0001531048-23-000009 | 10-Q | XBRL Viewer

Print Document View Excel Document

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 56,562	$ 60,222
Short-term investments in debt securities	271,884	266,179
Accounts receivable, net	55,719	58,611
Inventories, net	36,499	32,581
Prepaid expenses and other current assets	4,942	5,312
Total current assets	425,606	422,905
Property and equipment, net	21,245	21,655
Operating lease right-of-use assets	50,599	50,703
Deposits and other assets	9,084	8,889
Total assets	506,534	504,152
Current liabilities
Accounts payable	7,352	7,659
Payroll-related accruals	28,443	38,955
Accrued expenses and other current liabilities	11,018	8,249
Operating lease liabilities, current portion	1,527	1,311
Total current liabilities	48,340	56,174
Operating lease liabilities, noncurrent portion	31,458	30,976
Total liabilities	79,798	87,150
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 300,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 57,083,716 and 54,021,656 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	57	54
Additional paid in capital	475,754	462,949
Accumulated other comprehensive (loss) income	(7)	849
Accumulated deficit	(49,068)	(46,850)
Total stockholders' equity	426,736	417,002
Total liabilities and stockholders' equity	$ 506,534	$ 504,152

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net of reserves, consist of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	14,139	$	13,943
Work-in-process	4,062		3,396
Finished goods	18,298		15,242
Total inventories, net	$	36,499	$	32,581

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 116,167	$ 86,752
United States
Disaggregation of Revenue [Line Items]
Revenue	111,846	85,054
International
Disaggregation of Revenue [Line Items]
Revenue	$ 4,321	$ 1,698

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Commitments and Contingencies - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,180	$ 1,043
Short-term lease cost	22	15
Variable lease cost	166	139
Total lease costs	$ 1,368	$ 1,197

Commitments and Contingencies - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease, term of contract		12 months
Operating lease right-of-use assets		$ 50,599,000		$ 50,703,000
Total lease liabilities		$ 32,985,000		$ 32,300,000
Operating lease, weighted average remaining lease term		18 years 10 months 24 days		17 years 1 month 6 days
Weighted average incremental borrowing rate		6.05%
Cash paid for amounts included in the measurement of lease liabilities		$ 846,000	$ 714,000
Contract to perform for others, costs incurred	$ 4,200,000
Accrued expenses and other current liabilities, licensed technology		11,018,000		$ 8,249,000
Administration fee		29,000	29,000
Self insurance liability		1,500,000
Inceptus
Lessee Lease Description [Line Items]
Royalty expense		1,500	$ 212,000
Research and development
Lessee Lease Description [Line Items]
Accrued expenses and other current liabilities, licensed technology		$ 1,400,000		$ 1,300,000
Maximum
Lessee Lease Description [Line Items]
Operating lease, term of contract		5 years
Maximum \| Inceptus
Lessee Lease Description [Line Items]
Related party transaction, rate		1.50%
Minimum \| Inceptus
Lessee Lease Description [Line Items]
Related party transaction, rate		1.00%
Royalty quarterly fee		$ 1,500

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
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	6001 Oak Canyon
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,172,042
Entity Central Index Key	0001531048
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 116,167	$ 86,752
Cost of goods sold	13,741	9,967
Gross profit	102,426	76,785
Operating expenses
Research and development	22,064	16,135
Selling, general and administrative	85,700	63,732
Total operating expenses	107,764	79,867
Loss from operations	(5,338)	(3,082)
Other income (expense)
Interest income	4,145	50
Interest expense	(40)	(73)
Other income (expense)	39	(24)
Total other income (expense)	4,144	(47)
Loss before income taxes	(1,194)	(3,129)
Provision for income taxes	1,024	0
Net loss	(2,218)	(3,129)
Other comprehensive income (loss)
Foreign currency translation adjustments	9	(117)
Unrealized loss on available-for-sale debt securities	(865)	(248)
Total other comprehensive loss	(856)	(365)
Comprehensive loss	$ (3,074)	$ (3,494)
Net loss per share
Basic (in dollars per share)	$ (0.04)	$ (0.06)
Diluted (in dollars per share)	$ (0.04)	$ (0.06)
Weighted average common shares used to compute net loss per share
Basic (in shares)	54,756,024	50,954,715
Diluted (in shares)	54,756,024	50,954,715

Equity Incentive Plans - Schedule of Total Compensation Cost for All Share-Based Payment Arrangements Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,339	$ 6,555
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	525	364
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,590	978
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,224	$ 5,213

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31, 2023		December 31, 2022
Manufacturing equipment	$	14,365	$	13,585
Computer hardware	5,233		5,123
Leasehold improvements	5,210		5,040
Furniture and fixtures	4,124		4,119
Assets in progress	2,366		2,516
Computer software	100		100
Total property and equipment, gross	31,398		30,483
Accumulated depreciation	(10,153)		(8,828)
Total property and equipment, net	$	21,245	$	21,655

Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
2011 Equity Incentive Plan
Number of Awards
Balance at beginning of period (in shares)	1,456,328
Exercised (in shares)	(209,966)
Cancelled (in shares)	(938)
Balance at end of period (in shares)	1,245,424	1,456,328
Number of Awards, Vested and exercisable (in shares)	1,114,127
Number of Awards, Vested and expected to vest (in shares)	1,242,625
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 1.93
Exercised (in dollars per share)	1.11
Cancelled (in dollars per share)	3.27
Balance at end of period (in dollars per share)	2.07	$ 1.93
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	1.77
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 2.06
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years	6 years 2 months 12 days
Vested and exercisable	5 years 10 months 24 days
Vested and expected to vest	6 years
Intrinsic Value
Balance at beginning of period	$ 89,749
Exercised	12,688
Balance at end of period	74,313	$ 89,749
Intrinsic Value, Vested and exercisable	66,811
Intrinsic Value, Vested and expected to vest	$ 74,155
2020 Incentive Award Plan
Number of Awards
Balance at beginning of period (in shares)	0
Granted (in shares)	181,870
Balance at end of period (in shares)	181,870	0
Number of Awards, Vested and exercisable (in shares)	0
Number of Awards, Vested and expected to vest (in shares)	163,812
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	56.00
Balance at end of period (in dollars per share)	56.00	$ 0
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	0
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	56.00
Weighted Average Fair Value
Balance at beginning of period (in dollars per share)	0
Granted (in dollars per share)	25.98
Balance at end of period (in dollars per share)	25.98	$ 0
Weighted Average Fair Value, Vested and exercisable (in dollars per share)	0
Weighted Average Fair Value, Vested and expected to vest (in dollars per share)	$ 25.98
Weighted Average Remaining Contractual Life (in years)
Outstanding	6 years 10 months 24 days
Vested and expected to vest	6 years 10 months 24 days
Intrinsic Value
Balance at beginning of period	$ 0
Balance at end of period	1,044	$ 0
Intrinsic Value, Vested and exercisable	0
Intrinsic Value, Vested and expected to vest	$ 940

