0001564590-20-053548 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Entity File Number	001-39293
Entity Registrant Name	Inari Medical, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2902923
Entity Address, Address Line One	9 Parker
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	877
Local Phone Number	923-4747
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	NARI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,710,821
Entity Central Index Key	0001531048
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 167,988	$ 23,639
Restricted cash	50	50
Accounts receivable, net	20,837	11,302
Inventories, net	7,195	3,953
Prepaid expenses and other current assets	3,391	464
Total current assets	199,461	39,408
Property and equipment, net	5,476	3,331
Restricted cash	338	338
Deposits and other assets	536	1,469
Total assets	205,811	44,546
Current liabilities
Accounts payable	3,533	2,549
Payroll-related accruals	8,596	5,225
Accrued expenses and other current liabilities	2,198	1,096
Total current liabilities	14,327	8,870
Notes payable, net		19,481
Warrant liabilities		1,169
Total liabilities	14,327	29,520
Commitments and contingencies (Note 6)
Mezzanine equity
Redeemable convertible preferred stock, par value $0.001, no shares authorized, issued, and outstanding as of September 30, 2020; 32,225,227 shares authorized, 31,968,570 shares issued and outstanding as of December 31, 2019; aggregate liquidation preference of zero as of September 30, 2020 and $54,415 as of December 31, 2019		54,170
Stockholders' equity (deficit)
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2020; no shares authorized, issued, and outstanding as of December 31, 2019
Common stock, $0.001 par value, 300,000,000 and 49,019,607 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 48,658,271 and 6,720,767 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	49	7
Additional paid in capital	225,843	2,061
Accumulated deficit	(34,408)	(41,212)
Total stockholders' equity (deficit)	191,484	(39,144)
Total liabilities, mezzanine equity and stockholders' equity (deficit)	$ 205,811	$ 44,546

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	32,225,227
Redeemable convertible preferred stock, shares issued	0	31,968,570
Redeemable convertible preferred stock, shares outstanding	0	31,968,570
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 54,415
Preferred stock, Par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	49,019,607
Common stock, shares issued	48,658,271	6,720,767
Common stock, shares outstanding	48,658,271	6,720,767

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 38,715	$ 14,225	$ 91,059	$ 31,242
Cost of goods sold	3,228	1,510	9,420	3,772
Gross profit	35,487	12,715	81,639	27,470
Operating expenses
Research and development	5,217	1,722	11,863	4,511
Selling, general and administrative	23,080	10,100	58,353	23,328
Total operating expenses	28,297	11,822	70,216	27,839
Income (loss) from operations	7,190	893	11,423	(369)
Other income (expense)
Interest income	208	19	409	66
Interest expense	(251)	(226)	(1,060)	(682)
Change in fair value of warrant liabilities		(320)	(3,317)	(562)
Other expenses	(651)		(651)
Total other expenses	(694)	(527)	(4,619)	(1,178)
Net income (loss) and comprehensive income (loss)	$ 6,496	$ 366	$ 6,804	$ (1,547)
Net income (loss) per share
Basic	$ 0.13	$ 0.06	$ 0.26	$ (0.27)
Diluted	$ 0.12	$ 0.01	$ 0.14	$ (0.27)
Weighted average common shares used to compute net income (loss) per share,
Basic	48,335,443	5,962,665	26,423,681	5,773,263
Diluted	55,355,846	43,911,252	49,940,409	5,773,263

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Subscription Receivable	Additional Paid In Capital	Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance at Dec. 31, 2018								$ 54,170
Beginning Balance, Shares at Dec. 31, 2018								31,968,570
Beginning Balance at Dec. 31, 2018	$ (39,446)	$ 6	$ (758)	$ 1,430	$ (40,124)	$ 104	$ 104
Beginning Balance, Shares at Dec. 31, 2018		6,310,865
Options exercised for common stock	11			11
Options exercised for common stock, Shares		50,806
Interest earned on subscription receivable	(4)		(4)
Share based compensation expense	91			91
Net income (loss)	(948)				(948)
Ending Balance at Mar. 31, 2019								$ 54,170
Ending Balance, Shares at Mar. 31, 2019								31,968,570
Ending Balance at Mar. 31, 2019	(40,192)	$ 6	(762)	1,532	(40,968)
Ending Balance, Shares at Mar. 31, 2019		6,361,671
Beginning Balance at Dec. 31, 2018								$ 54,170
Beginning Balance, Shares at Dec. 31, 2018								31,968,570
Beginning Balance at Dec. 31, 2018	(39,446)	$ 6	(758)	1,430	(40,124)	$ 104	$ 104
Beginning Balance, Shares at Dec. 31, 2018		6,310,865
Net income (loss)	(1,547)
Ending Balance at Sep. 30, 2019								$ 54,170
Ending Balance, Shares at Sep. 30, 2019								31,968,570
Ending Balance at Sep. 30, 2019	(40,375)	$ 6	(663)	1,849	(41,567)
Ending Balance, Shares at Sep. 30, 2019		6,622,129
Beginning Balance at Mar. 31, 2019								$ 54,170
Beginning Balance, Shares at Mar. 31, 2019								31,968,570
Beginning Balance at Mar. 31, 2019	(40,192)	$ 6	(762)	1,532	(40,968)
Beginning Balance, Shares at Mar. 31, 2019		6,361,671
Options exercised for common stock	9			9
Options exercised for common stock, Shares		31,173
Interest earned on subscription receivable	(4)		(4)
Share based compensation expense	99			99
Net income (loss)	(965)				(965)
Ending Balance at Jun. 30, 2019								$ 54,170
Ending Balance, Shares at Jun. 30, 2019								31,968,570
Ending Balance at Jun. 30, 2019	(41,053)	$ 6	(766)	1,640	(41,933)
Ending Balance, Shares at Jun. 30, 2019		6,392,844
Options exercised for common stock	70			70
Options exercised for common stock, Shares		229,285
Interest earned on subscription receivable	(4)		(4)
Proceeds from subscription receivable	107		107
Share based compensation expense	139			139
Net income (loss)	366				366
Ending Balance at Sep. 30, 2019								$ 54,170
Ending Balance, Shares at Sep. 30, 2019								31,968,570
Ending Balance at Sep. 30, 2019	(40,375)	$ 6	$ (663)	1,849	(41,567)
Ending Balance, Shares at Sep. 30, 2019		6,622,129
Beginning Balance at Dec. 31, 2019	$ 54,170							$ 54,170
Beginning Balance, Shares at Dec. 31, 2019	31,968,570							31,968,570
Beginning Balance at Dec. 31, 2019	$ (39,144)	$ 7		2,061	(41,212)
Beginning Balance, Shares at Dec. 31, 2019		6,720,767
Options exercised for common stock	22			22
Options exercised for common stock, Shares		58,498
Share based compensation expense	495			495
Net income (loss)	4,112				4,112
Ending Balance at Mar. 31, 2020								$ 54,170
Ending Balance, Shares at Mar. 31, 2020								31,968,570
Ending Balance at Mar. 31, 2020	(34,515)	$ 7		2,578	(37,100)
Ending Balance, Shares at Mar. 31, 2020		6,779,265
Beginning Balance at Dec. 31, 2019	$ 54,170							$ 54,170
Beginning Balance, Shares at Dec. 31, 2019	31,968,570							31,968,570
Beginning Balance at Dec. 31, 2019	$ (39,144)	$ 7		2,061	(41,212)
Beginning Balance, Shares at Dec. 31, 2019		6,720,767
Net income (loss)	$ 6,804
Ending Balance, Shares at Sep. 30, 2020	0
Ending Balance at Sep. 30, 2020	$ 191,484	$ 49		225,843	(34,408)
Ending Balance, Shares at Sep. 30, 2020		48,658,271
Beginning Balance at Mar. 31, 2020								$ 54,170
Beginning Balance, Shares at Mar. 31, 2020								31,968,570
Beginning Balance at Mar. 31, 2020	(34,515)	$ 7		2,578	(37,100)
Beginning Balance, Shares at Mar. 31, 2020		6,779,265
Conversion of preferred stock to common stock upon initial public offering								$ (54,170)
Conversion of preferred stock to common stock upon initial public offering, Shares								(31,968,570)
Conversion of preferred stock to common stock upon initial public offering	54,170	$ 32		54,138
Conversion of preferred stock to common stock upon initial public offering, Shares		31,968,570
Issuance of common stock in connection with initial public offering, net of issuance costs of $16.3 million	162,979	$ 9		162,970
Issuance of common stock in connection with initial public offering, net of issuance costs of $16.3 million, Shares		9,432,949
Conversion and reclassification of preferred stock warrants to common stock warrants upon initial public offering	4,486			4,486
Exercise of common stock warrants	4			4
Exercise of common stock warrants, Shares		102,533
Options exercised for common stock	45			45
Options exercised for common stock, Shares		76,764
Share based compensation expense	505			505
Net income (loss)	$ (3,804)				(3,804)
Ending Balance, Shares at Jun. 30, 2020	0
Ending Balance at Jun. 30, 2020	$ 183,870	$ 48		224,726	(40,904)
Ending Balance, Shares at Jun. 30, 2020		48,360,081
Options exercised for common stock	161	$ 1		160
Options exercised for common stock, Shares		298,139
Issuance of common stock upon vesting of restricted stock units,net of shares withheld for taxes	(2)			(2)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes, Shares		51
Share based compensation expense	959			959
Net income (loss)	$ 6,496				6,496
Ending Balance, Shares at Sep. 30, 2020	0
Ending Balance at Sep. 30, 2020	$ 191,484	$ 49		$ 225,843	$ (34,408)
Ending Balance, Shares at Sep. 30, 2020		48,658,271

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Jun. 30, 2020 USD ($)
Statement Of Stockholders Equity [Abstract]
Stock issuance cost	$ 16.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income (loss)	$ 6,804	$ (1,547)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	931	384
Amortization of deferred financing costs	142	69
Loss on extinguishment of debt	648
Share based compensation expense	1,959	329
Amortization of fair value of warrants issued with debt		12
Provision for doubtful accounts	15
Loss on change in fair value of warrant liabilities	3,317	562
Changes in:
Accounts receivable	(9,550)	(5,711)
Inventories	(3,242)	(2,042)
Prepaid expenses and other assets	(2,945)	(295)
Accounts payable	984	1,010
Payroll-related accruals, accrued liabilities and other liabilities	4,473	3,119
Net cash provided by (used in) operating activities	3,536	(4,110)
Cash flows from investing activities
Purchase of property and equipment	(3,076)	(2,062)
Net cash used in investing activities	(3,076)	(2,062)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering, net of issuance costs paid	164,361
Proceeds from notes payable	10,000
Repayments of notes payable	(30,250)
Debt financing costs	(452)
Proceeds from subscriptions receivable		107
Proceeds from exercise of stock options	226	91
Proceeds from warrants exercises	4
Net cash provided by financing activities	143,889	198
Net increase (decrease) in cash	144,349	(5,974)
Cash, cash equivalents and restricted cash beginning of period	24,027	21,884
Cash, cash equivalents and restricted cash end of period	168,376	15,910
Supplemental disclosures of cash flow information:
Cash paid for income taxes	82	11
Cash paid for interest	966	$ 605
Noncash investing and financing:
Common stock issued on conversion of convertible preferred stock	54,170
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability	4,486
Deferred initial public offering cost recorded to additional paid in capital	$ 1,382

Organization

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. Organization

Description of Business

Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company develops, manufactures, markets and sells devices for the interventional treatment of venous diseases. The Company received initial 510(k) clearance from the U.S. Food and Drug Administration (the “FDA”) in February 2015 for its FlowTriever system, used primarily to treat pulmonary emboli, and in February 2017 for its ClotTriever system, used for the treatment of deep vein thrombosis.

