0001558370-23-001114 | 10-K | XBRL Viewer

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Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 334,000		$ 0
lease liabilities	$ 339,000
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 579,000
lease liabilities		$ 561,000

Selected Balance Sheet Information (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Selected Balance Sheet Information [Abstract]
Raw material	$ 2,390	$ 1,593
Work-in-process	1,033	482
Finished goods	3,534	1,805
Total inventory	$ 6,957	$ 3,880

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income taxes

8.	Income taxes

As of December 31, 2022 and 2021, a valuation allowance was recorded against all deferred tax assets due to the Company’s cumulative net loss position.

The components of our provision for income taxes are as follows for the periods indicated:


		Year Ended December 31,
(in thousands)		2022		2021
Current
Federal and state	$	—	$	—
Foreign		109		91
Total provision for income taxes	$	109	$	91

The reconciliation of taxes at the federal statutory rate to our provision for income taxes are as follows for the periods indicated:


	Year Ended December 31,
	2022		2021
Tax at federal statutory rate	21.0	%	21.0	%
Permanent differences	(2.1)		(9.0)
Research and development ("R&D") tax credit	0.8		0.9
Uncertain tax position	(0.3)		(0.2)
State, net of federal benefit	(0.5)		(0.7)
Deferred rate change	0.3		2.5
Change in valuation allowance	(19.5)		(14.7)
Total	(0.3)	%	(0.2)	%

Significant components of net deferred tax assets were as follows for the periods indicated:


		Year Ended December 31,
(in thousands)		2022		2021
Deferred tax assets
Net operating loss carryforwards	$	82,050	$	74,716
R&D tax credits		9,072		8,711
Capitalized R&D expenses		8,412		8,577
Start-up costs		894		1,104
Non-qualified stock options		752		350
Property and equipment		144		91
Accrued vacation		212		151
Other		300		59
Total deferred tax assets		101,836		93,759
Valuation allowance		(101,836)		(93,759)
Net deferred tax assets	$	—	$	—

As of December 31, 2022, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $361.0 million and $6.2 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2022, the Company had federal and state tax credit carryforwards of approximately $9.3 million and $1.8 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028.

Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The Company has not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit the Company’s utilization of the NOLs and could be triggered by subsequent sales of securities by the Company or its stockholders.

The changes to our gross unrecognized tax benefits were as follows of the periods indicated:


		Year Ended December 31,
(in thousands)		2022		2021
Gross unrecognized tax benefits at beginning of year	$	1,939	$	1,840
Gross increases:
Prior year tax positions		4		10
Current year tax positions		113		91
Gross decreases:
Prior year tax positions		(10)		(2)
Gross unrecognized tax benefits at end of year	$	2,046	$	1,939

All of these unrecognized tax benefits, if recognized, would impact the effective tax rate before taking consideration of the valuation allowance. The amount of unrecognized tax benefits subjected to the valuation allowance was $1.6 million and $1.5 million for the years ended December 31, 2022 and 2021, respectively. The Company recognized approximately $66,000 and $61,000 of interest or penalties for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, total accrued interest and penalties were $0.4 million and $0.3 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax positions as a component of income tax expense. The Company does not expect a significant change in the amount of unrecognized tax benefits in the next year.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Tax years from 2001 through present remain open for audit under the applicable statute of limitations due to the carryover of the unused NOLs and tax credit carryforwards. The Company does not have any tax audits or other proceedings pending.

- 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.

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+ Details

Segment, Geographic information and revenue disaggregation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 22,469	$ 13,036
Number of segments \| segment	1
U.S.
Segment Reporting Information [Line Items]
Total revenues	$ 18,021	9,147
Germany
Segment Reporting Information [Line Items]
Total revenues	3,477	3,250
Other countries
Segment Reporting Information [Line Items]
Total revenues	$ 971	$ 639

- 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

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity [Abstract]

Stockholders' equity

6.	Stockholders’ equity

Initial Public Offering

On July 2, 2021, the Company closed its IPO of 8,050,000 shares of its common stock at a public offering price of $18.00 per share, which included 1,050,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares, for net proceeds from the IPO, after deducting the underwriting discount and other offering expenses payable by the Company totaling $1.6 million, of $133.2 million.

Upon the closing of the IPO, all shares of convertible preferred stock were automatically converted into common stock. Series G convertible preferred stock was converted into common stock on a 15.819-for-1 basis, and all other shares of convertible preferred stock were automatically converted into common stock on a 39.548-for-1 basis. The conversion of the outstanding preferred stock resulted in an aggregate of 11,929,584 shares of common stock. As of December 31, 2022 and 2021, no preferred stock was outstanding.

Reverse Stock Split

In connection with the IPO, the Company’s Board of Directors and stockholders approved a 1-for-39.548 reverse stock split of the Company’s common stock. The reverse stock split became effective on June 22, 2021. The par value of the common stock was not adjusted as a result of the reverse stock split. Adjustments corresponding to the reverse stock split were made to the ratio at which the convertible preferred stock converted into common stock in connection with the closing of the IPO. Accordingly, all share and per-share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split and the adjustment of the conversion ratio of the convertible preferred stock.

Common Stock Warrants

In connection with the IPO, the warrants to purchase shares of convertible preferred stock automatically converted into warrants to purchase common stock, resulting in the reclassification of the related convertible preferred stock warrant liability to additional paid-in capital. Upon the closing of the IPO, these warrants to purchase convertible preferred stock became exercisable for 716,131 shares of common stock upon conversion at a weighted average exercise price of $2.39 per share.

