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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM             TO
Commission file number: 001-38613
_________________________________________________________
Bionano Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware 26-1756290
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
9540 Towne Centre Drive, Suite 100,
San Diego, CA
 
 
92121
(Address of Principal Executive Offices) (Zip Code)
(858) 888-7600
(Registrant’s Telephone Number, Including Area Code)
_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareBNGOThe Nasdaq Stock Market, LLC
Warrants to purchase Common StockBNGOWThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  x No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
   Emerging growth company


Table of Contents
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   No x

As of October 26, 2022, the registrant had 296,924,500 shares of Common Stock ($0.0001 par value) outstanding.




Table of Contents
BIONANO GENOMICS, INC.
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BIONANO GENOMICS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
 September 30,
2022
December 31,
2021
Assets  
Current assets:  
Cash and cash equivalents$28,166,000 $24,571,000 
Investments 152,024,000 226,041,000 
Accounts receivable, net of allowance for doubtful accounts of $496,000 and $690,000 as of September 30, 2022 and December 31, 2021, respectively
5,829,000 4,934,000 
Inventory25,046,000 12,387,000 
Prepaid expenses and other current assets7,132,000 4,481,000 
Total current assets218,197,000 272,414,000 
Property and equipment, net15,859,000 10,318,000 
Operating lease right-of-use assets6,030,000 6,691,000 
Finance lease right-of-use assets, related party3,759,000 3,926,000 
Intangible assets, net22,585,000 26,842,000 
Goodwill56,466,000 56,160,000 
Other long-term assets802,000 749,000 
Total assets$323,698,000 $377,100,000 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,407,000 $9,696,000 
Accrued expenses11,742,000 9,694,000 
Contract liabilities976,000 684,000 
Operating lease liability1,784,000 1,467,000 
Finance lease liability, related party288,000 299,000 
Contingent consideration9,303,000  
Total current liabilities33,500,000 21,840,000 
Operating lease liability, net of current portion4,694,000 5,288,000 
Finance lease liability, net of current portion, related party3,626,000 3,642,000 
Contingent consideration 9,066,000 
Long-term contract liabilities136,000 146,000 
Total liabilities41,956,000 39,982,000 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of September 30, 2022 and December 31, 2021
  
Common stock, $0.0001 par value, 400,000,000 shares authorized at September 30, 2022 and December 31, 2021; 296,900,000 and 289,602,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
30,000 29,000 
Additional paid-in capital593,572,000 553,747,000 
Accumulated deficit(310,038,000)(216,119,000)
Accumulated other comprehensive loss(1,822,000)(539,000)
Total stockholders’ equity281,742,000 337,118,000 
Total liabilities and stockholders’ equity$323,698,000 $377,100,000 
See accompanying notes to the unaudited condensed consolidated financial statements
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BIONANO GENOMICS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenue:  
Product revenue$3,606,000 $3,300,000 $10,635,000 $7,845,000 
Service and other revenue3,615,000 1,355,000 8,952,000 3,834,000 
Total revenue7,221,000 4,655,000 19,587,000 11,679,000 
Cost of revenue:
Cost of product revenue3,708,000 2,340,000 11,257,000 5,723,000 
Cost of service and other revenue1,704,000 1,161,000 4,190,000 2,321,000 
Total cost of revenue5,412,000 3,501,000 15,447,000 8,044,000 
Operating expenses:
Research and development12,742,000 6,505,000 35,036,000 13,270,000 
Selling, general and administrative21,216,000 15,327,000 63,275,000 38,683,000 
Total operating expenses33,958,000 21,832,000 98,311,000 51,953,000 
Loss from operations(32,149,000)(20,678,000)(94,171,000)(48,318,000)
Other income (expense):
Interest income436,000 29,000 737,000 152,000 
Interest expense(73,000)(2,000)(223,000)(873,000)
Gain on forgiveness of Paycheck Protection Program loan   1,775,000 
Loss on debt extinguishment   (2,076,000)
Other income (expense)5,000 (67,000)(183,000)(96,000)
Total other income (expense)368,000 (40,000)331,000 (1,118,000)
Loss before income taxes(31,781,000)(20,718,000)(93,840,000)(49,436,000)
Benefit (provision) for income taxes(28,000)(35,000)(79,000)(50,000)
Net loss$(31,809,000)$(20,753,000)$(93,919,000)$(49,486,000)
Net loss per share, basic and diluted$(0.11)$(0.07)$(0.33)$(0.18)
Weighted-average common shares outstanding basic and diluted289,701,000 280,173,000 286,629,000 274,392,000 
See accompanying notes to the unaudited condensed consolidated financial statements.
