0001411690-24-000063 | 10-Q | XBRL Viewer

Investments and Fair Value Measurements

9 Months Ended

Sep. 30, 2024

The Company holds investment securities that consist of highly liquid, investment grade debt securities. The Company determines the fair value of its investment securities based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:


U.S. treasuries	3,160,000		—		3,160,000		—
Total investments:	$	3,160,000	$	—	$	3,160,000	$	—
Money market funds classified as cash equivalents	$	6,430,000	$	6,430,000	$	—	$	—

U.S. treasuries classified as restricted investments	11,000,000		—		11,000,000		—
Total restricted investments:	$	11,000,000	$	—	$	11,000,000	$	—

Liabilities:

Convertible notes payable	$	14,953,000	$	—	$	—	$	14,953,000


	December 31, 2023
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:
Corporate notes/bonds	14,360,000		—		14,360,000		—
U.S. treasuries	34,463,000				34,463,000
Total investments:	$	48,823,000	$	—	$	48,823,000	$	—
Money market funds classified as cash equivalents	$	9,752,000	$	9,752,000	$	—	$	—
Commercial paper classified as restricted investments	5,432,000		—		5,432,000		—
U.S. treasuries classified as restricted investments	29,685,000		—		29,685,000		—
Total restricted investments:	$	35,117,000	$	—	$	35,117,000	$	—
Liabilities:
Contingent consideration	$	10,890,000	$	—	$	—	$	10,890,000
Convertible notes payable	$	69,803,000	$	—	$	—	$	69,803,000
Purchase option liability	$	8,534,000	$	—	$	—	$	8,534,000

Contingent Consideration

Contingent consideration relates to the acquisitions of BioDiscovery and Purigen. The outcome of the milestone consideration for all contingent consideration liabilities is binary, meaning the milestones are either achieved or not achieved, and the only other variable factor is the timing of when the milestones are achieved. The fair value measurement of the contingent consideration liabilities is based on significant inputs not observed in the market (Level 3 inputs). These unobservable inputs represent a Level 3 measurement because they are supported by little or no market activity and reflect the Company’s assumptions in measuring fair value.

The BioDiscovery milestone consideration was paid in full in 2023.

Contingent consideration liabilities related to the Purigen acquisition are related to the achievement of two independent milestones with aggregate possible milestone payments totaling $32.0 million. As of September 30, 2024, the Company concluded that the probability of achievement of the two independent milestones was 0% which resulted in a reduction in the contingent consideration liability to zero. The fair value of the Purigen contingent consideration as of December 31, 2023 was $10.9 million.

The fair value of the Purigen milestones were reassessed on a quarterly basis using a probability weighted model and a Monte Carlo Simulation. Assumptions used to estimate the fair value of the milestones using a probability weighted model include the probability of achieving independent milestones, anticipated payment date and a discount rate of 13.2% as of December 31, 2023. The Company determined the likelihood of each milestone payment which is then applied to the individual payments over the five-year milestone terms. The probability factors as of December 31, 2023 ranged from 9% to 49%.

For the second milestone, a Monte Carlo Simulation was performed to determine the likelihood that the milestone will be achieved to determine the milestone consideration payment. Assumptions include the projected units, revenue discount rates of 7% and discount rates of 13.2% as of December 31, 2023.

JGB Convertible debentures payable, High Trail convertible notes payable and purchase option liability

As of September 30, 2024, the fair value of the JGB convertible debentures maturing in 2026, which were issued on May 24, 2024, was estimated using a scenario-based analysis using a 66.7% probability attributed to a going concern scenario and 33.3% attributed to a dissolution scenario. For the going concern scenario, the fair value was estimated using a lattice model, consistent with previous periods. The key input assumptions utilized in the going concern scenario are summarized in the table below:


	September 30, 2024		December 31, 2023
Expected volatility	100.00	%	80.20	%
Risk-free interest rate	3.81	%	4.92	%
Term to maturity (years)	1.41		0.80
Debt discount rate	19.80	%	17.11	%
Equity discount rate	3.81	%	4.92	%

The September 30, 2024 assumptions in the table above reflect the JGB convertible debentures payable . For December 31, 2023, the table reflects a weighted average of assumptions based on the fair value of the convertible notes payable from the High Trail Agreement (refer to Note 5 (Debt)).

The volatility is based on an analysis of the Company and its peers’ historical stock price, the risk-free rate is based on US treasury yields, the equity discount rate is based on term-specific US treasury yields, and the debt discount rate is based on the Company’s credit rating.

In the dissolution scenario, the fair value of the JGB convertible debentures was estimated based on an expected recovery rate of 75% considering certain restricted cash allocable to principal redemption repayments. The key input assumptions utilized in the dissolution scenario are summarized in the table below:


	September 30, 2024
Risk-free interest rate	4.33	%
Expected term to repayment (years)	0.50
Dissolution discount rate	21.19	%

The risk-free rate is based on US treasury yields; the expected term to repayment is based on management’s best estimate calculated by reducing the outstanding principal balance of the debentures as of September 30, 2024 from the $11.0 million in restricted cash and investments; and the dissolution discount rate is based on an analysis of comparable yields for debt instruments with similar credit ratings.

In connection with the High Trail Notes, the purchaser was granted an option (the “Purchase Option”) which expired on the maturity date of the High Trail Notes to purchase up to an additional $25.0 million aggregate principal amount of private placement notes (the “Subsequently Purchased Notes”) and warrants (refer to Note 5 (Debt)). The estimated fair value of the Purchase Option as of the valuation date was assessed as the difference in the aggregate indicated value of the Subsequently Purchased Notes and the consideration to be paid upon exercising the option which was estimated to be $8.5 million at December 31, 2023. The outstanding amount of the High Trail Notes was redeemed on May 24, 2024, and the Purchase Option rights no longer exist.

The terms used to estimate the fair value of the Subsequently Purchased Notes and warrant underlying the Purchase Option liability (the “Subsequently Purchased Warrants”) as of December 31, 2023 are as follows:


	Subsequently Purchased Notes			Subsequently Purchased Warrants
		December 31, 2023			December 31, 2023
Expected volatility		80.20	%		66.20	%
Risk-free interest rate		4.46	%		3.80	%
Term to maturity (years)		1.50			5.00
Dividend yield		—	%		—	%
Exercise price		—			$3.19
Debt discount rate		16.60	%		—	%
Equity discount rate		4.46	%		—	%

Changes in estimated fair value of contingent consideration liability, convertible debentures payable, convertible notes payable and option liability in the nine months ended September 30, 2024 are as follows:


	Contingent Consideration Liability (Level 3 Measurement)		Convertible Debentures Payable (Level 3 Measurement)		Convertible Notes Payable (Level 3 Measurement)		Option Liability (Level 3 Measurement)
Balance as of January 1, 2024	$	10,890,000	$	—	$	69,803,000	$	8,534,000
Issuance of convertible debentures payable, convertible notes payable and option	—		19,890,000		—		—
Change in estimated fair value, recorded in selling, general and administrative expenses	(10,890,000)		—		—		—
Change in estimated fair value, recorded in other income (expense), net	—		(434,000)		(4,524,000)		(3,474,000)
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	—		(1,503,000)		—		—

Cash payments	—		—		(61,000,000)		—
Cash payments on redemptions	—		(3,000,000)		(5,374,000)
(Gain)/loss on extinguishment of High Trail	—		—		1,095,000		(5,060,000)
Balance as of September 30, 2024	$	—	$	14,953,000	$	—	$	—

We evaluated the change in fair value attributable to instrument-specific credit risk as the excess of the total change in fair value over the change in fair value attributable to changes in the valuation model described above and determined that the total change in fair value of $1.5 million for the three months ended September 30, 2024 was attributable to instrument-specific credit risk which is recorded in other comprehensive income (loss).

Changes in estimated fair value of contingent consideration liability in the nine months ended September 30, 2023 is as follows:


	Contingent Consideration Liability (Level 3 Measurement)
Balance as of January 1, 2023	$	22,352,000

Change in estimated fair value, recorded in selling, general and administrative expenses	2,528,000

Balance as of September 30, 2023	$	24,880,000

Available for Sale Investments

The Company invests its excess cash in U.S. Treasury and agency securities, corporate debt securities, and commercial paper, which are classified as available-for-sale investments. These investments are carried at fair value and are included in the tables below. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these investments and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met in any period presented. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and our expectation is that those payments will continue to be received timely. Based on this evaluation, as of September 30, 2024 and December 31, 2023, the Company determined that unrealized losses of the below securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded during these periods.

As of September 30, 2024 and December 31, 2023, the Company held 2 and 15 securities, respectively, which have been in an unrealized loss position for a period of less than 12 months. As of September 30, 2024 and December 31, 2023, the Company held 0 and 2 securities, respectively, which have been in an unrealized loss position for a period of greater than 12 months.

Realized gains and losses are calculated using the specific identification method and recorded in other income (expense) in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. The Company has the ability, if necessary, to liquidate any of its cash equivalents and marketable securities to meet its liquidity needs in the next 12 months.

During the nine months ended September 30, 2024, the Company sold 18 of its available for sale securities and received proceeds of $33.3 million. During the nine months ended September 30, 2024, the Company recognized an immaterial loss in other income relating to the maturity of its securities. Amounts are reclassified out of accumulated other comprehensive income into earnings using the specific identification method.

Interest receivable as of September 30, 2024 was immaterial and as of December 31, 2023 was $0.3 million. Interest receivable is recorded as a component of prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.

As of September 30, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value


U.S. treasuries	Less than 1	3,160,000		—		—		3,160,000
Total maturity less than 1 year		$	3,160,000	$	—	$	—	$	3,160,000

As of September 30, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value


U.S. treasuries	Less than 1	10,998,000		2,000		—		11,000,000
Total maturity less than 1 year		$	10,998,000	$	2,000	$	—	$	11,000,000

As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Corporate notes/bonds	Less than 1	$	14,369,000	$	—	$	(9,000)	$	14,360,000
U.S. treasuries	Less than 1	34,459,000		4,000		—		34,463,000
Total maturity less than 1 year		$	48,828,000	$	4,000	$	(9,000)	$	48,823,000

As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	5,435,000	$	—	$	(3,000)	$	5,432,000
U.S. treasuries	Less than 1	29,682,000		5,000		(2,000)		29,685,000
Total maturity less than 1 year		$	35,117,000	$	5,000	$	(5,000)	$	35,117,000

As of September 30, 2024, the following table summarizes available-for-sale securities in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss


U.S. treasuries	3,160,000		—		—		—		3,160,000		—
Total	$	3,160,000	$	—	$	—	$	—	$	3,160,000	$	—

As of September 30, 2024, the available-for-sale securities listed as restricted investments in an unrealized loss position was zero.

As of December 31, 2023, the following table summarizes available-for-sale securities in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Corporate Notes/Bonds	$	2,362,000	$	(5,000)	$	10,001,000	$	(4,000)	$	12,363,000	$	(9,000)
Total	$	2,362,000	$	(5,000)	$	10,001,000	$	(4,000)	$	12,363,000	$	(9,000)

As of December 31, 2023, the following table summarizes available-for-sale securities listed as restricted investments in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Commercial paper	$	5,432,000	$	(3,000)	$	—	$	—	$	5,432,000	$	(3,000)
U.S. treasuries	11,789,000		(2,000)		—		—		11,789,000		(2,000)
Total	$	17,221,000	$	(5,000)	$	—	$	—	$	17,221,000	$	(5,000)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lessee, Operating Lease, Liability, Maturity

The future minimum payments under non-cancellable operating and finance leases as of September 30, 2024, are as follows:


	Operating Leases		Finance Lease
Remainder of 2024	$	628,000	$	83,000
2025	2,608,000		338,000
2026	545,000		346,000
2027	254,000		356,000
2028	—		365,000
Thereafter	—		5,230,000
Total future lease payments	4,035,000		6,718,000
Less: imputed interest	(349,000)		(2,904,000)
Total lease liabilities	$	3,686,000	$	3,814,000

Schedule of Restructuring Charges

The following is a summary of restructuring charges associated with the reduction in force for the three and nine months ended September 30, 2024 including severance and other exit related costs:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024		2024
Severance	$	1,050,000	$	5,475,000
Lease related expenses	—		374,000
Other	720,000		1,767,000
Total restructuring charges including in operating expenses	$	1,770,000	$	7,616,000
COGS restructuring	$	139,000	$	157,000
Total restructuring charges	$	1,909,000	$	7,773,000

The following restructuring liability activity was recorded in connection with the reductions in force for the nine months ended September 30, 2024 included within accrued expenses on the unaudited condensed consolidated financial statements:


Accrued restructuring as of January 1, 2024	$	83,000
Restructuring charges incurred during the period	7,773,000
Cash payments	(6,828,000)
Accrued restructuring as of September 30, 2024	$	1,028,000

Investments and Fair Value Measurements - Estimated Fair Value Assumption (Details) - Convertible notes payable	Sep. 30, 2024 yr	Dec. 31, 2023 USD ($) yr
Expected volatility \| Going Concern Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	1.0000	0.8020
Expected volatility \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.6620
Expected volatility \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.8020
Risk-free interest rate \| Going Concern Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.0381	0.0492
Risk-free interest rate \| Dissolution Scneario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.0433
Risk-free interest rate \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.0380
Risk-free interest rate \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.0446
Term to maturity (years) \| Going Concern Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	1.41	0.80
Term to maturity (years) \| Dissolution Scneario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.5
Term to maturity (years) \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		5.00
Term to maturity (years) \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		1.50
Dividend yield \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0
Dividend yield \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0
Exercise price (in dollars per share) \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input \| $		3.19
Exercise price (in dollars per share) \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input \| $		0
Debt discount rate \| Going Concern Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.1980	0.1711
Debt discount rate \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0
Debt discount rate \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.1660
Equity discount rate \| Going Concern Scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.0381	0.0492
Equity discount rate \| Subsequently Purchased Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0
Equity discount rate \| Subsequently Purchased Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input		0.0446
Dissolution discount rate \| Dissolution Scneario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability measurement input	0.2119

