0001558370-24-010719 | 10-Q | XBRL Viewer

Selected Balance Sheet Information

6 Months Ended

Jun. 30, 2024

3.	Selected balance sheet information

Inventory consists of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Raw material	$	4,511	$	4,714
Work-in-process		1,369		654
Finished goods		5,344		5,615
	$	11,224	$	10,983

Property and equipment, net consists of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Office furniture and equipment	$	491	$	402
Lab equipment		2,800		2,721
Computer equipment and software		955		776
Leasehold improvements		543		98
Capital equipment in process		1,034		554
		5,823		4,551
Less: Accumulated depreciation and amortization		3,060		2,788
	$	2,763	$	1,763

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 $141,000 and $127,000 for the three months ended June 30, 2024 and 2023, respectively, and $272,000 and $256,000 for the six months ended June 30, 2024 and 2023, respectively.

Accrued expenses consist of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Bonuses	$	1,821	$	3,335
Paid time off		1,009		770
401(k) match		560		—
Customer rebates		450		411
Accrued interest payable		275		220
Operating lease liability, current portion		247		231
Clinical trial and other professional fees		216		277
Taxes		81		125
Other		951		611
	$	5,610	$	5,980

Segment, Geographic Information and Revenue Disaggregation

6 Months Ended

Jun. 30, 2024

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. We have 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, we have determined that we have a single reportable and operating segment structure. We and our Chief Executive Officer evaluate performance based primarily on revenue in the geographic locations in which the Company operates.

We derive all our 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 (in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
U.S.	$	10,673	$	8,297	$	20,508	$	15,239
Germany		802		1,126		1,679		2,017
Other countries		332		77		390		223
	$	11,807	$	9,500	$	22,577	$	17,479

As of June 30, 2024 and December 31, 2023, 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

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 41	$ 34	$ 79	$ 68
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					$ 389,900
Tax credit carryforwards					9,800
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					7,300
Tax credit carryforwards					$ 2,000

- Definition

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

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 70,400	$ 90,569
Accounts receivable, net of allowances of $656 and $508, respectively	8,606	7,551
Inventory	11,224	10,983
Prepaid expenses and other current assets	1,762	2,987
Total current assets	91,992	112,090
Property and equipment, net	2,763	1,763
Operating lease right-of-use asset	1,200	1,349
Other non-current assets	26	27
Total assets	95,981	115,229
Current liabilities:
Accounts payable	3,516	1,884
Accrued expenses	5,610	5,980
Total current liabilities	9,126	7,864
Long-term debt	29,319	29,222
Operating lease liability, non-current portion	1,023	1,160
Other long-term liabilities	1,265	1,036
Total liabilities	40,733	39,282
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.01 par value, 200,000,000 authorized as of June 30, 2024 and December 31, 2023; 21,712,357 and 20,879,199 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	217	209
Additional paid-in capital	568,837	553,326
Accumulated deficit	(513,596)	(477,381)
Accumulated other comprehensive loss	(210)	(207)
Total stockholders' equity	55,248	75,947
Total liabilities and stockholders' equity	$ 95,981	$ 115,229

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt

6 Months Ended

Jun. 30, 2024

Debt

Debt

4. Debt

Innovatus Loan Agreement

On October 31, 2022, we 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 we may borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of term loans. On the closing date, we borrowed the minimum amount of $7.5 million under the Loan Agreement. On March 10, 2023, we borrowed the $7.5 million remaining under the first tranche of the Loan Agreement. On December 15, 2023, we borrowed an additional $15.0 million under the second tranche of 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 $1.4 million, equal to 4.5% of the original borrowed principal, is due in January 2028. The term 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 are secured by substantially all of our personal property. We have the option to draw down up to $20.0 million between September 1, 2024 and December 15, 2024 if we achieve trailing three months revenue of $9.0 million prior to June 30, 2024, which was achieved. A performance covenant takes effect at the earlier of September 30, 2025, or the third tranche funding, requiring that we 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 our capital stock, subject to limited exceptions. We were in compliance with these covenants as of June 30, 2024.