- Definition

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

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+ Details

(Loss) Per Share

12 Months Ended

Dec. 31, 2022

(Loss) Per Share [Abstract]

(Loss) Per Share

9. Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):


	Year Ended December 31,
	2022		2021
Numerator:
Net loss	$	(41,428)	$	(43,078)
Denominator:
Weighted average common shares outstanding — basic and diluted		20,532,838		10,360,054
Net loss per share attributable to common stockholders — basic and diluted	$	(2.02)	$	(4.16)

The Company’s potentially dilutive securities, which include stock options, shares of convertible preferred stock, warrants to purchase shares of convertible preferred stock and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2022	2021
Options to purchase common stock	3,756,835	2,749,441
Warrants to purchase common stock	716,131	716,131
	4,472,966	3,465,572

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Allowance for accounts receivable, net	$ 679	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	20,633,736	20,399,337
Common stock, shares outstanding	20,633,736	20,399,337

Selected Balance Sheet Information

12 Months Ended

Dec. 31, 2022

Selected Balance Sheet Information [Abstract]

Selected balance sheet information

3.	Selected balance sheet information

Inventory consists of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Raw material	$	2,390	$	1,593
Work-in-process		1,033		482
Finished goods		3,534		1,805
	$	6,957	$	3,880

Property and equipment, net consists of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Office furniture and equipment	$	350	$	271
Lab equipment		2,684		1,565
Computer equipment and software		618		556
Leasehold improvements		95		88
Capital equipment in process		231		813
		3,978		3,293
Less: Accumulated depreciation and amortization		2,280		1,868
	$	1,698	$	1,425

Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Depreciation expense was $0.4 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively.

Accrued expenses consist of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Clinical trial and other professional fees	$	1,733	$	1,607
Bonuses		2,303		2,028
Paid time off		960		699
Customer rebates		256		380
Operating lease liability, current portion		222		—
Taxes		120		351
Other		775		333
	$	6,369	$	5,398

Selected Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2022

Selected Balance Sheet Information [Abstract]

Schedule of Inventory

Inventory consists of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Raw material	$	2,390	$	1,593
Work-in-process		1,033		482
Finished goods		3,534		1,805
	$	6,957	$	3,880

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Office furniture and equipment	$	350	$	271
Lab equipment		2,684		1,565
Computer equipment and software		618		556
Leasehold improvements		95		88
Capital equipment in process		231		813
		3,978		3,293
Less: Accumulated depreciation and amortization		2,280		1,868
	$	1,698	$	1,425

Schedule of Accrued Expenses

Accrued expenses consist of the following at:


	December 31,		December 31,
(in thousands)	2022		2021
Clinical trial and other professional fees	$	1,733	$	1,607
Bonuses		2,303		2,028
Paid time off		960		699
Customer rebates		256		380
Operating lease liability, current portion		222		—
Taxes		120		351
Other		775		333
	$	6,369	$	5,398

Selected Balance Sheet Information (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,978	$ 3,293
Less: Accumulated depreciation and amortization	2,280	1,868
Property and equipment, net	$ 1,698	1,425
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	three
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P5Y
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 350	271
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,684	1,565
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	618	556
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	95	88
Capital equipment in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 231	$ 813

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

5. Leases

We lease 23,890 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008 and expires July 31, 2024. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of five years. The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability upon adoption of ASC 842 on January 1, 2022, as it is not reasonably certain of exercise.

In addition to base rent, we will also pay our proportionate share of operating expenses, as defined in the lease. These payments will be made monthly and will be adjusted annually to reflect actual charges incurred for operating expenses, such as common area maintenance, taxes and insurance.

The following table presents the lease balances within the consolidated balance sheets:


	December 31,
(in thousands)	2022
Right-of-use assets:
Operating lease right-of-use asset	$	334
Operating lease liabilities:
Accrued expenses		222
Operating lease liability, non-current portion		117
Total operating lease liabilities	$	339

Maturities of our lease liability for our operating lease are as follows as of December 31, 2022:


	December 31,
(in thousands)	2022
2023		234
2024		119
Total undiscounted lease payments		353
Less: imputed interest		(14)
Present value of lease liability	$	339

As of December 31, 2022, the remaining lease term was 1.5 years, and the discount rate was 5.0%. The operating cash outflows from our operating lease were $0.4 million for the year ended December 31, 2022.

As disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the minimum lease payments under all operating leases as of December 31, 2021 were as follows for the years ending:


(in thousands)
December 31, 2022	$	227
December 31, 2023		234
December 31, 2024		138
	$	599

Prior to January 1, 2022, we recorded operating lease rent expense under ASC 840 on a straight-line basis over the period of the lease. Rent expense for the year ended December 31, 2021 was $0.4 million.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Components of Provision for Income Taxes

The components of our provision for income taxes are as follows for the periods indicated:


		Year Ended December 31,
(in thousands)		2022		2021
Current
Federal and state	$	—	$	—
Foreign		109		91
Total provision for income taxes	$	109	$	91

Reconciliation of Taxes at the Federal Statutory Rate


		Year Ended December 31,
(in thousands)		2022		2021
Current
Federal and state	$	—	$	—
Foreign		109		91
Total provision for income taxes	$	109	$	91