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		29,718,000
Beginning balance at Dec. 31, 2022	$ 249,398	$ 3	$ 599,234	$ (348,715)	$ (1,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		4,000
Stock option exercises	23		23
Stock-based compensation expense	3,882		3,882
Issue common stock, net of issuance costs (in shares)		950,000
Issue common stock, net of issuance costs	14,848		14,848
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes (in shares)		(7,000)
Net loss	(37,124)			(37,124)
Other comprehensive income (loss)	459				459
Ending balance (in shares) at Mar. 31, 2023		30,679,000
Ending balance at Mar. 31, 2023	231,486	$ 3	617,987	(385,839)	(665)
Beginning balance (in shares) at Dec. 31, 2022		29,718,000
Beginning balance at Dec. 31, 2022	249,398	$ 3	599,234	(348,715)	(1,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(188,602)
Other comprehensive income (loss)	1,031
Ending balance (in shares) at Sep. 30, 2023		35,349,000
Ending balance at Sep. 30, 2023	118,999	$ 3	656,406	(537,317)	(93)
Beginning balance (in shares) at Mar. 31, 2023		30,679,000
Beginning balance at Mar. 31, 2023	231,486	$ 3	617,987	(385,839)	(665)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	1		1
Stock-based compensation expense	3,932		3,932
Issue common stock, net of issuance costs (in shares)		2,552,000
Issue common stock, net of issuance costs	17,802		17,802
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes (in shares)		(6,000)
Issue stock for employee stock purchase plan (in shares)		15,000
Issue stock for employee stock purchase plan	92		92
Net loss	(38,912)			(38,912)
Other comprehensive income (loss)	355				355
Ending balance (in shares) at Jun. 30, 2023		33,240,000
Ending balance at Jun. 30, 2023	214,756	$ 3	639,814	(424,751)	(310)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	3,992		3,992
Issue common stock, net of issuance costs (in shares)		2,109,000
Issue common stock, net of issuance costs	12,661		12,661
Issue stock for warrant exercises	0
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes	(61)		(61)
Net loss	(112,566)			(112,566)
Other comprehensive income (loss)	217				217
Ending balance (in shares) at Sep. 30, 2023		35,349,000
Ending balance at Sep. 30, 2023	$ 118,999	$ 3	656,406	(537,317)	(93)
Beginning balance (in shares) at Dec. 31, 2023	45,752,000	45,752,000
Beginning balance at Dec. 31, 2023	$ 96,157	$ 5	677,337	(581,208)	23
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	3,015		3,015
Issue common stock, net of issuance costs (in shares)		11,787,000
Issue common stock, net of issuance costs	15,060	$ 1	15,059
Net loss	(31,422)			(31,422)
Other comprehensive income (loss)	(39)				(39)
Ending balance (in shares) at Mar. 31, 2024		57,539,000
Ending balance at Mar. 31, 2024	$ 82,771	$ 6	695,411	(612,630)	(16)
Beginning balance (in shares) at Dec. 31, 2023	45,752,000	45,752,000
Beginning balance at Dec. 31, 2023	$ 96,157	$ 5	677,337	(581,208)	23
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)	0
Net loss	$ (91,892)
Other comprehensive income (loss)	$ 1,511
Ending balance (in shares) at Sep. 30, 2024	88,468,000	88,468,000
Ending balance at Sep. 30, 2024	$ 48,868	$ 9	720,425	(673,100)	1,534
Beginning balance (in shares) at Mar. 31, 2024		57,539,000
Beginning balance at Mar. 31, 2024	82,771	$ 6	695,411	(612,630)	(16)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,583		2,583
Issue common stock, net of issuance costs (in shares)		11,025,000
Issue common stock, net of issuance costs	11,182	$ 1	11,181
Issue stock for warrant exercises (in shares)		2,197,000
Issue stock for warrant exercises	2		2
Issue stock for employee stock purchase plan (in shares)		15,000
Issue stock for employee stock purchase plan	10		10
Net loss	(16,224)			(16,224)
Other comprehensive income (loss)	13				13
Ending balance (in shares) at Jun. 30, 2024		70,776,000
Ending balance at Jun. 30, 2024	80,337	$ 7	709,187	(628,854)	(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,202		2,202
Issue common stock, net of issuance costs (in shares)		11,865,000
Issue common stock, net of issuance costs	9,035	$ 1	9,034
Issue stock for warrant exercises (in shares)		5,813,000
Issue stock for warrant exercises	3	$ 1	2
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes (in shares)		(14,000)
Net loss	(44,246)			(44,246)
Other comprehensive income (loss)	$ 1,537				1,537
Ending balance (in shares) at Sep. 30, 2024	88,468,000	88,468,000
Ending balance at Sep. 30, 2024	$ 48,868	$ 9	$ 720,425	$ (673,100)	$ 1,534

Balance Sheet Account Details (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable


	September 30, 2024		December 31, 2023		December 31, 2022
Accounts receivable, net:
Accounts receivable, trade	$	5,520,000	$	9,802,000	$	7,315,000
Allowance for credit losses	(204,000)		(483,000)		(293,000)
	$	5,316,000	$	9,319,000	$	7,022,000

Schedule of Allowance for Credit Losses

Changes to the allowance for credit losses during the nine months ended September 30, 2024 and 2023 were as follows:


	Allowance for Credit Losses
Balance as of January 1, 2023	$	(293,000)
Provision for expected credit loss	(98,000)
Write-offs	37,000
Balance as of September 30, 2023	$	(354,000)

Balance as of January 1, 2024	$	(483,000)
Provision for expected credit loss	(9,000)
Write-offs	288,000
Balance as of September 30, 2024	$	(204,000)

Schedule of Components of Inventories

The components of inventories are as follows:


	September 30, 2024		December 31, 2023
Inventory:
Raw materials	$	3,601,000	$	7,567,000
Work in process	3,583,000		9,790,000
Finished goods	9,097,000		10,245,000
	$	16,281,000	$	27,602,000
Inventories current	$	14,323,000	$	22,892,000
Inventories non-current (included in other long-term assets)	$	1,958,000	$	4,710,000

Schedule of Finite-Lived Intangible Assets

Intangible assets that are subject to amortization consisted of the following for the periods presented:


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	1,000,000	$	(592,000)	$	408,000	$	2,630,000	$	(1,078,000)	$	1,552,000
Customer relationships	3,000,000		(1,775,000)		1,225,000		4,150,000		(2,002,000)		2,148,000
Developed technology	22,800,000		(13,490,000)		9,310,000		41,600,000		(11,428,000)		30,172,000
Intangibles, net	$	26,800,000	$	(15,857,000)	$	10,943,000	$	48,380,000	$	(14,508,000)	$	33,872,000

Schedule of Accrued Liabilities

Accrued expenses consist of the following:


	September 30, 2024		December 31, 2023
Compensation expenses*	$	4,007,000	$	5,030,000
Customer deposits	17,000		17,000
Taxes payable	1,008,000		1,099,000
Insurance	16,000		512,000
Professional fees and royalties	496,000		387,000
Warranty liabilities	254,000		391,000
Accrued clinical study fees	10,000		138,000
Other	75,000		515,000
Total	$	5,883,000	$	8,089,000
*Compensation expenses include restructuring costs of $1.0 million as of September 30, 2024. Refer to Note 7 (Commitments and Contingencies).

Investments and Fair Value Measurements - Contingent Consideration Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense)
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,890	$ 22,352
Issuance of convertible debentures payable, convertible notes payable and option	0
Change in estimated fair value, recorded in selling, general and administrative expenses		2,528
Change in estimated fair value, recorded in other income (expense), net	0
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	0
Cash payments	0
Cash payments on redemptions	0
(Gain)/loss on extinguishment of High Trail	0
Ending balance	0	$ 24,880
Contingent consideration \| Selling, General and Administrative Expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in estimated fair value, recorded in selling, general and administrative expenses	(10,890)
Convertible Debentures Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuance of convertible debentures payable, convertible notes payable and option	19,890
Change in estimated fair value, recorded in other income (expense), net	(434)
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	(1,503)
Cash payments	0
Cash payments on redemptions	(3,000)
(Gain)/loss on extinguishment of High Trail	0
Ending balance	14,953
Convertible Debentures Payable \| Selling, General and Administrative Expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in estimated fair value, recorded in selling, general and administrative expenses	0
Convertible notes payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	69,803
Issuance of convertible debentures payable, convertible notes payable and option	0
Change in estimated fair value, recorded in other income (expense), net	(4,524)
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	0
Cash payments	(61,000)
Cash payments on redemptions	(5,374)
(Gain)/loss on extinguishment of High Trail	(1,095)
Ending balance	0
Convertible notes payable \| Selling, General and Administrative Expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in estimated fair value, recorded in selling, general and administrative expenses	0
Purchase option liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,534
Issuance of convertible debentures payable, convertible notes payable and option	0
Change in estimated fair value, recorded in other income (expense), net	(3,474)
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	0
Cash payments	0
Cash payments on redemptions
(Gain)/loss on extinguishment of High Trail	5,060
Ending balance	0
Purchase option liability \| Selling, General and Administrative Expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in estimated fair value, recorded in selling, general and administrative expenses	$ 0

Balance Sheet Account Details - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 26,800	$ 48,380
Accumulated Amortization	(15,857)	(14,508)
Net Carrying Amount	10,943	33,872
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000	2,630
Accumulated Amortization	(592)	(1,078)
Net Carrying Amount	408	1,552
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,000	4,150
Accumulated Amortization	(1,775)	(2,002)
Net Carrying Amount	1,225	2,148
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,800	41,600
Accumulated Amortization	(13,490)	(11,428)
Net Carrying Amount	$ 9,310	$ 30,172

- Definition

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

+ References + Details

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business Bionano Genomics, Inc. (collectively, with its consolidated subsidiaries, the “Company”) is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company offers optical genome mapping (“OGM”) solutions for applications across basic, translational and clinical research, and for other applications including bioprocessing. The Company offers a platform-agnostic software solution, which integrates next-generation sequencing, microarray and OGM data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view. The Company also offers nucleic acid extraction and purification solutions using proprietary isotachophoresis (“ITP”) technology. Through its Bionano Laboratories, (“Bionano Laboratories”) business, the Company also provides OGM-based diagnostic testing services. Basis of Presentation The accompanying financial information has been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting purposes. The condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, changes in equity, and comprehensive loss and cash flows for each period presented in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany transactions and balances have been eliminated. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Liquidity and Going Concern	Liquidity and Going Concern The Company has experienced recurring net losses from operations, negative cash flows from operating activities, and accumulated deficit since its inception and expects to continue to incur net losses into the foreseeable future. As of September 30, 2024, the Company had approximately $8.8 million in cash and cash equivalents, $3.2 million in short-term investments and $11.4 million in restricted cash and investments. The amount we are required to hold as restricted cash or investments is equal to the lesser of (a) $11.0 million and (b) the then outstanding principal balance of the Debentures (as defined in Note 5 (Debt) below). As of September 30, 2024 the Company had $17.0 million of principal outstanding under the Debentures (see Note 5 (Debt)) and an accumulated deficit of $673.1 million. During the nine months ended September 30, 2024, the Company used $62.4 million of cash in operations. Management expects operating losses and negative cash flows to continue for at least the next year as the Company continues to incur costs related to product development and commercialization efforts. Management has prepared cash flows forecasts which indicate that based on the Company’s expected operating losses and negative cash flows, there is substantial doubt about the Company’s ability to continue as a going concern within twelve months after the date that the unaudited condensed consolidated financial statements for the nine months ended September 30, 2024, are issued. Management’s ability to continue as a going concern is dependent upon its ability to raise additional funding. Management’s plans to raise additional capital to fulfill its operating and capital requirements for at least 12 months include public or private equity or debt financings. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all, and if the Company is unable to raise sufficient additional capital in the very near term, it may need to further curtail or cease operations and seek protection by filing a voluntary petition for relief under the United States Bankruptcy Code. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. The unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the outcome of this uncertainty.
Restructuring	Restructuring The Company’s restructuring expense consists primarily of actions taken in May and October 2023 (the “2023 Workforce Reductions”) and March and September 2024 (the “2024 Workforce Reductions”) in order to reduce costs and improve operations and manufacturing efficiency. Severance-related costs were accounted for as a one-time termination benefit communicated by period end without an additional service component, so the charge represents the total amount expected to be incurred. As a result of reducing facility costs and discretionary spending unrelated to headcount and combined with the cost savings from the 2023 Workforce Reductions and 2024 Workforce Reductions, such plans are intended to decrease expenses and maintain a streamlined organization to support its business. In connection with the Company’s restructuring initiatives, the Company entered into a lease termination agreement on February 28, 2024 with the landlord for the facility in Salt Lake City that resulted in a one-time termination fee of approximately $0.2 million in the third quarter of 2024. The Company continued to lease the property through June 2024. The Company accounted for the lease amendment as a lease modification and recorded a gain of $0.1 million during the three months ended March 31, 2024. On March 1, 2024, and September 4, 2024, the Company’s board of directors approved restructuring plans, including reductions in force, that it expects to reduce the Company’s annualized operating expenses. The 2024 Workforce Reductions were incremental to the 2023 Workforce Reductions. As part of the 2024 Workforce Reductions, the Company reduced its overall headcount by approximately 120 and 83 employees in March and September, respectively. The Company has substantially completed the reduction in force from the 2024 Workforce Reductions as of October 4, 2024. In addition, as of September 30, 2024, Bionano Laboratories has phased out the offering of certain testing services related to neurodevelopmental disorders, including autism spectrum disorders, and other disorders of childhood development. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the reduction in force. See Note 7 (Commitments and Contingencies) for additional information.
Impairment of In-Process Internal-Use Software	Impairment of In-Process Internal-Use Software In-process internal-use software or cloud computing arrangements are reviewed for impairment if indicators of potential impairment exist. In September 2024, Bionano announced a change in its business strategy to focus on driving utilization and adoption of OGM from the Company’s existing installed base, with less emphasis on new placements of the Company’s OGM systems, which resulted in a change in the manner in which the Company’s in-process internally developed software would be used; therefore, it became probable that the software would not be placed into service. The Company fully impaired the project, and recorded a loss of $1.3 million included in intangible assets and other long-lived assets impairments on the unaudited condensed consolidated statement of operations during the three and nine months ended September 30, 2024. No impairment loss to the Company’s internal-use software was recorded during the same period in 2023. The Company’s in-process internal-use software was recorded in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets.
Impairment of Long-Lived Assets (including Finite-Lived Intangible Assets) and Loss on disposal of property and equipment	Impairment of Long-Lived Assets (including Finite-Lived Intangible Assets) Long-lived assets are reviewed for impairment if indicators of potential impairment exist. If the Company identifies a change in the circumstances related to its long-lived assets, such as property and equipment and intangible assets (other than goodwill), that indicates the carrying value of any such asset may not be recoverable, the Company will perform an impairment analysis. A long-lived asset (other than goodwill) is not recoverable when the undiscounted cash flows expected to be generated by the asset (or asset group) are less than the asset’s carrying amount. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and a charge to operating expense. During the three months ended March 31, 2024, the Company experienced a triggering event as a result of the restructuring initiatives announced in March 2024 that required an evaluation of its non-OGM Bionano Laboratories asset group for impairment. The Company performed a recoverability test and concluded that the non-OGM Bionano Laboratories long-lived assets were not recoverable; therefore, the Company measured the impairment loss and fully impaired the intangible assets acquired through the acquisition of Lineagen, consisting of its trade name and customer relationship intangible assets. Loss on disposal of property and equipment Loss on disposal of property and equipment includes the net book value of assets that have been abandoned or retired and consists primarily of our leasehold improvements, furniture, equipment and fixtures that were abandoned and disposed of in the normal course of business.
Inventories	Inventories The Company reviews its inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during the next 12 months are classified as non-current within other long-term assets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure about specific expense categories in the notes to financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this accounting standard update on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company’s consolidated financial statements and related disclosures.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Debt - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt issuance costs on sale of convertible debentures	$ 0	$ 0	$ (1,444)	$ 0
Other interest expense	(68)	(71)	(262)	(221)
Changes in estimated fair value, interest and redemption payments on High Trail Notes and convertible debentures	(630)	0	(1,485)	0
Other expense	1	26	(578)	(113)
Gain on High Trail extinguishment	0	0	3,965	0
Loss on issuance of convertible debentures	0	0	(1,890)	0
Other income (expense)	$ (697)	$ (45)	$ (1,694)	$ (334)