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 14,139	$ 13,943
Work-in-process	4,062	3,396
Finished goods	18,298	15,242
Total inventories, net	$ 36,499	$ 32,581

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company has operating leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements, other than long-term real estate leases, the Company combines lease and non-lease components. The operating leases for facilities expire at various dates through July 2041 and some contain renewal options, the longest of which is for five years. The right-of-use asset and lease liability includes renewal options if the Company is reasonably certain to exercise such renewal options.

As of March 31, 2023, the aggregate operating lease ROU assets and lease liabilities were $50.6 million and $33.0 million, respectively, with the weighted average remaining lease term of 18.9 years. As of December 31, 2022, the aggregate operating lease ROU asset and lease liabilities were $50.7 million and $32.3 million, respectively, with the weighted average remaining lease term of 17.1 years.

As of March 31, 2023, the weighted average incremental borrowing rate used to measure operating lease liabilities was 6.05%. Cash paid for amounts included in the measurement of operating lease liabilities was $846,000 and $714,000 for the three months ended March 31, 2023 and 2022, respectively.

Total lease costs are as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	1,180	$	1,043
Short-term lease cost	22		15
Variable lease cost	166		139
Total lease costs	$	1,368	$	1,197

Future minimum lease payments under operating leases liabilities as of March 31, 2023 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2023	$	2,602
2024	3,558
2025	3,044
2026	2,923
2027	2,989
Thereafter	38,553
Total lease payments	53,669
Less imputed interest	(20,684)
Total lease liabilities	32,985
Less: lease liabilities - current portion	(1,527)
Lease liabilities - noncurrent portion	$	31,458

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 consolidated financial position, results of operations or cash flows of the Company.

Licensed Technology

In December 2021, the Company entered into an exclusive, perpetual, royalty free, technology license agreement for use in a particular research and development project that requires total payments of approximately $4.2 million payable in three installments due in 2022 and 2023. The Company accounted for the purchase as a research and development expense as it was determined to have no future alternative uses. As of March 31, 2023 and December 31, 2022, the outstanding balance was approximately $1.4 million and $1.3 million, respectively, which was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Sublicense Agreement

In August 2019, the Company entered into a sublicense agreement with Inceptus Medical LLC (“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.

Under the sublicense agreement, the Company is required to pay an ongoing quarterly administration fee, which amounted to $29,000 for the three months ended March 31, 2023 and 2022. Additionally, the Company is obligated to pay an ongoing royalty ranging from 1% to 1.50% of the net sales of products utilizing the licensed intellectual property, subject to a minimum royalty quarterly fee of $1,500. The Company recorded royalty expense to cost of goods sold of $1,500 and $212,000 for the three months ended March 31, 2023 and 2022, respectively.

Self-Insured Health Plan

As of January 1, 2023, the Company implemented a self-insurance program to cover employees and their dependent health benefits, including medical, dental and vision. As part of the program, the Company also has stop-loss coverage from a third party which limits the exposure to large claims. The Company records a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, the Company utilizes an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. The assumptions are closely monitored and adjusted when necessary by changing circumstances. If the liability generated from incurred claims exceeds the expense recorded, the Company may record an additional expense. As of March 31, 2023, the Company's self-insurance liability, inclusive of administrative fees, was $1.5 million, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022 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 condensed consolidated financial position as of March 31, 2023 and its consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2023 and 2022 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 consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on February 27, 2023.
Management Estimates	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 condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. 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 Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that 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. The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers 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. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates. Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, the shipping or 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 recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 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 consolidated financial statements. 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. The Company does not sell any warranties 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. The warranty liability as of March 31, 2023 and December 31, 2022 were not significant. The warranty expense recognized during the three months ended March 31, 2023 and 2022 were $409,000 and $113,000, respectively. Costs associated with product sales include commissions and are recorded in selling, general and administrative (“SG&A”) expenses. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period is less than one year.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

NET INCOME (LOSS) PER SHARE

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, shares from common stock options, RSUs and ESPP 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 following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2023 and 2022 due to their anti-dilutive effect:


	Three Months Ended March 31,
	2023	2022
Common stock options	1,427,294	2,241,630
RSUs	1,497,342	3,649,255
Restricted stock subject to future vesting	—	10,404
	2,924,636	5,901,289

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Line Items]
Depreciation expense	$ 1,348	$ 1,063
Operating expenses
Property Plant And Equipment [Line Items]
Depreciation expense	1,094	857
Cost of goods sold
Property Plant And Equipment [Line Items]
Depreciation expense	$ 254	$ 206

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance		$ 30,300
Interest or penalties related to uncertain tax positions	$ 0

Related Party	3 Months Ended
Related Party	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party	RELATED PARTYThe Company utilizes MRI The Hoffman Group (“MRI”), a recruiting services company owned by the brother of the former Chief Executive Officer and President and current member of the board of directors of the Company. The Company paid for recruiting services provided by MRI amounting to $30,000 and $74,000 for the three months ended March 31, 2023 and 2022, respectively, which was included in SG&A expenses on the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2023 and December 31, 2022, there was no balance payable to MRI.

