0001628280-22-006885 | 10-K | XBRL Viewer

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 304,320	$ 100,130
Accounts receivable, net	4,464	1,549
Inventory	13,147	6,924
Prepaid expenses and other current assets	4,242	1,653
Total current assets	326,173	110,256
Restricted cash	777	777
Property and equipment, net	5,045	8,274
Operating lease right-of-use assets, net	3,279	4,641
Intangible assets, net	1,750	2,023
Total assets	337,024	125,971
Current liabilities:
Accounts payable	2,029	1,240
Accrued compensation	6,475	4,640
Deferred revenue	1,025	233
Note payable – current portion	0	4,551
Operating lease – current portion	2,105	1,708
Convertible preferred stock warrant liability	0	177
Other current liabilities	4,608	1,977
Total current liabilities	16,242	14,526
Note payable – non-current portion	50,004	44,407
Operating lease – non-current portion	1,991	4,096
Loan facility derivative liability	1,496	1,782
Other non-current liabilities	200	200
Total liabilities	69,933	65,011
Commitments and contingencies (see Note 9)
Redeemable convertible preferred stock issuable in series, $0.00001 par value;	0	243,854
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 10,000 and none shares authorized, none issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Common stock, $0.0001 par value: 300,000 and 40,000 shares authorized, 43,676 and 4,713 shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Additional paid-in capital	528,666	18,788
Accumulated other comprehensive loss	(54)	(14)
Accumulated deficit	(261,521)	(201,668)
Total stockholders’ equity (deficit)	267,091	(182,894)
Total liabilities, convertible redeemable preferred stock and stockholders’ equity (deficit)	$ 337,024	$ 125,971
Redeemable convertible preferred stock, shares authorized (in shares)	0	26,983,984

Condensed Consolidated Balance Sheets - Parentheticals - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares authorized (in shares)	0	26,983,984
Redeemable convertible preferred stock, shares issues (in shares)	0	25,402,402
Redeemable convertible preferred stock, shares outstanding (in shares)	0	25,402,402
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 245,768
Preferred Stock, shares authorized (in shares)		0
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)		40,000,000
Common stock, shares issued (in shares)	43,676,000	4,713,000
Common stock, shares, outstanding (in shares)	43,676,000	4,713,000

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 34,473	$ 7,717
Cost of sales	18,608	8,972
Gross profit	15,865	(1,255)
Operating expenses:
Research and development	18,993	16,275
Selling, general and administrative	51,036	30,272
Total operating expenses	70,029	46,547
Loss from operations	(54,164)	(47,802)
Interest expense	(5,810)	(5,261)
Interest and other income (expense), net	121	44
Net loss	$ (59,853)	$ (53,019)
Net loss per share, basic (in dollars per share)	$ (3.63)	$ (14.47)
Net loss per share, diluted (in dollars per share)	$ (3.63)	$ (14.47)
Weighted-average shares used in computing net loss per share attributable to common shareholders
Basic (in shares)	16,480	3,663
Diluted (in shares)	16,480	3,663
Other comprehensive loss:
Unrealized loss on cash equivalents	$ (40)	$ (18)
Comprehensive loss	$ (59,893)	$ (53,037)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2019	20,998,000
Balance at the beginning of the period at Dec. 31, 2019	$ 173,068
Redeemable Convertible Preferred Stock
Issuance upon exercise of warrants (in shares)	651,000
Issuance upon exercise of warrants	$ 3,818
Conversion of redeemable convertible preferred stock to common stock (in shares)	(1,474,000)
Conversion of redeemable convertible preferred stock to common stock	$ (9,520)
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)	5,227,000
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 76,488
Balance at the end f the period (in shares) at Dec. 31, 2020	25,402,402
Balance at the end of the period at Dec. 31, 2020	$ 243,854
Balance at the beginning of the period (in shares) at Dec. 31, 2019		2,290,000
Balance at the beginning of the period at Dec. 31, 2019	(143,837)	$ 0	$ 4,808	$ 4	$ (148,649)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		1,474,000
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	9,520		9,520
Issuance upon exercise of warrants (in shares)		12,000
Issuance upon exercise of warrants	11		11
Issuance upon exercise of options (in shares)		937,000
Issuance upon exercise of options	2,276		2,276
Stock-based compensation expense	2,173		2,173
Unrealized loss on cash equivalents	(18)			(18)
Net loss	(53,019)				(53,019)
Balance at the end of the period (in shares) at Dec. 31, 2020		4,713,000
Balance at the end of the period at Dec. 31, 2020	$ (182,894)	$ 0	18,788	(14)	(201,668)
Redeemable Convertible Preferred Stock
Issuance upon exercise of warrants (in shares)	62,000
Issuance upon exercise of warrants	$ 970
Conversion of redeemable convertible preferred stock to common stock (in shares)	(29,912,000)
Conversion of redeemable convertible preferred stock to common stock	$ (329,534)
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)	4,448,000
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 84,710
Balance at the end f the period (in shares) at Dec. 31, 2021	0
Balance at the end of the period at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		29,912,000
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	329,534		329,534
Issuance of common stock upon Initial public offering, net of underwriting discounts, commissions and offering expenses of $16,121 (in shares)		7,539,000
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering expenses of $16,121	172,364		172,364
Issuance upon exercise of options (in shares)		1,512,000
Issuance upon exercise of options	4,184		4,184
Stock-based compensation expense	3,796		3,796
Unrealized loss on cash equivalents	(40)			(40)
Net loss	(59,853)				(59,853)
Balance at the end of the period (in shares) at Dec. 31, 2021		43,676,000
Balance at the end of the period at Dec. 31, 2021	$ 267,091	$ 0	$ 528,666	$ (54)	$ (261,521)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Parenthetical - USD ($) $ in Thousands	1 Months Ended		2 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Aug. 31, 2020	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Payments of stock issuance costs	$ 2,900	$ 290	$ 496	$ 16,121

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (59,853)	$ (53,019)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	3,324	2,860
Stock-based compensation expense	3,796	2,173
Change in fair value of redeemable convertible preferred stock warrants and derivative liability	(199)	114
Non-cash lease adjustment	(345)	(157)
Inventory write-down	650	109
Other non-cash expense	0	60
Changes in operating assets and liabilities:
Accounts receivable, net	(2,914)	(511)
Inventory	(6,124)	(3,105)
Prepaid expenses and other current assets	(2,631)	(339)
Accounts payable	812	(205)
Accrued compensation	1,834	2,302
Accrued interest expense	1,045	1,049
Deferred revenue	792	127
Other liabilities	2,479	199
Net cash used in operating activities	(57,334)	(48,343)
Cash flows from investing activities:
Purchases of property and equipment	(592)	(233)
Net cash (used in) provided by investing activities	(592)	(233)
Cash flows from financing activities:
Proceeds from issuance of common stock from the exercise of stock options	4,184	2,288
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses	172,364	0
Proceeds from issuance of note payable, net of issuance costs	0	24,685
Proceeds from the exercise of redeemable convertible preferred stock warrants	858	3,310
Net cash provided by financing activities	262,116	106,771
Net increase in cash, cash equivalents and restricted cash	204,190	58,195
Cash, cash equivalents, and restricted cash - Beginning of period	100,907	42,712
Cash, cash equivalents, and restricted cash - End of period	305,097	100,907
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	304,320	100,130
Restricted cash	777	777
Cash, cash equivalents and restricted cash in balance sheets	305,097	100,907
Supplemental cash flow information
Interest paid	4,750	3,969
Non-cash investing and financing activities
Transfer of evaluation units from inventory to property and equipment, net	(679)	2,822
Property and equipment included in accounts payable and accrued expenses	210	210
Conversion of redeemable convertible preferred stock to common stock	329,534	0
Series F
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	$ 76,488
Series G
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	$ 84,710

Organization	12 Months Ended
Organization	Dec. 31, 2021
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation (the “Company”) was incorporated in the state of California in 2007 and its headquarters are located in Redwood City, California. In April 2021, the Company re-incorporated in the state of Delaware. The Company received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam® Robotic System, an automated surgical robot providing tissue removal for the treatment of benign prostatic hyperplasia, a prostate gland enlargement condition. Liquidity As of December 31, 2021, the Company had cash and cash equivalents of $304.3 million and an accumulated deficit of $261.5 million. In September 2021, the Company completed its initial public offering (“IPO”) for net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions, and offering expenses. Since its inception, the Company has financed its operations with a combination of debt and equity financing arrangements. The Company expects its cash and cash equivalents, revenue and available debt financing arrangements, will be sufficient to fund its operations through at least the next twelve months from the issuance date of these consolidated financial statements. The Company has not achieved positive cashflow from operations to date and expects to continue incurring losses for the foreseeable future as it focuses on growing its business. The COVID-19 pandemic and the resulting economic downturn are affecting business conditions in the industry in which the Company operates. In response to the pandemic, many state and local governments in the United States issued orders that temporarily precluded elective medical procedures in order to conserve scarce health system resources. The Company has taken necessary precautions to safeguard its employees, patients, customers, and other stakeholders from the COVID-19 pandemic, while maintaining business continuity to support its patients, customers and employees. The timing, extent and continuation of any increase in procedures, and any corresponding increase in sales of the Company’s products, and whether there could be a future decrease in the current level of procedures as a result of the COVID-19 pandemic or otherwise, remain uncertain and are subject to a variety of factors.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Preparation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, the valuations of the redeemable convertible preferred stock warrant liability and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.

Reverse Stock Split

In September 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4.75 reverse stock split of common stock and all redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, redeemable convertible preferred stock, warrants for preferred stock, stock options and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented.

Initial Public Offering

In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its consolidated balance sheet.

Par Value and Shares Authorized Change

In June 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a change in par value from $0.001 to $0.00001 per share of common stock and all redeemable convertible preferred stock. All issued and outstanding common stock and redeemable convertible preferred stock contained in the financial statements have been retroactively corrected to reflect this immaterial change in par value for all periods presented.

In September 2021, 10.0 million shares of preferred stock was authorized and the shares of common stock authorized was increased to 300.0 million shares, both having a par value of $0.00001 per share.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash in banks and highly liquid securities, which are readily convertible to cash, that mature within 90 days or less from the original date of purchase, to be cash equivalents, which include money market funds.

Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, based on quoted market prices. Unrealized gains and losses are recorded in other comprehensive income (loss) and included as a separate component of stockholders’ equity (deficit).

Restricted cash is related to the Company’s letter of credit for the lease of its corporate headquarters.

Fair Value of Financial Instruments

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash and cash equivalents, and accounts receivable, accounts payable and accrued liabilities, which approximate fair value due to their relatively short maturities as well as the redeemable convertible preferred stock warrant liability and loan facility derivative liability. Fair value is 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 a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1-Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2-Other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data.

Level 3-Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31,
	2021			2020
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash		$	13,621	$	—	$	—	$	13,621	$	1,502	$	—	$	—	$	1,502
Cash equivalents		290,699		—		—		290,699		98,628		—		—		98,628

Total cash and cash equivalents		$	304,320	$	—	$	—	$	304,320	$	100,130	$	—	$	—	$	100,130

Preferred stock warrant liability		$	—	$	—	$	—	$	—	$	—	$	—	$	177	$	177
Loan facility derivative liability		$	—	$	—	$	1,496	$	1,496	$	—	$	—	$	1,782	$	1,782

Cash equivalents consist primarily of money market funds.

There were no transfers in and out of Level 3 during the years ended December 31, 2021 and 2020.

Redeemable Convertible Preferred Stock Warrants

The following table sets forth a summary of the changes in the estimated fair value of the Company’s redeemable convertible preferred stock warrants, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Accordingly, the gain or loss in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology recognized in the statement of operations as a component of interest and other income or expense as appropriate (in thousands):


	Year Ended December 31,
	2021		2020

Beginning of the period	$	177	$	870
Exercised	(113)		(508)
Cancelled	(16)		—
Change in fair value	(48)		(185)
End of the period	$	—	$	177

Upon the completion of the Company’s IPO in September 2021, warrants exercised for redeemable convertible preferred stock were automatically converted into 62,454 shares of common stock and the remaining unexercised warrants expired, therefore no warrants outstanding at December 31, 2021.

The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model using the following assumptions:


	Year Ended December 31,
		2020

Expected life (years)		1.7
Expected volatility		68	%
Risk-free interest rate		0.1	%
Expected dividend rate		—	%

Loan facility derivative liability

In connection with the Company’s loan facility, the Company is obligated to pay a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of our assets or voting stock, or achieving a $200.0 million trailing 12 months revenue target, in each case, by September 2029. The fee is calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the liquidity event. As of December 31, 2021, the Company has drawn on

the first two installments. The Company has determined this fee is a freestanding derivative instrument. The $1.4 million fair value of this loan facility derivative was recorded as a debt discount and liability on the date of issuance in connection with obtaining additional financing as applicable and will be revalued every reporting period until the earlier occurrence of a defined liquidity event or achieving a revenue target by September 2029 or termination of such fee arrangement.