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company has entered into various operating lease agreements and a finance lease agreement, primarily relating to our office, laboratory, and manufacturing space. See Note 11 (Commitments and Contingencies), subsection titled “Leases”, in Part II, Item 8 of the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding the Company’s lease agreements.

The future minimum payments under non-cancellable operating and finance leases as of September 30, 2024, are as follows:


	Operating Leases		Finance Lease
Remainder of 2024	$	628,000	$	83,000
2025	2,608,000		338,000
2026	545,000		346,000
2027	254,000		356,000
2028	—		365,000
Thereafter	—		5,230,000
Total future lease payments	4,035,000		6,718,000
Less: imputed interest	(349,000)		(2,904,000)
Total lease liabilities	$	3,686,000	$	3,814,000

Restructuring

The 2024 Workforce Reductions described in Note 1 (Organization and Basis of Presentation) resulted in total restructuring charges of approximately $5.6 million, comprised primarily of severance payments and wages for the 60-day notice period in accordance with the California Worked Adjustment and Retraining Notification (WARN) Act.

The following is a summary of restructuring charges associated with the reduction in force for the three and nine months ended September 30, 2024 including severance and other exit related costs:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024		2024
Severance	$	1,050,000	$	5,475,000
Lease related expenses	—		374,000
Other	720,000		1,767,000
Total restructuring charges including in operating expenses	$	1,770,000	$	7,616,000
COGS restructuring	$	139,000	$	157,000
Total restructuring charges	$	1,909,000	$	7,773,000


Accrued restructuring as of January 1, 2024	$	83,000
Restructuring charges incurred during the period	7,773,000
Cash payments	(6,828,000)
Accrued restructuring as of September 30, 2024	$	1,028,000

Litigation

From time to time, the Company may be subject to potential liabilities under various claims and legal actions that are pending or may be asserted. These matters arise in the ordinary course and conduct of the business. The Company regularly assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in the unaudited condensed consolidated financial statements. An estimated loss contingency is accrued in the unaudited condensed consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on the Company’s assessment, it currently does not have any material loss exposure as it is not a defendant in any claims or legal actions.

Contingent Consideration

See Note 8 (Investments and Fair Value Measurements) for a discussion of the contingent consideration liability.

Investments and Fair Value Measurements - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) milestone security	May 24, 2024 USD ($)	Dec. 31, 2023 USD ($) security
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of milestones \| milestone	2
Going concern percentage	66.70%
Dissolution percentage	33.30%
Consideration milestone, term (in years)	5 years
Debt instrument, covenant, cash balance maximum		$ 11,000,000.0
Allowance for credit loss	$ 0		$ 0
Number of securities in an unrealized loss position, less than 12 months \| security	2		15
Number of securities in an unrealized loss position, greater than 12 months \| security	0		2
Number of securities sold \| security	18
Sale and maturity of available for sale securities	$ 33,300,000
Interest receivable	$ 0		$ 300,000
Dissolution Scneario
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected recovery rate	0.75
Senior Secured Convertible Notes Due 2025 \| Convertible notes payable \| Subsequently Purchased Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 25,000,000
Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value			8,500,000
Purigen \| Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Consideration milestone payment, maximum	$ 32,000,000.0
Contingent consideration liability			$ 10,900,000
Purigen \| Contingent consideration \| Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)			0.132
Purigen \| Contingent consideration \| Measurement Input, Probability Factor \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)	0		0.09
Purigen \| Contingent consideration \| Measurement Input, Probability Factor \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)			0.49
Purigen \| Contingent consideration \| Measurement Input, Revenue Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)			0.07

Revenue Recognition - Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 1.5		$ 1.5
Revenue recognized excluding deferred amounts	$ 0.6	$ 0.2	$ 1.3	$ 1.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation (as a percent)	38.30%		38.30%
Timing of satisfaction of remaining performance obligation	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation (as a percent)	48.00%		48.00%
Timing of satisfaction of remaining performance obligation	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation (as a percent)	13.70%		13.70%
Timing of satisfaction of remaining performance obligation

Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
Net Loss Per Share (Details) - shares shares in Thousands	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	78,180	3,862
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)	3,782	3,527
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	65,456	40
Convertible debentures into common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	8,500	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	413	266
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	29	29

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. The Pre-Funded Warrants (as defined below) issued in the April 2024 Registered Direct Offering and the July 2024 Registered Direct Offering (each as defined below) were exercised in full and included in the weighted-average number of common shares outstanding (See Note 6 (Stockholder’s Equity and Stock-Based Compensation) for further information). Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common share equivalents outstanding for the period. Common share equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities which include outstanding common warrants to purchase common stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), and outstanding stock options under the Company’s equity incentive plans have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding because all potentially dilutive securities were anti-dilutive.

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares):


	September 30, 2024	September 30, 2023
Stock options	3,782,000	3,527,000
Warrants	65,456,000	40,000
Convertible debentures into common stock	8,500,000	—
RSUs	413,000	266,000
PSUs	29,000	29,000
Total	78,180,000	3,862,000

Stockholders’ Equity and Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shares of Stock under Stock Options
Beginning balance (in shares)	3,268
Granted (in shares)	1,904
Exercised (in shares)	0
Canceled (in shares)	(1,390)
Ending balance (in shares)	3,782	3,268
Vested and exercisable (in shares)	1,729
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 24.79
Granted (in dollars per share)	0.92
Exercised (in dollars per share)	0
Canceled (in dollars per share)	17.12
Ending balance (in dollars per share)	15.59	$ 24.79
Vested and exercisable (in dollars per share)	$ 25.72
Weighted- Average Remaining Contractual Term
Outstanding and expected to vest (in years)	7 years 7 months 28 days	7 years 9 months 18 days
Vested and exercisable (in years)	6 years 5 months 1 day
Aggregate Intrinsic Value
Beginning balance	$ 3
Exercised	0
Ending balance	0	$ 3
Vested and exercisable	$ 0

Balance Sheet Account Details - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Internet Domain Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 0.1	$ 0.1

- Definition

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

+ References + Details

Stockholders’ Equity and Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 30, 2024 USD ($) $ / shares shares	Jul. 04, 2024 USD ($) $ / shares shares	Apr. 04, 2024 USD ($) $ / shares shares	Aug. 04, 2023 $ / shares	Mar. 09, 2023 USD ($)	Mar. 23, 2021 USD ($)	Oct. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Reverse stock split, conversion ratio				0.1
Reverse stock split, multiplier, per share (in dollars per share) \| $ / shares				$ 5.90
Sale of Stock, Number of Shares Issued in Transaction \| shares									14,200,000
Average share price (in dollars per share) \| $ / shares								$ 1.25	$ 1.25
Net proceeds \| $									$ 17,700
Offering costs \| $								$ 400	$ 400
Weighted-average grant date fair value (in dollars per share) \| $ / shares								$ 0.44	$ 0.67
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001					0.0001	$ 0.0001		$ 0.0001
Offering expenses on sale of common stock and warrants \| $									$ 2,438	$ 1,161
Warrants to purchase, fair value preferred stock (in dollars per share) \| $ / shares								$ 1.89	$ 1.89		$ 4.38
Subsequent Event
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares							3,600,000
Average share price (in dollars per share) \| $ / shares							$ 0.34
Net proceeds \| $							$ 1,200
Series A Warrants
Class of Stock [Line Items]
Warrant anniversary period								24 months	24 months
Warrant expiration period								60 days	60 days
Series B Warrants
Class of Stock [Line Items]
Warrant anniversary period								5 years	5 years
Warrant expiration period								6 months	6 months
Series c warrants
Class of Stock [Line Items]
Warrant anniversary period								5 years	5 years
Series D Warrants
Class of Stock [Line Items]
Warrant expiration period								18 months	18 months
Registered Direct Offering
Class of Stock [Line Items]
Sale of stock, consideration received per transaction \| $			$ 10,000
Sale of stock, consideration received on transaction \| $			9,300
Offering expenses on sale of common stock and warrants \| $			$ 700
Registered Direct Offering \| Prefunded Warrant
Class of Stock [Line Items]
Ownership percentage limit (as a percent)			4.99%
Ownership percentage limit, election of holder (as a percent)			9.99%
Private Placement
Class of Stock [Line Items]
Sale of stock, consideration received per transaction \| $		$ 10,000
Sale of stock, consideration received on transaction \| $		9,300
Offering expenses on sale of common stock and warrants \| $		700
Private Placement \| Subsequent Event
Class of Stock [Line Items]
Sale of stock, consideration received on transaction \| $	$ 3,000
Private Placement \| Maximum
Class of Stock [Line Items]
Sale of stock, consideration received on transaction \| $		$ 20,000
Private Placement \| Maximum \| Subsequent Event
Class of Stock [Line Items]
Sale of stock, consideration received on transaction \| $	$ 6,000
Common Stock
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares		11,700,000
Common Stock \| Prefunded Warrant
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares		5,800,000
Common Stock \| Purchase Warrant
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 0.571
Common Stock \| Purchase Warrant \| Subsequent Event
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 0.304
Common Stock \| Registered Direct Offering
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares			6,500,000
Common Stock \| Registered Direct Offering \| Subsequent Event
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares	9,900,000
Common Stock \| Registered Direct Offering \| Prefunded Warrant
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares			2,200,000
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 1.14
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares			1
Warrants to purchase, fair value preferred stock (in dollars per share) \| $ / shares			$ 0.001
Common Stock \| Registered Direct Offering \| Purchase Warrant
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares			8,700,000
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 1.15
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares		1	1
Warrants to purchase, fair value preferred stock (in dollars per share) \| $ / shares			$ 1.02
Expected life (in years)			5 years
Common Stock \| Registered Direct Offering \| Purchase Warrant \| Subsequent Event
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 0.304
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares	1
Common Stock \| Registered Direct Offering \| Series c warrants \| Subsequent Event
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares	9,900,000
Common Stock \| Registered Direct Offering \| Series D Warrants \| Subsequent Event
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares	9,900,000
Common Stock \| Private Placement \| Series A Warrants
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares		17,500,000
Common Stock \| Private Placement \| Series B Warrants
Class of Stock [Line Items]
Warrants to purchase shares (in shares) \| shares		17,500,000
RSUs
Class of Stock [Line Items]
Vested in period \| $									$ 800
Weighted average remaining contractual term (in years)									3 years 3 months 18 days
Cowen
Class of Stock [Line Items]
Aggregate offering price \| $					$ 200,000	$ 350,000
Commission fee (as a percent)						3.00%

Revenue Recognition - Revenue by Source and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 6,073	$ 9,318	$ 22,613	$ 25,395
Americas
Disaggregation of Revenue [Line Items]
Revenue	2,537	5,346	10,613	13,103
EMEA
Disaggregation of Revenue [Line Items]
Revenue	2,764	2,686	9,521	8,426
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	$ 772	$ 1,286	$ 2,479	$ 3,866
Revenue from Contract with Customer \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer \| Geographic Concentration Risk \| Americas
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	42.00%	57.00%	47.00%	52.00%
Revenue from Contract with Customer \| Geographic Concentration Risk \| EMEA
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	46.00%	29.00%	42.00%	33.00%
Revenue from Contract with Customer \| Geographic Concentration Risk \| Asia Pacific
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	13.00%	14.00%	11.00%	15.00%
Product revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 6,021	$ 6,456	$ 19,359	$ 18,512
Instruments
Disaggregation of Revenue [Line Items]
Revenue	1,419	2,338	5,293	6,684
Consumables
Disaggregation of Revenue [Line Items]
Revenue	3,333	2,476	9,366	7,664
Software
Disaggregation of Revenue [Line Items]
Revenue	1,269	1,642	4,700	4,164
Service and other
Disaggregation of Revenue [Line Items]
Revenue	$ 52	$ 2,862	$ 3,254	$ 6,883

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

JGB Debentures

On May 24, 2024, the Company entered into a securities purchase agreement with certain accredited investors (the “Holders”) and JGB Collateral LLC, as collateral agent for the Holders, for the sale by the Company in a private placement (the “JGB Debentures Offering”) of:

•2.25 million shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and

•Senior Secured Convertible Debentures in the aggregate principal amount of $20.0 million (the “Debentures”), for an aggregate purchase price of $18.0 million.