Components of Net Deferred Tax Assets


	Year Ended December 31,
	2022		2021
Tax at federal statutory rate	21.0	%	21.0	%
Permanent differences	(2.1)		(9.0)
Research and development ("R&D") tax credit	0.8		0.9
Uncertain tax position	(0.3)		(0.2)
State, net of federal benefit	(0.5)		(0.7)
Deferred rate change	0.3		2.5
Change in valuation allowance	(19.5)		(14.7)
Total	(0.3)	%	(0.2)	%

Significant components of net deferred tax assets were as follows for the periods indicated:

Changes to Gross Unrecognized Tax Benefits

The changes to our gross unrecognized tax benefits were as follows of the periods indicated:


		Year Ended December 31,
(in thousands)		2022		2021
Gross unrecognized tax benefits at beginning of year	$	1,939	$	1,840
Gross increases:
Prior year tax positions		4		10
Current year tax positions		113		91
Gross decreases:
Prior year tax positions		(10)		(2)
Gross unrecognized tax benefits at end of year	$	2,046	$	1,939

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt [Abstract]

Schedule of Annual Principal Maturities of Debt

The annual principal maturities of debt under the Loan Agreement are as follows:


	December 31,
(in thousands)	2022
2023	$	—
2024		—
2025		—
2026		—
2027		5,000
2028		2,500
		7,500
Less: Unamortized debt costs and discounts		(753)
Long-term debt	$	6,747

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Right-of-use assets:
Operating lease right-of-use asset	$ 334	$ 0
Operating lease liabilities:
Accrued expenses	$ 222
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses
Operating lease liability, non-current portion	$ 117	$ 0
Total operating lease liabilities	$ 339
Remaining lease term	1 year 6 months
Discount rate	5.00%
Operating cash outflows	$ 400
Office space in Minneapolis, Minnesota
Lessee, Lease, Description [Line Items]
Area of land leased \| ft²	23,890
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Renewal Term	5 years

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

7.	Stock-Based compensation

Summary of plans and activity

In June 2001, the Company’s Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (“2001 Plan”). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, non-employee directors, consultants or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date of grant to four years and expire within a maximum term of 10 years from the grant date.

In connection with the IPO in 2021, the Company’s Board of Directors and stockholders established the 2021 Equity Incentive Plan (“2021 Plan”). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 1,019,967 shares being reserved for issuance under the 2021 Plan as of January 1, 2022. The 2021 Plan provides for the issuance of stock options, stock appreciation rights, restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries. Awards granted under the 2021 Plan will have such vesting schedules and other terms as determined by the Compensation Committee and stock options and stock appreciation rights have a maximum term of 10 years from the grant date. No further awards can be made under the 2001 Plan following the adoption of the 2021 Plan. As of December 31, 2022, there were 1,514,213 shares available for future issuance under the 2021 Plan.

Options are granted at exercise prices not less than the fair market value (as determined by the Board of Directors) of the Company’s common stock on the date of grant.

During the years 2008 through December 31, 2022, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee directors. The options were not granted under the 2001 Plan or the 2021 Plan, but terms are substantially the same as the Company’s standard form of option agreement for non-employee directors as they have an exercise price not less than the fair market value on the grant date and vest over 48 months from the date of grant.

The following is a summary of stock option activity:


		Weighted
	Number	Average		Aggregate
	of	Exercise		Intrinsic
	Options	Price		Value
				(in thousands)
Balance as of December 31, 2020	1,473,359	$	2.77		$	3,745
Granted	1,411,717	$	13.31
Cancelled / Forfeited	(76,294)	$	11.25
Exercised	(59,341)	$	0.39
Balance as of December 31, 2021	2,749,441	$	7.93		$	16,262
Granted	1,486,805	$	8.14
Cancelled / Forfeited	(328,902)	$	7.96
Exercised	(150,509)	$	1.22
Balance as of December 31, 2022	3,756,835	$	8.28		$	36,616
Options exercisable as of December 31, 2022	1,639,936	$	6.22		$	19,360

As of December 31, 2022, stock options outstanding included 8,796 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of December 31, 2022, the weighted average

remaining contractual life was 7.8 years. For options exercisable as of December 31, 2022, the weighted average remaining contractual life was 6.6 years.

In connection with the IPO, the Company’s Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”). The number of shares of common stock initially reserved for issuance under the ESPP was 278,170. The shares available for issuance under the ESPP automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, 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 calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 203,993 shares being reserved for issuance under the ESPP as of January 1, 2022. The ESPP will permit certain of the Company’s U.S. employees to purchase shares of the Company’s common stock at a price per share not less than 85% of the lower of (i) the closing market price per share of the Company’s common stock on the first day of the applicable purchase period or (ii) the closing market price per share of the Company’s common stock on the purchase date at the end of the applicable six-month purchase period. The first purchase date under the ESPP was June 30, 2022. Accordingly, as of December 31, 2022, 113,890 shares of common stock have been purchased under the ESPP for $0.6 million of employee contributions. As of December 31, 2022, there were 368,273 shares available for issuance under the ESPP.

Stock-based compensation expense

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date. The Company measures stock-based compensation expense based on the grant date fair value of the award and recognizes compensation expense over the requisite service period, which is generally the vesting period for stock options and the offering period for ESPP purchase rights. The amount of stock-based compensation expense recognized for stock option awards during a period is based on the portion of the awards that are ultimately expected to vest. The amount of stock-based compensation expense recognized for ESPP purchase rights during a period is based on the estimated purchase rights as of the grant date. The Company accounts for forfeitures as they occur.

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2022 and 2021.