In connection with the Loan Agreement, we recorded $1.0 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:


	June 30,
(in thousands)	2024
2024	$	—
2025		—
2026		—
2027		20,000
2028		10,000
		30,000
Less: Unamortized debt costs and discounts		(681)
Long-term debt	$	29,319

- 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.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Selected Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Selected balance sheet information

Schedule of Inventory

Inventory consists of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Raw material	$	4,511	$	4,714
Work-in-process		1,369		654
Finished goods		5,344		5,615
	$	11,224	$	10,983

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Office furniture and equipment	$	491	$	402
Lab equipment		2,800		2,721
Computer equipment and software		955		776
Leasehold improvements		543		98
Capital equipment in process		1,034		554
		5,823		4,551
Less: Accumulated depreciation and amortization		3,060		2,788
	$	2,763	$	1,763

Schedule of Accrued Expenses

Accrued expenses consist of the following at:


	June 30,		December 31,
(in thousands)	2024		2023
Bonuses	$	1,821	$	3,335
Paid time off		1,009		770
401(k) match		560		—
Customer rebates		450		411
Accrued interest payable		275		220
Operating lease liability, current portion		247		231
Clinical trial and other professional fees		216		277
Taxes		81		125
Other		951		611
	$	5,610	$	5,980

Business Organization

6 Months Ended

Jun. 30, 2024

Business organization

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.

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity [Abstract]

Stockholders' equity

6.	Stockholders’ equity

Common Stock Warrants

We have common stock warrants exercisable for 108,406 shares of common stock upon conversion at a weighted average exercise price of $14.92 per share outstanding at June 30, 2024. Johnson & Johnson Innovation – JJDC, Inc. had common stock warrants exercisable for 607,725 shares of our common stock with an exercise price of $0.16 per share that were all exercised through a net exercise transaction for 604,000 shares of common stock during the six months ended June 30, 2024.

At-the-Market (“ATM”) Offering

In January 2024, we commenced an ATM offering, which allows us to issue and sell shares of our common stock having an aggregate offering price of up to $50.0 million. We issued 23,364 shares of common stock for gross proceeds of $0.6 million under the ATM offering during the six months ended June 30, 2024. We have remaining capacity to issue and sell up to approximately $49.4 million of additional shares of common stock under this ATM offering.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Income taxes

8.	Income taxes

As of June 30, 2024 and December 31, 2023, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position. Provision for income taxes for the three months ended June 30, 2024 and 2023 was $41,000 and $34,000, respectively. Provision for income taxes for the six months ended June 30, 2024 and 2023 was $79,000 and $68,000, respectively.

As of December 31, 2023, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $389.9 million and $7.3 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2023, we had federal and state tax credit carryforwards of approximately $9.8 million and $2.0 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credit carryforwards 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. We have not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit our utilization of the NOLs and could be triggered by subsequent sales of securities by us or our stockholders.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 12
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 26, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act 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 Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,785,714
Entity Central Index Key	0001235912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Segment, Geographic information and revenue disaggregation (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 11,807	$ 9,500	$ 22,577	$ 17,479
Number of segments \| segment			1
U.S.
Segment Reporting Information [Line Items]
Total revenues	10,673	8,297	$ 20,508	15,239
Germany
Segment Reporting Information [Line Items]
Total revenues	802	1,126	1,679	2,017
Other countries
Segment Reporting Information [Line Items]
Total revenues	$ 332	$ 77	$ 390	$ 223

