QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Page(s) | ||||||||
Item 1. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(In thousands, except share and per share data) | (unaudited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade accounts receivable | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Deferred revenue | |||||||||||
Total current liabilities | |||||||||||
Notes payable | |||||||||||
Deferred revenue, net of current portion | |||||||||||
Lease liability, long-term | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands, except share and per share data) | |||||||||||
Revenue: | |||||||||||
Product revenue | $ | $ | |||||||||
Service revenue | |||||||||||
Total revenue | |||||||||||
Cost of sales: | |||||||||||
Product cost of sales | |||||||||||
Service cost of sales | |||||||||||
Total cost of sales | |||||||||||
Gross profit | |||||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Sales and marketing | |||||||||||
Total operating expenses | |||||||||||
Loss from operations | ( | ( | |||||||||
Other income (expense): | |||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Other income, net | |||||||||||
Loss before income taxes | ( | ( | |||||||||
Provision for income taxes | |||||||||||
Net loss and comprehensive loss | $ | ( | $ | ( | |||||||
Net loss attributable to common stockholders per share, basic and diluted | $ | ( | $ | ( | |||||||
Weighted-average shares used in calculating net loss per share, basic and diluted |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Shares | Amount | ||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Shares issued in connection with: | ||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Shares | Amount | ||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Shares issued in connection with: | ||||||||||||||||||||||||||||||||
Exercise of stock options | — | |||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | ||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | ( | $ |
Three months ended March 31, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to cash used in operating activities: | |||||||||||
Depreciation | |||||||||||
Stock-based compensation | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Non-cash interest and other expense related to debt and note receivable agreements | |||||||||||
Provision for excess and obsolete inventory | |||||||||||
Loss on disposal and impairment of property and equipment | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | ( | ||||||||||
Inventory | ( | ( | |||||||||
Prepaid expenses, other current assets and other assets | ( | ||||||||||
Trade accounts payable | |||||||||||
Deferred revenue | ( | ||||||||||
Accrued expenses and other current liabilities | ( | ( | |||||||||
Operating lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock upon exercise of stock options | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | |||||||||||
Net cash provided by financing activities | |||||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ( | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Type of Sales Channel | |||||||||||
Direct sales channel | $ | $ | |||||||||
Distributor channel | |||||||||||
Net revenues | $ | $ | |||||||||
Market | |||||||||||
Antibody therapeutics | $ | $ | |||||||||
Synthetic biology | |||||||||||
Agricultural biology | |||||||||||
Gene therapy | |||||||||||
Cell therapy | |||||||||||
Net revenues | $ | $ | |||||||||
Timing of Revenue Recognition | |||||||||||
Goods and services transferred at a point in time | $ | $ | |||||||||
Goods and services transferred over time | |||||||||||
Net revenues | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Trade accounts receivable | $ | $ | |||||||||
Contract assets, which are included in “Prepaid expenses and other current assets” | $ | $ | |||||||||
Contract assets, long-term, which are included in “Other assets” | $ | $ | |||||||||
Deferred revenue (current) | $ | $ | |||||||||
Deferred revenue (non-current) | $ | $ |
Year ending December 31, | Sales-Type Leases | ||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
Total undiscounted cash flows | |||||
Less: unearned income | |||||
Total amounts due from customers, gross | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | $ | |||||||||
Finished goods | |||||||||||
Total | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Contract asset | $ | $ | |||||||||
Vendor deposits | |||||||||||
Deferred costs | |||||||||||
Prepaid insurance | |||||||||||
Other (1) | |||||||||||
Total | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Accrued payroll and employee related expenses | $ | $ | |||||||||
Accrued product warranty | |||||||||||
Accrued legal expenses | |||||||||||
Other (1) | |||||||||||
Total | $ | $ |
March 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Long-term debt, including current maturities | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Equipment, tooling and molds | $ | $ | |||||||||
Computer software and equipment | |||||||||||
Furniture, fixtures and other | |||||||||||
Leasehold improvements | |||||||||||
Construction in process | |||||||||||
Total property and equipment | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | $ | $ |
Operating leases | |||||
Undiscounted lease payments for the year ending December 31, | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total undiscounted lease payments | |||||
Less: implied interest | ( | ||||
Less: tenant improvement allowances receivable | ( | ||||
Present value of operating lease payments | |||||
Less: current portion (1) | ( | ||||
Total long-term operating lease liabilities | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Right-of-use assets obtained for new operating lease liabilities | $ | $ | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Weighted-average remaining lease term (years) | |||||||||||
Weighted-average discount rate | % | % |
March 31, 2022 | |||||
Year Ending December 31: | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
Total payments due | |||||
Less: | |||||
Interest payments, loan discounts and financing costs | ( | ||||
Current portion, less loan discounts and financing costs | |||||
Notes payable | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cost of sales | $ | $ | |||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Sales and marketing | |||||||||||
Total stock-based compensation | $ | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for interest | $ | $ | |||||||||
Non-cash investing and financing activities | |||||||||||
Inventory transferred to property and equipment (1) | $ | $ | |||||||||