The closing of the JGB Debentures Offering occurred on May 24, 2024. In connection with the closing of the JGB Debentures Offering, the Company received net proceeds of approximately $16.6 million, after payment of placement agent fees, and other offering expenses. The Company used the proceeds received to fully redeem the outstanding balance due under the High Trail Note of approximately $17.6 million, as amended (see “High Trail Agreement & Amendment” below).

Debentures

The Debentures have an aggregate face value of $20.0 million and were issued with an original issue discount of $2.0 million. The Debentures mature on May 24, 2026, and have an interest rate of 11% per annum payable monthly on the last business day of each calendar month. As of September 30, 2024, the Company has paid the Holders $0.8 million in interest, which is included in the change in fair value within other income (expense), net.

The Company recorded the Debentures at their fair value at issuance of $19.9 million, per the fair value option under ASC 825 (refer to Note 8 (Investments and Fair Value Measurements)) and they will be measured on a recurring basis and adjusted through other income and expense, net. The Shares were recorded at $0 in common stock and additional paid in capital, which represents the residual amount after allocation of proceeds to the Debentures at fair value. The Company recognized an initial loss on the issuance of the Debentures of $1.9 million for the difference between the fair value of the Debentures and proceeds from the transaction, which is recorded in other income (expense) on the unaudited condensed consolidated statement of operations. The Company incurred debt issuance costs of $1.4 million related to the JGB Debentures Offering, which was charged to interest expense and recorded in other income (expense) on the unaudited condensed consolidated statement of operations.

On July 24, 2024, the Holders of the Debentures requested that the Company redeem up to $1.0 million per calendar month of its Debentures. The table below shows the amount of potential redemptions each year until the maturity of the Debentures. As of September 30, 2024, the Company has paid the Holders $3.0 million in principal redemptions.


2024	$	3,000,000
2025	12,000,000
2026	2,000,000
Total	$	17,000,000

The Company may redeem the Debentures, subject to certain Equity Conditions (as defined in the Debentures), at any time by paying an amount equal to the entire outstanding principal amount of the Debenture, plus all accrued and unpaid interest, plus the applicable Company Redemption Premium (as defined in the Debentures, the “Premium”) plus any other amounts due and payable under the Debentures. The Premium is an amount equal to 112% of the principal amount of the Debenture if the redemption is prior to the first anniversary of the original issue date, or 106% of the principal amount of the Debenture if the redemption is on or after the first anniversary of the original issue date. No partial redemptions by the Company are permitted.

At the election of the holder, each Debenture is convertible, in whole or in part, at any time and from time to time at a conversion price of $2.00 per share of common stock. The conversion price is subject to adjustment for stock dividends, stock splits, and certain other corporate events. Notwithstanding the foregoing, the Company will not effect any conversion under the Debentures to the extent that such conversion would cause the holder’s beneficial ownership of the Company’s common stock to exceed 4.99% (or 9.99% at the election of the holder) of the Company’s issued and outstanding common stock.

Under the Debentures, the Company must at all times maintain a cash or restricted investments balance equal to the lesser of (a) $11.0 million and (b) the then outstanding principal balance of the Debentures, in a blocked account. In addition, for as long as any portion of the Debentures remain outstanding, the Company is generally restricted from: incurring indebtedness; granting or suffering liens on any of its property or assets; amending its organizational documents; repurchasing any of its securities; paying dividends; selling, disposing, licensing or leasing its assets other than in the ordinary course; and other customary restrictive covenants. The Debentures also set forth certain customary events of default after which the Debentures may be

declared immediately due and payable, including certain types of bankruptcy or insolvency events of default involving the Company and its subsidiaries, and in the event of a change of control or fundamental transaction as defined in the Debentures.

As of September 30, 2024 the Company had $17.0 million of principal outstanding under the Debentures reported at fair value of $15.0 million (refer to Note 8 (Investments and Fair Value Measurements), for fair value measurements and additional discussion) and activity broken out as follows:


	Debentures
Principal balance, January 1, 2024	$	—
Issuance of convertible debentures	20,000,000
Less:
Conversions	—
Redemption payments of principal	(3,000,000)
Debentures principal balance, September 30, 2024	$	17,000,000

High Trail Agreement & Amendment

On February 27, 2024, the Company entered into a letter agreement with High Trail and an amendment to the Registered Note (the “High Trail Amendment”) which provided for, among other things, the following:

•Reduction of the minimum available liquidity covenant from $50.0 million to $25.0 million;

•Reduction of the restricted cash covenant from $35.0 million to the amount equal to the sum of (i) the outstanding principal amount of the senior secured convertible notes payable due 2025 (the “High Trail Registered Notes”) plus (ii) approximately $0.7 million, which will be further reduced as the remaining principal on the High Trail Registered Notes are retired;

•Cancellation of the March 2024 partial redemption payment and delay of the April 2024 partial redemption payment;

•Redemption of the outstanding $17.0 million balance of the privately placed senior secured convertible notes payable due 2025 (the “High Trail Private Placement Notes”) at a redemption price of 115% for a total redemption payment of approximately $19.6 million;

•Redemption of approximately $10.7 million of the High Trail Registered Notes at a redemption price of 115% for a total redemption payment of approximately $12.3 million; and

•Increase of $1.0 million to the Retirement Fee (as defined in the Notes) of the High Trail Private Placement Notes to $3.2 million payable concurrently with redemptions of the Initial Private Placement Note.

Immediately following the redemptions above, there was approximately $24.3 million in aggregate principal amount of the High Trail Registered Notes outstanding.

High Trail Redemption Agreement

On May 23, 2024, in connection with the JGB Debentures Offering, the Company entered into a redemption agreement with High Trail (the “HT Agreement”). Pursuant to the HT Agreement, the Company agreed to redeem the entire outstanding principal amount of $15.3 million under the High Trail Note at a redemption price of 115% for a total redemption payment of $17.6 million (the “Redemption Payment”). Upon High Trail’s receipt of the Redemption Payment on May 24, 2024, the High Trail Note and related Option were cancelled. In addition, the Company agreed to pay High Trail a retirement fee of $2.2 million and to reimburse High Trail for all of its reasonable and documented out-of-pocket expenses incurred with the release and termination of security interests relating to the High Trail Note.

The Company recognized a loss on the extinguishment of the High Trail Note of $1.1 million, and a gain on the extinguishment of the Purchase Option (as defined in Note 7 (Commitments and Contingencies) below) of $5.1 million, for a net gain of $4.0 million, which is recorded in other income (expense) on the unaudited condensed consolidated statement of operations.

As of September 30, 2024, the Company had no principal outstanding under the High Trail Note (refer to Note 8 (Investments and Fair Value Measurements), for fair value measurements and additional discussion) and activity broken out as follows:


Principal balance, January 1, 2024	$	61,000,000
Less:
Conversions	—
Partial redemption of principal	18,000,000
Redemption payment of principal	43,000,000
Total	$	—

In addition to redeeming $15.3 million and $27.7 million of the principal outstanding under the High Trail Note on May 24, 2024, and March 1, 2024, respectively, for an aggregate principal redemption of $43.0 million at the aggregate Redemption Price of $49.5 million, the Holders redeemed $4.5 million each of principal on January 1, 2024, February 1, 2024, April 20, 2024, and May 1, 2024, for an aggregate principal redemption of $18.0 million at an aggregate Repayment Price of $20.7 million. Under the terms of the High Trail Notes, the Holders had the option to redeem a portion of the Notes not to exceed $4.5 million principal on the first day of each month beginning November 1, 2023, at the Repayment Price. The April 2024 payment was delayed to April 20, 2024, under the High Trail Amendment as discussed above.

Other Income (Expense), Net

The following is a summary of the charges included within other income (expense), net on the unaudited condensed consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Debt issuance costs on sale of convertible debenture	$	—	$	—	$	(1,444,000)	$	—
Other interest expense	(68,000)		(71,000)		(262,000)		(221,000)
Changes in estimated fair value, interest and redemption payments on High Trail Notes and convertible debentures	(630,000)		—		(1,485,000)		—
Other expense	1,000		26,000		(578,000)		(113,000)
Gain on High Trail extinguishment	—		—		3,965,000		—
Loss on issuance of convertible debentures	—		—		(1,890,000)		—
Total other income (expense)	$	(697,000)	$	(45,000)	$	(1,694,000)	$	(334,000)

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Balance Sheet Account Details - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, trade	$ 5,520	$ 9,802		$ 7,315
Allowance for credit losses	(204)	(483)	$ (354)	(293)
Accounts receivable, net	$ 5,316	$ 9,319		$ 7,022

Commitments and Contingencies - Summary of Undiscounted Future Non-Cancellable Lease Payments Under Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 628
2025	2,608
2026	545
2027	254
2028	0
Thereafter	0
Total future lease payments	4,035
Less: imputed interest	(349)
Total lease liabilities	3,686
Finance Lease
Remainder of 2024	83
2025	338
2026	346
2027	356
2028	365
Thereafter	5,230
Total future lease payments	6,718
Less: imputed interest	(2,904)
Total lease liabilities	$ 3,814

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Instrument Redemption

The table below shows the amount of potential redemptions each year until the maturity of the Debentures. As of September 30, 2024, the Company has paid the Holders $3.0 million in principal redemptions.


2024	$	3,000,000
2025	12,000,000
2026	2,000,000
Total	$	17,000,000

Schedule of Convertible Debt


	Debentures
Principal balance, January 1, 2024	$	—
Issuance of convertible debentures	20,000,000
Less:
Conversions	—
Redemption payments of principal	(3,000,000)
Debentures principal balance, September 30, 2024	$	17,000,000


Principal balance, January 1, 2024	$	61,000,000
Less:
Conversions	—
Partial redemption of principal	18,000,000
Redemption payment of principal	43,000,000
Total	$	—

Schedule of Other Income (Expense)

The following is a summary of the charges included within other income (expense), net on the unaudited condensed consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Debt issuance costs on sale of convertible debenture	$	—	$	—	$	(1,444,000)	$	—
Other interest expense	(68,000)		(71,000)		(262,000)		(221,000)
Changes in estimated fair value, interest and redemption payments on High Trail Notes and convertible debentures	(630,000)		—		(1,485,000)		—
Other expense	1,000		26,000		(578,000)		(113,000)
Gain on High Trail extinguishment	—		—		3,965,000		—
Loss on issuance of convertible debentures	—		—		(1,890,000)		—
Total other income (expense)	$	(697,000)	$	(45,000)	$	(1,694,000)	$	(334,000)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	88,468,000	45,752,000
Common stock, shares outstanding (in shares)	88,468,000	45,752,000

Commitments and Contingencies - Schedule of Accrued Restructuring Liabilities (Details) - Workforce Reduction - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Accrued restructuring as of January 1, 2024		$ 83
Restructuring charges incurred during the period	$ 1,909	7,773
Cash payments		(6,828)
Accrued restructuring as of September 30, 2024	$ 1,028	$ 1,028

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 6,073	$ 9,318	$ 22,613	$ 25,395
Cost of revenue:
Total cost of revenue	14,519	6,569	25,650	18,267
Operating expenses:
Research and development	4,717	13,785	21,329	42,331
Selling, general and administrative	9,464	24,896	40,109	77,809
Goodwill impairment		77,280	0	77,280
Intangible assets and other long-lived assets impairment	19,504		19,951
Restructuring costs	1,770	0	7,616	0
Total operating expenses	35,455	115,961	89,005	197,420
Loss from operations	(43,901)	(113,212)	(92,042)	(190,292)
Other income (expense):
Interest income	376	730	1,876	2,122
Other income (expense)	(697)	(45)	(1,694)	(334)
Total other income (expense)	(321)	685	182	1,788
Loss before income taxes	(44,222)	(112,527)	(91,860)	(188,504)
Provision for income taxes	(24)	(39)	(32)	(98)
Net loss	$ (44,246)	$ (112,566)	$ (91,892)	$ (188,602)
Net loss per share, basic (in dollars per share)	$ (0.52)	$ (3.22)	$ (1.34)	$ (5.85)
Net loss per share, diluted (in dollars per share)	$ (0.52)	$ (3.22)	$ (1.34)	$ (5.85)
Weighted-average common shares outstanding, basic (in shares)	85,870	35,001	68,748	32,246
Weighted-average common shares outstanding, diluted (in shares)	85,870	35,001	68,748	32,246
Product revenue
Revenue:
Total revenue	$ 6,021	$ 6,456	$ 19,359	$ 18,512
Cost of revenue:
Total cost of revenue	14,251	5,105	23,858	13,714
Service and other revenue
Revenue:
Total revenue	52	2,862	3,254	6,883
Cost of revenue:
Total cost of revenue	$ 268	$ 1,464	$ 1,792	$ 4,553

Stockholders’ Equity and Stock-Based Compensation - Restricted Stock and Performance Stock Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
RSUs
Stock Units
Beginning balance (in shares) \| shares	239
Granted (in shares) \| shares	407
Released (in shares) \| shares	(69)
Forfeited (in shares) \| shares	(164)
Ending balance (in shares) \| shares	413
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 16.30
Granted (in dollars per share) \| $ / shares	0.93
Released (in dollars per share) \| $ / shares	12.28
Forfeited (in dollars per share) \| $ / shares	6.15
Ending balance (in dollars per share) \| $ / shares	$ 4.44
PSUs
Stock Units
Beginning balance (in shares) \| shares	29
Granted (in shares) \| shares	0
Released (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	29
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 47.40
Granted (in dollars per share) \| $ / shares	0
Released (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 47.40

Balance Sheet Account Details - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (483)	$ (293)
Provision for expected credit loss	(9)	(98)
Write-offs	288	37
Ending balance	$ (204)	$ (354)