Concentrations	3 Months Ended
Concentrations	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Concentrations	CONCENTRATIONS The Company’s revenue is derived primarily from the sale of catheter-based therapeutic devices in the United States. For the three months ended March 31, 2023 and 2022, there were no customers which accounted for more than 10% of the Company’s revenue. As of March 31, 2023 and December 31, 2022, there were no customers that accounted for more than 10% of the Company’s accounts receivable. No vendor accounted for more than 10% of the Company’s purchases for the three months ended March 31, 2023 and 2022. There was one vendor that accounted for 10.7% of the Company's accounts payable as of March 31, 2023. There were no vendors that accounted for more than 10% of the Company’s accounts payable as of December 31, 2022. In early 2023, a few U.S. banks were closed and the regulators appointed the Federal Deposit Insurance Corporation (“FDIC”) to act as receiver, which created significant market disruption and uncertainty with respect to the financial condition of the banking institutions in the U.S. While we do not have any direct exposure to these banks, we do maintain our cash and cash equivalents at multiple financial institutions, which exceed the current FDIC insurance limits. We will continue to monitor our cash and cash equivalents and take steps to identify any potential impact on our business.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (2,218)	$ (3,129)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	1,348	1,063
Amortization of deferred financing costs	8	36
Amortization of right-of-use assets	1,625	604
Share-based compensation expense	10,339	6,555
Allowance for credit losses, net	91	79
Loss on disposal of fixed assets	26	0
Amortization of premium and discount on marketable securities	(3,810)	0
Changes in:
Accounts receivable	2,827	(2,695)
Inventories	(3,825)	(2,788)
Prepaid expenses, deposits and other assets	504	261
Accounts payable	(317)	(467)
Payroll-related accruals, accrued expenses and other liabilities	(7,787)	(6,247)
Operating lease liabilities	(366)	(2,097)
Lease prepayments for lessor's owned leasehold improvements	(458)	(275)
Net cash used in operating activities	(2,013)	(9,100)
Cash flows from investing activities
Purchases of property and equipment	(964)	(2,745)
Purchases of marketable securities	(122,054)	(112,073)
Maturities of marketable securities	119,300	47,000
Purchases of other investments	(325)	(5,693)
Net cash used in investing activities	(4,043)	(73,511)
Cash flows from financing activities
Proceeds from issuance of common stock in public offering, net of issuance costs of $11.9 million	0	174,394
Proceeds from issuance of common stock under employee stock purchase plan	4,172	3,427
Proceeds from exercise of stock options	226	345
Payment of taxes related to vested restricted stock units	(1,932)	(1,624)
Net cash provided by financing activities	2,466	176,542
Effect of foreign exchange rate on cash and cash equivalents	(70)	(127)
Net (decrease) increase in cash and cash equivalents	(3,660)	93,804
Cash and cash equivalents beginning of period	60,222	92,752
Cash and cash equivalents end of period	56,562	186,556
Supplemental disclosures of cash flow information:
Cash paid for income taxes	104	89
Cash paid for interest	32	37
Noncash investing and financing:
Lease liabilities arising from obtaining new right-of-use assets	$ 1,030	$ 0

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Total Lease Cost

Total lease costs are as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	1,180	$	1,043
Short-term lease cost	22		15
Variable lease cost	166		139
Total lease costs	$	1,368	$	1,197

Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities

Future minimum lease payments under operating leases liabilities as of March 31, 2023 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2023	$	2,602
2024	3,558
2025	3,044
2026	2,923
2027	2,989
Thereafter	38,553
Total lease payments	53,669
Less imputed interest	(20,684)
Total lease liabilities	32,985
Less: lease liabilities - current portion	(1,527)
Lease liabilities - noncurrent portion	$	31,458

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
	2023	2022
Common stock options	1,427,294	2,241,630
RSUs	1,497,342	3,649,255
Restricted stock subject to future vesting	—	10,404
	2,924,636	5,901,289

Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Product Concentration Risk - Revenue from Contract with Customer, Product and Service Benchmark	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
ClotTriever and other systems
Revenue from External Customer [Line Items]
Concentration risk	34.00%	32.00%
FlowTriever system
Revenue from External Customer [Line Items]
Concentration risk	66.00%	68.00%

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The interim condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022 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 condensed consolidated financial position as of March 31, 2023 and its consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2023 and 2022 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 consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on February 27, 2023.

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 condensed consolidated financial statements may include, but are not limited to, collectability of receivables, recoverability of long-lived assets, valuation of inventory, operating lease right-of-use (“ROU”) assets and liabilities, other investments, fair value of stock options, recoverability of net deferred tax assets and related valuation allowance, and certain accruals. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. Actual results could differ materially from those estimates. Management periodically evaluates such estimates and assumptions, and they are adjusted prospectively based upon such periodic evaluation.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. 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 Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that 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.

The Company sells its products primarily to hospitals in the United States utilizing the Company’s direct sales force. The Company recognizes revenue for arrangements where the Company has satisfied its performance obligation of shipping or delivering the product. For sales where the Company’s sales representative hand-deliver products directly to the hospitals, control of the products transfers to the customers 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. Revenue from product sales is comprised of product revenue, net of product returns, administrative fees and sales rebates.

Performance Obligation—The Company has revenue arrangements that consist of a single performance obligation, the shipping or 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 recognized is based on the transaction price, which represents the invoiced amount, net of administrative fees and sales rebates, where applicable. The Company provides a standard 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 consolidated financial statements.

As of March 31, 2023 and December 31, 2022, the Company recorded $876,000 and $1,218,000, respectively, of unbilled receivables, which are included in accounts receivable, net, in the accompanying condensed consolidated balance sheets.

The Company disaggregates revenue by product. Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follow:


	Three Months Ended March 31,
	2023		2022
ClotTriever and other systems	34	%	32	%
FlowTriever system	66	%	68	%

Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
United States	$	111,846	$	85,054
International	4,321		1,698
Total revenue	$	116,167	$	86,752

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. The Company does not sell any warranties 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. The warranty liability as of March 31, 2023 and December 31, 2022 were not significant. The warranty expense recognized during the three months ended March 31, 2023 and 2022 were $409,000 and $113,000, respectively.

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

Equity Investments

The Company has strategic investments in certain privately held companies, with no readily determinable fair value. The Company measures these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investments. The Company will monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant adverse effect on the fair values. As of March 31, 2023 and December 31, 2022, total other investments of $8.6 million and $8.3 million, respectively, were included in deposits and other assets on the condensed consolidated balance sheets with no impairment identified.

