0001642545-23-000007 | 10-K | XBRL Viewer

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Total stock-based compensation was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of product revenue	$	2,193	$	1,153	$	496
Research and development	10,354		6,240		2,464
Sales and marketing	18,387		11,043		3,478
General and administrative	13,956		8,821		3,912
Total stock-based compensation	$	44,890	$	27,257	$	10,350

Stock-based compensation of $2.2 million, $0.7 million, and $0.3 million was capitalized into inventory for the years ended December 31, 2022, 2021, and 2020, respectively. Stock-based compensation capitalized into inventory is recognized as cost of product revenue when the related product is sold.

2009 Equity Incentive Plan and 2019 Equity Incentive Plan

On June 17, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) under which the Company’s board of directors (the “Board”) may issue stock options to employees, directors and consultants.

In February 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective in connection with the Company’s initial public offering. As a result, effective as of March 6, 2019, the Company may not grant any additional awards under the 2009 Plan. The 2009 Plan will continue to govern outstanding equity awards granted thereunder. The Company initially reserved 2,000,430 shares of common stock for the issuance of a variety of awards under the 2019 Plan, including stock options, stock appreciation rights, awards of restricted stock and awards of restricted stock units (“RSUs”). In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, which commenced on January 1, 2020, in an amount equal to 3% of the total number of shares of the Company’s common stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Board. As of December 31, 2022, the Company had reserved 4,809,769 shares of common stock for issuance under the 2019 Plan.

Stock Options

Option activity under the 2009 Plan and 2019 Plan is set forth below:


	Shares Available for Grant	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Term	Aggregate Intrinsic Value
					(in years)	(in thousands)
Balance, December 31, 2021	3,745,216	1,524,985	$	6.01	5.76	$	262,793
Awards authorized	1,063,334	—
Options exercised	—	(401,757)	6.38
Options cancelled	1,219	(1,219)	11.21
Balance, December 31, 2022	4,809,769	1,122,009	$	5.87	4.60	$	224,115
Vested and exercisable, December 31, 2022		1,105,414	$	5.69	4.58	$	220,997
Vested and expected to vest, December 31, 2022		1,122,009	$	5.87	4.60	$	224,115

There were no options granted during the years ended December 31, 2022, 2021, and 2020. The total grant date fair value of options vested was $1.0 million, $1.6 million and $2.3 million for the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, total unrecognized stock-based compensation related to unvested stock options was $0.1 million, which the Company expects to recognize over a remaining weighted-average period of 0.2 years.

Restricted Stock Units

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

In February 2022, the Company granted performance-based restricted stock units (“PRSUs”) to certain key executives. The vesting of these PRSUs is dependent on the achievement of certain performance targets related to the Company’s compound annual growth rate of revenue over a two or three year performance period, provided the executives remain employed with the Company at the time of vesting. The number of PRSUs that vest will vary from 0% to 200% of the target which will be determined based on the level of performance attained for each performance period. The fair value

of these PRSUs is equal to the closing price of the Company’s common stock on the grant date. Compensation cost for PRSUs is recognized over the requisite service period based on the expected achievement of performance targets.

RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs is disclosed at target (100%):


	Restricted Stock Units			Performance-Based Restricted Stock Units
	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance, December 31, 2021	1,156,683	$	93.27	—	$	—
RSUs granted	399,541	190.26		38,797	165.74
RSUs forfeited	(70,459)	135.74		—	—
RSUs vested	(359,774)	85.91		—	—
Balance, December 31, 2022	1,125,991	127.39		38,797	165.74

The total grant date fair value of RSUs vested was $30.9 million, $11.3 million, and $2.7 million, for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $121.9 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.2 years.

Employee Share Purchase Plan (ESPP)

In February 2019, the Company adopted the Employee Stock Purchase Plan (“ESPP”), which became effective as of March 6, 2019. The Company initially reserved 300,650 shares of the Company’s common stock for purchase under the ESPP. In addition, the number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years, which commenced on January 1, 2020, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Board.

Each offering to the employees to purchase stock under the ESPP will begin on each September 1 and March 1 and will end on the following February 28 or 29 and August 31, respectively. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Compensation Committee of the Board, in its sole discretion.

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model based on the methods and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment and estimation by management.

Expected Term—The expected term represents the period that stock-based awards are expected to be outstanding. The Company’s historical share option exercise information is limited due to a lack of sufficient data points, and did not provide a reasonable basis upon which to estimate an expected term. The expected term for option grants is therefore determined using the simplified method. The simplified method deems the expected term to be the midpoint between the vesting date and the contractual life of the stock-based awards.

Expected Volatility—The expected volatility is measured using the historical daily changes in the market price of the Company's common stock over a period consistent with the expected term.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the stock-based awards’ expected term.

Expected Dividend Yield—The expected dividend yield is zero as the Company has not paid nor does it anticipate paying any dividends on its common stock in the foreseeable future.

The Company recorded $2.3 million, $1.3 million and $0.8 million of stock-based compensation expense related to the ESPP for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, a total of 1,197,296 shares were available for issuance under the ESPP.


	Years Ended December 31,
	2022	2021	2020
Expected term (in years)	0.5	0.5	0.5
Expected volatility	61.8%-73.8%	48.9%-64.8%	44.3%-74.0%
Risk-free interest rate	0.1%-3.7%	0.1%	0.1%-0.3%
Expected dividend yield	0%	0%	0%

Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Summary of Cash Equivalents and Short-Term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	112,719	$	3	$	(1,091)	$	111,631
Money market funds	12,076		—		—		12,076
Commercial paper	8,039		—		—		8,039
Corporate bonds	18,876		8		(76)		18,808
U.S. agency securities	9,432		4		(7)		9,429
Total	$	161,142	$	15	$	(1,174)	$	159,983
Reported as:
Cash equivalents							$	12,076
Short-term investments							147,907
Total							$	159,983


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	80,353	$	—	$	(198)	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	20,472		—		—		20,472
Corporate bonds	11,149		—		(4)		11,145
Total	$	159,515	$	—	$	(202)	$	159,313
Reported as:
Cash equivalents							$	47,541
Short-term investments							111,772
Total							$	159,313

Summary of Remaining Contractual Maturities for Available-for-sale Securities

The remaining contractual maturities of the Company’s cash equivalents and short-term investments were as follows:


	December 31, 2022
	Fair Value
	(in thousands)
Money market funds	$	12,076
One year or less	110,947
Greater than one year and less than two years	36,960
Total	$	159,983

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Amended SVB Credit Agreement

In February 2020, the Company entered into a First Amendment to its Loan and Security Agreement with Silicon Valley Bank (the “Amended SVB Credit Agreement”) to, among other things, refinance its then-existing term loan, which is accounted for as a modification of the Loan and Security Agreement. The Amended SVB Credit Agreement provided the Company with a supplemental term loan in the amount of $16.5 million that was set to mature on December 1, 2023. The Amended SVB Credit Agreement provided an interest-only payment period through June 30, 2022.

Credit Agreement

On October 19, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Bank, National Association, as swingline lender and an issuing lender, Wells Fargo Securities, LLC and Silicon Valley Bank, as joint lead arrangers and joint bookrunners, Silicon Valley Bank, as syndication agent, and the several lenders party thereto. The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $175 million with the right to request increases to the revolving commitments (subject to certain conditions) of up to the greater of (x) $100 million or (y) the Company’s consolidated EBITDA for the four fiscal quarter period most recently ended prior to the date of such increase.

Concurrent with entering into the Credit Agreement, the Company drew down $25 million and prepaid in full all outstanding amounts and related expenses under the Amended SVB Credit Agreement, totaling $14.6 million, and terminated the credit facility thereunder. The Company recognized a loss on debt extinguishment of $0.6 million in connection with the early repayment of its Amended SVB Credit Agreement which is included in interest expense in the consolidated statement of operations for the year ended December 31, 2022.

The revolving credit facility accrues for interest, at the election of the Company, at (A) the Base Rate (as defined below) plus a margin ranging from 0% to 1% depending on the Company's Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) (which rate is currently 0%) or (B) the applicable secured overnight financing rate (“SOFR”) plus a margin from 1% to 2%, depending on the Company's Consolidated Total Net Leverage Ratio (which rate

is currently 1%). Base Rate means, at any time, the highest of (a) the Wells Fargo Bank, National Association's announced prime rate, (b) the federal funds rate plus 0.5% and (c) Term SOFR for a one-month tenor in effect on such day plus 1%. The Credit Agreement matures on October 19, 2027. The interest rate was 5.3% as of December 31, 2022.

The Company recorded interest expense of $1.9 million, $1.1 million and $1.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Long-term debt and net premium balances are as follows:


	December 31,
	2022		2021
	(in thousands)
Principal amount of debt	$	25,000	$	16,500
Net premium (discount) associated with accretion of final payment, and other debt issuance costs	(802)		630
Debt	24,198		17,130
Less: debt, current portion	—		(5,500)
Debt, noncurrent portion	$	24,198	$	11,630

Future minimum payments of principal and estimated payments of interest on the Company’s outstanding debt as of December 31, 2022 are as follows:


Year ending December 31:	(in thousands)
2023	$	1,338
2024	1,353
2025	1,349
2026	1,349
2027	26,101
Thereafter	—
Total future payments	$	31,490
Less: amounts representing interest	(6,490)
Total principal amount of debt payments	$	25,000

- Definition

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

+ References

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+ Details

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	111,631	$	—	$	—	$	111,631
Money market funds	12,076		—		—		12,076
Commercial paper	—		8,039		—		8,039
Corporate bonds	—		18,808		—		18,808
U.S. agency securities	—		9,429		—		9,429
Total assets	$	123,707	$	36,276	$	—	$	159,983


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	80,155	$	—	$	—	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	—		20,472		—		20,472
Corporate bonds	—		11,145		—		11,145
Total assets	$	127,696	$	31,617	$	—	$	159,313