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BIONANO GENOMICS, INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30, 2022
 2022202120222021
Net loss:$(31,809,000)$(20,753,000)$(93,919,000)$(49,486,000)
Other comprehensive loss:
Unrealized gain (loss) on investment securities
236,000 (116,000)(1,143,000)(116,000)
Foreign currency translation adjustments (140,000) (140,000) 
Other comprehensive loss$96,000 $(116,000)$(1,283,000)$(116,000)
Total comprehensive loss$(31,713,000)$(20,869,000)$(95,202,000)$(49,602,000)
See accompanying notes to the unaudited condensed consolidated financial statements.
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BIONANO GENOMICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal Stockholders’ Equity (Deficit)
SharesAmount
Balance at January 1, 2021189,953,000 $19,000 $178,747,000 $(143,684,000)$ $35,082,000 
Stock option exercises102,000 — 333,000 — — 333,000 
Stock-based compensation expense— — 371,000 — — 371,000 
Issue common stock, net of issuance costs78,000,000 8,000 327,478,000 — — 327,486,000 
Issue stock for warrant exercises10,739,000 1,000 9,392,000 — — 9,393,000 
Net loss— — — (9,947,000)— (9,947,000)
Balance at March 31, 2021278,794,000 $28,000 $516,321,000 $(153,631,000)$ $362,718,000 
Stock option exercises60,000 — 89,000 — — 89,000 
Stock-based compensation expense— — 1,758,000 — — 1,758,000 
Issue stock for employee stock purchase plan150,000 — 65,000 — — 65,000 
Issue stock for warrant exercises50,000 — 22,000 — — 22,000 
Net loss— — — (18,786,000)— (18,786,000)
Balance at June 30, 2021279,054,000 $28,000 $518,255,000 $(172,417,000)$ $345,866,000 
Stock option exercises209,000 — 242,000 — — 242,000 
Stock-based compensation expense— — 2,788,000 — — 2,788,000 
Issue common stock, net of issuance costs2,178,000 — 13,537,000 — — 13,537,000 
Issue stock for warrant exercises— — 1,000 — — 1,000 
Net loss— — — (20,753,000)— (20,753,000)
Other comprehensive income (loss)— — — — (116,000)(116,000)
Balance at September 30, 2021281,441,000 $28,000 $534,823,000 $(193,170,000)$(116,000)$341,565,000 
Balance at January 1, 2022289,602,000 $29,000 $553,747,000 $(216,119,000)$(539,000)$337,118,000 
Stock option exercises21,000 — 15,000 — — 15,000 
Stock-based compensation expense— — 5,102,000 — — 5,102,000 
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes65,000 — — — — — 
Net loss— — — (29,952,000)— (29,952,000)
Other comprehensive income (loss)— — — — (1,098,000)(1,098,000)
Balance at March 31, 2022289,688,000 $29,000 $558,864,000 $(246,071,000)$(1,637,000)$311,185,000 
Stock option exercises249,000 — 136,000 — — 136,000 
Stock-based compensation expense— — 5,777,000 — — 5,777,000 
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes(26,000)— — — — — 
Issue stock for employee stock purchase plan150,000 — 75,000 — — 75,000 
Net loss— — — (32,158,000)— (32,158,000)
Other comprehensive income (loss)— — — — (281,000)(281,000)
Balance at June 30, 2022290,061,000 $29,000 $564,852,000 $(278,229,000)$(1,918,000)$284,734,000 
Stock option exercises132,000 — 111,000 — — 111,000 
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Stock-based compensation expense— — 6,059,000 — — 6,059,000 
Issuance of common stock due to the vesting of restricted stock units, net of shares withheld to cover taxes67,000 — — — — — 
Issue common stock, net of issuance costs6,640,000 1,000 22,550,000 — — 22,551,000 
Net loss— — — (31,809,000)— (31,809,000)
Other comprehensive income (loss)— — — — 96,000 96,000 
Balance at September 30, 2022296,900,000 $30,000 $593,572,000 $(310,038,000)$(1,822,000)$281,742,000 
See accompanying notes to the unaudited condensed consolidated financial statements
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BIONANO GENOMICS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