Change in accounts payable and accrued liabilities related to purchases of property and equipment | $ | ( | $ | ||||||||
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Balance, beginning of period | $ | $ | |||||||||
Adjustments to existing warranties | ( | ( | |||||||||
Provision for new warranties | |||||||||||
Settlement of pre-existing warranties | ( | ( | |||||||||
Balance, end of period | $ | $ |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerator | |||||||||||
Net loss attributable to common stockholders, basic and diluted | $ | ( | $ | ( | |||||||
Denominator | |||||||||||
Weighted-average shares used to compute net income per share, basic and diluted | |||||||||||
Net loss per share | |||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Options to purchase common stock | |||||||||||
Restricted stock units | |||||||||||
Total |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
North America | $ | $ | |||||||||
Asia Pacific (1) | |||||||||||
Europe | |||||||||||
Total | $ | $ |
Income Statement Classification | Product or Service sold | Revenue Stream | ||||||||||||
Product revenue | Sale of advanced automation system (Beacon and Lightning system, Culture Station) | Direct platform sales | ||||||||||||
Software | Direct platform sales | |||||||||||||
Fixed term sales-type lease arrangements with qualified customers | Direct platform sales | |||||||||||||
Annual renewable workflow licenses, quarterly workflow subscriptions, annual or multi-year subscriptions arrangements (e.g. TechAccess) | Recurring revenue | |||||||||||||
Consumables and reagent kits (e.g. OptoSelect chips) | Recurring revenue | |||||||||||||
Service revenue | Strategic partnerships, joint development and collaboration agreements where we provide services for development of new workflows, cells or organism types | Strategic partnerships and services | ||||||||||||
Application support, installation and training | Direct platform sales | |||||||||||||
Fixed fee extended warranty and service programs | Recurring revenue |
Three months ended March 31, 2022 | |||||||||||||||||
Product | Service | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Direct platform sales | $ | 6,747 | $ | 657 | $ | 7,404 | |||||||||||
Recurring revenue | 3,027 | 2,416 | 5,443 | ||||||||||||||
Strategic partnerships and services | — | 7,359 | 7,359 | ||||||||||||||
Total revenue | $ | 9,774 | $ | 10,432 | $ | 20,206 |
Three months ended March 31, 2021 | |||||||||||||||||
Product | Service | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Direct platform sales | $ | 10,586 | $ | 530 | $ | 11,116 | |||||||||||
Recurring revenue | 2,947 | 1,447 | 4,394 | ||||||||||||||
Strategic partnerships and services | — | 3,118 | 3,118 | ||||||||||||||
Total revenue | $ | 13,533 | $ | 5,095 | $ | 18,628 |
Three months ended March 31, | ||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Change | Change | ||||||||||
Direct platform sales | $ | 7,404 | $ | 11,116 | $ | (3,712) | (33) | % | ||||||
Recurring revenue | 5,443 | 4,394 | 1,049 | 24 | % | |||||||||
Strategic partnerships and services | 7,359 | 3,118 | 4,241 | 136 | % | |||||||||
Total revenue | $ | 20,206 | $ | 18,628 | $ | 1,578 | 8 | % |
Three months ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Revenue: | |||||||||||
Product revenue | $ | 9,774 | $ | 13,533 | |||||||
Service revenue | 10,432 | 5,095 | |||||||||
Total revenue | 20,206 | 18,628 | |||||||||
Cost of sales: | |||||||||||
Product cost of sales | 2,695 | 3,703 | |||||||||
Service cost of sales | 3,684 | 2,474 | |||||||||
Total cost of sales (1) | 6,379 | 6,177 | |||||||||
Gross profit | 13,827 | 12,451 | |||||||||
Operating expenses: | |||||||||||
Research and development (1) | 17,573 | 13,027 | |||||||||
General and administrative (1) | 11,716 | 8,967 | |||||||||
Sales and marketing (1) | 5,811 | 5,606 | |||||||||
Total operating expenses | 35,100 | 27,600 | |||||||||
Loss from operations | (21,273) | (15,149) | |||||||||
Other income (expense): | |||||||||||
Interest expense | (224) | (354) | |||||||||
Interest income | 34 | 66 | |||||||||
Other income, net | 57 | 19 | |||||||||
Loss before income taxes | (21,406) | (15,418) | |||||||||
Provision for income taxes | 20 | 17 | |||||||||
Net loss and comprehensive loss | $ | (21,426) | $ | (15,435) |
Three months ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Cost of sales | $ | 51 | $ | 42 | |||||||
Research and development | 1,581 | 1,061 | |||||||||
General and administrative | 2,211 | 1,372 | |||||||||
Sales and marketing | 1,550 | 2,019 | |||||||||
Total stock-based compensation expense | $ | 5,393 | $ | 4,494 |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Product revenue | $ | 9,774 | $ | 13,533 | $ | (3,759) | (28 | %) | ||||||||||||
Service revenue | 10,432 | 5,095 | 5,337 | 105 | % | |||||||||||||||
Total revenue | $ | 20,206 | $ | 18,628 | $ | 1,578 | 8 | % |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Product cost of sales | $ | 2,695 | $ | 3,703 | $ | (1,008) | (27 | %) | ||||||||||||
Service cost of sales | 3,684 | 2,474 | 1,210 | 49 | % | |||||||||||||||
Total cost of sales | $ | 6,379 | $ | 6,177 | $ | 202 | 3 | % | ||||||||||||
Gross profit | $ | 13,827 | $ | 12,451 | $ | 1,376 | 11 | % | ||||||||||||
Gross margin | 68 | % | 67 | % |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Research and development | $ | 17,573 | $ | 13,027 | $ | 4,546 | 35 | % |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
General and administrative | $ | 11,716 | $ | 8,967 | $ | 2,749 | 31 | % |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Sales and marketing | $ | 5,811 | $ | 5,606 | $ | 205 | 4 | % |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Interest expense | $ | 224 | $ | 354 | $ | (130) | (37 | %) |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Interest income | $ | 34 | $ | 66 | $ | (32) | (48 | %) |
Three months ended March 31, | Three month change | |||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Amount | % | ||||||||||||||||
Other income, net | $ | 57 | $ | 19 | $ | 38 | 200 | % |
Three months ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | (10,069) | $ | (11,360) | |||||||
Investing activities | (4,375) | (402) | |||||||||
Financing activities | 1,022 | 8,519 | |||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (13,422) | $ | (3,243) |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Title | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
8-K | 001-39388 | 3.1 | 7/21/2020 | |||||||||||||||||||||||||||||||||||
8-K | 001-39388 | 3.2 | 7/21/2020 | |||||||||||||||||||||||||||||||||||