Equity Incentive Plans - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2023	May 31, 2020	Mar. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)						540,217
Shares issued under Employee Stock Purchase Plan (in shares)	86,051
Compensation cost				$ 10,339	$ 6,555
Nonvested award, cost not yet recognized, amount				$ 91,200
Nonvested award, cost not yet recognized, period				3 years
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under Employee Stock Purchase Plan (in shares)				86,051	54,808
Restricted Stock Units \| Vesting, Option One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period				4 years
Restricted Stock Units \| Vesting, Option Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period				3 years
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost				$ 1,000	$ 800
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period				4 years
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of annual increase in shares reserved for issuance on capital stock outstanding at year end			3.00%
Number of shares available for issuance (in shares)				6,523,422
Shares of common stock reserved for future issuance (in shares)				1,620,650
2020 Incentive Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of RSUs vested				$ 5,200	4,500
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| 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 \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25.00%
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25.00%
2020 Incentive Award Plan \| Restricted Stock Units \| Vesting, Option One \| Share-Based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage				25.00%
2011 Equity Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award cliff vesting period				4 years
Total fair value of RSUs vested				$ 170,600	$ 0
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)				2,222,123
Percentage of purchase price on fair market value of common stock		85.00%
2020 Employee Share Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under Employee Stock Purchase Plan (in shares)				304,615
Maximum \| 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of award			10 years

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (1,194)	$ (3,129)
Provision for income taxes	1,024	0
Net loss	$ (2,218)	$ (3,129)
Provision for income taxes as a percentage of loss before income taxes	(85.80%)	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Related Party (Details) - MRI The Hoffman Group - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 0		$ 0
Recruiting Services \| Operating expenses
Related Party Transaction [Line Items]
Development expenses incurred	$ 30	$ 74

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Condensed Consolidated Statements Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2021		50,313,452
Balance at beginning of period at Dec. 31, 2021	$ 239,209	$ 50	$ 257,144	$ (402)	$ (17,583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised for common stock (in shares)		322,882
Options exercised for common stock	345	$ 1	344
Shares issued under Employee Stock Purchase Plan (in shares)		54,808
Shares issued under Employee Stock Purchase Plan	3,427		3,427
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares)		31,763
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes	(1,624)		(1,624)
Issuance of common stock in public offering, net of issuance costs (in shares)		2,300,000
Issuance of common stock in public offering, net of issuance costs	174,394	$ 2	174,392
Share-based compensation expense	6,555		6,555
Other comprehensive income (loss)	(365)			(365)
Net loss	(3,129)				(3,129)
Balance at end of period (in shares) at Mar. 31, 2022		53,022,905
Balance at end of period at Mar. 31, 2022	$ 418,812	$ 53	440,238	(767)	(20,712)
Balance at beginning of period (in shares) at Dec. 31, 2022	54,021,656	54,021,656
Balance at beginning of period at Dec. 31, 2022	$ 417,002	$ 54	462,949	849	(46,850)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised for common stock (in shares)		209,966
Options exercised for common stock	226	$ 0	226
Shares issued under Employee Stock Purchase Plan (in shares)		86,051
Shares issued under Employee Stock Purchase Plan	4,172		4,172
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes (in shares)		2,766,043
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for taxes	(1,929)	$ 3	(1,932)
Share-based compensation expense	10,339		10,339
Other comprehensive income (loss)	(856)			(856)
Net loss	$ (2,218)				(2,218)
Balance at end of period (in shares) at Mar. 31, 2023	57,083,716	57,083,716
Balance at end of period at Mar. 31, 2023	$ 426,736	$ 57	$ 475,754	$ (7)	$ (49,068)

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Three Months Ended March 31,
	2023		2022
Loss before income taxes	$	(1,194)	$	(3,129)
Provision for income taxes	1,024		—
Net loss	$	(2,218)	$	(3,129)
Provision for income taxes as a percentage of loss before income taxes	(85.8%)		—%

The effective tax rate for all periods is driven by pre-tax income/(loss), business credits, equity compensation, state taxes, and the change in valuation allowance. The Company's income tax provision for interim reporting periods has historically been calculated by applying an estimate of the annual effective income tax rate for the full year to “ordinary” income (loss) for the interim reporting period, which is calculated as pre-tax income (loss) excluding unusual and infrequently occurring discrete items. For the three months ended March 31, 2023, we calculated the income tax provision using a discrete effective income tax rate method as if the interim year to date period was an annual period. We determined that since normal changes in estimated “ordinary” income (loss) would result in disproportionate changes in the estimated annual effective income tax rate, the Company's historical method of calculating its income tax provision for interim reporting periods would not provide a reliable estimate for the three months ended March 31, 2023.

For tax years beginning after December 31, 2021, certain research and development costs are required to be capitalized and amortized over a five year period under the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. The Company has reviewed and incorporated this change, which will impact the expected U.S. federal and state tax expense and cash taxes to be paid for the tax year ending December 31, 2023.

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. As of December 31, 2022, the Company maintained a full valuation allowance of $30.3 million against the Company's net deferred tax assets. As of March 31, 2023, the Company believes that the deferred tax assets are currently not considered more likely than not to be realized and, accordingly, has maintained a full valuation allowance against its deferred tax assets. The Company will continue to assess its position on the realizability of its deferred tax assets, until such time as sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Any release of the valuation allowance may result in a material benefit recognized in the quarter of release.