- Definition

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

+ References + Details

Equity Method Investments (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 19, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Equity method investment		$ 3,512	$ 5,987
Loss from equity method investment		2,475	$ 6,286	$ 0
Joint Venture
Schedule Of Equity Method Investments [Line Items]
Percentage of equity stake received	45.00%
Related party transaction. transaction price	$ 12,300
JV Agreement with Genesis MedTech
Schedule Of Equity Method Investments [Line Items]
Equity method investment		$ 3,500
JV Agreement with Genesis MedTech \| Share Subscription Agreement
Schedule Of Equity Method Investments [Line Items]
Ordinary shares issued (in shares)	54,900
Equity percentage	55.00%
Cash contribution from exchange of equity	$ 15,000
Percentage of cash contribution received from exchange of equity upon signing of agreement	50.00%
Percentage of cash contribution receivable from exchange of equity within one year	50.00%
JV Agreement with Genesis MedTech \| License Agreement
Schedule Of Equity Method Investments [Line Items]
Ordinary shares issued (in shares)	45,000
Equity percentage	45.00%

Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Inventory

Inventory consists of the following:


	December 31,
	2022		2021
	(in thousands)
Raw material	$	18,456	$	7,685
Work in progress	7,666		13,315
Finished goods	48,735		20,326
Consigned inventory	255		1,652
Total inventory	$	75,112	$	42,978

Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
	2022		2021
	(in thousands)
Equipment	$	11,434	$	6,234
Equipment on loan to customers	1,350		1,714
Office furniture	1,171		549
Software	904		742
Leasehold improvements	33,703		17,742
Construction in progress	9,765		3,544
Property and equipment, gross	58,327		30,525
Less: accumulated depreciation and amortization	(10,175)		(6,164)
Total property and equipment, net	$	48,152	$	24,361

Depreciation and amortization expense amounted to $4.9 million, $3.6 million and $1.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. The construction in progress balance primarily relates to the construction costs for the manufacturing facility in Costa Rica.

Accrued Liabilities

Accrued liabilities consist of the following:


	December 31,
	2022		2021
	(in thousands)
Employee compensation	$	32,885	$	25,749
Asset purchases	4,600		4,101
Professional services	4,044		2,636
Research and development costs	4,007		4,605
Excise, sales, income and other taxes	4,036		1,232
Other	5,803		2,547
Total accrued liabilities	$	55,375	$	40,870

Income Taxes - Schedule of Current Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision for income taxes:
Federal	$ 403	$ 0	$ 0
State	1,446	84	3
Foreign	259	217	77
Total (benefit) provision for income taxes	2,108	301	80
Deferred tax provision:
Federal	(85,618)	0	0
State	(11,658)	0	0
Foreign	0	0	0
Total deferred tax (benefit) provision	(97,276)	0	0
Total current income tax (benefit) provision	$ (95,168)	$ 301	$ 80

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following:


	December 31,
	2022		2021
	(in thousands)
Raw material	$	18,456	$	7,685
Work in progress	7,666		13,315
Finished goods	48,735		20,326
Consigned inventory	255		1,652
Total inventory	$	75,112	$	42,978

Schedule of Property and Equipment

Property and equipment, net consists of the following:


	December 31,
	2022		2021
	(in thousands)
Equipment	$	11,434	$	6,234
Equipment on loan to customers	1,350		1,714
Office furniture	1,171		549
Software	904		742
Leasehold improvements	33,703		17,742
Construction in progress	9,765		3,544
Property and equipment, gross	58,327		30,525
Less: accumulated depreciation and amortization	(10,175)		(6,164)
Total property and equipment, net	$	48,152	$	24,361

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	December 31,
	2022		2021
	(in thousands)
Employee compensation	$	32,885	$	25,749
Asset purchases	4,600		4,101
Professional services	4,044		2,636
Research and development costs	4,007		4,605
Excise, sales, income and other taxes	4,036		1,232
Other	5,803		2,547
Total accrued liabilities	$	55,375	$	40,870

Commitments and Contingencies - Schedule of Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Liabilities Payments Due [Abstract]
2023	$ 5,238
2024	5,367
2025	5,526
2026	5,690
2027	5,832
Thereafter	24,958
Total minimum lease payments	52,611
Less: imputed interest	(10,737)
Less: lease incentive	(5,668)
Total lease liability	36,206
Lease liability, current portion	(1,278)	$ (1,738)
Lease liability, noncurrent portion	$ 34,928	$ 28,321

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 16, 2023, the Company entered into a definitive agreement to acquire Neovasc Inc., “Neovasc,” a company focused on the minimally invasive treatment of refractory angina. Upon the closing of the transaction, the Company will acquire all outstanding Neovasc shares for an upfront cash payment of $27.25 per share, corresponding to an enterprise value of approximately $100 million, inclusive of certain deal-related costs. Neovasc shareholders will also receive a potential deferred payment in the form of a non-tradable contingent value right entitling the holder to receive up to an additional $12 per share in cash if certain regulatory milestones are achieved. The upfront cash consideration represents a premium of 27% and 68% to the closing price and 30-day volume-weighted average price, respectively, of Neovasc’s common shares on the Nasdaq Capital Market on January 13, 2023. The transaction will be effected by way of a court-approved plan of arrangement pursuant to the Canada Business Corporations Act, and is subject to customary closing conditions, including requisite Neovasc shareholder approval. The Company expects to complete the transaction in the first half of 2023.

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Public Offering	Common Stock	Common Stock Public Offering	Additional Paid-In Capital	Additional Paid-In Capital Public Offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019			31,446,787
Beginning Balance at Dec. 31, 2019	$ 192,653,000		$ 31,000		$ 370,561,000		$ 35,000	$ (177,974,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			1,185,764
Exercise of stock options	4,317,000		$ 2,000		4,315,000
Issuance of common stock under employee stock purchase plan (in shares)			52,612
Issuance of common stock under employee stock purchase plan	1,795,000				1,795,000
Issuance of common stock in connection with vesting of restricted stock units (in shares)			69,900
Issuance of common stock in connection with public offering (in shares)				1,955,000
Issuance of common stock in connection with public offering, net of issuance costs of $6.1 million		$ 83,368,000		$ 2,000		$ 83,366,000
Restricted stock units withheld in net settlement for tax (in shares)			(25,726)
Restricted stock units withheld in net settlement for tax	(1,420,000)				(1,420,000)
Stock-based compensation	10,666,000				10,666,000
Net gain reclassified from accumulated other comprehensive income	21,000						21,000
Unrealized loss on available-for-sale securities	(5,000)						(5,000)
Net income (loss)	(65,699,000)							(65,699,000)
Ending balance (in shares) at Dec. 31, 2020			34,684,337
Ending balance at Dec. 31, 2020	225,654,000		$ 35,000		469,283,000		9,000	(243,673,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			547,155
Exercise of stock options	3,049,000				3,049,000
Issuance of common stock under employee stock purchase plan (in shares)			36,833
Issuance of common stock under employee stock purchase plan	2,837,000				2,837,000
Issuance of common stock in connection with vesting of restricted stock units (in shares)			239,213
Restricted stock units withheld in net settlement for tax (in shares)			(63,066)
Restricted stock units withheld in net settlement for tax	(8,337,000)				(8,337,000)
Stock-based compensation	27,974,000				27,974,000
Net gain reclassified from accumulated other comprehensive income	0
Unrealized loss on available-for-sale securities	(211,000)						(211,000)
Net income (loss)	(9,136,000)							(9,136,000)
Ending balance (in shares) at Dec. 31, 2021			35,444,472
Ending balance at Dec. 31, 2021	$ 241,830,000		$ 35,000		494,806,000		(202,000)	(252,809,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	401,757		401,757
Exercise of stock options	$ 2,562,000		$ 1,000		2,561,000
Issuance of common stock under employee stock purchase plan (in shares)			29,645
Issuance of common stock under employee stock purchase plan	4,487,000				4,487,000
Issuance of common stock in connection with vesting of restricted stock units (in shares)			359,774
Restricted stock units withheld in net settlement for tax (in shares)			(102)
Restricted stock units withheld in net settlement for tax	(23,000)				(23,000)
Stock-based compensation	47,129,000				47,129,000
Net gain reclassified from accumulated other comprehensive income	6,000						6,000
Unrealized loss on available-for-sale securities	(659,000)						(659,000)
Net income (loss)	215,996,000							215,996,000
Ending balance (in shares) at Dec. 31, 2022			36,235,546
Ending balance at Dec. 31, 2022	$ 511,316,000		$ 36,000		$ 548,960,000		$ (867,000)	$ (36,813,000)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	156,586	$	89,209
Restricted cash	1,716		1,665
Total cash, cash equivalents, and restricted cash	$	158,302	$	90,874

Schedule of Cash and Cash Equivalents


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	156,586	$	89,209
Restricted cash	1,716		1,665
Total cash, cash equivalents, and restricted cash	$	158,302	$	90,874

Summary of Activity in Allowance for Doubtful Accounts

The following table summarizes the activity in the allowance for doubtful accounts:


	For the Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	350	$	380	$	194
Amounts charged (reversed) to costs and expenses	364		(12)		205
Write-offs	(4)		(18)		(19)
Ending balance	$	710	$	350	$	380

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

The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	Year Ended December 31,
	2021	2020
Common stock options issued and outstanding	1,524,985	2,087,202
Restricted stock units	1,156,683	859,577
Employee stock purchase plan	10,028	15,251
Total	2,691,696	2,962,030

Commitments and Contingencies - Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,667	$ 2,891	$ 2,208
Variable lease cost	1,186	496	505
Total lease cost	$ 5,853	$ 3,387	$ 2,713

Organization and Basis of Presentation (Details) $ in Millions	Dec. 31, 2022 USD ($) subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of foreign subsidiaries \| subsidiary	11
Cash, cash equivalents and short-term investments \| $	$ 304.5

Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 159,983	$ 159,313
Level 1
Assets:
Total assets	123,707	127,696
Level 2
Assets:
Total assets	36,276	31,617
Level 3
Assets:
Total assets	0	0
U.S. Treasury securities
Assets:
Total assets	111,631	80,155
U.S. Treasury securities \| Level 1
Assets:
Total assets	111,631	80,155
U.S. Treasury securities \| Level 2
Assets:
Total assets	0	0
U.S. Treasury securities \| Level 3
Assets:
Total assets	0	0
Money market funds
Assets:
Total assets	12,076	47,541
Money market funds \| Level 1
Assets:
Total assets	12,076	47,541
Money market funds \| Level 2
Assets:
Total assets	0	0
Money market funds \| Level 3
Assets:
Total assets	0	0
Commercial paper
Assets:
Total assets	8,039	20,472
Commercial paper \| Level 1
Assets:
Total assets	0	0
Commercial paper \| Level 2
Assets:
Total assets	8,039	20,472
Commercial paper \| Level 3
Assets:
Total assets	0	0
Corporate bonds
Assets:
Total assets	18,808	11,145
Corporate bonds \| Level 1
Assets:
Total assets	0	0
Corporate bonds \| Level 2
Assets:
Total assets	18,808	11,145
Corporate bonds \| Level 3
Assets:
Total assets	0	$ 0
U.S. agency securities
Assets:
Total assets	9,429
U.S. agency securities \| Level 1
Assets:
Total assets	0
U.S. agency securities \| Level 2
Assets:
Total assets	9,429
U.S. agency securities \| Level 3
Assets:
Total assets	$ 0

Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Debt securities, available-for-sale, unrealized loss position	$ 123,800,000	$ 86,500,000
Debt securities, available-for-sale, unrealized loss position, accumulated Loss	1,200,000	200,000
Adjustment for net gain realized and included in other income, net	$ 6,000	$ 0	$ 21,000

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The following table represents the Company’s product revenue based on product line:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Coronary	$	353,859	$	161,463	$	24,586
Peripheral	132,284		74,064		41,994
Other	3,590		1,619		1,209
Product revenue	$	489,733	$	237,146	$	67,789

Coronary product revenue encompasses sales of the Company’s C2 catheter and C2+ catheter. Peripheral product revenue encompasses sales of the Company’s M5 catheter, M5+ catheter, S4 IVL catheter, and L6 IVL catheter. Other product revenue encompasses sales of the Company’s generators and related accessories.

The following table represents the Company’s product revenue based on the location to which the product is shipped:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
United States	$	407,425	$	186,324	$	37,121
Europe	51,010		38,571		23,456
All other countries	31,298		12,251		7,212
Product revenue	$	489,733	$	237,146	$	67,789

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to the valuation of inventory, the allowance for doubtful accounts, the fair value of stock options, recoverability of the Company’s net deferred tax assets, and related valuation allowance amounts and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	156,586	$	89,209
Restricted cash	1,716		1,665
Total cash, cash equivalents, and restricted cash	$	158,302	$	90,874

Restricted cash as of December 31, 2022 and 2021 relates to letters of credit established for real property leases relating to buildings housing the Company’s office leases, and is recorded as other assets on the consolidated balance sheets.

Short-Term Investments

Short-term investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in debt securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase are classified as current based on their availability for use in current operations.

The Company evaluates, on a quarterly basis, its marketable securities for potential impairment. For marketable securities in an unrealized loss position, the Company assesses whether such declines are due to credit loss based on factors such as changes to the rating of the security by a ratings agency, market conditions and supportable forecasts of economic and market conditions, among others. If credit loss exists, the Company assess whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable security before recovery of its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to fair value and is recognized through other income, net.

If neither condition is met, declines as a result of credit losses, if any, are recognized as an allowance for credit loss, limited to the amount of unrealized loss, through other income, net. Any portion of unrealized loss that is not a result of a credit loss, is recognized in other comprehensive income. Realized gains and losses, if any, on marketable securities are included in other income, net. The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in other income, net.

The Company elected to present accrued interest receivable separately from short-term and long-term investments on its consolidated balance sheets. Accrued interest receivable was recorded in prepaid expenses and other current assets as of December 31, 2022 and 2021. The Company also elected to exclude accrued interest receivable from the estimation of expected credit losses on its marketable securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. The Company did not write off any accrued interest receivable during the twelve months ended December 31, 2022, 2021, and 2020.

Equity Method Investments

Entities which the Company has significant influence over activities of the entity, but does not control, are accounted for under the equity method of accounting in accordance with Topic 323, Investments - Equity Method and Joint Ventures. The Company’s carrying value in the equity method investment is reported as equity method investment on the Company’s consolidated balance sheets. The Company records its proportionate share of the underlying income or loss which is recognized in earnings or loss from the equity method investment. The Company eliminates a portion of intra-entity profit to the extent the goods sold by the Company have not yet been sold through by the equity method investee to an end customer at the end of the reporting period. The profit earned by the Company from the equity method investee for items not yet sold through is eliminated through equity method earnings or loss which is recognized in income (loss) from equity method investment.

The Company assesses its equity method investment for impairment when events or circumstances suggest that the carrying amount of the investment may be impaired. The Company considers all available evidence in assessing whether a decline in fair value is other than temporary. If the decline in fair value is determined to be other than temporary, the difference between the carrying amount of the investment and estimated fair value is recognized as an impairment charge.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments and trade receivables. Risks associated with cash, cash equivalents and restricted cash are mitigated by banking with creditworthy institutions and purchasing investments with investment grade ratings. The Company performs ongoing evaluations of its customers using its historical collection

experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers, and generally does not require collateral.

Concentration of Customers

For the years ended December 31, 2022, 2021 and 2020 no customer accounted for 10% or more of the Company’s revenue. There were no customers which accounted for 10% or more of the Company’s accounts receivable as of December 31, 2022 and 2021.

Fair Value of Financial Instruments

The Company’s cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Accounts Receivable and Allowance for Doubtful Accounts

The Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective method. The adoption of this standard did not have a cumulative effect on opening accumulated deficit as of January 1, 2020 and did not have a material impact on the Company’s financial statements.

Accounts receivable are recorded at invoice value, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Specific allowance amounts are established to record the appropriate allowance for customers that have an identified risk of default. General allowance amounts are established based upon the Company’s assessment of expected credit losses for its receivables by aging category. Balances are written off when they are ultimately determined to be uncollectible.

The following table summarizes the activity in the allowance for doubtful accounts:


	For the Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	350	$	380	$	194
Amounts charged (reversed) to costs and expenses	364		(12)		205
Write-offs	(4)		(18)		(19)
Ending balance	$	710	$	350	$	380

Inventory

Inventory is stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory costs include direct materials, direct labor and normal manufacturing overhead. Prior to achieving normal capacity, excess capacity costs are expensed in cost of product revenue as period costs. Finished goods that are used for research and development are expensed as consumed. Provisions for slow-moving, excess or obsolete inventories are recorded when required to reduce inventory values to their estimated net realizable values based on product life cycle, development plans, product expiration or quality issues.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the lesser of their useful life or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred.

Impairment of Long-Lived Assets

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

Revenue

To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, Revenue from Contracts with Customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Product Revenue

The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals.

Product revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.

For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and products sold to customers that utilize stocking orders, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity, and not a separate performance obligation.

The Company may provide for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements generally do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice.

License Revenue

For arrangements that contain a license of the Company’s functional intellectual property with a customer, the Company considers whether the license grant is distinct from other performance obligations in the arrangement. A license grant of functional intellectual property is generally considered to be capable of being distinct if a customer can benefit from the license on its own or together with other readily available resources. License revenue for licenses of functional intellectual property is recognized at a point in time when the Company satisfies its performance obligation of transferring the license to the customer.

Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability. No license revenues have been recognized for the years ended December 31, 2022 and 2021.

Research and Development Costs

Research and development costs, including new product development, regulatory compliance, and clinical research are expensed as incurred.

Accrued Research and Development Costs

The Company accrues liabilities for estimated costs of research and development activities conducted by its third-party service providers, which include the conduct of preclinical and clinical studies. The estimated costs of research and development activities are recorded based upon the estimated amount of services provided but not yet invoiced, and these costs are included in accrued liabilities on the consolidated balance sheets and within research and development expense on the consolidated statements of operations and comprehensive loss.

These costs are accrued for based on factors such as estimates of the work completed and budget provided and in accordance with agreements established with third-party service providers. Significant judgments and estimates are made in determining the accrued liabilities balance in each reporting period. Accrued liabilities are adjusted as actual costs become known. There have not been any material differences between accrued costs and actual costs incurred since the Company’s inception.

Stock-Based Compensation

The Company accounts for share-based payments at fair value. The fair value of stock options is measured using the Black-Scholes option-pricing model. For share-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date for stock-based compensation awards is the date of grant and the expense is recognized on a straight-line basis, over the vesting period. For share-based awards that vest upon the satisfaction of a performance target, the related compensation cost is recognized over the requisite service period based on the expected achievement of the performance target. The Company accounts for forfeitures as they occur.

Leases

The Company determines if an arrangement is or contains a lease at contract inception by assessing whether the arrangement contains an identified asset and whether the lessee has the right to control such asset. The Company is required to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight-line basis over the term of the lease. The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter, if modified. The Company does not have material finance leases.

For its operating leases with a lease term of 12 months or greater, the Company recognized a right-of-use asset and a lease liability on its consolidated balance sheet. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise.

Operating lease cost for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses on the consolidated statements of operations and comprehensive loss.

Lease payments may be fixed or variable; however, only fixed payments are included in the Company’s lease liability calculation. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses over the lease term. The Company’s lease agreements may contain variable non-lease components such as common area maintenance, operating expenses or other costs, which are expensed as incurred.

The Company elected the practical expedients to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and to not separate lease components and non-lease components for its long-term real estate leases.

Defined Contribution Plan

The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended. This plan allows eligible employees to defer a portion of their annual compensation on a pre-tax basis. The Company recognized expense related to its contributions to the plan of $3.7 million, $2.5 million, and $1.1 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net loss and changes in unrealized gains and losses on the Company’s available-for-sale investments.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the U.S. Dollar. Accordingly, all monetary assets and liabilities of the subsidiary are remeasured at the current exchange rate at the end of the period, nonmonetary assets and liabilities are remeasured at historical rates, and revenue and expenses are remeasured at average exchange rates during the period. There were net foreign currency transaction losses of $1.1 million and $0.8 million for the years ended December 31, 2022 and 2021, respectively. There was net foreign currency transaction gains of $0.3 million for the year ended 2020.

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without consideration of potential dilutive shares of common stock. Diluted net income per share attributable to the Company's stockholders is calculated based on the weighted-average number of shares of its common stock and other dilutive securities outstanding. Where the Company was in a loss position for any periods presented, basic net loss per share was the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent the Company believes it is more likely than not that they will not be realized. The Company considers all available positive and negative evidence, including future reversals of existing taxable temporary reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations.