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Year Ended December 31,
	2021		2020

Beginning of the period	$	1,782	$	1,482
Issued	—		—
Payment of success fee	(150)		—
Change in fair value	$	(136)	$	300
End of the period	$	1,496	$	1,782

The fair value of the loan facility derivative liability was determined using a discounted cash flow calculation discounted at 10%.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and, to a lesser extent, accounts receivable. The Company believes that credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and diversity of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations.

The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. The Company has limited its credit risk associated with cash and cash equivalents by placing its investments with banks it believes are highly creditworthy and with highly rated investments.

Allowance for Doubtful Accounts

The Company provides for uncollectible accounts receivable by recording an allowance for doubtful accounts for balances deemed uncollectible. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount it reasonably believes will be collected. The Company has not experienced any significant collection issues and the allowance for doubtful accounts has not been material.

Inventory

Inventories are valued at the lower of cost, computed on a first-in, first-out basis, or net realizable value. The allocation of production overhead to inventory costs is based on normal production capacity. Abnormal amounts of idle facility expense, freight, handling costs, and consumption are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration. The Company has initiated voluntary recalls for a limited number of handpieces due to certain issues related to supply chain and manufacturing processes, of which the provision recognized was not material.

Property and Equipment and Intangible Assets

Property and equipment and intangible assets are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. The Company reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to a limited history of sales of evaluation units. Amortization

of intangible assets are determined using the straight-line method over the estimated useful lives, generally through the patent expiration date. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment and intangible assets, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. During the years ended December 31, 2021 and 2020, the Company has not recorded impairment charges on its long-lived assets.

Deferred Offering Costs

The Company capitalizes, within other assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its recent initial public offering, until such financings are consummated. After consummation of the equity financing, these costs are recorded to additional paid in capital as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are immediately written off to operating expenses. There were no deferred offering costs as of December 31, 2021 and 2020. Upon the completion of the Company’s IPO in September 2021, all deferred offering costs were reclassified to equity in additional paid in capital.

Deferred Revenue

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue will be recognized subsequent to invoicing. Service agreements are generally invoiced annually at the beginning of each coverage period and recorded as deferred revenue and recognized as revenue ratably over the coverage period. Deferred revenue that will be recognized during the 12 months following the balance sheet date is recorded as the current portion of deferred revenue, and the remaining portion, if any, would be recorded as non-current.

Redeemable Convertible Preferred Stock

The Company records redeemable convertible preferred stock at fair value on the date of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because it contains liquidation features that are not solely within the Company’s control. The Company determined that the carrying values of the redeemable convertible preferred stock should not be adjusted to the liquidation preferences because it is uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values of the redeemable convertible preferred stock to the liquidation preferences will be made only when it is probable that the redeemable convertible preferred stock will become redeemable. Upon the completion of the Company’s IPO in September 2021, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its condensed consolidated balance sheet.

Redeemable Convertible Preferred Stock Warrant Liability

The Company has issued freestanding warrants to purchase shares of redeemable convertible preferred stock to investors in connection with sales of certain of its redeemable convertible preferred stock. The Company classified these warrants as a derivative liability because they create a conditional obligation for the Company to repurchase its own shares for cash or other assets. The fair value of the warrants are recorded on the consolidated balance sheets at the issuance of the warrants and remeasured to fair value at each financial reporting date. The changes in the fair value of the warrants are recorded in the statement of operations as a component of interest and other income or expense as appropriate. Upon the completion of the Company’s IPO in September 2021, warrants exercised for redeemable convertible preferred stock were automatically converted into 62,454 shares of common stock and the remaining unexercised warrants expired.

Loan Facility Derivative Liability

The Company has determined that its obligation to pay success fees to a lender upon a successful liquidation event or achieving a revenue target represents freestanding financial instruments. The instruments are classified as a non-current liability in the consolidated balance sheets and are subject to remeasurement at each financial reporting date. Any change in fair value was recognized through other income (expense) in the consolidated statements of operations and comprehensive loss.

Leases

For agreements with a term of more than 12 months, the Company determines if the agreement contains a lease at inception. Operating lease liabilities represent an obligation to make lease payments arising from the lease agreement. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the remaining lease term. In determining the present value of lease payments, the Company estimates its incremental borrowing rate as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, of an amount equal to the lease payments in a similar economic environment. Operating lease liabilities are included in the Company’s consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and are classified as non-current assets. Lease expense is recognized on a straight-line basis over the expected lease term in the Company’s consolidated statements of operations and comprehensive loss.

The Company has not elected to separate lease and non-lease components for any leases within its existing classes of assets and, as a result, records a right-of-use asset and lease liability based on the present value of the future minimum lease payments over the term at commencement date. Variable lease payments are expensed as incurred. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

The Company has lessor arrangements with customers for a fixed monthly fee with no non-lease components, typically for 3-12 months. These arrangements are accounted for as an operating lease in accordance with ASC 842. These arrangements and related revenue are immaterial to the periods presented.

Revenue Recognition

Revenue is derived primarily from the sales of the AquaBeam® Robotic Systems, and handpieces that are for one-time use during each surgery using the AquaBeam Robotic System. The AquaBeam Robotic System contains both software and non-software components that are delivered together as a single product and generally contain a one-year warranty.

To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct based on the contract.

The contracts are typically in the form of an agreement and a purchase order from the customer. The Company’s AquaBeam Robotic System sales generally contain multiple products and services and can include a combination of the following performance obligations: robotic system, handpieces and consumables, and service.

The Company determines the transaction price it expects to be entitled to in exchange for transferring the promised product to the customer, which is based on the invoiced price for the products. All prices are at fixed amounts per the sales agreement with the customer and there are generally no discounts, rebates or other price concessions or a right of return, once the agreement is signed.

For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and updates these estimates as necessary.

The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer. The Company generally recognizes revenue for the performance obligations at the following points in time:

AquaBeam Robotic Systems - For systems (including system components and system accessories) sold directly to end customers, revenue is recognized when the Company transfers control to the customer, which is generally at the time of delivery. Systems rented for a fixed monthly fee during an evaluation period, typically 3-12 months, are recognized as revenue straight-line during the lease term, in accordance with ASC 842, and are not material. For systems sold following an evaluation period, revenue is recognized generally once sales terms are mutually agreed (as the system is already installed at the customer site). For systems sold through distributors, revenue is recognized generally at the time of delivery. The Company’s system arrangements generally do not provide a right of return. The systems are generally covered by a one-year service agreement included in the warranty. The service agreements have a stand alone selling price and are typically recognized as deferred revenue and amortized over the one-year service period.

Hand pieces and other consumables - Revenue from sales of handpieces and other consumables is recognized when control is transferred to the customers, which generally occurs at the time of shipment but also occurs at the time of delivery.

Service - Service revenue, inclusive of the amounts associated with the AquaBeam Robotic System warranties, is recognized over the term of the service period, as the customer benefits from the services throughout the service period.

The Company has determined that certain promises in the multiple-element arrangements, such as installation, training and certain ancillary products, are immaterial, and/or do not represent separate performance obligations for which transaction price is allocated.

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is recognized subsequent to invoicing, such as service contracts, which are recognized ratably as revenue over the performance period.

The Company’s typical payment terms are between approximately 30 to 90 days. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company expenses any incremental costs of obtaining a contract, including but not limited to, sales commissions, as and when incurred as the expected amortization period of the incremental costs would have been less than one year and are reported in selling, general and administrative expense in the statements of operations and comprehensive loss.

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2021		2020

U.S.
System sales and rentals	$	19,375	$	2,334
Handpieces and other consumables	8,893		1,699
Service	680		67
Total U.S. revenue	28,948		4,100
Outside of U.S.
System sales and rentals	2,493		1,824
Handpieces and other consumables	2,634		1,722
Service	398		71
Total outside of U.S. revenue	5,525		3,617
Total revenue	$	34,473	$	7,717

Cost of Sales

Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor, including stock-based compensation. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment,

warranty, including any recalls, and field service costs, and purchased intangibles and certain direct costs such as shipping costs.

Research and Development

Research and development costs are expensed as incurred. Research and development costs consist primarily of engineering, product development, and regulatory affairs, consulting services, materials, depreciation and other costs associated with products and technologies being developed, including employee and non-employee compensation, stock-based compensation, supplies, quality assurance expenses, related travel expenses and facilities expenses.

Stock-Based Compensation

The Company maintains an equity incentive plan to provide long-term incentives for employees, consultants and members of the board of directors. The plan allows for the issuance of non-statutory and incentive stock options to employees and non-statutory stock options to consultants and non-employee directors.

The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss. The Company uses the straight-line method for expense attribution.

The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of common stock, an assumed risk-free interest rate and an expected dividend rate.

The fair value of the Company’s common stock underlying the stock options has historically been determined by the Company’s board of directors (“Board”). Because there was no public market for the Company’s common stock prior to the IPO, the Board determined the fair value of the Company’s common stock at the time of grant of the option by considering a number of objective and subjective factors, including valuations of comparable companies, sales of the Company’s redeemable convertible preferred stock, operating and financial performance and the general and industry-specific economic outlook. The Company uses the “simplified method” to determine the expected term of the stock option. Expected volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The Company has elected to account for forfeitures when they occur.

Common Stock Valuation

The Company’s intent has been to grant all options with an exercise price not less than the fair value of its common stock underlying those options on the date of grant. Prior to its IPO, the Company has determined the estimated fair value of its common stock at each valuation date in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the “Practice Aid”). The Company’s board of directors, with the assistance of management, developed these valuations using significant judgment and taking into account numerous factors, including:

•valuations of its common stock with the assistance of independent third-party valuation specialists;

•the stage of development and business strategy, including the status of research and development efforts, of its products and product candidates, and the material risks related to its business and industry;

•the results of operations and financial position, including its levels of available capital resources;

•the valuation of publicly traded companies in the life sciences and medical device sectors, as well as recently completed mergers and acquisitions of peer companies;

•the prices of its redeemable convertible preferred stock sold to investors in arm’s length transactions and the rights, preferences, and privileges of its redeemable convertible preferred stock relative to those of its common stock;

•the likelihood of achieving a liquidity event for the holders of its common stock, such as an initial public offering or a sale of the Company given prevailing market conditions;

•the inability of the Company’s stockholders to freely trade its common stock in the public markets, resulting in a discount to reflect the lack of marketability of the Company’s common stock based on the weighted-average expected time to liquidity.

•trends and developments in its industry; and

•external market conditions affecting the life sciences and medical device industry sectors.

The Company’s board of directors determined the fair value of its common stock by first determining the enterprise value of the Company’s business using the market approach, income approach or from the value implied by the latest round of equity financing, and then allocating the value among the various classes of its equity securities to derive a per share value of its common stock. The Practice Aid identifies various available methods for allocating enterprise value across classes and series of capital stock to determine the estimated fair value of common stock at each valuation date.

For all options granted prior to the Company’s IPO in September 2021, the Board allocated the enterprise value based on the option pricing method (“OPM”). OPM treats the rights of the holders of preferred and common stock as equivalent to call options on any value of the enterprise above certain break points of value based upon the liquidation preferences of the holders of preferred stock, as well as their rights to participation and conversion. Thus, the estimated value of the common stock can be determined by estimating the value of its portion of each of these call option rights. When valuing options granted around the time of an equity financing that is considered arms-length, OPM derived the Company’s equity value of a company from the price of the securities issued by the Company in the equity financing. Following the completion of the Company’s IPO in September 2021, the fair value of the Company’s common stock is determined based on the closing price of its common stock on The Nasdaq Global Market.

Advertising Expenses

The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were not significant.

Defined Contribution Plan

The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2021 and 2020.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to-date. The Company’s policy is to record interest and penalties related to uncertain tax positions as a component of income tax expense in the statement of operations. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalent shares from dilutive stock options and common stock warrants outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive securities were antidilutive in those periods.

The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s redeemable convertible preferred stock participated in any dividends declared by the Company and were therefore considered to be participating securities.

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020

Net loss	$	(59,853)	$	(53,019)
Weighted-average common stock outstanding	16,480		3,663
Net loss per share, basic and diluted	$	(3.63)	$	(14.47)

The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands):


		December 31,
	2021	2020

Redeemable convertible preferred stock outstanding	—	25,402
Redeemable convertible preferred stock warrants	—	72
Common stock warrants	—	—
Common stock options	6,365	6,507
Restricted stock units	35	—
Employee stock purchase plan	193	—
Total	6,593	31,981

Comprehensive Loss

Comprehensive loss consists of net loss and changes in unrealized gains and losses on cash equivalents and available-for-sale marketable securities. Accumulated other comprehensive income (loss) is presented in the accompanying balance sheets, when applicable.