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated and other comprehensive loss	Total
Balances, Beginning at Dec. 31, 2022	$ 207	$ 545,362	$ (436,182)	$ (207)	$ 109,180
Balances, Beginning (in shares) at Dec. 31, 2022	20,663,736
Balances, Ending (in shares) at Jun. 30, 2023	20,750,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 1	155			156
Exercise of stock options (in shares)	52,753
Proceeds from Employee Stock Purchase Plan		452			452
Proceeds from Employee Stock Purchase Plan (shares)	34,421
Employee stock compensation		3,181			3,181
Net Income (Loss)			(23,025)		(23,025)
Cumulative translation adjustment				20	20
Balances, Ending at Jun. 30, 2023	$ 208	549,150	(459,207)	(187)	89,964
Balances, Beginning at Mar. 31, 2023	$ 207	547,195	(447,556)	(204)	99,642
Balances, Beginning (in shares) at Mar. 31, 2023	20,708,940
Balances, Ending (in shares) at Jun. 30, 2023	20,750,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 1	27			28
Exercise of stock options (in shares)	7,549
Proceeds from Employee Stock Purchase Plan		452			452
Proceeds from Employee Stock Purchase Plan (shares)	34,421
Employee stock compensation		1,476			1,476
Net Income (Loss)			(11,651)		(11,651)
Cumulative translation adjustment				17	17
Balances, Ending at Jun. 30, 2023	$ 208	549,150	(459,207)	(187)	89,964
Balances, Beginning at Dec. 31, 2023	$ 209	553,326	(477,381)	(207)	75,947
Balances, Beginning (in shares) at Dec. 31, 2023	20,879,199
Balances, Ending (in shares) at Jun. 30, 2024	21,712,357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 2	880			$ 882
Exercise of stock options (in shares)	165,987				165,987
Proceeds from Employee Stock Purchase Plan		406			$ 406
Proceeds from Employee Stock Purchase Plan (shares)	39,807
Employee stock compensation		13,685			13,685
Issuance of common stock		546			546
Issuance of common stock (in shares)	23,364
Issuance of common stock upon net exercise of common warrants	$ 6	(6)
Issuance of common stock upon net exercise of common warrants (in shares)	604,000
Net Income (Loss)			(36,215)		(36,215)
Cumulative translation adjustment				(3)	(3)
Balances, Ending at Jun. 30, 2024	$ 217	568,837	(513,596)	(210)	55,248
Balances, Beginning at Mar. 31, 2024	$ 216	565,822	(499,567)	(210)	66,261
Balances, Beginning (in shares) at Mar. 31, 2024	21,593,173
Balances, Ending (in shares) at Jun. 30, 2024	21,712,357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 1	66			67
Exercise of stock options (in shares)	79,377
Proceeds from Employee Stock Purchase Plan		406			406
Proceeds from Employee Stock Purchase Plan (shares)	39,807
Employee stock compensation		2,544			2,544
Issuance of common stock		(1)			(1)
Net Income (Loss)			(14,029)		(14,029)
Balances, Ending at Jun. 30, 2024	$ 217	$ 568,837	$ (513,596)	$ (210)	$ 55,248

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(14,029)	$	(11,651)	$	(36,215)	$	(23,025)
Denominator:
Weighted average common shares outstanding — basic and diluted		21,628,542		20,711,850		21,430,276		20,702,589
Net loss per share attributable to common stockholders — basic and diluted	$	(0.65)	$	(0.56)	$	(1.69)	$	(1.11)

Antidilutive Securities Excluded from Computation of Earnings Per Share


	Six months ended
	June 30,
	2024	2023
Options to purchase common stock	5,748,130	4,509,586
Warrants to purchase common stock	108,406	716,131
	5,856,536	5,225,717

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,029)	$ (11,651)	$ (36,215)	$ (23,025)

- Definition

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

+ References

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+ Details

Selected Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Selected balance sheet information
Depreciation	$ 141	$ 127	$ 272	$ 256

Segment, Geographic Information and Revenue Disaggregation (Tables)

6 Months Ended

Jun. 30, 2024

Segment, Geographic Information and Revenue Disaggregation [Abstract]

Schedule of Segment Reporting


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
U.S.	$	10,673	$	8,297	$	20,508	$	15,239
Germany		802		1,126		1,679		2,017
Other countries		332		77		390		223
	$	11,807	$	9,500	$	22,577	$	17,479

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 01, 2024	Jun. 30, 2001	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021	Jul. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield			0.00%
Proceeds from Employee Stock Purchase Plan			$ 406	$ 452
2001 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance		2,674,749
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
2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance	1,043,959		1,289,889		1,854,490
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
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for future issuance						278,170
Number of shares available for grant			672,618
Additional shares authorized	208,791
Shares issued/purchased under ESPP			39,807
Annual incremental percentage						1.00%
Minimum Percentage			85.00%
Expected dividend yield			0.00%	0.00%
Proceeds from Employee Stock Purchase Plan			$ 400
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield			0.00%	0.00%
Employee Stock Option \| Employers of certain non-employee directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Period			48 months