  Nine Months Ended
September 30,
 20222021
Operating activities:  
Net loss$(93,919,000)$(49,486,000)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization expense6,855,000 1,490,000 
Amortization of financing lease right-of-use asset168,000  
Amortization of interest on securities695,000  
Non-cash lease expense383,000  
Non-cash interest expense 178,000 
Stock-based compensation16,938,000 4,917,000 
Provision for bad debt expense33,000  
Change in fair value of contingent consideration237,000  
Gain on forgiveness of PPP Loan (1,775,000)
Loss on debt extinguishment 2,076,000 
Cost of leased equipment sold to customer204,000  
Changes in operating assets and liabilities:
Accounts receivable(1,167,000)(336,000)
Inventory(18,121,000)(10,346,000)
Prepaid expenses and other current assets(3,439,000)(2,072,000)
Accounts payable(1,233,000)4,945,000 
Accrued expenses and contract liabilities2,067,000 4,104,000 
Net cash used in operating activities(90,299,000)(46,305,000)
Investing Activities:
BioDiscovery acquisition, return of purchase consideration from escrow694,000  
Purchases of property and equipment(1,055,000)(344,000)
Purchase of available for sale securities(63,208,000)(205,334,000)
Sale and maturity of available for sale securities135,386,000 20,000,000 
Construction in progress(686,000) 
Sale of property and equipment26,000 126,000 
Net cash provided by / (used in) investing activities71,157,000 (185,552,000)
Financing activities:
Repayment of term-loan debt (17,010,000)
Principal payments of financing lease liability(26,000) 
Proceeds from sale of common stock23,128,000 342,712,000 
Offering expenses on sale of common stock(578,000)(1,704,000)
 Proceeds from sale of common stock under employee stock purchase plan75,000 65,000 
Proceeds from warrant and option exercises262,000 10,081,000 
Net cash provided by financing activities22,861,000 334,144,000 
Effect of exchange rates on cash and cash equivalents (124,000) 
Net increase in cash and cash equivalents3,595,000 102,287,000 
Cash and cash equivalents at beginning of period24,571,000 38,449,000 
Cash and cash equivalents at end of period$28,166,000 $140,736,000 
Supplemental cash flow disclosures:
Cash paid for interest$222,000 $490,000 
Cash paid for operating lease liabilities $1,166,000 $660,000 
Supplemental disclosure of non-cash investing and financing activities:
Transfer of instruments and servers from inventory to property and equipment, net$5,500,000 $4,530,000 
Property and equipment included in accounts payable$857,000 $ 
Construction in progress included in accounts payable$106,000 $ 
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Operating lease liabilities resulting from obtaining right-of-use assets$517,000 $2,309,000 
Forgiveness of PPP Loan$ $1,775,000 
Stock issued for services$ $15,000 
Warrant exercise pursuant to cashless exercise$ $129,000 
See accompanying notes to the unaudited condensed consolidated financial statements
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BIONANO GENOMICS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. 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’s mission is to transform the way the world sees the genome through optical genome mapping (“OGM”) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research, and for other applications including bioprocessing. Through its Lineagen, Inc. (doing business as Bionano Laboratories, “Bionano Laboratories”) business, the Company also provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. Through its BioDiscovery, LLC (“BioDiscovery”) business, the Company also offers an industry-leading, platform-agnostic software solution, which integrates next-generation sequencing and microarray 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.