Segment, Geographical and Customer Concentration

The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s assets are primarily based in the United States.

No customers accounted for more than 10% of revenue during the year ended December 31, 2021 and 2020.

The following table presents revenue by significant geographical locations outside the United States for the periods presented:


	Year Ended December 31,
	2021	2020

Germany	*	31	%

* Less than 10% of total net revenues for the period indicated.

One customer accounted for 11% of accounts receivable at December 31, 2021. Two customers each accounted for 22% and 13% of accounts receivable at December 31, 2020.

JOBS Act Accounting Election

The Company is an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to avail itself of this exemption and, therefore, for new or revised accounting standards applicable to public companies, the Company will be subject to an extended transition period until those standards would otherwise apply to private companies.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). The amendments in ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the adoption of ASU 2020-4 on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes, primarily by eliminating certain exceptions to ASC 740. This standard is effective for fiscal periods beginning after December 15, 2021, and for fiscal years beginning after December 15, 2020 for public business entities. The Company adopted ASU 2019-12, effective January 1, 2021, and the adoption did not have a material impact on its consolidated financial statements.

Composition of Certain Consolidated Financial Statement Items

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Consolidated Financial Statement Items

Inventory (in thousands):


	December 31,
	2021		2020

Raw materials	$	6,740	$	2,647
Work-in-process	905		51
Finished goods	5,502		4,226
Total inventory	$	13,147	$	6,924

Prepaid Expenses and Other Current Assets (in thousands):


	December 31,
	2021		2020

Insurance	$	2,333	$	124
Inventory	830		553
Software	428		375
Rent	253		245

Other	398		356
Total prepaid expenses and other current assets	$	4,242	$	1,653

Property and Equipment, Net (in thousands):


	December 31,
	2021		2020

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	2,874	$	2,645


Rental equipment	1,082		1,247
Leasehold improvements	4,941		4,941
Evaluation units	2,842		4,229
Total property and equipment	11,739		13,062
Less: accumulated depreciation and amortization	(6,694)		(4,788)
Total property and equipment, net	$	5,045	$	8,274

Other Current Liabilities (in thousands):


	December 31,
	2021		2020

Accrued purchases	1,105		432
Customer deposit	741		—
Professional services	600		339
Sales tax	515		302
Interest	405		403
Travel expenses	281		138

Clinical trial expenses	183		47



Other	778		316
Total other current liabilities	$	4,608	$	1,977

As of December 31, 2021 and 2020, other non-current liabilities consisted of an asset retirement obligation for the facility lease.

Interest and Other Income (Expense), net (in thousands):


	Year Ended December 31,
	2021		2020

Interest income	$	76	$	184
Decrease in fair value of preferred stock warrants	64		185
Decrease (increase) in fair value of loan facility derivative liability	135		(300)
Other	(154)		(25)
Total interest and other income, net	$	121	$	44

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible AssetsIn March 2019, the Company entered into a license agreement with HydroCision, Inc. This agreement grants the Company an exclusive, perpetual, irrevocable, worldwide, fully paid-up license to develop, manufacture and commercialize products in the field of urology using the patented technology and know-how controlled by HydroCision as of the effective date and as well as new patented technology developed by HydroCision that cover certain activities and improvements that relate to the use of fluid jet technology in connection with the licensed products during the period commencing on the effective date and ending on the earlier of the date that the Company ceases to use HydroCision’s existing contract manufacturers and the third anniversary of the effective date. Also included is the right to utilize HydroCision’s contract manufacturers, if desired. The consideration paid was a one-time upfront payment of $2.5 million, as well as allowing HydroCision (a reciprocal license) to use any new patented technology and know-how developed by the Company relating to the HydroCision patented technology and know-how in the field of urology for HydroCision use outside the field of urology. HydroCision will pay for any patent maintenance fees on HydroCision’s licensed patents. As of December 31, 2021, accumulated amortization was $0.8 million, respectively, and the net carrying amount is expected to be amortized at a rate of $0.3 million per year until fully amortized.Amortization expense for intangible assets for the years ended December 31, 2021 and 2020, was $0.3 million and $0.3 million, respectively.

Loan Facility	12 Months Ended
Loan Facility	Dec. 31, 2021
Debt Disclosure [Abstract]
Loan Facility	Loan Facility In September 2019, the Company entered into a loan facility for up to $75 million available in four installments. The Company borrowed $25 million in September 2019. An additional $25 million was borrowed in March 2020. The third installment of $10 million was originally available for draw through March 31, 2021 contingent upon achieving $20 million in trailing six months revenue. In January 2021, the third installment was amended to be available for draw through June 30, 2021 contingent upon achieving $6.4 million trailing six months revenue. The remaining $15 million was originally available for draw through June 30, 2021 and is contingent upon achieving $25 million in trailing six months revenue. In January 2021, this installment was amended to be available for draw through June 30, 2022. The facility bears an interest rate of 9.37%, which is 7.17% plus the greater of 2.2% or 30-day LIBOR. The initial term of the facility is 60 months with interest-only payments each month for 24 months followed by 36 months amortization of principal and interest. In January 2021, the interest-only period was amended to 36 months followed by 24 months amortization (principal and interest) beginning October 1, 2022 since the amended trailing six months target revenue of $6.4 million was achieved, and accordingly, the current portion of the amount due was reclassified to non-current. Upon drawing the final $15 million tranche, interest-only period is extended 12 months followed by 24 months amortization of principal and interest. Upon the completion of the Company raising over $50 million in its IPO in September 2021, interest-only payments were extended an additional 12 months followed by 12 months amortization of principal and interest. Substantially all assets of the Company are pledged as collateral. Commencing with the earlier of June 30, 2021 and the month following the funding of either the third or final installment, the Company is required to achieve revenues for the previous six months ended equal to the greater of (1) 70% of the forecast for the commensurate period, (2) $15 million if neither third or final installments have been drawn, (3) $20 million if the third but not final installment has been drawn and (4) $25 million if both the third and final installments have been drawn. The loan facility includes certain fees payable to the lender recorded as a loan discount that are accrued and amortized to interest expense during the loan term. A 6% final payment fee of each funded tranche is payable at the earlier of prepayment or loan maturity and a 0.25% facility fee paid at each funded tranche. A prepayment fee was originally payable if the loan is paid before maturity in the amount of 3% of loans outstanding if paid in full during first 12 months, 2% if loan is paid in full during second 12 months, or 1% if loan is paid in full thereafter before maturity. In January 2021, the prepayment fee was removed as part of the amendments. In addition, the Company should pay the lender’s loan initiation fees and a fee upon the earlier occurrence of a defined liquidity event, including but not limited to, a merger or sale of the Company’s assets or voting stock, or achieving a $200.0 million trailing 12 months revenue target, in each case, by September 2029. The success fees are calculated at the time of the liquidity event occurrence to be $1.0 million if only the first installment has been drawn, $2.0 million if the first two installments have been drawn, $2.4 million if the first three installments have been drawn, or $3.0 million if all four installments have been drawn, in each case, upon the occurrence of the defined liquidity event. The Company determined that this obligation to pay success fees represents freestanding financial instruments. The amendments in January 2021 were accounted for as a debt modification under ASC 470-50-40 as the changes in the debt terms are not considered substantial, and thus no gain or loss was recorded and a new effective interest rate was established based on the carrying value of the loan and the revised cash flows.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Redeemable Convertible Preferred Stock Warrant Liability

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Redeemable Convertible Preferred Stock Warrant Liability

Warrants to purchase shares of redeemable convertible preferred stock outstanding and exercisable are as follows (in thousands, except per share data):


Dates			Exercise Price	Shares Outstanding at December 31,		Initial Value	Fair Value at December 31,
Issuance	Expiration	Series		2021	2020		2021		2020


June 2017	June 2022	E	13.73	—	72	763	$	—	$	177

In July 2015, in connection with the issuance of convertible notes, the Company issued 869,842 redeemable convertible preferred stock warrants that were exercisable into Series D redeemable convertible preferred stock immediately, with $5.08 exercise price and expiration in five years. During the year ended December 31, 2020, warrants for 651,334 shares were exercised and none were outstanding at December 31, 2020.

In June 2017, in connection with the issuance of convertible notes, the Company issued 108,145 redeemable convertible preferred stock warrants that were exercisable into Series E or the next round of redeemable convertible

preferred stock. During the years ended December 31, 2021 and 2020, warrants for 62,454 and zero shares were exercised, respectively. Upon the completion of the Company’s IPO in September 2021, the remaining unexercised warrants expired, none were outstanding at December 31, 2021.Redeemable Convertible Preferred Stock

A summary of the Company’s redeemable convertible preferred stock are as follows:


	December 31, 2020

Series		Shares Authorized	Shares Issued and Outstanding	Carrying Value (in thousands)
A		1,243,223	1,104,728	$	2,781
B		1,841,805	1,543,804	5,404
C		1,564,851	1,564,851	7,073
D		8,245,295	7,547,542	36,879
E		8,825,653	8,414,496	115,229
F		5,263,157	5,226,981	76,488

Total		26,983,984	25,402,402	$	243,854

Upon the completion of the Company’s IPO in September 2021, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on our condensed consolidated balance sheet.

In July 2020, an aggregate of $1.5 million shares of redeemable convertible preferred stock was converted to common stock as requested by the holder. The corresponding carrying value was reclassified from redeemable convertible preferred stock to common stock and additional paid in capital.

Series G Redeemable Convertible Preferred Stock

In June 2021, the Company issued 4,447,530 shares of Series G redeemable convertible preferred stock for gross proceeds of $85.0 million. Issuance costs totaled $0.3 million and were recorded as an offset to gross proceeds.

Series F Redeemable Convertible Preferred Stock

In July and August 2020, the Company issued 5,226,969 shares of Series F redeemable convertible preferred stock for gross proceeds of $77.0 million. Issuance costs totaled $0.5 million and were recorded an offset to gross proceeds.

A summary of the Company’s redeemable convertible preferred stock terms were as follows:


Series	Liquidation Preference Per Share		8% Dividend Per Share
A	$	2.5175	$	0.2014
B	3.2376		0.2590
C	4.5600		0.3648
D	5.0825		0.4066
E	13.7275		1.0982
F	14.7279		1.1782
G	19.1116		1.5289

The Company recorded its redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. A redemption event would only occur upon the liquidation or winding up of the Company, a greater than 50% change in control, or sale of substantially all of the assets of the Company. As the redemption event was outside the control of the Company, all shares of redeemable convertible preferred stock were presented outside of permanent equity. Further, the Company had determined the carrying values of the redeemable convertible preferred stock should not be adjusted to the redemption value of such shares, since it was uncertain whether or when a redemption event would occur. Subsequent adjustments to increase the carrying values of the redeemable convertible preferred stock to the redemption values would have been made when it became probable that such redemption would occur. As of December 31, 2021, no shares of

redeemable convertible preferred stock were outstanding, and as of December 31, 2020, it was not probable that such redemption would occur.

Dividends

The holders of the Series D, E, F and G redeemable convertible preferred stock, in preference to the holders of Series A, B and C redeemable convertible preferred stock and common stock, were entitled to receive noncumulative dividends at the rate of 8% per share of the original issuance price, when and as declared by the board of directors. After the payment of any dividends to holders of Series D, E, F and G redeemable convertible preferred stock, and in preference to the holders of common stock, the holders of Series A, B, and C redeemable convertible preferred stock would have been entitled to receive noncumulative dividends at the rate of 8% per share of the original issuance price, when and as declared by the board of directors. No dividends were declared and payable for the years ended December 31, 2021 and 2020.

Liquidation

In the event of any liquidation, dissolution, or winding-up of the Company, including a merger, acquisition, or sale of assets, as defined in the certificate of incorporation, each holder of Series G redeemable convertible preferred stock was entitled to receive a liquidation preference amount, plus any dividends declared but unpaid before any payments to holders of Series A, B, C, D, E or F redeemable convertible preferred stock and common stock. If the assets of the Company were insufficient to make payment in full to all Series G redeemable convertible preferred stockholders, then the assets or consideration would have been distributed ratably among such holders in proportion to the full liquidation preference amounts to which the holders would otherwise have been entitled to.

