30, 2024			378,097		$	120.37		7.5	$	22
Exercisable at June 30, 2024			243,045		$	130.45		7.0	$	22

Options outstanding as of June 30, 2024 consist of stock options vested and expected to vest, assuming no forfeitures. Aggregate intrinsic value as of June 30, 2024 in the table above is the total in-the-money value of the options, which is the aggregate of the difference of each option with an exercise price lower than the Company’s last closing stock price per share of $8.45 as of the last trading day of the quarter ended June 30, 2024.

The 2016 Plan allows for the early exercise of awards by plan participants, subject to the Company’s right of repurchase at the lower of the original exercise price or fair market value for unvested awards. At June 30, 2024 and December 31, 2023, the Company had a liability for the cash received from the early exercise of stock options in the amount of approximately $0.1 million. The Company reduces the liability as the underlying stock options vest in accordance with the vesting terms of the awards or when the Company repurchases unvested awards.

As of June 30, 2024 and December 31, 2023, there were 339 and 1,146, respectively, of early exercised stock options that remain subject to the Company’s repurchase right.

Restricted Stock Unit Activity

Restricted stock units (“RSUs”) represent the right to receive common stock, subject to vesting for continued service to the Company. The following table summarizes RSU activity during the six months ended June 30, 2024:


		Number of Units			Weighted-Average Grant Date Fair Value (per Unit)
Outstanding at December 31, 2023			135,915		$	30.60
	Granted		123,480			15.77
	Vested		(20,715	)		29.70
	Canceled		(32,859	)		28.74
Outstanding at June 30, 2024			205,821		$	21.97

Employee Stock Purchase Plan

In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). As of June 30, 2024, 34,422 shares of common stock remained available for future issuance under the ESPP, which reflects the adjustment for the Reverse Stock Split. The price at which common stock is purchased by employees under the ESPP is equal to 85% of the fair market value of the Company's common stock on the first day of the offering period or purchase date, whichever is lower. The number of shares of common stock reserved for issuance under the ESPP is increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2041, by a number equal to the lesser of: (a) 48,666 shares of common stock (subject to proportionate adjustment for any additional stock split, stock dividend, reverse stock split occurring subsequent to the Reverse Stock Split, etc.); (b) 1% of the total number of shares of common stock outstanding as of the last day of the prior fiscal year; or (c) a number of shares of common stock determined by the Company’s Board of Directors.

During the six months ended June 30, 2024 and 2023, 8,208 and 27,513 shares of common stock, respectively, were issued under the ESPP.

Stock-based Compensation Summary

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


	Six Months Ended June 30,
	2024		2023
Research and development	$	1,648	$	1,898
Selling, general and administrative		3,434		4,025
Total stock-based compensation expense	$	5,082	$	5,923

As of June 30, 2024, total unrecognized stock-based compensation expense was $13.7 million and is expected to be recognized over a weighted-average period of approximately 2.1 years.


	Six Months Ended June 30,
Assumption	2024	2023
Expected volatility	60.00%	78.48%
Expected term (years)	5.5	5.3–6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.63%	3.95%

The fair value of RSUs is determined as the closing market price of our common stock on the grant date. The fair value of RSUs is recognized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period of the award.

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Income Statement [Abstract]

Net Loss Per Share

12. Net Loss per Share

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

The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented because their inclusion would have been anti-dilutive:


	June 30,
	2024		2023
Employee stock options and unvested RSUs issued and outstanding		583,918		447,747
Series A Common Stock Equivalent Convertible Preferred Stock		83,335		83,335
Common stock subject to the Company’s repurchase right		339		8,910
Total		667,592		539,992

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued compensation and other employee benefits	$	3,149	$	5,229
Accrued professional services		404		178
Accrued research and development expenses		277		264
Other accrued expenses		219		408
Total accrued expenses	$	4,049	$	6,079

Subsequent Events (Additional Information) (Details) $ in Millions	Aug. 02, 2024 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate Amount Paid To The Terms Of The Agreement	$ 4.5

Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net Income (Loss)	$ (21,254)	$ (25,578)	$ (46,278)	$ (49,211)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	(23)	63	(229)	509
Comprehensive loss	$ (21,277)	$ (25,515)	$ (46,507)	$ (48,702)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Workforce Reduction (Additional Information) (Details) - Employee Severance [Member] - USD ($) $ in Millions		6 Months Ended
	Mar. 14, 2024	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Workforce reduction	20.00%
Restructuring Cost			$ 1.6
Severance Costs		$ 1.2
Acceleration of stock-based compensation		0.4
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Cost		0.4
General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Cost		$ 1.2

- Definition

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

+ References + Details

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2024	Jun. 25, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares authorized	400,000,000	400,000,000	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001	$ 0.0001

Stock Incentive Plans - Common Stock Reserved For Future Issuance (Details)	6 Months Ended
	Jun. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total as of June 30, 2024	791,417
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total as of June 30, 2024	34,422
Stock Options Issued and Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options and unvested restricted stock units issued and outstanding under all equity incentive plans	583,918
Authorized For Future Grants \| 2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for future grants under the 2021 Plan	173,077
Authorized for issuance under the ESPP Plan \| 2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for future purchases under the ESPP	34,422

Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,539	$ 1,672
Interest receivable	885	1,019
Current deposits and other current assets	185	1,459
Total prepaid expenses and other current assets	$ 2,609	$ 4,150

Stock Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock incentive plan description	The number of shares of common stock reserved for issuance under the 2021 Plan is increased automatically on the first 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 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	$ 0.1	$ 0.1
Number of early exercise stock option remain subject to repurchase	339	1,146
Common stock, shares issued	2,491,619	2,460,772
Unrecognized stock-based compensation expense	$ 13.7
Cost not yet recognized, period for recognition	2 years 1 month 6 days
Common stock reserved for future issuance	791,417
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Companys last closing stock price per share	$ 8.45
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of early exercise stock option remain subject to repurchase	339
2021 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price of common stock expressed as A percentage	100.00%
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, number of shares available for grant	173,077
Common stock, shares issued	8,208		27,513
Purchase price of common stock expressed as A percentage	85.00%
Common stock reserved for future issuance	34,422

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 133,204	$ 173,941
Cash
Assets:
Total assets	16,552	16,184
Money market funds
Assets:
Total assets	13,563	49
Cash and Cash Equivalents
Assets:
Total assets	30,115	16,233
U.S. treasury securities
Assets:
Total assets	103,089	149,286
Asset-Backed Securities
Assets:
Total assets		169
Corporate Debt Securities
Assets:
Total assets		8,253
Total short-term investments
Assets:
Total assets	103,089	157,708
Level 1
Assets:
Total assets	133,204	165,519
Level 1 \| Cash
Assets:
Total assets	16,552	16,184
Level 1 \| Money market funds
Assets:
Total assets	13,563	49
Level 1 \| Cash and Cash Equivalents
Assets:
Total assets	30,115	16,233
Level 1 \| U.S. treasury securities
Assets:
Total assets	103,089	149,286
Level 1 \| Total short-term investments
Assets:
Total assets	103,089	149,286
Level 2
Assets:
Total assets	$ 0	8,422
Level 2 \| Asset-Backed Securities
Assets:
Total assets		169
Level 2 \| Corporate Debt Securities
Assets:
Total assets		8,253
Level 2 \| Total short-term investments
Assets:
Total assets		$ 8,422

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
Prepaid expenses	$	1,539	$	1,672
Interest receivable		885		1,019
Current deposits and other current assets		185		1,459
Total prepaid expenses and other current assets	$	2,609	$	4,150

Stock Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at December 31, 2023 \| shares	391,725
Number of Options, Exercisable at December 31, 2023 \| shares	201,505
Granted \| shares	15,047
Canceled \| shares	(28,675)
Number of Options, Outstanding at June 30, 2024 \| shares	378,097
Number of Options Exercisable at June 30, 2024 \| shares	243,045
Weighted average exercise price (per share), Outstanding at December 31, 2023 \| $ / shares	$ 125.4
Weighted average exercise price (per share), Exercisable at December 31, 2023 \| $ / shares	136.5
Weighted average exercise price (per share), Granted \| $ / shares	11.16
Weighted average exercise price (per share), Cancelled / Forfeited \| $ / shares	133.64
Weighted average exercise price (per share), Outstanding at June 30, 2024 \| $ / shares	120.37
Weighted average exercise price (per share), Exercisable at June 30, 2024 \| $ / shares	$ 130.45
Weighted average remaining contract term (in years), Outstanding	7 years 6 months
Weighted average remaining contract term (in years), Exercisable	7 years
Aggregate intrinsic value Outstanding at June 30, 2024 \| $	$ 22
Aggregate intrinsic value Exercisable at June 30, 2024 \| $	$ 22

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 30,115	$ 16,233
Short-term investments	103,089	157,708
Accounts receivable	440	565
Inventory, net	12,442	13,572
Prepaid expenses and other current assets	2,609	4,150
Total current assets	148,695	192,228
Right-of-use lease assets	56,381	57,797
Property and equipment, net	13,249	13,692
Restricted cash	600	600
Other noncurrent assets	1,078	1,150
Total assets	220,003	265,467
Current liabilities:
Accounts payable	1,498	2,587
Accrued expenses	4,049	6,079
Lease liabilities, current	7,065	7,764
Other current liabilities	4,335	1,857
Total current liabilities	16,947	18,287
Lease liabilities, non current	58,370	58,623
Long-term debt, net of issuance costs	6,355	8,901
Other noncurrent liabilities	624	650
Total liabilities	82,296	86,461
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 400,000,000 shares authorized, 2,491,619 and 2,460,772 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	0	7
Additional paid-in capital	521,654	516,439
Accumulated other comprehensive gain (loss)	(74)	155
Accumulated deficit	(383,873)	(337,595)
Total stockholders' equity	137,707	179,006
Total liabilities and stockholders' equity	220,003	265,467
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 shares issued and outstanding at June 30, 2024 and December 31, 2023	$ 0	$ 0

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

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	2024			2023
Equipment	5 years	$	13,498		$	12,837
Computers and software	3 years		3,445			3,445
Leasehold improvements	14 years or less		2,244			2,244
Furniture and fixtures	5 years or less		660			660
Instruments at customer sites	5 years		3,478			2,527
Total property and equipment, gross			23,325			21,713
Less: accumulated depreciation			(10,076	)		(8,021	)
Total property and equipment, net		$	13,249		$	13,692

Transfers of assets from inventory to property and equipment are transferred at standard cost and recognized at carrying value.