		December 31,
		2022		2021
Weighted average fair value of options granted	$	4.72		$	5.64
Expected term (in years) — non-officer employees		5.3 to 6.1			2.7 to 6.1
Expected term (in years) — officer employees		3.2 to 6.1			3.0
Expected volatility		56.3% to 60.4	%		56.1% to 63.4	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		1.75% to 4.18	%		0.17% to 1.44	%

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the year ended December 31, 2022.


	December 31,
		2022
Weighted average fair value per ESPP purchase right	$	1.95
Expected term (in years)		0.5
Expected volatility		51.3% to 62.9	%
Expected dividend yield		—	%
Risk-free interest rate		0.22% to 2.52	%

There were no ESPP purchase rights for the year ended December 31, 2021.

The Company reviews these assumptions on a periodic basis and adjusts them, as necessary. The expected term of a stock option award was determined based on the Company’s analysis of historical exercise behavior while taking into consideration various participant demographics and option characteristics. The expected term of an ESPP purchase right is based on the offering period. We utilize the simplified method to develop the estimate of the expected term. The expected volatility is based upon observed volatility of comparable public companies. The expected dividend yield is assumed to be zero, as the Company has never paid dividends and has no current plans to do so. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period approximating the expected term of the options being valued.

The following table presents the components and classification of stock-based compensation expense for the periods indicated:


	Year Ended December 31,
(in thousands)	2022		2021
Stock options	$	3,664	$	1,912
Employee Stock Purchase Plan		223		—
Total stock-based compensation expense		3,887		1,912

Selling, general & administrative	$	3,304	$	1,468
Research & development		519		420
Cost of goods sold		64		24
	$	3,887	$	1,912

As of December 31, 2022, unrecognized compensation expense related to unvested stock-based compensation arrangements was $8.7 million. As of December 31, 2022, the related weighted average period over which the expense is expected to be recognized is approximately 2.5 years.

Early exercise of stock options

Under the 2001 Plan, the Company has issued options to certain executive officers with early-exercise provisions. The options may be exercised by the holder any time after they are granted. The Company has the right to repurchase, at the original option exercise price, shares issued pursuant to such early-exercise provisions, upon the termination of employment or death of the stockholder. This repurchase right expires based upon the original option vesting schedule. As of December 31, 2022 and 2021, there have been no early exercises and therefore there is no liability recorded for the early exercise of stock options.

Segment, Geographic Information and Revenue Disaggregation (Tables)

12 Months Ended

Dec. 31, 2022

Segment, Geographic Information and Revenue Disaggregation [Abstract]

Schedule of Segment Reporting

The Company derives all its revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated:


	Year ended
	December 31,
(in thousands)	2022		2021
U.S.	$	18,021	$	9,147
Germany		3,477		3,250
Other countries		971		639
	$	22,469	$	13,036

Income Taxes (Changes to Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Gross unrecognized tax benefits at beginning of year	$ 1,939	$ 1,840
Gross increases: Prior year tax positions	4	10
Gross increases: Current year tax positions	113	91
Gross decreases: Prior year tax positions	(10)	(2)
Gross unrecognized tax benefits at end of year	$ 2,046	$ 1,939

(Loss) Per Share (Basic and Diluted Net Loss per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (41,428)	$ (43,078)
Denominator:
Weighted average common shares outstanding - basic	20,532,838	10,360,054
Weighted average common shares outstanding - diluted	20,532,838	10,360,054
Net loss per share attributable to common stockholders - basic	$ (2.02)	$ (4.16)
Net loss per share attributable to common stockholders - diluted	$ (2.02)	$ (4.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Selected Balance Sheet Information (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Selected Balance Sheet Information [Abstract]
Clinical trial and other professional fees	$ 1,733	$ 1,607
Bonuses	2,303	2,028
Paid time off	960	699
Customer rebates	256	380
Operating lease liability, current portion	222
Taxes	120	351
Other	775	333
Total accrued expenses	$ 6,369	$ 5,398

Stock-Based Compensation (Assumptions Used in Determine the Grant Date Fair Value of Stock Options) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options granted	$ 4.72	$ 5.64
Expected volatility, Minimum	56.30%	56.10%
Expected volatility, Maximum	60.40%	63.40%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, Minimum	1.75%	0.17%
Risk-free interest rate, Maximum	4.18%	1.44%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options granted	$ 1.95
Expected term (in years)	6 months
Expected volatility, Minimum	51.30%
Expected volatility, Maximum	62.90%
Risk-free interest rate, Minimum	0.22%
Risk-free interest rate, Maximum	2.52%
Non officer employees \| Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	2 years 8 months 12 days
Non officer employees \| Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Officer employees \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		3 years
Officer employees \| Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 2 months 12 days
Officer employees \| Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Stock Option Activity

The following is a summary of stock option activity:


		Weighted
	Number	Average		Aggregate
	of	Exercise		Intrinsic
	Options	Price		Value
				(in thousands)
Balance as of December 31, 2020	1,473,359	$	2.77		$	3,745
Granted	1,411,717	$	13.31
Cancelled / Forfeited	(76,294)	$	11.25
Exercised	(59,341)	$	0.39
Balance as of December 31, 2021	2,749,441	$	7.93		$	16,262
Granted	1,486,805	$	8.14
Cancelled / Forfeited	(328,902)	$	7.96
Exercised	(150,509)	$	1.22
Balance as of December 31, 2022	3,756,835	$	8.28		$	36,616
Options exercisable as of December 31, 2022	1,639,936	$	6.22		$	19,360

Recognized Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the periods indicated:


	Year Ended December 31,
(in thousands)	2022		2021
Stock options	$	3,664	$	1,912
Employee Stock Purchase Plan		223		—
Total stock-based compensation expense		3,887		1,912

Selling, general & administrative	$	3,304	$	1,468
Research & development		519		420
Cost of goods sold		64		24
	$	3,887	$	1,912

ESPP

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the year ended December 31, 2022.