Debt - Narrative (Details) - USD ($)										3 Months Ended		4 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 24, 2024	May 24, 2024	May 23, 2024	May 01, 2024	Apr. 20, 2024	Mar. 01, 2024	Feb. 27, 2024	Feb. 01, 2024	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	May 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Jul. 04, 2024	Apr. 04, 2024	Feb. 26, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Common stock, shares issued (in shares)										88,468,000			88,468,000					45,752,000
Common stock, par value (in dollars per share)										$ 0.0001			$ 0.0001		$ 0.001	$ 0.001		$ 0.0001
Proceeds from sale of common stock and warrants													$ 37,712,000	$ 46,411,000
Loss on issuance of convertible debentures										$ 0	$ 0		1,890,000	0
Debt instrument, covenant, cash balance maximum		$ 11,000,000.0
Repayments of Long-Term Debt												$ (18,000,000.0)
Gain on High Trail extinguishment										0	$ 0		(3,965,000)	$ 0
Debt Instrument, Repurchase Amount				$ (20,700,000)						(49,500,000)		$ (20,700,000)	(49,500,000)
Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Gain on High Trail extinguishment			$ (4,000,000.0)
Convertible Debt
Debt Instrument [Line Items]
Common stock, shares issued (in shares)		2,250,000
Common stock, par value (in dollars per share)		$ 0.0001
Fair value of debt										20,000,000.0			20,000,000.0
Proceeds from sale of common stock and warrants		$ 16,600,000
Extinguishment of debt		$ 17,600,000
Debt instrument, unamortized discount (premium), net										$ 2,000,000.0			$ 2,000,000.0
Principal amount (as a percent)										11.00%			11.00%
Interest expense, subordinated notes and debentures													$ 800,000
Long-term debt, fair value										$ 19,900,000			19,900,000
Common stocks, including additional paid in capital										0			0
Loss on issuance of convertible debentures													1,900,000
Debt discount			$ 1,400,000
Redemption amount	$ 1,000,000.0
Debt Instrument, Repaid, Principal													3,000,000.0
Convertible purchase price (in dollars per share)		$ 2.00
Ownership percentage on exercise of notes without notice minimum (as a percent)		4.99%
Ownership percentage on exercise of notes with notice maximum (as a percent)		9.99%
Redemption price, percentage of principal amount redeemed (as a percent)			115.00%
Retirement fee		$ (2,200,000)
Total	$ 17,000,000
Debt Instrument, Redemption, Remaining Principal Amount			$ (15,300,000)
Repayments of Long-Term Debt		(15,300,000)	(17,600,000)	$ (4,500,000)	$ (4,500,000)	$ (27,700,000)		$ (4,500,000)	$ (4,500,000)
Redemption payment of principal													43,000,000.0
Convertible Debt \| 2024
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	112.00%
Convertible Debt \| 2025
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	106.00%
Convertible Debt \| Convertible Secured Debentures
Debt Instrument [Line Items]
Fair value of debt		20,000,000.0								17,000,000.0			17,000,000.0
Issuance of convertible debentures		$ 18,000,000.0											20,000,000
Long-term debt, fair value										15,000,000.0			15,000,000.0
Long-term debt, gross										17,000,000			17,000,000					$ 0
Redemption payment of principal													(3,000,000)
Convertible Debt \| High Trail Agreement And Amendment
Debt Instrument [Line Items]
Redemption amount							$ 10,700,000
Covenant, minimum cash balance							25,000,000										$ 50,000,000
Covenant, restricted cash, balance																	$ 35,000,000
Debt Instrument, covenant, additional restricted cash above outstanding principal balance							700,000
Redemption, outstanding amount							$ 17,000,000
Redemption price, percentage of principal amount redeemed (as a percent)							115.00%
Long-term debt, current maturities							$ 12,300,000
Retirement fee, increase, amount							1,000,000
Total										24,300,000			24,300,000
Convertible Debt \| High Trail Agreement And Amendment \| Private Placement
Debt Instrument [Line Items]
Retirement fee							$ (3,200,000)
Convertible Debt \| Senior Secured Convertible Notes Due 2025
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (as a percent)							115.00%
Long-term debt, current maturities							$ 19,600,000
Convertible Debt \| High Trail Redemption Agreement, Purchase Option And Convertible Debentures
Debt Instrument [Line Items]
Gain on High Trail extinguishment			1,100,000
Convertible Debt \| High Trail Redemption Agreement, Purchase Option
Debt Instrument [Line Items]
Gain on High Trail extinguishment			$ (5,100,000)
Long-term debt, gross										$ 0			0					$ 61,000,000
Redemption payment of principal													$ 43,000,000

Commitments and Contingencies - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charges including in operating expenses			$ 5,600
COGS restructuring	$ 14,519	$ 6,569	25,650	$ 18,267
Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Severance	1,050		5,475
Lease related expenses	0		374
Other	720		1,767
Total restructuring charges including in operating expenses	1,770		7,616
COGS restructuring	139		157
Total restructuring charges	$ 1,909		$ 7,773

- Definition

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

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38613
Entity Registrant Name	Bionano Genomics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1756290
Entity Address, Address Line One	9540 Towne Centre Drive, Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	888-7600
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	BNGO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		101,993,225
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001411690
Current Fiscal Year End Date	--12-31

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognition

Revenue by Source


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Instruments	$	1,419,000	$	2,338,000	$	5,293,000	$	6,684,000
Consumables	3,333,000		2,476,000		9,366,000		7,664,000
Software	1,269,000		1,642,000		4,700,000		4,164,000
Total product revenue	6,021,000		6,456,000		19,359,000		18,512,000
Service and other	52,000		2,862,000		3,254,000		6,883,000
Total revenue	$	6,073,000	$	9,318,000	$	22,613,000	$	25,395,000

Revenue by Geographic Location


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
	$		%		$		%		$		%		$		%
Americas	$	2,537,000	42	%	$	5,346,000	57	%	$	10,613,000	47	%	$	13,103,000	52	%
EMEA	2,764,000		46	%	2,686,000		29	%	9,521,000		42	%	8,426,000		33	%
Asia Pacific	772,000		13	%	1,286,000		14	%	2,479,000		11	%	3,866,000		15	%
Total	$	6,073,000	100	%	$	9,318,000	100	%	$	22,613,000	100	%	$	25,395,000	100	%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (44,246)	$ (16,224)	$ (31,422)	$ (112,566)	$ (38,912)	$ (37,124)	$ (91,892)	$ (188,602)

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Stockholders’ Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Warrant Activity

A summary of the Company’s warrant activity during the nine months ended September 30, 2024 was as follows:


	Shares of Stock under Warrants	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	21,696,000	$	4.38	4.78	$	—
Granted	51,770,000	0.56		—	—
Exercised	(8,010,000)	—		—	—
Canceled	—	—		—	—
Outstanding at September 30, 2024	65,456,000	$	1.89	1.94	$	—

Schedule of Stock Option Activity

A summary of the Company’s stock option activity during the nine months ended September 30, 2024 was as follows:


	Shares of Stock under Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	3,268,000	$	24.79	7.80	$	3,000
Granted	1,904,000	0.92		—
Exercised	—	—		—	—
Canceled	(1,390,000)	17.12		—
Outstanding and expected to vest at September 30, 2024	3,782,000	$	15.59	7.66	$	—
Vested and exercisable at September 30, 2024	1,729,000	$	25.72	6.42	$	—

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the periods presented as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of product revenue	$	82,000	$	139,000	$	244,000	$	395,000
Cost of service and other revenue	—		48,000		94,000		136,000
Research and development	445,000		1,249,000		1,730,000		$	3,907,000
General and administrative	1,675,000		2,556,000		5,732,000		7,368,000
Total stock-based compensation expense	$	2,202,000	$	3,992,000	$	7,800,000	$	11,806,000

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants during the periods presented were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Risk-free interest rate	3.8	%	4.3	%	4.3	%	4.0	%
Expected volatility	85.7	%	78.9	%	86.2	%	75.2	%
Expected term (in years)	6.1		6.1		5.7		5.9
Expected dividend yield	0.0	%	0.0	%	0.0	%	0.0	%

Schedule of Restricted Stock Units and Performance Stock Units

The following table summarizes RSU activity during the nine months ended September 30, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	239,000	$	16.30
Granted	407,000	0.93
Released	(69,000)	12.28
Forfeited	(164,000)	6.15
Outstanding at September 30, 2024	413,000	$	4.44

The following table summarizes PSU activity during the nine months ended September 30, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	29,000	$	47.40
Granted	—	—
Released	—	—
Forfeited	—	—
Outstanding at September 30, 2024	29,000	$	47.40

Investments and Fair Value Measurements - Amortized Cost and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Less than 1 year	$ 3,160	$ 48,828
Unrealized Gains
Less than 1 year	0	4
Unrealized Losses
Less than 1 year	0	(9)
Aggregate Estimated Fair Value
Less than 1 year	3,160	48,823
Restricted Investments
Amortized Cost
Less than 1 year	10,998	35,117
Unrealized Gains
Less than 1 year	2	5
Unrealized Losses
Less than 1 year	0	(5)
Aggregate Estimated Fair Value
Less than 1 year	11,000	35,117
U.S. treasuries
Amortized Cost
Less than 1 year	3,160	34,459
Unrealized Gains
Less than 1 year	0	4
Unrealized Losses
Less than 1 year	0	0
Aggregate Estimated Fair Value
Less than 1 year	3,160	34,463
U.S. treasuries \| Restricted Investments
Amortized Cost
Less than 1 year	10,998	29,682
Unrealized Gains
Less than 1 year	2	5
Unrealized Losses
Less than 1 year	0	(2)
Aggregate Estimated Fair Value
Less than 1 year	$ 11,000	29,685
Corporate notes/bonds
Amortized Cost
Less than 1 year		14,369
Unrealized Gains
Less than 1 year		0
Unrealized Losses
Less than 1 year		(9)
Aggregate Estimated Fair Value
Less than 1 year		14,360
Commercial paper \| Restricted Investments
Amortized Cost
Less than 1 year		5,435
Unrealized Gains
Less than 1 year		0
Unrealized Losses
Less than 1 year		(3)
Aggregate Estimated Fair Value
Less than 1 year		$ 5,432

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (91,892)	$ (188,602)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	11,624	10,112
Goodwill impairment	0	77,280
Inventory write-offs	7,231	0
Amortization of financing lease right-of-use asset	153	153
Accretion of interest on securities	(1,176)	(309)
Non-cash lease expense	(2)	38
Gain on lease modification	(73)	0
Net realized loss on investments	18	23
Stock-based compensation	7,800	11,806
Change in fair value of contingent consideration	(10,890)	2,528
Change in fair value of convertible debentures, convertible notes payable and option liability	(6,988)	0
Loss on issuance of convertible debentures	1,890	0
Gain on High Trail extinguishment	(3,965)	0
Impairment of internal-use software	1,293	0
Loss on intangible assets and other long-lived assets impairment	17,850	0
Loss on ROU asset impairment	808	0
Loss on property and equipment disposal	1,404	0
Cost of leased equipment sold to customer	361	88
Changes in operating assets and liabilities:
Accounts receivable	4,006	(1,646)
Inventory	(3,521)	(3,819)
Prepaid expenses and other current assets	339	1,376
Other assets	4,677	(7,798)
Accounts payable	(1,679)	2,401
Accrued expenses and contract liabilities	(1,686)	967
Net cash used in operating activities	(62,418)	(95,402)
Investing Activities:
Purigen acquisition, return of purchase consideration from escrow	0	96
Purchases of property and equipment	(103)	(946)
Purchase of available for sale securities	(214,323)	(4,485)
Sale and maturity of available for sale securities	285,268	84,866
Net cash provided by investing activities	70,842	79,531
Financing activities:
Principal payments on financing lease liability	(43)	(34)
Proceeds from sale of common stock and warrants	37,712	46,411
Offering expenses on sale of common stock and warrants	(2,438)	(1,161)
Proceeds from sale of common stock under employee stock purchase plan	10	92
Proceeds from warrant and option exercises	4	23
Proceeds from issuance of convertible debentures	18,000	0
Payments on High Trail Notes	(61,001)	0
Payments on convertible debentures	(3,000)	0
Debt issuance costs on sale of convertible debentures	(1,444)	0
Payments of retirement fees for redemption of High Trail Notes	(5,375)	0
Net cash (used in)/provided by financing activities	(17,575)	45,331
Effect of exchange rates on cash, cash equivalents and restricted cash	(3)	17
Net decrease in cash, cash equivalents and restricted cash	(9,154)	29,477
Cash, cash equivalents and restricted cash at beginning of period	18,348	5,491
Cash, cash equivalents and restricted cash at end of period	9,194	34,968
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the total amounts reported on the unaudited condensed consolidated statements of cash flows
Cash and cash equivalents	8,794	34,568
Restricted cash	400	400
Total cash, cash equivalents and restricted cash at end of period	9,194	34,968
Supplemental cash flow disclosures:
Cash paid for interest	10,136	221
Cash paid for operating lease liabilities	2,126	1,938
Supplemental disclosure of non-cash investing and financing activities:
Transfer of instruments and servers from inventory to property and equipment, net	5,023	7,112
Property and equipment included in accounts payable	$ 0	$ 434

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total restructuring charges including in operating expenses	$ 5.6
Severance notice period	60 days

Investments and Fair Value Measurements - Unrealized Losses Positions (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less Than 12 Months, Fair Value	$ 3,160,000	$ 2,362,000
12 Months or Greater, Fair Value	0	10,001,000
Fair Value	3,160,000	12,363,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss	0	(5,000)
12 Months or Greater, Gross Unrealized Loss	0	(4,000)
Gross Unrealized Loss	0	(9,000)
Restricted Investments
Fair Value
Less Than 12 Months, Fair Value		17,221,000
12 Months or Greater, Fair Value		0
Fair Value		17,221,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss		(5,000)
12 Months or Greater, Gross Unrealized Loss		0
Gross Unrealized Loss	0	(5,000)
U.S. treasuries
Fair Value
Less Than 12 Months, Fair Value	3,160,000
12 Months or Greater, Fair Value	0
Fair Value	3,160,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss	0
12 Months or Greater, Gross Unrealized Loss	0
Gross Unrealized Loss	$ 0
U.S. treasuries \| Restricted Investments
Fair Value
Less Than 12 Months, Fair Value		11,789,000
12 Months or Greater, Fair Value		0
Fair Value		11,789,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss		(2,000)
12 Months or Greater, Gross Unrealized Loss		0
Gross Unrealized Loss		(2,000)
Corporate notes/bonds
Fair Value
Less Than 12 Months, Fair Value		2,362,000
12 Months or Greater, Fair Value		10,001,000
Fair Value		12,363,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss		(5,000)
12 Months or Greater, Gross Unrealized Loss		(4,000)
Gross Unrealized Loss		(9,000)
Commercial paper \| Restricted Investments
Fair Value
Less Than 12 Months, Fair Value		5,432,000
12 Months or Greater, Fair Value		0
Fair Value		5,432,000
Gross Unrealized Loss
Less than 12 months, Gross Unrealized Loss		(3,000)
12 Months or Greater, Gross Unrealized Loss		0
Gross Unrealized Loss		$ (3,000)