Uncertain Tax Positions

The Company has recorded uncertain tax positions related to its federal and California research and development credit carryforwards. No interest or penalties have been recorded related to the uncertain tax positions due to credit carryforwards that are available to offset the uncertain tax positions. It is not expected that there will be a significant change in the uncertain tax position in the next twelve months. The Company is subject to U.S. federal and state income tax as well as to income tax in various foreign jurisdictions. 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 income tax examinations in progress. The statute of limitations for tax years ended after December 31, 2019, December 31, 2018, and December 31, 2017 are open for federal and state, and foreign tax purposes, respectively.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

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

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

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

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

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

+ Details

Inventories, net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

INVENTORIES, NET

Inventories, net of reserves, consist of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	14,139	$	13,943
Work-in-process	4,062		3,396
Finished goods	18,298		15,242
Total inventories, net	$	36,499	$	32,581

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Concentration Risk

Revenue for ClotTriever and other systems and FlowTriever system as a percentage of total revenue is as follow:


	Three Months Ended March 31,
	2023		2022
ClotTriever and other systems	34	%	32	%
FlowTriever system	66	%	68	%

Schedule of Disaggregation of Revenue

Revenue from the Company's products by geographic area, based on the location where title transfers, is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
United States	$	111,846	$	85,054
International	4,321		1,698
Total revenue	$	116,167	$	86,752

Credit Facility (Details) - Line of Credit		3 Months Ended
Credit Facility (Details) - Line of Credit	Dec. 16, 2022 USD ($)	Mar. 31, 2023 USD ($) LetterOfCredit	Feb. 06, 2023 USD ($)
Debt Instrument [Line Items]
Number of letter of credit \| LetterOfCredit		3
Revolving Line of Credit \| Amended Credit Agreement \| Bank of America Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000
Line of credit facility, accordion feature, higher borrowing capacity option	120,000,000
Line of credit facility, remaining borrowing capacity		$ 38,000,000
Line of credit facility, collateral, accounts receivable, percentage		90.00%
Line of credit facility, collateral		$ 10,000,000
Debt instrument, fee amount	$ 10,000
Unused line fee at annual rate	0.25%
Principal amount outstanding		0
Cash pledged under credit agreement		$ 0
Revolving Line of Credit \| Amended Credit Agreement \| Bank of America Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Term loan variable interest rate	0.50%
Revolving Line of Credit \| Amended Credit Agreement \| Bank of America Credit Facility \| BSBY
Debt Instrument [Line Items]
Term loan variable interest rate	1.00%
Basis spread on variable rate, floor	0.00%
Revolving Line of Credit \| Amended Credit Agreement \| Bank of America Credit Facility \| BSBY \| Minimum
Debt Instrument [Line Items]
Term loan variable interest rate	0.50%
Revolving Line of Credit \| Amended Credit Agreement \| Bank of America Credit Facility \| BSBY \| Maximum
Debt Instrument [Line Items]
Term loan variable interest rate	1.00%
Letter of Credit Subline Facility \| Bank of America Credit Facility
Debt Instrument [Line Items]
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		$ 2,000,000
Letter of Credit Subline Facility \| Amended Credit Agreement \| Bank of America Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000
Line of credit facility, accordion feature, higher borrowing capacity option			$ 10,000,000

Condensed Consolidated Statements Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 11.9

Stockholder's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Net proceeds from IPO		$ 174,400	$ 0	$ 174,394
Underwriters' discounts and commissions		$ 11,200
Offering costs	$ 700
IPO
Class Of Stock [Line Items]
Stock issued	2,300,000
Public offering price (in dollars per share)	$ 81.00	$ 81.00		$ 81.00
Over-allotment Option
Class Of Stock [Line Items]
Sale of stock, shares issued		300,000

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Statement of Cash Flows [Abstract]
Stock issuance cost	$ 11.9

Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

PROPERTY AND EQUIPMENT, NET

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


	March 31, 2023		December 31, 2022
Manufacturing equipment	$	14,365	$	13,585
Computer hardware	5,233		5,123
Leasehold improvements	5,210		5,040
Furniture and fixtures	4,124		4,119
Assets in progress	2,366		2,516
Computer software	100		100
Total property and equipment, gross	31,398		30,483
Accumulated depreciation	(10,153)		(8,828)
Total property and equipment, net	$	21,245	$	21,655

Depreciation expense of $1,094,000 and $857,000 was included in operating expenses and $254,000 and $206,000 was included in cost of goods sold for the three months ended March 31, 2023 and 2022, respectively.

Credit Facility	3 Months Ended
Credit Facility	Mar. 31, 2023
Debt Disclosure [Abstract]
Credit Facility	CREDIT FACILITY Bank of America Credit Facility On December 16, 2022, the Company amended its senior secured revolving credit facility with Bank of America (the “Amended Credit Agreement”) under which the Company may borrow loans up to a maximum principal amount of $40.0 million and increases the optional accordion to $120.0 million. The Amended Credit Agreement matures on December 16, 2027. The amount available to borrow under the Amended Credit Agreement as of March 31, 2023 is approximately $38.0 million, comprised of: a) 90% of eligible accounts receivable, plus b) pledged cash (up to $10 million). Advances under the Amended 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 Bloomberg Short-Term Bank Yield Index ("BSBY") rate based upon an interest period of one month plus 1.00%. The Margin ranges from 0.50% to 1.00% in the case of BSBY Rate loans depending on average daily availability, in each case with a floor of 0%. As a condition to entering into the Amended Credit Agreement, the Company was obligated to pay a nonrefundable fee of $10,000. The Company is also required to pay an unused line fee at an annual rate of 0.25% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Amended Credit Agreement. The Amended Credit Agreement also includes a Letter of Credit subline facility (the “LC Facility”) of up to $5.0 million. In February 2023, the Company amended the LC Facility to increase the limit to up to $10.0 million. The aggregate stated amount outstanding of letter of credits reduces the total borrowing base available under the Amended 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 BSBY 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 March 31, 2023, the Company had three letters of credit in the aggregated amount of $2.0 million outstanding under the LC Facility. The Amended Credit Agreement contains certain customary covenants subject to certain exceptions, including, among others, the following: a fixed charge coverage ratio covenant, and limitations of indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations, dispositions, restricted payments, transactions with affiliates and prepayments of certain debt. The Amended Credit Agreement also contains certain events of default subject to certain customary grace periods, including, among others, payment defaults, breaches of any representation, warranty or covenants, judgment defaults, cross defaults to certain other contracts, bankruptcy and insolvency defaults, material judgment defaults and a change of control default. As of March 31, 2023, there was no principal amount outstanding and no cash was pledged under the Amended Credit Agreement, and the Company was in compliance with its covenant requirement. Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, excluding intellectual property.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	57,083,716	54,021,656
Common stock, outstanding (in shares)	57,083,716	54,021,656

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

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


	Three Months Ended March 31,
	2023		2022
Loss before income taxes	$	(1,194)	$	(3,129)
Provision for income taxes	1,024		—
Net loss	$	(2,218)	$	(3,129)
Provision for income taxes as a percentage of loss before income taxes	(85.8%)		—%