After the full payment of the liquidation preference to the holders of Series G redeemable convertible preferred stock, each holder of Series F redeemable convertible preferred stock would have been entitled to be paid a liquidation preference amount, plus any dividends declared but unpaid before any payments to holders of Series A, B, C, D or E redeemable convertible preferred stock and common stock. If the assets of the Company were insufficient to make payment in full to all Series F redeemable convertible preferred stockholders, then the assets or consideration would have been distributed ratably among such holders in proportion to the full liquidation preference amounts to which the holders would otherwise have been entitled to.

After the full payment of the liquidation preference to the holders of Series F redeemable convertible preferred stock, each holder of Series E redeemable convertible preferred stock would have been entitled to be paid a liquidation preference amount, plus any dividends declared but unpaid before any payments to holders of Series A, B, C or D redeemable convertible preferred stock and common stock. If the assets of the Company were insufficient to make payment in full to all Series E redeemable convertible preferred stockholders, then the assets or consideration would have been distributed ratably among such holders in proportion to the full liquidation preference amounts to which the holders would otherwise have been entitled to.

After the full payment of the liquidation preference to the holders of Series E redeemable convertible preferred stock, each holder of Series D redeemable convertible preferred stock would have been entitled to be paid a liquidation preference amount, plus any dividends declared but unpaid before any payments to holders of Series A, B or C redeemable convertible preferred stock and common stock. If the assets of the Company were insufficient to make payment in full to all Series D redeemable convertible preferred stockholders, then the assets or consideration would have been distributed ratably among such holders in proportion to the full liquidation preference amounts to which the holders would otherwise have been entitled to.

After the full payment of the liquidation preference to the holders of Series D redeemable convertible preferred stock, each holder of Series A, B and C redeemable convertible preferred stock would have been entitled to be paid a liquidation preference amount, plus any dividends declared but unpaid before any payments to holders of common stock. If the assets of the Company were insufficient to make payment in full to all holders of Series A, B or C redeemable convertible preferred stock, then the assets or consideration would have been distributed ratably among such holders in proportion to the full liquidation preference amounts to which the holders would otherwise have been entitled to.

After the payment of the full liquidation preference to holders of redeemable convertible preferred stock, the remaining assets of the Company legally available for distribution would have been distributed ratably to the holders of the common stock.

Voting

Each holder had the right to one vote for each share of common stock into which such redeemable convertible preferred stock would have been converted. So long as any shares of redeemable convertible preferred stock were outstanding, the Company was prohibited, without first obtaining the approval of more than 50% of the holders of redeemable convertible preferred stock then outstanding, voting together as a separate class to (a) amend certificate of incorporation in any way that would materially and adversely alter or change the rights, preferences, or privileges of the series preferred stock or (b) increase the total number of authorized shares of any Series Preferred stock. Additionally, the vote of at least a majority of the holders of Series D, E, F and G redeemable convertible preferred stock was needed to materially and adversely affect the rights of such holders of each series, including increasing or decreasing the number of authorized shares of Series D, E, F and G redeemable convertible preferred stock, as applicable.

Redemption

The redeemable convertible preferred shares were not mandatorily redeemable.

Conversion

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock Warrant Liability

Warrants to purchase shares of redeemable convertible preferred stock outstanding and exercisable are as follows (in thousands, except per share data):


Dates			Exercise Price	Shares Outstanding at December 31,		Initial Value	Fair Value at December 31,
Issuance	Expiration	Series		2021	2020		2021		2020


June 2017	June 2022	E	13.73	—	72	763	$	—	$	177

A summary of the Company’s redeemable convertible preferred stock are as follows:


	December 31, 2020

Series		Shares Authorized	Shares Issued and Outstanding	Carrying Value (in thousands)
A		1,243,223	1,104,728	$	2,781
B		1,841,805	1,543,804	5,404
C		1,564,851	1,564,851	7,073
D		8,245,295	7,547,542	36,879
E		8,825,653	8,414,496	115,229
F		5,263,157	5,226,981	76,488

Total		26,983,984	25,402,402	$	243,854

Series G Redeemable Convertible Preferred Stock

Series F Redeemable Convertible Preferred Stock

A summary of the Company’s redeemable convertible preferred stock terms were as follows:


Series	Liquidation Preference Per Share		8% Dividend Per Share
A	$	2.5175	$	0.2014
B	3.2376		0.2590
C	4.5600		0.3648
D	5.0825		0.4066
E	13.7275		1.0982
F	14.7279		1.1782
G	19.1116		1.5289

redeemable convertible preferred stock were outstanding, and as of December 31, 2020, it was not probable that such redemption would occur.

Dividends

Liquidation

Voting

Redemption

The redeemable convertible preferred shares were not mandatorily redeemable.

Conversion

- Definition

+ References

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholder’s Equity

2021 Equity Incentive Award Plan

In September 2021, the Company adopted the 2021 Equity Incentive Award Plan (the “2021 Plan”), which allows for the granting of stock options and stock purchase rights to the employees, members of the board of directors, and consultants of the Company. A total of 3,303,910 shares of common stock were initially reserved for issuance under the 2021 Plan. Options granted under the 2021 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to the Company’s employees, including officers and directors who are also employees. NSOs may be granted to employees and consultants.

Options under the 2021 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an ISO and NSO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant.

Granted options for newly hired employees usually vest over four years monthly with a one-year cliff vesting, and follow-on options vest monthly over four years with no cliff vesting. Options granted to consultants have various vesting schedules depending on the underlying consulting arrangement and anticipated period of service. Granted restricted stock units usually vest over four years annually. As of December 31, 2021, there were 3.1 million shares are available for grant and 0.2 million awards outstanding under the 2021 Plan.

2008 Stock Plan

The Company ceased making awards under the 2008 Stock Plan upon the effective date of the Company’s IPO. In 2008, the Company adopted the 2008 Stock Plan (the “2008 Plan”), which allows for the granting of stock options and stock purchase rights to the employees, members of the board of directors, and consultants of the Company. Options granted under the 2008 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to the Company’s employees, including officers and directors who are also employees. NSOs may be granted to employees and consultants. Options granted under the 2008 Plan will start expiring in August 2021. Options outstanding under the 2008 Plan will expire upon forfeiture. As of December 31, 2021, 6.2 million options were outstanding under the 2008 Plan.

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Year Ended
	December 31, 2021

		Options	Price
Outstanding, beginning of period		6,507	$	3.94
Granted		1,551	8.82
Exercised		(1,511)	2.77
Forfeited		(182)	6.00
Outstanding, end of period		6,365	5.34
Vested and expected to vest		6,365	5.34
Exercisable		3,082	4.15

As of December 31, 2021, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $64.3 million and options outstanding were $125.7 million. The aggregate pre-tax intrinsic value of options exercised was $10.9 million and $2.0 million during the years ended December 31, 2021 and 2020, respectively. The aggregate pre-tax intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. The total fair value of options vested was $3.4 million and $1.6 million during the years ended December 31, 2021 and 2020, respectively.

A summary of the Company’s restricted stock unit activity and related information are as follows (restricted stock units in thousands):


	Year Ended
	December 31, 2021

		Restricted Stock Units	Weighted-Average Fair Value
Outstanding, beginning of period		—	$	—
Awarded		35	34.78


Outstanding, end of period		35	34.78

As of December 31, 2021, the aggregate pre-tax intrinsic value of restricted stock units outstanding was $0.9 million, calculated based on the closing price of the Company’s common stock at the end of the period, and the weighted-average remaining contractual term was 3.6 years.

2021 Employee Stock Purchase Plan

In September 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The 2021 ESPP became effective on the effective date of the IPO. A total of 412,988 shares were initially reserved for issuance under the 2021 ESPP. Additionally, the number of shares of common stock reserved for issuance under the 2021 ESPP will increase automatically each year, beginning on January 1, 2022, and continuing through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; or (2) such lesser number as determined by the Company’s board of directors. The number of shares that may be issued under the 2021 ESPP shall not exceed a total of 10,526,315 shares. As of December 31, 2021, no shares have been issued under the 2021 ESPP.

The Company estimates the fair value of stock-based compensation on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model determines the fair value of stock-based payment awards based on the fair market value of the Company’s common stock on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the fair market value of the Company’s common stock, volatility over the expected term of the awards and actual and projected employee stock option exercise behaviors. The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company generally selected companies with comparable characteristics to it, including enterprise value, stages of clinical

development, risk profiles, position within the industry and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based payments. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future.

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Year Ended December 31,
	2021		2020

Cost of sales	$	253	$	80
Research and development	783		543
Sales, general and administrative	2,760		1,550
Total stock-based compensation	$	3,796	$	2,173

The amount of unearned stock-based compensation related to unvested employee stock-based payment awards as of December 31, 2021 is $10.6 million. The weighted-average period over which the unearned stock-based compensation is expected to be recognized as of December 31, 2021 is 2.8 years.

The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:


	Year Ended December 31,
	2021			2020

Expected life (years)	6.0			6.0
Expected volatility	50		%	41		%
Risk-free interest rate	1.0		%	0.9		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	4.36		$	1.95

The fair value of the options granted under the 2021 ESPP to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:


	Year Ended
	December 31, 2021

Expected life (years)	0.9
Expected volatility	50		%
Risk-free interest rate	0.1		%
Expected dividend rate	—		%
Weighted-average fair value	$	8.44

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Facility Lease

In July 2013, the Company entered into a three-year lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. Rent is payable monthly. As of December 31, 2021, the remaining future minimum lease payments under this lease is $4.5 million.

In connection with the Company’s adoption of ASC Topic 842, Leases, on January 1, 2020, the Company recorded a right-of-use leased asset of $6.0 million and a corresponding lease liability of $7.4 million and derecognized a deferred rent obligation of $1.4 million. The Company used its borrowing rate of 10% as its discount rate and the remaining operating lease term was 3.8 years. The results for the year ended December 31, 2020 and subsequent periods are presented under Topic 842.

Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance and real estate taxes, was $2.7 million and $2.9 million for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, the Company has future commitments of $54.5 million from debt repayments and office space under a non-cancelable operating lease expiring October 2023, respectively.

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2021	Minimum Lease Payments		Debt Repayments		Total
2022	$	2,445	$	—	$	2,445
2023	2,092		12,500		14,592
2024	—		37,500		37,500



Total minimum payments	4,537		50,000		54,537
Less: amount representing interest/unamortized debt discount	(441)		4		(437)
Present value of future payments	4,096		50,004		54,100
Less: current portion	(2,105)		—		(2,105)
Non-current portion	$	1,991	$	50,004	$	51,995

As of December 31, 2021 and 2020, the Company’s security deposit is in the form of, and recorded as, restricted cash.

On December 31, 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The term of the lease is anticipated to commence no later than December 31, 2022, and continue for 122 months following the lease commencement, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. In January 2022, the Company issued a standby letter of credit to the landlord in the amount of $3.0 million as the security deposit for the lease. The standby letter of credit is secured by a $3.0 million bank deposit and will be recorded as restricted cash. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. The Company intends to relocate its operations to the facility in San Jose prior to the end of the term of the lease for its facility in Redwood City, California.

Commitments and Contingencies

Guarantees and Indemnifications

Facility Lease

As of December 31, 2021, the Company has future commitments of $54.5 million from debt repayments and office space under a non-cancelable operating lease expiring October 2023, respectively.

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2021	Minimum Lease Payments		Debt Repayments		Total
2022	$	2,445	$	—	$	2,445
2023	2,092		12,500		14,592
2024	—		37,500		37,500



Total minimum payments	4,537		50,000		54,537
Less: amount representing interest/unamortized debt discount	(441)		4		(437)
Present value of future payments	4,096		50,004		54,100
Less: current portion	(2,105)		—		(2,105)
Non-current portion	$	1,991	$	50,004	$	51,995

As of December 31, 2021 and 2020, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes The Company did not record an income tax provision for both periods.

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company's actual effective income tax rate are as follows:


	Year Ended December 31,
	2021		2020
Federal statutory tax rate	21	%	21	%
R&D tax credit	2		1
Stock-based compensation and other permanent differences	—		—
Change in valuation allowance	(23)		(22)
Total	—	%	—	%

The Company’s income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Significant components of net deferred tax assets are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	52,832	$	42,331
Property and equipment	555		303
R&D tax credit	5,209		3,830
Stock-based compensation	717		490
Capitalized R&D expenses	6,268		3,109
Inventory	909		511
Lease liability	1,003		1,461
Accruals and reserves	1,418		1,144
Total deferred tax assets	68,911		53,179
Valuation allowance	(68,046)		(52,005)
Net deferred tax assets	865		1,174
Deferred tax liabilities:
Right-of-use assets	(865)		(1,174)
Total deferred tax liabilities	(865)		(1,174)
Net deferred tax assets	$	—	$	—

The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. The valuation allowance increased by $16.0 million during the year ended December 31, 2021.