Stockholders’ Equity and Stock-Based Compensation - Recognized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,202	$ 3,992	$ 7,800	$ 11,806
Cost of product revenue, services and other revenue \| Product revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	82	139	244	395
Cost of product revenue, services and other revenue \| Service and other revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	48	94	136
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	445	1,249	1,730	3,907
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,675	$ 2,556	$ 5,732	$ 7,368

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Balance Sheet Account Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Compensation expenses	$ 4,007		$ 4,007		$ 5,030
Customer deposits	17		17		17
Taxes payable	1,008		1,008		1,099
Insurance	16		16		512
Professional fees and royalties	496		496		387
Warranty liabilities	254		254		391
Accrued clinical study fees	10		10		138
Other	75		75		515
Accrued expenses	5,883		5,883		$ 8,089
Restructuring costs	1,770	$ 0	7,616	$ 0
Workforce Reduction
Finite-Lived Intangible Assets [Line Items]
Restructuring costs	$ 200		$ 1,000

Balance Sheet Account Details - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 3,601	$ 7,567
Work in process	3,583	9,790
Finished goods	9,097	10,245
Inventory, net	16,281	27,602
Inventories current	14,323	22,892
Inventories non-current (included in other long-term assets)	$ 1,958	$ 4,710

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,794	$ 17,948
Investments	3,160	48,823
Accounts receivable, net	5,316	9,319
Inventory	14,323	22,892
Prepaid expenses and other current assets	4,387	6,019
Restricted investments	11,000	35,117
Total current assets	46,980	140,118
Restricted cash, net of current portion	400	400
Property and equipment, net	19,995	23,345
Operating lease right-of-use assets	2,833	5,633
Finance lease right-of-use assets	3,351	3,503
Intangible assets, net	11,045	33,974
Other long-term assets	2,758	7,431
Total assets	87,362	214,404
Current liabilities:
Accounts payable	8,700	10,384
Accrued expenses	5,883	8,089
Contract liabilities	1,195	783
Operating lease liability	1,956	2,163
Finance lease liability	263	272
Purchase option liability (at fair value)	0	8,534
Convertible debentures and High Trail notes payable (at fair value)	14,953	69,803
Total current liabilities	32,950	100,028
Operating lease liability, net of current portion	1,730	3,590
Finance lease liability, net of current portion	3,551	3,585
Contingent consideration	0	10,890
Long-term contract liabilities	263	154
Total liabilities	38,494	118,247
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 400,000,000 shares authorized at September 30, 2024 and December 31, 2023; 88,468,000 and 45,752,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	9	5
Additional paid-in capital	720,425	677,337
Accumulated deficit	(673,100)	(581,208)
Accumulated other comprehensive income	1,534	23
Total stockholders’ equity	48,868	96,157
Total liabilities and stockholders’ equity	$ 87,362	$ 214,404

Stockholders’ Equity and Stock-Based Compensation - Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shares of Stock under Warrants
Beginning balance (in shares)	21,696
Granted (in shares)	51,770
Exercised (in shares)	(8,010)
Canceled (in shares)	0
Ending balance (in shares)	65,456	21,696
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 4.38
Granted (in dollars per share)	0.56
Exercised (in dollars per share)	0
Canceled (in dollars per share)	0
Ending balance (in dollars per share)	$ 1.89	$ 4.38
Weighted- Average Remaining Contractual Term
Outstanding (in years)	1 year 11 months 8 days	4 years 9 months 10 days
Aggregate Intrinsic Value
Beginning balance	$ 0
Exercised	0
Ending balance	$ 0	$ 0

Debt - Schedule of Redeemable portion of Debentures (Details) - Convertible Debt $ in Thousands	Jul. 24, 2024 USD ($)
Debt Instrument [Line Items]
Long-Term Debt, Maturity, Remainder of Fiscal Year	$ 3,000
2025	12,000
2026	2,000
Total	$ 17,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholders’ Equity and Stock-Based Compensation - Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.80%	4.30%	4.30%	4.00%
Expected volatility	85.70%	78.90%	86.20%	75.20%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	5 years 8 months 12 days	5 years 10 months 24 days
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stockholders’ Equity and Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity and Stock-Based Compensation

Reverse Stock Split

On August 4, 2023, the Company completed a reverse stock split of its outstanding shares of common stock pursuant to which every 10 shares of issued and outstanding common stock were exchanged for one share of common stock. No fractional shares were issued in the reverse stock split. Instead, the Company paid cash (without interest) equal to such fraction multiplied by $5.90 per share (a price equal to the average of the closing sales prices of the common stock on The Nasdaq Capital Market during regular trading hours for the five consecutive trading days immediately preceding August 4, with such average closing sales prices being adjusted to give effect to a Reverse Stock Split). All share and per share amounts included within these condensed consolidated financial statements have been retrospectively adjusted to reflect the reverse stock split.

Cowen At-the-Market Facility

On March 23, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) which provides for the sale, in the Company’s sole discretion, of shares of common stock having an aggregate offering price of up to $350.0 million through or to Cowen, acting as sales agent or principal, which was amended on March 9, 2023 to decrease the maximum aggregate offering price to $200.0 million for sales made on and after the date of the amendment (the “Cowen ATM”). The Company agreed to pay Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights. During the nine months ended September 30, 2024, the Company sold approximately 14.2 million shares of common stock under the Cowen ATM at an average share price of $1.25 per share, and received gross proceeds of approximately $17.7 million before deducting offering costs of $0.4 million.

In October 2024, the Company sold approximately 3.6 million shares of common stock under the Cowen ATM at an average share price of $0.34 per share, and received gross proceeds of approximately $1.2 million before deducting offering costs of approximately $31,000.

Stock Warrants

A summary of the Company’s warrant activity during the nine months ended September 30, 2024 was as follows:


	Shares of Stock under Warrants	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	21,696,000	$	4.38	4.78	$	—
Granted	51,770,000	0.56		—	—
Exercised	(8,010,000)	—		—	—
Canceled	—	—		—	—
Outstanding at September 30, 2024	65,456,000	$	1.89	1.94	$	—

Stock Options

A summary of the Company’s stock option activity during the nine months ended September 30, 2024 was as follows:


	Shares of Stock under Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	3,268,000	$	24.79	7.80	$	3,000
Granted	1,904,000	0.92		—
Exercised	—	—		—	—
Canceled	(1,390,000)	17.12		—
Outstanding and expected to vest at September 30, 2024	3,782,000	$	15.59	7.66	$	—
Vested and exercisable at September 30, 2024	1,729,000	$	25.72	6.42	$	—

For the three months ended September 30, 2024, the weighted-average grant date fair value of stock options granted was $0.44 per share. For the nine months ended September 30, 2024, the weighted-average grant date fair value of stock options granted was $0.67 per share.

Stock-Based Compensation

The Company recognized stock-based compensation expense for the periods presented as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of product revenue	$	82,000	$	139,000	$	244,000	$	395,000
Cost of service and other revenue	—		48,000		94,000		136,000
Research and development	445,000		1,249,000		1,730,000		$	3,907,000
General and administrative	1,675,000		2,556,000		5,732,000		7,368,000
Total stock-based compensation expense	$	2,202,000	$	3,992,000	$	7,800,000	$	11,806,000

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants during the periods presented were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Risk-free interest rate	3.8	%	4.3	%	4.3	%	4.0	%
Expected volatility	85.7	%	78.9	%	86.2	%	75.2	%
Expected term (in years)	6.1		6.1		5.7		5.9
Expected dividend yield	0.0	%	0.0	%	0.0	%	0.0	%

Restricted Stock Units and Performance Stock Units

The following table summarizes RSU activity during the nine months ended September 30, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	239,000	$	16.30
Granted	407,000	0.93
Released	(69,000)	12.28
Forfeited	(164,000)	6.15
Outstanding at September 30, 2024	413,000	$	4.44

The total fair value of the RSUs that vested during the nine months ended September 30, 2024 was $0.8 million, determined as of the date of vesting. The weighted average remaining contractual term for the RSUs is 3.3 years as of September 30, 2024.

The following table summarizes PSU activity during the nine months ended September 30, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	29,000	$	47.40
Granted	—	—
Released	—	—
Forfeited	—	—
Outstanding at September 30, 2024	29,000	$	47.40

During the year ended December 31, 2023, the Company reassessed the implicit service period on its performance-based stock units relative to specified revenue targets and determined that the performance conditions were met from an accounting perspective, but subject to certain certifications and approval from the Compensation Committee; therefore, the remaining

expense was accelerated as of December 31, 2023. As a result of the accelerated vesting terms, the weighted average remaining contractual term for the PSUs is 0 years as of September 30, 2024.

Registered Direct Offerings

On April 4, 2024, the Company entered into a securities purchase agreement (the “April 2024 Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market consistent with the rules of the Nasdaq Stock Market (the “April 2024 Registered Direct Offering”): (i) an aggregate of approximately 6.5 million shares of the Company’s common stock, (ii) pre-funded warrants to purchase up to an aggregate of approximately 2.2 million shares of common stock (the “April Pre-Funded Warrants”), and (iii) warrants to purchase up to approximately 8.7 million shares of common stock (the “April Purchase Warrants”). The combined purchase price of each share of common stock and accompanying April Purchase Warrant is $1.15 per share. The combined purchase price of each April Pre-Funded Warrant and accompanying April Purchase Warrant is $1.14 (equal to the combined purchase price per share of common stock and accompanying April Purchase Warrant, minus $0.001). The gross proceeds to the Company from the April 2024 Registered Direct Offering was $10.0 million. The Company received net proceeds of $9.3 million after deducting placement agent fees and other offering expenses of $0.7 million payable by the Company.

Each April Purchase Warrant is exercisable for one share of common stock at an exercise price of $1.02 per share. The Purchase Warrants are immediately exercisable as of the date of issuance of April 8, 2024, and will expire on the five-year anniversary of the date of issuance. The April Pre-Funded Warrants are offered in lieu of shares of common stock and provide that the holder may not exercise any portion of an April Pre-Funded Warrant to the extent that immediately prior to or after giving effect to such exercise the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of the Company’s outstanding common stock immediately following the consummation of the April 2024 Registered Direct Offering. Each April Pre-Funded Warrant is exercisable for one share of common stock at an exercise price of $0.001 per share. The April Pre-Funded Warrants are immediately exercisable and were exercised in full at the time of closing.

On July 4, 2024, the Company entered into a securities purchase agreement (the “July 2024 Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell, (i) in a registered direct offering priced at-the-market consistent with the rules of the Nasdaq Stock Market (the “July 2024 Registered Direct Offering”): (a) an aggregate of 11.7 million shares of the Company’s common stock, and (b) pre-funded warrants to purchase up to an aggregate of approximately 5.8 million shares of common stock (the “July Pre-Funded Warrants”), and (ii) in a concurrent private placement (the “Private Placement” and together with the July 2024 Registered Direct Offering, the “July 2024 Offering”), Series A warrants to purchase up to an aggregate of approximately 17.5 million shares of common stock (the “Series A Warrants”) and Series B warrants to purchase up to an aggregate of approximately 17.5 million shares of common stock (the “Series B Warrants”, and together with the Series A Warrants, the “July Purchase Warrants”). Each share of common stock and each July Pre-Funded Warrant sold pursuant to the July 2024 Purchase Agreement will be accompanied by one Series A Warrant and one Series B Warrant. The combined purchase price of each share of common stock and accompanying July Purchase Warrants is $0.571 per share. The combined purchase price of each July Pre-Funded Warrant and accompanying July Purchase Warrants is $0.571 (equal to the combined purchase price per share of common stock and accompanying July Purchase Warrants, minus $0.001). The gross proceeds to the Company from the July 2024 Offering was approximately $10.0 million (excluding up to $20.0 million of aggregate gross proceeds that may be received in the future upon the cash exercise of the July Purchase Warrants issued in the Private Placement which is contingent upon the July Stockholder Approval described below), before deducting placement agent fees and other offering expenses payable by the Company. The Company received net proceeds of $9.3 million after deducting placement agent fees and other offering expenses of $0.7 million payable by the Company.

Each July Purchase Warrant is exercisable for one share of common stock at an exercise price of $0.571 per share beginning on the effective date of stockholder approval of the issuance of the shares of common stock upon exercise of the July Purchase Warrants (the “July Stockholder Approval”). The Series A Warrants will expire on the earlier of (i) the 24-month anniversary of the July Stockholder Approval and (ii) 60 days following the later of (a) the date of the public announcement of the occurrence of a medical administrative contractor (including, without limitation, Molecular Diagnostic Services), issuing a final local coverage determination for optical genome mapping for hematological malignancies and (b) the date of the July Stockholder Approval. The Series B Warrants will expire on the earlier of (i) the five-year anniversary of the July Stockholder Approval and (ii) six months following the later of (a) the date of the public announcement of the occurrence of the Company receiving clearance from the U.S. Food and Drug Administration for an optical genome mapping system for any indication and (b) the date of the July Stockholder Approval. Each July Pre-Funded Warrant is exercisable for one share of common stock at an exercise price of $0.001 per share. The July Pre-Funded Warrants were immediately exercisable and were exercised in full as of September 30, 2024.

The Company adjourned its reconvened Special Meeting of Stockholders originally held on October 2, 2024 and subsequently adjourned to October 30, 2024 (the “Special Meeting”) because a quorum was not present at the time of the reconvened meeting. The Special Meeting will reconvene on November 27, 2024 to seek stockholder approval for the issuance of the shares of common stock upon exercise of the July Purchase Warrants.

On October 30, 2024, the Company entered into a securities purchase agreement (the “October 2024 Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market consistent with the rules of the Nasdaq Stock Market (the “October 2024 Offering”): (i) an aggregate of approximately 9.9 million shares (the “Shares”) of the Company’s common stock, (ii) Series C warrants to purchase up to an aggregate of approximately 9.9 million shares of the Company’s common stock (the “Series C Warrants”) and (iii) Series D warrants to purchase up to an aggregate of approximately 9.9 million shares of the Company’s common stock (the “Series D Warrants”, and together with the Series C Warrants, the (“October Purchase Warrants”). Each share of common stock sold pursuant to the October 2024 Purchase Agreement will be accompanied by one Series C Warrant to purchase one share of common stock and one Series D Warrant to purchase one share of common stock. The Shares and the October Purchase Warrants are immediately separable and will be issued separately. The combined purchase price of each Share and accompanying October Purchase Warrants is $0.304 per share. The gross proceeds to the Company from the October 2024 Offering were approximately $3.0 million (excluding up to approximately $6.0 million of aggregate gross proceeds that may be received in the future upon the cash exercise of the October Purchase Warrants, which is contingent upon the October Stockholder Approval described below), before deducting placement agent fees and other offering expenses payable by the Company.