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (6 months remaining)	$ 4,105
2025	5,716
2026	8,607
2027	8,580
2028	8,837
Thereafter	79,058
Future non-cancelable minimum lease payments	114,903
Less: present value discount	(49,468)
Total lease liabilities	65,435
Less: current portion	7,065
Lease liabilities, noncurrent	$ 58,370	$ 58,623

Preferred Stock - Additional informations (Details)	1 Months Ended
Preferred Stock - Additional informations (Details)	Jan. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred stock, liquidation preference per share \| $ / shares	$ 0.0001
Percentage of amended shares of common stock	4.90%
Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	33.334
Deerfield Holder
Class of Stock [Line Items]
Conversion of convertible securities	2,500,000
Deerfield Holder \| Convertible Preferred Stock
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	2,500
Deerfield Holder \| Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par or stated value per share \| $ / shares	$ 0.0001

- Definition

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

+ References

+ Details

Stock Incentive Plans - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,082	$ 5,923
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,648	1,898
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,434	$ 4,025

- Definition

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

+ References

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs where 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, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	16,552	$	-	$	-	$	16,552
Money market funds		13,563		-		-		13,563
Total cash and cash equivalents		30,115		-		-		30,115
Short-term investments:
U.S. Treasury securities		103,089		-		-		103,089
Total short-term investments		103,089		-		-		103,089
Total cash and cash equivalents and short-term investments	$	133,204	$	-	$	-	$	133,204


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash	$	16,184	$	-	$	-	$	16,184
Money market funds		49		-		-		49
Total cash and cash equivalents		16,233		-		-		16,233
Short-term investments:
U.S. Treasury securities		149,286		-		-		149,286
Corporate debt securities		-		8,253		-		8,253
Asset-backed securities		-		169		-		169
Total short-term investments		149,286		8,422		-		157,708
Total cash and cash equivalents and short-term investments	$	165,519	$	8,422	$	-	$	173,941

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Long-term Debt

6 Months Ended

Jun. 30, 2024

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.

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 “2021 SVB Loan,” together with the 2022 SVB Loan Amendment (defined below), the “SVB Loan”) with SVB. The 2021 SVB Loan provided for term loans in an aggregate principal amount of up to $35.5 million to be delivered in three tranches. The tranches consisted 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 (the “Second Tranche”); 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 then-existing indebtedness under the 2019 SVB Loan. The 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, 2024, the SVB Loan bears interest at an annual rate of 9.25%. The SVB Loan has an initial interest-only period of 36 months, or until September 2024, from which point the Company is required to make interest and principal payments through the maturity date. 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.

On September 30, 2022, the Company entered into an amendment to the 2021 SVB Loan (the “2022 SVB Loan Amendment”). The 2022 SVB Loan Amendment extended the period to draw down the additional tranches totaling $25.0 million from September 30, 2022 to March 31, 2024, provided that in order for the Company to access the Second Tranche availability the Company must achieve a six-month trailing revenue hurdle. The draw period for the additional tranches of up to $25.0 million under the SVB Loan have expired without being drawn.

On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement indicating that SVBB had assumed the obligations and commitments of former SVB. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank.

As of June 30, 2024 and December 31, 2023, the unamortized debt issuance costs related to the SVB Loan were $0.2 million and $0.4 million, respectively. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method.

As of June 30, 2024, the current portion of the SVB Loan of $3.9 million, which consists of principal payments due in the next 12 months, is included in other current liabilities on the balance sheet, and the remaining noncurrent amount is recorded in long-term debt, net of issuance costs.

The SVB Loan and unamortized discount balances as of June 30, 2024 and December 31, 2023 are as follows (in thousands):


	June 30,			December 31,
	2024			2023
Total debt	$	10,500		$	10,500
Less: issuance costs		(207	)		(287	)
Total debt, net of issuance costs	$	10,293		$	10,213
Less: current portion of long-term debt		3,938			1,312
Total long-term debt	$	6,355		$	8,901

Future minimum payments of outstanding principal and interest at the rate in effect as of June 30, 2024 under the SVB Loan are as follows (in thousands):


As of June 30, 2024
2024 (6 months remaining)	$	1,880
2025		5,886
2026		4,510
Total future minimum payments		12,276
Less: interest, Final Payment fee		(1,776	)
Total debt		10,500
Less: issuance costs		(207	)
Total debt, net of issuance costs	$	10,293

The Company is subject to customary affirmative and restrictive covenants under the SVB Loan. The Company’s obligations under the SVB Loan 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 SVB Loan.

The SVB Loan 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 SVB Loan. After the occurrence of an event of default, SVB may, among other remedies, accelerate the payment of all outstanding obligations.

As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the SVB Loan and there had been no events of default.