As of December 31, 2021 and 2020, the Company has U.S. federal net operating loss (“NOL”) carryforwards of approximately $215.0 million and $170.8 million, respectively, expiring beginning 2028. As of December 31, 2021 and 2020, the Company has U.S. state and local NOL carryforwards of approximately $123.5 million and $100.7 million, respectively, expiring beginning 2028.

As of December 31, 2021 and 2020, the Company has federal research and development credit carryforwards of approximately $4.2 million and $3.1 million, respectively, available to reduce future taxable income, if any. As of December 31, 2021 and 2020, the Company has California research and development credit carryforwards of approximately $3.4 million and $2.5 million, respectively, available to reduce future taxable income, if any.

The federal research and development credit carryforwards expire beginning 2028 and California research and development credit carryforwards are indefinite.

Internal Revenue Code section 382 places a limitation (the “Section 382 Limitation”) on the amount of taxable income that can be offset by net operating carryforwards after a change in control of a loss corporation. Generally, after a change in control, a loss corporation cannot deduct operating loss carryovers in excess of the Section 382 limitation. The Company has not performed an analysis to determine if a limitation applies and whether the limitation would cause the net operating losses to expire unutilized.

The Company files federal, state, and foreign income tax returns. The tax periods 2008 through 2021 remain open in most jurisdictions. In addition, any tax losses that were generated in prior years and carried forward may also be subject to examination by respective authorities. The Company is not currently under examination by federal, state or foreign income tax authorities.

In March 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was passed into law. The CARES Act includes several significant business tax provisions including modification to the taxable income limitation for utilization of NOLs incurred in 2020, 2019 and 2018, and the ability to carry back NOLs from those years for a period of up to five years, an increase to the limitation on deductibility of certain business interest expense, bonus depreciation for purchases of qualified improvement property and special deductions on certain corporate charitable contributions. The Company has analyzed the provision of the CARES Act and determined it did not have an impact on its consolidated financial statements due to the full valuation reserve.

A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands):


	December 31,
	2021		2020
Beginning of year	$	1,407	$	986
Additions for tax positions related to:
Current year	510		421
Prior years	—		—
End of year	$	1,917	$	1,407

As of December 31, 2021, the Company had a total of $1.9 million of gross unrecognized tax benefits, none of which would affect the effective tax rate upon realization. The Company currently has a full valuation allowance against its U.S. net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future.

The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of December 31, 2021, the Company has not accrued interest or penalties related to uncertain tax positions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PreparationThe consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, the valuations of the redeemable convertible preferred stock warrant liability and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Reverse Stock Split, Initial Public Offering and Par Value and Shares Authorized Change	Reverse Stock Split In September 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4.75 reverse stock split of common stock and all redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, redeemable convertible preferred stock, warrants for preferred stock, stock options and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. Initial Public Offering In September 2021, the Company completed its IPO by issuing 6,556,000 shares of common stock, and the exercise of the underwriters option for 983,400 shares, at an offering price of $25.00 per share, for total net proceeds of approximately $172.4 million, after deducting underwriting discounts and commissions of $13.2 million and offering expenses of $2.9 million. Offering costs are capitalized, and consist of fees and expenses incurred in connection with the sale of common stock in its IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of its IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. In addition, all 29,912,264 shares of its then-outstanding redeemable convertible preferred stock automatically converted into 29,912,264 shares of common stock and it reclassified $329.5 million of redeemable convertible preferred stock to additional paid-in capital on its consolidated balance sheet. Par Value and Shares Authorized Change In June 2021, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a change in par value from $0.001 to $0.00001 per share of common stock and all redeemable convertible preferred stock. All issued and outstanding common stock and redeemable convertible preferred stock contained in the financial statements have been retroactively corrected to reflect this immaterial change in par value for all periods presented. In September 2021, 10.0 million shares of preferred stock was authorized and the shares of common stock authorized was increased to 300.0 million shares, both having a par value of $0.00001 per share.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks and highly liquid securities, which are readily convertible to cash, that mature within 90 days or less from the original date of purchase, to be cash equivalents, which include money market funds. Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, based on quoted market prices. Unrealized gains and losses are recorded in other comprehensive income (loss) and included as a separate component of stockholders’ equity (deficit). Restricted cash is related to the Company’s letter of credit for the lease of its corporate headquarters.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash and cash equivalents, and accounts receivable, accounts payable and accrued liabilities, which approximate fair value due to their relatively short maturities as well as the redeemable convertible preferred stock warrant liability and loan facility derivative liability. Fair value is 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 a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1-Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2-Other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Level 3-Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and, to a lesser extent, accounts receivable. The Company believes that credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and diversity of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. The Company has limited its credit risk associated with cash and cash equivalents by placing its investments with banks it believes are highly creditworthy and with highly rated investments.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company provides for uncollectible accounts receivable by recording an allowance for doubtful accounts for balances deemed uncollectible. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount it reasonably believes will be collected. The Company has not experienced any significant collection issues and the allowance for doubtful accounts has not been material.
Inventory	Inventory Inventories are valued at the lower of cost, computed on a first-in, first-out basis, or net realizable value. The allocation of production overhead to inventory costs is based on normal production capacity. Abnormal amounts of idle facility expense, freight, handling costs, and consumption are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration. The Company has initiated voluntary recalls for a limited number of handpieces due to certain issues related to supply chain and manufacturing processes, of which the provision recognized was not material.
Property and Equipment and Intangible Assets	Property and Equipment and Intangible Assets Property and equipment and intangible assets are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization for property and equipment are determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. The Company reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to a limited history of sales of evaluation units. Amortization of intangible assets are determined using the straight-line method over the estimated useful lives, generally through the patent expiration date. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Maintenance and repairs are charged to operating expenses as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment and intangible assets, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. During the years ended December 31, 2021 and 2020, the Company has not recorded impairment charges on its long-lived assets.
Deferred Offering Costs	Deferred Offering CostsThe Company capitalizes, within other assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its recent initial public offering, until such financings are consummated. After consummation of the equity financing, these costs are recorded to additional paid in capital as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are immediately written off to operating expenses.
Deferred Revenue	Deferred Revenue The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue will be recognized subsequent to invoicing. Service agreements are generally invoiced annually at the beginning of each coverage period and recorded as deferred revenue and recognized as revenue ratably over the coverage period. Deferred revenue that will be recognized during the 12 months following the balance sheet date is recorded as the current portion of deferred revenue, and the remaining portion, if any, would be recorded as non-current.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred StockThe Company records redeemable convertible preferred stock at fair value on the date of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because it contains liquidation features that are not solely within the Company’s control. The Company determined that the carrying values of the redeemable convertible preferred stock should not be adjusted to the liquidation preferences because it is uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values of the redeemable convertible preferred stock to the liquidation preferences will be made only when it is probable that the redeemable convertible preferred stock will become redeemable.
Redeemable Convertible Preferred Stock Warrant Liability	Redeemable Convertible Preferred Stock Warrant LiabilityThe Company has issued freestanding warrants to purchase shares of redeemable convertible preferred stock to investors in connection with sales of certain of its redeemable convertible preferred stock. The Company classified these warrants as a derivative liability because they create a conditional obligation for the Company to repurchase its own shares for cash or other assets. The fair value of the warrants are recorded on the consolidated balance sheets at the issuance of the warrants and remeasured to fair value at each financial reporting date. The changes in the fair value of the warrants are recorded in the statement of operations as a component of interest and other income or expense as appropriate.
Loan Facility Derivative Liability	Loan Facility Derivative Liability The Company has determined that its obligation to pay success fees to a lender upon a successful liquidation event or achieving a revenue target represents freestanding financial instruments. The instruments are classified as a non-current liability in the consolidated balance sheets and are subject to remeasurement at each financial reporting date. Any change in fair value was recognized through other income (expense) in the consolidated statements of operations and comprehensive loss.
Leases	Leases For agreements with a term of more than 12 months, the Company determines if the agreement contains a lease at inception. Operating lease liabilities represent an obligation to make lease payments arising from the lease agreement. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the remaining lease term. In determining the present value of lease payments, the Company estimates its incremental borrowing rate as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, of an amount equal to the lease payments in a similar economic environment. Operating lease liabilities are included in the Company’s consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and are classified as non-current assets. Lease expense is recognized on a straight-line basis over the expected lease term in the Company’s consolidated statements of operations and comprehensive loss. The Company has not elected to separate lease and non-lease components for any leases within its existing classes of assets and, as a result, records a right-of-use asset and lease liability based on the present value of the future minimum lease payments over the term at commencement date. Variable lease payments are expensed as incurred. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.
Leases	The Company has lessor arrangements with customers for a fixed monthly fee with no non-lease components, typically for 3-12 months. These arrangements are accounted for as an operating lease in accordance with ASC 842. These arrangements and related revenue are immaterial to the periods presented.
Revenue Recognition	Revenue Recognition Revenue is derived primarily from the sales of the AquaBeam® Robotic Systems, and handpieces that are for one-time use during each surgery using the AquaBeam Robotic System. The AquaBeam Robotic System contains both software and non-software components that are delivered together as a single product and generally contain a one-year warranty. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct based on the contract. The contracts are typically in the form of an agreement and a purchase order from the customer. The Company’s AquaBeam Robotic System sales generally contain multiple products and services and can include a combination of the following performance obligations: robotic system, handpieces and consumables, and service. The Company determines the transaction price it expects to be entitled to in exchange for transferring the promised product to the customer, which is based on the invoiced price for the products. All prices are at fixed amounts per the sales agreement with the customer and there are generally no discounts, rebates or other price concessions or a right of return, once the agreement is signed. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and updates these estimates as necessary. The Company recognizes revenue as the performance obligations are satisfied by transferring control of the product or service to a customer. The Company generally recognizes revenue for the performance obligations at the following points in time: AquaBeam Robotic Systems - For systems (including system components and system accessories) sold directly to end customers, revenue is recognized when the Company transfers control to the customer, which is generally at the time of delivery. Systems rented for a fixed monthly fee during an evaluation period, typically 3-12 months, are recognized as revenue straight-line during the lease term, in accordance with ASC 842, and are not material. For systems sold following an evaluation period, revenue is recognized generally once sales terms are mutually agreed (as the system is already installed at the customer site). For systems sold through distributors, revenue is recognized generally at the time of delivery. The Company’s system arrangements generally do not provide a right of return. The systems are generally covered by a one-year service agreement included in the warranty. The service agreements have a stand alone selling price and are typically recognized as deferred revenue and amortized over the one-year service period. Hand pieces and other consumables - Revenue from sales of handpieces and other consumables is recognized when control is transferred to the customers, which generally occurs at the time of shipment but also occurs at the time of delivery. Service - Service revenue, inclusive of the amounts associated with the AquaBeam Robotic System warranties, is recognized over the term of the service period, as the customer benefits from the services throughout the service period. The Company has determined that certain promises in the multiple-element arrangements, such as installation, training and certain ancillary products, are immaterial, and/or do not represent separate performance obligations for which transaction price is allocated. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is recognized subsequent to invoicing, such as service contracts, which are recognized ratably as revenue over the performance period. The Company’s typical payment terms are between approximately 30 to 90 days. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company expenses any incremental costs of obtaining a contract, including but not limited to, sales commissions, as and when incurred as the expected amortization period of the incremental costs would have been less than one year and are reported in selling, general and administrative expense in the statements of operations and comprehensive loss.
Cost of Sales	Cost of Sales Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor, including stock-based compensation. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment, warranty, including any recalls, and field service costs, and purchased intangibles and certain direct costs such as shipping costs.
Research and Development	Research and DevelopmentResearch and development costs are expensed as incurred. Research and development costs consist primarily of engineering, product development, and regulatory affairs, consulting services, materials, depreciation and other costs associated with products and technologies being developed, including employee and non-employee compensation, stock-based compensation, supplies, quality assurance expenses, related travel expenses and facilities expenses.
Share-Based Compensation	Stock-Based Compensation The Company maintains an equity incentive plan to provide long-term incentives for employees, consultants and members of the board of directors. The plan allows for the issuance of non-statutory and incentive stock options to employees and non-statutory stock options to consultants and non-employee directors. The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss. The Company uses the straight-line method for expense attribution. The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of common stock, an assumed risk-free interest rate and an expected dividend rate. The fair value of the Company’s common stock underlying the stock options has historically been determined by the Company’s board of directors (“Board”). Because there was no public market for the Company’s common stock prior to the IPO, the Board determined the fair value of the Company’s common stock at the time of grant of the option by considering a number of objective and subjective factors, including valuations of comparable companies, sales of the Company’s redeemable convertible preferred stock, operating and financial performance and the general and industry-specific economic outlook. The Company uses the “simplified method” to determine the expected term of the stock option. Expected volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The Company has elected to account for forfeitures when they occur.
Common Stock Valuation	Common Stock Valuation The Company’s intent has been to grant all options with an exercise price not less than the fair value of its common stock underlying those options on the date of grant. Prior to its IPO, the Company has determined the estimated fair value of its common stock at each valuation date in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the “Practice Aid”). The Company’s board of directors, with the assistance of management, developed these valuations using significant judgment and taking into account numerous factors, including: •valuations of its common stock with the assistance of independent third-party valuation specialists; •the stage of development and business strategy, including the status of research and development efforts, of its products and product candidates, and the material risks related to its business and industry; •the results of operations and financial position, including its levels of available capital resources; •the valuation of publicly traded companies in the life sciences and medical device sectors, as well as recently completed mergers and acquisitions of peer companies; •the prices of its redeemable convertible preferred stock sold to investors in arm’s length transactions and the rights, preferences, and privileges of its redeemable convertible preferred stock relative to those of its common stock; •the likelihood of achieving a liquidity event for the holders of its common stock, such as an initial public offering or a sale of the Company given prevailing market conditions; •the inability of the Company’s stockholders to freely trade its common stock in the public markets, resulting in a discount to reflect the lack of marketability of the Company’s common stock based on the weighted-average expected time to liquidity. •trends and developments in its industry; and •external market conditions affecting the life sciences and medical device industry sectors. The Company’s board of directors determined the fair value of its common stock by first determining the enterprise value of the Company’s business using the market approach, income approach or from the value implied by the latest round of equity financing, and then allocating the value among the various classes of its equity securities to derive a per share value of its common stock. The Practice Aid identifies various available methods for allocating enterprise value across classes and series of capital stock to determine the estimated fair value of common stock at each valuation date. For all options granted prior to the Company’s IPO in September 2021, the Board allocated the enterprise value based on the option pricing method (“OPM”). OPM treats the rights of the holders of preferred and common stock as equivalent to call options on any value of the enterprise above certain break points of value based upon the liquidation preferences of the holders of preferred stock, as well as their rights to participation and conversion. Thus, the estimated value of the common stock can be determined by estimating the value of its portion of each of these call option rights. When valuing options granted around the time of an equity financing that is considered arms-length, OPM derived the Company’s equity value of a company from the price of the securities issued by the Company in the equity financing. Following the completion of the Company’s IPO in September 2021, the fair value of the Company’s common stock is determined based on the closing price of its common stock on The Nasdaq Global Market.
Advertising Expenses	Advertising Expenses The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were not significant.
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. The Company is authorized to make matching contributions but has not made such contributions for the years ended December 31, 2021 and 2020.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to-date. The Company’s policy is to record interest and penalties related to uncertain tax positions as a component of income tax expense in the statement of operations. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalent shares from dilutive stock options and common stock warrants outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive securities were antidilutive in those periods. The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s redeemable convertible preferred stock participated in any dividends declared by the Company and were therefore considered to be participating securities.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and changes in unrealized gains and losses on cash equivalents and available-for-sale marketable securities. Accumulated other comprehensive income (loss) is presented in the accompanying balance sheets, when applicable.
Segment, Geographical and Customer Concentration	Segment, Geographical and Customer Concentration The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s assets are primarily based in the United States.
Jobs Act Accounting Election	JOBS Act Accounting Election The Company is an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to avail itself of this exemption and, therefore, for new or revised accounting standards applicable to public companies, the Company will be subject to an extended transition period until those standards would otherwise apply to private companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-4”). The amendments in ASU 2020-4 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the adoption of ASU 2020-4 on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes, primarily by eliminating certain exceptions to ASC 740. This standard is effective for fiscal periods beginning after December 15, 2021, and for fiscal years beginning after December 15, 2020 for public business entities. The Company adopted ASU 2019-12, effective January 1, 2021, and the adoption did not have a material impact on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31,
	2021			2020
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash		$	13,621	$	—	$	—	$	13,621	$	1,502	$	—	$	—	$	1,502
Cash equivalents		290,699		—		—		290,699		98,628		—		—		98,628