8-K | 001-39388 | 10.1 | 3/2/2022 | |||||||||||||||||||||||||||||||||||
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X | ||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document. | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101 | X |
Date: | 5/9/2022 | By: | /s/ J. Paul McClaskey | ||||||||
J. Paul McClaskey Chief Accounting Officer (Authorized Signatory and Principal Financial Officer) |
Dated: | March 8, 2022 | EMPLOYEE | ||||||||||||
/s/ Kurt Wood | ||||||||||||||
Kurt Wood | ||||||||||||||
Dated: | March 8, 2022 | COMPANY | ||||||||||||
/s/ Greg Lucier | ||||||||||||||
Greg Lucier | ||||||||||||||
Chairman of the Board |
Stock Price Goal | Number of Performance-Based Shares that incrementally vest upon Achievement of a Stock Price Goal | ||||
Stock Price Goal 1 | 20% of the total Performance Option shares | ||||
Stock Price Goal 2 | 20% of the total Performance Option shares | ||||
Stock Price Goal 3 | 20% of the total Performance Option shares | ||||
Stock Price Goal 4 | 20% of the total Performance Option shares | ||||
Stock Price Goal 5 | 20% of the total Performance Option shares |
Stock Price Goal | Threshold Value | ||||
Stock Price Goal 1 | 200% of Base Price | ||||
Stock Price Goal 2 | 400% of Base Price | ||||
Stock Price Goal 3 | 800% of Base Price | ||||
Stock Price Goal 4 | 1500% of Base Price | ||||
Stock Price Goal 5 | 2000% of Base Price |
BERKELEY LIGHTS, INC | ||||||||||||||
By: | /s/ Gregory T. Lucier | |||||||||||||
Name: | Gregory T. Lucier | |||||||||||||
Title: | Chairman of the Board | |||||||||||||
EXECUTIVE | ||||||||||||||
By: | /s/ Siddhartha Kadia | |||||||||||||
Name: | Siddhartha Kadia, PhD | |||||||||||||
Address: |
BERKELEY LIGHTS, INC. | ||||||||||||||
By: | /s/ Gregory T. Lucier | |||||||||||||
Title: | Chairman of the Board | |||||||||||||
Date: | March 8, 2022 | |||||||||||||
EXECUTIVE | ||||||||||||||
By: | /s/ Siddhartha Kadia, PhD | |||||||||||||
Date: | March 8, 2022 | |||||||||||||
EXECUTIVE | BERKELEY LIGHTS, INC. | |||||||||||||
By: | ||||||||||||||
Siddhartha Kadia, PhD | Title | |||||||||||||
Date: | Date: | |||||||||||||
May 9, 2022 | By: | /s/ SIDDHARTHA KADIA | ||||||
Name: | Siddhartha Kadia, Ph.D. | |||||||
Title: | Chief Executive Officer |
May 9, 2022 | By: | /s/ J. PAUL MCCLASKEY | ||||||
Name: | J. Paul McClaskey | |||||||
Title: | Chief Accounting Officer | |||||||
(Principal Financial Officer) |
May 9, 2022 | By: | /s/ SIDDHARTHA KADIA | ||||||
Name: | Siddhartha Kadia, Ph.D. | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) |
May 9, 2022 | By: | /s/ J. PAUL MCCLASKEY | ||||||
Name: | J. Paul McClaskey | |||||||
Title: | Chief Accounting Officer | |||||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock issued (in shares) | 67,820,115 | 67,595,535 |
Common stock outstanding (in shares) | 67,820,115 | 67,595,535 |
The Company and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation Description of Business Berkeley Lights, Inc. (the “Company” or “Berkeley Lights”) is a leading Digital Cell Biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products. Berkeley Lights’ platform is a fully integrated, end-to-end solution, comprised of proprietary consumables, including the Company’s OptoSelect chips and reagent kits, advanced automation systems and advanced application and workflow software. Berkeley Lights and its consolidated subsidiaries are hereinafter referred to as the “Company”. The Company’s headquarters are in Emeryville, California. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. Liquidity The Company has experienced losses from its operations since its inception and has relied primarily on equity and debt financing to fund its operations to date. For the three months ended March 31, 2022, the Company had a consolidated net loss of $21.4 million and as of March 31, 2022 had an accumulated deficit of $285.0 million and unrestricted cash and cash equivalents of $164.7 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents balance as of March 31, 2022 provides sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying consolidated financial statements.
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Summary of Significant Accounting Policies |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission and have not materially changed during the three months ended March 31, 2022, with the exception of the Company’s accounting policy for stock-based compensation, as the Company granted awards with market conditions for the first time during the three months ended March 31 2022, as described further below. Stock-Based Compensation The Company maintains an incentive compensation plan under which stock options and restricted stock units (“RSU”) are granted to employees and non-employee consultants. Stock-based compensation expense is based on the grant date fair value of the award. The Company determines the fair value of RSUs based on the closing value of its stock price listed on the Nasdaq at the date of the grant. The Company estimates the fair value of the majority of stock option awards on the grant date using the Black-Scholes option-pricing model. For option awards that include a goal tied to the Company share price (i.e. a market condition) the Company uses a Monte Carlo simulation to estimate the fair value. The fair value of stock options and RSUs with only a service condition is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. Stock options and RSUs that include a service condition and a performance condition are considered expected to vest when the performance condition is probable of being met. Compensation expense associated with performance stock options and awards that are determined to be probable of achievement is recognized over the requisite service period on a tranche-by-tranche basis. For performance stock options and awards not initially assessed as probable of achievement, the Company records a cumulative adjustment to compensation expense in the period the Company changes its determination that a performance condition becomes probable of being achieved. The Company ceases recognition of compensation expense in any periods where the Company determines the attainment of a performance condition is no longer probable. If the performance goals are determined to be improbable, any previously recognized compensation expense is reversed. The fair value of stock option with a market condition is recognized over the requisite service period for each tranche of the award and is recognized regardless of whether (or to what extent) the market condition is ultimately achieved.
