Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation

Stock-based compensation was recorded in the consolidated statements of operations and comprehensive loss as shown in the following table:

	Year Ended December 31,
(in thousands)	2022		2021
Cost of assay services revenue	$	1,080	$	633
Cost of product revenue	53		14
Research and development	8,186		10,958
Selling, general and administrative	34,290		16,810
Total stock-based compensation	$	43,609	$	28,415

Summary of Stock Option and RSU Activity

The following table shows a summary of all stock option activity for the year ended December 31, 2022:

	Stock Options	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
December 31, 2021	19,702,845	$	5.83
Granted	7,361,072	$	7.13
Exercised	(1,906,530)	$	2.52
Forfeited	(1,616,193)	$	6.8
Expired	—	$	—
Outstanding as of December 31, 2022	23,541,194	$	6.44	8.17	$	368
Exercisable as of December 31, 2022	11,647,109	$	5.57	7.41	$	368
Vested and expected to vest as of December 31, 2022	20,887,358	$	6.33	8.07	$	368

Schedule of Assumptions Used for Valuing Stock Options Granted

The assumptions used in valuing the stock options granted are set forth in the following table:

	Year Ended December 31,
	2022		2021
Expected dividend yield	—	%	—	%
Expected volatility	76.4 – 80.3%		71.4 – 92.8%
Risk-free interest rate	1.58 – 4.16%		0.64 – 1.38%
Expected weighted-average life of options	6.03 years		6.04 years

Summary of Stock Option Activity

The following table shows a summary of all RSU activity for the year ended December 31, 2022:

	RSUs		Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	—		$	—
Granted	3,330,009		$	4.65
Vested	(12,031)		$	9.08
Forfeited	(233,599)		$	5.84
Unvested at December 31, 2022	3,084,379		$	4.55
Unrecognized stock-based compensation expense at December 31, 2022 (in millions)	$	8.6
Weighted average remaining period at December 31, 2022	2.84 years