Each October Purchase Warrant is exercisable for one share of common stock at an exercise price of $0.304 per share beginning on the effective date of stockholder approval of the issuance of the shares of common stock upon exercise of the October Purchase Warrants (the “October Stockholder Approval”). The Series C Warrants will expire on the five-year anniversary of the October Stockholder Approval. The Series D Warrants will expire on the 18-month anniversary of the October Stockholder Approval.

- Definition

The entire disclosure for equity.

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investments and Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		$ 8,500
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 3,160	48,823
Fair Value, Recurring \| Cash Equivalents \| Money market funds classified as cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds classified as cash equivalents	6,430	9,752
Fair Value, Recurring \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	11,000	35,117
Fair Value, Recurring \| Corporate notes/bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		14,360
Fair Value, Recurring \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	3,160	34,463
Fair Value, Recurring \| U.S. treasuries \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	11,000	29,685
Fair Value, Recurring \| Commercial paper \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		5,432
Fair Value, Recurring \| Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		10,890
Fair Value, Recurring \| Convertible notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability	14,953	69,803
Fair Value, Recurring \| Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		8,534
Fair Value, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 1 \| Cash Equivalents \| Money market funds classified as cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds classified as cash equivalents	6,430	9,752
Fair Value, Recurring \| Level 1 \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 1 \| Corporate notes/bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		0
Fair Value, Recurring \| Level 1 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Fair Value, Recurring \| Level 1 \| U.S. treasuries \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 1 \| Commercial paper \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		0
Fair Value, Recurring \| Level 1 \| Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		0
Fair Value, Recurring \| Level 1 \| Convertible notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability	0	0
Fair Value, Recurring \| Level 1 \| Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		0
Fair Value, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	3,160	48,823
Fair Value, Recurring \| Level 2 \| Cash Equivalents \| Money market funds classified as cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds classified as cash equivalents	0	0
Fair Value, Recurring \| Level 2 \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	11,000	35,117
Fair Value, Recurring \| Level 2 \| Corporate notes/bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		14,360
Fair Value, Recurring \| Level 2 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	3,160	34,463
Fair Value, Recurring \| Level 2 \| U.S. treasuries \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	11,000	29,685
Fair Value, Recurring \| Level 2 \| Commercial paper \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		5,432
Fair Value, Recurring \| Level 2 \| Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		0
Fair Value, Recurring \| Level 2 \| Convertible notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability	0	0
Fair Value, Recurring \| Level 2 \| Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		0
Fair Value, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 3 \| Cash Equivalents \| Money market funds classified as cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds classified as cash equivalents	0	0
Fair Value, Recurring \| Level 3 \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 3 \| Corporate notes/bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		0
Fair Value, Recurring \| Level 3 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Fair Value, Recurring \| Level 3 \| U.S. treasuries \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Fair Value, Recurring \| Level 3 \| Commercial paper \| Restricted Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments		0
Fair Value, Recurring \| Level 3 \| Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		10,890
Fair Value, Recurring \| Level 3 \| Convertible notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability	$ 14,953	69,803
Fair Value, Recurring \| Level 3 \| Purchase option liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability		$ 8,534

Organization and Basis of Presentation (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Mar. 01, 2024 employee	Aug. 04, 2023	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	May 24, 2024 USD ($)	Jan. 01, 2024	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reverse stock split, conversion ratio		0.1
Cash and cash equivalents			$ 8,794		$ 34,568	$ 8,794	$ 34,568			$ 17,948
Investments			3,160			3,160				48,823
Restricted cash and cash equivalents and restricted short-term investments			11,400			11,400
Debt instrument, covenant, cash balance maximum								$ 11,000
Accumulated deficit			(673,100)			(673,100)				(581,208)
Net cash used in operating activities						(62,418)	(95,402)
Total restructuring charges			1,770		0	7,616	0
Gain on lease modification						(73)	0
Impairment of internal-use software			1,300		0	1,293	0
Loss on intangible assets and other long-lived assets impairment				$ 400	$ 0		0
Impairment, long-lived asset			800
Inventories non-current (included in other long-term assets)			1,958			1,958				$ 4,710
Inventory write-offs			7,200			7,231	0
Loss on property and equipment disposal						1,404	$ 0
Leaseholds and Leasehold Improvements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on intangible assets and other long-lived assets impairment			100
Purgien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on intangible assets and other long-lived assets impairment			17,300
Saphyr and Stratys Instruments \| Depreciable lives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Property and equipment useful life									7 years	5 years
Reduction in depreciation						500
Product revenue
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Property, plant and equipment			2,600			2,600
Workforce Reduction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total restructuring charges			200			1,000
Gain on lease modification				$ (100)
Workforce Reduction \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Restructuring, expected number of positions eliminated \| employee	83
Workforce Reduction \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Restructuring, expected number of positions eliminated \| employee	120
Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of debt			20,000			20,000
Convertible Debt \| Convertible Secured Debentures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of debt			$ 17,000			$ 17,000		$ 20,000

Debt - Schedule of Convertible Debt (Details) - Convertible Debt - USD ($) $ in Thousands		9 Months Ended
	May 24, 2024	Sep. 30, 2024
Debt Instrument [Roll Forward]
Redemption payment of principal		$ 43,000
Convertible Secured Debentures
Debt Instrument [Roll Forward]
Beginning balance		0
Issuance of convertible debentures	$ 18,000	20,000
Conversions		0
Redemption payment of principal		(3,000)
Ending balance		$ 17,000

Debt - Schedule of Debt Instrument Redemption (Details) - Convertible Debt	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Roll Forward]
Redemption payment of principal	$ 43,000,000.0
High Trail Redemption Agreement, Purchase Option
Debt Instrument [Roll Forward]
Beginning balance	61,000,000
Conversions	0
Partial redemption of principal	18,000,000
Redemption payment of principal	43,000,000
Ending balance	$ 0

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Description of Business Bionano Genomics, Inc. (collectively, with its consolidated subsidiaries, the “Company”) is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company offers optical genome mapping (“OGM”) solutions for applications across basic, translational and clinical research, and for other applications including bioprocessing. The Company offers a platform-agnostic software solution, which integrates next-generation sequencing, microarray and OGM data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view. The Company also offers nucleic acid extraction and purification solutions using proprietary isotachophoresis (“ITP”) technology. Through its Bionano Laboratories, (“Bionano Laboratories”) business, the Company also provides OGM-based diagnostic testing services. Reverse Stock Split On August 4, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of all issued and outstanding shares of the Company’s common stock at a ratio of 1-for-10. The reverse stock split did not change the par value or the authorized number of shares of the Company’s common stock. The accompanying consolidated financial statements and notes to the consolidated financial statements present the retroactive effect of the reverse stock split on the Company’s common stock and per share amounts for all periods presented. Basis of Presentation The accompanying financial information has been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting purposes. The condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, changes in equity, and comprehensive loss and cash flows for each period presented in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany transactions and balances have been eliminated. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reclassifications Certain amounts reported in prior years have been reclassified to conform with the presentation in the current year. These reclassifications had no effect on the reported results of operations. Liquidity and Going Concern The Company has experienced recurring net losses from operations, negative cash flows from operating activities, and accumulated deficit since its inception and expects to continue to incur net losses into the foreseeable future. As of September 30, 2024, the Company had approximately $8.8 million in cash and cash equivalents, $3.2 million in short-term investments and $11.4 million in restricted cash and investments. The amount we are required to hold as restricted cash or investments is equal to the lesser of (a) $11.0 million and (b) the then outstanding principal balance of the Debentures (as defined in Note 5 (Debt) below). As of September 30, 2024 the Company had $17.0 million of principal outstanding under the Debentures (see Note 5 (Debt)) and an accumulated deficit of $673.1 million. During the nine months ended September 30, 2024, the Company used $62.4 million of cash in operations. Management expects operating losses and negative cash flows to continue for at least the next year as the Company continues to incur costs related to product development and commercialization efforts. Management has prepared cash flows forecasts which indicate that based on the Company’s expected operating losses and negative cash flows, there is substantial doubt about the Company’s ability to continue as a going concern within twelve months after the date that the unaudited condensed consolidated financial statements for the nine months ended September 30, 2024, are issued. Management’s ability to continue as a going concern is dependent upon its ability to raise additional funding. Management’s plans to raise additional capital to fulfill its operating and capital requirements for at least 12 months include public or private equity or debt financings. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all, and if the Company is unable to raise sufficient additional capital in the very near term, it may need to further curtail or cease operations and seek protection by filing a voluntary petition for relief under the United States Bankruptcy Code. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. The unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the outcome of this uncertainty. Significant Accounting Policies During the three and nine months ended September 30, 2024, there were no material changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Restructuring The Company’s restructuring expense consists primarily of actions taken in May and October 2023 (the “2023 Workforce Reductions”) and March and September 2024 (the “2024 Workforce Reductions”) in order to reduce costs and improve operations and manufacturing efficiency. Severance-related costs were accounted for as a one-time termination benefit communicated by period end without an additional service component, so the charge represents the total amount expected to be incurred. As a result of reducing facility costs and discretionary spending unrelated to headcount and combined with the cost savings from the 2023 Workforce Reductions and 2024 Workforce Reductions, such plans are intended to decrease expenses and maintain a streamlined organization to support its business. In connection with the Company’s restructuring initiatives, the Company entered into a lease termination agreement on February 28, 2024 with the landlord for the facility in Salt Lake City that resulted in a one-time termination fee of approximately $0.2 million in the third quarter of 2024. The Company continued to lease the property through June 2024. The Company accounted for the lease amendment as a lease modification and recorded a gain of $0.1 million during the three months ended March 31, 2024. On March 1, 2024, and September 4, 2024, the Company’s board of directors approved restructuring plans, including reductions in force, that it expects to reduce the Company’s annualized operating expenses. The 2024 Workforce Reductions were incremental to the 2023 Workforce Reductions. As part of the 2024 Workforce Reductions, the Company reduced its overall headcount by approximately 120 and 83 employees in March and September, respectively. The Company has substantially completed the reduction in force from the 2024 Workforce Reductions as of October 4, 2024. In addition, as of September 30, 2024, Bionano Laboratories has phased out the offering of certain testing services related to neurodevelopmental disorders, including autism spectrum disorders, and other disorders of childhood development. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the reduction in force. See Note 7 (Commitments and Contingencies) for additional information. Impairment of In-Process Internal-Use Software In-process internal-use software or cloud computing arrangements are reviewed for impairment if indicators of potential impairment exist. In September 2024, Bionano announced a change in its business strategy to focus on driving utilization and adoption of OGM from the Company’s existing installed base, with less emphasis on new placements of the Company’s OGM systems, which resulted in a change in the manner in which the Company’s in-process internally developed software would be used; therefore, it became probable that the software would not be placed into service. The Company fully impaired the project, and recorded a loss of $1.3 million included in intangible assets and other long-lived assets impairments on the unaudited condensed consolidated statement of operations during the three and nine months ended September 30, 2024. No impairment loss to the Company’s internal-use software was recorded during the same period in 2023. The Company’s in-process internal-use software was recorded in prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. Impairment of Long-Lived Assets (including Finite-Lived Intangible Assets) Long-lived assets are reviewed for impairment if indicators of potential impairment exist. If the Company identifies a change in the circumstances related to its long-lived assets, such as property and equipment and intangible assets (other than goodwill), that indicates the carrying value of any such asset may not be recoverable, the Company will perform an impairment analysis. A long-lived asset (other than goodwill) is not recoverable when the undiscounted cash flows expected to be generated by the asset (or asset group) are less than the asset’s carrying amount. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and a charge to operating expense. During the three months ended March 31, 2024, the Company experienced a triggering event as a result of the restructuring initiatives announced in March 2024 that required an evaluation of its non-OGM Bionano Laboratories asset group for impairment. The Company performed a recoverability test and concluded that the non-OGM Bionano Laboratories long-lived assets were not recoverable; therefore, the Company measured the impairment loss and fully impaired the intangible assets acquired through the acquisition of Lineagen, consisting of its trade name and customer relationship intangible assets. The Company recognized an impairment loss of $0.4 million during the three months ended March 31, 2024. During the three months ended September 30, 2024, the Company experienced a triggering event and identified indicators of impairment in all of its asset groups as a result of the restructuring initiatives and change in business strategy announced in September 2024. The Company assessed the recoverability of each asset group and concluded the legacy OGM Bionano and Purigen asset groups were not recoverable. Therefore, the Company was required to perform an impairment analysis to determine the fair value of the legacy OGM Bionano and Purigen asset groups as further described below. The Company evaluated the fair value of the finite-lived assets of the legacy OGM Bionano asset group. The Company evaluated the fair value of the reagent rental instruments based on expected sales price and recorded an impairment loss of $2.6 million. The estimates and assumptions used in the assessment of the reagent rental instrument impairments represent Level 2 measurements because they are supported by quoted prices for similar assets in markets where trading occurs. The impairment loss associated with these reagent rental instruments was recorded to cost of product revenue in the Company’s unaudited condensed consolidated statement of operations. Underperforming assets that were subject to impairment are included in the install base. The Company evaluated the fair value of the finite-lived intangible assets of the Purigen asset group, consisting of the Purigen trade name, customer relationships and developed technology, as well as the operating lease right-of-use asset and related office equipment and leasehold improvements. To estimate the fair value of the intangible assets, the Company utilized the discounted cash flow method to estimate the fair value of the asset group. The Company identified that no projected after-tax cash flows would be generated from the Purigen intangible assets and that the cost to maintain and sell the Purigen products exceeded the expected revenue to be generated from the asset group. The carrying value of the Purigen intangible assets therefore exceeded its fair value and the Company recorded an impairment loss of $17.3 million for the intangible assets. The Company estimated the fair value of the right-of-use asset and related office equipment and leasehold improvements for the Pleasanton, California facility and recorded an impairment loss of $0.8 million. The fair value of the right-of-use asset and related office equipment and leasehold improvements was estimated using the discounted future cash flow methods, which includes estimates and assumptions for future sublease rental rates that reflect current sublease market conditions as well as discount rates. The Company also recorded $0.1 million of leasehold improvements and office equipment impairments related to the Pleasanton, California facility. The estimates and assumptions used in the assessment of intangible assets, right-of-use assets and related office equipment and leasehold improvement impairments represent Level 3 measurements because they are supported by little or no market activity and reflect the Company’s assumptions in measuring fair value. The impairment losses were recognized in intangible assets and other long-lived assets impairment in the unaudited condensed consolidated statement of operations. No impairment losses were recorded during the three or nine months ended September 30, 2023. Inventories The Company reviews its inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during the next 12 months are classified as non-current within other long-term assets. As of September 30, 2024, $2.0 million of inventories were included in other long-term assets. During the three months ended September 30, 2024, the Company recorded a $7.2 million write-off of its Saphyr instrument spare parts and other obsolete inventory as a result of the Company’s restructuring initiatives and change in business strategy announced in September 2024. Loss on disposal of property and equipment Loss on disposal of property and equipment includes the net book value of assets that have been abandoned or retired and consists primarily of our leasehold improvements, furniture, equipment and fixtures that were abandoned and disposed of in the normal course of business. We recorded a loss on disposal of property and equipment of $1.4 million as of September 30, 2024. Change in depreciable lives of property and equipment The Company reviews the estimated useful life of its fixed assets on an ongoing basis. This review indicated that the actual lives of the Company’s Saphyr and Stratys instruments were longer than the estimated useful lives used for depreciation purposes in the Company’s unaudited condensed consolidated financial statements. As a result, effective January 1, 2024, the Company changed its estimates of the useful lives of the Company’s Saphyr and Stratys instruments to better reflect the estimated period during which these assets will remain in service. The estimated useful lives of the Company’s Saphyr and Stratys instruments were increased from 5 to 7 years. The effect of this change in estimate reduced depreciation expense by $0.5 million for the fiscal year 2024. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure about specific expense categories in the notes to financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this accounting standard update on the Company’s consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company’s consolidated financial statements and related disclosures.

Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:


U.S. treasuries	3,160,000		—		3,160,000		—
Total investments:	$	3,160,000	$	—	$	3,160,000	$	—
Money market funds classified as cash equivalents	$	6,430,000	$	6,430,000	$	—	$	—

U.S. treasuries classified as restricted investments	11,000,000		—		11,000,000		—
Total restricted investments:	$	11,000,000	$	—	$	11,000,000	$	—

Liabilities:

Convertible notes payable	$	14,953,000	$	—	$	—	$	14,953,000


	December 31, 2023
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:
Corporate notes/bonds	14,360,000		—		14,360,000		—
U.S. treasuries	34,463,000				34,463,000
Total investments:	$	48,823,000	$	—	$	48,823,000	$	—
Money market funds classified as cash equivalents	$	9,752,000	$	9,752,000	$	—	$	—
Commercial paper classified as restricted investments	5,432,000		—		5,432,000		—
U.S. treasuries classified as restricted investments	29,685,000		—		29,685,000		—
Total restricted investments:	$	35,117,000	$	—	$	35,117,000	$	—
Liabilities:
Contingent consideration	$	10,890,000	$	—	$	—	$	10,890,000
Convertible notes payable	$	69,803,000	$	—	$	—	$	69,803,000
Purchase option liability	$	8,534,000	$	—	$	—	$	8,534,000

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key input assumptions utilized in the going concern scenario are summarized in the table below:


	September 30, 2024		December 31, 2023
Expected volatility	100.00	%	80.20	%
Risk-free interest rate	3.81	%	4.92	%
Term to maturity (years)	1.41		0.80
Debt discount rate	19.80	%	17.11	%
Equity discount rate	3.81	%	4.92	%

The key input assumptions utilized in the dissolution scenario are summarized in the table below:


	September 30, 2024
Risk-free interest rate	4.33	%
Expected term to repayment (years)	0.50
Dissolution discount rate	21.19	%


	Subsequently Purchased Notes			Subsequently Purchased Warrants
		December 31, 2023			December 31, 2023
Expected volatility		80.20	%		66.20	%
Risk-free interest rate		4.46	%		3.80	%
Term to maturity (years)		1.50			5.00
Dividend yield		—	%		—	%
Exercise price		—			$3.19
Debt discount rate		16.60	%		—	%
Equity discount rate		4.46	%		—	%

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


	Contingent Consideration Liability (Level 3 Measurement)		Convertible Debentures Payable (Level 3 Measurement)		Convertible Notes Payable (Level 3 Measurement)		Option Liability (Level 3 Measurement)
Balance as of January 1, 2024	$	10,890,000	$	—	$	69,803,000	$	8,534,000
Issuance of convertible debentures payable, convertible notes payable and option	—		19,890,000		—		—
Change in estimated fair value, recorded in selling, general and administrative expenses	(10,890,000)		—		—		—
Change in estimated fair value, recorded in other income (expense), net	—		(434,000)		(4,524,000)		(3,474,000)
Change in fair value attributable to instrument-specific credit risk recorded in other comprehensive income (loss)	—		(1,503,000)		—		—

Cash payments	—		—		(61,000,000)		—
Cash payments on redemptions	—		(3,000,000)		(5,374,000)
(Gain)/loss on extinguishment of High Trail	—		—		1,095,000		(5,060,000)
Balance as of September 30, 2024	$	—	$	14,953,000	$	—	$	—

Changes in estimated fair value of contingent consideration liability in the nine months ended September 30, 2023 is as follows:


	Contingent Consideration Liability (Level 3 Measurement)
Balance as of January 1, 2023	$	22,352,000

Change in estimated fair value, recorded in selling, general and administrative expenses	2,528,000

Balance as of September 30, 2023	$	24,880,000

Schedule of Marketable Securities

As of September 30, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value


U.S. treasuries	Less than 1	3,160,000		—		—		3,160,000
Total maturity less than 1 year		$	3,160,000	$	—	$	—	$	3,160,000

As of September 30, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value


U.S. treasuries	Less than 1	10,998,000		2,000		—		11,000,000
Total maturity less than 1 year		$	10,998,000	$	2,000	$	—	$	11,000,000

As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Corporate notes/bonds	Less than 1	$	14,369,000	$	—	$	(9,000)	$	14,360,000
U.S. treasuries	Less than 1	34,459,000		4,000		—		34,463,000
Total maturity less than 1 year		$	48,828,000	$	4,000	$	(9,000)	$	48,823,000

As of December 31, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities presented within restricted investments:


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	5,435,000	$	—	$	(3,000)	$	5,432,000
U.S. treasuries	Less than 1	29,682,000		5,000		(2,000)		29,685,000
Total maturity less than 1 year		$	35,117,000	$	5,000	$	(5,000)	$	35,117,000

As of September 30, 2024, the following table summarizes available-for-sale securities in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss


U.S. treasuries	3,160,000		—		—		—		3,160,000		—
Total	$	3,160,000	$	—	$	—	$	—	$	3,160,000	$	—

As of September 30, 2024, the available-for-sale securities listed as restricted investments in an unrealized loss position was zero.

As of December 31, 2023, the following table summarizes available-for-sale securities in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Corporate Notes/Bonds	$	2,362,000	$	(5,000)	$	10,001,000	$	(4,000)	$	12,363,000	$	(9,000)
Total	$	2,362,000	$	(5,000)	$	10,001,000	$	(4,000)	$	12,363,000	$	(9,000)

As of December 31, 2023, the following table summarizes available-for-sale securities listed as restricted investments in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Commercial paper	$	5,432,000	$	(3,000)	$	—	$	—	$	5,432,000	$	(3,000)
U.S. treasuries	11,789,000		(2,000)		—		—		11,789,000		(2,000)
Total	$	17,221,000	$	(5,000)	$	—	$	—	$	17,221,000	$	(5,000)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders


	September 30, 2024	September 30, 2023
Stock options	3,782,000	3,527,000
Warrants	65,456,000	40,000
Convertible debentures into common stock	8,500,000	—
RSUs	413,000	266,000
PSUs	29,000	29,000
Total	78,180,000	3,862,000

Revenue Recognition - Narrative (Details) - Revenue from Contract with Customer - Geographic Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	32.30%	51.20%	38.30%	44.20%
China
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)				10.30%

- Definition

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

+ References + Details

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss:	$ (44,246)	$ (112,566)	$ (91,892)	$ (188,602)
Other comprehensive income (loss):
Unrealized gain on investment securities	10	227	12	1,014
Change in fair value attributable to instrument-specific credit risk	1,503	0	1,503	0
Foreign currency translation adjustments	24	(10)	(4)	17
Other comprehensive income	1,537	217	1,511	1,031
Total comprehensive loss	$ (42,709)	$ (112,349)	$ (90,381)	$ (187,571)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue by Source


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Instruments	$	1,419,000	$	2,338,000	$	5,293,000	$	6,684,000
Consumables	3,333,000		2,476,000		9,366,000		7,664,000
Software	1,269,000		1,642,000		4,700,000		4,164,000
Total product revenue	6,021,000		6,456,000		19,359,000		18,512,000
Service and other	52,000		2,862,000		3,254,000		6,883,000
Total revenue	$	6,073,000	$	9,318,000	$	22,613,000	$	25,395,000

Revenue by Geographic Location


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
	$		%		$		%		$		%		$		%
Americas	$	2,537,000	42	%	$	5,346,000	57	%	$	10,613,000	47	%	$	13,103,000	52	%
EMEA	2,764,000		46	%	2,686,000		29	%	9,521,000		42	%	8,426,000		33	%
Asia Pacific	772,000		13	%	1,286,000		14	%	2,479,000		11	%	3,866,000		15	%
Total	$	6,073,000	100	%	$	9,318,000	100	%	$	22,613,000	100	%	$	25,395,000	100	%

The table above provides revenue from contracts with customers by source and geographic region (based on the customer’s billing address) on a disaggregated basis. Americas consists of North America and South America. EMEA consists of Europe, the Middle East, and Africa. Asia Pacific includes China, Japan, South Korea, Singapore, India and Australia.

For the three months ended September 30, 2024 and 2023, the United States represented 32.3% and 51.2% of total revenue, respectively. For the nine months ended September 30, 2024 and 2023, the United States represented 38.3% and 44.2% of total revenue, respectively. For the nine months ended September 30, 2023, China represented 10.3% of total revenue. No other countries represented greater than 10% of total revenue during the three and nine months ended September 30, 2024 and 2023.

Remaining Performance Obligations

As of September 30, 2024, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied was approximately $1.5 million. These remaining performance obligations primarily relate to extended warranty, support and maintenance obligations, as well as obligations related to software under hosting arrangements. The Company expects to recognize approximately 38.3% of this amount as revenue during the remainder of 2024, 48.0% in 2025, and 13.7% in 2026 and thereafter. Warranty revenue is included in service and other revenue.

The Company recognized revenue of approximately $0.6 million and $0.2 million during the three months ended September 30, 2024 and 2023, respectively, which was included in the contract liability balance at the end of the year preceding each period, and revenue of approximately $1.3 million and $1.3 million during the nine months ended September 30, 2024 and 2023, respectively, which was included in the contract liability balance at the end of the year preceding each period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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

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

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

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

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

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

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

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

+ Details

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

Balance Sheet Account Details

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Account Details

Accounts Receivable and Allowance for Credit Losses


	September 30, 2024		December 31, 2023		December 31, 2022
Accounts receivable, net:
Accounts receivable, trade	$	5,520,000	$	9,802,000	$	7,315,000
Allowance for credit losses	(204,000)		(483,000)		(293,000)
	$	5,316,000	$	9,319,000	$	7,022,000

Changes to the allowance for credit losses during the nine months ended September 30, 2024 and 2023 were as follows:


	Allowance for Credit Losses
Balance as of January 1, 2023	$	(293,000)
Provision for expected credit loss	(98,000)
Write-offs	37,000
Balance as of September 30, 2023	$	(354,000)

Balance as of January 1, 2024	$	(483,000)
Provision for expected credit loss	(9,000)
Write-offs	288,000
Balance as of September 30, 2024	$	(204,000)

The Company’s analysis included an assessment of our aged trade receivables balances and their underlying credit risk characteristics. Our evaluation of past events, current conditions, and reasonable and supportable forecasts about the future resulted in an expectation of immaterial credit losses.

Inventory

The components of inventories are as follows:


	September 30, 2024		December 31, 2023
Inventory:
Raw materials	$	3,601,000	$	7,567,000
Work in process	3,583,000		9,790,000
Finished goods	9,097,000		10,245,000
	$	16,281,000	$	27,602,000
Inventories current	$	14,323,000	$	22,892,000
Inventories non-current (included in other long-term assets)	$	1,958,000	$	4,710,000

Intangible Assets

Intangible assets that are subject to amortization consisted of the following for the periods presented:


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	1,000,000	$	(592,000)	$	408,000	$	2,630,000	$	(1,078,000)	$	1,552,000
Customer relationships	3,000,000		(1,775,000)		1,225,000		4,150,000		(2,002,000)		2,148,000
Developed technology	22,800,000		(13,490,000)		9,310,000		41,600,000		(11,428,000)		30,172,000
Intangibles, net	$	26,800,000	$	(15,857,000)	$	10,943,000	$	48,380,000	$	(14,508,000)	$	33,872,000

Intangible assets not subject to amortization totaled $0.1 million at September 30, 2024 and December 31, 2023, and related to the Company’s domain name. See Note 1 (Organization and Basis of Presentation) for further discussion on the impairment charges impacting the Company’s intangible assets in the period.

Accrued Expenses

Accrued expenses consist of the following:


	September 30, 2024		December 31, 2023
Compensation expenses*	$	4,007,000	$	5,030,000
Customer deposits	17,000		17,000
Taxes payable	1,008,000		1,099,000
Insurance	16,000		512,000
Professional fees and royalties	496,000		387,000
Warranty liabilities	254,000		391,000
Accrued clinical study fees	10,000		138,000
Other	75,000		515,000
Total	$	5,883,000	$	8,089,000
*Compensation expenses include restructuring costs of $1.0 million as of September 30, 2024. Refer to Note 7 (Commitments and Contingencies).