Initial Public Offering

In May 2020, the Company completed an initial public offering (“IPO”) of its common stock. As part of the IPO, the Company issued and sold 9,432,949 shares of its common stock, which included 1,230,384 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $19.00 per share. The Company received net proceeds of approximately $163.0 million from the IPO, after deducting underwriters’ discounts and commissions of $12.6 million and offering costs of $3.7 million, of which $1.4 million was incurred as of December 31, 2019. Upon the completion of the IPO, all shares of Series A, B, and C redeemable convertible preferred stock then outstanding were converted into 31,968,570 shares of common stock on a one-to-one basis.

In addition, on the completion of the IPO, all the Company’s outstanding preferred stock warrants were converted into warrants to purchase an aggregate of 256,588 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital.

In connection with the Company’s IPO, in May 2020, the Company’s certificate of incorporation was amended and restated to provide for 300,000,000 authorized shares of common stock with a par value of $0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.001 per share.

Reverse Stock Splits

In March 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a 1-for-1.19 basis.

In May 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a second reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a 1-for-1.20 basis. All common stock, redeemable convertible preferred stock, warrants, stock options, RSUs and per share information presented in the financial statements have been adjusted to reflect the effect of both reverse stock splits on a retroactive basis for all periods presented. Any fractional shares resulting from the reverse stock splits are rounded down to a whole share.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

COVID-19 and CARES Act

The Company has been actively monitoring the novel coronavirus, or COVID-19, situation and its impact. In response to the pandemic, numerous state and local jurisdictions imposed “shelter-in-place” orders, quarantines and other restrictions. Starting in March 2020 in the United States, governmental authorities recommended, and in certain cases required, that elective, specialty and other procedures and appointments, be suspended or canceled. Similarly, in March 2020, the governor of California, where the Company’s headquarters are located, issued “stay at home” orders limiting non-essential activities, travel and business operations. Such orders or restrictions resulted in reduced operations at the Company’s headquarters, work stoppages, slowdowns and delays, travel restrictions and cancellation of events. These orders and restrictions significantly decreased the number of procedures performed using the Company’s products during March and April 2020 and otherwise negatively impacted operations.

In response to the impact of COVID-19, the Company implemented a variety of measures to help manage through the impact and position it to resume operations quickly and efficiently once these restrictions were lifted. Some of these measures included: adapting, expanding and improving various sales, physician outreach and training programs to address the current environment; producing approximately four months’ worth of inventory before temporarily suspending production and executing a work from home strategy for administrative functions. The impact of COVID-19 continues to change and cannot be predicted. As a result, the Company expects the pandemic could continue to negatively impact its business, financial condition and results of operations.

On March 27, 2020, the President signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The Company currently may be eligible but has not taken advantage of the payroll protection program, emergency grants and business loans under the CARES Act. The Company expects to monitor the impact that the CARES Act may have on its business, financial condition, results of operations, or liquidity.

Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior year reported amounts have been reclassified to conform with the 2020 presentation.

The interim condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations, mezzanine equity and stockholders’ deficit, and cash flows for the three and nine months ended September 30, 2020 and 2019 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s consolidated financial position as of September 30, 2020 and its consolidated results of operations and cash flows for the three and nine months ended September 30, 2020 and 2019. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three and six months periods are also unaudited. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Company’s prospectus dated May 21, 2020 filed pursuant to Rule 424(b)(4) with the U.S. Securities and Exchange Commission on May 26, 2020.

Principles of Consolidation

In May 2020, the Company formed Inari Medical International, Inc., a wholly-owned subsidiary incorporated in Delaware. In September 2020, the Company formed Inari Medical Europe, GmbH, a wholly-owned subsidiary of Inari Medical International, Inc. organized in Switzerland. All intercompany balances and transactions have been eliminated in consolidation.

Management Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to the collectability of receivables, valuation of inventory, the fair value of common stock warrants, the fair value of preferred stock warrant liabilities, the fair value of stock options, recoverability of the Company’s net deferred tax assets, and related valuation allowance and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.

JOBS Act Accounting Election

As an emerging growth company under the Jumpstart Our Business Startups Act of 2012 ("the JOBS Act"), the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company has elected to take advantage of the extended transition period for adopting new or revised accounting standards that have different effective dates for public and private companies until such time as those standards apply to private companies.

Cash, Cash Equivalents and Restricted Cash

The Company considers cash on hand, cash in demand deposit accounts including money market funds, and instruments with a maturity date of 90 days or less at date of purchase to be cash and cash equivalents. The Company maintains its cash, cash equivalent and restricted cash balances with banks. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, deposits of up to $250,000 at FDIC-insured institutions are covered by FDIC insurance. At times, deposits may be in excess of the FDIC insurance limit; however, management does not believe the Company is exposed to any significant related credit risk.

Restricted cash as of September 30, 2020 and December 31, 2019 consisted of a cash secured letter of credit in the amount of $338,000 representing collateral for the Company’s facility lease. Restricted cash additionally included as of September 30, 2020 and December 31, 2019 a compensating balance of $50,000 to secure the Company’s corporate purchasing cards.

Accounts Receivable, net

Trade accounts receivable are recorded at the invoiced amount, net of any allowance for doubtful accounts. Any allowance for doubtful accounts is developed based upon several factors including the customers’ credit quality, historical write-off experience and any known specific issues or disputes which exist as of the balance sheet date. Account receivable balances are written off against the allowance after appropriate collection efforts are exhausted. The allowance for doubtful accounts was $77,000 and $62,000 as of September 30, 2020 and December 31, 2019, respectively, and no accounts receivable write offs were recognized during the three and nine months ended September 30, 2020 and 2019. Despite the Company’s efforts to minimize credit risk exposure, customers could be adversely affected if future economic and industry trends, including those related to COVID-19, change in such a manner as to negatively impact their cash flows. The full effects of COVID-19 on the Company’s customers are highly uncertain and cannot be predicted. As a result, the Company’s future collection experience can differ significantly from historical collection trends. If the Company’s clients experience a negative impact on their cash flows, it could have a material adverse effect on the Company’s results of operations and financial condition.

Inventories, net

The Company values inventory at the lower of the actual cost to purchase or manufacture the inventory or net realizable value for such inventory. Cost, which includes material, labor and overhead costs, is determined on the first-in, first out method, or FIFO. The Company regularly reviews inventory quantities in process and on hand, and when appropriate, records a provision for obsolete and excess inventory. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements based on future demand and as compared to remaining shelf life. The estimate of excess quantities is subjective and primarily dependent on the Company’s estimates of future demand for a particular product. If the estimate of future demand is inaccurate based on actual sales, the Company may increase the write down for excess inventory for that component and record a charge to inventory impairment in the accompanying condensed consolidated statement of operations and comprehensive income (loss).

Property and Equipment

Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or the lease term, including renewal periods that are reasonably assured.

Upon sale or disposition of property and equipment, any gain or loss is included in the accompanying statement of operations.

Deferred Initial Public Offering Costs

Specific incremental legal, accounting and other fees and costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. As of December 31, 2019, there were approximately $1,382,000 of offering costs, primarily consisting of legal, accounting and printing fees, which were capitalized in other non-current assets on the balance sheet. In May 2020, upon the closing of the IPO, total deferred costs of approximately $3,701,000 were offset against the Company’s IPO proceeds.

Impairment of Long-lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date.

Fair Value of Financial Instruments

The Company’s cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their liquidity or short maturities. Management believes that its long-term debt bears interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value as of September 30, 2020 and December 31, 2019.

The Company measures and records certain financial assets and liabilities at fair value on a recurring basis. U.S. GAAP provides a fair value hierarchy that distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels.

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

See Note 3 for further information.

Convertible Preferred Stock Warrant Liability

The Company has accounted for its freestanding warrants to purchase shares of the Company’s convertible preferred stock as liabilities at fair value upon issuance primarily because the preferred shares underlying the warrants contain contingent redemption features outside the control of the Company. The warrants are subject to remeasurement at each balance sheet date and any change in fair value is recognized as the change in fair value of warrant liability and recorded to other expense in the statements of operations. The carrying value of the warrants continued to be adjusted until the completion of the IPO, which occurred in May 2020. At that time, the preferred stock warrant liability was adjusted to fair value and reclassified to additional paid-in capital, a component of stockholders’ equity (deficit) (see Note 3).

Revenue Recognition

On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, using the modified retrospective method applied to contracts which were not completed as of that date.

Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Product sales of the FlowTriever and ClotTriever systems are made to hospitals in the United States utilizing the Company’s direct sales force. Revenue is comprised of product revenue net of returns, administration fees and sales rebates.

Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, delivery of the Company’s products. The satisfaction of this performance obligation occurs with the transfer of control of the Company’s product to its customers, either upon shipment or delivery of the product.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of revenue that is recognized is based on the transaction price, which represents the invoiced amount and includes estimates of variable consideration such as rebate and administrative fees, where applicable. The Company provides a 30-day unconditional right of return period. The Company establishes estimated provisions for returns at the time of sale based on historical experience. Historically, the actual product returns have been immaterial to the Company’s financial statements.

