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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,557)	$ (9,375)	$ (9,526)	$ (11,251)	$ (10,512)	$ (10,882)	$ (30,458)	$ (32,645)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Summary of Significant Accounting Policies - Concentration of Risk (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) item customer	Sep. 30, 2023 item customer	Sep. 30, 2024 USD ($) item customer	Sep. 30, 2023 item customer	Dec. 31, 2023 USD ($) customer
Concentration Risk [Line Items]
Number of financial institutions maintaining cash and cash equivalents \| item			3
Allowance for expected credit losses
Allowance for expected credit losses \| $	$ 0		$ 0		$ 130
Revenue \| Customer concentration risk \| One Customer
Concentration Risk [Line Items]
Number of major customers \| customer	1
Concentration risk percentage	30.00%
Revenue \| Customer concentration risk \| Two Customers
Concentration Risk [Line Items]
Number of major customers \| customer		2	2	2
Concentration risk percentage		27.00%	32.00%	26.00%
Accounts receivable \| Customer concentration risk \| Three Customers
Concentration Risk [Line Items]
Number of major customers \| customer					3
Concentration risk percentage					38.00%
Accounts receivable \| Customer concentration risk \| Two Customers
Concentration Risk [Line Items]
Number of major customers \| customer			2
Concentration risk percentage			40.00%
Inventory \| Supplier concentration risk \| Supplier one
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	75.00%	18.00%	55.00%
Number of major suppliers \| item	1		1	1
Inventory \| Supplier concentration risk \| Three largest suppliers
Concentration Risk [Line Items]
Number of major suppliers \| item		3
Accounts payable \| Supplier concentration risk \| Supplier one
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Number of major suppliers \| item			1

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (30,458)	$ (32,645)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,258	3,069
Non-cash lease expense	353	286
Net book value of consigned equipment sold	35	80
Loss on disposal of fixed assets	462	2
Stock-based compensation	9,949	10,405
Credit loss (recovery) expense	(130)	221
Change in excess/obsolete inventory reserve	834
Amortization of discounts on investments	(5,052)	(5,123)
Changes in operating assets and liabilities:
Accounts receivable	1,348	3,571
Accounts receivable - TIA		1,912
Inventory	835	(4,088)
Prepaid expense and other current assets	(225)	(924)
Other assets	(732)	190
Accounts payable, accrued expenses and other	(1,420)	1,520
Operating lease liability	(424)	(13)
Deferred revenue	1,584	(1,127)
Other liabilities	(6)	(3)
Net cash used in operating activities	(19,789)	(22,667)
Cash flows from investing activities:
Purchases of investments	(118,339)	(185,621)
Maturities of investments	128,440	247,520
Purchases of property and equipment	(1,504)	(2,785)
Proceeds from sale of equipment		9
Net cash provided by investing activities	8,597	59,123
Cash flows from financing activities:
Proceeds from exercise of stock options	1,379	1,650
Proceeds from issuance of common stock under employee stock purchase plan	265
Net cash provided by financing activities	1,644	1,650
Net (decrease) increase in cash and cash equivalents	(9,548)	38,106
Cash and cash equivalents, beginning of period	46,506	11,064
Cash and cash equivalents, end of period	36,958	49,170
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued expenses	$ 35	$ 287

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value

Summary of the Company's cash equivalents and investments

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of September 30, 2024:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	26,463	$	—	$	—	$	26,463
Commercial paper	Cash equivalents		4,950		2		—		4,952
Commercial paper	Short-term investments		55,690		66		—		55,756
U.S. Treasury securities and government agency bonds	Short-term investments		52,174		228		—		52,402
Corporate debt	Short-term investments		9,010		21		—		9,031
U.S. Treasury securities and government agency bonds	Long-term investments		39,866		322		(2)		40,186
Corporate debt	Long-term investments		2,931		34		—		2,965
Total cash equivalents, short-term investments and long-term investments		$	191,084	$	673	$	(2)	$	191,755

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2023:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	22,693	$	—	$	—	$	22,693
U.S. Treasury securities and government agency bonds	Cash equivalents		20,986		3		—		20,989
Commercial paper	Short-term investments		107,131		100		(1)		107,230
U.S. Treasury securities and government agency bonds	Short‑term investments		14,651		28		(6)		14,673
U.S. Treasury securities and government agency bonds	Long-term investments		42,938		282		(2)		43,218
Total cash equivalents, short-term investments and long-term investments		$	208,399	$	413	$	(9)	$	208,803

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,370	$ 3,609	$ 9,949	$ 10,405
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,815	1,591	5,336	4,559
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	788	815	2,238	2,415
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 767	$ 1,203	$ 2,375	$ 3,431

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue

Schedule of disaggregation of revenue


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	5,196	$	—	$	5,196	$	15,292	$	—	$	15,292
Lease elements		—		2,552		2,552		—		13,774		13,774
Other		416		—		416		868		—		868
Total	$	5,612	$	2,552	$	8,164	$	16,160	$	13,774	$	29,934