Stock-Based Compensation (Assumptions Used in Determine the Grant Date Fair Value of Stock Options) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value of options granted	$ 10.81	$ 10.42
Expected volatility, Minimum	87.70%	77.20%
Expected volatility, Maximum	94.60%	79.20%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, Minimum	3.95%	3.40%
Risk-free interest rate, Maximum	4.71%	4.18%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value of options granted	$ 4.31	$ 5.71
Expected term (in years)	6 months	6 months
Expected volatility, Minimum	74.00%
Expected volatility	74.00%	84.60%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	5.24%	4.77%
Non officer employees \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years 6 months
Non officer employees \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years
Non officer employees \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Officer employees \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	2 years 6 months	2 years 6 months
Officer employees \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Debt (Narrative) (Details) $ / shares in Units, $ in Thousands				6 Months Ended
	Dec. 15, 2023 USD ($)	Mar. 10, 2023 USD ($)	Oct. 31, 2022 USD ($) payment	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from debt financing				$ 0	$ 7,500
Exercise price \| $ / shares				$ 14.92
Loan and Security Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000
Proceeds from debt financing			$ 7,500
Variable interest rate (as a percent)			5.50%
Number of monthly payments of principal plus interest \| payment			3
Final payment			$ 1,400
Percentage of final payment on original principal			4.50%
Interest rate ( as a percent)			2.65%
Percentage of trailing twelve months revenue goal			50.00%
Debt issuance costs and discounts			$ 1,000
Loan and Security Agreement \| Tranche One
Debt Instrument [Line Items]
Proceeds from debt financing		$ 7,500
Loan and Security Agreement \| Tranche Two
Debt Instrument [Line Items]
Proceeds from debt financing	$ 15,000
Loan and Security Agreement \| Draw down from September 1, 2024 to December 15, 2024
Debt Instrument [Line Items]
Proceeds from debt financing			20,000
Three months of trailing revenue			$ 9,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstract]

Commitments and contingencies

10.

Commitments and contingencies

From time to time, we may have certain contingent liabilities that arise in the ordinary course of business. We accrue 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 June 30, 2024 or December 31, 2023.

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

Schedule of Annual Principal Maturities of Debt

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


	June 30,
(in thousands)	2024
2024	$	—
2025		—
2026		—
2027		20,000
2028		10,000
		30,000
Less: Unamortized debt costs and discounts		(681)
Long-term debt	$	29,319

Commitments and Contingencies (Narrative) (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Contingent liabilities accrual amount	$ 0	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Schedule of lease balances within the balance sheets

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


	June 30,		December 31,
(in thousands)	2024		2023
Right-of-use assets:
Operating lease right-of-use asset	$	1,200	$	1,349
Operating lease liabilities:
Accrued expenses		247		231
Operating lease liability, non-current portion		1,023		1,160
Total operating lease liabilities	$	1,270	$	1,391

Maturities of lease liability

Maturities of our lease liability for our operating lease are as follows as of June 30, 2024:


	June 30,
(in thousands)	2024
2024	$	151
2025		350
2026		362
2027		374
2028		223
Total undiscounted lease payments		1,460
Less: imputed interest		(190)
Present value of lease liability	$	1,270

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Number of Options
Outstanding as of Beginning of period (in shares)	4,488,845
Granted (in shares)	2,732,672
Cancelled / Forfeited (in shares)	(1,307,400)
Exercised (in shares)	(165,987)
Balance as of End of period (in shares)	5,748,130
Options exercisable as of March 31, 2024 (in shares)	2,906,595
Weighted Average Exercise Price
Outstanding as of Beginning of period (in dollars per share) \| $ / shares	$ 9.77
Granted (in dollars per share) \| $ / shares	13.36
Cancelled / Forfeited (in dollars per share) \| $ / shares	8.97
Exercised (in dollars per share) \| $ / shares	5.31
Balance as of End of period (in dollars per share) \| $ / shares	11.79
Options exercisable as of March 31, 2024 (in dollars per share) \| $ / shares	$ 8.52
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 17,988	$ 97,266
Options exercisable as of March 31, 2024 \| $	$ 13,739
Weighted average remaining contractual term, outstanding (in years)	7 years 1 month 6 days
Weighted average remaining contractual life, exercisable (in years)	5 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)	4,520

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

7.	Stock-based compensation

Summary of plans and activity

In June 2001, our 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 2021, our 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 1,043,959 shares being reserved for issuance under the 2021 Plan as of January 1, 2024. 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 June 30, 2024, there were 1,289,889 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 our common stock on the date of grant.