Assuming all other revenue recognition criteria have been met, the Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of delivering the product. For sales where the Company’s sales representatives hand deliver products directly to the hospital, control of the products transfers to the customer upon such hand delivery. For sales where products are shipped, control of the products transfers either upon shipment or delivery of the products to the customer, depending on the shipping terms and conditions. As of September 30, 2020 and December 31, 2019, the Company recorded $441,000 and $330,000, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying balance sheets.

Revenue for ClotTriever and FlowTriever products as a percentage of total revenue was derived as follow:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
ClotTriever		37	%		38	%		38	%		38	%
FlowTriever		63	%		62	%		62	%		62	%

The Company offers payment terms to its customers of less than three months and these terms do not include a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price.

The Company offers its standard warranty to all customers and no warranties are available for sale on a standalone basis. The Company’s warranty provides that its products are free of material defects and conform to specifications, and includes an offer to repair, replace or refund the purchase price of defective products. This assurance does not constitute a service and is not considered a separate performance obligation. The Company estimates warranty liabilities at the time of revenue recognition and records it as a charge to cost of goods sold.

Costs associated with product sales include commissions and are recorded in selling, general and administrative expenses. The Company applies the practical expedient and recognizes commissions as expense when incurred because the amortization period is less than one year.

Cost of Goods Sold

Cost of goods sold consists primarily of the cost of raw materials, components, direct labor and manufacturing overhead. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including stock-based compensation. Cost of goods sold also includes depreciation expense for production equipment and certain direct costs such as shipping costs and royalty expense.

Shipping Costs

Shipping costs billed to customers are not included in revenue and are reported as a reduction of costs of goods sold.

Advertising Costs

Advertising costs are charged to operations as incurred. Advertising costs were $106,000 and $30,000 for the three months ended September 30, 2020 and 2019, respectively and $217,000 and $65,000 for the nine months ended September 30, 2020 and 2019, respectively. Advertising costs are included in selling, general and administrative expenses in the accompanying statements of operations.

Research and Development

Research and development costs are expensed as incurred and include the costs to design, develop, test, deploy and enhance new and existing products. Research and development costs also include expenses associated with clinical studies, registries and sponsored research. These costs include direct salary and employee benefit related costs for research and development personnel, costs for materials used and costs for outside services.

Patent-related Expenditures

Expenditures related to patent research and applications, which are primarily legal fees, are expensed as incurred and are included in selling, general and administrative expenses in the accompanying statements of operations.

Stock-based Compensation

The Company’s employee and non-employee share-based awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized over the service period.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management assesses the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes.

Foreign Currency Transactions

Certain vendors are paid in currencies other than the US dollar. Transaction gains and losses are included in other expenses.

Comprehensive Income (Loss)

The Company’s net income (loss) equaled comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019.

Net Income (Loss) per Share of Common Stock

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, redeemable convertible preferred stock and warrants, and common stock options are potentially dilutive securities. For the periods the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive common shares would have been anti-dilutive.

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

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in one segment - the development and commercialization of innovative and minimally invasive mechanical thrombectomy devices to treat thromboembolism in the venous system. Geographically, the Company sells to hospitals in the United States. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

Recently Adopted Accounting Pronouncements

In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands guidance on accounting for share-based payment awards, which includes share-based payment transactions for acquiring goods and services from nonemployees and aligns the accounting for share-based payments for employees and non-employees. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements.

Recent Accounting Pronouncements

In February 2017, the FASB issued ASU 2017-02, Leases, as amended, which requires lessees to recognize “right of use” assets and liabilities for all leases with terms of more than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2017-02 requires additional quantitative and qualitative financial statement note disclosures about the leases, significant judgments made in accounting for those leases and amounts recognized in the financial statements about those leases. The amended guidance will be effective for the Company on January 1, 2022 with early adoption permitted. Management is evaluating the impact that adopting this guidance will have on the financial statements, but anticipates an increase in assets and liabilities due to the recognition of the required right-of-use asset and corresponding liability for all significant lease obligations that are currently classified as operating leases. The income statement recognition of lease expense is not expected to materially change from the current methodology.

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model, which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The guidance will be effective for the Company on January 1, 2023 with early adoption permitted. Management is evaluating the impact that adopting this guidance will have on the financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds	$	95,003	$	—	$	—	$	95,003
Total assets	$	95,003	$	—	$	—	$	95,003


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible preferred stock warrant liability	$	—	$	—	$	1,169	$	1,169
Total liabilities	$	—	$	—	$	1,169	$	1,169

There were no transfers between Levels 1, 2 or 3 for the periods presented.

The change in the fair value of the warrant liability is summarized below (in thousands):

	Nine Months Ended September 30,
	2020			2019
Beginning balance	$	1,169		$	213
Change in fair value of warrant liability		3,317			562
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO		(4,486	)		—
Ending balance	$	—		$	775

The valuation of the Company’s convertible preferred stock warrant liability contains unobservable inputs that reflect the Company’s own assumptions for which there was little, if any, market activity for at the measurement date. Accordingly, the Company’s convertible preferred stock warrant liability was measured at fair value in a recurring basis using unobservable inputs and are classified as Level 3 inputs, and any change in fair value was recognized as other expense in the statements of operations (see Note 11).

- Definition

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

+ References + Details

Inventories, Net

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories, Net

4. Inventories, net

Inventories are net of reserves totaling $238,000 and $537,000 as of September 30, 2020 and December 31, 2019, respectively, and consist of the following (in thousands):

	September 30, 2020		December 31, 2019
Raw materials	$	1,547	$	1,067
Work in process		737		640
Finished goods		4,911		2,246
	$	7,195	$	3,953

Property and Equipment. net

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Property and Equipment. net

5. Property and Equipment. net

Property and equipment consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Manufacturing equipment	$	3,555		$	2,190
Leasehold improvements		1,467			932
Computer software		351			296
Furniture and fixtures		402			259
Computer hardware		909			527
Assets in progress		1,002			406
		7,686			4,610
Accumulated depreciation		(2,210	)		(1,279	)
	$	5,476		$	3,331

Depreciation expense of $271,000 and $131,000 was included in operating expenses and $87,000 and $25,000 was included in cost of goods sold for the three months ended September 30, 2020 and 2019, respectively. Depreciation expense of $688,000 and $316,000 was included in operating expenses and $243,000 and $68,000 was included in cost of goods sold for the nine months ended September 30, 2020 and 2019, respectively.

Capitalized Implementation Costs of a Hosting Arrangement

The Company has several software systems that are cloud based hosting arrangements with service contracts. The Company early and prospectively adopted ASU 2018-15, Intangibles—Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract in the classification of costs incurred in connection with the implementation of these various software systems. Based on the guidance, the Company expenses all costs (internal and external) that are incurred in the planning and post-implementation operation stages and has capitalized approximately $220,000 in implementation costs related to the application development stage. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, generally three years. As of September 30, 2020 and December 31, 2019, approximately $138,000 and $46,000, respectively, of the capitalized costs were classified in current assets and $0 and $87,000, respectively, were classified in noncurrent assets. The Company starts amortizing capitalized implementation costs when the systems are placed in production and ready for their intended use. Amortization expense for the three and nine months ended September 30, 2020 was approximately $27,000 and $66,000, respectively, and is included in selling, general and administrative expenses.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In March 2019, the Company executed a five-year lease for a facility in Irvine, California, where all operations of the Company were moved when the Company obtained control of the facility in September 2019. The lease expires in September 2024 and contains two optional extension periods of five years each. In addition to the minimum future lease commitments presented below, the lease requires the Company to pay property taxes, insurance, maintenance, and repair costs. The lease includes a one-month rent holiday concession and escalation clauses for increased rent over the lease term. Rent expense is recognized using the straight-line method over the term of the lease. The Company records deferred rent calculated as the difference between rent expense and the cash rental payments. In October 2020, the Company entered into a new facility lease (See Note 17 – Subsequent Events).

Rent expense under the lease agreements for the three months ended September 30, 2020 and 2019 was $264,000 and $71,000, respectively, and $588,000 and $173,000 for the nine months ended September 30, 2020 and 2019, respectively. The Company also leases certain equipment under operating leases expiring in 2024. Future minimum commitments under all lease agreements are as follows (in thousands):

Year ending December 31:	Amount
Remainder of 2020	$	190
2021		761
2022		751
2023		720
2024		542
	$	2,964

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not been subject to any claims or required to defend any action related to its indemnification obligations.

The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising out of the ordinary course of its business. Management is currently not aware of any matters that will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Concentrations

9 Months Ended

Sep. 30, 2020

Risks And Uncertainties [Abstract]

Concentrations

7. Concentrations

All the Company’s revenue is derived from the sale of catheter-based therapeutic devices in the United States. For the three and nine months ended September 30, 2020 and 2019, there were no customers which accounted for more than 10% of the Company’s revenue. There were no customers which accounted for more than 10% of the Company’s accounts receivable as of September 30, 2020 and December 31, 2019.

No vendor accounted for more than 10% of the Company’s purchases for the three and nine months ended September 30, 2020 and 2019. There were no vendors which accounted for more than 10% of the Company’s accounts payable as of September 30, 2020 and December 31, 2019.

Related Party

9 Months Ended

Sep. 30, 2020

Related Party

8. Related Party

Licensed Patents

Certain stockholders of the Company are stockholders of Inceptus Medical, Inc. (“Inceptus”). Beginning in September 2011, the Company engaged Inceptus to develop the technology that has led to certain components used in the Company’s products, the FlowTriever and the ClotTriever systems. In October 2014, the Company, through a license agreement with Inceptus, obtained an exclusive, perpetual, fully paid-up irrevocable, worldwide license to the patents, patent applications and technology, including the right to grant and authorize sublicenses, to make, have made, use, sell, offer for sale, import and otherwise exploit products in connection with the licensed technology. The licensed technology is any and all technology involving a high wire count braid, excluding the tubular braiding subject to the sublicense agreement described below.