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Significant Risks and Uncertainties Including Business and Credit Concentrations |
3 Months Ended |
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Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties Including Business and Credit Concentrations | Significant Risks and Uncertainties Including Business and Credit Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and trade receivables. The Company’s cash and cash equivalents are held by large, credit worthy financial institutions. The Company invests its excess cash in money market funds. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these banks may exceed the amounts of insurance provided on such deposits. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company controls credit risk through credit approvals and monitoring procedures. The Company performs periodic credit evaluations of its customers and generally does not require collateral. Accounts receivable are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts and the aging of the related invoices and represents the Company’s best estimate of expected credit losses in its existing trade accounts receivable. At each of March 31, 2022 and December 31, 2021, the Company had not recorded any material allowance for doubtful accounts. Most of the Company’s customers are located in the United States and Asia Pacific. For the three months ended March 31, 2022, three customers accounted for 18%, 13% and 10% of revenue. For the three months ended March 31, 2021, two customers accounted for 11% and 10% of revenue. As of March 31, 2022, four customers comprised 22%, 14%, 11% and 10% of accounts receivable. As of December 31, 2021, three customers accounted for 15%, 11% and 11% of accounts receivable.
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Revenue From Contracts With Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts With Customers | Revenue From Contracts With Customers Disaggregation of Revenue The following table depicts the disaggregation of revenue by type of customer or sales channel, market segment as defined by nature of workflows and activities of the end customer and timing of revenue recognition (in thousands):
Revenues by market are determined by the revenue associated with workflows that the Company’s customers are utilizing, primarily on the Company’s Beacon platform, or by the nature of the workflows that the Company is developing under strategic partnerships and services agreements. Revenues by geographical markets are presented in Note 15 to these condensed consolidated financial statements. Performance Obligations A significant number of the Company’s product and service sales, as well as its feasibility study arrangements, are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of March 31, 2022, the aggregate amount of remaining performance obligations that are unsatisfied or partially unsatisfied related to customer contracts in excess of one year was $6.9 million, which is included in deferred revenue on the Company’s condensed consolidated balance sheets, of which approximately 35% is expected to be recognized as revenue in the next 12 months, with the remainder recognized afterwards. Contract Balances The following table provides information about receivables, contract assets and deferred revenue from contracts with customers (in thousands):
The contract liabilities of $11.4 million and $14.3 million as of March 31, 2022 and December 31, 2021, respectively, consisted of deferred revenue related to extended warranty service agreements, strategic partnerships and services agreements and advanced automation systems arrangements. Revenue recorded during the three months ended March 31, 2022 included $4.6 million of previously deferred revenue that was included in contract liabilities as of December 31, 2021. Sales-type Lease Arrangements The Company also enters into sales-type lease arrangements with certain qualified customers. Revenue related to lease elements from sales-type leases is presented as product revenue and was nil and $1.7 million for the three months ended March 31, 2022 and 2021, respectively. The following table presents the future maturity of the Company’s fixed-term customer leases and reconciles the undiscounted cash flows from the amounts due from customers under such arrangements as of March 31, 2022 (in thousands):
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Balance Sheet Accounts |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Accounts | Balance Sheet Accounts Inventory The following table shows the components of inventory (in thousands):
Prepaid expenses and other current assets The following table shows the components of prepaid expenses and other current assets (in thousands):
(1) Other includes primarily prepaid rent expenses, software licenses and prepaid VAT. Accrued expenses and other current liabilities The following table shows the components of accrued expenses and other current liabilities (in thousands):
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company’s cash equivalents, accounts receivable and accounts payable approximate fair value due to their relatively short maturities. The Company classifies its cash equivalents, which are comprised primarily of money market funds, within Level 1, as it uses quoted market prices in the determination of fair value. The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):
The carrying values and fair values of the Company’s financial instruments not measured at fair value were as follows (in thousands):
The Company estimated the fair value of its long-term debt using a market-based approach that considers an average cost of debt. The Company has incorporated its own credit risk for all liability fair value measurements. Such fair value measurements are considered Level 2 under the fair value hierarchy. The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.
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Property and Equipment, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | Property and Equipment, net Property and equipment, net comprised the following (in thousands):
Total depreciation expense for the three months ended March 31, 2022 and 2021 was $1.9 million and $1.3 million, respectively. During the three months ended March 31, 2022 and 2021, losses on the impairment and disposal of property and equipment was not material.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases office, manufacturing, distribution and laboratory facilities in Emeryville, California under multiple operating leases. During the third quarter of 2021, the Company extended the term for its leases related to the facilities in Emeryville and these leases will now expire in 2029. Also, during the third quarter of 2021, the Company entered into a seven year lease of space for office and laboratory operations in Lexington, Massachusetts, which commenced on July 1, 2021. The Company also leases two facilities in Shanghai, China for office and laboratory facilities under operating lease agreements that were entered into in July 2020. These leases expire at various dates, the latest of which is August 2023. Future payments associated with the Company’s operating lease liabilities as of March 31, 2022 is as follows (in thousands):
(1) Included in the balance sheet caption “Accrued expenses and other current liabilities.” Rent expense for the three months ended March 31, 2022 and 2021 was $1.1 million and $0.8 million, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for operating leases were $0.8 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively, including non-lease components such as common area maintenance fees. The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):
The following summarizes additional information related to operating leases:
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Notes Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | Notes Payable On May 23, 2018, the Company entered into a Loan and Security Agreement with East West Bank (“EWB”) providing it the ability to borrow up to $20.0 million. The loan facility was fully drawn as of May 23, 2018. On June 30, 2021, the Company entered into an Amended and Restated Loan and Security Agreement (the “Agreement”) with EWB. Pursuant to the Agreement, EWB provided a $20.0 million term loan (the “Term Loan”) which was used to refinance the term loan outstanding under the Loan and Security Agreement dated May 23, 2018. The Term Loan matures in 48 months and bears a fixed interest rate of 4.17%. The Term Loan has an initial interest-only period of 24 months, which can be extended to up to 36 months based on the achievement of certain liquidity measures, and can be pre-paid without penalty at any time. The Agreement grants EWB a security interest in and liens on all assets of the Company, excluding intellectual property, which is subject to a double negative pledge. In addition, certain other terms of the original agreements as previously in effect were amended by the Agreement, including certain financial covenants. The Amended and Restated Loan and Security Agreement was accounted for as a debt modification and the Company capitalized incremental debt issuance costs. Furthermore, the Agreement also provided the Company with a new $10.0 million revolving credit (the “Revolving Line”), which bears interest on the outstanding daily balance thereof of 0.70% above the Prime Rate (as defined in the Agreement). No amounts were outstanding under the Revolving Line as of March 31, 2022. The Agreement contains certain financial and non-financial covenants. As of March 31, 2022, the Company was in compliance with the terms and covenants of the Agreement. The following is a schedule of payments due on notes payable as of March 31, 2022 (in thousands):
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Stock Compensation Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | Stock Compensation Plans Stock-based compensation Stock-based compensation related to the Company's stock-based awards was recorded as an expense and allocated as follows (in thousands):
Stock-based compensation capitalized in inventory was not material as of March 31, 2022 and December 31, 2021. On March 10, 2022, the Company granted the newly appointed Chief Executive Officer of the Company 1,017,177 RSUs, 339,059 stock options and 678,118 performance-based stock options (“PSOs”). The RSUs and stock options vest quarterly over 3 years and the stock options have a 10 year term. The PSOs have a 7-year performance period, a 10-year term and vest based upon certain market conditions and a continued service-based requirement. Market condition-related vesting is triggered based on the Company’s stock price reaching certain goals that range from two to 20 times the Company share price on the date of grant. Although no awards will vest until a market condition is satisfied, as of March 31, 2022 the Company began recording stock-based compensation expense for each vesting tranche based on the estimated achievement date of the specified stock price target. The valuation and probability of achievement for each tranche is determined using a Monte Carlo simulation. The same Monte Carlo simulation is used as the basis for determining the expected achievement date. As the probability of achievement is factored in as part of the Monte Carlo simulation, the expense for these tranches will be recognized concurrently over each tranche’s estimated achievement date even if some or all of the options never vest. If the related market condition for a tranche is achieved earlier than expected, all unamortized expense for such tranche will be recognized immediately. As of March 31, 2022, none of the PSOs had vested.
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Income Taxes |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s provision for income taxes was $20 thousand and $17 thousand, respectively, for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, income from operations before taxes consisted of amounts related to U.S. operations and the Company’s foreign operations. The Company maintains a full valuation allowance on its deferred tax assets, and intends to do so until there is sufficient evidence to support the reversal of all or some portion of these allowances. |
Statements of Cash Flows |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Cash Flows | Statements of Cash Flows The supplemental cash flow information consists of the following (in thousands):
(1) The non-cash transfer of inventory to property and equipment principally relates to Beacons that were transferred to the Company’s BioFoundry operations in the first and second quarter of 2021. As a result of the growth of the Company’s BioFoundry operations, including growth in the number of Beacons used to fulfill strategic partnerships and services agreements, beginning in the third quarter of 2021, Beacons that at inception are planned to be used in the Company’s BioFoundry operations will be categorized as “Purchase of property and equipment.”
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Commitment and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its financial statements for these matters when a loss is known and considered probable and the amount can be reasonably estimated. The Company does not recognize gain contingencies until they are realized. Legal costs incurred relating to loss contingencies are expensed as incurred. AbCellera Biologics Litigation In July 2020, AbCellera Biologics Inc. (“AbCellera”) filed a complaint in the United States District Court for the District of Delaware, alleging that the Company infringed and continues to infringe, directly and indirectly, the following patents exclusively licensed by AbCellera by making, using, offering for sale, selling and/or importing the Company’s Beacon and Culture Station instruments and the OptoSelect chips, and sale of the Opto Plasma B Discovery Workflow: U.S. Patent Nos. 10,107,812, 10,274,494, 10,466,241, 10,578,618, 10,697,962, 10,087,408, 10,421,936 and 10,704,018 (“AbCellera I”). In August 2020, AbCellera filed a second complaint in the United States District Court for the District of Delaware, making the same allegations with regard to U.S. Patent Nos. 10,718,768, 10,738,270, 10,746,737, and 10,753,933 (“AbCellera II”). In September 2020, AbCellera filed amended complaints in each of AbCellera I and AbCellera II adding The University of British Columbia (“UBC”) as a named plaintiff. Also in September 2020, AbCellera and UBC filed a third complaint in the United States District Court for the District of Delaware, making the same allegations with regard to U.S. Patent Nos. 10,775,376, 10,775,377, and 10,775,378 (“AbCellera III”). AbCellera and UBC are seeking, among other things, judgment of infringement, a permanent injunction and damages (including lost profits, a reasonable royalty, reasonable costs and attorney’s fees and treble damages for willful infringement). In addition to procedural motions, the Company has filed an answer and counterclaims in response to each of the AbCellera I, AbCellera II and AbCellera III lawsuits. The Company’s counterclaims in each lawsuit include counts for declaratory judgment of non-infringement of the asserted patents, for declaratory judgment of invalidity of the asserted patents and for declaratory judgment of unenforceability of the asserted patents due to inequitable conduct. The Company filed a motion to transfer the AbCellera I, AbCellera II and AbCellera III lawsuits to the United States District Court for the Northern District of California, which was granted and where the lawsuits have been consolidated and are now pending (the “consolidated lawsuit”). On May 6, 2021, and pursuant to Court Order, AbCellera and UBC reduced, without prejudice, the asserted patents in the consolidated lawsuit to the following: US Patent Nos. 10,087,408, 10,421,936, 10,738,270, 10,697,962, 10,753,933, 10,775,376 and 10,775,378. On July 1, 2021, the court granted the Company’s motion to amend its answer and counterclaims to add federal and state unfair competition counterclaims against AbCellera Biologics; on July 22, 2021, the Company filed its amended answer and counterclaims. Also on July 1, 2021 the court issued a Case Management Order that, among other things, requires AbCellera and UBC to reduce the number of asserted patents to no more than two, and the total asserted patent claims to no more than four per patent prior to the trial. Also in July 2021, the Company filed petitions for Inter Partes Review (“IPR”) with the United States Patent & Trademark Office (“USPTO”), challenging the validity