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. 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, 2021.
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
As of September 30, 2022, the Company had approximately $28.2 million in cash and cash equivalents, $152.0 million in available for sale investment securities, and working capital of $184.7 million as a result of common stock offerings executed in the quarters ended December 31, 2020, March 31, 2021, September 30, 2021, and September 30, 2022.
The Company believes its available cash, cash equivalents, and available for sale securities will be sufficient to fund operations, obligations as they become due and capital investments for at least the next 12 months. However, the Company expects to continue to incur net losses for the foreseeable future. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, potentially harming the Company’s business.
COVID-19 and Other Geopolitical Events
The Company is subject to additional risks and uncertainties as a result of adverse geopolitical and macroeconomic events, such as the continued impact of COVID-19, the ongoing conflict between Ukraine and Russia and related sanctions, and uncertain market conditions, including higher inflation and supply chain disruptions, which could continue to have a material impact on the Company’s business and financial results. The Company closely monitors and complies with various applicable guidelines and legal requirements in the jurisdictions in which it operates, which may continue to result in reduced business operations in response to new or existing stay-at-home orders, travel restrictions and other social distancing measures. If restrictions related to COVID-19 persist, the Company could see additional supply chain disruptions that impact its ability to produce its products and may cause the Company to make strategic determinations regarding, among other things, the cost and quality of the components and supplies it acquires. The Company may also see negative effects on study enrollment in its ongoing or future studies. At various times throughout the pandemic, the Company has been unable to visit certain customer sites to support installation or service of its OGM systems. The Company’s manufacturing partners, suppliers, and customers, have implemented similar operational reductions. Despite reporting an increase in revenue for the three and nine months ended September 30, 2022 when compared to the same period in 2021, the Company experienced supply chain constraints that
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negatively impacted the Company’s first, second and third quarter 2021 and 2022 financial results. Given the continued evolution of the COVID-19 pandemic and the related complexities and uncertainties associated with the additional variants, the future effects of COVID-19 are unknown and the Company’s financial results may continue to be negatively affected in the future. The COVID-19 pandemic may also have long-term effects on the nature of the office environment and remote working, which may present strategy, operational, talent recruiting and retention and workplace culture challenges that may adversely affect its business.
Following the recent invasion of Ukraine by Russia, the U.S. and global financial markets experienced volatility, which has led to disruptions to trade, commerce, pricing stability, credit availability, supply chain continuity and reduced access to liquidity globally. In response to the invasion, the United States, United Kingdom and European Union, along with others, imposed significant new sanctions and export controls against Russia, Russian banks and certain Russian individuals and may implement additional sanctions or take further punitive actions in the future. The full economic and social impact of the sanctions imposed on Russia and possible future punitive measures that may be implemented, as well as the counter measures imposed by Russia, in addition to the ongoing military conflict between Ukraine and Russia and related sanctions, which could conceivably expand into the surrounding region, remains uncertain; however, both the conflict and related sanctions have resulted and could continue to result in disruptions to trade, commerce, pricing stability, credit availability, supply chain continuity and reduced access to liquidity on acceptable terms, in both Europe and globally, and has introduced significant uncertainty into global markets. As a result, our business and results of operations may be adversely affected by the ongoing military conflict between Ukraine and Russia and related sanctions, particularly to the extent it escalates to involve additional countries, further economic sanctions or wider military conflict.