	December 31,
		2022
Weighted average fair value per ESPP purchase right	$	1.95
Expected term (in years)		0.5
Expected volatility		51.3% to 62.9	%
Expected dividend yield		—	%
Risk-free interest rate		0.22% to 2.52	%

Stock options

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options


		December 31,
		2022		2021
Weighted average fair value of options granted	$	4.72		$	5.64
Expected term (in years) — non-officer employees		5.3 to 6.1			2.7 to 6.1
Expected term (in years) — officer employees		3.2 to 6.1			3.0
Expected volatility		56.3% to 60.4	%		56.1% to 63.4	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		1.75% to 4.18	%		0.17% to 1.44	%

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Convertible preferred stock Convertible preferred stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated and other comprehensive loss	Total
Balances, Beginning at Dec. 31, 2020	$ 329,983
Balances, Beginning (in shares) at Dec. 31, 2020	223,541,754
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of Series G preferred stock	$ (329,983)
Conversion of Series G preferred stock (in shares)	(223,541,754)
Balances, Beginning at Dec. 31, 2020		$ 4	$ 58,624	$ (351,676)	$ (190)	$ (293,238)
Balances, Beginning (in shares) at Dec. 31, 2020		360,412
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options			23			$ 23
Exercise of stock options (in shares)		59,341				59,341
Employee stock compensation			1,912			$ 1,912
Issuance of common stock, net of offering costs		$ 81	133,080			133,161
Issuance of common stock, net of offering costs (in shares)		8,050,000
Reverse stock split			(1)			(1)
Conversion of Series G preferred stock		$ 119	347,069			347,188
Conversion of Series G preferred stock (in shares)		11,929,584
Net loss				(43,078)		(43,078)
Cumulative translation adjustment					(8)	(8)
Balances, Ending at Dec. 31, 2021		$ 204	540,707	(394,754)	(198)	145,959
Balances, Ending (in shares) at Dec. 31, 2021		20,399,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options		$ 2	182			$ 184
Exercise of stock options (in shares)		150,509				150,509
Proceeds from Employee Stock Purchase Plan		$ 1	586			$ 587
Proceeds from Employee Stock Purchase Plan (shares)		113,890
Employee stock compensation			3,887			3,887
Net loss				(41,428)		(41,428)
Cumulative translation adjustment					(9)	(9)
Balances, Ending at Dec. 31, 2022		$ 207	$ 545,362	$ (436,182)	$ (207)	$ 109,180
Balances, Ending (in shares) at Dec. 31, 2022		20,663,736

Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Net operating loss carryforwards	$ 82,050	$ 74,716
R&D tax credits	9,072	8,711
IRC Section 59e election	8,412	8,577
Start-up costs	894	1,104
Non-qualified stock options	752	350
Property and equipment	144	91
Accrued vacation	212	151
Other	300	59
Total deferred tax assets	101,836	93,759
Valuation allowance	(101,836)	(93,759)
Net deferred tax assets	$ 0	$ 0

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		0.00%
Exercise of stock options (in shares)		150,509	59,341
Proceeds from Employee Stock Purchase Plan		$ 587	$ 0
2001 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance	2,674,749	1,514,213
Number of shares available for grant		600,737
Vesting Period	4 years
2001 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	10 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance		278,170		203,993
Number of shares available for grant		368,273
Shares issued/purchased under ESPP		113,890
Annual incremental percentage		1.00%
Minimum Percentage		85.00%
Proceeds from Employee Stock Purchase Plan		$ 600
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance		1,854,490		1,019,967
Annual incremental percentage		5.00%
2021 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, term		10 years
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		0.00%	0.00%
Options to purchase common stock \| 2001 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period		48 months
Stock options with early exercise option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options (in shares)		0	0
Liability recorded		$ 0	$ 0

Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 02, 2021 USD ($) $ / shares shares	Jun. 22, 2021	Dec. 31, 2022 $ / shares shares
Temporary Equity [Line Items]
Shares issued			0
Conversion ratio			39.548
Reverse stock split		0.025
Conversion of convertible preferred stock (in shares)	11,929,584
Warrants to purchase common stock
Temporary Equity [Line Items]
Preferred stock warrants converted to common stock warrants at IPO			716,131
Preferred stock warrants converted to common stock warrants at IPO, Weighted Average Exercise Price \| $ / shares			$ 2.39
IPO
Temporary Equity [Line Items]
Shares issued	8,050,000
Share price \| $ / shares	$ 18.00
Payment of stock issuance costs \| $	$ 1.6
Net proceeds \| $	$ 133.2
Underwriters option
Temporary Equity [Line Items]
Shares issued	1,050,000
Series G Preferred Shares
Temporary Equity [Line Items]
Conversion ratio			15.819

Segment, Geographic Information and Revenue Disaggregation

12 Months Ended

Dec. 31, 2022

Segment, Geographic Information and Revenue Disaggregation [Abstract]

Segment, geographic information and revenue disaggregation

12.