of various asserted claims of U.S. Patent No. 10,087,408 and all asserted claims of U.S. Patent No. 10,421,936, then filed a motion in the district court to stay the consolidated lawsuit pending the outcome of the IPR proceedings. In August 2021, the Company filed a third petition for IPR with the USPTO, challenging the validity of all asserted claims of U.S. Patent No. 10,739,270. Also in August 2021, the court granted the Company’s motion to stay the consolidated AbCellera I, AbCellera II, and AbCellera III lawsuits pending the outcome of the IPR proceedings. In January 2022, the Patent Trial and Appeal Board (“PTAB”) of the USPTO issued a decision instituting IPR on U.S. Patent No. 10,087,408 and a decision denying IPR on U.S. Patent No. 10,421,936. In February 2022, the PTAB issued a decision denying IPR on U.S. Patent No. 10,739,270. In August 2020, the Company filed a complaint in the United States District Court for the Northern District of California against AbCellera and Lineage BioSciences, Inc., an entity previously acquired by AbCellera (“AbCellera IV”). The complaint included two counts of unfair competition and one count of a declaratory judgment of non-infringement of U.S. Patent No. 10,058,839. The Company was seeking, among other things, damages and a judgment of non-infringement. In October 2020, the Company filed an amended complaint asserting the same three counts and AbCellera and Lineage filed a motion to dismiss the amended complaint, which was granted, without prejudice, in part. In light of the Company’s amended answer and counterclaims in the consolidated lawsuits, which were amended to include its federal and state unfair competition claims as discussed above, in July 2021 the Company filed a notice of dismissal without prejudice in the AbCellera IV lawsuit, resulting in its termination. The Company believes that the patent assertions by AbCellera and UBC are without merit and intends to defend itself vigorously. The Company also intends to proceed with its claims and counterclaims against AbCellera and UBC. Outcomes in litigation can be uncertain and it is possible a court may disagree with the Company’s positions. An adverse determination in these lawsuits could subject the Company to significant liabilities, require it to seek licenses from or pay royalties to AbCellera and/or UBC, or prevent it from manufacturing, selling or using certain of its products, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. Securities Class Action In December 2021, Victor J. Ng filed a securities class action on behalf of all purchasers of Berkeley Lights common stock between July 17, 2020 and September 14, 2021, inclusive, alleging that the Company and certain of the Company’s current and former senior executives had violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder (the “Securities Class Action”). The Company believes that the assertions in the Securities Class Action are without merit and intends to defend itself vigorously. Outcomes in litigation can be uncertain and it is possible a court may disagree with the Company’s positions. An adverse determination in the Securities Class Action could subject the Company to significant liabilities, which could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. Derivative Action In March 2022, Trung Nguyen filed a shareholder derivative complaint on behalf of nominal defendant Berkeley Lights, Inc., alleging that certain of the Company’s current and former directors and certain of the Company’s current and former senior executives breached their fiduciary duties to the Company. The complaint also alleged that certain of the Company’s current and former directors and former senior executives used material, non-public information to improperly profit from the sale of Company stock, and that certain of the Company’s current and former senior executives owe the Company contribution for violations of sections 10(b) and 21D of the Securities Exchange Act of 1934. The Company is not currently involved in any other claims or legal actions, nor is management aware of any potential claims or legal actions, for which the ultimate disposition could have a material adverse effect on the Company’s financial position, results of operations, or liquidity. No provision has been made for litigation because the Company believes that it is not probable that a liability had been incurred as of March 31, 2022. Product Warranty The Company provides a 13-month assurance-type warranty, generally beginning on the shipment date, on its platforms and chip consumables. The table below represents the activity in the product warranty accrual included in accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands):
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Net Loss Attributable to Common Stockholders Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Attributable to Common Stockholders Per Share | Net Loss Attributable to Common Stockholders Per Share Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards. Awards granted with performance conditions are excluded from the shares used to compute diluted earnings per share until the performance conditions associated with the awards are met. The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except share and per share data):
Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented as they had an anti-dilutive effect:
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Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company has one business activity and there are no segment managers who are held accountable for operations. Accordingly, the Company has one operating segment. The Company’s principal operations and decision-making functions are located in the United States. The following table provides the Company’s revenues by geographical market based on the location where the services were provided or to which product was shipped (in thousands):
(1) Asia Pacific includes Australia. As of March 31, 2022 and December 31, 2021, substantially all of the Company’s long-lived assets were located in the United States.
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The Company and Basis of Presentation (Policies) |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America.
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Stock-Based Compensation | Stock-Based Compensation The Company maintains an incentive compensation plan under which stock options and restricted stock units (“RSU”) are granted to employees and non-employee consultants. Stock-based compensation expense is based on the grant date fair value of the award. The Company determines the fair value of RSUs based on the closing value of its stock price listed on the Nasdaq at the date of the grant. The Company estimates the fair value of the majority of stock option awards on the grant date using the Black-Scholes option-pricing model. For option awards that include a goal tied to the Company share price (i.e. a market condition) the Company uses a Monte Carlo simulation to estimate the fair value. The fair value of stock options and RSUs with only a service condition is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. Stock options and RSUs that include a service condition and a performance condition are considered expected to vest when the performance condition is probable of being met. Compensation expense associated with performance stock options and awards that are determined to be probable of achievement is recognized over the requisite service period on a tranche-by-tranche basis. For performance stock options and awards not initially assessed as probable of achievement, the Company records a cumulative adjustment to compensation expense in the period the Company changes its determination that a performance condition becomes probable of being achieved. The Company ceases recognition of compensation expense in any periods where the Company determines the attainment of a performance condition is no longer probable. If the performance goals are determined to be improbable, any previously recognized compensation expense is reversed. The fair value of stock option with a market condition is recognized over the requisite service period for each tranche of the award and is recognized regardless of whether (or to what extent) the market condition is ultimately achieved.