Included in prepaid expenses and other current assets was a non-interest-bearing retainer paid by the Company to Inceptus. The retainer was applied to amounts owed by the Company to Inceptus at a time mutually agreed to by both parties. For three and nine months ended September 30, 2019, the Company incurred development expenses with Inceptus of $17,000 and $24,000, respectively, which were applied against the balance of the retainer and included in research and development expense. In December 2019, Inceptus repaid in full to the Company the outstanding balance of the retainer. For the three and nine months ended September 30, 2020, the Company incurred and paid development expenses with Inceptus of $3,000 and $16,000, respectively, which were included in research and development expense.

Sublicense Agreement

In August 2019, the Company entered into a sublicense agreement with Inceptus, pursuant to which Inceptus granted to the Company a non-transferable, worldwide, exclusive sublicense to its licensed intellectual property rights related to the tubular braiding for the non-surgical removal of clots and treatment of embolism and thrombosis in human vasculature other than carotid arteries, coronary vasculature and cerebral vasculature; such rights were originally granted to Inceptus pursuant to an intellectual property license agreement with Drexel University, or Drexel License, under which Drexel retained certain rights to use, and to permit other non-commercial entities to use, the sublicensed intellectual property for educational and non-commercial research purposes. The Company is obligated to comply with, and to avoid acts or omissions that would reasonably be likely to cause a breach of the Drexel License. The sublicense agreement will continue until the expiration of the sublicensed patent, unless terminated earlier pursuant to the terms of the agreement. The Company may terminate the sublicense agreement at any time by providing prior written notice.

In connection with the sublicense agreement, during the year ended 2019 the Company paid Inceptus $139,000 for the reimbursement of expenses and milestone and administration fees. The Company was required to pay an ongoing quarterly administration fee of $18,000, which increased to $29,000 per quarter upon the completion of the Company’s IPO. Additionally, the Company is obligated to pay Inceptus an ongoing royalty ranging from 1% to 1.5% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,000. For the three and nine months ended September 30, 2020, the Company recorded royalty expense of $139,000 and $325,000, respectively. For both the three and nine months ended September 30, 2019, the Company recorded royalty expense of $36,000. Royalty expense is included in cost of goods sold.

Other Services

The Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the Chief Executive Officer and President and member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $140,000 and $210,000 for the three months ended September 30, 2020 and 2019, respectively, and $387,000 and $380,000 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the Company owed MRI $141,000, which is included in accounts payable. No amounts were due to MRI at December 31, 2019.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

9. Debt

The Company had the following outstanding debt, net of deferred financing costs and discounts, as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020		December 31, 2019
Revolving line of credit	$	-	$	5,000
Term loan		-		15,000
Final payment fee		-		150
Total notes payables		-		20,150
Unamortized discount and debt issuance costs		-		(669	)
Notes payable, net	$	-	$	19,481

Signature Bank Credit Facility

In December 2019, the Company entered into a $40 million credit facility with Signature Bank (the “SB Credit Facility”) and concurrently repaid and extinguished its term loan with East West Bank. The SB Credit Facility consisted of a term loan of up to $25 million and a revolving line of credit of $15 million. The term loan was available in two tranches: a $15 million tranche that was fully funded on the closing date, and a $10 million tranche available through December 2020 subject to the Company’s achievement of at least $60 million of trailing 12-month revenue no later than August 2020. The Company used part of the proceeds from the first tranche to fully repay the $10 million term loan with East West Bank. In March 2020, the Company borrowed an additional $10 million which was available under the term loan.

The maturity date of the term loan was in December 2024. Under the agreement, the Company was required to make monthly interest payments through December 2021. The term loan bore interest at an annual rate equal to the greater of 5.50% or the Prime Rate plus 0.50%.

Under the revolving line of credit, the Company could borrow, repay and re-borrow up to 80% of eligible accounts receivable up to a maximum of $15 million. The revolving line of credit bore interest at an annual rate equal to the greater of 5.00% or the prime rate.

In August 2020, the Company repaid the SB Credit Facility in full, including the final payment fee of $250,000. Upon the repayment, the Company terminated the SB Credit Facility and recorded a loss on extinguishment of debt of $648,000 resulting from the write off of the unamortized deferred financing cost related to the SB Credit Facility which is reflected as Other Expenses in the unaudited condensed statements of operations.

Bank of America Credit Facility

In September 2020, the Company entered into a senior secured revolving credit facility with Bank of America (the “Credit Agreement”), under which the Company may borrow loans up to a maximum principal amount of $30.0 million. The amount available to borrow under the Credit Agreement is comprised of a) 85% of eligible accounts receivable, plus b) pledged cash (up to $10 million). There was no principal amount outstanding and no cash was pledged under the Credit Agreement as of September 30, 2020.

Advances under the Credit Agreement will bear interest at a base rate per annum (the “Base Rate”) plus an applicable margin (the “Margin”). The Base Rate equals the greater of (i) the Prime Rate, (ii) the Federal funds rate plus 0.50%, or (iii) the LIBOR rate based upon an interest period of 30 days plus 1.00%. The Margin will be 1.25% until March 31, 2021 and thereafter, will range from 1.00% to 1.50% based on the Company’s applicable fixed charge coverage ratio. Advances under the Credit Agreement designated as “LIBOR Loans” will bear interest at a rate per annum equal to the LIBOR rate plus the applicable Margin of 2.25% until March 31, 2021 and thereafter, ranging from 2.00% to 2.50% based on the Company’s applicable fixed charge coverage ratio. Interest on loans outstanding under the Credit Agreement is payable monthly. Loan principal balances outstanding under the Credit Agreement are due at maturity in September 2023. The Company may prepay any loans under the Credit Agreement at any time without any penalty or premium. The Company is also required to pay an unused line fee at an annual rate ranging from 0.25% to 0.375% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement.

The Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $5 million. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Credit Agreement. The Company is required to pay the following fees under the LC Facility are as follows: (a) a fee equal to the applicable margin in effect for LIBOR loans (currently 2.25%) times the average daily stated amount of outstanding letter of credits; (b) a fronting fee equal to 0.125% per annum on the stated amount of each letter of credit outstanding. As of September 30, 2020, the Company had one letter of credit in the amount of $1.5 million outstanding under the LC Facility (See Note 17 – Subsequent Events).

The Company paid Bank of America a closing fee of $150,000 and incurred approximately $290,000 in legal and other fees directly related to the Credit Agreement. The Credit Agreement contains certain customary covenants and events of default, including: payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, certain events with respect to governmental approvals if such events could cause a material adverse change, a material impairment in the perfection or priority of the lender's security interest or in the value of the collateral, a material adverse change in the business, operations, or condition of us or any of our subsidiaries, and a material impairment of the prospect of repayment of the loans. Upon the occurrence of an event of default, a default increase in the interest rate of an additional 2.0% could be applied to the outstanding loan balance and the lender could declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan and security agreement.

Obligations under the Credit Agreement are secured by substantially the Company’s assets, excluding intellectual property.

Deferred Financing Costs

As of September 30, 2020, costs incurred directly related to debt are presented in other assets and are being amortized over the three-year life of the Credit Agreement on the straight-line basis. As of December 31, 2019, deferred financing costs were presented as a reduction of the related debt instrument and were amortized over the life of the related loan on an effective interest method as follows (in thousands):

	September 30, 2020			December 31, 2019
Deferred financing costs	$	440		$	686
Accumulated amortization		(9	)		(17	)
Unamortized deferred financing costs	$	431		$	669

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

10. Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock (“convertible preferred stock”) consists of the following as of December 31, 2019 (in thousands, except share data):

	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Liquidation Value
Series A		6,299,019		6,221,977	$	8,777	$	8,885
Series B		11,270,319		11,090,726		18,474		18,530
Series C		14,655,889		14,655,867		26,919		27,000
Total		32,225,227		31,968,570	$	54,170	$	54,415

In connection with the IPO in May 2020, the 31,968,570 shares of redeemable convertible preferred stock were converted into 31,968,570 shares of common stock, resulting in the reclassification of the related redeemable convertible preferred stock of $54.2 million to common stock and APIC. There are no redeemable convertible preferred stock outstanding as of June 30, 2020.

As of December 31, 2019, the Company classified its Series A, Series B, and Series C convertible preferred stock outside of stockholders’ deficit as mezzanine equity because, in the event of certain “liquidation events” that were not solely within the control of the Company (including liquidation, sale or transfer of control of the Company), the shares would become redeemable at the option of the holders. As of December 31, 2019, the Company had not adjusted the carrying values of the convertible preferred stock to their deemed liquidation values of such shares since a liquidation event was not probable at the balance sheet date.

Stockholder's Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholder's Equity

11. Stockholder’s Equity

Authorized Stock

As of December 31, 2019, the Company had authorized capital of 81,244,834 shares of stock, consisting of 49,019,607 shares of common stock, par value $0.001 per share, and 32,225,227 shares of Preferred Stock, par value $0.001 per share, 6,299,019 of which were designated Series A Preferred Stock, 11,270,319 of which were designated Series B Preferred Stock and 14,655,889 of which were designated Series C Preferred Stock.

Upon the closing of the IPO in May 2020, and as of September 30, 2020, the Company had authorized 310,000,000 shares of stock, of which 300,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. All stock has a par value of $0.001 per share. There are no shares of preferred stock outstanding as of September 30, 2020.

Warrants

The Company previously issued common stock warrants and redeemable convertible preferred stock warrants.

Warrants issued and outstanding as of September 30, 2020 are as follows:

	Warrants Outstanding
	Number of warrants		Exercise Price		Expiration
Common stock warrants		179,558	$	1.67	4/28/2026 - 3/30/2027
Total outstanding warrants		179,558

Warrants issued and outstanding as of December 31, 2019 were as follows:

	Warrants Outstanding
	Number of warrants		Exercise Price		Expiration
Common stock warrants		27,810	$	0.14	10/19/2025
Series A preferred stock warrants		77,030	$	1.43	12/10/2021
Series B preferred stock warrants		179,558	$	1.67	4/28/2026 - 3/30/2027
Total preferred stock warrants		256,588
Total outstanding warrants		284,398

The Series A and Series B redeemable convertible preferred stock warrants (“Preferred Warrants”) allowed the holders to obtain shares of redeemable convertible preferred stock that contain a liquidation preference. Because this liquidation preference may have been payable in cash upon a change in control of the Company or upon exercise of redemption rights and because such a transaction was considered to be outside of the control of the Company, the Preferred Warrants were classified as liabilities on the accompanying balance sheets and were presented at their estimated fair values at each reporting date. On the completion of the IPO, all the outstanding Preferred Warrants were converted into warrants to purchase an aggregate of 256,588 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital.