The Company also accounts for uncertain tax positions in accordance with Topic 740, Income Taxes – Simplifying the Accounting for Income Taxes, which requires the Company to adjust the financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners. The Company may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such

positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one segment. The Company’s long-lived assets are held predominantly in the United States with the exception of certain equipment on loan to customers held internationally, which was not material for the periods presented.

Internal-Use Software

The Company has internal-use software consisting of cloud-based hosting arrangements with service contracts. The Company capitalizes certain costs incurred to implement such software within prepaid expenses and other current assets, or within other assets. Eligible costs of internal use software and implementation costs of certain hosting arrangements are capitalized. Once the software is ready for its intended use, the Company starts amortizing the capitalized implementation costs on a straight-line basis over the estimated service term or associated hosting arrangement, as applicable.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents income (loss) before income taxes for the periods presented:


	December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	119,901	$	(9,388)	$	(65,957)
Foreign	927		553		338
Total income (loss) before income taxes	$	120,828	$	(8,835)	$	(65,619)

The income tax expense (benefit) for the periods presented consisted of the following:


	December 31,
	2022		2021		2020
	(in thousands)
Current provision for income taxes:
Federal	$	403	$	—	$	—
State	1,446		84		3
Foreign	259		217		77
Total current tax provision:	2,108		301		80
Deferred tax provision:
Federal	(85,618)		—		—
State	(11,658)		—		—
Foreign	—		—		—
Total deferred tax (benefit) provision	(97,276)		—		—
Total (benefit) provision for income taxes	$	(95,168)	$	301	$	80

The income tax benefit for the year ended December 31, 2022 resulted primarily from the partial release of the Company's valuation allowance, described below.

The components of the deferred tax assets and liabilities are as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating loss carryovers	$	60,467	$	85,764
Fixed and intangible assets	—		512
Accruals and reserves	10,876		7,603
Stock-based compensation	8,504		5,523
Research and development credits	15,250		4,698
Contributions	—		42
Lease liability	9,316		7,398
Capitalized research and development	17,791		—
Total deferred tax assets	122,204		111,540
Less valuation allowance	(13,371)		(104,773)
Gross deferred tax assets	108,833		6,767
Deferred tax liabilities:
Fixed and intangible assets	(1,105)		—
Right-of-use-assets	(8,327)		(6,767)
Other	(1,833)		—
Gross deferred tax liabilities	(11,265)		(6,767)
Total net deferred tax assets	$	97,568	$	—

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Each quarter, the Company assesses its ability to use the deferred tax assets to offset its expected federal and state taxable income based on the weight of all available evidence, including such factors as the history of recent earnings and expected future taxable income on a jurisdiction by jurisdiction basis. Until the quarter ended December 31, 2022, the Company has maintained a full valuation allowance against its deferred tax assets due to the Company’s cumulative loss position and uncertainties regarding sustainable future profitability since inception.

During the fourth quarter of 2022, after considering these factors, the Company determined that the positive evidence overcame any negative evidence, primarily due to the Company's transition from a cumulative loss in recent years to cumulative income in 2022 and concluded that it was more likely than not that the U.S. federal deferred tax assets and other-than-California state deferred tax assets were realizable. As a result, the Company released the valuation allowance against all of the U.S. federal deferred tax assets and other-than-California state deferred tax assets during the fourth quarter of fiscal year 2022.

The valuation allowance decreased by $91.4 million for the year ended December 31, 2022, and increased by $22.7 million and $27.0 million for the years ended December 31, 2021 and 2020, respectively. The significant decrease in the valuation allowance during 2022 was the result of the Company's release of the entire valuation allowance previously established on its federal and non-California state deferred tax assets. As a result of the release, the Company realized a total of $99.0 million of income tax benefits comprised of $87.8 million for U.S. federal and $11.2 million for other states, respectively. The remaining $7.6 million is primarily due to deferred tax asset generated in California during 2022. The Company continues to maintain a full valuation allowance of $13.1 million and $0.2 million on California and United Kingdom's deferred tax assets, respectively, which the Company believes are not more likely than not to be realized in future periods.

As of December 31, 2022, the Company had net operating loss (“NOL”) carryforwards of approximately $239.7 million for federal income tax purposes, and $51.0 million for California income tax purposes and $77.9 million for other state income tax purposes. The federal NOL carryforwards (generated prior to 2018) of $18.0 million begin expiring in 2033 and are subject to Section 382 limitation. The federal NOL carryforwards (generated after 2018) of $221.7 million

will never expire. The California NOL begin expiring in 2033 and other state NOL carryforwards begin expiring in various years, starting in 2028.

As of December 31, 2022, the Company had research and development credit carryforwards of $10.4 million for federal income tax purposes and $10.1 million for California state income tax purposes available to reduce future taxable income, if any. The federal research and development credit carryforwards expire beginning 2033 and California credits can be carried forward indefinitely.

Utilization of the Company's net operating losses and tax credit carryforwards may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. The Company experienced ownership changes in 2013 and 2017 and its operating losses and tax credits generated prior to the 2017 ownership change are subject to utilization limitation.

The Company indefinitely reinvests earnings from its foreign subsidiaries and therefore no deferred tax liability has been recognized on the basis difference created by such earnings. The Company has not provided foreign withholding taxes for any undistributed earnings of its foreign subsidiaries.

Reconciliation of the statutory federal income tax to the Company’s effective tax is as follows:


	December 31,
	2022		2021		2020
	(in thousands)
Income tax provision (benefit) at federal statutory rate	$	25,378	$	(1,856)	$	(13,780)
State and local income	(10,516)		36		(9)
Foreign tax rate differential	47		101		6
Change in valuation allowance	(87,568)		19,027		27,990
Stock-based compensation	(18,273)		(17,968)		(13,425)
Section 250 FDII deduction	(984)		—		—
Research and development credits	(3,937)		(808)		(611)
Section 382 limitation	—		575		—
Equity method investment	520		1,320		—
Other	165		(126)		(91)
Total current income tax (benefit) provision	$	(95,168)	$	301	$	80

The Company maintains liabilities for uncertain tax positions. The measurement of these liabilities involves considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other pertinent information.

The activity related to the gross amount of unrecognized tax benefits is as follows:


	December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	5,221	$	3,746	$	2,586
Reductions based on tax positions related to prior years	(1,861)		(79)		(3)
Additions based on tax positions related to current years	1,904		1,554		1,163
Balance at end of year	$	5,264	$	5,221	$	3,746

As of December 31, 2022, 2021 and 2020, the total amount of unrecognized tax benefits was approximately $5.3 million, $5.2 million and $3.7 million, respectively. The unrecognized tax benefit of $2.9 million would impact the effective tax rate, if recognized. A valuation allowance is maintained on the tax benefits related to California deferred tax assets and if these tax benefits were recognized it would not impact the effective tax rate. The Company had immaterial

amounts of accrued interest and no accrued penalties related to unrecognized tax benefits as of December 31, 2022, 2021 and 2020. The Company does not expect its unrecognized tax benefits to change materially over the next 12 months.

While the Company believes it has adequately provided for all tax positions, amounts asserted by tax authorities could be greater or less than the recorded position. Accordingly, the Company's provisions on federal and state tax-related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved.

The Company is subject to taxation in the U.S. federal jurisdiction, various state jurisdictions, and various foreign jurisdictions. The Company is subject to examination of its income tax returns since inception by U.S. federal and state tax authorities due to its NOLs. The foreign tax returns generally remain open to examination until three to four years after filing. The Company is not currently under audit with the Internal Revenue Service, or any foreign, state or local jurisdictions, nor has it been notified of any other potential future income tax audit.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Disclosure [Line Items]
Increase (decrease) in valuation allowance	$ 91,400,000	$ (22,700,000)	$ (27,000,000.0)
Valuation allowance	13,371,000	104,773,000
Unrecognized tax benefits	5,264,000	$ 5,221,000	$ 3,746,000	$ 2,586,000
Unrecognized tax benefits that would impact effective tax rate	2,900,000
Domestic Tax Authority And State And Local Jurisdiction, Excluding California
Income Taxes Disclosure [Line Items]
Increase (decrease) in valuation allowance	99,000,000.0
Domestic Tax Authority
Income Taxes Disclosure [Line Items]
Increase (decrease) in valuation allowance	87,800,000
NOL carryforwards	239,700,000
NOL carryforwards subject to expiration in 2030				18,000,000.0
NOL carryforwards never expire				$ 221,700,000
Research and development credit carryforwards	10,400,000
State and Local Jurisdiction Excluding California
Income Taxes Disclosure [Line Items]
Increase (decrease) in valuation allowance	11,200,000
NOL carryforwards	77,900,000
California Franchise Tax Board
Income Taxes Disclosure [Line Items]
Increase (decrease) in valuation allowance	(7,600,000)
Valuation allowance	13,100,000
NOL carryforwards	51,000,000.0
Research and development credit carryforwards	10,100,000
Her Majesty's Revenue and Customs (HMRC)
Income Taxes Disclosure [Line Items]
Valuation allowance	$ 200,000

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 156,586	$ 89,209
Restricted cash	1,716	1,665
Total cash, cash equivalents, and restricted cash	$ 158,302	$ 90,874

Summary of Significant Accounting Policies - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 350	$ 380	$ 194
Amounts charged (reversed) to costs and expenses	364	(12)	205
Write-offs	(4)	(18)	(19)
Ending balance	$ 710	$ 350	$ 380

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The following table presents income (loss) before income taxes for the periods presented:


	December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	119,901	$	(9,388)	$	(65,957)
Foreign	927		553		338
Total income (loss) before income taxes	$	120,828	$	(8,835)	$	(65,619)

Schedule of Current Income Tax Provision

The income tax expense (benefit) for the periods presented consisted of the following:


	December 31,
	2022		2021		2020
	(in thousands)
Current provision for income taxes:
Federal	$	403	$	—	$	—
State	1,446		84		3
Foreign	259		217		77
Total current tax provision:	2,108		301		80
Deferred tax provision:
Federal	(85,618)		—		—
State	(11,658)		—		—
Foreign	—		—		—
Total deferred tax (benefit) provision	(97,276)		—		—
Total (benefit) provision for income taxes	$	(95,168)	$	301	$	80

The income tax benefit for the year ended December 31, 2022 resulted primarily from the partial release of the Company's valuation allowance, described below.