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Revenue From Contracts With Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue | The following table depicts the disaggregation of revenue by type of customer or sales channel, market segment as defined by nature of workflows and activities of the end customer and timing of revenue recognition (in thousands):
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Schedule of receivables, contract assets and deferred revenue from contracts with customers | The following table provides information about receivables, contract assets and deferred revenue from contracts with customers (in thousands):
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Schedule of sales-type lease maturity | The following table presents the future maturity of the Company’s fixed-term customer leases and reconciles the undiscounted cash flows from the amounts due from customers under such arrangements as of March 31, 2022 (in thousands):
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Balance Sheet Accounts (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | The following table shows the components of inventory (in thousands):
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Schedule of prepaid expenses and other current assets | The following table shows the components of prepaid expenses and other current assets (in thousands):
(1) Other includes primarily prepaid rent expenses, software licenses and prepaid VAT.
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Schedule of accrued expenses and other current liabilities | The following table shows the components of accrued expenses and other current liabilities (in thousands):
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Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets measured at fair value | The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):
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Schedule of financial instruments not measured at fair value | The carrying values and fair values of the Company’s financial instruments not measured at fair value were as follows (in thousands):
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Property and Equipment, net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment | Property and equipment, net comprised the following (in thousands):
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Leases (Table) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating lease liabilities maturity | Future payments associated with the Company’s operating lease liabilities as of March 31, 2022 is as follows (in thousands):
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Schedule of supplemental cash flow information related to operating leases and additional information | The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):
The following summarizes additional information related to operating leases:
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Notes Payable (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of payments due on notes payable | The following is a schedule of payments due on notes payable as of March 31, 2022 (in thousands):
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Stock Compensation Plans (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock-based compensation | Stock-based compensation related to the Company's stock-based awards was recorded as an expense and allocated as follows (in thousands):
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Statements of Cash Flows (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash flow, supplemental disclosures | The supplemental cash flow information consists of the following (in thousands):
(1) The non-cash transfer of inventory to property and equipment principally relates to Beacons that were transferred to the Company’s BioFoundry operations in the first and second quarter of 2021. As a result of the growth of the Company’s BioFoundry operations, including growth in the number of Beacons used to fulfill strategic partnerships and services agreements, beginning in the third quarter of 2021, Beacons that at inception are planned to be used in the Company’s BioFoundry operations will be categorized as “Purchase of property and equipment.”
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Commitment and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of product warranty liability | The table below represents the activity in the product warranty accrual included in accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands):
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Net Loss Attributable to Common Stockholders Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except share and per share data):
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Schedule of antidilutive securities excluded from computation of earnings per share | The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented as they had an anti-dilutive effect:
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Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of revenue by geographic areas | The following table provides the Company’s revenues by geographical market based on the location where the services were provided or to which product was shipped (in thousands):
(1) Asia Pacific includes Australia.
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The Company and Basis of Presentation (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss attributable to common stockholders, basic and diluted | $ (21,426) | $ (15,435) | |
Accumulated deficit | (285,034) | $ (263,608) | |
Cash and cash equivalents | $ 164,674 | $ 178,096 |
Significant Risks and Uncertainties Including Business and Credit Concentrations (Details) - Customer |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Revenue | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.00% | 11.00% | |
Revenue | Customer Two | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 13.00% | 10.00% | |
Revenue | Customer Three | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Accounts Receivable | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 22.00% | 15.00% | |
Accounts Receivable | Customer Two | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 11.00% | |
Accounts Receivable | Customer Three | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% | 11.00% | |
Accounts Receivable | Customer Four | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% |
Revenue from Contracts with Customer (Narrative) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligation | $ 6,900,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract liabilities | 11,400,000 | $ 14,300,000 | |
Contract liability , revenue recognized | 4,600,000 | ||
Lease income | $ 0 | $ 1,700,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 35.00% | ||
Remaining performance obligation, period | 12 months |
Revenue From Contracts With Customers (Schedule of Receivables, Contract Assets and Deferred Revenue) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable | $ 17,721 | $ 25,942 |
Contract assets, which are included in “Prepaid expenses and other current assets” | 1,896 | 1,736 |
Contract assets, long-term, which are included in “Other assets” | 571 | 1,070 |
Deferred revenue (current) | 9,780 | 12,128 |
Deferred revenue (non-current) | $ 1,600 | $ 2,187 |
Revenue From Contracts With Customers - Sale-type Lease Arrangement (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Remainder of 2022 | $ 1,655 |
2023 | 445 |
2024 | 853 |
Total undiscounted cash flows | 2,953 |
Less: unearned income | 368 |
Total amounts due from customers, gross | $ 2,585 |
Balance Sheet Accounts (Inventory) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 8,861 | $ 8,296 |
Finished goods | 6,804 | 6,251 |
Total | $ 15,665 | $ 14,547 |
Balance Sheet Accounts (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract asset | $ 1,896 | $ 1,736 |
Vendor deposits | 2,712 | 2,802 |
Deferred costs | 512 | 561 |
Prepaid insurance | 1,640 | 2,944 |
Other | 3,544 | 3,942 |