In June 2020, 27,810 common stock warrants were exercised for cash. In addition, 77,030 warrants were net exercised and the Company issued 74,723 shares of common stock.

The fair value of the Preferred Warrants was determined using the Black Scholes option pricing model with the following assumptions:

	May 21, 2020 (1)						December 31, 2019
	Series A			Series B			Series A			Series B
Expected volatility		51.10	%		50.00	%		41.40	%		39.80	%
Preferred stock fair value (per share)	$	19.00		$	19.00		$	5.88		$	5.94
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Risk free interest rates		0.17	%		0.53	%		1.58	%		1.83	%
Expected remaining term in years		1.55		5.94-6.86				1.95		6.33-7.25

(1) Date the Company’s registration statement on Form S-1 was declared effective

Equity Incentive Plans

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

12. Equity Incentive Plans

2011 Equity Incentive Plan and 2020 Incentive Award Plan

In 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”) to permit the grant of share-based awards, such as stock grants and incentives and non-qualified stock options to employees, directors, consultants and advisors. The Board has the authority to determine to whom awards will be granted, the number of shares, the term and the exercise price.

In March 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”), which became effective in connection with the IPO. As a result, the Company may not grant any additional awards under the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder. The Company has initially reserved 3,468,048 shares of common stock for the issuance of a variety of awards under the 2020 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units. In addition, the number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2021, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. As of September 30, 2020, there were 3,592,873 shares available for issuance under the 2020 Plan, including 269,268 shares which remained available under the 2011 Plan at the time the 2020 Plan became effective.

Stock Options

A summary of stock option activity under the 2011 Plan for the nine months ended September 30, 2020 is as follows (intrinsic value in thousands):

	Number of Awards			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Life (in years)		Intrinsic Value
Outstanding, December 31, 2019		4,082,302		$	0.90	$	0.74		8.76	$	22,667
Granted		305,494			7.47		3.73
Exercised		(433,402	)		0.52		0.50				21,053
Cancelled		(98,380	)		8.50		3.63				1,007
Outstanding, September 30, 2020		3,856,014		$	1.27	$	0.93		8.18	$	261,235
Vested and exercisable at September 30, 2020		1,494,281		$	0.64	$	0.54		7.80	$	102,179
Vested and expected to vest at September 30, 2020		3,845,366		$	1.19	$	0.87		8.10	$	260,821

The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions for the nine months ended September 30, 2020 and 2019:

	2020	2019
Expected volatility	40.60%	64.60% - 93.40%
Weighted-average volatility	40.60%	90.06%
Common stock fair value (per share)	$7.88 - $9.05	$0.59 - $3.87
Dividend yield	0.00%	0.00%
Risk free interest rates	1.46% - 1.68%	1.67% - 2.44%
Expected remaining term in years	5.90 - 6.07	5.02 - 6.06

Restricted Stock Units

In March 2019, the Company granted, under the 2011 Plan, 2,867,326 restricted stock unit awards (“RSUs”) to certain employees that vest only upon the satisfaction of both a time-based service condition and a performance-based condition. The time-based service condition for these awards generally is satisfied over four years. The performance-based condition is a liquidity event requirement that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs vest on the first date upon which both the service-based and performance-based requirements are satisfied. If the RSUs vest, the actual number of RSUs that will vest will be dependent on the per share value of the Company’s common stock, which is a market-based condition, determined based on the average closing price of the Company’s common stock for the three-month period immediately preceding the satisfaction of the service condition.

The probabilities of the actual number of RSUs expected to vest are reflected in the grant date fair values, and the compensation expense for these awards will be recognized assuming the requisite service period is rendered, and only if the performance-based condition is considered probable to be satisfied.

Through May 21, 2020, no stock-based compensation expense had been recognized for these awards because the liquidity event performance condition described above for the RSUs was not considered probable of being satisfied. Upon the completion of the Company’s IPO, the Company recognized $159,000 of cumulative stock-based compensation expense related to such awards.

2020 Plan

RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date.

RSU activity under the 2020 Plan is set forth below (intrinsic value in thousands):

	Number of Awards			Weighted Average Fair Value		Intrinsic Value
Outstanding, December 31, 2019		—		$	—	$	—
Granted		173,548			55.54		9,619
Vested		(80	)		51.41		4
Cancelled		(3,200	)		41.41		165
Outstanding, September 30, 2020		170,268		$	55.62	$	11,752

Total compensation cost for all share-based payment arrangements recognized was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of goods sold	$	37	$	19	$	109	$	31
Research and development		199		27		323		67
Selling, general and administrative		723		94		1,527		232
	$	959	$	140	$	1,959	$	330

Total compensation costs as of September 30, 2020 related to all non-vested awards to be recognized in future periods was $11,631,000 and is expected to be recognized over the remaining weighted average period of 3.4 years.

Employee Share Purchase Plan (ESPP)

In May 2020, the Company adopted the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective on the date the ESPP was adopted by the Company’s board of directors. The Company has initially reserved 990,870 shares of common stock for purchase under the ESPP. Each offering to the employees to purchase stock under the ESPP will begin on each August 1 and February 1 and will end on the following January 31 and July 31, respectively. The first offering period began on August 1, 2020 and ends on January 31, 2021. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion.

As of September 30, 2020, no shares of common stock have been purchased under the ESPP.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The following table reflects the Company’s provision (benefit) for income taxes for the periods indicated (in thousands):

	Three Months Ended						Nine Months Ended September 30,
	2020			2019			2020			2019
Income (loss) before taxes	$	6,496		$	366		$	6,804		$	(1,547	)
Income tax provision (benefit)		—			—			—			—
Net income (loss)	$	6,496		$	366		$	6,804		$	(1,547	)
Income tax provision (benefit) as a percentage of income taxes		0.00	%		0.00	%		0.00	%		0.00	%

The Company’s effective tax was 0% for the three and nine months ended September 30, 2020 and 2019. The Company’s effective tax rate for all periods is driven by pre-tax income (loss), business credits, equity compensation, debt warrants, and the change in valuation allowance. No tax provision (benefit) was recorded for the three and nine months ended September 30, 2020 and 2019.

Valuation Allowance

ASC 740 requires that the tax benefit of net operating losses, or NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryback or carryforward periods. Management believes that recognition of the deferred tax assets arising from the above-mentioned tax benefits from NOLs and credit carryforwards is currently not likely to be realized and, accordingly, has provided a valuation allowance against its deferred tax assets.

Uncertain Tax Positions

The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards, which is recorded as a reduction of the deferred tax asset related R&D Credit Carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to available NOLs to offset the uncertain tax positions. It is not expected that there will be a significant change in uncertain tax position in the next 12 months. The Company is subject to U.S. federal and state income tax. In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2016 and December 31, 2017 are open for state and federal tax purposes, respectively.

CARES Act

The Coronavirus Aid, Relief, and Economic Security, or CARES, Act became effective on March 27, 2020. It was a response to the market volatility and instability resulting from the coronavirus pandemic and includes provisions to support businesses in the form of loans, grants, and tax changes, among other types of relief. The Company has reviewed the income tax changes included in the CARES Act, which primarily includes the expansion of the carryback period for NOLs, changes to the deduction and limitation on interest, and acceleration of depreciation for Qualified Improvement Property. The Company has analyzed these changes and does not believe there will be a material effect on the Company’s income tax provision. The Company currently does not expect to apply for loans or grants under the CARES Act.

- Definition

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

+ References + Details

Retirement Plan

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement Plan

15. Retirement Plan

In December 2017, the Company adopted the Inari Medical, Inc. 401(k) Plan which allows eligible employees after one month of service to contribute pre-tax and Roth contributions to the plan, as allowed by law. The plan assets are held by Vanguard and the plan administrator is Ascensus. The Company does not currently make fund-matching contributions.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

16. Net Loss Per Share

The Company did not have any anti-dilutive common stock equivalents for the three and nine months ended September 30, 2020 and for the three months ended September 30, 2019. The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect:


	Nine Months Ended September 30, 2019
Convertible preferred stock		31,968,570
Common stock options		3,833,299
RSUs		2,867,326
Restricted stock subject to future vesting		481,698
Convertible preferred stock warrants		256,588
Common stock warrants		27,810
		39,435,291

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

New Facility Lease

In October 2020, the Company entered into a ten-year lease for a facility in Irvine, California. The new lease is expected to commence in the second quarter of 2021, at which time the Company will move all of its operations to this new facility. The lease contains two optional extension periods of five years each. In connection with the lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $1.5 million, which is secured by the Company’s Credit Agreement. The future minimum lease payments over the initial ten-year term total approximately $23.3 million.

Concurrently, the Company entered into a termination agreement that will release the Company from its current facility lease obligation within up to 180 days of the new lease commencement date.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

COVID-19 and CARES Act

Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements

Principles of Consolidation

Management Estimates

JOBS Act Accounting Election

Cash, Cash Equivalents and Restricted Cash

Accounts Receivable, Net

Accounts Receivable, net

Inventories, Net

Inventories, net

Property and Equipment

Upon sale or disposition of property and equipment, any gain or loss is included in the accompanying statement of operations.

Deferred Initial Public Offering Costs

Impairment of Long-lived Assets

Fair Value of Financial Instruments

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

See Note 3 for further information.

Convertible Preferred Stock Warrant Liability

Revenue Recognition

Revenue for ClotTriever and FlowTriever products as a percentage of total revenue was derived as follow:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
ClotTriever		37	%		38	%		38	%		38	%
FlowTriever		63	%		62	%		62	%		62	%

Cost of Goods Sold

Shipping Costs

Shipping costs billed to customers are not included in revenue and are reported as a reduction of costs of goods sold.

Advertising Costs

Research and Development

Patent-Related Expenditures

Patent-related Expenditures

Stock-based Compensation

Income Taxes

Foreign Currency Transactions

Certain vendors are paid in currencies other than the US dollar. Transaction gains and losses are included in other expenses.

Comprehensive Income (Loss)

The Company’s net income (loss) equaled comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019.