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities are as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating loss carryovers	$	60,467	$	85,764
Fixed and intangible assets	—		512
Accruals and reserves	10,876		7,603
Stock-based compensation	8,504		5,523
Research and development credits	15,250		4,698
Contributions	—		42
Lease liability	9,316		7,398
Capitalized research and development	17,791		—
Total deferred tax assets	122,204		111,540
Less valuation allowance	(13,371)		(104,773)
Gross deferred tax assets	108,833		6,767
Deferred tax liabilities:
Fixed and intangible assets	(1,105)		—
Right-of-use-assets	(8,327)		(6,767)
Other	(1,833)		—
Gross deferred tax liabilities	(11,265)		(6,767)
Total net deferred tax assets	$	97,568	$	—

Reconciliation of Statutory Federal Income Tax

Reconciliation of the statutory federal income tax to the Company’s effective tax is as follows:


	December 31,
	2022		2021		2020
	(in thousands)
Income tax provision (benefit) at federal statutory rate	$	25,378	$	(1,856)	$	(13,780)
State and local income	(10,516)		36		(9)
Foreign tax rate differential	47		101		6
Change in valuation allowance	(87,568)		19,027		27,990
Stock-based compensation	(18,273)		(17,968)		(13,425)
Section 250 FDII deduction	(984)		—		—
Research and development credits	(3,937)		(808)		(611)
Section 382 limitation	—		575		—
Equity method investment	520		1,320		—
Other	165		(126)		(91)
Total current income tax (benefit) provision	$	(95,168)	$	301	$	80

Schedule of Unrecognized Tax Benefits

The activity related to the gross amount of unrecognized tax benefits is as follows:


	December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	5,221	$	3,746	$	2,586
Reductions based on tax positions related to prior years	(1,861)		(79)		(3)
Additions based on tax positions related to current years	1,904		1,554		1,163
Balance at end of year	$	5,264	$	5,221	$	3,746

Stock-Based Compensation - Schedule of RSU Activity under 2019 Plan (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock Units
Number of Shares
Beginning balance of period (in shares) \| shares	1,156,683
RSUs granted (in shares) \| shares	399,541
RSUs forfeited (in shares) \| shares	(70,459)
RSUs vested (in shares) \| shares	(359,774)
Ending balance of period (in shares) \| shares	1,125,991
Weighted- Average Grant Date Fair Value Per Share
Beginning balance of period (USD per share) \| $ / shares	$ 93.27
RSUs granted (USD per share) \| $ / shares	190.26
RSUs forfeited (USD per share) \| $ / shares	135.74
RSUs vested (USD per share) \| $ / shares	85.91
Ending balance of period (USD per share) \| $ / shares	$ 127.39
Performance-Based Restricted Stock Units
Number of Shares
Beginning balance of period (in shares) \| shares	0
RSUs granted (in shares) \| shares	38,797
RSUs forfeited (in shares) \| shares	0
RSUs vested (in shares) \| shares	0
Ending balance of period (in shares) \| shares	38,797
Weighted- Average Grant Date Fair Value Per Share
Beginning balance of period (USD per share) \| $ / shares	$ 0
RSUs granted (USD per share) \| $ / shares	165.74
RSUs forfeited (USD per share) \| $ / shares	0
RSUs vested (USD per share) \| $ / shares	0
Ending balance of period (USD per share) \| $ / shares	$ 165.74

Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	112,719	$	3	$	(1,091)	$	111,631
Money market funds	12,076		—		—		12,076
Commercial paper	8,039		—		—		8,039
Corporate bonds	18,876		8		(76)		18,808
U.S. agency securities	9,432		4		(7)		9,429
Total	$	161,142	$	15	$	(1,174)	$	159,983
Reported as:
Cash equivalents							$	12,076
Short-term investments							147,907
Total							$	159,983


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
U.S. Treasury securities	$	80,353	$	—	$	(198)	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	20,472		—		—		20,472
Corporate bonds	11,149		—		(4)		11,145
Total	$	159,515	$	—	$	(202)	$	159,313
Reported as:
Cash equivalents							$	47,541
Short-term investments							111,772
Total							$	159,313

There were $123.8 million and $86.5 million of investments in unrealized loss positions of $1.2 million and $0.2 million as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022, 2021, and 2020 the Company did not record any other-than-temporary impairment charges on its available for- sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of December 31, 2022 and 2021. Also, based on

the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.

For the years ended December 31, 2022 and 2020 the Company recognized $6,000 and $21,000 in realized gains on cash equivalents and short-term investments. For the year ended December 31, 2021, the Company recognized no realized gains or losses on cash equivalents and short-term investments.

The remaining contractual maturities of the Company’s cash equivalents and short-term investments were as follows:


	December 31, 2022
	Fair Value
	(in thousands)
Money market funds	$	12,076
One year or less	110,947
Greater than one year and less than two years	36,960
Total	$	159,983

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Public Offering \| Common Stock
Issuance costs	$ 6.1

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash And Cash Equivalents [Line Items]
Money market funds	$ 12,076	$ 47,541
Cash equivalents and short-term investments, Amortized Cost Basis	161,142	159,515
Short-term investments Unrealized Gains	15	0
Short-term investments Unrealized Losses	(1,174)	(202)
Cash equivalents and short-term investments, fair value	159,983	159,313
Short-term investments	147,907	111,772
U.S. Treasury securities
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	112,719	80,353
Short-term investments Unrealized Gains	3	0
Short-term investments Unrealized Losses	(1,091)	(198)
Short-term investments, Fair Value	111,631	80,155
Money market funds
Cash And Cash Equivalents [Line Items]
Money market funds	12,076	47,541
Commercial paper
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	8,039	20,472
Short-term investments Unrealized Gains	0	0
Short-term investments Unrealized Losses	0	0
Short-term investments, Fair Value	8,039	20,472
Corporate bonds
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	18,876	11,149
Short-term investments Unrealized Gains	8	0
Short-term investments Unrealized Losses	(76)	(4)
Short-term investments, Fair Value	18,808	$ 11,145
U.S. agency securities
Cash And Cash Equivalents [Line Items]
Short-term investments Amortized Cost Basis	9,432
Short-term investments Unrealized Gains	4
Short-term investments Unrealized Losses	(7)
Short-term investments, Fair Value	$ 9,429

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 156,586	$ 89,209
Short-term investments	147,907	111,772
Accounts receivable, net	71,366	37,435
Inventory	75,112	42,978
Prepaid expenses and other current assets	8,292	4,508
Total current assets	459,263	285,902
Operating lease right-of-use assets	32,365	27,496
Property and equipment, net	48,152	24,361
Equity method investment	3,512	5,987
Deferred tax assets	97,568	0
Other assets	5,229	1,936
TOTAL ASSETS	646,089	345,682
CURRENT LIABILITIES:
Accounts payable	6,721	3,520
Debt, current portion	0	5,500
Accrued liabilities	55,375	40,870
Lease liability, current portion	1,278	1,738
Total current liabilities	63,374	51,628
Lease liability, noncurrent portion	34,928	28,321
Debt, noncurrent portion	24,198	11,630
Related party contract liability, noncurrent portion	12,273	12,273
TOTAL LIABILITIES	134,773	103,852
Commitments and contingencies (Note 6)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized; No shares issued and outstanding as of December 31, 2022 and 2021	0	0
Common stock, $0.001 par value per share; 281,274,838 shares authorized; 36,235,546 and 35,444,472 issued and outstanding as of December 31, 2022 and 2021	36	35
Additional paid-in capital	548,960	494,806
Accumulated other comprehensive loss	(867)	(202)
Accumulated deficit	(36,813)	(252,809)
TOTAL STOCKHOLDERS’ EQUITY	511,316	241,830
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 646,089	$ 345,682

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Cash, Cash Equivalents and Restricted Cash


	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents	$	156,586	$	89,209
Restricted cash	1,716		1,665
Total cash, cash equivalents, and restricted cash	$	158,302	$	90,874

Short-Term Investments

Equity Method Investments

Concentration of Credit Risk

experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers, and generally does not require collateral.

Concentration of Customers

Concentration of CustomersFor the years ended December 31, 2022, 2021 and 2020 no customer accounted for 10% or more of the Company’s revenue. There were no customers which accounted for 10% or more of the Company’s accounts receivable as of December 31, 2022 and 2021.

Fair Value of Financial Instruments

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Accounts Receivable and Allowance for Doubtful Accounts

Inventory

InventoryInventory is stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory costs include direct materials, direct labor and normal manufacturing overhead. Prior to achieving normal capacity, excess capacity costs are expensed in cost of product revenue as period costs. Finished goods that are used for research and development are expensed as consumed. Provisions for slow-moving, excess or obsolete inventories are recorded when required to reduce inventory values to their estimated net realizable values based on product life cycle, development plans, product expiration or quality issues.

Property and Equipment

Property and EquipmentProperty and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the lesser of their useful life or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred.

Impairment of Long-Lived Assets

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

Revenue

Product Revenue

License Revenue

Consideration received in advance of the satisfaction of a performance obligation is recognized as a contract liability.

Research and Development Costs and Accrued Research and Development Costs

Research and Development Costs

Research and development costs, including new product development, regulatory compliance, and clinical research are expensed as incurred.

Accrued Research and Development Costs

Stock-Based Compensation

Stock-Based Compensation The Company accounts for share-based payments at fair value. The fair value of stock options is measured using the Black-Scholes option-pricing model. For share-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date for stock-based compensation awards is the date of grant and the expense is recognized on a straight-line basis, over the vesting period. For share-based awards that vest upon the satisfaction of a performance target, the related compensation cost is recognized over the requisite service period based on the expected achievement of the performance target. The Company accounts for forfeitures as they occur.

Leases

Comprehensive Income (Loss)

Comprehensive Income (Loss)Comprehensive income (loss) is comprised of net loss and changes in unrealized gains and losses on the Company’s available-for-sale investments.