Total | $ 10,304 | $ 11,985 |
Balance Sheet Accounts (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and employee related expenses | $ 4,697 | $ 6,757 |
Lease liability – short-term | 2,984 | 2,941 |
Accrued product warranty | 914 | 1,085 |
Accrued legal expenses | 680 | 504 |
Other | 641 | 1,138 |
Total | $ 9,916 | $ 12,425 |
Operating lease, current [Extensible Enumeration] | Total | Total |
Fair Value of Financial Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | $ 25,141 | $ 25,138 |
Total | 25,141 | 25,138 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 25,141 | 25,138 |
Total | 25,141 | 25,138 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value of Financial Instruments (Schedule of Financial Instruments Not Measured at Fair Value) (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
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Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 19,778 | $ 19,762 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 19,295 | $ 19,298 |
Property and Equipment, net (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 53,356 | $ 49,790 |
Less: Accumulated depreciation | (23,443) | (21,798) |
Property and equipment, net | 29,913 | 27,992 |
Equipment, tooling and molds | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 37,050 | 33,972 |
Computer software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,845 | 3,019 |
Furniture, fixtures and other | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,955 | 1,891 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,750 | 6,105 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 756 | $ 4,803 |
Property and Equipment, net (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 1,944 | $ 1,345 |
Leases (Narrative) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022
USD ($)
facility
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Mar. 31, 2021
USD ($)
|
Sep. 30, 2021 |
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Lessee, Lease, Description [Line Items] | |||
Number of facilities | facility | 2 | ||
Rent expense | $ 1.1 | $ 0.8 | |
Variable lease payments | $ 0.8 | $ 0.5 | |
Building | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 7 years |
Leases (Maturity Schedule of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
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Leases [Abstract] | ||
Remainder of 2022 | $ 3,148 | |
2023 | 4,276 | |
2024 | 4,355 | |
2025 | 4,486 | |
2026 | 4,621 | |
Thereafter | 12,222 | |
Total undiscounted lease payments | 33,108 | |
Less: implied interest | (5,131) | |
Less: tenant improvement allowances receivable | (1,426) | |
Present value of operating lease payments | 26,551 | |
Less: current portion | (2,984) | $ (2,941) |
Total long-term operating lease liabilities | $ 23,567 | $ 24,337 |
Leases (Schedule of Supplemental Cash Flow Information Related to Operating Leases) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Leases [Abstract] | ||
Right-of-use assets obtained for new operating lease liabilities | $ 0 | $ 0 |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,098 | $ 691 |
Leases (Schedule of Additional Information Related to Operating Leases) (Details) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 7 years 3 months 7 days | 7 years 6 months 3 days |
Weighted-average discount rate | 4.67% | 4.67% |
Notes Payable (Narrative) (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
May 23, 2018 |
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Debt Instrument [Line Items] | ||||
Interest cost | $ 200,000 | $ 400,000 | ||
Notes Payable | EWB Loan | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Notes Payable | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Note payable, term (in years) | 48 months | |||
Interest rate | 4.17% | |||
Interest-only period | 24 months | |||
Interest-only period with extensions | 36 months | |||
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | |||
Amounts outstanding | $ 0 | |||
Line of Credit | Revolving Credit Facility | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread | 0.70% |
Notes Payable (Schedule of Payment Due on Notes Payable) (Details) - Notes Payable - Term Loan $ in Thousands |
Mar. 31, 2022
USD ($)
|
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Debt Instrument [Line Items] | |
Remainder of 2022 | $ 637 |
2023 | 6,617 |
2024 | 10,406 |
2025 | 4,210 |
Total payments due | 21,870 |
Interest payments, loan discounts and financing costs | (2,092) |
Current portion, less loan discounts and financing costs | 0 |
Notes payable | $ 19,778 |
Stock Compensation Plans (Stock-Based Compensation) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 5,393 | $ 4,494 |
Cost of sales | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 51 | 42 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 1,581 | 1,061 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 2,211 | 1,372 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 1,550 | $ 2,019 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 20 | $ 17 |
Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash paid for interest | $ 137 | $ 337 |
Non-cash investing and financing activities | ||
Inventory transferred to property and equipment | 0 | 2,813 |
Change in accounts payable and accrued liabilities related to purchases of property and equipment | $ (482) | $ 751 |
Commitment and Contingencies (Narrative) (Details) |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2021
patent
claim
|
Oct. 31, 2020
claim
|
Aug. 31, 2020
claim
|
Mar. 31, 2022
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Number of counts in amended complaint | 3 | |||
Loss contingency accrual | $ | $ 0 | |||
Product warranty, term | 13 months | |||
AbCellera And UBC | ||||
Loss Contingencies [Line Items] | ||||
Case management order, maximum number of patents allegedly infringed | patent | 2 | |||
Case management order, maximum asserted patent claims per patent | 4 | |||
AbCellera, Unfair Competition | ||||
Loss Contingencies [Line Items] | ||||
Counter claims filed | 2 | |||
AbCellera, Non-Infringement | ||||
Loss Contingencies [Line Items] | ||||
Counter claims filed | 1 |
Commitment and Contingencies (Product Warranty) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of period | $ 1,085 | $ 1,271 |
Adjustments to existing warranties | (245) | (218) |
Provision for new warranties | 163 | 375 |
Settlement of pre-existing warranties | (89) | (160) |
Balance, end of period | $ 914 | $ 1,268 |
Net Loss Attributable to Common Stockholders Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Numerator | ||
Net loss attributable to common stockholders, diluted | $ (21,426) | $ (15,435) |
Net loss attributable to common stockholders, basic | $ (21,426) | $ (15,435) |
Denominator | ||
Weighted-average shares used in calculating net loss per share, basic (in shares) | 67,697,488 | 65,259,398 |
Weighted-average shares used in calculating net loss per share, diluted (in shares) | 67,697,488 | 65,259,398 |
Net loss per share | ||
Net loss attributable to common stockholders per share, diluted (in dollars per share) | $ (0.32) | $ (0.24) |
Net loss attributable to common stockholders per share, basic (in dollars per share) | $ (0.32) | $ (0.24) |
Net Loss Attributable to Common Stockholders Per Share (Schedule of Antidilutive Securities) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 10,649,901 | 8,755,872 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 7,020,591 | 8,399,147 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the calculation of net loss per share (in shares) | 3,629,310 | 356,725 |
Segments (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021
USD ($)
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of operating segments | segment | 1 | |
Total revenue | $ 20,206 | $ 18,628 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 13,715 | 7,362 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 5,035 | 8,431 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 1,456 | $ 2,835 |
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