Net Income (Loss) per Share of Common Stock

Segment Reporting

Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of Revenue for Products as Percentage of Total Revenue

Revenue for ClotTriever and FlowTriever products as a percentage of total revenue was derived as follow:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
ClotTriever		37	%		38	%		38	%		38	%
FlowTriever		63	%		62	%		62	%		62	%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds	$	95,003	$	—	$	—	$	95,003
Total assets	$	95,003	$	—	$	—	$	95,003


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Liabilities:
Convertible preferred stock warrant liability	$	—	$	—	$	1,169	$	1,169
Total liabilities	$	—	$	—	$	1,169	$	1,169

Schedule of Change in the Fair Value of the Warrant Liability

The change in the fair value of the warrant liability is summarized below (in thousands):

	Nine Months Ended September 30,
	2020			2019
Beginning balance	$	1,169		$	213
Change in fair value of warrant liability		3,317			562
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO		(4,486	)		—
Ending balance	$	—		$	775

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories are net of reserves totaling $238,000 and $537,000 as of September 30, 2020 and December 31, 2019, respectively, and consist of the following (in thousands):

	September 30, 2020		December 31, 2019
Raw materials	$	1,547	$	1,067
Work in process		737		640
Finished goods		4,911		2,246
	$	7,195	$	3,953

Property and Equipment. net (Tables)

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):

	September 30, 2020			December 31, 2019
Manufacturing equipment	$	3,555		$	2,190
Leasehold improvements		1,467			932
Computer software		351			296
Furniture and fixtures		402			259
Computer hardware		909			527
Assets in progress		1,002			406
		7,686			4,610
Accumulated depreciation		(2,210	)		(1,279	)
	$	5,476		$	3,331

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Commitments

Future minimum commitments under all lease agreements are as follows (in thousands):

Year ending December 31:	Amount
Remainder of 2020	$	190
2021		761
2022		751
2023		720
2024		542
	$	2,964

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt, Net of Deferred Financing Costs and Discounts

The Company had the following outstanding debt, net of deferred financing costs and discounts, as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020		December 31, 2019
Revolving line of credit	$	-	$	5,000
Term loan		-		15,000
Final payment fee		-		150
Total notes payables		-		20,150
Unamortized discount and debt issuance costs		-		(669	)
Notes payable, net	$	-	$	19,481

Schedule of Deferred Financing Costs

	September 30, 2020			December 31, 2019
Deferred financing costs	$	440		$	686
Accumulated amortization		(9	)		(17	)
Unamortized deferred financing costs	$	431		$	669

Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2020

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock (“convertible preferred stock”) consists of the following as of December 31, 2019 (in thousands, except share data):

	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Liquidation Value
Series A		6,299,019		6,221,977	$	8,777	$	8,885
Series B		11,270,319		11,090,726		18,474		18,530
Series C		14,655,889		14,655,867		26,919		27,000
Total		32,225,227		31,968,570	$	54,170	$	54,415

Stockholder's Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Warrants Issued and Outstanding

Warrants issued and outstanding as of September 30, 2020 are as follows:

	Warrants Outstanding
	Number of warrants		Exercise Price		Expiration
Common stock warrants		179,558	$	1.67	4/28/2026 - 3/30/2027
Total outstanding warrants		179,558

Warrants issued and outstanding as of December 31, 2019 were as follows:

	Warrants Outstanding
	Number of warrants		Exercise Price		Expiration
Common stock warrants		27,810	$	0.14	10/19/2025
Series A preferred stock warrants		77,030	$	1.43	12/10/2021
Series B preferred stock warrants		179,558	$	1.67	4/28/2026 - 3/30/2027
Total preferred stock warrants		256,588
Total outstanding warrants		284,398

Schedule of Fair Value of Preferred Warrants Determined Using Black Scholes Option Pricing Model

The fair value of the Preferred Warrants was determined using the Black Scholes option pricing model with the following assumptions:

	May 21, 2020 (1)						December 31, 2019
	Series A			Series B			Series A			Series B
Expected volatility		51.10	%		50.00	%		41.40	%		39.80	%
Preferred stock fair value (per share)	$	19.00		$	19.00		$	5.88		$	5.94
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Risk free interest rates		0.17	%		0.53	%		1.58	%		1.83	%
Expected remaining term in years		1.55		5.94-6.86				1.95		6.33-7.25

(1) Date the Company’s registration statement on Form S-1 was declared effective

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under the 2011 Plan for the nine months ended September 30, 2020 is as follows (intrinsic value in thousands):

	Number of Awards			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted Average Remaining Contractual Life (in years)		Intrinsic Value
Outstanding, December 31, 2019		4,082,302		$	0.90	$	0.74		8.76	$	22,667
Granted		305,494			7.47		3.73
Exercised		(433,402	)		0.52		0.50				21,053
Cancelled		(98,380	)		8.50		3.63				1,007
Outstanding, September 30, 2020		3,856,014		$	1.27	$	0.93		8.18	$	261,235
Vested and exercisable at September 30, 2020		1,494,281		$	0.64	$	0.54		7.80	$	102,179
Vested and expected to vest at September 30, 2020		3,845,366		$	1.19	$	0.87		8.10	$	260,821

Schedule of Estimated Fair Value of Option Grant on Date of Grant

	2020	2019
Expected volatility	40.60%	64.60% - 93.40%
Weighted-average volatility	40.60%	90.06%
Common stock fair value (per share)	$7.88 - $9.05	$0.59 - $3.87
Dividend yield	0.00%	0.00%
Risk free interest rates	1.46% - 1.68%	1.67% - 2.44%
Expected remaining term in years	5.90 - 6.07	5.02 - 6.06

Summary of RSU Activity

RSU activity under the 2020 Plan is set forth below (intrinsic value in thousands):

	Number of Awards			Weighted Average Fair Value		Intrinsic Value
Outstanding, December 31, 2019		—		$	—	$	—
Granted		173,548			55.54		9,619
Vested		(80	)		51.41		4
Cancelled		(3,200	)		41.41		165
Outstanding, September 30, 2020		170,268		$	55.62	$	11,752

Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized

Total compensation cost for all share-based payment arrangements recognized was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of goods sold	$	37	$	19	$	109	$	31
Research and development		199		27		323		67
Selling, general and administrative		723		94		1,527		232
	$	959	$	140	$	1,959	$	330

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes

The following table reflects the Company’s provision (benefit) for income taxes for the periods indicated (in thousands):

	Three Months Ended						Nine Months Ended September 30,
	2020			2019			2020			2019
Income (loss) before taxes	$	6,496		$	366		$	6,804		$	(1,547	)
Income tax provision (benefit)		—			—			—			—
Net income (loss)	$	6,496		$	366		$	6,804		$	(1,547	)
Income tax provision (benefit) as a percentage of income taxes		0.00	%		0.00	%		0.00	%		0.00	%

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share


	Nine Months Ended September 30, 2019
Convertible preferred stock		31,968,570
Common stock options		3,833,299
RSUs		2,867,326
Restricted stock subject to future vesting		481,698
Convertible preferred stock warrants		256,588
Common stock warrants		27,810
		39,435,291

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended
	May 31, 2020 USD ($) $ / shares shares	Mar. 31, 2020	Dec. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	May 27, 2020 shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net proceeds from IPO \| $	$ 163,000			$ 164,361
Underwriters' discounts and commissions \| $	12,600
Offering costs \| $	$ 3,700
Offering cost incurred \| $			$ 1,400
Preferred stock converted into common stock	31,968,570
Common stock, shares authorized			49,019,607	300,000,000
Common stock, par value \| $ / shares			$ 0.001	$ 0.001
Preferred stock, shares authorized			10,000,000	10,000,000
Preferred stock, par value \| $ / shares			$ 0.001	$ 0.001
Reverse stock split, conversion ratio	0.833333333	0.840336134
Redeemable Convertible Preferred Stock Warrants
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Converted into warrants to purchase common stock	256,588				256,588
Series A B and C Redeemable Convertible Preferred Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Preferred stock converted into common stock	31,968,570
Preferred stock, conversion basis				Upon the completion of the IPO, all shares of Series A, B, and C redeemable convertible preferred stock then outstanding were converted into 31,968,570 shares of common stock on a one-to-one basis.
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Stock issued	9,432,949
Public offering price \| $ / shares	$ 19.00
Common stock, shares authorized	300,000,000
Common stock, par value \| $ / shares	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock, par value \| $ / shares	$ 0.001
Over-allotment Option
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Sale of stock, shares issued	1,230,384

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Segment	Sep. 30, 2019 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary of Significant Accounting Policies [Line Items]
Restricted cash as collateral for facility lease	$ 338,000		$ 338,000			$ 338,000
Restricted cash to secure corporate purchasing cards	50,000		50,000			50,000
Allowance for doubtful accounts	77,000		77,000			62,000
Accounts receivable write offs	$ 0	$ 0	$ 0	$ 0
Deferred initial public offering costs					$ 3,701,000
Number of operating segments \| Segment			1
Accounting Standards Update 2018-07
Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true		true
Selling, General and Administrative Expenses
Summary of Significant Accounting Policies [Line Items]
Advertising costs	$ 106,000	$ 30,000	$ 217,000	$ 65,000
Other Noncurrent Assets
Summary of Significant Accounting Policies [Line Items]
Deferred initial public offering costs						1,382,000
Accounts Receivable, Net
Summary of Significant Accounting Policies [Line Items]
Unbilled receivables	441,000		$ 441,000			330,000
Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives			shorter of the useful life of the improvement or the lease term
Cash Secured Letter of Credit
Summary of Significant Accounting Policies [Line Items]
Restricted cash as collateral for facility lease	338,000		$ 338,000			$ 338,000
Maximum
Summary of Significant Accounting Policies [Line Items]
Deposits, FDIC insured amount	$ 250,000		$ 250,000
Estimated useful lives of assets			7 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of assets			3 years

Summary of Significant Accounting Policies - Schedule of Revenue for Products as Percentage of Total Revenue (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
ClotTriever Products
Revenue from External Customer [Line Items]
Percentage of total revenue	37.00%	38.00%	38.00%	38.00%
FlowTriever Products
Revenue from External Customer [Line Items]
Percentage of total revenue	63.00%	62.00%	62.00%	62.00%

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Total assets	$ 95,003
Liabilities:
Total liabilities		$ 1,169
Convertible Preferred Stock Warrants Liability
Liabilities:
Total liabilities		1,169
Money Market Funds
Assets
Total assets	95,003
Level 1
Assets
Total assets	95,003
Level 1 \| Money Market Funds
Assets
Total assets	$ 95,003
Level 3
Liabilities:
Total liabilities		1,169
Level 3 \| Convertible Preferred Stock Warrants Liability
Liabilities:
Total liabilities		$ 1,169