Segment, geographic information and revenue disaggregation

The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company and its Chief Executive Officer evaluate performance based primarily on revenue in the geographic locations in which the Company operates.


	Year ended
	December 31,
(in thousands)	2022		2021
U.S.	$	18,021	$	9,147
Germany		3,477		3,250
Other countries		971		639
	$	22,469	$	13,036

As of December 31, 2022 and 2021, long-lived assets were located primarily in the U.S.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

(Loss) Per Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	4,472,966	3,465,572
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	3,756,835	2,749,441
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	716,131	716,131

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Contingent liabilities accrual amount	$ 0	$ 0

Debt (Maturities of debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt, Fiscal Year Maturity [Abstract]
Long-term debt	$ 6,747	$ 0
Innovatus Life Sciences Fund I, LP \| Loan and Security Agreement
Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	5,000
2028	2,500
Total	7,500
Less: Unamortized debt costs and discounts	(753)
Long-term debt	$ 6,747

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 106,194	$ 142,072
Accounts receivable, net of allowances of $679 and $0, respectively	5,504	2,560
Inventory	6,957	3,880
Prepaid expenses and other current assets	4,223	2,585
Total current assets	122,878	151,097
Property and equipment, net	1,698	1,425
Operating lease right-of-use asset	334	0
Other non-current assets	27	26
Total assets	124,937	152,548
Current liabilities:
Accounts payable	1,719	510
Accrued expenses	6,369	5,398
Total current liabilities	8,088	5,908
Long-term debt	6,747	0
Operating lease liability, non-current portion	117	0
Other long-term liabilities	805	681
Total liabilities	15,757	6,589
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.01 par value, 200,000,000 authorized as of December 31, 2022 and December 31, 2021; 20,633,736 and 20,399,337 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	207	204
Additional paid-in capital	545,362	540,707
Accumulated deficit	(436,182)	(394,754)
Accumulated other comprehensive loss	(207)	(198)
Total stockholders' equity	109,180	145,959
Total liabilities and stockholders' equity	$ 124,937	$ 152,548

Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,887	$ 1,912
Unrecognized compensation expense	$ 8,700
Weighted average period	2 years 6 months
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,664	1,912
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	223
Selling, general & administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,304	1,468
Research & development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	519	420
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 64	$ 24

Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding as of Beginning of period (in shares)	2,749,441	1,473,359
Granted (in shares)	1,486,805	1,411,717
Cancelled / Forfeited (in shares)	(328,902)	(76,294)
Exercised (in shares)	(150,509)	(59,341)
Balance as of End of period (in shares)	3,756,835	2,749,441
Options exercisable as of December 31, 2022 (in shares)	1,639,936
Weighted Average Exercise Price
Outstanding as of Beginning of period (in dollars per share)	$ 7.93	$ 2.77
Granted (in dollars per share)	8.14	13.31
Cancelled / Forfeited (in dollars per share)	7.96	11.25
Exercised (in dollars per share)	1.22	0.39
Balance as of End of period (in dollars per share)	8.28	$ 7.93
Options exercisable as of December 31, 2022 (in dollars per share)	$ 6.22
Aggregate Intrinsic Value
Aggregate intrinsic value	$ 36,616	$ 16,262	$ 3,745
Options exercisable as of December 31, 2022	$ 19,360
Weighted average remaining contractual term, outstanding (in years)	7 years 9 months 18 days
Weighted average remaining contractual life, exercisable (in years)	6 years 7 months 6 days
Options not granted under the 2001 or 2021 Plans
Number of Options
Balance as of End of period (in shares)	8,796

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Future minimum lease payments
December 31, 2022	$ 227	$ 234
December 31, 2023	234	119
December 31, 2024	138
Total	599	$ 353
Rent expense	$ 400

Leases (Maturities of lease liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 234	$ 227
2024	119	234
2025		138
Total undiscounted lease payments	353	$ 599
Less: imputed interest	(14)
Present value of lease liability	$ 339

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

2.	Summary of significant accounting policies

Statement presentation and basis of consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

The consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company has elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

Use of estimates

Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of December 31, 2022 and 2021, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.

Inventory

Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.

Leases

Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement.

Revenue recognition

The Company sells its products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. The Company’s revenue consists primarily of the sale of its Barostim, which consists of two implantable components: a pulse generator and a stimulation lead.

Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes net revenue on product sales when the customer obtains control of the Company’s product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract.

Stock-Based Compensation

We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model. We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received.

Recent accounting pronouncements

On January 1, 2022, the Company adopted Accounting Standards Codification Topic 842, Leases (“ASC 842”), utilizing the alternative modified retrospective transition approach. Under the alternative modified retrospective transition approach, the reported results for 2022 reflect the application of ASC 842 guidance,