Total cash and cash equivalents		$	304,320	$	—	$	—	$	304,320	$	100,130	$	—	$	—	$	100,130

Preferred stock warrant liability		$	—	$	—	$	—	$	—	$	—	$	—	$	177	$	177
Loan facility derivative liability		$	—	$	—	$	1,496	$	1,496	$	—	$	—	$	1,782	$	1,782

Redeemable Convertible Preferred Stock Warrants


	Year Ended December 31,
	2021		2020

Beginning of the period	$	177	$	870
Exercised	(113)		(508)
Cancelled	(16)		—
Change in fair value	(48)		(185)
End of the period	$	—	$	177

Warrants to purchase shares of redeemable convertible preferred stock outstanding and exercisable are as follows (in thousands, except per share data):


Dates			Exercise Price	Shares Outstanding at December 31,		Initial Value	Fair Value at December 31,
Issuance	Expiration	Series		2021	2020		2021		2020


June 2017	June 2022	E	13.73	—	72	763	$	—	$	177

Schedule of Valuation Assumptions

The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model using the following assumptions:


	Year Ended December 31,
		2020

Expected life (years)		1.7
Expected volatility		68	%
Risk-free interest rate		0.1	%
Expected dividend rate		—	%

Schedule of Derivative Liabilities at Fair Value

The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):


	Year Ended December 31,
	2021		2020

Beginning of the period	$	1,782	$	1,482
Issued	—		—
Payment of success fee	(150)		—
Change in fair value	$	(136)	$	300
End of the period	$	1,496	$	1,782

Revenue from External Customers by Products and Services

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2021		2020

U.S.
System sales and rentals	$	19,375	$	2,334
Handpieces and other consumables	8,893		1,699
Service	680		67
Total U.S. revenue	28,948		4,100
Outside of U.S.
System sales and rentals	2,493		1,824
Handpieces and other consumables	2,634		1,722
Service	398		71
Total outside of U.S. revenue	5,525		3,617
Total revenue	$	34,473	$	7,717

Schedule of Earnings Per Share, Basic

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020

Net loss	$	(59,853)	$	(53,019)
Weighted-average common stock outstanding	16,480		3,663
Net loss per share, basic and diluted	$	(3.63)	$	(14.47)

Schedule of Earnings Per Share, Diluted

Net loss per share was determined as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020

Net loss	$	(59,853)	$	(53,019)
Weighted-average common stock outstanding	16,480		3,663
Net loss per share, basic and diluted	$	(3.63)	$	(14.47)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


		December 31,
	2021	2020

Redeemable convertible preferred stock outstanding	—	25,402
Redeemable convertible preferred stock warrants	—	72
Common stock warrants	—	—
Common stock options	6,365	6,507
Restricted stock units	35	—
Employee stock purchase plan	193	—
Total	6,593	31,981

Revenue from External Customers by Geographic Areas

The following table presents revenue disaggregated by type and geography (in thousands):


	Year Ended December 31,
	2021		2020

U.S.
System sales and rentals	$	19,375	$	2,334
Handpieces and other consumables	8,893		1,699
Service	680		67
Total U.S. revenue	28,948		4,100
Outside of U.S.
System sales and rentals	2,493		1,824
Handpieces and other consumables	2,634		1,722
Service	398		71
Total outside of U.S. revenue	5,525		3,617
Total revenue	$	34,473	$	7,717

The following table presents revenue by significant geographical locations outside the United States for the periods presented:


	Year Ended December 31,
	2021	2020

Germany	*	31	%

* Less than 10% of total net revenues for the period indicated.

Composition of Certain Consolidated Financial Statement Items (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory (in thousands):


	December 31,
	2021		2020

Raw materials	$	6,740	$	2,647
Work-in-process	905		51
Finished goods	5,502		4,226
Total inventory	$	13,147	$	6,924

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets (in thousands):


	December 31,
	2021		2020

Insurance	$	2,333	$	124
Inventory	830		553
Software	428		375
Rent	253		245

Other	398		356
Total prepaid expenses and other current assets	$	4,242	$	1,653

Property and Equipment, net

Property and Equipment, Net (in thousands):


	December 31,
	2021		2020

Laboratory, manufacturing and computer equipment, and furniture and fixtures	$	2,874	$	2,645


Rental equipment	1,082		1,247
Leasehold improvements	4,941		4,941
Evaluation units	2,842		4,229
Total property and equipment	11,739		13,062
Less: accumulated depreciation and amortization	(6,694)		(4,788)
Total property and equipment, net	$	5,045	$	8,274

Other Current Liabilities

Other Current Liabilities (in thousands):


	December 31,
	2021		2020

Accrued purchases	1,105		432
Customer deposit	741		—
Professional services	600		339
Sales tax	515		302
Interest	405		403
Travel expenses	281		138

Clinical trial expenses	183		47



Other	778		316
Total other current liabilities	$	4,608	$	1,977

Schedule of Interest and Other Income (Expense), net

Interest and Other Income (Expense), net (in thousands):


	Year Ended December 31,
	2021		2020

Interest income	$	76	$	184
Decrease in fair value of preferred stock warrants	64		185
Decrease (increase) in fair value of loan facility derivative liability	135		(300)
Other	(154)		(25)
Total interest and other income, net	$	121	$	44

Redeemable Convertible Preferred Stock Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights


	Year Ended December 31,
	2021		2020

Beginning of the period	$	177	$	870
Exercised	(113)		(508)
Cancelled	(16)		—
Change in fair value	(48)		(185)
End of the period	$	—	$	177

Warrants to purchase shares of redeemable convertible preferred stock outstanding and exercisable are as follows (in thousands, except per share data):


Dates			Exercise Price	Shares Outstanding at December 31,		Initial Value	Fair Value at December 31,
Issuance	Expiration	Series		2021	2020		2021		2020


June 2017	June 2022	E	13.73	—	72	763	$	—	$	177

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

A summary of the Company’s redeemable convertible preferred stock are as follows:


	December 31, 2020

Series		Shares Authorized	Shares Issued and Outstanding	Carrying Value (in thousands)
A		1,243,223	1,104,728	$	2,781
B		1,841,805	1,543,804	5,404
C		1,564,851	1,564,851	7,073
D		8,245,295	7,547,542	36,879
E		8,825,653	8,414,496	115,229
F		5,263,157	5,226,981	76,488

Total		26,983,984	25,402,402	$	243,854

A summary of the Company’s redeemable convertible preferred stock terms were as follows:


Series	Liquidation Preference Per Share		8% Dividend Per Share
A	$	2.5175	$	0.2014
B	3.2376		0.2590
C	4.5600		0.3648
D	5.0825		0.4066
E	13.7275		1.0982
F	14.7279		1.1782
G	19.1116		1.5289

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Year Ended
	December 31, 2021

		Options	Price
Outstanding, beginning of period		6,507	$	3.94
Granted		1,551	8.82
Exercised		(1,511)	2.77
Forfeited		(182)	6.00
Outstanding, end of period		6,365	5.34
Vested and expected to vest		6,365	5.34
Exercisable		3,082	4.15

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity and related information are as follows (restricted stock units in thousands):


	Year Ended
	December 31, 2021

		Restricted Stock Units	Weighted-Average Fair Value
Outstanding, beginning of period		—	$	—
Awarded		35	34.78


Outstanding, end of period		35	34.78

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Year Ended December 31,
	2021		2020

Cost of sales	$	253	$	80
Research and development	783		543
Sales, general and administrative	2,760		1,550
Total stock-based compensation	$	3,796	$	2,173

Schedule of Fair Value Assumptions


	Year Ended December 31,
	2021			2020

Expected life (years)	6.0			6.0
Expected volatility	50		%	41		%
Risk-free interest rate	1.0		%	0.9		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	4.36		$	1.95


	Year Ended
	December 31, 2021

Expected life (years)	0.9
Expected volatility	50		%
Risk-free interest rate	0.1		%
Expected dividend rate	—		%
Weighted-average fair value	$	8.44

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Future minimum lease payments

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2021	Minimum Lease Payments		Debt Repayments		Total
2022	$	2,445	$	—	$	2,445
2023	2,092		12,500		14,592
2024	—		37,500		37,500



Total minimum payments	4,537		50,000		54,537
Less: amount representing interest/unamortized debt discount	(441)		4		(437)
Present value of future payments	4,096		50,004		54,100
Less: current portion	(2,105)		—		(2,105)
Non-current portion	$	1,991	$	50,004	$	51,995

Schedule of Maturities of Long-term Debt

Future minimum annual operating lease and debt repayments are as follows (in thousands):