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	3,898	$	—	$	3,898	$	14,107	$	—	$	14,107
Lease elements		—		3,848		3,848		—		10,882		10,882
Other		258		—		258		634		—		634
Total	$	4,156	$	3,848	$	8,004	$	14,741	$	10,882	$	25,623

Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Maturities of operating lease liabilities
Remainder of 2024	$ 532
2025	2,171
2026	2,225
2027	2,281
2028	2,338
2029 and thereafter	17,156
Total undiscounted lease payments	26,703
Discount factor	(8,384)
Present value of lease liabilities	$ 18,319	$ 18,743

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Transactions

8. Related Party Transactions

Effective January 1, 2024, the Company entered into a consulting agreement with a member of the Board of Directors to provide consulting services to the Company for a 12-month period for an amount not to exceed $150. During the three and nine months ended September 30, 2024, the Company incurred $13 and $77, respectively, pursuant to this consulting agreement.

During the nine months ended September 30 2024, the Company sold $84 in products to a customer whose Chief Executive Officer is a member of the Company’s Board of Directors.

During the nine months ended September 30, 2024, the Company sold less than $1 in products to a customer whose Board of Directors includes a member who also serves on the Company’s Board of Directors.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 03, 2021	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares issued - Employee Stock Purchase Plan		69,210
Proceeds from issuance of RSUs and shares related to ESPP		$ 265
Preferred stock, authorized (in shares)		5,000,000	5,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0
IPO
Class of Stock [Line Items]
Shares issued	15,525,000
Employee Stock Option
Class of Stock [Line Items]
Gross proceeds		$ 1,379
Stock option exercised, shares issued		888,789
RSUs
Class of Stock [Line Items]
Shares issued		380,711

Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenue from Contracts with Customers	$ 5,612	$ 4,156	$ 16,160	$ 14,741
Revenue from Lease Elements	2,552	3,848	13,774	10,882
Total Revenue	8,164	8,004	29,934	25,623
Product sales
Revenue
Revenue from Contracts with Customers	5,196	3,898	15,292	14,107
Total Revenue	5,196	3,898	15,292	14,107
Other
Revenue
Revenue from Contracts with Customers	416	258	868	634
Total Revenue	$ 416	$ 258	$ 868	$ 634

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue

9 Months Ended

Sep. 30, 2024

Revenue

Revenue

3. Revenue

Revenue is principally from the sale of instruments and processing assemblies, extended warranties, and the lease of instruments, which lease agreements also include customer-specific milestone payments. In some arrangements, products and services have been sold together representing distinct performance obligations. In these arrangements, the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis.

Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and processing assemblies is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from equipment leases is recognized ratably over the contractual term of the lease agreement and when specific milestones are achieved by a customer. Licensing fee revenue is recognized ratably over the license period. Revenue from fees for research services is recognized when services have been provided.

Disaggregation of Revenue

The following table depicts the disaggregation of revenue by type of contract:


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	5,196	$	—	$	5,196	$	15,292	$	—	$	15,292
Lease elements		—		2,552		2,552		—		13,774		13,774
Other		416		—		416		868		—		868
Total	$	5,612	$	2,552	$	8,164	$	16,160	$	13,774	$	29,934


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	3,898	$	—	$	3,898	$	14,107	$	—	$	14,107
Lease elements		—		3,848		3,848		—		10,882		10,882
Other		258		—		258		634		—		634
Total	$	4,156	$	3,848	$	8,004	$	14,741	$	10,882	$	25,623

Additional Disclosures Relating to Revenue from Contracts with Customers

Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $6,930 and $5,352 as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, the Company recognized $1,464 and $4,689 of revenue, respectively, that was included in deferred revenue at the beginning of such periods. During the three and nine months ended September 30, 2023, the Company recognized $1,968 and $5,741 of revenue, respectively, that was included in deferred revenue at the beginning of such periods.

Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year as of September 30, 2024 was $364, of which the Company expects to recognize $87 in one year or less, $87 in one to two years, $34 in two to three years, and $156 thereafter.

For the three and nine months ended September 30, 2024 and 2023, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Consolidated Balance Sheet Components
Raw materials inventory	$ 5,559	$ 5,694
Finished goods inventory	4,529	5,977
Work in progress	305	558
Total inventory	10,393	12,229
Allowance for obsolescence	$ 865	$ 697

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenue from Contracts with Customers		$ 5,612	$ 4,156	$ 16,160	$ 14,741
Product sales
Related Party Transaction [Line Items]
Revenue from Contracts with Customers		5,196	$ 3,898	15,292	$ 14,107
Product sales \| Customer \| Director, two
Related Party Transaction [Line Items]
Revenue from Contracts with Customers				84
Product sales \| Maximum \| Customer \| Director, three
Related Party Transaction [Line Items]
Revenue from Contracts with Customers				1
Consulting Services \| Director, one
Related Party Transaction [Line Items]
Consulting service period	12 months
Maximum amount of consulting agreement	$ 150
Consulting sevice fees		$ 13		$ 77

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 6,930	$ 5,352	$ 6,930	$ 5,352
Revenue recognized	$ 1,464	$ 1,968	$ 4,689	$ 5,741