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 31,398	$ 30,483
Accumulated depreciation	(10,153)	(8,828)
Total property and equipment, net	21,245	21,655
Manufacturing equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	14,365	13,585
Computer hardware
Property Plant And Equipment [Line Items]
Total property and equipment, gross	5,233	5,123
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	5,210	5,040
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	4,124	4,119
Assets in progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	2,366	2,516
Computer software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 100	$ 100

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 2,602
2024	3,558
2025	3,044
2026	2,923
2027	2,989
Thereafter	38,553
Total lease payments	53,669
Less imputed interest	(20,684)
Total lease liabilities	32,985	$ 32,300
Less: lease liabilities - current portion	(1,527)	(1,311)
Lease liabilities - noncurrent portion	$ 31,458	$ 30,976

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

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 March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	13,863	$	—	$	—	$	13,863


Total included in cash and cash equivalents	13,863		—		—		13,863
Investments:
U.S. Treasury securities	166,730		—		—		166,730
U.S. Government agencies	—		57,624		—		57,624
Corporate debt securities and commercial paper	—		47,530		—		47,530
Total included in short-term investments	166,730		105,154		—		271,884
Total assets	$	180,593	$	105,154	$	—	$	285,747


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents	20,329		—		—		20,329
Investments:
U.S. Treasury securities	172,088		—		—		172,088
U.S. Government agencies	—		47,131		—		47,131
Corporate debt securities and commercial paper	—		46,960		—		46,960
Total included in short-term investments	172,088		94,091		—		266,179

Total assets	$	192,417	$	94,091	$	—	$	286,508

Net Income (Loss) Per Share (Details) - shares	3 Months Ended
Net Income (Loss) Per Share (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,924,636	5,901,289
Options
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,427,294	2,241,630
RSUs
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,497,342	3,649,255
Restricted Stock
Antidilutive Securities Excluded From Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	10,404

Stockholder's Equity	3 Months Ended
Stockholder's Equity	Mar. 31, 2023
Equity [Abstract]
Stockholder's Equity	STOCKHOLDER'S EQUITY Common Stock In March 2022, the Company completed an underwritten public offering (“Follow-On Offering”) of 2,300,000 shares of its common stock, including 300,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $174.4 million, after deducting underwriters’ discounts and commissions of $11.2 million and offering costs of $0.7 million.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Investments in debt securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. As of March 31, 2023, all of the Company's investments in debt securities had maturities less than 12 months and were classified as short-term investments on the condensed consolidated balance sheets.


	March 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	13,863	$	—	$	—	$	13,863


Total included in cash and cash equivalents	13,863		—		—		13,863
Investments:
U.S. Treasury securities	166,730		—		—		166,730
U.S. Government agencies	—		57,624		—		57,624
Corporate debt securities and commercial paper	—		47,530		—		47,530
Total included in short-term investments	166,730		105,154		—		271,884
Total assets	$	180,593	$	105,154	$	—	$	285,747


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents	20,329		—		—		20,329
Investments:
U.S. Treasury securities	172,088		—		—		172,088
U.S. Government agencies	—		47,131		—		47,131
Corporate debt securities and commercial paper	—		46,960		—		46,960
Total included in short-term investments	172,088		94,091		—		266,179

Total assets	$	192,417	$	94,091	$	—	$	286,508

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

- 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

Retirement Plan (Details) - USD ($)	3 Months Ended
Retirement Plan (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer contributions by plan participant	$ 1.00
Employee contributions by plan participant	1.00
Maximum participating employee annual contributions	$ 3,000
Participating employee eligible compensation	4.00%
Matching contribution expense recognized	$ 2,700,000	$ 1,700,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Retirement Plan	3 Months Ended
Retirement Plan	Mar. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	RETIREMENT PLANIn 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 Trust Company. Beginning in January 2021, the Company contributes a $1.00 match for every $1.00 contributed by a participating employee up to the greater of $3,000 or 4% of eligible compensation under the plan, with such Company's contributions becoming fully vested immediately. Matching contribution expense was $2.7 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of RSU Activity

RSU activities under the 2011 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2022	2,712,674	$	0.17

Vested	(2,712,674)	(a)

Outstanding, March 31, 2023	—	$	—

_____________

(a) The vested RSUs will be distributed to the employees in installments. The first installment was distributed in the quarter ended March 31, 2023 with a weighted average fair value of $64.34. The remaining shares will be distributed within the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023.

RSU activities under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2022	999,215	$	79.16
Granted	593,855	57.35
Vested	(82,511)	83.11
Cancelled	(13,217)	82.55
Outstanding, March 31, 2023	1,497,342	$	70.26

Summary of Stock Option Activity

A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):


	Number of Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2022	1,456,328	$	1.93	6.20	$	89,749
Exercised	(209,966)	$	1.11		$	12,688
Cancelled	(938)	$	3.27
Outstanding, March 31, 2023	1,245,424	$	2.07	6.00	$	74,313
Vested and exercisable at March 31, 2023	1,114,127	$	1.77	5.90	$	66,811
Vested and expected to vest at March 31, 2023	1,242,625	$	2.06	6.00	$	74,155

A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2023 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, 2022	—	$	—	$	—		$	—
Granted	181,870	$	56.00	$	25.98	—	$	—


Outstanding, March 31, 2023	181,870	$	56.00	$	25.98	6.90	$	1,044
Vested and exercisable at March 31, 2023	—	$	—	$	—	—	$	—
Vested and expected to vest at March 31, 2023	163,812	$	56.00	$	25.98	6.90	$	940

Schedule of Estimated Fair Value of Option Grant and ESPP

The fair value for options granted was calculated using the following weighted average assumptions:



			Three Months Ended March 31, 2023
Expected term (in years)			4.56
Expected volatility			50.35%
Dividend yield			0.00%
Risk free interest rate			4.05%
Weighted-average fair value of options granted			$25.98 per share

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2023		2022
Expected term (in years)	0.5		0.5
Expected volatility	49.89	%	56.09	%
Dividend yield	0.00	%	0.00	%
Risk free interest rate	4.79	%	0.48	%