As of December 31, 2021	Minimum Lease Payments		Debt Repayments		Total
2022	$	2,445	$	—	$	2,445
2023	2,092		12,500		14,592
2024	—		37,500		37,500



Total minimum payments	4,537		50,000		54,537
Less: amount representing interest/unamortized debt discount	(441)		4		(437)
Present value of future payments	4,096		50,004		54,100
Less: current portion	(2,105)		—		(2,105)
Non-current portion	$	1,991	$	50,004	$	51,995

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company's actual effective income tax rate are as follows:


	Year Ended December 31,
	2021		2020
Federal statutory tax rate	21	%	21	%
R&D tax credit	2		1
Stock-based compensation and other permanent differences	—		—
Change in valuation allowance	(23)		(22)
Total	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of net deferred tax assets are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	52,832	$	42,331
Property and equipment	555		303
R&D tax credit	5,209		3,830
Stock-based compensation	717		490
Capitalized R&D expenses	6,268		3,109
Inventory	909		511
Lease liability	1,003		1,461
Accruals and reserves	1,418		1,144
Total deferred tax assets	68,911		53,179
Valuation allowance	(68,046)		(52,005)
Net deferred tax assets	865		1,174
Deferred tax liabilities:
Right-of-use assets	(865)		(1,174)
Total deferred tax liabilities	(865)		(1,174)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands):


	December 31,
	2021		2020
Beginning of year	$	1,407	$	986
Additions for tax positions related to:
Current year	510		421
Prior years	—		—
End of year	$	1,917	$	1,407

Organization (Details) - USD ($) $ in Thousands	1 Months Ended
Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents		$ 304,320	$ 100,130
Accumulated deficit		$ 261,521	$ 201,668
IPO \| Common Stock
Initial Public Offering
Sale of stock, consideration received on transaction	$ 172,400

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Aug. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	May 31, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split, conversion ratio	0.2105
Payments for underwriting discount and commissions \| $	$ 13,200
Payments of stock issuance costs \| $	$ 2,900	$ 290	$ 496	$ 16,121
Convertible preferred stock, shares, number of shares issued upon conversion (in shares)	29,912,264
Conversion of redeemable convertible preferred stock to common stock upon initial public offering \| $				$ 329,534	$ 9,520
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001	$ 0.001
Preferred Stock, shares authorized (in shares)	10,000,000				0
Common stock, shares authorized (in shares)	300,000,000				40,000,000
Preferred Stock, par value (in dollars per share) \| $ / shares	$ 0.00001
Issuance upon exercise of warrants (in shares)				62,000	651,000
Impairment of long-lived assets \| $				$ 0	$ 0
Deferred offering costs \| $				$ 0	$ 0
Product warranty period (in years)				1 year
Service agreement, amortization period				1 year
Series E, Redeemable Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)				0	72,000
Additional Paid-in Capital
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering \| $	$ 329,500			$ 329,534	$ 9,520
Common stock warrants \| Series E, Redeemable Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Issuance upon exercise of warrants (in shares)	62,454			62,454	0
Warrants outstanding (in shares)				0
Minimum
Subsidiary, Sale of Stock [Line Items]
Useful life (in years)				3 years
Lessor, operating lease term (in months)				3 months
Minimum \| AquaBeam Robotic Systems
Subsidiary, Sale of Stock [Line Items]
Lessor, operating lease term (in months)				3 months
Maximum
Subsidiary, Sale of Stock [Line Items]
Useful life (in years)				5 years
Lessor, operating lease term (in months)				12 months
Maximum \| AquaBeam Robotic Systems
Subsidiary, Sale of Stock [Line Items]
Lessor, operating lease term (in months)				12 months
Common Stock
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) \| $ / shares	$ 25.00
Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,556,000
Sale of stock, consideration received on transaction \| $	$ 172,400
Common Stock \| Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	983,400

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Total cash and cash equivalents	$ 304,320	$ 100,130
Preferred stock warrant liability	0	177
Fair Value, Measurements, Recurring
Subsidiary, Sale of Stock [Line Items]
Cash	13,621	1,502
Cash equivalents	290,699	98,628
Total cash and cash equivalents	304,320	100,130
Preferred stock warrant liability	0	177
Loan facility derivative liability	1,496	1,782
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Subsidiary, Sale of Stock [Line Items]
Cash	13,621	1,502
Cash equivalents	290,699	98,628
Total cash and cash equivalents	304,320	100,130
Preferred stock warrant liability	0	0
Loan facility derivative liability	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Subsidiary, Sale of Stock [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Preferred stock warrant liability	0	0
Loan facility derivative liability	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Subsidiary, Sale of Stock [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Preferred stock warrant liability	0	177
Loan facility derivative liability	$ 1,496	$ 1,782

Summary of Significant Accounting Policies - Fair Value Rollforward (Details) - Redeemable convertible preferred stock outstanding - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of the period	$ 177	$ 870
Exercised	(113)	(508)
Cancelled	(16)	0
Change in fair value	(48)	(185)
End of the period	$ 0	$ 177

Summary of Significant Accounting Policies - Redeemable Convertible Preferred Stock Assumptions (Details) - Redeemable convertible preferred stock outstanding	12 Months Ended
	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Expected life (years)	1 year 8 months 12 days
Expected volatility
Subsidiary, Sale of Stock [Line Items]
Measurement input, percent	0.68
Risk-free interest rate
Subsidiary, Sale of Stock [Line Items]
Measurement input, percent	0.001
Expected dividend rate
Subsidiary, Sale of Stock [Line Items]
Measurement input, percent	0

Summary of Significant Accounting Policies - Loan Facility Derivative Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loan Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trailing twelve month revenue target	$ 200,000
Fee on first installment drawn	1,000
Fee if first two installments drawn	2,000
Fee if first three installments drawn	2,400
Fee if all four installments are drawn	3,000
Derivative liability, loan facility	1,400
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning of the period	1,782	$ 1,482
Issued	0	0
Payment of success fee	(150)	0
Change in fair value	(136)	300
End of the period	$ 1,496	$ 1,782
Fair Value, Inputs, Level 3 \| Valuation Technique, Discounted Cash Flow \| Fair Value, Measurements, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash flow discount	0.10

Summary of Significant Accounting Policies - Revenue by Type and Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 34,473	$ 7,717
U.S.
Disaggregation of Revenue [Line Items]
Revenue	28,948	4,100
U.S. \| System sales and rentals
Disaggregation of Revenue [Line Items]
Revenue	19,375	2,334
U.S. \| Handpieces and other consumables
Disaggregation of Revenue [Line Items]
Revenue	8,893	1,699
U.S. \| Service
Disaggregation of Revenue [Line Items]
Revenue	680	67
Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenue	5,525	3,617
Outside of U.S. \| System sales and rentals
Disaggregation of Revenue [Line Items]
Revenue	2,493	1,824
Outside of U.S. \| Handpieces and other consumables
Disaggregation of Revenue [Line Items]
Revenue	2,634	1,722
Outside of U.S. \| Service
Disaggregation of Revenue [Line Items]
Revenue	$ 398	$ 71

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Summary of Significant Accounting Policies - Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net loss	$ (59,853)	$ (53,019)
Weighted-average common stock outstanding, basic (in shares)	16,480	3,663
Weighted-average common stock outstanding, diluted (in shares)	16,480	3,663
Net loss per share, basic (in dollars per share)	$ (3.63)	$ (14.47)
Net loss per share, diluted (in dollars per share)	$ (3.63)	$ (14.47)

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,593,000	31,981,000
Redeemable convertible preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	25,402,000
Redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	72,000
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,365,000	6,507,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	35,000	0
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	193,000	0

Summary of Significant Accounting Policies - Significant Geographical Locations Outside the United States (Details)	12 Months Ended
	Dec. 31, 2020
Revenue Benchmark \| Geographic Concentration Risk \| Germany
Disaggregation of Revenue [Line Items]
Revenue by significant geographical locations outside the United States	31.00%

Summary of Significant Accounting Policies - Customer Concentration (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Customer 1
Product Information [Line Items]
Concentration risk, percentage	11.00%	22.00%
Customer 2
Product Information [Line Items]
Concentration risk, percentage		13.00%

Composition of Certain Consolidated Financial Statement Items - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 6,740	$ 2,647
Work-in-process	905	51
Finished goods	5,502	4,226
Total inventory	$ 13,147	$ 6,924

Composition of Certain Consolidated Financial Statement Items - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Insurance	$ 2,333	$ 124
Inventory	830	553
Software	428	375
Rent	253	245
Other	398	356
Total prepaid expenses and other current assets	$ 4,242	$ 1,653

Composition of Certain Consolidated Financial Statement Items - Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 11,739	$ 13,062
Less: accumulated depreciation and amortization	(6,694)	(4,788)
Total property and equipment, net	5,045	8,274
Laboratory, manufacturing and computer equipment, and furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	2,874	2,645
Rental equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,082	1,247
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	4,941	4,941
Evaluation units
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,842	$ 4,229

Composition of Certain Consolidated Financial Statement Items - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued purchases	$ 1,105	$ 432
Customer deposit	741	0
Professional services	600	339
Sales tax	515	302
Interest	405	403
Travel expenses	281	138
Clinical trial expenses	183	47
Other	778	316
Other current liabilities	$ 4,608	$ 1,977

Composition of Certain Consolidated Financial Statement Items - Interest and Other Income (Expense), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 76	$ 184
Decrease in fair value of preferred stock warrants	64	185
Decrease (increase) in fair value of loan facility derivative liability	135	(300)
Other	(154)	(25)
Total interest and other income, net	$ 121	$ 44

Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Payments to acquire intangible assets	$ 2.5
Accumulated amortization		$ 0.8
Expected annual rate per year		0.3
Amortization expense		$ 0.3	$ 0.3

Loan Facility (Details) $ in Thousands	1 Months Ended				6 Months Ended	12 Months Ended
Loan Facility (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($) installment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Gain (loss) on amendment of debt terms						$ 0
Loan Facility
Line of Credit Facility [Line Items]
Trailing twelve month revenue target						200,000
Fee on first installment drawn						1,000
Fee if first two installments drawn						2,000
Fee if first three installments drawn						2,400
Fee if all four installments are drawn						$ 3,000
Loan Facility \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Loan facility, maximum borrowing capacity				$ 75,000
Number of installments \| installment				4
Facility interest rate at period end (percent)						9.37%
Facility term (in years)				60 months
Interest only period		36 months		24 months
Principal and interest period (in months)		24 months		36 months
Covenant compliance, IPO capital raised in threshold amount	$ 50,000
Covenant compliance, IPO capital raised in threshold amount achieved, extended interest only period (in months)	12 months
Covenant compliance, revenue forecast for commensurate period, percent						70.00%
Covenant compliance, revenue forecast amount, first two installments only						$ 15,000
Covenant compliance, revenue forecast amount, first three installments only						20,000
Covenant compliance, revenue forecast amount, all installments						$ 25,000
Final payment fee, percentage						6.00%
Commitment fee percentage						0.25%
Early repayment fee first twelve month, percent				3.00%
Early repayment fee second twelve month period, percent				2.00%
Early repayment fee, twenty four months thereafter, percent				1.00%
Trailing twelve month revenue target						$ 200,000
Fee on first installment drawn						1,000
Fee if first two installments drawn						2,000
Fee if first three installments drawn						2,400
Fee if all four installments are drawn						$ 3,000
Loan Facility \| Line of Credit \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Facility base interest rate (percent)						7.17%
Loan Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Line of Credit
Line of Credit Facility [Line Items]
Facility interest, spread on base rate						2.20%
Loan Facility, Tranche One \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit				$ 25,000
Loan Facility, Tranche Two \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from long-term lines of credit			$ 25,000
Loan Facility, Tranche Three \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount							$ 10,000
Trailing six months revenue target		$ 6,400			$ 20,000
Loan Facility, Tranche Four \| Line of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing amount						$ 15,000
Trailing six months revenue target					$ 25,000
Extended interest only period (in months)						12 months
Extended principal and interest period (in months)						24 months

Redeemable Convertible Preferred Stock Warrant Liability - Schedule of Warrants to Purchase Shares of Redeemable Convertible Preferred Stock (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2017	Jul. 31, 2015
Class of Warrant or Right [Line Items]
Convertible preferred stock warrant liability	$ 0	$ 177,000
Series E, Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)				$ 13.73
Warrants outstanding (in shares)	0	72,000
Convertible preferred stock warrant liability	$ 0	$ 177,000	$ 763,000