During the three and nine months ended September 30, 2022, the Company experienced supply chain challenges, which it largely attributes to the COVID-19 pandemic and the general disruptions from the ongoing conflict between Ukraine and Russia and related sanctions. While neither the COVID-19 pandemic nor the Ukraine-Russia conflict prevented the Company from operating its business during the three and nine months ended September 30, 2022, it experienced increased cost to secure certain component parts in its products and to produce its products at its contract manufacturers. The Company expects these increased costs to remain high as the COVID-19 pandemic, the Ukraine-Russia conflict and their respective effects persist.
As global economic conditions recover from the COVID-19 pandemic, the Ukraine-Russia conflict and the related sanctions, business activity may not recover as quickly as anticipated, and it is not possible at this time to estimate the long-term impact that these and related events could have on the Company’s business, as the impact will depend on future developments, which are highly uncertain and cannot be predicted. For instance, product demand may be reduced due to an economic recession, rising inflation rates, labor shortages, a decrease in corporate capital expenditures, prolonged unemployment, reduction in consumer confidence, adverse macroeconomic events, or any similar negative economic condition. Further, the travel restrictions on the Company’s business have limited its ability to support its global and domestic operations, including providing installation and training and customer service, which has and may continue to slow the pace of its commercial strategy, sales and marketing efforts. These negative effects could have a material impact on the Company’s operations, business, earnings, and liquidity.
Significant Accounting Policies
During the three and nine months ended September 30, 2022, there were no 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, 2021.
Recently Issued But Not Yet Adopted Accounting Pronouncements
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which amends the impairment model by requiring entities to use a forward looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available for sale debt securities. The standard is effective for the company beginning in the first quarter of 2023, with early adoption permitted. The Company is currently evaluating the expected impact of ASU 2016-13 on its financial statements.
Recently Adopted Accounting Pronouncements
In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, “Leases (Topic 842)” (“ASC 842”) which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. ASC 842 establishes a right-of-use model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. ASC 842 also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard was adopted on January 1, 2021, as the Company lost its status as an Emerging Growth Company effective December 31, 2021, and therefore was required to adopt the standard for the year ending December 31, 2021, using the modified retrospective method. Under this transition method, the Company recognized and measured leases that existed at the adoption date in the audited consolidated balance sheet as of January 1, 2021. In connection with the adoption of ASC 842, the Company elected the package of practical expedients requiring no reassessment of whether any expired or existing contracts contain
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leases, the lease classification of any expired or existing leases, or initial direct costs for any existing leases. The Company also made accounting policy elections not to apply the recognition requirements under ASC 842 to any short-term leases and to account for each separate lease and associated non-lease components as a single lease component for all the Company’s leases. The adoption of this new accounting standard resulted in increased qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. For further details, see Note 7, Commitments and Contingencies. The adoption of the new standard did not materially impact the Company’s consolidated results of operations.
In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges for Freestanding Equity-Classified Written Call Options to clarify the accounting for modifications or exchanges of equity-classified warrants. The standard is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company’s adoption of this accounting standard on January 1, 2022, did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.