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value

Fair Value

6. Fair Value

The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Money market funds, U.S. Treasury securities and government agency bonds, commercial paper, and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three and nine months ended September 30, 2024 and 2023.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of September 30, 2024:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	26,463	$	—	$	—	$	26,463
Commercial paper	Cash equivalents		4,950		2		—		4,952
Commercial paper	Short-term investments		55,690		66		—		55,756
U.S. Treasury securities and government agency bonds	Short-term investments		52,174		228		—		52,402
Corporate debt	Short-term investments		9,010		21		—		9,031
U.S. Treasury securities and government agency bonds	Long-term investments		39,866		322		(2)		40,186
Corporate debt	Long-term investments		2,931		34		—		2,965
Total cash equivalents, short-term investments and long-term investments		$	191,084	$	673	$	(2)	$	191,755

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis as of December 31, 2023:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	22,693	$	—	$	—	$	22,693
U.S. Treasury securities and government agency bonds	Cash equivalents		20,986		3		—		20,989
Commercial paper	Short-term investments		107,131		100		(1)		107,230
U.S. Treasury securities and government agency bonds	Short‑term investments		14,651		28		(6)		14,673
U.S. Treasury securities and government agency bonds	Long-term investments		42,938		282		(2)		43,218
Total cash equivalents, short-term investments and long-term investments		$	208,399	$	413	$	(9)	$	208,803

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No impairment was recognized during the three and nine months ended September 30, 2024 and 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 11, 2024	Jun. 22, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2022	Dec. 31, 2021
2016 Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense			$ 20,699		$ 20,699
Unrecognized compensation expense, recognition period					2 years 3 months 18 days
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards reserved (in shares)									2,500,000
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards available to be issued			6,645,000		6,645,000		6,202,000	3,692,397
New shares								1,928,000
Shares available that were transferred from the 2016 Plan								1,764,397
Weighted-average fair value of the options granted			$ 2.14	$ 1.91	$ 2.27	$ 2.03
Additional shares for issuance	2,300,000	6,069,000
2022 Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value, Granted (in dollars per share)			$ 4.02	$ 4.18	$ 4.39	$ 4.29

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies.

Schedule of lease costs



	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	441	$	358	$	1,323	$	1,206
Short-term lease cost		8		10		28		29
Variable lease cost		299		313		895		715
Total lease cost	$	748	$	681	$	2,246	$	1,950

Schedule of operating lease assets, liabilities and other information



	As of September 30,		As of December 31,
	2024		2023
Operating leases
Assets
Right-of-use asset - operating leases	$	10,888	$	11,241
Liabilities
Operating lease liability, current	$	907	$	774
Operating lease liabilities, net of current portion		17,412		17,969
Total operating lease liabilities	$	18,319	$	18,743
Other information
Weighted-average remaining lease term (in years)		10.9		11.7
Weighted-average incremental borrowing rate		7.0%		7.0%

Schedule of maturities of operating lease liabilities

The following table reconciles the remaining minimum lease payments to lease liabilities as of September 30, 2024:


	Operating Leases
Remainder of 2024	$	532
2025		2,171
2026		2,225
2027		2,281
2028		2,338
2029 and thereafter		17,156
Total undiscounted lease payments		26,703
Discount factor		(8,384)
Present value of lease liabilities	$	18,319

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	105,300,380	103,961,670
Common stock, outstanding (in shares)	105,300,380	103,961,670

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 8,164	$ 8,004	$ 29,934	$ 25,623
Cost of goods sold	1,928	793	4,819	3,169
Gross profit	6,236	7,211	25,115	22,454
Operating expenses:
Research and development	5,316	6,264	17,613	17,975
Sales and marketing	6,207	7,046	20,188	19,778
General and administrative	7,745	6,820	22,487	21,982
Depreciation and amortization	1,021	1,033	3,123	2,922
Total operating expenses	20,289	21,163	63,411	62,657
Operating loss	(14,053)	(13,952)	(38,296)	(40,203)
Other income:
Interest income	2,496	2,701	7,838	7,558
Total other income	2,496	2,701	7,838	7,558
Loss before income taxes	(11,557)	(11,251)	(30,458)	(32,645)
Net loss	$ (11,557)	$ (11,251)	$ (30,458)	$ (32,645)
Basic net loss per share	$ (0.11)	$ (0.11)	$ (0.29)	$ (0.32)
Diluted net loss per share	$ (0.11)	$ (0.11)	$ (0.29)	$ (0.32)
Weighted average shares outstanding, basic	105,109,603	103,449,715	104,614,679	103,121,997
Weighted average shares outstanding, diluted	105,109,603	103,449,715	104,614,679	103,121,997

Stockholders' Equity - Employee Stock Purchase Plan (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2023 item	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)
Stockholders' Equity
Stock-based compensation expense \| $		$ 3,370	$ 3,609	$ 9,949	$ 10,405
2021 Employee Stock Purchase Plan
Stockholders' Equity
Offering term (in months)	24 months
Number of purchase periods \| item	4
Purchase period (in months)	6 months
Weighted average Fair Value (in dollars per share) \| $ / shares		$ 1.38		$ 1.38