During the years 2008 through the initial public offering (the “IPO”), 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 our 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, 2023	4,488,845	$	9.77	$	97,266
Granted	2,732,672		13.36
Cancelled / Forfeited	(1,307,400)		8.97
Exercised	(165,987)		5.31
Balance as of June 30, 2024	5,748,130	$	11.79	$	17,988
Options exercisable as of June 30, 2024	2,906,595	$	8.52	$	13,739

As of June 30, 2024, stock options outstanding included 4,520 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of June 30, 2024, the weighted average remaining contractual life was 7.1 years. For options exercisable as of June 30, 2024, the weighted average remaining contractual life was 5.6 years.

Our 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 our 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 208,791 shares being reserved for issuance under the ESPP as of January 1, 2024. The ESPP permits certain of our U.S. employees to purchase shares of our common stock at a price per share not less than 85% of the lower of (i) the closing market price per share of our common stock on the first day of the applicable purchase period or (ii) the closing market price per share of our common stock on the purchase date at the end of the applicable six-month purchase period. For the six months ended June 30, 2024, 39,807 shares of common stock were purchased under the ESPP for $0.4 million of employee contributions. As of June 30, 2024, there were 672,618 shares available for issuance under the ESPP.

Stock-based compensation expense

We use the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date. We measure stock-based compensation expense based on the grant date fair value of the award and recognize 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. We account 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 six months ended June 30, 2024 and 2023:


	June 30,
		2024			2023
Weighted average fair value of options granted	$	10.81		$	10.42
Expected term (in years) — non-officer employees		5.0 to 6.1			5.5 to 6.1
Expected term (in years) — officer employees		2.5 to 6.1			2.5 to 6.1
Expected volatility		87.7% to 94.6	%		77.2% to 79.2	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		3.95% to 4.71	%		3.40% to 4.18	%

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 six months ended June 30, 2024 and 2023:


	June 30,
		2024			2023
Weighted average fair value per ESPP purchase right	$	4.31		$	5.71
Expected term (in years)		0.5			0.5
Expected volatility		74.0	%		84.6	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		5.24	%		4.77	%

We review these assumptions on a periodic basis and adjust them, as necessary. We utilize the simplified method to develop the estimate of the expected term for stock option awards and ESPP purchase rights. The expected volatility is based upon observed volatility of comparable public companies. The expected dividend yield is assumed to be zero, as we have never paid dividends and have 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:


	Three months ended				Six months ended
	June 30,				June 30,
(in thousands)	2024		2023		2024		2023
Stock options	$	2,485	$	1,401	$	13,513	$	2,984
Employee Stock Purchase Plan		59		75		172		197
Total stock-based compensation expense	$	2,544	$	1,476	$	13,685	$	3,181

Selling, general & administrative	$	2,208	$	1,258	$	13,033	$	2,438
Research & development		303		198		588		705
Cost of goods sold		33		20		64		38
	$	2,544	$	1,476	$	13,685	$	3,181

As of June 30, 2024, unrecognized compensation expense related to unvested stock-based compensation arrangements was $24.9 million. As of June 30, 2024, the related weighted average period over which the expense is expected to be recognized is approximately 2.8 years.

On January 30, 2024, we amended the terms and conditions of certain stock option award agreements granted under the 2001 Plan and 2021 Plan between us and our former CEO in connection with his retirement, which occurred on February 11, 2024. The option agreements were amended to provide that, if not already vested at the time of termination of his employment due to retirement, the options will continue to vest on the previously scheduled vesting dates following his retirement, subject to his compliance with certain covenants. Additionally, the option agreements were modified so that the options may be exercised, to the extent vested, by our former CEO until the earlier of (a) five years following his retirement date, or (b) the applicable option expiration date. The modification of these option awards resulted in an additional $8.4 million of non-cash stock-based compensation expense recognized during the six months ended June 30, 2024.

Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares
Common Stock Warrants
Warrants exercisable \| shares	108,406	108,406
Warrant exercise price \| $ / shares	$ 14.92	$ 14.92
At-the-Market ("ATM") Offering
Issuance of common stock \| $	$ (1)	$ 546
Warrant exercise price \| $ / shares	$ 14.92	$ 14.92
JJDC
Common Stock Warrants
Warrants exercisable \| shares	607,725	607,725
Warrant exercise price \| $ / shares	$ 0.16	$ 0.16
Warrants exercised for shares of common stock \| shares		604,000
At-the-Market ("ATM") Offering
Warrant exercise price \| $ / shares	$ 0.16	$ 0.16
Market Offering
At-the-Market ("ATM") Offering
Maximum aggregate offering price \| $		$ 50,000
Shares issued \| shares		23,364
Issuance of common stock \| $		$ 600
Remaining aggregate offering price \| $		$ 49,400

Leases (Maturities of lease liability) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 151
2025	350
2026	362
2027	374
2028	223
Total undiscounted lease payments	1,460
Less: imputed interest	(190)
Present value of lease liability	$ 1,270	$ 1,391

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Allowance for accounts receivable, net	$ 656	$ 508
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	21,712,357	20,879,199
Common stock, shares outstanding	21,712,357	20,879,199

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (36,215)	$ (23,025)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	13,685	3,181
Depreciation of property and equipment	272	256
Loss on disposal of equipment	0	4
Amortization of deferred financing costs and loan discount	97	73
Changes in operating assets and liabilities:
Accounts receivable	(1,055)	(1,222)
Inventory	(241)	(3,971)
Prepaid expenses and other current assets	1,253	689
Accounts payable	1,632	1,214
Accrued expenses	(154)	(256)
Net cash used in operating activities	(20,726)	(23,057)
Cash flows from investing activities:
Purchase of property and equipment	(1,272)	(383)
Net cash used in investing activities	(1,272)	(383)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	882	156
Proceeds from Employee Stock Purchase Plan	406	452
Proceeds from the issuance of common stock	546	0
Proceeds from debt financing	0	7,500
Debt financing costs	0	(67)
Net cash provided by financing activities	1,834	8,041
Effect of currency exchange on cash and cash equivalents	(5)	20
Net change in cash and cash equivalents	(20,169)	(15,379)
Cash and cash equivalents at beginning of period	90,569	106,194
Cash and cash equivalents at end of period	70,400	90,815
Supplemental Information:
Cash paid for interest	1,613	563
Cash paid for income taxes	$ 0	$ 4

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

5. Leases

We lease 31,505 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 was scheduled to expire August 31, 2024. On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028. On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility. The term on this expanded property is for 57 consecutive months that will run concurrently with the term on the existing lease. 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 three 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, as it is not reasonably certain of exercise.

In addition to base rent, we also pay our proportionate share of operating expenses, as defined in the lease. These payments are made monthly and are 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 condensed consolidated balance sheets:


	June 30,		December 31,
(in thousands)	2024		2023
Right-of-use assets:
Operating lease right-of-use asset	$	1,200	$	1,349
Operating lease liabilities:
Accrued expenses		247		231
Operating lease liability, non-current portion		1,023		1,160
Total operating lease liabilities	$	1,270	$	1,391

Maturities of our lease liability for our operating lease are as follows as of June 30, 2024:


	June 30,
(in thousands)	2024
2024	$	151
2025		350
2026		362
2027		374
2028		223
Total undiscounted lease payments		1,460
Less: imputed interest		(190)
Present value of lease liability	$	1,270

As of June 30, 2024, the remaining lease term was 4.2 years and the weighted average discount rate was 6.7%. The operating cash outflows from our operating lease were $0.3 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023	4,488,845	$	9.77	$	97,266
Granted	2,732,672		13.36
Cancelled / Forfeited	(1,307,400)		8.97
Exercised	(165,987)		5.31
Balance as of June 30, 2024	5,748,130	$	11.79	$	17,988
Options exercisable as of June 30, 2024	2,906,595	$	8.52	$	13,739

Recognized Stock-Based Compensation Expense

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


	Three months ended				Six months ended
	June 30,				June 30,
(in thousands)	2024		2023		2024		2023
Stock options	$	2,485	$	1,401	$	13,513	$	2,984
Employee Stock Purchase Plan		59		75		172		197
Total stock-based compensation expense	$	2,544	$	1,476	$	13,685	$	3,181

Selling, general & administrative	$	2,208	$	1,258	$	13,033	$	2,438
Research & development		303		198		588		705
Cost of goods sold		33		20		64		38
	$	2,544	$	1,476	$	13,685	$	3,181