whereas comparative periods and their respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, the Company recognized ROU assets of $579,000 and lease liabilities of $561,000 as of January 1, 2022. The lease liabilities represent the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate as of January 1, 2022. The corresponding ROU assets are recorded based on the lease liabilities and the cumulative difference between rent expense and the amounts paid under the lease. The Company did not elect any practical expedients.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), to require the measurement of expected credit losses for financial instruments held at the reporting date to be based on historical experience, current conditions, and reasonable forecasts. ASU 2016-13 became effective for us for interim and annual periods beginning January 1, 2023, and we will expand our financial statement disclosures in order to comply with the guidance. We have determined that the adoption of ASU 2016-13 will not have a material impact on our results of operations, cash flows, or financial position.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Revenue	$ 22,469	$ 13,036
Cost of goods sold	4,999	3,640
Gross profit	17,470	9,396
Operating expenses:
Research and development	9,952	7,501
Selling, general and administrative	50,045	27,863
Total operating expenses	59,997	35,364
Loss from operations	(42,527)	(25,968)
Interest expense	(165)	(2,219)
Other income (expense), net	1,373	(14,800)
Loss before income taxes	(41,319)	(42,987)
Provision for income taxes	(109)	(91)
Net loss	(41,428)	(43,078)
Cumulative translation adjustment	(9)	(8)
Comprehensive loss	$ (41,437)	$ (43,086)
Net loss per share, basic	$ (2.02)	$ (4.16)
Net loss per share, diluted	$ (2.02)	$ (4.16)
Weighted-average common shares used to compute net loss per share, basic	20,532,838	10,360,054
Weighted-average common shares used to compute net loss per share, diluted	20,532,838	10,360,054

Debt

12 Months Ended

Dec. 31, 2022

Debt [Abstract]

Debt

4. Debt

Innovatus Loan Agreement

On October 31, 2022, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, under which the Company may borrow, subject to the Company’s achievement of certain milestones, up to a total of $50.0 million in a series of term loans. On the closing date, the Company borrowed the minimum amount of $7.5 million under the Loan Agreement. The Loan Agreement initially requires interest only payments through November 2027, followed by three monthly principal and interest payments. A final payment of $0.3 million, equal to 4.5% of the original borrowed principal, is due in January 2028. The terms loans advanced pursuant to the Loan Agreement (collectively, the “Term Loans”) bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 5.50% plus (b) 2.65%. The Term Loans mature on January 31, 2028 and require interest-only payments until November 1, 2027. The Term Loans are secured by substantially all of the personal property of the Company. The Company has the option to draw down (i) the remaining $7.5 million of the first tranche from the filing date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 until September 30, 2023, (ii) up to $30.0 million less the amount funded from the first tranche between September 1, 2023 and December 15, 2023 if the Company achieves trailing three months revenue of $5.75 million prior to June 30, 2023, and (iii) up to $20.0 million between September 1, 2024 and December 15, 2024 if the Company achieves trailing three months revenue of $9.0 million prior to June 30, 2024. A performance covenant takes effect at the earlier of September 30, 2025 or the third tranche funding requiring that the Company achieve 50% of the trailing twelve months revenue target set in the Board-approved revenue plan in effect for such period. The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends or making other distributions or payments on the Company’s capital stock, subject to limited exceptions. The Company was in compliance with these covenants as of December 31, 2022.

In connection with the Loan Agreement, the Company recorded $0.8 million of debt issuance costs and discounts as a reduction of long-term debt.

The annual principal maturities of debt under the Loan Agreement are as follows:


	December 31,
(in thousands)	2022
2023	$	—
2024		—
2025		—
2026		—
2027		5,000
2028		2,500
		7,500
Less: Unamortized debt costs and discounts		(753)
Long-term debt	$	6,747

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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

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

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

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of lease balances within the balance sheets

The following table presents the lease balances within the consolidated balance sheets:


	December 31,
(in thousands)	2022
Right-of-use assets:
Operating lease right-of-use asset	$	334
Operating lease liabilities:
Accrued expenses		222
Operating lease liability, non-current portion		117
Total operating lease liabilities	$	339

Maturities of lease liability

Maturities of our lease liability for our operating lease are as follows as of December 31, 2022:


	December 31,
(in thousands)	2022
2023		234
2024		119
Total undiscounted lease payments		353
Less: imputed interest		(14)
Present value of lease liability	$	339

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 03, 2023	Jun. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-40545
Entity Registrant Name	CVRx, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1983744
Entity Address, Address Line One	9201 West Broadway Avenue
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55445
City Area Code	763
Local Phone Number	416-2840
Title of 12(b) Security	Common stock,
Trading Symbol	CVRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 72.2
Entity Common Stock, Shares Outstanding		20,690,451
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Minneapolis, Minnesota
Entity Central Index Key	0001235912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies [Abstract]

Commitments and contingencies

10.

Commitments and contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of December 31, 2022 or December 31, 2021.

(Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

(Loss) Per Share [Abstract]

Basic and Diluted Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data):


	Year Ended December 31,
	2022		2021
Numerator:
Net loss	$	(41,428)	$	(43,078)
Denominator:
Weighted average common shares outstanding — basic and diluted		20,532,838		10,360,054
Net loss per share attributable to common stockholders — basic and diluted	$	(2.02)	$	(4.16)

Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2022	2021
Options to purchase common stock	3,756,835	2,749,441
Warrants to purchase common stock	716,131	716,131
	4,472,966	3,465,572

Debt (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit		$ 7,500	$ 0
Innovatus Life Sciences Fund I, LP
Debt Instrument [Line Items]
Percentage of trailing twelve months revenue goal	50.00%
Innovatus Life Sciences Fund I, LP \| Draw down from 10-K filing to September 30, 2023
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit	$ 7,500
Innovatus Life Sciences Fund I, LP \| Draw down from September 1, 2023 to December 15, 2023
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit	30,000
Three months of trailing revenue	5,750
Innovatus Life Sciences Fund I, LP \| Draw down from September 1, 2024 to December 15, 2024
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit	20,000
Three months of trailing revenue	9,000
Loan and Security Agreement \| Innovatus Life Sciences Fund I, LP
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000
Proceeds from Long-Term Lines of Credit	$ 7,500
Variable interest rate (as a percent)	5.50%
Interest rate ( as a percent)	2.65%
Term (in months)	3 months
Final payment	$ 300
Percentage of final payment on original principal	4.50%
Debt issuance costs and discounts	$ 800

Business Organization

12 Months Ended

Dec. 31, 2022

Business Organization [Abstract]

Business organization

1.	Business organization

CVRx, Inc. (the “Company”) was incorporated in Delaware and is headquartered in Minneapolis, Minnesota. The Company has developed and is marketing a medical device, Barostim, for heart failure (“HF”) and resistant hypertension. The Company is focused on the sale of its product in the U.S. and Europe.