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Non-recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0	$ 0	$ 0
Impairment of long-lived assets	0	$ 0	0	$ 0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 0		$ 0		$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act File Number	001-40674
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	944-1700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MXCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,482,558
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Consolidated Balance Sheet Components

Schedule of inventory


	September 30,		December 31,
	2024		2023
Raw materials inventory	$	5,559	$	5,694
Finished goods inventory		4,529		5,977
Work in progress		305		558
Total inventory	$	10,393	$	12,229

Schedule of property and equipment


	September 30,		December 31,
	2024		2023
Leasehold improvements	$	14,727	$	14,654
Furniture and equipment		11,981		12,288
Internal-use software		4,316		4,106
Instruments		2,026		2,441
Construction in process		536		310
Accumulated depreciation and amortization		(12,619)		(10,286)
Property and equipment, net	$	20,967	$	23,513

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of Business (Details) $ / shares in Units, $ in Thousands	Aug. 03, 2021 USD ($) $ / shares shares
Product Information [Line Items]
Payment of underwriting commissions and offering costs	$ 17,557
IPO
Product Information [Line Items]
Shares issued \| shares	15,525,000
Share price \| $ / shares	$ 13.00
Gross proceeds	$ 201,825
Net proceeds	$ 184,268
Underwriter's option
Product Information [Line Items]
Shares issued \| shares	2,025,000

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization and Description of Business

Organization and Description of Business

1. Organization and Description of Business

MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority-owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the State of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized, and EntreMed was no longer deemed to control the Company.

MaxCyte is a global life sciences company focused on advancing the discovery, development, and commercialization of next-generation cell therapies. MaxCyte leverages its proprietary cell engineering technology platform to enable the programs of its biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene editing and immuno-oncology, as well as in drug discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology and sells its consumables to developers of cell therapies and pharmaceutical and biotechnology companies for use in drug discovery and development and biomanufacturing.

The Company’s registration statement on Form S-1 related to its initial public offering of common stock (the “IPO”) in the United States of America (the “U.S.”) was declared effective on July 29, 2021, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 30, 2021. On August 3, 2021, the Company sold 15,525,000 shares of common stock in the IPO at a price to the public of $13.00 per share, inclusive of 2,025,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The IPO generated gross proceeds to the Company of $201,825. The Company received aggregate net proceeds of $184,268 from the IPO after deducting aggregate underwriting commissions and offering costs of $17,557.

Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property and equipment, Net
Accumulated depreciation and amortization	$ (12,619)		$ (12,619)		$ (10,286)
Property and equipment, net	20,967		20,967		23,513
Transfer of instruments			167	$ 136
Depreciation and amortization	1,066	$ 1,081	3,258	$ 3,069
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,727		14,727		14,654
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	11,981		11,981		12,288
Internal-use software
Property and equipment, Net
Property and equipment, gross	4,316		4,316		4,106
Instruments
Property and equipment, Net
Property and equipment, gross	2,026		2,026		2,441
Construction in process
Property and equipment, Net
Property and equipment, gross	$ 536		$ 536		$ 310

Stockholders' Equity - Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity
Stock-based compensation expense	$ 3,370	$ 3,609	$ 9,949	$ 10,405
PSUs
Stockholders' Equity
Granted (in shares)			550,838
Weighted Average Grant Date Fair Value, Granted (in dollars per share)			$ 4.31
Amount vesting, as a percent			100.00%
Stock-based compensation expense	$ 199		$ 594
Minimum \| PSUs
Stockholders' Equity
Performance shares granted in percentage			0.00%
Maximum \| PSUs
Stockholders' Equity
Performance shares granted in percentage			125.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 36,958	$ 46,506
Short-term investments, at amortized cost	116,874	121,782
Accounts receivable, net	4,560	5,778
Inventory	10,393	12,229
Prepaid expenses and other current assets	4,124	3,899
Total current assets	172,909	190,194
Investments, non-current, at amortized cost	42,797	42,938
Property and equipment, net	20,967	23,513
Right-of-use asset - operating leases	10,888	11,241
Other assets	1,051	388
Total assets	248,612	268,274
Current liabilities:
Accounts payable	1,865	743
Accrued expenses and other	8,196	11,269
Operating lease liability, current	907	774
Deferred revenue, current portion	6,653	5,069
Total current liabilities	17,621	17,855
Operating lease liability, net of current portion	17,412	17,969
Other liabilities	277	283
Total liabilities	35,310	36,107
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock, $0.01 par value; 400,000,000 shares authorized, 105,300,380 and 103,961,670 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,053	1,040
Additional paid-in capital	418,505	406,925
Accumulated deficit	(206,256)	(175,798)
Total stockholders' equity	213,302	232,167
Total liabilities and stockholders' equity	$ 248,612	$ 268,274

Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securities held to maturity
Amortized cost	$ 36,958	$ 46,506
Non-recurring basis
Securities held to maturity
Amortized cost	191,084	208,399
Gross unrecognized holding gains	673	413
Gross unrecognized holding losses	(2)	(9)
Aggregate fair value	191,755	208,803
Non-recurring basis \| Money market funds and cash equivalents
Securities held to maturity
Amortized cost	26,463	22,693
Aggregate fair value	26,463	22,693
Non-recurring basis \| Commercial paper
Securities held to maturity
Amortized cost	55,690	107,131
Gross unrecognized holding gains	66	100
Gross unrecognized holding losses		(1)
Aggregate fair value	55,756	107,230
Amortized cost	4,950
Gross unrecognized holding gains	2
Aggregate fair value	4,952
Non-recurring basis \| Corporate debt, Short-term investments
Securities held to maturity
Amortized cost	9,010
Gross unrecognized holding gains	21
Aggregate fair value	9,031
Non-recurring basis \| Corporate debt, long-term investments
Securities held to maturity
Amortized cost	2,931
Gross unrecognized holding gains	34
Aggregate fair value	2,965
Non-recurring basis \| U.S. Treasury securities and government agency bonds, Short Term Investments
Securities held to maturity
Amortized cost	52,174	14,651
Gross unrecognized holding gains	228	28
Gross unrecognized holding losses		(6)
Aggregate fair value	52,402	14,673
Non-recurring basis \| U.S. Treasury securities and government agency bonds, Long Term Investments
Securities held to maturity
Amortized cost	39,866	42,938
Gross unrecognized holding gains	322	282
Gross unrecognized holding losses	(2)	(2)
Aggregate fair value	$ 40,186	43,218
Non-recurring basis \| U.S. Treasury securities and government agency bonds
Securities held to maturity
Amortized cost		20,986
Gross unrecognized holding gains		3
Aggregate fair value		$ 20,989

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Operating Leases

In May 2021, the Company entered into a lease for its headquarters (the “Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing, and other space. The lease term expires on August 31, 2035. Under the Headquarters Lease, the Company has three five-year options to extend the term of the lease. However, the Company is not reasonably certain to exercise any of these options. During the three months ended September 30, 2024 and 2023, the Company paid $532 and $558 included in the measurement of lease liabilities, respectively. During the nine months ended September 30, 2024 and 2023, the Company paid $1,395 and $868 included in the measurement of lease liabilities, respectively.

The Company had no finance leases as of September 30, 2024 and December 31, 2023.

The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows:



	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	441	$	358	$	1,323	$	1,206
Short-term lease cost		8		10		28		29
Variable lease cost		299		313		895		715
Total lease cost	$	748	$	681	$	2,246	$	1,950



	As of September 30,		As of December 31,
	2024		2023
Operating leases
Assets
Right-of-use asset - operating leases	$	10,888	$	11,241
Liabilities
Operating lease liability, current	$	907	$	774
Operating lease liabilities, net of current portion		17,412		17,969
Total operating lease liabilities	$	18,319	$	18,743
Other information
Weighted-average remaining lease term (in years)		10.9		11.7
Weighted-average incremental borrowing rate		7.0%		7.0%

The following table reconciles the remaining minimum lease payments to lease liabilities as of September 30, 2024:


	Operating Leases
Remainder of 2024	$	532
2025		2,171
2026		2,225
2027		2,281
2028		2,338
2029 and thereafter		17,156
Total undiscounted lease payments		26,703
Discount factor		(8,384)
Present value of lease liabilities	$	18,319

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	17.0	17.1	17.0	17.1

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Finance lease, right-of-use asset	$ 0		$ 0		$ 0
Finance lease, Liability	0		0		$ 0
New Office and Manufacturing Space
Commitments and Contingencies
Lease rent payments	$ 532	$ 558	$ 1,395	$ 868
Number of options to extend lease \| item	3		3
Renewal term	5 years		5 years

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lease costs
Operating lease cost	$ 441	$ 358	$ 1,323	$ 1,206
Short-term lease cost	8	10	28	29
Variable lease cost	299	313	895	715
Total lease cost	748	$ 681	2,246	$ 1,950
Assets:
Right-of-use asset - operating leases	10,888		10,888		$ 11,241
Liabilities
Operating lease liability, current	907		907		774
Operating lease liabilities, net of current portion	17,412		17,412		17,969
Total operating lease liabilities	$ 18,319		$ 18,319		$ 18,743
Other information
Weighted-average remaining lease term (in years)	10 years 10 months 24 days		10 years 10 months 24 days		11 years 8 months 12 days
Weighted-average incremental borrowing rate	7.00%		7.00%		7.00%

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and notes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2024 (the “2023 Form 10-K”).

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the notes to its audited consolidated financial statements for the year ended December 31, 2023 included in the 2023 Form 10-K and have not materially changed during the three and nine months ended September 30, 2024.

Basis of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, CCTI, Inc. All significant intercompany balances have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit.

Concentration of Risk

The Company maintains its cash and cash equivalents with three financial institutions that management believes to be of high credit quality. At times, the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk beyond the normal credit risk associated with commercial banking relationships.

Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three months ended September 30, 2024, one customer represented 30% of revenue. During the nine months ended September 30, 2024, two customers represented an aggregate of 32% of revenue. During the three and nine months ended September 30, 2023, two customers represented an aggregate of 27% and 26% of revenue, respectively. As of September 30, 2024, two customers accounted for an aggregate of 40% of accounts receivable. As of December 31, 2023, three customers accounted for an aggregate of 38% of accounts receivable.

Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three and nine months ended September 30, 2024, 20% and 18%, respectively, of the Company’s additions to inventory were from one supplier. During the three and nine months ended September 30, 2023, the Company purchased 75% and 55%, respectively, of its inventory from three and one suppliers, respectively. As of September 30, 2024, one supplier accounted for 11% of the Company’s total accounts payable. As of December 31, 2023, no supplier accounted for 10% or more of the Company’s total accounts payable.

Accounts Receivable

Accounts receivable are reduced by an allowance for credit losses, if needed. The Company maintains an allowance for credit losses of an amount equal to anticipated future write-offs. The Company determined that no allowance was necessary as of September 30, 2024. The Company recorded an allowance for expected credit losses of $130 as of December 31, 2023.

Foreign Currency

The Company’s functional currency is the U.S. dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $2 and $36 in foreign currency transaction losses for the three months ended September 30, 2024 and 2023, respectively. The Company recognized $62 and $66 in foreign currency transaction losses for the nine months ended September 30, 2024 and 2023, respectively.

Leases

For transactions in which the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details about leases under which the Company is the lessee.

All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details on revenue recognition related to lease agreements.

Comprehensive Loss

For the three and nine months ended September 30, 2024 and 2023, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying condensed consolidated financial statements.

Loss Per Share

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, restricted stock units, performance stock units and shares under employee stock purchase plans using the treasury stock method.

For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options, restricted stock units, performance stock units, and shares under employee stock purchase plans was 17.0 million for the three and nine months ended September 30, 2024 and 17.1 million for the three and nine months ended September 30, 2023.

Recent Accounting Pronouncements

The Company has evaluated all issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its condensed financial statements.

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (2)	$ (36)	$ (62)	$ (66)

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

Schedule of stock-based compensation expense


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
General and administrative	$	1,815	$	1,591	$	5,336	$	4,559
Sales and marketing		788		815		2,238		2,415
Research and development		767		1,203		2,375		3,431
Total	$	3,370	$	3,609	$	9,949	$	10,405

Revenue - Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 364
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 87
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 87
Remaining performance obligation expects to recognize as revenue	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 34
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 156
Remaining performance obligation expects to recognize as revenue

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2022	$ 1,024	$ 390,819	$ (137,875)	$ 253,968
Balances, at Beginning of period, Shares at Dec. 31, 2022	102,397,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,277		3,277
Exercise of stock options	$ 5	1,451		1,456
Exercise of stock options, shares	506,832
Net Income (Loss)			(10,882)	(10,882)
Balances, at end of period at Mar. 31, 2023	$ 1,029	395,547	(148,757)	247,819
Balances, at end of period, Shares at Mar. 31, 2023	102,904,745
Balances, at Beginning of period at Dec. 31, 2022	$ 1,024	390,819	(137,875)	253,968
Balances, at Beginning of period, Shares at Dec. 31, 2022	102,397,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)				(32,645)
Balances, at end of period at Sep. 30, 2023	$ 1,036	402,862	(170,520)	233,378
Balances, at end of period, Shares at Sep. 30, 2023	103,548,943
Balances, at Beginning of period at Mar. 31, 2023	$ 1,029	395,547	(148,757)	247,819
Balances, at Beginning of period, Shares at Mar. 31, 2023	102,904,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,519		3,519
Exercise of stock options	$ 2	155		157
Exercise of stock options, shares	229,840
Net Income (Loss)			(10,512)	(10,512)
Balances, at end of period at Jun. 30, 2023	$ 1,031	399,221	(159,269)	240,983
Balances, at end of period, Shares at Jun. 30, 2023	103,134,585
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,609		3,609
Exercise of stock options	$ 2	35		37
Exercise of stock options, shares	155,458
Vesting of restricted stock units	$ 3	(3)
Vesting of restricted stock units, shares	258,900
Net Income (Loss)			(11,251)	(11,251)
Balances, at end of period at Sep. 30, 2023	$ 1,036	402,862	(170,520)	233,378
Balances, at end of period, Shares at Sep. 30, 2023	103,548,943
Balances, at Beginning of period at Dec. 31, 2023	$ 1,040	406,925	(175,798)	232,167
Balances, at Beginning of period, Shares at Dec. 31, 2023	103,961,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,015		3,015
Exercise of stock options	$ 3	700		703
Exercise of stock options, shares	272,640
Vesting of restricted stock units	$ 1	(1)
Vesting of restricted stock units, shares	170,801
Net Income (Loss)			(9,526)	(9,526)
Balances, at end of period at Mar. 31, 2024	$ 1,044	410,639	(185,324)	226,359
Balances, at end of period, Shares at Mar. 31, 2024	104,405,111
Balances, at Beginning of period at Dec. 31, 2023	$ 1,040	406,925	(175,798)	$ 232,167
Balances, at Beginning of period, Shares at Dec. 31, 2023	103,961,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan, shares				69,210
Net Income (Loss)				$ (30,458)
Balances, at end of period at Sep. 30, 2024	$ 1,053	418,505	(206,256)	213,302
Balances, at end of period, Shares at Sep. 30, 2024	105,300,380
Balances, at Beginning of period at Mar. 31, 2024	$ 1,044	410,639	(185,324)	226,359
Balances, at Beginning of period, Shares at Mar. 31, 2024	104,405,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan	$ 1	264		265
Issuance of common stock under employee stock purchase plan, shares	69,210
Stock-based compensation expense		3,564		3,564
Exercise of stock options	$ 3	445		448
Exercise of stock options, shares	335,837
Vesting of restricted stock units, shares	13,966
Net Income (Loss)			(9,375)	(9,375)
Balances, at end of period at Jun. 30, 2024	$ 1,048	414,912	(194,699)	221,261
Balances, at end of period, Shares at Jun. 30, 2024	104,824,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,370		3,370
Exercise of stock options	$ 3	225		228
Exercise of stock options, shares	280,312
Vesting of restricted stock units	$ 2	(2)
Vesting of restricted stock units, shares	195,944
Net Income (Loss)			(11,557)	(11,557)
Balances, at end of period at Sep. 30, 2024	$ 1,053	$ 418,505	$ (206,256)	$ 213,302
Balances, at end of period, Shares at Sep. 30, 2024	105,300,380