ESPP

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


	June 30,
		2024			2023
Weighted average fair value per ESPP purchase right	$	4.31		$	5.71
Expected term (in years)		0.5			0.5
Expected volatility		74.0	%		84.6	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		5.24	%		4.77	%

Employee Stock Option

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


	June 30,
		2024			2023
Weighted average fair value of options granted	$	10.81		$	10.42
Expected term (in years) — non-officer employees		5.0 to 6.1			5.5 to 6.1
Expected term (in years) — officer employees		2.5 to 6.1			2.5 to 6.1
Expected volatility		87.7% to 94.6	%		77.2% to 79.2	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		3.95% to 4.71	%		3.40% to 4.18	%

Debt (Maturities of debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	$ 20,000
2028	10,000
Total	30,000
Less: Unamortized debt costs and discounts	(681)
Long-term debt	$ 29,319	$ 29,222

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Loss Per Share (Basic and Diluted Net Loss per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Numerator:
Net Income (Loss)	$ (14,029)	$ (11,651)	$ (36,215)	$ (23,025)
Denominator:
Weighted average common shares outstanding - basic	21,628,542	20,711,850	21,430,276	20,702,589
Weighted average common shares outstanding - diluted	21,628,542	20,711,850	21,430,276	20,702,589	20,711,850
Net loss per share attributable to common stockholders - basic	$ (0.65)	$ (0.56)	$ (1.69)	$ (1.11)
Net loss per share attributable to common stockholders - diluted	$ (0.65)	$ (0.56)			$ (0.56)

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Loss Per Share

6 Months Ended

Jun. 30, 2024

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):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(14,029)	$	(11,651)	$	(36,215)	$	(23,025)
Denominator:
Weighted average common shares outstanding — basic and diluted		21,628,542		20,711,850		21,430,276		20,702,589
Net loss per share attributable to common stockholders — basic and diluted	$	(0.65)	$	(0.56)	$	(1.69)	$	(1.11)

Our potentially dilutive securities, which include stock options 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. We 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:


	Six months ended
	June 30,
	2024	2023
Options to purchase common stock	5,748,130	4,509,586
Warrants to purchase common stock	108,406	716,131
	5,856,536	5,225,717

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of significant accounting policies
Statement presentation and basis of consolidation	Statement presentation and basis of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period. The condensed consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy, which was closed during 2023. All intercompany balances and transactions have been eliminated in consolidation.
JOBS Act accounting election	JOBS Act accounting election We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have 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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 June 30, 2024 and December 31, 2023, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of June 30, 2024 and December 31, 2023, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.
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. We regularly review 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 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 We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our 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, we perform 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. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.
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 In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public companies to disclose for each reportable segment the significant expense categories and amounts for such expenses. ASU 2023-07 is effective for annual periods beginning December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU will be effective for our annual period ended December 31, 2024. We are currently evaluating the effect of this new guidance on our condensed consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2023. This ASU will be effective for our annual period ended December 31, 2024. We are evaluating the impact of this new guidance on our income tax disclosures.

Selected Balance Sheet Information (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Selected balance sheet information
Bonuses	$ 1,821	$ 3,335
Paid time off	1,009	770
Customer rebates	450	411
Accrued interest payable	275	220
Clinical trial and other professional fees	216	277
Operating lease liability, current portion	$ 247	$ 231
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses	Total accrued expenses
401(k) match	$ 560
Taxes	81	$ 125
Other	951	611
Total accrued expenses	$ 5,610	$ 5,980

Loss Per Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	5,856,536	5,225,717
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	5,748,130	4,509,586
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	108,406	716,131

Selected Balance Sheet Information (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,823	$ 4,551
Less: Accumulated depreciation and amortization	3,060	2,788
Property and equipment, net	$ 2,763	1,763
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 491	402
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,800	2,721
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	955	776
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	543	98
Capital equipment in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,034	$ 554

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of significant accounting policies

Summary of significant accounting policies

2.	Summary of significant accounting policies

Statement presentation and basis of consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations, and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy, which was closed during 2023. All intercompany balances and transactions have been eliminated in consolidation.

JOBS Act accounting election

We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, we have 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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 June 30, 2024 and December 31, 2023, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as of June 30, 2024 and December 31, 2023, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.