Foreign Currency

Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. Dollar. Accordingly, all monetary assets and liabilities of the subsidiary are remeasured at the current exchange rate at the end of the period, nonmonetary assets and liabilities are remeasured at historical rates, and revenue and expenses are remeasured at average exchange rates during the period.

Net Income (Loss) Per Share

Net Income (Loss) Per ShareBasic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without consideration of potential dilutive shares of common stock. Diluted net income per share attributable to the Company's stockholders is calculated based on the weighted-average number of shares of its common stock and other dilutive securities outstanding. Where the Company was in a loss position for any periods presented, basic net loss per share was the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.

Income Taxes

Segment Reporting

Internal-Use Software

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 58,327	$ 30,525
Less: accumulated depreciation and amortization	(10,175)	(6,164)
Total property and equipment, net	48,152	24,361
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,434	6,234
Equipment on loan to customers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,350	1,714
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,171	549
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	904	742
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,703	17,742
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,765	$ 3,544

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Shockwave Medical, Inc. (the “Company”) was incorporated on June 17, 2009. The Company is primarily engaged in the development of Intravascular Lithotripsy (“IVL”) technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular and heart valve disease. Built on a balloon catheter platform, the IVL technology uses lithotripsy to disrupt both superficial and deep vascular calcium, while minimizing soft tissue injury, and an integrated angioplasty balloon to dilate blockages at low pressures, restoring blood flow. In 2016, the Company began commercial and manufacturing operations, and began selling catheters based on the IVL technology. The Company’s headquarters are in Santa Clara, California. The Company is located and operates primarily in the United States and has eleven wholly-owned foreign subsidiaries as of December 31, 2022. As of December 31, 2022, the Company had cash, cash equivalents and short-term investments of $304.5 million, which are available to fund future working capital requirements. The Company believes that its cash, cash equivalents, and short-term investments as of December 31, 2022, will be sufficient for the Company to continue as a going concern for at least 12 months from the date the consolidated financial statements are filed with the Securities and Exchange Commission.

Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 44,890	$ 27,257	$ 10,350
Cost of product revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,193	1,153	496
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	10,354	6,240	2,464
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	18,387	11,043	3,478
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 13,956	$ 8,821	$ 3,912

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38829
Entity Registrant Name	Shockwave Medical, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0494101
Entity Address, Address Line One	5403 Betsy Ross Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	510
Local Phone Number	279-4262
Title of 12(b) Security	Shockwave Medical Inc., common stock, par value $0.001 per share
Trading Symbol	SWAV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4.2
Entity Common Stock, Shares Outstanding		36,495,387
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2023 Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2022. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement shall not be deemed to be filed as part hereof.
Entity Central Index Key	0001642545
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2022

Income Taxes -Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 119,901	$ (9,388)	$ (65,957)
Foreign	927	553	338
Net income (loss) before taxes	$ 120,828	$ (8,835)	$ (65,619)

- Definition

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

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+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Product revenue	$ 489,733,000	$ 237,146,000	$ 67,789,000
Cost of revenue:
Cost of product revenue	64,996,000	41,438,000	20,991,000
Gross profit	424,737,000	195,708,000	46,798,000
Operating expenses:
Research and development	81,679,000	50,544,000	36,926,000
Sales and marketing	161,995,000	111,288,000	51,672,000
General and administrative	56,929,000	34,747,000	23,863,000
Total operating expenses	300,603,000	196,579,000	112,461,000
Income (loss) from operations	124,134,000	(871,000)	(65,663,000)
Loss from equity method investment	(2,475,000)	(6,286,000)	0
Interest expense	(1,886,000)	(1,096,000)	(1,212,000)
Other income (expense), net	1,055,000	(582,000)	1,256,000
Net income (loss) before taxes	120,828,000	(8,835,000)	(65,619,000)
Income tax (benefit) provision	(95,168,000)	301,000	80,000
Net income (loss)	215,996,000	(9,136,000)	(65,699,000)
Other comprehensive income (loss)
Unrealized loss on available-for-sale securities, net of tax	(659,000)	(211,000)	(5,000)
Adjustment for net gain realized and included in other income, net	(6,000)	0	(21,000)
Total comprehensive income (loss)	$ 215,331,000	$ (9,347,000)	$ (65,725,000)
Net income (loss) per share
Basic (USD per share)	$ 6.02	$ (0.26)	$ (1.99)
Diluted (USD per share)	$ 5.70	$ (0.26)	$ (1.99)
Denominator:
Basic (in shares)	35,900,738	35,098,130	33,088,095
Diluted (in shares)	37,881,590	35,098,130	33,088,095
Revenue, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]
Cost, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021 term	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Operating lease expense		$ 4.7	$ 2.9	$ 2.2
Operating lease payments		$ 3.4	$ 2.2	$ 1.3
Operating lease, weighted average remaining lease term		9 years
Operating lease, weighted average discount rate		5.20%
3003 Lease
Loss Contingencies [Line Items]
Number of additional five year term \| term	2
Operating lease, extended period	5 years

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	111,631	$	—	$	—	$	111,631
Money market funds	12,076		—		—		12,076
Commercial paper	—		8,039		—		8,039
Corporate bonds	—		18,808		—		18,808
U.S. agency securities	—		9,429		—		9,429
Total assets	$	123,707	$	36,276	$	—	$	159,983


	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
U.S. Treasury securities	$	80,155	$	—	$	—	$	80,155
Money market funds	47,541		—		—		47,541
Commercial paper	—		20,472		—		20,472
Corporate bonds	—		11,145		—		11,145
Total assets	$	127,696	$	31,617	$	—	$	159,313

Stock-Based Compensation - Schedule of Fair Value of ESPP Shares Estimated Using Black-Scholes Option Pricing Model Assumptions (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based compensation arrangement, number of shares authorized	1,197,296
Expected term (in years)	6 months	6 months	6 months
Expected volatility, minimum	61.80%	48.90%	44.30%
Expected volatility, maximum	73.80%	64.80%	74.00%
Risk-free interest rate, minimum	0.10%		0.10%
Risk-free interest rate, maximum	3.70%		0.30%
Risk-free interest rate		0.10%
Expected dividend yield	0.00%	0.00%	0.00%

Income Taxes - Reconciliation of Statutory Federal Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation
Income tax provision (benefit) at federal statutory rate	$ 25,378	$ (1,856)	$ (13,780)
State and local income	(10,516)	36	(9)
Foreign tax rate differential	47	101	6
Change in valuation allowance	(87,568)	19,027	27,990
Stock-based compensation	(18,273)	(17,968)	(13,425)
Section 250 FDII deduction	(984)	0	0
Research and development credits	(3,937)	(808)	(611)
Section 382 limitation	0	575	0
Equity method investment	520	1,320	0
Other	165	(126)	(91)
Total current income tax (benefit) provision	$ (95,168)	$ 301	$ 80

Revenue - Schedule of Product Revenue Based on Product Line and Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Product revenue	$ 489,733	$ 237,146	$ 67,789
Coronary
Disaggregation Of Revenue [Line Items]
Product revenue	353,859	161,463	24,586
Peripheral
Disaggregation Of Revenue [Line Items]
Product revenue	132,284	74,064	41,994
Other
Disaggregation Of Revenue [Line Items]
Product revenue	$ 3,590	$ 1,619	$ 1,209

- 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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+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryovers	$ 60,467	$ 85,764
Fixed and intangible assets	0	512
Accruals and reserves	10,876	7,603
Stock-based compensation	8,504	5,523
Research and development credits	15,250	4,698
Contributions	0	42
Lease liability	9,316	7,398
Capitalized research and development	17,791	0
Total deferred tax assets	122,204	111,540
Less valuation allowance	(13,371)	(104,773)
Gross deferred tax assets	108,833	6,767
Deferred tax liabilities:
Fixed and intangible assets	(1,105)	0
Right-of-use-assets	(8,327)	(6,767)
Other	(1,833)	0
Gross deferred tax liabilities	(11,265)	(6,767)
Total net deferred tax assets	$ 97,568	$ 0

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation	$ 32,885	$ 25,749
Asset purchases	4,600	4,101
Professional services	4,044	2,636
Research and development costs	4,007	4,605
Excise, sales, income and other taxes	4,036	1,232
Other	5,803	2,547
Total accrued liabilities	$ 55,375	$ 40,870

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Notice period for cancellation of agreement	30 days
License revenue recognized		$ 0
Defined contribution plan, contribution amount	$ 3,700,000	2,500,000	$ 1,100,000
Foreign currency transaction gain (loss), before Tax	$ (1,100,000)	$ (800,000)	$ 300,000
Percentage of income tax position required to recognize uncertain income tax position	50.00%
Number of operating segments \| segment	1
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	5 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company’s operating leases consist of leased facilities for the Company’s headquarter offices, as well as for laboratory and manufacturing space. Also included in operating leases are leases for vehicles, for use by certain employees of the Company, which were not material for the periods presented.

Short-term leases are leases having a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases. As of December 31, 2022, the Company has no material finance leases.

In September 2021, the Company entered into an office lease agreement (“3003 Bunker Hill Lease”) for the 3003 Bunker Hill facility which expires in December 2031. Concurrently, the Company entered into a First Amendment to Office Lease (Net) (the “Lease Amendment”) which extended the lease terms of the 5353 Betsy Ross and 5403 Betsy Ross facilities to December 2031. The 5403 Betsy Ross lease (“5403 Lease”) continued in its existing terms (and with no changes to its terms, including its base rent) until its expiration in August 2022, at which point the leased space under the 5403 Lease became subject to the terms of the Lease Amendment. The 3003 Bunker Hill Lease and the Lease Amendment contain options to extend the lease term at the respective facilities for up to two additional five-year terms at the then fair market rate. As of December 31, 2022, the Company is not reasonably certain it will exercise these extension options.

The Company recognizes rent expense for these operating leases on a straight-line basis over the lease period. The components of lease costs, which the Company includes in operating expenses in the consolidated statements of operations, were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	4,667	$	2,891	$	2,208
Variable lease cost	1,186		496		505
Total lease cost	$	5,853	$	3,387	$	2,713

During the years ended December 31, 2022, 2021 and 2020, the Company recorded operating lease expense of $4.7 million, $2.9 million, and $2.2 million and paid $3.4 million, $2.2 million, and $1.3 million of operating lease

payments respectively related to the lease liabilities, which the Company includes in net cash used in operating activities in the consolidated statements of cash flows.