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

Stockholders' Equity

4. Stockholders’ Equity

Common Stock

During the nine months ended September 30, 2024, the Company issued 888,789 shares of common stock as a result of stock option exercises, receiving gross proceeds of $1,379, issued 380,711 shares from the vesting of restricted stock units, and issued 69,210 shares to employees pursuant to the MaxCyte, Inc. 2021 Employee Stock Purchase Plan, (the “ESPP”) receiving gross proceeds of $265.

Preferred Stock

The Company’s certificate of incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding.

Stock Incentive Plans

The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “2016 Plan”) in January 2016 to provide for the awarding of (i) stock options, (ii) restricted stock, (iii) incentive shares, and (iv) performance awards, in each case, to employees, officers, and directors of the Company and to other individuals as determined by the Board of Directors.

In December 2021, the Company adopted the MaxCyte, Inc. 2021 Inducement Plan (the “Inducement Plan”) to provide for the awarding of (i) non-qualified stock options; (ii) stock appreciation rights; (iii) restricted stock awards; (iv) restricted stock unit awards; (v) performance awards; and (vi) other awards, in each case, only to persons eligible to receive grants of awards who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM 5635-1. The Board of Directors reserved 2,500,000 shares for issuance under the Inducement Plan.

In May 2022, the Company’s Board of Directors adopted, and in June 2022, the Company’s stockholders approved, the MaxCyte, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) to provide for the awarding of (i) incentive stock options, (ii) non-qualified stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, (vi) performance awards, and (vii) other awards. Following the approval of the 2022 Plan, no additional awards can be granted under the 2016 Plan or the Inducement Plan, but all outstanding awards will continue to remain subject to the terms of the applicable plan.

Upon the effectiveness of the 2022 Plan, a total of 3,692,397 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,764,397 shares previously available under the 2016 Plan. If and to the extent that outstanding options under the 2016 Plan or the Inducement Plan are forfeited, the shares underlying such forfeited options will become available for issuance under the 2022 Plan. At the Company’s Annual Meeting of Stockholders held on June 22, 2023, the Company’s stockholders voted to reserve an additional 6,069,000 shares of issuance pursuant to future awards under the 2022 Plan. At the Company’s Annual Meeting of Stockholders held on June 11, 2024, the Company’s stockholders approved to increase by 2,300,000 the maximum number of shares of common stock authorized to be issued under the 2022 Plan.

At September 30, 2024 and December 31, 2023, there were 6,645,000 and 6,202,000 shares, respectively, available to be issued under the 2022 Plan.

The value of an equity award is recognized as expense on a straight-line basis over the requisite service period. At September 30, 2024, total unrecognized compensation expense was $20,699, which will be recognized over an estimated weighted-average period of 2.3 years.

Stock Options

The weighted-average fair value of the stock options granted during the three months ended September 30, 2024 and 2023 was estimated to be $2.14 and $1.91, per option share, respectively. The weighted-average fair value of the stock options granted during the nine months ended September 30, 2024 and 2023 was estimated to be $2.27 and $2.03, per option share, respectively.

Restricted Stock Units (“RSUs”)

The weighted-average fair value of the RSUs granted during the three months ended September 30, 2024 and 2023 was estimated to be $4.02 and $4.18 per RSU, respectively. The weighted-average fair value of the RSUs granted during the nine months ended September 30, 2024 and 2023 was estimated to be $4.39 and $4.29 per RSU, respectively.