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. We regularly review 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 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

We sell our products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. Our revenue consists primarily of the sale of our 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, we perform 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. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. We recognize net revenue on product sales, adjusted for any applicable estimates of variable consideration, when the customer obtains control of our product, which generally occurs at a point in time upon delivery based on the contractual shipping terms of a contract. Our contracts have a single performance obligation, and our payment terms with customers are generally between 30 and 90 days. Variable consideration related to certain customer rebates is estimated based on the amounts expected to be paid under the agreement with the customer.

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

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public companies to disclose for each reportable segment the significant expense categories and amounts for such expenses. ASU 2023-07 is effective for annual periods beginning December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU will be effective for our annual period ended December 31, 2024. We are currently evaluating the effect of this new guidance on our condensed consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2023. This ASU will be effective for our annual period ended December 31, 2024. We are evaluating the impact of this new guidance on our income tax disclosures.

Leases (Details) $ in Thousands		6 Months Ended
Leases (Details) $ in Thousands	Nov. 07, 2023 ft²	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 21, 2023
Right-of-use assets:
Operating lease right-of-use asset		$ 1,200		$ 1,349
Operating lease liabilities:
Accrued expenses		$ 247		$ 231
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued expenses		Accrued expenses
Operating lease liability, non-current portion		$ 1,023		$ 1,160
Present value of lease liability		$ 1,270		$ 1,391
Remaining lease term		4 years 2 months 12 days
Discount rate		6.70%
Operating cash outflows		$ 300	$ 200
Office space in Minneapolis, Minnesota
Lessee, Lease, Description [Line Items]
Area of land leased \| ft²		31,505
Lessee, operating lease, renewal term		3 years			49 months
Additional area of land leased \| ft²	7,615
Additional renewal term option	57 months
Lessee, Operating Lease, Existence of Option to Extend [true false]		true

Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Employee Benefit Plans [Abstract]

Employee benefit plans

11.

Employee benefit plans

We sponsor a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for our 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. Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. We recorded an expense for matching contributions of $0.3 million and $0 for the three months ended June 30, 2024 and 2023, respectively. We recorded an expense for matching contributions of $0.6 million and $0 for the six months ended June 30, 2024 and 2023, respectively.

Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,544	$ 1,476	$ 13,685	$ 3,181
Unrecognized compensation expense	24,900		$ 24,900
Weighted average period			2 years 9 months 18 days
stock-based compensation expense			$ 8,400
Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Optionee's termination date			5 years
Employee Stock Option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,485	1,401	$ 13,513	2,984
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	59	75	172	197
Selling, general & administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,208	1,258	13,033	2,438
Research & development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	303	198	588	705
Cost of goods sold
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 33	$ 20	$ 64	$ 38

Selected Balance Sheet Information (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Selected balance sheet information
Raw material	$ 4,511	$ 4,714
Work-in-process	1,369	654
Finished goods	5,344	5,615
Total inventory	$ 11,224	$ 10,983

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations and Comprehensive Loss
Revenue	$ 11,807	$ 9,500	$ 22,577	$ 17,479
Cost of goods sold	1,900	1,517	3,515	2,845
Gross profit	9,907	7,983	19,062	14,634
Operating expenses:
Research and development	2,765	3,280	5,822	6,696
Selling, general and administrative	21,115	16,455	49,445	31,852
Total operating expenses	23,880	19,735	55,267	38,548
Loss from operations	(13,973)	(11,752)	(36,205)	(23,914)
Interest expense	(959)	(481)	(1,919)	(721)
Other income, net	944	616	1,988	1,678
Loss before income taxes	(13,988)	(11,617)	(36,136)	(22,957)
Provision for income taxes	(41)	(34)	(79)	(68)
Net loss	(14,029)	(11,651)	(36,215)	(23,025)
Cumulative translation adjustment		17	(3)	20
Comprehensive loss	$ (14,029)	$ (11,634)	$ (36,218)	$ (23,005)
Net loss per share, basic	$ (0.65)	$ (0.56)	$ (1.69)	$ (1.11)
Net loss per share, diluted	$ (0.65)	$ (0.56)
Weighted-average common shares used to compute net loss per share, basic	21,628,542	20,711,850	21,430,276	20,702,589
Weighted-average common shares used to compute net loss per share, diluted	21,628,542	20,711,850	21,430,276	20,702,589

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Matching contributions expense	$ 300	$ 0	$ 600	$ 0