The weighted average remaining lease term and discount rate used to measure the Company’s operating lease liabilities were 9 years and 5.2%, respectively. The Company estimated the discount rate using the incremental borrowing rate as the rate implicit in the lease was not readily determinable.

The following are minimum future rental payments owed under lease agreements which have commenced as of December 31, 2022:


	(in thousands)
2023	$	5,238
2024	5,367
2025	5,526
2026	5,690
2027	5,832
Thereafter	24,958
Total minimum lease payments	$	52,611
Less: imputed interest	(10,737)
Less: lease incentive	(5,668)
Total lease liability	$	36,206
Less: current portion	(1,278)
Lease liability, noncurrent portion	$	34,928

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unrecognized tax benefits [Abstract]
Beginning balance	$ 5,221	$ 3,746	$ 2,586
Reductions based on tax positions related to prior years	(1,861)	(79)	(3)
Additions based on tax positions related to current years	1,904	1,554	1,163
Balance at end of year	$ 5,264	$ 5,221	$ 3,746

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-Based Compensation

Total stock-based compensation was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Cost of product revenue	$	2,193	$	1,153	$	496
Research and development	10,354		6,240		2,464
Sales and marketing	18,387		11,043		3,478
General and administrative	13,956		8,821		3,912
Total stock-based compensation	$	44,890	$	27,257	$	10,350

Schedule of Option Activity under 2009 Plan and 2019 Plan

Option activity under the 2009 Plan and 2019 Plan is set forth below:


	Shares Available for Grant	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Term	Aggregate Intrinsic Value
					(in years)	(in thousands)
Balance, December 31, 2021	3,745,216	1,524,985	$	6.01	5.76	$	262,793
Awards authorized	1,063,334	—
Options exercised	—	(401,757)	6.38
Options cancelled	1,219	(1,219)	11.21
Balance, December 31, 2022	4,809,769	1,122,009	$	5.87	4.60	$	224,115
Vested and exercisable, December 31, 2022		1,105,414	$	5.69	4.58	$	220,997
Vested and expected to vest, December 31, 2022		1,122,009	$	5.87	4.60	$	224,115

Schedule of RSU Activity under 2019 Plan

RSU and PRSU activity under the 2019 Plan is set forth below. Grant activity for all PRSUs is disclosed at target (100%):


	Restricted Stock Units			Performance-Based Restricted Stock Units
	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance, December 31, 2021	1,156,683	$	93.27	—	$	—
RSUs granted	399,541	190.26		38,797	165.74
RSUs forfeited	(70,459)	135.74		—	—
RSUs vested	(359,774)	85.91		—	—
Balance, December 31, 2022	1,125,991	127.39		38,797	165.74

Schedule of Fair Value of ESPP Shares Estimated Using Black-Scholes Option Pricing Model Assumptions

At December 31, 2022, a total of 1,197,296 shares were available for issuance under the ESPP.


	Years Ended December 31,
	2022	2021	2020
Expected term (in years)	0.5	0.5	0.5
Expected volatility	61.8%-73.8%	48.9%-64.8%	44.3%-74.0%
Risk-free interest rate	0.1%-3.7%	0.1%	0.1%-0.3%
Expected dividend yield	0%	0%	0%

Cash Equivalents and Short-Term Investments - Summary of Remaining Contractual Maturities for Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Money market funds	$ 12,076	$ 47,541
One year or less	110,947
Greater than one year and less than two years	36,960
Total	$ 159,983

Stock-Based Compensation - Schedule of Option Activity under 2009 Plan and 2019 Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares Available for Grant
Balance beginning of period (in shares)	3,745,216
Awards authorized (in shares)	1,063,334
Options cancelled (in shares)	1,219
Balance end of period (in shares)	4,809,769	3,745,216
Number of Shares
Balance beginning of period (in shares)	1,524,985
Exercise of stock options (in shares)	(401,757)
Options cancelled (in shares)	(1,219)
Balance end of period (in shares)	1,122,009	1,524,985
Vested and exercisable shares (in shares)	1,105,414
Vested and expected to vest shares (in shares)	1,122,009
Weighted- Average Exercise Price Per Share
Beginning balance of period (USD per share)	$ 6.01
Options exercised (USD per share)	6.38
Options cancelled (USD per share)	11.21
Ending balance of period (USD per share)	5.87	$ 6.01
Vested and exercisable shares (USD per share)	5.69
Vested and expected to vest shares (USD per share)	$ 5.87
Weighted- Average Remaining Term
Balance (USD per share)	4 years 7 months 6 days	5 years 9 months 3 days
Vested and exercisable (USD per share)	4 years 6 months 29 days
Vested and expected to vest (USD per share)	4 years 7 months 6 days
Aggregate Intrinsic Value
Balance	$ 224,115	$ 262,793
Vested and exercisable, December 31, 2022	220,997
Vested and expected to vest, December 31, 2022	$ 224,115

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 215,996	$ (9,136)	$ (65,699)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	4,856	3,579	1,863
Loss from equity method investment	2,475	6,286	0
Stock-based compensation	44,890	27,257	10,350
Non-cash lease expense	3,042	1,957	1,483
Amortization of premium and discount on available-for-sale securities	(68)	1,093	300
Loss on write down of fixed assets	81	7	187
Loss on extinguishment of debt	562	0	0
Deferred income taxes	(97,276)	0	0
Amortization of debt issuance costs	533	511	646
Foreign currency remeasurement	572	0	0
Changes in operating assets and liabilities:
Accounts receivable	(33,313)	(25,746)	(4,312)
Inventory	(29,711)	(12,073)	(17,056)
Prepaid expenses and other current assets	(3,786)	(2,110)	(501)
Other assets	(3,243)	91	(306)
Accounts payable	1,945	1,870	(1,392)
Accrued and other current liabilities	11,941	21,637	4,017
Lease liabilities	(1,764)	(187)	(764)
Net cash provided by (used in) operating activities	117,732	15,036	(71,184)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities	(137,797)	(117,245)	(167,953)
Proceeds from maturities of available-for-sale securities	100,773	156,100	72,000
Purchase of property and equipment	(25,126)	(12,439)	(11,520)
Net cash (used in) provided by investing activities	(62,150)	26,416	(107,473)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock in public offering, net of issuance costs paid	0	0	83,368
Payments of taxes withheld on net settled vesting of restricted stock units	(23)	(8,337)	(1,420)
Proceeds from debt financing, net of issuance costs	24,169	0	3,265
Payment of deferred offering costs	0	0	(179)
Proceeds from stock option exercises	2,562	3,049	4,317
Proceeds from issuance of common stock under employee stock purchase plan	4,487	2,837	1,795
Principal payment of term loan	(18,196)	0	(1,111)
Net cash provided by (used in) financing activities	12,999	(2,451)	90,035
Effect of exchange rate changes on cash and cash equivalents	(1,153)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	67,428	39,001	(88,622)
Cash, cash equivalents and restricted cash at beginning of period	90,874	51,873	140,495
Cash, cash equivalents and restricted cash equivalents at end of period	158,302	90,874	51,873
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	791	586	549
Income tax paid	2,162	143	22
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use asset obtained in exchange for lease liability	7,911	21,885	226
Property and equipment purchases included in accounts payable and accrued liabilities	5,709	1,923	2,448
Equity method investment obtained in exchange for related party contract liability	$ 0	$ 12,273	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long Term Debt and Net Premium Balance

Long-term debt and net premium balances are as follows:


	December 31,
	2022		2021
	(in thousands)
Principal amount of debt	$	25,000	$	16,500
Net premium (discount) associated with accretion of final payment, and other debt issuance costs	(802)		630
Debt	24,198		17,130
Less: debt, current portion	—		(5,500)
Debt, noncurrent portion	$	24,198	$	11,630

Schedule of Future Minimum Payments for Principal and Interest

Future minimum payments of principal and estimated payments of interest on the Company’s outstanding debt as of December 31, 2022 are as follows:


Year ending December 31:	(in thousands)
2023	$	1,338
2024	1,353
2025	1,349
2026	1,349
2027	26,101
Thereafter	—
Total future payments	$	31,490
Less: amounts representing interest	(6,490)
Total principal amount of debt payments	$	25,000

Debt - Schedule of Long Term Debt and Net Premium Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Principal amount of debt	$ 25,000	$ 16,500
Net premium (discount) associated with accretion of final payment, and other debt issuance costs	(802)	630
Debt	24,198	17,130
Less: debt, current portion	0	(5,500)
Debt, noncurrent portion	$ 24,198	$ 11,630

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Components of Basic and Diluted Net Income (Loss) Per Share

The components of basic and diluted net income (loss) per share were as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income (loss)	$	215,996	$	(9,136)	$	(65,699)
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	35,900,738		35,098,130		33,088,095
Diluted:
Weighted average number of common shares outstanding - basic	35,900,738		35,098,130		33,088,095
Dilutive effect of outstanding common stock options	1,294,052		—		—
Dilutive effect of restricted stock units	684,696		—		—
Dilutive effect of common stock pursuant to employee stock purchase plan	2,104		—		—
Weighted average number of common shares outstanding - diluted	37,881,590		35,098,130		33,088,095
Net income (loss) per share:
Basic	$	6.02	$	(0.26)	$	(1.99)
Diluted	$	5.70	$	(0.26)	$	(1.99)

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


	Year Ended December 31,
	2021	2020
Common stock options issued and outstanding	1,524,985	2,087,202
Restricted stock units	1,156,683	859,577
Employee stock purchase plan	10,028	15,251
Total	2,691,696	2,962,030

Subsequent Events (Details) - Subsequent Event - Neovasc Inc. - USD ($) $ / shares in Units, $ in Millions	Jan. 16, 2023	Jan. 13, 2023
Subsequent Event [Line Items]
Business acquisition, share price (in dollars per share)	$ 27.25
Business combination, price of acquisition, expected	$ 100
Maximum potential deferred payment, share price	$ 12
Cash consideration, premium, percent		27.00%
Cash consideration, closing price, percent		68.00%
Cash Consideration, Weighted Average Price Term		30 days