Redeemable Convertible Preferred Stock Warrant Liability - Narrative (Details) - $ / shares	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2017	Jul. 31, 2015
Class of Warrant or Right [Line Items]
Issuance upon exercise of warrants (in shares)		62,000	651,000
Series D, Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Warrants exercised for redeemable convertible preferred stock (in shares)					869,842
Exercise price of warrants (in dollars per share)					$ 5.08
Warrant term (in years)					5 years
Series D, Redeemable Convertible Preferred Stock \| Common stock warrants
Class of Warrant or Right [Line Items]
Issuance upon exercise of warrants (in shares)			651,334
Warrants outstanding (in shares)			0
Series E, Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Warrants exercised for redeemable convertible preferred stock (in shares)				108,145
Exercise price of warrants (in dollars per share)					$ 13.73
Warrants outstanding (in shares)		0	72,000
Series E, Redeemable Convertible Preferred Stock \| Common stock warrants
Class of Warrant or Right [Line Items]
Issuance upon exercise of warrants (in shares)	62,454	62,454	0
Warrants outstanding (in shares)		0

Redeemable Convertible Preferred Stock - Schedule of Temporary Equity by Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Shares Authorized (in shares)	0	26,983,984
Shares Issued (in shares)	0	25,402,402
Shares Outstanding (in shares)	0	25,402,402		20,998,000
Carrying Value	$ 0	$ 243,854		$ 173,068
Series A
Temporary Equity [Line Items]
Shares Authorized (in shares)		1,243,223
Shares Issued (in shares)		1,104,728
Shares Outstanding (in shares)		1,104,728
Carrying Value		$ 2,781
Series B
Temporary Equity [Line Items]
Shares Authorized (in shares)		1,841,805
Shares Issued (in shares)		1,543,804
Shares Outstanding (in shares)		1,543,804
Carrying Value		$ 5,404
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)		1,564,851
Shares Issued (in shares)		1,564,851
Shares Outstanding (in shares)		1,564,851
Carrying Value		$ 7,073
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)		8,245,295
Shares Issued (in shares)		7,547,542
Shares Outstanding (in shares)		7,547,542
Carrying Value		$ 36,879
Series E
Temporary Equity [Line Items]
Shares Authorized (in shares)		8,825,653
Shares Issued (in shares)		8,414,496
Shares Outstanding (in shares)		8,414,496
Carrying Value		$ 115,229
Series F
Temporary Equity [Line Items]
Shares Authorized (in shares)		5,263,157
Shares Issued (in shares)		5,226,981	5,226,969
Shares Outstanding (in shares)		5,226,981
Carrying Value		$ 76,488

Redeemable Convertible Preferred Stock - Narrative (Details) $ in Thousands	1 Months Ended			2 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jul. 31, 2020 USD ($)	Aug. 31, 2020 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares customer shares	Dec. 31, 2020 USD ($) shares
Temporary Equity [Line Items]
Convertible preferred stock, shares, number of shares issued upon conversion (in shares) \| shares	29,912,264
Conversion of redeemable convertible preferred stock to common stock upon initial public offering					$ 329,534	$ 9,520
Shares Issued (in shares) \| shares					0	25,402,402
Stock issuance costs	$ 2,900	$ 290		$ 496	$ 16,121
8% Dividend Per Share \| $ / shares					0.08
Dividends declared and payable					$ 0	$ 0
Common stock voting rights, number of votes (per share) \| customer					1
Additional Paid-in Capital
Temporary Equity [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ 329,500				$ 329,534	$ 9,520
Common Stock
Temporary Equity [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering			$ 1,500
Series G
Temporary Equity [Line Items]
Shares Issued (in shares) \| shares		4,447,530
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		$ 85,000
Stock issuance costs		$ 300
8% Dividend Per Share \| $ / shares					1.5289
Series F
Temporary Equity [Line Items]
Shares Issued (in shares) \| shares				5,226,969		5,226,981
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				$ 77,000
Stock issuance costs				$ 500
8% Dividend Per Share \| $ / shares					1.1782

Redeemable Convertible Preferred Stock - Schedule of Liquidation Preference (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares
Temporary Equity [Line Items]
8% Dividend Per Share	0.08
Series A
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 2.5175
8% Dividend Per Share	0.2014
Series B
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 3.2376
8% Dividend Per Share	0.2590
Series C
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 4.5600
8% Dividend Per Share	0.3648
Series D
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 5.0825
8% Dividend Per Share	0.4066
Series E
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 13.7275
8% Dividend Per Share	1.0982
Series F
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 14.7279
8% Dividend Per Share	1.1782
Series G
Temporary Equity [Line Items]
Liquidation preference per share (in dollars per share)	$ 19.1116
8% Dividend Per Share	1.5289

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value		$ 64.3
Options outstanding, aggregate intrinsic value		125.7
Options exercised in the period, intrinsic value		10.9	$ 2.0
Options vested in the period, fair value		$ 3.4	$ 1.6
Common stock, shares issued (in shares)		43,676,000	4,713,000
Unrecognized compensation cost		$ 10.6
Average vesting period for unrecognized compensation cost		2 years 9 months 18 days
Common stock options
Share-based Compensation Arrangements
Options outstanding (in shares)		6,365,000	6,507,000
Restricted stock units
Share-based Compensation Arrangements
Intrinsic value of RSU's outstanding		$ 0.9
Remaining contractual term (in years)		3 years 7 months 6 days
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)		3,303,910
2021 Equity Incentive Award Plan \| Employee stock purchase plan
Share-based Compensation Arrangements
Award vesting period (in years)		4 years
Award cliff vesting period (in years)		1 year
Shares available for grant (in shares)		3,100,000
Options outstanding (in shares)		200,000
2021 Equity Incentive Award Plan \| Incentive stock options and nonqualified stock options \| Minimum
Share-based Compensation Arrangements
Purchase price of common stock, percent		110.00%
2021 Equity Incentive Award Plan \| Incentive stock options and nonqualified stock options \| Minimum \| Shareholder of Ten Percent Ownership or Greater
Share-based Compensation Arrangements
Ownership interest, percent		10.00%
2021 Equity Incentive Award Plan \| Follow-On Options
Share-based Compensation Arrangements
Award vesting period (in years)		4 years
2021 Equity Incentive Award Plan \| Common stock options
Share-based Compensation Arrangements
Award contractual life (in years)		10 years
Purchase price of common stock, percent		100.00%
2021 Equity Incentive Award Plan \| Restricted stock units
Share-based Compensation Arrangements
Award vesting period (in years)		4 years
2008 Stock Plan \| Common stock options
Share-based Compensation Arrangements
Options outstanding (in shares)		6,200,000
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)		412,988
Common stock, shares issued (in shares)		0
2021 Employee Stock Purchase Plan \| Forecast
Share-based Compensation Arrangements
Percentage of outstanding stock maximum	1.00%
2021 Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangements
Common stock reserved for future issuance (in shares)		10,526,315

Stockholders' Equity - Schedule of Stock Option Activity (Details) - Common stock options	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Options
Balance at the beginning of the period (in shares) \| shares	6,507,000
Granted (in shares) \| shares	1,551,000
Exercised (in shares) \| shares	(1,511,000)
Forfeited (in shares) \| shares	(182,000)
Balance at the end of the period (in shares) \| shares	6,365,000
Vested and expected to vest (in shares) \| shares	6,365,000
Exercisable (in shares) \| shares	3,082,000
Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 3.94
Granted (in dollars per share) \| $ / shares	8.82
Exercised (in dollars per share) \| $ / shares	2.77
Forfeited (in dollars per share) \| $ / shares	6.00
Balance at the end of the period (in dollars per share) \| $ / shares	5.34
Vested and expected to vest (in dollars per share) \| $ / shares	5.34
Exercisable (in dollars per share) \| $ / shares	$ 4.15

Stockholders' Equity - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,796	$ 2,173
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	253	80
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	783	543
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 2,760	$ 1,550

Stockholders' Equity - Schedule of Restricted Stoc Unit Activity (Details) - Restricted stock units shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Restricted Stock Units
Outstanding, beginning of period (in shares) \| shares	0
Award (in shares) \| shares	35
Outstanding, end of period (in shares) \| shares	35
Weighted-Average Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 0
Awarded (in dollars per share) \| $ / shares	34.78
Outstanding, endof period (in dollars per share) \| $ / shares	$ 34.78

Stockholders' Equity - Fair Value Assumptions (Details) - Common stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangements
Expected life (years)	6 years	6 years
Expected volatility	50.00%	41.00%
Risk-free interest rate	1.00%	0.90%
Expected dividend rate	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 4.36	$ 1.95
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangements
Expected life (years)	10 months 24 days
Expected volatility	50.00%
Risk-free interest rate	0.10%
Expected dividend rate	0.00%
Weighted-average fair value (in dollars per share)	$ 8.44

Commitments and Contingencies - Narrative (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2021 USD ($) building ft² renewalOption	Dec. 31, 2021 USD ($) building ft²	Dec. 31, 2020 USD ($)	Jan. 31, 2022 USD ($)	Jan. 01, 2020 USD ($)	Jul. 31, 2013
Guarantor Obligations
Total minimum payments	$ 4,537	$ 4,537
Operating lease right-of-use assets, net	3,279	3,279	$ 4,641
Operating lease liability	$ 4,096	$ 4,096
Weighted average discount rate	10.00%	10.00%
Weighted average remaining operating lease term (in years)			3 years 9 months 18 days
Rent expense		$ 2,700	$ 2,900
Total minimum payments	$ 54,537	54,537
Subsequent Event \| Standby Letters of Credit
Guarantor Obligations
Standby letter of credit amount				$ 3,000
Restricted Cash Noncurrent \| Subsequent Event
Guarantor Obligations
Deposit with bank related to standby letter of credit, recorded as restricted cash				$ 3,000
Building
Guarantor Obligations
Operating lease liability	$ 49,200	$ 49,200
Number of buildings \| building	2	2
Number of square feet of space \| ft²	158,221	158,221
Operating lease term (in months)	122 months	122 months
Number of renewal options \| renewalOption	2
Operating lease renewal term (in years)	5 years	5 years
Annual base rent year one	$ 4,300	$ 4,300
Annual base rent year ten	5,500	5,500
Receivable allowance for tenant improvements	7,900	7,900
Cumulative Effect, Period of Adoption, Adjusted Balance \| Accounting Standards Update 2016-02
Guarantor Obligations
Operating lease right-of-use assets, net					$ 6,000
Operating lease liability					7,400
Deferred rent obligation					$ 1,400
Redwood City, CA
Guarantor Obligations
Total minimum payments	$ 4,500	$ 4,500
Operating lease term (in months)						3 years

Commitments and Contingencies - Future Minimum Lease Payments and Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Minimum Lease Payments
2022	$ 2,445
2023	2,092
2024	0
Total minimum payments	4,537
Less: amount representing interest/unamortized debt discount	(441)
Present value of future payments	4,096
Less: current portion	(2,105)	$ (1,708)
Non-current portion	1,991	4,096
Debt Repayments
2022	0
2023	12,500
2024	37,500
Total minimum payments	50,000
Less: amount representing interest/unamortized debt discount	4
Present value of future payments	50,004
Less: current portion	0	(4,551)
Note payable – non-current portion	50,004	$ 44,407
Total
2022	2,445
2023	14,592
2024	37,500
Total minimum payments	54,537
Less: amount representing interest/unamortized debt discount	(437)
Present value of future payments	54,100
Less: current portion	(2,105)
Non-current portion	$ 51,995

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0
Valuation allowance, DTA increase in the period	16,000,000
Operating Loss Carryforwards [Line Items]
Accrued interest or penalties related to uncertain tax positions	0
Valuation allowance, DTA increase in the period	16,000,000
Unrecognized tax benefits	1,917,000	1,407,000	$ 986,000
U.S. Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	215,000,000	170,800,000
U.S. Federal \| Research and development credit carryforwards \| Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	4,200,000	3,100,000
U.S. State and Local
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	123,500,000	100,700,000
U.S. State and Local \| Research and development credit carryforwards \| California Franchise Tax Board
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	$ 3,400,000	$ 2,500,000

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%
R&D tax credit	2.00%	1.00%
Change in valuation allowance	(23.00%)	(22.00%)

Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 52,832	$ 42,331
Property and equipment	555	303
R&D tax credit	5,209	3,830
Stock-based compensation	717	490
Capitalized R&D expenses	6,268	3,109
Inventory	909	511
Lease liability	1,003	1,461
Accruals and reserves	1,418	1,144
Total deferred tax assets	68,911	53,179
Valuation allowance	(68,046)	(52,005)
Net deferred tax assets	865	1,174
Deferred tax liabilities:
Right-of-use assets	(865)	(1,174)
Total deferred tax liabilities	$ (865)	$ (1,174)

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of year	$ 1,407	$ 986
Additions for tax positions related to:
Current year	510	421
End of year	$ 1,917	$ 1,407