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2020 USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, Level 1 to Level 2 transfers, amount	$ 0
Fair value, assets, Level 2 to Level 1 transfers, amount	0
Fair value, liabilities, Level 1 to Level 2 transfers, amount	0
Fair value, liabilities, Level 2 to Level 1 transfers, amount	$ 0

Fair Value Measurements - Schedule of Change in the Fair Value of the Warrant Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Beginning balance	$ 1,169	$ 213
Change in fair value of warrant liability	3,317	562
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO	$ (4,486)
Ending balance		$ 775

Inventories, Net - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory reserves	$ 238,000	$ 537,000

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 1,547	$ 1,067
Work in process	737	640
Finished goods	4,911	2,246
Inventory, net	$ 7,195	$ 3,953

Property and Equipment. net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,686	$ 4,610
Accumulated depreciation	(2,210)	(1,279)
Property and equipment, net	5,476	3,331
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,555	2,190
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,467	932
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	351	296
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	402	259
Computer Hardware
Property Plant And Equipment [Line Items]
Property and equipment, gross	909	527
Assets In Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,002	$ 406

Property and Equipment. net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Depreciation expense			$ 931,000	$ 384,000
Capitalized implementation cost, net		$ 220,000		$ 220,000
Capitalized implementation cost, amortization method				The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, generally three years.
Capitalized implementation cost, amortization period		3 years		3 years
Capitalized implementation cost, current		$ 138,000		$ 138,000	$ 46,000
Capitalized implementation cost, noncurrent		0		0	$ 87,000
Operating Expense
Property Plant And Equipment [Line Items]
Depreciation expense	$ 271,000	131,000	688,000	316,000
Cost of Goods Sold
Property Plant And Equipment [Line Items]
Depreciation expense	87,000	$ 25,000	243,000	$ 68,000
Selling, General and Administrative Expenses
Property Plant And Equipment [Line Items]
Capitalized implementation cost, amortization	$ 27,000		$ 66,000

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019 Extension_Option	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease, rent expense \| $		$ 264,000	$ 71,000	$ 588,000	$ 173,000
Operating lease, expiration period				2024
Irvine, California
Lessee Lease Description [Line Items]
Operating lease, term of contract	5 years
Operating lease, expiration date	Sep. 30, 2024
Operating lease, number of extension options \| Extension_Option	2
Option to extend, operating lease, term	5 years
Operating lease, Existence of option to extend	true
Operating lease, rent holiday concession period	1 month
Operating lease, description				The lease includes a one-month rent holiday concession and escalation clauses for increased rent over the lease term.

Commitments and Contingencies - Schedule of Future Minimum Commitments (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2020	$ 190
2021	761
2022	751
2023	720
2024	542
Future minimum commitments	$ 2,964

Concentrations - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Concentrations - Additional Information (Details)	Sep. 30, 2020 Customer Vendor	Sep. 30, 2019 Customer Vendor	Sep. 30, 2020 Customer Vendor	Sep. 30, 2019 Customer Vendor	Dec. 31, 2019 Customer Vendor
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers \| Customer	0	0	0	0
Concentration risk	10.00%	10.00%	10.00%	10.00%
Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers \| Customer			0		0
Concentration risk			10.00%		10.00%
Purchases \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk	10.00%	10.00%	10.00%	10.00%
Number of vendor \| Vendor	0	0	0	0
Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk			10.00%		10.00%
Number of vendor \| Vendor			0		0

Related Party - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
MRI The Hoffman Group
Related Party Transaction [Line Items]
Due to related parties					$ 0
Accounts payable to related party	$ 141,000		$ 141,000
Inceptus
Related Party Transaction [Line Items]
Reimbursement of expenses and milestone and administration fees					$ 139,000
Administration fee			18,000
Administrative fee payable upon completion of IPO	29,000		$ 29,000
Inceptus \| Minimum
Related Party Transaction [Line Items]
Related party transaction, rate			1.00%
Royalty quarterly fee			$ 1,000
Inceptus \| Maximum
Related Party Transaction [Line Items]
Related party transaction, rate			1.50%
Inceptus \| Research and Development Expense
Related Party Transaction [Line Items]
Development expenses incurred	3,000	$ 17,000	$ 16,000	$ 24,000
Inceptus \| Cost of Goods Sold
Related Party Transaction [Line Items]
Royalty expense	139,000	36,000	325,000	36,000
Recruiting Services \| MRI The Hoffman Group
Related Party Transaction [Line Items]
Development expenses incurred	$ 140,000	$ 210,000	$ 387,000	$ 380,000

Debt - Schedule of Outstanding Debt, Net of Deferred Financing Costs and Discounts (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Total notes payables	$ 20,150
Unamortized discount and debt issuance costs	(669)
Notes payable, net	19,481
Revolving Line of Credit
Debt Instrument [Line Items]
Total notes payables	5,000
Term Loan
Debt Instrument [Line Items]
Total notes payables	15,000
Final Payment Fee
Debt Instrument [Line Items]
Total notes payables	$ 150

Debt - Additional Information (Details) - USD ($)	1 Months Ended			9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Credit facility					$ 10,000,000
SB Credit Facility
Debt Instrument [Line Items]
Credit facility			$ 40,000,000
Minimum achievement of revenue to avail term loan			$ 60,000,000
Achievement of revenue to avail term loan period			2020-08
SB Credit Facility \| Other expenses
Debt Instrument [Line Items]
Write off of unamortized deferred financing cost		$ 648,000
SB Credit Facility \| Revolving Line of Credit
Debt Instrument [Line Items]
Credit facility			$ 15,000,000
SB Credit Facility \| Revolving Line of Credit \| Maximum
Debt Instrument [Line Items]
Percentage of eligible accounts receivable to borrow, repay and re-borrow debt			80.00%
Eligible accounts receivable to borrow, repay and re-borrow debt			$ 15,000,000
SB Credit Facility \| Revolving Line of Credit \| Minimum
Debt Instrument [Line Items]
Annual interest rate of term loan			5.00%
SB Credit Facility \| Term Loan
Debt Instrument [Line Items]
Maturity date of credit facility			2024-12
Credit facility, frequency of periodic payment				monthly
Interest only payments period			2021-12
SB Credit Facility \| Term Loan \| Prime Rate
Debt Instrument [Line Items]
Term loan variable interest rate			0.50%
SB Credit Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Credit facility			$ 25,000,000
SB Credit Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Annual interest rate of term loan			5.50%
SB Credit Facility \| Term Loan Fully Funded on Closing Date
Debt Instrument [Line Items]
Credit facility			$ 15,000,000
SB Credit Facility \| Term Loan to be Available Through December 2020
Debt Instrument [Line Items]
Credit facility			10,000,000
SB Credit Facility \| Final Payment Fee
Debt Instrument [Line Items]
Repayments of debt		$ 250,000
East West Bank \| Term Loan
Debt Instrument [Line Items]
Repayments of debt			$ 10,000,000
Bank of America Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit closing fee	$ 150,000
Legal and other fees	$ 290,000
Line of credit facility covenant terms	The Credit Agreement contains certain customary covenants and events of default, including: payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, certain events with respect to governmental approvals if such events could cause a material adverse change, a material impairment in the perfection or priority of the lender's security interest or in the value of the collateral, a material adverse change in the business, operations, or condition of us or any of our subsidiaries, and a material impairment of the prospect of repayment of the loans. Upon the occurrence of an event of default, a default increase in the interest rate of an additional 2.0% could be applied to the outstanding loan balance and the lender could declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan and security agreement.
Percentage of additional increase in interest rate of loan outstanding for default	2.00%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	1.25%
Line of credit facility, maximum borrowing capacity	$ 30,000,000			$ 30,000,000
Percentage of accounts receivable available to borrow	85.00%
Principal amount outstanding	$ 0
Cash pledged under credit agreement	$ 0			0
Interest on loans outstanding payable	monthly
Debt maturity month and year	2023-09
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Federal Funds Rate \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	0.50%
Debt instrument, description of variable rate basis	Federal funds rate plus 0.50%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| LIBOR \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	1.00%
Debt instrument, description of variable rate basis	LIBOR rate based upon an interest period of 30 days plus 1.00%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Maximum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	1.50%
Pledged cash available to borrow	$ 10,000,000			10,000,000
Unused line fee at annual rate	0.375%
Bank of America Credit Facility \| Senior Secured Revolving Credit Facility \| Minimum \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	1.00%
Unused line fee at annual rate	0.25%
Bank of America Credit Facility \| Letter of Credit Subline Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000			5,000,000
Percentage of fee on average daily stated amount of outstanding letter of credit	2.25%
Percentage of fronting fee on stated amount of each letter of credit outstanding	0.125%
Letters of credit outstanding amount	$ 1,500,000			$ 1,500,000
Bank of America Credit Facility \| LIBOR Loans \| Senior Secured Revolving Credit Facility \| LIBOR \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	2.25%
Bank of America Credit Facility \| LIBOR Loans \| Senior Secured Revolving Credit Facility \| Maximum \| LIBOR \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	2.50%
Bank of America Credit Facility \| LIBOR Loans \| Senior Secured Revolving Credit Facility \| Minimum \| LIBOR \| Credit Agreement
Debt Instrument [Line Items]
Term loan variable interest rate	2.00%

Debt - Schedule of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Deferred financing costs	$ 440	$ 686
Accumulated amortization	(9)	(17)
Unamortized deferred financing costs	$ 431	$ 669

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	May 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Shares Authorized	0			32,225,227
Shares Issued	0			31,968,570
Shares Outstanding	0	0	31,968,570	31,968,570
Net Carrying Value				$ 54,170
Liquidation Value	$ 0			$ 54,415
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized				6,299,019
Shares Issued				6,221,977
Shares Outstanding				6,221,977
Net Carrying Value				$ 8,777
Liquidation Value				$ 8,885
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized				11,270,319
Shares Issued				11,090,726
Shares Outstanding				11,090,726
Net Carrying Value				$ 18,474
Liquidation Value				$ 18,530
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized				14,655,889
Shares Issued				14,655,867
Shares Outstanding				14,655,867
Net Carrying Value				$ 26,919
Liquidation Value				$ 27,000

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, shares outstanding	31,968,570	0	0	31,968,570
Preferred stock converted into common stock	31,968,570
Reclassification of redeemable convertible preferred stock to common stock and additional paid in capital	$ 54.2