Equity Method Investments	12 Months Ended
Equity Method Investments	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Genesis Shockwave Private Limited On March 19, 2021, the Company entered into the Joint Venture Deed (or “JV Agreement”) with Genesis MedTech International Private Limited (“Genesis”) to establish a long-term strategic partnership to develop, manufacture and commercialize certain of the Company’s interventional products in the People’s Republic of China, excluding the Special Administrative Regions of Hong Kong and Macau (the “PRC”). Under the JV Agreement, Genesis Shockwave Private Ltd. (the “JV”) was formed under the laws of Singapore to serve as a joint venture of Genesis and the Company for the purpose of establishing and managing the strategic partnership. On the same date, Genesis and the Company entered into a Share Subscription Agreement pursuant to which, among other things, the JV issued (i) 54,900 ordinary shares which represents 55% of the total equity of the JV, to Genesis in exchange for a cash contribution of $15.0 million, of which 50% was due upon signing and the remaining 50% will be due within one year of signing, and (ii) 45,000 ordinary shares which represents 45% of the total equity of the JV, to the Company as consideration for the Shockwave License Agreement (the “License Agreement”). Under the License Agreement, the Company has agreed to contribute to the JV an exclusive license under certain of the Company’s intellectual property rights to develop, manufacture, distribute and commercialize certain products in the PRC and is entitled to receive royalties on the sales of the licensed products in the PRC. Further, the Company entered into a Distribution Agreement, pursuant to which the Company has agreed to sell certain Company-manufactured products to the JV or a PRC subsidiary of the JV for commercialization and distribution in the PRC. In May 2022, the JV obtained regulatory approval from the China National Medical Products Administration to sell the Company-manufactured Shockwave IVL System with the Shockwave C2 catheter, M5 catheter and S4 catheter in the PRC. The Company has accounted for its investment in the JV under the equity method of accounting. As of December 31, 2022, the carrying value of the Company’s investment in the JV was $3.5 million and the Company owned a 45% interest in the entity. During the year ended December 31, 2022, the Company commenced recognizing product revenue on sales to the JV and eliminated a portion of intra-entity profit to the extent the goods have not yet either been consumed by the JV for use in clinical trials, or sold by the JV to an end customer at the end of the reporting period. The profit earned by the Company from the JV for items not yet sold through to an end customer is eliminated through equity method earnings or loss which is recognized in income (loss) of equity method investment. The Company's product revenue for products sold to the JV during the year ended December 31, 2022 and related accounts receivable from the JV as of December 31, 2022 were immaterial. Intra-entity profit, which was recorded as a reduction to equity method investment as of and for the year ended December 31, 2022, was also immaterial. For the years ended December 31, 2022 and 2021, the Company’s loss from the equity method was $2.5 million and $6.3 million, respectively. Upon execution of the License Agreement, on March 19, 2021, the Company received a 45% equity stake in the JV. The Company determined that the JV met the definition of a customer under Topic 606, and that the promised goods and services of the contribution of the license of intellectual property and associated manufacturing technology transfer to the JV were considered to be a single performance obligation. The transaction price of $12.3 million was estimated by reference to the cash value of the shares that were issued at the formation of the JV. As of December 31, 2022, the associated manufacturing technology transfer to the JV has not yet been completed. The Company maintains a related party contract liability, noncurrent, of $12.3 million for the outstanding performance obligation. The Company will satisfy the outstanding performance obligation upon the completion of training provided by the Company to the JV, and successful regulatory approval for the JV manufactured product from the China National Medical Products Administration.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California

Net Income (Loss) Per Share - Components of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)	$ 215,996	$ (9,136)	$ (65,699)
Denominator:
Basic (in shares)	35,900,738	35,098,130	33,088,095
Diluted (in shares)	37,881,590	35,098,130	33,088,095
Net income (loss) per share:
Basic (USD per share)	$ 6.02	$ (0.26)	$ (1.99)
Diluted (USD per share)	$ 5.70	$ (0.26)	$ (1.99)
Stock Options
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	1,294,052	0	0
Restricted Stock Units
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	684,696	0	0
Employee Stock Purchase Plan
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	2,104	0	0

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue Based on Product Line and Location

The following table represents the Company’s product revenue based on product line:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Coronary	$	353,859	$	161,463	$	24,586
Peripheral	132,284		74,064		41,994
Other	3,590		1,619		1,209
Product revenue	$	489,733	$	237,146	$	67,789

The following table represents the Company’s product revenue based on the location to which the product is shipped:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
United States	$	407,425	$	186,324	$	37,121
Europe	51,010		38,571		23,456
All other countries	31,298		12,251		7,212
Product revenue	$	489,733	$	237,146	$	67,789

Revenue - Schedule of Product Revenue Based on Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Product revenue	$ 489,733	$ 237,146	$ 67,789
United States
Disaggregation Of Revenue [Line Items]
Product revenue	407,425	186,324	37,121
Europe
Disaggregation Of Revenue [Line Items]
Product revenue	51,010	38,571	23,456
All other countries
Disaggregation Of Revenue [Line Items]
Product revenue	$ 31,298	$ 12,251	$ 7,212

- Definition

+ References

+ Details

Debt - Additional Information (Details) - USD ($)		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 19, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Debt amount		$ 25,000,000	$ 16,500,000
Repayments of long-term debt		18,196,000	0	$ 1,111,000
Loss on extinguishment of debt		562,000	0	0
Interest expense		$ 1,886,000	$ 1,096,000	$ 1,212,000
Supplemental Term Loan
Debt Instrument [Line Items]
Debt amount					$ 16,500,000
Repayments of long-term debt	$ 14,600,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	175,000,000
Line of credit facility, accordion feature, increase limit	100,000,000
Proceeds of supplemental term loan	$ 25,000,000
Line of credit facility, interest rate at period end		5.30%
Revolving Credit Facility \| Secured Overnight Financing Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	1.00%
Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	0.50%
Revolving Credit Facility \| Minimum \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	0.00%
Revolving Credit Facility \| Minimum \| Base Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	0.00%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	1.00%
Revolving Credit Facility \| Maximum \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	1.00%
Revolving Credit Facility \| Maximum \| Base Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	1.00%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate \| Line of Credit
Debt Instrument [Line Items]
Debt interest rate basis	2.00%

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The components of basic and diluted net income (loss) per share were as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income (loss)	$	215,996	$	(9,136)	$	(65,699)
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	35,900,738		35,098,130		33,088,095
Diluted:
Weighted average number of common shares outstanding - basic	35,900,738		35,098,130		33,088,095
Dilutive effect of outstanding common stock options	1,294,052		—		—
Dilutive effect of restricted stock units	684,696		—		—
Dilutive effect of common stock pursuant to employee stock purchase plan	2,104		—		—
Weighted average number of common shares outstanding - diluted	37,881,590		35,098,130		33,088,095
Net income (loss) per share:
Basic	$	6.02	$	(0.26)	$	(1.99)
Diluted	$	5.70	$	(0.26)	$	(1.99)


	Year Ended December 31,
	2021	2020
Common stock options issued and outstanding	1,524,985	2,087,202
Restricted stock units	1,156,683	859,577
Employee stock purchase plan	10,028	15,251
Total	2,691,696	2,962,030

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense	$ 4,856	$ 3,579	$ 1,863

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Costs

The components of lease costs, which the Company includes in operating expenses in the consolidated statements of operations, were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	4,667	$	2,891	$	2,208
Variable lease cost	1,186		496		505
Total lease cost	$	5,853	$	3,387	$	2,713

Schedule of Minimum Future Rental Payments

The following are minimum future rental payments owed under lease agreements which have commenced as of December 31, 2022:


	(in thousands)
2023	$	5,238
2024	5,367
2025	5,526
2026	5,690
2027	5,832
Thereafter	24,958
Total minimum lease payments	$	52,611
Less: imputed interest	(10,737)
Less: lease incentive	(5,668)
Total lease liability	$	36,206
Less: current portion	(1,278)
Lease liability, noncurrent portion	$	34,928

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	281,274,838	281,274,838
Common stock, shares issued (in shares)	36,235,546	35,444,472
Common stock, shares outstanding (in shares)	36,235,546	35,444,472

Net Income (Loss) Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	2,691,696	2,962,030
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	1,524,985	2,087,202
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	1,156,683	859,577
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	10,028	15,251

Debt - Schedule of Future Minimum and Estimated Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 1,338
2024	1,353
2025	1,349
2026	1,349
2027	26,101
Thereafter	0
Total future payments	31,490
Less: amounts representing interest	(6,490)
Principal amount of debt	$ 25,000	$ 16,500

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw material	$ 18,456	$ 7,685
Work in progress	7,666	13,315
Finished goods	48,735	20,326
Consigned inventory	255	1,652
Total inventory	$ 75,112	$ 42,978

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 06, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses capitalized amount		$ 2,200	$ 700	$ 300
Expected dividend yield		0.00%
Common stock reserved for issuance (in shares)	2,000,430
Maximum period of automatic annual increase in common stock reserved for issuance	10 years
Automatic annual increase in common stock reserved for issuance	3.00%
Share-based compensation, number of shares available for grant		4,809,769	3,745,216
Options granted (in shares)		0	0	0
Grant date fair value of options vested		$ 1,000	$ 1,600	$ 2,300
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount		$ 100
Unvested stock options, remaining weighted-average period		2 months 12 days
Stock-based compensation		$ 44,890	27,257	10,350
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested stock options, remaining weighted-average period		2 years 2 months 12 days
Grant date fair value of RSU vested		$ 30,900	$ 11,300	$ 2,700
Unrecognized stock-based compensation		$ 121,900
Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Cliff vesting, percentage		0.00%
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Cliff vesting, percentage		200.00%
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cliff vesting, percentage		100.00%
Performance-Based Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Performance-Based Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield		0.00%	0.00%	0.00%
Common stock reserved for issuance (in shares)					300,650
Maximum period of automatic annual increase in common stock reserved for issuance		10 years
Automatic annual increase in common stock reserved for issuance		1.00%
Purchase shares of common stock, price per share, percentage of fair market value		85.00%
Stock-based compensation		$ 2,300	$ 1,300	$ 800