Performance Stock Units (“PSUs”)

During the nine months ended September 30, 2024, 550,838 PSUs were awarded to certain members of management and executive officers. The PSU awards represent a number of shares of common stock to be earned if a target level of performance, as approved by the Board of Directors, is achieved. The performance period continues through December

31, 2026. The actual number of shares of common stock underlying the PSUs to be earned will be between 0% and 125% of the target number of PSUs, depending on the level of achievement of such performance metrics. The weighted-average fair value of the PSUs granted during the nine months ended September 30, 2024 was estimated to be $4.31 per PSU. As of September 30, 2024, the Company determined that it was probable that the grants will vest at 100% of the target number of PSUs. Stock-based compensation expense for the service period since the grant date of $199 and $594 was recognized in the three and nine months ended September 30, 2024, respectively. The Company did not issue PSUs prior to January 2024.

Employee Stock Purchase Plan (“ESPP”)

In May 2023, the Company commenced the initial offering under the ESPP. The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long (each, a “Purchase Period”). The third Purchase Period began on May 20, 2024. The weighted-average fair value of the shares under the ESPP for the nine months ended September 30, 2024 was $1.38 per share, which the Company will expense over the Purchase Period.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
General and administrative	$	1,815	$	1,591	$	5,336	$	4,559
Sales and marketing		788		815		2,238		2,415
Research and development		767		1,203		2,375		3,431
Total	$	3,370	$	3,609	$	9,949	$	10,405

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and notes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2024 (the “2023 Form 10-K”). Significant Accounting Policies The Company’s significant accounting policies are disclosed in the notes to its audited consolidated financial statements for the year ended December 31, 2023 included in the 2023 Form 10-K and have not materially changed during the three and nine months ended September 30, 2024.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, CCTI, Inc. All significant intercompany balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit.
Concentrations of Risk	Concentration of Risk The Company maintains its cash and cash equivalents with three financial institutions that management believes to be of high credit quality. At times, the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three months ended September 30, 2024, one customer represented 30% of revenue. During the nine months ended September 30, 2024, two customers represented an aggregate of 32% of revenue. During the three and nine months ended September 30, 2023, two customers represented an aggregate of 27% and 26% of revenue, respectively. As of September 30, 2024, two customers accounted for an aggregate of 40% of accounts receivable. As of December 31, 2023, three customers accounted for an aggregate of 38% of accounts receivable. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three and nine months ended September 30, 2024, 20% and 18%, respectively, of the Company’s additions to inventory were from one supplier. During the three and nine months ended September 30, 2023, the Company purchased 75% and 55%, respectively, of its inventory from three and one suppliers, respectively. As of September 30, 2024, one supplier accounted for 11% of the Company’s total accounts payable. As of December 31, 2023, no supplier accounted for 10% or more of the Company’s total accounts payable.
Foreign Currency	Foreign Currency The Company’s functional currency is the U.S. dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $2 and $36 in foreign currency transaction losses for the three months ended September 30, 2024 and 2023, respectively. The Company recognized $62 and $66 in foreign currency transaction losses for the nine months ended September 30, 2024 and 2023, respectively.
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for credit losses, if needed. The Company maintains an allowance for credit losses of an amount equal to anticipated future write-offs. The Company determined that no allowance was necessary as of September 30, 2024. The Company recorded an allowance for expected credit losses of $130 as of December 31, 2023.
Leases	Leases For transactions in which the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details about leases under which the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details on revenue recognition related to lease agreements.
Comprehensive Loss	Comprehensive Loss For the three and nine months ended September 30, 2024 and 2023, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying condensed consolidated financial statements.
Loss Per Share	Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, restricted stock units, performance stock units and shares under employee stock purchase plans using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options, restricted stock units, performance stock units, and shares under employee stock purchase plans was 17.0 million for the three and nine months ended September 30, 2024 and 17.1 million for the three and nine months ended September 30, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has evaluated all issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its condensed financial statements.

Consolidated Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Consolidated Balance Sheet Components

Consolidated Balance Sheet Components

5. Consolidated Balance Sheet Components

Inventory

Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory:


	September 30,		December 31,
	2024		2023
Raw materials inventory	$	5,559	$	5,694
Finished goods inventory		4,529		5,977
Work in progress		305		558
Total inventory	$	10,393	$	12,229

The Company reserved $865 and $697 in inventory allowance as of September 30, 2024 and December 31, 2023, respectively.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life.

Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expense as appropriate.

Property and equipment consisted of the following:


	September 30,		December 31,
	2024		2023
Leasehold improvements	$	14,727	$	14,654
Furniture and equipment		11,981		12,288
Internal-use software		4,316		4,106
Instruments		2,026		2,441
Construction in process		536		310
Accumulated depreciation and amortization		(12,619)		(10,286)
Property and equipment, net	$	20,967	$	23,513

During the nine months ended September 30, 2024 and 2023, the Company transferred $167 and $136, respectively, of instruments previously classified as inventory to property and equipment leased to customers.

For the three and nine months ended September 30, 2024, the Company incurred depreciation and amortization expense of $1,066 and $3,258, respectively. For the three and nine months ended September 30, 2023, the Company incurred depreciation and amortization expense of $1,081 and $3,069, respectively.