2. 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. 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. Pre-funded warrants from the Company’s follow-on offering have been treated as if they were common shares outstanding on the date of issuance. The Company’s potentially dilutive securities which include outstanding warrants to purchase stock 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. Restricted stock is treated as outstanding for accounting purposes. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
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,
2022
September 30,
2021
Stock options24,586,000 10,661,000 
Unvested restricted stock3,420,000  
Warrants4,356,000 4,361,000 
RSUs163,000 530,000 
PSUs290,000 290,000 
Total32,815,000 15,842,000 
3. Revenue Recognition
Revenue by Source
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Instruments$1,830,000 $1,468,000 $5,873,000 $3,507,000 
Consumables1,776,000 1,832,000 4,762,000 4,338,000 
Total product revenue3,606,000 3,300,000 10,635,000 7,845,000 
Service and other3,615,000 1,355,000 8,952,000 3,834,000 
Total revenue$7,221,000 $4,655,000 $19,587,000 $11,679,000 

Revenue by Geographic Location
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
$%$%$%$%
Americas$3,679,000 51 %$2,557,000 55 %$9,618,000 49 %$6,419,000 55 %
EMEA1,969,000 27 %1,234,000 27 %6,317,000 32 %3,762,000 32 %
Asia Pacific1,573,000 22 %864,000 18 %3,652,000 19 %1,498,000 13 %
Total$7,221,000 100 %$4,655,000 100 %$19,587,000 100 %$11,679,000 100 %
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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. During the three months ended September 30, 2022, the Company changed the presentation of its revenues from India to be included in the Asia Pacific geographic region. Prior to the three months ended September 30, 2022, the Company had presented revenues from India in the EMEA geographic region. The impact of this change on prior period disclosures is immaterial.
For the three months ended September 30, 2022 and 2021, the United States represented 41.8% and 44.2% of total revenue, respectively. For the three months ended September 30, 2022 and 2021, China represented 13.4% and 17.9% of total revenue, respectively. Additionally, for the three months ended September 30, 2021, Canada represented 10.8% of total revenue. For the nine months ended September 30, 2022 and 2021, the United States represented 41.3% and 50.0% of total revenue, respectively. For the nine months ended September 30, 2022, China represented 13.1% of total revenue. No other countries represented greater than 10% of revenue during the three and nine months ended September 30, 2022 and 2021.
Remaining Performance Obligations
As of September 30, 2022, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied was approximately $1.1 million. These remaining performance obligations primarily relate to extended warranty and support and maintenance obligations. The Company expects to recognize approximately 39.0% of this amount as revenue during the remainder of 2022, 51.5% in 2023, and 9.5% in 2024 and thereafter. Warranty revenue is included in service and other revenue.
The Company recognized revenue of approximately $0.1 million and $0.1 million during the three months ended September 30, 2022 and 2021, respectively, and revenue of approximately $0.6 million and $0.3 million during the nine months ended September 30, 2022 and 2021, respectively, which was included in the contract liability balance at the end of the previous year.
4. Balance Sheet Account Details
Accounts Receivable
September 30,
2022
December 31,
2021
Accounts receivable, net:
Accounts receivable, trade$6,325,000 $5,624,000 
Less allowance for doubtful accounts(496,000)(690,000)
$5,829,000 $4,934,000 

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Inventory
The components of inventories are as follows:
 September 30,
2022
December 31,
2021
Inventory:
Raw materials$5,254,000 $4,649,000 
   Work in process
7,072,000 1,660,000 
Finished goods12,720,000 6,078,000 
$25,046,000 $12,387,000 
Beginning with the third quarter for the year ended December 31, 2022, the Company revised its classification of its inventory between the categories in the table above. The Company has revised the classification for the December 31, 2021 balance sheet.
Intangible Assets
Intangible assets that are subject to amortization consisted of the following for the periods presented:
September 30, 2022
December 31, 2021
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Trade name$1,630,000 $(453,000)$1,177,000 $1,630,000 $(210,000)$1,420,000 
Customer relationships3,950,000 (972,000)2,978,000 3,950,000 (378,000)3,572,000 
Developed technology22,800,000 (4,370,000)18,430,000 22,800,000 (950,000)21,850,000 
Intangibles, net$28,380,000 $(5,795,000)$22,585,000 $28,380,000 $(1,538,000)$26,842,000 
Accrued Expenses
Accrued expenses consist of the following:
September 30,
2022
December 31,
2021
Compensation expenses$6,756,000 $4,529,000 
Goods received not invoiced1,805,000 1,073,000 
Customer deposits6,000 826,000 
Taxes payable763,000 677,000 
Insurance 970,000 1,011,000 
Accrued royalties82,000 288,000 
Warranty liabilities337,000 175,000 
Accrued clinical study fees196,000 1,000 
Other827,000 1,114,000 
Total$11,742,000 $9,694,000 
5. Debt
Paycheck Protection Program
On April 17, 2020, the Company received the PPP Loan proceeds of approximately $1.8 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (the “SBA”). In February 2021, the Company applied for forgiveness of the PPP Loan, and in March 2021, the PPP Loan, including all accrued interest, was forgiven in full. A gain on forgiveness of Paycheck Protection Program loan of $1.8 million was recognized during the nine months ended September 30, 2021.