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

Total compensation cost for all share-based payment arrangements recognized, including $1.0 million and $0.8 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively, was as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	525	$	364
Research and development	1,590		978
Selling, general and administrative	8,224		5,213
	$	10,339	$	6,555

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Unbilled receivables	$ 876		$ 1,218
Warranty expense	409	$ 113
Equity securities without readily determinable fair value, amount	$ 8,600		$ 8,300

Equity Incentive Plans - Summary of RSU Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
2011 Equity Incentive Plan
Number of Awards
Balance at beginning of period (in shares) \| shares	2,712,674
Vested (in shares) \| shares	(2,712,674)
Balance at end of period (in shares) \| shares	0
Weighted Average Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 0.17
Vested (in dollars per share) \| $ / shares	64.34
Balance at end of period (in dollars per share) \| $ / shares	$ 0
2020 Incentive Award Plan
Number of Awards
Balance at beginning of period (in shares) \| shares	999,215
Granted (in shares) \| shares	593,855
Vested (in shares) \| shares	(82,511)
Cancelled (in shares) \| shares	(13,217)
Balance at end of period (in shares) \| shares	1,497,342
Weighted Average Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 79.16
Granted (in dollars per share) \| $ / shares	57.35
Vested (in dollars per share) \| $ / shares	83.11
Cancelled (in dollars per share) \| $ / shares	82.55
Balance at end of period (in dollars per share) \| $ / shares	$ 70.26

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total included in short-term investments	$ 285,747	$ 286,508
Level 1
Assets
Total included in short-term investments		172,088
Level 2
Assets
Total included in short-term investments		94,091
Level 3
Assets
Total included in short-term investments		0
Fair Value, Recurring
Assets
Total included in cash and cash equivalents	13,863	20,329
Total included in short-term investments	271,884	266,179
Total assets	285,747	286,508
Fair Value, Recurring \| U.S. Treasury securities
Assets
Total included in short-term investments	166,730	172,088
Fair Value, Recurring \| U.S. Government agencies
Assets
Total included in short-term investments	57,624	47,131
Fair Value, Recurring \| Corporate debt securities and commercial paper
Assets
Total included in short-term investments	47,530	46,960
Fair Value, Recurring \| Money market mutual funds
Assets
Total included in cash and cash equivalents	13,863	20,329
Fair Value, Recurring \| Level 1
Assets
Total included in cash and cash equivalents	13,863	20,329
Total included in short-term investments	166,730
Total assets	180,593	192,417
Fair Value, Recurring \| Level 1 \| U.S. Treasury securities
Assets
Total included in short-term investments	166,730	172,088
Fair Value, Recurring \| Level 1 \| U.S. Government agencies
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 1 \| Corporate debt securities and commercial paper
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 1 \| Money market mutual funds
Assets
Total included in cash and cash equivalents	13,863	20,329
Fair Value, Recurring \| Level 2
Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	105,154
Total assets	105,154	94,091
Fair Value, Recurring \| Level 2 \| U.S. Treasury securities
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 2 \| U.S. Government agencies
Assets
Total included in short-term investments	57,624	47,131
Fair Value, Recurring \| Level 2 \| Corporate debt securities and commercial paper
Assets
Total included in short-term investments	47,530	46,960
Fair Value, Recurring \| Level 2 \| Money market mutual funds
Assets
Total included in cash and cash equivalents	0	0
Fair Value, Recurring \| Level 3
Assets
Total included in cash and cash equivalents	0	0
Total included in short-term investments	0
Total assets	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasury securities
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 3 \| U.S. Government agencies
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 3 \| Corporate debt securities and commercial paper
Assets
Total included in short-term investments	0	0
Fair Value, Recurring \| Level 3 \| Money market mutual funds
Assets
Total included in cash and cash equivalents	$ 0	$ 0

Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

CASH EQUIVALENTS AND INVESTMENTS

The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	13,863	$	—	$	—	$	13,863


Total included in cash and cash equivalents	13,863		—		—		13,863
Investments:
U.S. Treasury securities	166,564		180		(14)		166,730
U.S. Government agencies	57,552		87		(15)		57,624
Corporate debt securities and commercial paper	47,502		41		(13)		47,530
Total included in short-term investments	271,618		308		(42)		271,884
Total assets	$	285,481	$	308	$	(42)	$	285,747


	December 31, 2022
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents	20,329		—		—		20,329
Investments:
U.S. Treasury securities	171,006		1,120		(38)		172,088
U.S. Government agencies	46,777		354		—		47,131
Corporate debt securities and commercial paper	46,576		397		(13)		46,960
Total included in short-term investments	264,359		1,871		(51)		266,179

Total assets	$	284,688	$	1,871	$	(51)	$	286,508

The Company regularly reviews the changes to the rating of its debt securities and reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As of March 31, 2023, the risk of expected credit losses was not significant.

Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	$ 285,481	$ 284,688
Unrealized Gain	308	1,871
Unrealized Loss	(42)	(51)
Fair Value	285,747	286,508
Cash and Cash Equivalents
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	13,863	20,329
Unrealized Gain	0	0
Unrealized Loss	0	0
Fair Value	13,863	20,329
Cash and Cash Equivalents \| Money market mutual funds
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	13,863	20,329
Unrealized Gain	0	0
Unrealized Loss	0	0
Fair Value	13,863	20,329
Short-Term Investments
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	271,618	264,359
Unrealized Gain	308	1,871
Unrealized Loss	(42)	(51)
Fair Value	271,884	266,179
Short-Term Investments \| U.S. Treasury securities
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	166,564	171,006
Unrealized Gain	180	1,120
Unrealized Loss	(14)	(38)
Fair Value	166,730	172,088
Short-Term Investments \| U.S. Government agencies
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	57,552	46,777
Unrealized Gain	87	354
Unrealized Loss	(15)	0
Fair Value	57,624	47,131
Short-Term Investments \| Corporate debt securities and commercial paper
Schedule of Investment Income Reported Amounts by Category [Line Items]
Amortized Cost Basis	47,502	46,576
Unrealized Gain	41	397
Unrealized Loss	(13)	(13)
Fair Value	$ 47,530	$ 46,960

Organization	3 Months Ended
Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Description of Business Inari Medical, Inc. (the “Company”) was incorporated in Delaware in July 2011 and is headquartered in Irvine, California. The Company purpose builds minimally invasive, novel, catheter-based mechanical thrombectomy systems for the unique characteristics of specific disease states.

Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents and investments in debt securities as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	13,863	$	—	$	—	$	13,863


Total included in cash and cash equivalents	13,863		—		—		13,863
Investments:
U.S. Treasury securities	166,564		180		(14)		166,730
U.S. Government agencies	57,552		87		(15)		57,624
Corporate debt securities and commercial paper	47,502		41		(13)		47,530
Total included in short-term investments	271,618		308		(42)		271,884
Total assets	$	285,481	$	308	$	(42)	$	285,747


	December 31, 2022
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value
Financial Assets
Cash and cash equivalents:
Money market mutual funds	$	20,329	$	—	$	—	$	20,329
Total included in cash and cash equivalents	20,329		—		—		20,329
Investments:
U.S. Treasury securities	171,006		1,120		(38)		172,088
U.S. Government agencies	46,777		354		—		47,131
Corporate debt securities and commercial paper	46,576		397		(13)		46,960
Total included in short-term investments	264,359		1,871		(51)		266,179

Total assets	$	284,688	$	1,871	$	(51)	$	286,508

Concentrations (Details)	3 Months Ended
Concentrations (Details)	Mar. 31, 2023
One Vendor \| Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk	10.70%

Equity Incentive Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

EQUITY INCENTIVE PLANS

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 and directors. 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. 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 March 31, 2023, there were 6,523,422 shares available for issuance under the 2020 Plan, including 1,620,650 additional shares reserved effective January 1, 2023.

2011 Equity Incentive Plan

Restricted Stock Units

In March 2019, the Company granted, under the 2011 Plan, 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 that was satisfied on the effective date of the IPO of the Company’s common stock. The RSUs were subject to four-year cliff vesting and vested in full in March 2023. The vesting was also subject to a market-based condition related to the value of the Company’s common stock as of the vesting date. As a result of exceeding the value of the Company's common stock as set forth in the grant agreement, the maximum amount of RSUs were earned and vested.

RSU activities under the 2011 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2022	2,712,674	$	0.17

Vested	(2,712,674)	(a)

Outstanding, March 31, 2023	—	$	—

_____________

The total fair value of RSUs vested under the 2011 Plan was $170.6 million and nil for the three months ended March 31, 2023 and 2022, respectively.

Stock Options

A summary of stock option activities under the 2011 Plan for the three months ended March 31, 2023 is as follows (intrinsic value in thousands):


	Number of Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value
Outstanding, December 31, 2022	1,456,328	$	1.93	6.20	$	89,749
Exercised	(209,966)	$	1.11		$	12,688
Cancelled	(938)	$	3.27
Outstanding, March 31, 2023	1,245,424	$	2.07	6.00	$	74,313
Vested and exercisable at March 31, 2023	1,114,127	$	1.77	5.90	$	66,811
Vested and expected to vest at March 31, 2023	1,242,625	$	2.06	6.00	$	74,155

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.

2020 Incentive Award Plan

Restricted Stock Units

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 either over a four-year period with straight-line vesting in equal amounts on a quarterly basis or a 25% one-year cliff vesting with remaining RSUs vest 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 activities under the 2020 Plan is set forth below:


	Number of Awards	Weighted Average Fair Value
Outstanding, December 31, 2022	999,215	$	79.16
Granted	593,855	57.35
Vested	(82,511)	83.11
Cancelled	(13,217)	82.55
Outstanding, March 31, 2023	1,497,342	$	70.26

The total fair value of RSUs vested under the 2020 Plan was $5.2 million and $4.5 million for the three months ended March 31, 2023 and 2022, respectively.

Stock options

During the three months ended March 31, 2023, the Company granted non-qualified stock options to certain employees with vesting over a four-year period on a quarterly basis. The fair value of the stock options was calculated using the Black-Scholes option pricing model, which requires valuation assumptions of expected term, expected volatility, risk-free interest rate, and expected dividend yield. For the purposes of the valuation model, the Company used the simplified method for determining the expected term of the granted options. The simplified method was used since the Company does not have adequate historical data to utilize in calculating the expected term of options. The fair value for options granted was calculated using the following weighted average assumptions:



			Three Months Ended March 31, 2023
Expected term (in years)			4.56
Expected volatility			50.35%
Dividend yield			0.00%
Risk free interest rate			4.05%
Weighted-average fair value of options granted			$25.98 per share

A summary of stock option activities under the 2020 Plan for the three months ended March 31, 2023 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, 2022	—	$	—	$	—		$	—
Granted	181,870	$	56.00	$	25.98	—	$	—


Outstanding, March 31, 2023	181,870	$	56.00	$	25.98	6.90	$	1,044
Vested and exercisable at March 31, 2023	—	$	—	$	—	—	$	—
Vested and expected to vest at March 31, 2023	163,812	$	56.00	$	25.98	6.90	$	940

Employee Stock Purchase Plan

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. 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. 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.

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2023		2022
Expected term (in years)	0.5		0.5
Expected volatility	49.89	%	56.09	%
Dividend yield	0.00	%	0.00	%
Risk free interest rate	4.79	%	0.48	%

As of March 31, 2023, a total of 304,615 shares of common stock, including 86,051 shares purchased in January 2023, have been purchased under the ESPP, and a total of 2,222,123 shares of common stock, including 540,217 additional shares effective January 1, 2023, are reserved for future purchases.

Stock-based Compensation Expense


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	525	$	364
Research and development	1,590		978
Selling, general and administrative	8,224		5,213
	$	10,339	$	6,555

Total compensation costs as of March 31, 2023 related to all non-vested awards to be recognized in future periods was $91.2 million and is expected to be recognized over the remaining weighted average period of 3.0 years.

Equity Incentive Plans - Schedule of Estimated Fair Value of Option Grant and ESPP on Date of Grant (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 months	6 months
Expected volatility	49.89%	56.09%
Dividend yield	0.00%	0.00%
Risk free interest rate	4.79%	0.48%
2020 Incentive Award Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	4 years 6 months 21 days
Expected volatility	50.35%
Dividend yield	0.00%
Risk free interest rate	4.05%
Weighted-average fair value of options granted (in dollars per share)	$ 25.98