Management expects that operating losses and negative cash flows from operations could continue in the foreseeable future. There is no assurance that the Company will generate sufficient product sales to produce positive earnings or cash flows.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Statement presentation and basis of consolidation	Statement presentation and basis of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy. All intercompany balances and transactions have been eliminated in consolidation.
JOBS Act accounting election	JOBS Act accounting election The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company has elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.
Use of estimates	Use of estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of December 31, 2022 and 2021, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.
Accounts Receivable	Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount we reasonably believe will be collected.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.
Leases	Leases Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement.
Revenue recognition	Revenue recognition The Company sells its products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. The Company’s revenue consists primarily of the sale of its Barostim, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes net revenue on product sales when the customer obtains control of the Company’s product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract.
Stock-Based Compensation	Stock-Based Compensation We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values. We estimate the grant date fair value of stock options using the Black-Scholes option pricing model. We account for forfeitures as they occur. We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received.
Recent accounting pronouncements	Recent accounting pronouncements On January 1, 2022, the Company adopted Accounting Standards Codification Topic 842, Leases (“ASC 842”), utilizing the alternative modified retrospective transition approach. Under the alternative modified retrospective transition approach, the reported results for 2022 reflect the application of ASC 842 guidance, whereas comparative periods and their respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, the Company recognized ROU assets of $579,000 and lease liabilities of $561,000 as of January 1, 2022. The lease liabilities represent the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate as of January 1, 2022. The corresponding ROU assets are recorded based on the lease liabilities and the cumulative difference between rent expense and the amounts paid under the lease. The Company did not elect any practical expedients. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), to require the measurement of expected credit losses for financial instruments held at the reporting date to be based on historical experience, current conditions, and reasonable forecasts. ASU 2016-13 became effective for us for interim and annual periods beginning January 1, 2023, and we will expand our financial statement disclosures in order to comply with the guidance. We have determined that the adoption of ASU 2016-13 will not have a material impact on our results of operations, cash flows, or financial position.

Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Provision for income taxes, federal and state	$ 0	$ 0
Provision for income taxes, foreign	109	91
Total provision for income taxes	$ 109	$ 91

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans [Abstract]

Employee benefit plans

11.

Employee benefit plans

The Company sponsors a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for its U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax

compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. The Company does not provide matching contributions to employees.

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 109	$ 91
Unrecognized tax benefits that are subjected to a valuation allowance	1,600	1,500
Unrecognized tax benefits, income tax penalties and interest expense	66	61
Unrecognized tax benefits, Income tax penalties and interest accrued	400	$ 300
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	361,000
Tax credit carryforwards	9,300
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	6,200
Tax credit carryforwards	$ 1,800

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Selected Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Selected Balance Sheet Information [Abstract]
Depreciation	$ 412	$ 168

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (41,428)	$ (43,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,887	1,912
Depreciation of property and equipment	412	168
Amortization of deferred financing costs and loan discount	25	229
Loss on debt extinguishment	0	1,325
Changes in fair value of convertible preferred stock warrants	0	13,294
Changes in operating assets and liabilities:
Accounts receivable	(2,944)	(1,279)
Inventory	(3,077)	(537)
Prepaid expenses and other current assets	(1,634)	(1,980)
Accounts payable	1,209	27
Accrued expenses	873	2,187
Net cash used in operating activities	(42,677)	(27,732)
Cash flows from investing activities:
Purchase of property and equipment	(685)	(1,183)
Net cash used in investing activities	(685)	(1,183)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	184	23
Proceeds from Employee Stock Purchase Plan	587	0
Payments related to reverse stock split	0	(1)
Proceeds from the issuance of common stock, net of offering costs	0	133,161
Proceeds from debt financing	7,500	0
Debt financing costs	(778)	0
Repayment on debt financing	0	(21,300)
Net cash provided by financing activities	7,493	111,883
Effect of currency exchange on cash and cash equivalents	(9)	(8)
Net change in cash and cash equivalents	(35,878)	82,960
Cash and cash equivalents at beginning of year	142,072	59,112
Cash and cash equivalents at end of period	106,194	142,072
Supplemental Information:
Cash paid for interest	59	1,706
Cash paid for income taxes	5	2
ROU assets exchanged for lease liabilities	$ 579	$ 0

Income Taxes (Reconciliation of Taxes at the Federal Statutory Rate) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Tax at federal statutory rate	21.00%	21.00%
Permanent differences	(2.10%)	(9.00%)
Research and development ("R&D") tax credit	0.80%	0.90%
Uncertain tax position	(0.30%)	(0.20%)
State, net of federal benefit	(0.50%)	(0.70%)
Deferred rate change	0.30%	2.50%
Change in valuation allowance	(19.50%)	(14.70%)
Total	(0.30%)	(0.20%)