Innovatus Loan and Security Agreement
In May 2021, the outstanding term loan with Innovatus (“Innovatus LSA”) was paid in full, including all accrued interest, the end of term fee, and a prepayment fee for a total of approximately $17.0 million. Interest expense recognized during the nine months ended September 30, 2021 totaled approximately $0.9 million.
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6. Stockholders’ Equity and Stock-Based Compensation
Follow-on Public Offerings
On January 12, 2021 and January 25, 2021, the Company completed an underwritten public offering of 33.4 million and 38.3 million shares of common stock, respectively. The price to the public in the offerings on January 12, 2021 and January 15, 2021 was $3.05 and $6.00 per share, respectively. The net proceeds to the Company from the offerings, after deducting the underwriting discounts and commissions and other offering expenses, were $101.5 million and $229.6 million, respectively.
Shelf Registration Statements; Ladenburg and Cowen At-the-Market Facilities
In August 2020, the Company filed a shelf registration statement on Form S-3 with the SEC covering the offering, issuance and sale of up to $125 million of the Company’s securities, including up to $40 million of common stock, pursuant to an At Market Issuance Sales Agreement, with Ladenburg Thalmann & Co. Inc. acting as sales agent (the “Ladenburg ATM”). During October 2020 through January 2021, the Company sold approximately 33.3 million shares of common stock under the Ladenburg ATM and received net proceeds of $38.0 million after deducting aggregate offering costs. The Company terminated the Ladenburg ATM in March 2021.
On January 19, 2021, the Company filed an automatically effective shelf registration statement on Form S-3 with the SEC as a “well-known seasoned issuer,” allowing for the Company to issue an indeterminate number or amount of its securities from time to time in one or more offerings. As of June 30, 2022, as a consequence of the Company’s re-qualification as a “smaller reporting company,” the Company may lose “well-known seasoned issuer” status at the time it files its Annual Report on Form 10-K for the fiscal year ending December 31, 2022 if the worldwide market value of its voting and non-voting common equity held by its non-affiliates does not equal $700.0 million or more, calculated as of a date within 60 days prior to filing such report. If that were to occur and the Company were no longer considered a well-known seasoned issuer, the Company anticipates needing to amend its automatically effective shelf registration statement on Form S-3 prior to its filing of such annual report (or earlier if required by the Securities Act or the rules and regulations of the SEC) in order to sell securities under that Form S-3 on an ongoing basis.
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 (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. In August and September 2021, the Company sold approximately 2.3 million shares of common stock under the Cowen ATM at an average share price of $6.15 per share, and received gross proceeds of approximately $13.9 million before deducting offering costs of $0.6 million. In August 2022, the Company sold approximately 6.6 million shares of common stock under the Cowen ATM at an average share price of $3.46 per share, and received gross proceeds of approximately $23.1 million before deducting offering costs of $0.6 million.
Stock Warrants
A summary of the Company’s warrant activity during the nine months ended September 30, 2022 was as follows:
Shares of Stock under WarrantsWeighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
Outstanding at January 1, 20224,356,000 $5.96 1.76$785,000 
Granted — — — 
Exercised — — — 
Canceled — — — 
Outstanding at September 30, 2022
4,356,000 $5.96 1.01$397,000 
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Stock Options