Stockholder's Equity- Additional Information (Details) - $ / shares	Sep. 30, 2020	Jun. 30, 2020	May 31, 2020	May 27, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Authorized capital	310,000,000				81,244,834
Common stock, shares authorized	300,000,000				49,019,607
Common stock, par value	$ 0.001				$ 0.001
Redeemable convertible preferred stock, shares authorized	0				32,225,227
Redeemable convertible preferred stock, par value	$ 0.001				$ 0.001
Preferred stock, shares authorized	10,000,000				10,000,000
Preferred stock, Par value	$ 0.001				$ 0.001
Preferred stock, shares outstanding	0				0
Class of warrant exercised for cash		77,030
Number of common stock shares issued upon exercise of preferred stock warrants		74,723
Redeemable Convertible Preferred Stock Warrants
Class Of Stock [Line Items]
Converted into warrants to purchase common stock			256,588	256,588
Common Stock Warrants
Class Of Stock [Line Items]
Class of warrant exercised for cash		27,810
Series A Preferred Stock
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized					6,299,019
Series B Preferred Stock
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized					11,270,319
Series C Preferred Stock
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized					14,655,889

Stockholder's Equity - Schedule of Warrants Issued and Outstanding (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding	179,558	284,398
Common Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding	179,558	27,810
Warrants Outstanding Exercise Price	$ 1.67	$ 0.14
Warrants Outstanding Expiration		Oct. 19, 2025
Common Stock Warrants \| Minimum
Class Of Warrant Or Right [Line Items]
Warrants Outstanding Expiration	Apr. 28, 2026
Common Stock Warrants \| Maximum
Class Of Warrant Or Right [Line Items]
Warrants Outstanding Expiration	Mar. 30, 2027
Series A Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding		77,030
Warrants Outstanding Exercise Price		$ 1.43
Warrants Outstanding Expiration		Dec. 10, 2021
Series B Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding		179,558
Warrants Outstanding Exercise Price		$ 1.67
Series B Preferred Stock Warrants \| Minimum
Class Of Warrant Or Right [Line Items]
Warrants Outstanding Expiration		Apr. 28, 2026
Series B Preferred Stock Warrants \| Maximum
Class Of Warrant Or Right [Line Items]
Warrants Outstanding Expiration		Mar. 30, 2027
Redeemable Convertible Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding		256,588

Stockholder's Equity - Schedule of Fair Value of Preferred Warrants Determined Using Black Scholes Option Pricing Model (Details)	May 21, 2020 $ / shares	Dec. 31, 2019 $ / shares
Series A
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred stock fair value (per share)	$ 19.00	$ 5.88
Series B
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred stock fair value (per share)	$ 19.00	$ 5.94
Expected Volatility \| Series A
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	51.10	41.40
Expected Volatility \| Series B
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	50.00	39.80
Dividend Yield \| Series A
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	0.00	0.00
Dividend Yield \| Series B
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	0.00	0.00
Risk Free Interest Rates \| Series A
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	0.17	1.58
Risk Free Interest Rates \| Series B
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement input	0.53	1.83
Expected Remaining Term \| Series A
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected remaining term in years	1 year 6 months 18 days	1 year 11 months 12 days
Expected Remaining Term \| Series B \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected remaining term in years	5 years 11 months 8 days	6 years 3 months 29 days
Expected Remaining Term \| Series B \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected remaining term in years	6 years 10 months 9 days	7 years 3 months

Equity Incentive Plans - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		5 Months Ended	9 Months Ended
	May 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	May 21, 2020	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 959,000	$ 140,000		$ 1,959,000	$ 330,000
Compensation costs related to all non-vested awards to be recognized in future				$ 11,631,000			$ 11,631,000
Non vested stock awards, expected remaining weighted average period							3 years 4 months 24 days
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchased under ESPP							0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			4 years
Stock-based compensation expense						$ 0
Restricted Stock Units \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense							$ 159,000
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		3,468,048
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end		3.00%
Number of shares available for issuance				3,592,873			3,592,873
Number of shares granted							173,548
2020 Incentive Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period							4 years
Share-based compensation vesting rights, terms							The RSUs generally vest over a four-year period with straight-line vesting and a 25% one-year cliff or over a three-year period in equal amounts on a quarterly basis, provided the employee remains continuously employed with the Company.
2020 Incentive Award Plan \| Restricted Stock Units \| Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage							25.00%
2020 Incentive Award Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of award		10 years
2011 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance				269,268			269,268
2011 Equity Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted			2,867,326
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	990,870
First offering start date	Aug. 01, 2020
First offering end date	Jan. 31, 2021
Percentage of purchase price on fair market value of common stock	85.00%

Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2011 Equity Incentive Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Number of Awards
Number of Awards, Outstanding, Beginning balance \| shares	4,082,302
Number of Awards, Granted \| shares	305,494
Number of Awards, Exercised \| shares	(433,402)
Number of Awards, Cancelled \| shares	(98,380)
Number of Awards, Outstanding, Ending balance \| shares	3,856,014	4,082,302
Number of Awards, Vested and exercisable \| shares	1,494,281
Number of Awards, Vested and expected to vest \| shares	3,845,366
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 0.90
Weighted Average Exercise Price, Granted	7.47
Weighted Average Exercise Price, Exercised	0.52
Weighted Average Exercise Price, Cancelled	8.50
Weighted Average Exercise Price, Outstanding, Ending balance	1.27	$ 0.90
Weighted Average Exercise Price, Vested and exercisable	0.64
Weighted Average Exercise Price, Vested and expected to vest	1.19
Weighted Average Fair Value
Weighted Average Fair Value, Outstanding, Beginning balance	0.74
Weighted Average Fair Value, Granted	3.73
Weighted Average Fair Value, Exercised	0.50
Weighted Average Fair Value, Cancelled	3.63
Weighted Average Fair Value, Outstanding, Ending balance	0.93	$ 0.74
Weighted Average Fair Value, Vested and exercisable	0.54
Weighted Average Fair Value, Vested and expected to vest	$ 0.87
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years), Outstanding	8 years 2 months 4 days	8 years 9 months 3 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable	7 years 9 months 18 days
Weighted Average Remaining Contractual Life (in years), Vested and expected to vest	8 years 1 month 6 days
Intrinsic Value
Intrinsic Value, Outstanding, Beginning balance \| $	$ 22,667
Intrinsic Value, Exercised \| $	21,053
Intrinsic Value, Cancelled \| $	1,007
Intrinsic Value, Outstanding, Ending balance \| $	261,235	$ 22,667
Intrinsic Value, Vested and exercisable \| $	102,179
Intrinsic Value, Vested and expected to vest \| $	$ 260,821

Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant on Date of Grant (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	40.60%
Expected volatility, minimum		64.60%
Expected volatility, maximum		93.40%
Weighted-average volatility	40.60%	90.06%
Dividend yield	0.00%	0.00%
Risk free interest rates, minimum	1.46%	1.67%
Risk free interest rates, maximum	1.68%	2.44%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock fair value (per share)	$ 7.88	$ 0.59
Expected remaining term in years	5 years 10 months 24 days	5 years 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock fair value (per share)	$ 9.05	$ 3.87
Expected remaining term in years	6 years 25 days	6 years 21 days

Equity Incentive Plans - Summary of RSU Activity (Details) - 2020 Incentive Award Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Number of Awards
Number of shares granted \| shares	173,548
Number of Awards, Vested \| shares	(80)
Number of Awards, Cancelled \| shares	(3,200)
Number of Awards, Outstanding, Ending balance \| shares	170,268
Weighted Average Fair Value
Weighted Average Fair Value, Granted \| $ / shares	$ 55.54
Weighted Average Fair Value, Vested \| $ / shares	51.41
Weighted Average Fair Value, Cancelled \| $ / shares	41.41
Weighted Average Fair Value, Outstanding, Ending balance \| $ / shares	$ 55.62
Intrinsic Value
Intrinsic Value, Granted \| $	$ 9,619
Intrinsic Value, Vested \| $	4
Intrinsic Value, Cancelled \| $	165
Intrinsic Value, Outstanding, Ending balance \| $	$ 11,752

Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 959	$ 140	$ 1,959	$ 330
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	37	19	109	31
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	199	27	323	67
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total compensation cost	$ 723	$ 94	$ 1,527	$ 232

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income (loss) before taxes	$ 6,496,000			$ 366,000			$ 6,804,000	$ (1,547,000)
Income tax provision (benefit)	0			0			0	0
Net income (loss) and comprehensive income (loss)	$ 6,496,000	$ (3,804,000)	$ 4,112,000	$ 366,000	$ (965,000)	$ (948,000)	$ 6,804,000	$ (1,547,000)
Income tax provision (benefit) as a percentage of income taxes	0.00%			0.00%			0.00%	0.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Income tax provision (benefit)	$ 0	$ 0	$ 0	$ 0
Interest or penalties related to uncertain tax positions			$ 0
Significant change in unrecognized tax position, description			It is not expected that there will be a significant change in uncertain tax position in the next 12 months.
Income tax examination, description			In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2016 and December 31, 2017 are open for state and federal tax purposes, respectively.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Retirement Plan - Additional Information (Details)	9 Months Ended
Retirement Plan - Additional Information (Details)	Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Company matching contributions	0.00%

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	0	0	0	39,435,291

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	0	0	39,435,291
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				31,968,570
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				3,833,299
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				2,867,326
Restricted Stock Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				481,698
Convertible Preferred Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				256,588
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share				27,810

Subsequent Events - Additional Information (Details) - Irvine, California $ in Millions	1 Months Ended
	Oct. 31, 2020 USD ($) Extension_Option	Mar. 31, 2019 Extension_Option
Subsequent Event [Line Items]
Operating lease, term of contract		5 years
Operating lease, number of extension options \| Extension_Option		2
Option to extend, operating lease, term		5 years
Operating lease, Existence of option to extend		true
Subsequent Event
Subsequent Event [Line Items]
Operating lease, term of contract	10 years
Operating lease, number of extension options \| Extension_Option	2
Option to extend, operating lease, term	5 years
Operating lease, Existence of option to extend	true
New facility lease, future minimum payments due \| $	$ 23.3
Subsequent Event \| Letter of Credit
Subsequent Event [Line Items]
Secured debt \| $	$ 1.5